The crisis engulfing the airline industry deepened on Tuesday as carriers cancelled flights, withdrew earnings guidance and implemented a series of austerity measures to cope with the travel slump caused by the coronavirus outbreak.
“I think this will be a survival of the fittest,” said Alan Joyce, Qantas chief executive, as the Australian carrier outlined drastic cost-cutting measures on Tuesday that included cutting almost a quarter of international flights, asking staff to take unpaid leave and sacrificing his own salary for the next three months.
“We know we can ride this out,” said Mr Joyce. “Not all airlines around the world will.”
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