It can come as quite a shock to learn that your pay is being cut by 20 percent, effective in a few days.
So Aon, the London-based commercial insurance brokerage giant with about 5,000 Chicago-area workers, offered some budgetary tips on how to cope late last month to its workforce, who just a few days before that had learned that 70 percent of them would be subject to 20 percent salary cuts.
The tips, laid out in a series of slides obtained by Crain's, ranged from big actions like reducing savings for retirement or even taking cash out of retirement plans to cover obligations, something experts uniformly advise against doing except as an absolute last resort.
Other things to check out:
Energy Transfer cuts budget after losing $855 million in Q1 - HoustonChronicle.com
Dallas pipeline operator Energy Transfer is cutting $400 million in capital spending and could double that amount if needed after it lost almost $900 million during the first quarter.
The company lost $855 million, nearly a 180-degree turn from the $870 million it made in the same quarter a year earlier. Revenue declined 11 percewnt to $11.6 billion from the $13.1 billion in the first quarter of 2019. The company, like others in the industry battling a historic oil downturn, was stung by a $1.3 billion write-down in the value of assets
Oregon state agencies share potential plans for budget cuts | KATU
Mitsubishi Halves SpaceJet Development Budget, Reconsiders U.S. Variant - The New York Times
(Reuters) - Mitsubishi Heavy Industries said it was halving the annual development budget for Japan's first regional jet in half a century, the M90 SpaceJet, as the coronavirus pandemic squeezes profits.
Japan's leading heavy machinery maker also said on Monday that it would review proposals to offer a shorter variant of the aircraft, the M100, in the lucrative U.S. market
"We have to reconsider how we move forward," Mitsubishi Heavy Chief Executive Officer Seiji Izumisawa said during a press briefing to announce the company's latest results.
And here's another article:
Morristown council introduces no-increase budget; town issues zoning violation notices to
Morristown’s council on Tuesday introduced a $52.5 million municipal budget that will tap surplus funds to avert tax increases for residents.
"They say that surplus is a rainy day fund. And by golly, it's raining," Mayor Tim Dougherty told the council via teleconference.
Dougherty also said he will coordinate with a task force of business leaders called Morristown Strong about reopening businesses that have been shuttered during the pandemic.
Baker announces $1B budget bill at visit to Ashland biotech firm working on coronavirus testing
ASHLAND - With the cost of the bill expected to be covered by the federal government through reimbursements and other federal funding sources, Gov. Charlie Baker on Tuesday filed a $1 billion supplemental budget bill to help cover COVID-19-related expenses.
While the daily percentage of new people testing positive for the virus has been on a downward trend in recent weeks, Baker said the state still needs to be cautious in how it adapts going forward.
Coronavirus updates: Fauci delivers somber warnings
Health officials and industry executives offered insights and updates on the coronavirus pandemic as part of CNBC's virtual Healthy Returns Summit on Tuesday. Over on the Hill, Dr. Anthony Fauci offered his own insights, including some somber warnings, about the outbreak before a Senate committee, and the economic and corporate toll of the crisis continues to unfold.
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On Tuesday, Tesla continued manufacturing electric vehicles at its Fremont, California factory in defiance of local authorities, and health orders designed to curb the spread of the novel coronavirus.
Mitsubishi to halve SpaceJet budget, review M100 development | News | Flight Global
Mitsubishi Aircraft's parent company will review the development of a 76-seater variant of its regional jet programme nearly a year after its launch, as full-year losses related to the programme widened.
Mitsubishi Heavy Industries (MHI) will also halve the budget allocated for the SpaceJet regional aircraft programme to Y60 billion ($558 million) for the year ending 31 March 2021.
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In its full-year results presentation, MHI states that it is "setting an appropriate level of budget" for the SpaceJet programme in the new financial year.
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