Spotlight on Industry Headlines
SENATE CORONAVIRUS AID PROPOSAL CALLS FOR BILLIONS FOR AIRLINE INDUSTRY T he nearly $908 billion Senate coronavirus aid pack- age would set aside $45 billion for the struggling transportation sector with $17 billion of those funds heading to the airline industry, according to a breakdown of the proposal. This will be in addition to the $25 billion the airlines have received under the CARES Act in March of last year to keep paying their workers and forgo job cuts until Oc- tober 1st. G eneral Motors is targeting significant growth for its resurrected military defense unit, which quietly relaunched three years ago and recent- ly started fulfilling its first major U.S. military contract. GM sees a $25 billion market in creating new prod- ucts for the military based off its existing vehicles, parts and technologies, according to Jeff Ryder, GM Defense vice president of growth and strategy. Ryder, an aerospace and defense industry veteran, said the military needs electric powertrains and vehi- cles as well as autonomous systems — focuses of its parent company. GM is investing $27 billion in such technologies through 2025. GM’S DEFENSE UNIT SEES POTENTIAL MULTI BILLION-DOLLAR MARKET IN EV American and United began furloughing more than 30,000 workers in October after Congress and theWhite House were unable to reach an agreement on another round of coronavirus aid that could have included more support for airlines. Tens of thousands of other workers have accepted buyout and early retirement packages.
BRITISH LAWMAKERS APPROVE POST-BREXIT TRADE DEAL WITH EU B ritain’s House of Commons has voted resoundingly to approve a trade deal with the European Union, paving the way for an orderly break with the bloc that will finally complete the U.K.’s years-long Brexit journey. With just a day to spare, lawmakers voted 521-73 to approve the agreement sealed between the U.K. gov- ernment and the EU. It will become British law once it passes in the unelected House of Lords and gets formal royal assent from Queen Elizabeth. S paceX launched its latest prototype rocket on a flight to about 40,000 feet altitude and the test flight appeared successful until the very last mo - ment. Starship prototype Serial Number 8, or SN8, launched smoothly into the sky above SpaceX’s facility in Boca Chica, Texas. The rocket appeared to complete sev- eral of the development objectives it was aiming for, including testing its aerodynamics and a flip to pre - pare itself for landing. However, the crewless rocket exploded on impact as it attempted to land, after flying for nearly seven min - utes. SPACEX’S PROTOTYPE STARSHIP ROCKET REACHES HIGHEST ALTITUDE BUT FAILS TO NAIL THE LANDING
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JANUARY 2021 • SPOTLIGHT ON BUSINESS MAGAZINE
SPOTLIGHT ON BUSINESS MAGAZINE • JANUARY 2021
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