JetBlue cutting flights and staff hours because people are staying home
JetBlue is implementing cost-cutting measures, including reducing flights and staffing hours, due to a slower-than-expected return to profitability.
CEO Joanna Geraghty informed staff that breaking even on operating margins this year is "unlikely" and the airline is relying on borrowed cash.
The cost-cutting plans involve cutting off-peak flights, eliminating less profitable routes, and pausing refurbishment plans for older Airbus A320 jets.
JetBlue is assessing its hiring plans, considering combining leadership roles, and reducing travel spending, but will continue hiring frontline employees.
Despite the cuts, JetBlue is moving forward with plans to add domestic-first class seats to some aircraft and build airport lounges, and has partnered with United to allow customers to book flights on each other's airline.
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China's restrictions on antimony precede its controls on rare earths and rare earth magnets that were imposed in response to U.S. President Donald Trump's tariffs and do not appear to have been discussed in last week's efforts to stabilise a truce in trade tensions between the two countries. Last week's talks between China and the U.S. also did not include any agreement on specialised rare earths such as samarium needed for military applications. Lead-acid batteries, commonly found in gasoline-engine vehicles, are mostly used to start the engine and to power low-voltage instruments. They are also used as sources of backup power in various industries and to store excess energy generated by solar and wind systems. In addition to batteries, antimony is also essential to military equipment such as night vision goggles, navigation systems and ammunition. Overall antimony demand is some 230,000-240,000 tonnes a year with lead-acid batteries accounting for about a third of that, according to consultancy Project Blue. While many battery makers may have access to antimony-lead alloy from recycled materials, Project Blue estimates they collectively need around 10,000 tonnes a year of higher purity antimony to top up the alloy to reach the right battery properties. Securing that additional portion could be challenging. Project Blue director Nils Backeberg said there is enough antimony outside China to satisfy non-Chinese demand but buyers need to compete with Chinese purchasers such as the country's huge solar industry, and China's smelters are able to offer better terms. "With antimony prices at nearly 5x normal market conditions, the cost becomes a factor and with supply limited on the Western market, a shortage is being felt," he said. 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Christensen of the Responsible Battery Coalition said policymakers should treat the issue as one of national security, arguing that Western countries had become "overly reliant on a single geopolitical adversary for minerals foundational to both national defense and civilian life." "For the U.S., the path forward must include onshoring processing capacity, scaling domestic recycling, and building strategic mineral alliances with trusted partners. Otherwise, this crisis will repeat itself again and again," he added. Some baby steps towards building an antimony supply chain outside of China are being taken. Clarios, owned by global investment firm Brookfield, said last month it was scouting locations for an up to $1 billion critical minerals processing and recovery plant in the U.S. that will extract antimony among other minerals. 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