Warren Buffett warns on airlines

Warren Buffett has ditched his entire airline stock. Delivering a stark warning that due to the pandemic, the “world has changed” for the aviation industry, the billionaire investor indicated that a drop in travel meant bigger implications for the global economy. Buffett was speaking at his annual Berkshire Hathaway investors’ meeting — held virtually this year. The company owned an 11% stake in Delta Air Lines, 10% of American Airlines, 10% of Southwest Airlines and 9% of United Airlines at the end of 2019, said The Guardian. Berkshire Hathaway reported a first-quarter loss of $49.7 billion but annual operating earnings rose to $5.87 billion from $5.56 billion.

• General Electric's aviation unit said it's cutting 13,000 jobs, or 25%, of its workforce this year because of industry conditions.