Tunisair to Cut 1,200 Jobs in 3 Years

A Tunisair sign is seen at their headquarters in Tunis, Tunisia, March 2, 2018. (Reuters)
A Tunisair sign is seen at their headquarters in Tunis, Tunisia, March 2, 2018. (Reuters)
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Tunisair to Cut 1,200 Jobs in 3 Years

A Tunisair sign is seen at their headquarters in Tunis, Tunisia, March 2, 2018. (Reuters)
A Tunisair sign is seen at their headquarters in Tunis, Tunisia, March 2, 2018. (Reuters)

The Tunisian government announced that Tunisair will cut 1,200 jobs within three years under a restructuring plan. Those cuts will cost about TND170 million (USD56 million).

The government decided to provide financial support to help the carrier repair defective equipment and charter flights during the peak of the tourist season.

Elias Munchabi, director general of Tunisair, said that the program demands a credit of TND1.3 billion (USD433 million).

Since the government is incapable of providing this credit in one batch, the rehabilitation plan will be implemented through phases, he added.

Tunisian Minister of Transport Hichem Ben Ahmed denied that authorities were seeking to privatize the company, affirming that the national carrier belongs to all Tunisians.

He further denied media reports that the carrier was on the verge of bankruptcy and that it was unable to fulfill its commitments.

Tunisair seeks to provide high-quality services for Tunisians and tourists alike, he stressed.

Tunisair had previously revealed a program to purchase six new airplanes to update its aging fleet.

Until the new jets are delivered, it is expected to rent five additional ones to meet the needs of the tourist season. At least 9 million tourists are expected to visit Tunisia.



Iran's Currency Falls to Record Low against the Dollar as Tensions Run High

A man counts Iranian rials at a currency exchange shop in Basra, Iraq. (Reuters file photo)
A man counts Iranian rials at a currency exchange shop in Basra, Iraq. (Reuters file photo)
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Iran's Currency Falls to Record Low against the Dollar as Tensions Run High

A man counts Iranian rials at a currency exchange shop in Basra, Iraq. (Reuters file photo)
A man counts Iranian rials at a currency exchange shop in Basra, Iraq. (Reuters file photo)

Iran’s rial currency traded Saturday at a record low against the US dollar as the country returned to work after a long holiday.

The rial had plunged to over 1 million rials during the Persian New Year, Nowruz, as currency shops closed and only informal trading took place on the streets, creating additional pressure on the market, Reuters reported.

But as traders resumed work Saturday, the rate fell even further to 1,043,000 to the dollar, signaling the new low appeared here to stay.

On Ferdowsi Street in Iran’s capital, Tehran, the heart of the country’s money exchanges, some traders even switched off their electronic signs showing the going rate as uncertainty loomed over how much further the rial could drop.