Israeli carrier El Al to slash jobs as deepens cost cuts

El Al Israel Airlines said Thursday it was cutting 1,900 jobs as part of a broader plan to recover from the impact of COVID-19, even as its net loss narrowed in Q1 due to steep cost-cutting measures. Israel's flag carrier reported an $86m loss in the January-March period, versus a net loss of $140m a year earlier. Revenue slid 64% to $117m, while expenses such as salaries and jet fuel dropped 54%. El Al, which has new ownership and management, has reported losses for three years and racked up debt to renew its fleet. It suspended scheduled passenger flights in March 2020 at the outset of the health crisis when Israel closed its borders to most foreign citizens, compounding its financial woes. Following a rapid vaccination roll-out that has led to a steep drop in virus infections -- there are just 588 active COVID cases nationwide -- Israel has begun to open up some international routes again to its citizens. Tourists will begin to enter on May 23 on a limited basis since there are still concerns over new coronavirus variants.<br/>