August 26, 2020- Biz in 60

Lebanon's inflation rate surges to 112% in July Lebanon's inflation skyrocketed in July as a sharp drop in its currency continued to fuel import prices. Consumer prices rose an annual 112-percent, compared with just under 90-percent the previous month. The average cost of food and non-alcoholic drinks shot-up 336-percent year-on-year, with Lebanon importing more than two-thirds of its food needs. UK to lose $29B due to collapse in international tourism The UK economy is set to lose around 29-billion- dollars this year as coronavirus travel restrictions hit the tourism industry. According to the World Travel and Tourism Council, international visitor spending will plunge nearly 80-percent in 2020. The industry body says that puts nearly 3-million jobs at risk, and is calling on the government to scrap quarantine measures for returning travellers. American Airlines could cut up to 19,000 jobs in October American Airlines says it will cut 19-thousand jobs from October, unless the government extends aid for employee payrolls. The US carrier says the layoffs are in addition to voluntary departures, and will shrink its workforce by 30-percent. Earlier this year, US airlines received 25-billion- dollars from the government to help cushion the blow from the pandemic.