Lufthansa to cut jobs after reporting €2.1 billion loss

The German airline group Lufthansa says it will undergo "far-reaching restructuring" after reporting a net loss of €2.1 billion in the first three months of the year. The changes will include job cuts at its Brussels Airlines and Austrian Airlines brands. Lufthansa's board agreed on Tuesday to a €9 billion German government rescue loan to help it through the crisis. Also today, shares in French carmaker Renault jumped in early trading in Paris after it formally secured a €5 billion government-backed loan to shore up its finances.