Wednesday, August 12, 2020

Kentuckians turn on McConnell as economy implodes: ‘Mitch better have my money’
 August 11, 2020 By Matthew Chapman


On Tuesday, The Washington Post reported (PAYWALL) 
that Kentucky workers and businesses are losing patience with Senate Majority Leader Mitch McConnell (R-KY) as their economic prospect worsens.

“About five months after Kentucky reported its first loss of life from covid-19, its economy continues to sputter amid the coronavirus pandemic,” reported Tony Romm. “Many unemployed workers say their benefit checks aren’t enough to afford their bills, and some here simply have stopped looking for jobs. Businesses say they’re also hemorrhaging cash, and local governments fear they’re on the precipice of financial ruin, too.”

“The Kentucky representatives from the AFL-CIO, Teamsters and other labor groups had grown incensed with Mitch McConnell, their home state senator and the chamber’s most powerful lawmaker. For months, they said, he had been blocking much-needed congressional coronavirus aid, the kind of dollars that might help workers and businesses in the Bluegrass State struggling to survive financially,” continued the report. “So they hit the streets on Thursday, drove down to McConnell’s Louisville office and started to circle the block, their 30 or so vehicles plastered with not-so-subtle orange and gray signs featuring a family-friendly rewrite of a popular Rihanna tune.”

The slogan: “Mitch better have my money.”


Business owners, too, are running out of patience. The report quoted Kenny Saylor, a self-employed trucker and lifelong Republican who says that “everything went south for me” in April and “I’m scared to death of losing everything.” He blames McConnell for putting him in this situation.

McConnell has been a key obstacle in the negotiations for a new round of economic stimulus. He has opposed keeping unemployment benefits at their current level, and is threatening to kill any legislation that doesn’t include a near-total liability shield for corporations that negligently expose workers and consumers to the virus.
THIRD WORLD USA 
‘Just insane’: As pandemic rages and hunger soars, Trump USDA under fire for blocking access to food benefits

 August 11, 2020 By Jake Johnson, Common Dreams


“This is not the time for people who are already vulnerable to lose their benefits.”

With hunger on the rise across the nation as the pandemic-induced economic crisis continues, local officials and policy analysts are warning that the U.S. Department of Agriculture is leaving millions of Americans vulnerable to losing crucial food benefits by refusing to extend waivers allowing states to loosen eligibility requirements for the Supplemental Nutrition Assistance Program. SNAP AKA FOOD STAMPS


Despite urgent demands from states to extend the federal waivers—which were authorized in March by the Families First Coronavirus Response Act—the USDA said late last month that it is “working with states to return to a new normal” even as Covid-19 cases spike and joblessness remains at a historic high. The USDA said it will not extend the waivers beyond the end of August.

“We thought they would just keep waiving the requirement until the end of the pandemic, but they’ve denied our requests for that. It looks like people will lose their benefits.”
—Dora Taylor-Lowe, D.C. Department of Human Services

“The Agriculture Department is restricting key flexibility in SNAP that the president and Congress gave states in the Families First Act of March to help them manage an applications influx due to Covid-19 and the recession—saying states must return to ‘normal operations,’ even though current circumstances are anything but normal,” Ed Bolen, senior policy analyst at the Center on Budget and Policy Priorities, wrote in a blog post Monday.

Bolen noted that the national SNAP caseload jumped by six million between February and May as Covid-19 spread across the U.S., prompting mass economic shutdowns and widespread job losses.

“Policymakers gave USDA the tools to respond to the extraordinary circumstances that state SNAP agencies and millions of low-income households face,” Bolen added. “Now, USDA needs to continue giving states the flexibility to respond to the unprecedented increase in need until Covid-19 is under control and agency operations have returned to something like normal.”

Erin McAleer, president of anti-hunger advocacy group Project Bread, urged USDA in a tweet Monday to extend the waivers given that the “hunger crisis is far from over and SNAP is critical in the response.”

USDA should not roll back SNAP flexibilities. It is critical that SNAP be accessible for people to apply, and efficient for states to administer. The hunger crisis is far from over and SNAP is critical in the response. https://t.co/CE6q3C1Jzb
— Erin McAleer (@ErinMcAleer1) August 10, 2020

As the Washington Post reported late last month, the USDA has denied requests from the governments of Washington, D.C. and Maryland to extend the waivers, which suspended rules requiring individuals and families receiving SNAP benefits to periodically recertify their incomes to determine whether they are still eligible.

“When the coronavirus pandemic began, the USDA halted those visits and promised that everyone who gets federal funding to pay for groceries would keep receiving it during the crisis without needing to recertify,” the Post reported. “With that reprieve ending, state governments are scrambling to figure out how to make sure needy families keep getting grocery money during an economic downturn, without crowding them into waiting rooms where they could catch the virus.”

Dora Taylor-Lowe, spokeswoman for the Washington, D.C. Department of Human Services, told the Post that USDA’s refusal to extend the waivers amid surging hunger is “a big problem.”

“This is not the time for people who are already vulnerable to lose their benefits. It’s just insane,” said Taylor-Lowe. “We thought they would just keep waiving the requirement until the end of the pandemic, but they’ve denied our requests for that. It looks like people will lose their benefits.”

Late last month, Minnesota Human Services Commissioner Jodi Harpstead said in a statement that with the USDA waivers expiring at the end of August, her department is sending SNAP recipients notices informing them that they must reapply to continue receiving benefits.

“We appreciate that the process of re-certification will be a hardship for recipients who may be hard to locate or who may have barriers to producing their applications without technology and with county and tribal offices still partially closed,” said Harpstead. “We are sending notices now to make sure that people who are entitled to SNAP and [Minnesota Family Investment Program] benefits understand what they need to do to continue receiving them so they will not lose these vital supports.”
Where is Betsy DeVos?
US Education Secretary hiding in ‘sprawling’ Michigan mansion while demanding schools reopen: Report

 August 11, 2020 By David Badash, The New Civil Rights Movement


Where is Betsy DeVos? The Education Secretary is under fire for demanding schools reopen while not giving them the assistance they need to protect students, teachers, administrators, and staff, yet she is working remotely from her “sprawling” 22,000 square foot “waterfront estate with a round-the-clock security detail paid for by taxpayers,” NBC News reports. That security cost taxpayers $25 million over the past year

DeVos “insists that it isn’t her job to help localities determine how to [re-open] safely.”

The Education Secretary’s’ public schedule “has been mostly empty for the past several weeks, including no events on her public schedule for this week,” NBC’s Heidi Przybyla reveals.
Yet DeVos “has been holding events not listed on her public calendar, including several sponsored by the conservative Federalist Society, according to Federalist Society postings. She has also participated in a few events related to private schools and advocacy for vouchers, including a roundtable July 23 at a private Christian school in Ohio and two events in the Carolinas with Vice President Mike Pence.”

Przybyla says DeVos is “not touring those public schools that she’s demanding reopen.”

.@HeidiNBC: “Even as DeVos is following Trump in demanding that schools reopen, Mika, she has a public schedule that has been empty for weeks … She’s not touring those public schools that she’s demanding reopen.” pic.twitter.com/KFZxkpidXa
— DNC War Room (@DNCWarRoom) August 11, 2020

The Education Secretary also “declined to appear at a House coronavirus subcommittee hearing on safely reopening K-12 schools ‘so she could explain why she is pressuring schools to fully reopen, despite the risks,’ James Clyburn of South Carolina, the No. 3 House Democrat, said Thursday.”
Here’s what some are saying:

Going AWOL during a national school crisis means another guaranteed grade of “F” for Secretary DeVos https://t.co/rqhaE4ZmqE
— Congressman Raja Krishnamoorthi (@CongressmanRaja) August 11, 2020

Betsy DeVos has spent $25 million in tax dollars on her own security, but wants to send children back to school without spending anything to keep them safe?
Yep. Sounds like a Trump appointee to me.
— Annie Gabston-Howell- (@AnnieGabstonH) August 11, 2020

Sec. DeVos declined to appear at a House coronavirus subcommittee hearing on safely reopening K-12 schools, Rep. Clyburn says.
“I offered to accommodate her schedule. But she refused to appear.” (6/6)
— MSNBC (@MSNBC) August 11, 2020

While educators and families are contemplating putting their lives at risk for their students’ education, DeVos is relaxing in a taxpayer-funded cocoon of protection in her mansion. https://t.co/QzQyORF1rD
— NEA (@NEAToday) August 11, 2020


Tuesday, August 11, 2020

Trump-loving GOP candidate rushes to delete vacation pics at Hitler’s favorite retreat

 August 11, 2020 By Brad Reed


Madison Cawthorn, a Trump-loving candidate for Congress in North Carolina’s 11th District, has deleted vacation photos he posted on Instagram that he took while visiting German dictator Adolf Hitler’s favorite retreat.

In the photos, Cawthorn could be seen smiling at various locations at the Eagle’s Nest, the Nazi retreat located in the German state of Bavaria that was visited by Hitler over a dozen times.

As The Forward reports, Cawthorn described the Eagle’s Nest as “the vacation house of the Fuhrer,” which was the honorific title given to Hitler by the Nazis. He also described seeing Hitler’s vacation retreat as being on his “bucket list.”
Later in the post, Cawthorn described Hitler as a “supreme evil,” but then added he was happy to visit a place where Hitler “shared laughs and good times with his compatriots.”

The Forward notes that the deleted photos are not the only evidence of Cawthorn’s potential far-right sympathies, as he “also named his real estate company 
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 a term popular among white nationalists, and displays in his home an early American flag that the Anti-Defamation League says has been appropriated by far-right extremists.”


Ret. Col. Morris Davis, who is Cawthorn’s Democratic opponent in the NC-11 race, wrote on Twitter Monday that “Hitler’s vacation retreat is not on my bucket list.”
Cawthorn defeated Trump’s pick in North Carolina’s Republican primary. But after his victory, Cawthorn issued a statement proclaiming his support for Trump.

“I want to make something clear; I support our great president,” Cawthorn said. “I do not believe this election has been a referendum on the president’s influence. The people of western North Carolina are wise and discerning. You observed both candidates and simply made the choice you believed is best for our district. I look forward to fighting alongside our president after I’m elected in November.”

Scientists uneasy as Russia claims it has a vaccine
Putin says his daughter has received a dose of the coronavirus vaccine

CODE NAMED LYSENKO 
In this handout photo taken on Thursday, Aug. 6, 2020, and provided by Russian Direct Investment Fund, an employee shows a new vaccine at the Nikolai Gamaleya National Center of Epidemiology and Microbiology in Moscow, Russia. Russia on Tuesday, Aug. 11 became the first country to approve a coronavirus vaccine for use in tens of thousands of its citizens despite international skepticism about injections that have not completed clinical trials and were studied in only dozens of people for less than two months. (Alexander Zemlianichenko Jr/ Russian Direct Investment Fund via AP)

By THE ASSOCIATED PRESS
PUBLISHED: August 11, 2020
By Vladimir Isachenkov and Daria Litvinova | Associated Press

MOSCOW — Russia on Tuesday became the first country to approve a coronavirus vaccine, a move that was met with international skepticism and unease because the shots have only been studied in dozens of people.
President Vladimir Putin announced the Health Ministry’s approval and said one of his two adult daughters already was inoculated. He said the vaccine underwent the necessary tests and was shown to provide lasting immunity to the coronavirus, although Russian authorities have offered no proof to back up claims of safety or effectiveness.

“I know it has proven efficient and forms a stable immunity,” Putin said. “We must be grateful to those who made that first step very important for our country and the entire world.”

However, scientists in Russia and other countries sounded an alarm, saying that rushing to offer the vaccine before final-stage testing could backfire. What’s called a Phase 3 trial — which involves tens of thousands of people and can take months — is the only way to prove if an experimental vaccine is safe and really works.

By comparison, vaccines entering final-stage testing in the U.S. require studies of 30,000 people each. Two vaccine candidates already have begun those huge studies, with three more set to get underway by fall.

“Fast-tracked approval will not make Russia the leader in the race, it will just expose consumers of the vaccine to unnecessary danger,” said Russia’s Association of Clinical Trials Organizations, in urging government officials to postpone approving the vaccine without completed advanced trials.

While Russian officials have said large-scale production of the vaccine wasn’t scheduled until September, Deputy Prime Minister Tatyana Golikova said vaccination of doctors could start as early as this month. Officials say they will be closely monitored after the injections. Mass vaccination may begin as early as October.

“We expect tens of thousands of volunteers to be vaccinated within the next months,” Kirill Dmitriev, chief executive of the Russian Direct Investment Fund that bankrolled the vaccine, told reporters.

The vaccine developed by the Gamaleya Institute in Moscow with assistance from Russia’s Defense Ministry uses a different virus — the common cold-causing adenovirus — that’s been modified to carry genes for the “spike” protein that coats the coronavirus, as a way to prime the body to recognize if a real COVID-19 infection comes along.

That’s a similar technology as vaccines being developed by China’s CanSino Biologics and Britain’s Oxford University and AstraZeneca — but unlike those companies, Russian scientists haven’t published any scientific information about how the vaccine has performed in animal tests or in early-stage human studies.

Dmitriev said even as Russian doctors and teachers start getting vaccinated, advanced trials are set to start Wednesday that will involve “several thousand people” and span several countries, including the United Arab Emirates, Saudi Arabia, the Philippines and possibly Brazil.

The Associated Press couldn’t find documentation in the Russian Health Ministry’s records indicating that permission to start the advanced trials was granted. The ministry has not responded to a request for comment.

Putin said one of his daughters has received two doses, and had minor side effects such as slight fever, and is now “feeling well and has a high number of antibodies.” It wasn’t clear if she was one of the study volunteers.

The Health Ministry said in a statement Tuesday that the vaccine is expected to provide immunity from the coronavirus for up to two years, citing its experience with vaccines made with similar technology.

However, scientists around the world have been cautioning that even if vaccine candidates are proven to work, it will take even more time to tell how long the protection will last.

“The collateral damage from release of any vaccine that was less than safe and effective would exacerbate our current problems insurmountably,” Imperial College London immunology professor Danny Altmann said in a statement Tuesday.

The World Health Organization has urged that all vaccine candidates go through full stages of testing before being rolled out, and said Tuesday it is in touch with the Russian scientists and “looks forward to reviewing” Russia’s study data. Experts have warned that vaccines that are not properly tested can cause harm in many ways — from harming health to creating a false sense of security or undermining trust in vaccinations.

Becoming the first country in the world to approve a vaccine was a matter of national prestige for the Kremlin as it tries to assert the image of Russia as a global power. Putin repeatedly praised Russia’s effective response to the outbreak in televised addresses to the nation, while some of Moscow’s top officials – including the country’s prime minister and Putin’s own spokesperson – became infected.

And the U.S., Britain and Canada last month accused Russia of using hackers to steal vaccine research from Western labs. Russia has denied involvement.

Russia has so far registered 897,599 coronavirus cases, including 15,131 deaths.

The Gamaleya Institute’s director, Alexander Gintsburg, raised eyebrows in May when he said that he and other researchers tried the vaccine on themselves before the start of human studies.

Those trials started June 17 with 76 volunteers. Half were injected with a vaccine in liquid form and the other half with a vaccine that came as soluble powder. Some in the first group were recruited from the military, which raised concerns that servicemen may have been pressured to participate. The test was declared completed earlier this month.
 “It’s a too early stage to truly assess whether it’s going to be effective, whether it’s going to work or not,” said Dr. Michael Head, senior research fellow in global health at England’s University of Southampton.

It’s not Russia’s first controversial vaccine. Putin has bragged that Russian scientists delivered an Ebola vaccine that “proved to be the most effective in the world” and “made a real contribution to fighting the Ebola fever in Africa.” However, there is little evidence either of the two Ebola vaccines approved in Russia was widely used in Africa. As of 2019, both of those vaccines were listed by the WHO as “candidate vaccines.”

AP medical writers Maria Cheng in London and Lauran Neergaard in Alexandria, Virginia, contributed to this report.

Medical experts denounce ‘irresponsible’ rush to COVID-19 vaccine by Russia
 August 11, 2020  By Common Dreams

“The collateral damage from release of any vaccine that was less than safe and effective would exacerbate our current problems insurmountably.”

International medical experts expressed concern Tuesday after Russian President Vladimir Putin announced that his country registered a vaccine for Covid-19—a pronouncement that came before the drug has completed robust clinical trials.

“A vaccine against coronavirus has been registered for the first time in the world this morning,” Putin said on state TV.


The Russian leader further claimed that the vaccine developed by the Moscow-based Gamaleya Institute “works quite effectively” and “has passed all the needed checks.”

Multiple news reports and comments from experts in the field raised questions about Putin’s claims.

“Russia has released no scientific data on its testing and CNN is unable to verify the vaccine’s claimed safety or effectiveness,” the outlet reported.

According to Reuters:

The Russian vaccine’s approval by the Health Ministry comes before trials that would normally involve thousands of participants, commonly known as a Phase III trial. Such trials are usually considered essential precursors for a vaccine to secure regulatory approval

Additionally, as the Associated Press reported, injections “were studied in only dozens of people for less than two months,” though Russian officials said advanced trials would begin Wednesday. From the wire service:

In the meantime, the vaccine will be offered to tens of thousands of people. Deputy Prime Minister Tatyana Golikova said the vaccination of doctors could start as early as this month. Russian authorities have said that medical workers, teachers, and other risk groups will be the first to undergo vaccination.

Dr. Eric Feigl-Ding, an epidemiologist and senior fellow at the Federation of American Scientists, called Russia’s rollout of the vaccine ahead of Stage 3 trials “irresponsible.”

In a Twitter thread responding to the Washington Post‘s reporting on Russia’s vaccine announcement, Feigl-Ding explained that “phase 3’s larger sample size allows much better study of safety signals and in wider range of patients,” adding that waiting for that phase to complete would “allow greater confidence.”

But, he added, there are more issues at stake:


3) “weak vaccine might be worse than no vaccine at all. We do not want people who are only slightly protected to behave as if they are invulnerable, which could exacerbate transmission.”
— Eric Feigl-Ding (@DrEricDing) August 11, 2020

Those points were echoed by Dr. Ohid Yaqub, senior lecturer in the Science Policy Research Unit at the University of Sussex.

“In terms of safety,” Yaqub said in a statement, “skipping phase 3 means trust in this vaccine—and vaccines generally—could be undermined, and it could also give people a false sense of security, if it turns out the vaccine is not actually effective.”

“Another important implication is that, if there is widespread diffusion of this vaccine, it may interfere with the testing of future vaccines that are potentially better,” said Yaqub.

Feigl-Ding, in his Twitter thread, also stressed that development of a Covid-19 vaccine should be marked by global cooperation.

“Phase 3 gives not just confidence in safety in wider array of people, and hence picking up effects in more narrow subgroups of people, but also allow well it truly prevents infection in real world setting. And both of those are key. Let’s focus: Quality over warp speed,” he wrote.


Danny Altmann, Professor of Immunology at Imperial College London, expressed similar skepticism to Russia’s announcement, saying in a statement that the “bar is necessarily set very high for criteria that must be satisfied for approval after Phase 3 clinical trials” and warned that the “collateral damage from release of any vaccine that was less than safe and effective would exacerbate our current problems insurmountably.”

“I hope these criteria have been followed” with the Russian vaccine, said Altmann. “We are all in this together.”

’Why didn’t Putin take it?’: Biomedical doctor explains why Russia’s vaccine ‘is a dangerous thing for them to do’

August 11, 2020 By Sarah K. Burris

BECAUSE

Russian President Vladimir Putin bragged that his country has come up with the first coronavirus vaccine and that he has tested it on his daughter, who evidently was diagnosed with the deadly disease. It was eventually revealed that the vaccine is only in the first phase of testing, which is behind where other vaccines are in the testing phases.

Speaking to MSNBC’s Joshua Johnson, Dr. William Haseltine, an infectious diseases expert who founded two research departments on HIV/AIDS and cancer, questioned the viability of the so-called Russian vaccine.

“First, my comment on the Russian vaccine, they call it Sputnik 5, which is harkening back to their first satellite,” said the doctor. “I would recall it Afghanistan 2, remembering their deadly foray into the Middle East. This is a dangerous thing for them to do for their people and the rest of the world. I would rather have seen Putin take it than give it to his daughter, for example. Why didn’t he take it, if he thinks it’s so safe? We don’t know, and they can’t know that it’s safe and effective.

He said that’s why he’s concerned that President Donald Trump’s “Operation Warp Speed” might also warp the process as it is rushed to give to Americans before it has truly been tested enough.

“We do not want to expose healthy people to a vaccine that we don’t know is safe, because we haven’t tested it in enough people, and we haven’t tested it long enough,” said Dr. Haseltine. “Do we want our own Afghanistan 2? I don’t think so. Not with this vaccine. It might be safe, and it might be effective. We just don’t know. And until, as Secretary of Health [Alex Azar] said, we’ve done the phase three trials, we have the data, you can’t know, and we don’t want our most precious asset, our young children and our older people, at risk for a vaccine that’s neither known to be safe nor effective. There are many examples of vaccines that have gone awry, so we have to be careful. ”

See his full comments below:



Stocks Turn Negative After Russia Claims To Have World’s First Coronavirus Vaccine


Sergei Klebnikov Forbes Staff
I cover breaking news, with a focus on money and markets.
Updated Aug 11, 2020

TOPLINE
The market finished lower on Tuesday as Big Tech stocks posted declines which offset an initial rally sparked by Russia's claims that it approved the world’s first coronavirus vaccine.

Russia’s rapid approval of a coronavirus vaccine has been met with skepticism.
 JAKUB PORZYCKI/NURPHOTO VIA GETTY IMAGES

Stocks initially rose following Russian President Vladimir Putin’s overnight announcement that his country was the first to grant regulatory approval for a coronavirus vaccine, after less than two months of human testing.

While Russia’s rapid approval of the vaccine has met with skepticism and raised concern among medical experts, the news did spark optimism among investors that a vaccine could be available in the U.S. sooner than expected.

Shares of companies that would benefit from a vaccine and a reopening of the economy—including airlines, cruise stocks and retailers—jumped on the news Tuesday.

“Although the timing is uncertain, the stock market is expressing confidence that the pandemic will end eventually with a vaccine—or multiple vaccines—and with help from better treatments in the interim,” says Jeff Buchbinder, equity strategist for LPL Financial.

WHAT TO WATCH FOR

Ongoing coronavirus stimulus talks, which ended in a stalemate last week. President Trump on Saturday issued several executive orders to extend economic relief programs, such as expanding federal unemployment benefits—at a reduced rate of $400 per week, deferring student loan payments through 2020, extending a federal moratorium on evictions and providing a payroll tax holiday. But Trump’s executive action was met with criticism from both parties and is likely to face legal challenges, since continuing the programs would require federal funding from Congress. Treasury Secretary Steven Mnuchin said on Monday that the White House is open to resuming coronavirus relief talks with Democrats and is willing to provide more relief money in order to make a compromise.


Goldman Predicts ‘At Least One’ Vaccine Approval Before The End Of 2020, Raises GDP Estimate (Forbes)
Russia Has Approved World’s First Covid-19 Vaccine, Putin Says (Forbes)

Sergei Klebnikov
I am a New York—based reporter for Forbes covering breaking news, with a focus on financial topics
Rolls-Royce discovers cracks inside another set of engines: Issues will cost up to £50m to put right

JITP; JUST IN TIME PRODUCTION, SPEED UP BY ANY OTHER NAME.....

By FRANCESCA WASHTELL FOR THE DAILY MAIL

PUBLISHED: 11 August 2020


Rolls-Royce's reputation has been dealt a further blow after it found cracks inside another set of engines.

It discovered the problems with a small number of its Trent XWB-84s, which power the Airbus A350 planes, during routine inspections carried out last month.

It is expected issues will cost Rolls up to £50million to put right.

Rolls-Royce discovered the problems with a small number of its Trent XWB-84s, which power the Airbus A350 planes (pictured), during routine inspections carried out last month

The company said the 'indications of wear' have not caused any in-flight issues and will not disrupt things for customers.

But the news has worrying echoes of problems with its Trent 1000 engines, which are used in Boeing's 787 Dreamliner that forced the planes using them to be grounded so that repairs could be carried out. The bill for that has ballooned to £2.4billion.

And it comes as Rolls has been hit hard by the coronavirus, which has grounded flights all over the world, starving it of income it usually makes from servicing plane engines. 




The company is axing 9,000 staff out of its 52,000-strong workforce, and mulling ways to raise more cash.

About 100 Trent XWBs have been in operation for four or more years and due for their first major service. Rolls is understood to have found cracks in 20 engines.

Around 650 Trent XWBs are in service on A350s, flown by airlines such as Qatar Airways, Cathay Pacific and Lufthansa.

Derby-based Rolls-Royce has been hammered by the pandemic and is undertaking its third major restructuring in six years.

Reports are rife that the company, whose shares have tumbled 60 per cent this year, is hoping to raise £1billion by selling its Spanish arm ITP Aero and £1.5billion by selling new shares.

It would find it hard to take out new loans because all three major credit ratings agencies – Moody's, S&P and Fitch – have downgraded its credit rating to 'junk' status.

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