Good morning from the Financial Times.

Today is Tuesday, May 5th,

and this is your FT News Briefing.

The aviation industry took another hit on Monday

as GE announced more job cuts and Argentina debtholders

double down on their opposition to the government's plan to restructure its

debt. Plus as the coronavirus pandemic rages on, for business, advertising costs have been one of the first things cut for many budgets.

The F.T.'s Tim Bradshaw explains why Silicon Valley is surviving the ad crash. I'm Mark Filipino and here's the news you need to start

your day. Monday was a tough day for the aviation industry.

GE announced it was cutting 10,000 aerospace jobs.

Comes on top of the 2,600 cuts to its U.S. workforce last month.

The worldwide economic shutdown caused by the coronavirus pandemic has been devastating for

the industry.

Carriers have warned that it could take years for the sector to recover.

And so aircraft and engine manufacturers are scrambling to slash capacity.

Airbus cut production by 35 percent.

Boeing has cut its production by 50 percent.

Meanwhile in an interview yesterday, U.S. Treasury Secretary

Stephen Manusion wouldn't say when the U.S. would relax restrictions on

international travel to Europe and Asia. Here's what he had to say on Fox Business.

Do you think international travel will be opened up this year?

Too hard to tell at this point, Maria. I hope down the road it is. Our priority is opening up the domestic economy.

...