mo4ch:>US airlines used up spare cash buying back shares

US airlines used up spare cash buying back shares17 March 2020 Image copyrightGetty ImagesAmerica's biggest airlines have called on Washington for more than $50bn (£41bn) in aid as they suffer the effects of the coronavirus pandemic.US President Donald Trump on Monday pledged to back the industry "100%".But figures suggest major carriers spent almost all their spare cash in the last decade buying back their own shares.It comes as the airline industry is facing huge losses and widespread layoffs as passengers stay at home.Data revealed by Bloomberg show major airlines including United and American Airlines used up an average 96% of their spare cash buying back their own shares. Companies buy back their own shares for a number of reasons. Some have built up big cash piles that they don't want to sit on so spend the money buying back previously issued shares. This helps them reduce their costs as they have fewer shareholders to pay dividends to.Buying back stocks can also…