How can leaders inspire their employees when they don’t have good news to share?

Sharing bad news build the trust between the team and their team leaders 

Every Cloud has a Silver Lining. It depends upon the Leader's Interpersonal skills to get an inspiration first and then distribute it to his team. 

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No news is completely bad - each news item has some agreeable points and some which are not so rosy. Hence, the manager can lay emphasis on the agreeable points and help the team navigate from the not-so-favourable items!