Business

Mega carrier reports loss for first time in over 30 years Confident of speedy recovery once vaccine is rolled out Emirates Group lost AED 14.1 billion ($3.8 billion) and shed 24% of its staff in the first six months of its latest financial year as a result of the Covid-19 pandemic, the group said on Thursday. Group revenues dropped 74% to AED 13.7 billion ($3.7 billion) in H1, compared to a profit of AED 1.2…

Revenues drop 27% as ongoing costs of 737 Max programme bite Boeing is set to cut a further 7,000 jobs to offset the mounting financial impact that the coronavirus pandemic is having on the global air travel industry. The US manufacturer lost $3.5 billion in the first nine months of 2020 as revenues fell 27 percent down to $42.8 billion. Boeing lost $466 million in the third quarter of 2020 compared to a profit of…

Passenger traffic in the Middle East is recovering at a significantly slower rate than was projected during the summer, according to the International Air Transport Association’s (IATA) latest forecast, which suggests 140 million fewer passengers will travel in the region this year. Passenger numbers in the Middle East this year are forecast to reach 30% of 2019 levels compared to the 45% that was projected in July, with a full return in passenger traffic not…

Nigerian carrier, Dana Air has concluded plans to back the 26thNigerian Economic Summit (NES#26) scheduled to hold from the 26th to 27th of October 2020, at Transcorp Hilton Abuja and the Lagos Office of the Nigerian Economic Summit Group. Themed: ”Building Partnerships for Resilience,” the 26th Nigerian Economic Summit, which is jointly organised by the Federal Ministry of Finance, Budget and National Planning (FMFBNP) and the Nigerian Economic Summit Group, will convene national and global…

The World Trade Organisation (WTO) has announced its decision that the European Union will be authorised to impose tariffs on  $4 billion of US goods exported to the European Union every year. This follows four previous WTO panel and appellate reports from 2011 to 2019 confirming that subsidies to Boeing violate WTO rules. The decision finds that illegal subsidies to Boeing cost Airbus $4 billion dollars in lost sales and market share annually.   The EU…

While Boeing’s 777X is a long way off entering service following a series of delays, its massive GE9X engines have now been certified by the Federal Aviation Administration (FAA). “There is no substitute that can achieve the combination of size, power and fuel efficiency of the GE9X,” said John Slattery, president and CEO of GE Aviation. The FAR (Federal Aviation Regulation) Part 33 certification involved eight test engines and saw the powerplants complete just under 5,000…

Nigeria High Commissioner to Canada, Adeyinka Asekun says the country is unfairly denying Nigerians visas. A statement by Asekun during a webinar on Nigeria’s 60th Independence Anniversary organized by the Mission said the issue would be addressed in the draft bilateral agreement, by both countries. “Canada and Nigeria have for some time been working on a draft agreement that addresses a number of areas of mutual concern to both countries. It is our further hope…

Action to reduce cost of governance Four years after the Federal Government  put  two of its ten airplanes, a Falcon 7X and Hawker Sidley 4000 for sale, the government has again put up for sale a jet in the Presidential fleet, Hawker 4000 aircraft with registration number, 5N-FGX/: RC 066. The business-size jet which entered into service in December 2011, has capacity for 9 passengers and three crew. The Hawker 4000, originally known as the Hawker Horizon,…

Africa remained lock-down despite border-opening Despite borders being re-opened, Nigeria, Africa and many parts of Middle East remain effectively lockdown just as 35 countries in Africa and Middle East have government-imposed quarantine measures in place according to the International Air Transport Association (IATA). The clearing house for about 290 global airlines has however called on governments in the regions to implement testing as an alternative to quarantine measures when re-opening their economies. It noted that…