Bloomberg South Africa is seeking to create a new thriving national airline out of the ashes of its current state-owned carrier, which is technically insolvent and on the brink of being placed in liquidation by administrators. An ideal replacement for South African Airways (SAA) would have both public and private owners, maintain the country’s trade connections and make a profit, ...

Bloomberg Japan Airlines Co posted its first quarterly operating loss in at least eight years and suspended its annual dividend as the coronavirus outbreak hits the travel industry. Fourth-quarter operating loss was 19.5 billion yen ($183 million), the first deficit since the company re-listed on the stock exchange in 2012. Sales fell 21% to 280 billion yen, JAL said. The ...

Bloomberg British Airways owner IAG tapped $1.1 billion in state-backed loans for its Spanish units Iberia and Vueling to help weather collapsing travel demand. The banks involved in the syndicated agreement will ask state-owned Instituto de Crédito Oficial to provide guarantees, and the financing is conditional on those being received, London-based IAG said. The move comes as a surprise after ...

ABU DHABI / WAM President His Highness Sheikh Khalifa bin Zayed Al Nahyan, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, congratulated the citizens and ...

Bloomberg Crude posted its first weekly gain in a month as global production cuts start to lift physical markets. Futures in New York rose 17% this week. Oil companies have announced major production closures with Chevron Corp. saying it will shut as much as 400,000 barrels of daily output and Exxon Mobil Corp. reporting it will cut rigs in the ...

ABU DHABI / WAM The UAE’s twin bourses continued on their bullish trend backed by upbeat sentiments which manifested themselves in the listed companies gaining around AED33.6 billion ($9.5 billion) in market cap since the beginning of Ramadan, with the mouthwatering prices of the majority of defensive stocks and blue chips driving the buying spree. The general index of the ...

ABU DHABI / WAM The UAE on Saturday sent an aid plane containing seven metric tons of medical supplies to India to bolster the country’s efforts to curb the spread of Covid-19. The aid will assist approximately 7,000 medical professionals as they work to combat the virus. To date, the UAE provided more than 348 metric tons of aid to ...

Abu Dhabi / Emirates Business Abu Dhabi Airports has partnered with Tawazun Strategic Development Fund (TSDF) to launch the new CoDi BOT UGV (Unmanned Ground Vehicle), designed and manufactured by UAE-based company Marakeb Technologies, an affiliate company of TSDF, for the disinfection of viruses including Covid-19. The introduction of new state-of-the-art technology is the latest measure introduced by Abu Dhabi ...

Bloomberg China’s first-quarter total services trade fell 10.8% from a year earlier to $162.82 billion, according to the Ministry of Commerce. Services exports in the January-to-March period declined 4.1% to 444.28 billion yuan while imports dropped 14.5% to 708.02 billion yuan, the ministry said on May 2. The narrowing of the trade deficit that started last year continues, it said. ...

DUBAI / WAM Dubai’s Roads and Transport Authority (RTA) opened Saturday, the internal roads project at Sama Al Jadaf. It connects with other main roads in the vicinity such Al Khail Road to the South, and Sheikh Rashid Road to the North, thus enabling smooth mobility in the area. RTA also opened internal roads project for Mohammed bin Rashid Housing ...