Bloomberg Private air travel is getting the Uber treatment with some of the industry’s biggest customers investing $26.1 million in a company that lets users book private jets from a smartphone. Most private aircraft aren’t used that much, JetSmarter founder Sergey Petrossov, a Russia-born Florida resident, said in an interview. They either stand idled at airports or are flying empty ...

Bloomberg Domodedovo International Airport bonds pared the steepest drop on record after chairman and owner Dmitry Kamenshchik was put under house arrest instead of jail and a prosecutor said the charges against the businessman are unlawful. The bonds fell the most on record recently and the yield surged 294 basis points to 9.38 percent, the highest since March, after investigators ...

Reykjavík / Relaxnews Iceland’s flag carrier has launched a new Wi-Fi service that lets passengers stay connected for the duration of its flights, including takeoff and landing. As any regular air traveller knows, electronic devices must currently be switched off during takeoff and landing. Even on board planes already equipped with Wi-Fi, passengers are asked to wait until the plane ...

Washington / Bloomberg Boeing Co. is finally open for business in Iran. The US government cleared the manufacturer to begin talking with approved Iranian carriers about their fleet needs, a first step toward entering the country’s resurgent aircraft market, Boeing said. The planemaker will still need a separate license to complete any commercial jetliner sales. Europe’s Airbus Group SE, which ...

Cape Town / Bloomberg South African furniture retailer JD Group Ltd. plans to close about 260 stores employing thousands of workers as it seeks to stabilize its finances. About 1,800 employees will be affected, according to the company, although a trade union put the figure at 4,110. The closings are key to securing the employment of JD Group’s remaining employees, ...

Pyongyang / Bloomberg Change is in the air in North Korea. After years of being ranked by Skytrax as the world’s worst airline, national carrier Air Koryo is undergoing a revolution, according to interviews with passengers and travel agents. New planes, new in-flight entertainment options, smart new uniforms for the cabin attendants, even business class. It’s all part of supreme ...

ABU DHABI / WAM H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, on Monday received the visiting International Monetary Fund Director General, Christine Lagarde, at the ministry. During their meeting, they discussed cooperation between the UAE and IMF, latest economic developments, as well as other issues of mutual interests. Sheikh Abdullah welcomed Lagarde, noting ...

Sharjah / EMIRATES BUSINESS With the region looking at increasing its downstream capabilities as part of its economic diversification policies, the regional plastics, molds, printing and packaging industries are virtually untouched by declining oil prices as well as other economic and political headwinds. Top executives, who turned up for the opening of a multi-industry trade event at Expo Centre Sharjah, believe ...

Abu Dhabi / EMIRATES BUSINESS Global Financial Markets Forum (GFMF), the annual conference organised by the National Bank of Abu Dhabi (NBAD), will kick off for a two-day conference on March 2nd and 3rd at Emirates Palace in Abu Dhabi. The Forum is designed to offer thought provoking content on major regional and international issues from the perspectives of regulators, ...

ABU DHABI / WAM Mubadala Development Company, the Abu Dhabi-based investment and development company, on Monday announced that wholly owned asset Strata Manufacturing PJSC (Strata), the advanced composite aero-structures manufacturing facility, has made a range of new leadership appointments in order support Strata’s next phase of growth, including its expanding portfolio of products and capabilities for global original equipment manufacturers ...