BLOOMBERG Deutsche Lufthansa AG is about to embark on a tough journey to pull off a quick turnaround of Alitalia’s successor ITA Airways and overcome two decades of constant losses. Lufthansa agreed to buy a minority stake in ITA, and its executives think they can succeed where other managers failed: wringing a profit from the airline that long flew the …
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BLOOMBERG Go Airlines India Ltd plans to raise salaries of captains by 100,000 rupees ($1,211) a month and by 50,000 rupees for first officers as it tries to salvage its operations after filing for insolvency on May 2. The additional pay, which the airline calls a retention allowance, will come into effect on June 1, according to an email to …
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BLOOMBERG A made-in-China aircraft to rival Boeing Co and Airbus SE underwent its maiden commercial flight on May 28, almost six months after being delivered to China Eastern Airlines Corp. Flight MU9191 took off from Shanghai at 10:32 am local time, China Eastern said on its Weibo account. The plane carried 128 passengers and landed safely at Beijing, People’s Daily …
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BLOOMBERG Rolls-Royce Holdings Plc could cut thousands of jobs after the company hired consultants led by McKinsey & Co to advise on streamlining its operations, The Times reported. Part of the turnaround plan will see the combination of non-manufacturing departments in each of the company’s civil aerospace, defense and power systems divisions, the newspaper said, citing an unidentified consultancy source. …
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BLOOMBERG European stocks climbed after three days of declines, while US futures edged higher after the House passed a deal to avert a US default and Federal Reserve officials hinted at a pause in interest-rate hikes. Banks and carmakers led gains in the Stoxx Europe 600 index as data showed euro-area inflation slowed more than analysts’ estimates in May. Adnoc …
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BLOOMBERG Ghana’s pension funds are close to agreeing to a deal to restructure $2.6 billion worth of government bonds they hold, according to an umbrella body for the industry. Under the plan, the pension funds will receive more interest payments, but over a longer period of time, according to Thomas Esso, executive secretary of the Chamber of Corporate Trustees. The …
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ABU DHABI / WAM President His Highness Sheikh Mohamed bin Zayed Al Nahyan today received a phone call from Félix Tshisekedi, President of the Democratic Republic of the Congo. During the call, the two leaders discussed opportunities to enhance cooperation aimed at supporting the sustainable development and economic prosperity of both nations. The conversation between His Highness and President Tshisekedi also …
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ABU DHABI / WAM Etihad Airways has been named Environmental Airline of the Year 2023 for the second year running in the Airline Ratings awards. The Airline Ratings awards acknowledge the best of the aviation industry and rank airlines on their innovation, route networks and safety score against strict assessment criteria. The awards recognised Etihad’s commitment to sustainable aviation through …
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ABU DHABI / WAM Abu Dhabi National Oil Company (Adnoc) announced on Wednesday at the Make it in the Emirates forum in Abu Dhabi, new agreements with more than 60 UAE-based and international companies to locally manufacture critical non-oil products in its supply chain. The new agreements bring Adnoc closer to its target to locally manufacture AED70 billion ($19 billion) …
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ABU DHABI / WAM HH Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, on Wednesday attended the second edition of the ‘Make it in the Emirates’ forum. Taking place at the Abu Dhabi Energy Centre, the forum is organised in partnership with the Ministry of Industry and …
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