BLOOMBERG Archer Aviation Inc said it raised $215 million in funding and patched up a legal dispute with Boeing Co, paving the way for the electric air-taxi startup to collaborate with its former adversary on future designs. Archer received investments from Boeing, as well as existing backers Stellantis NV, United Airlines Holdings Inc and tech-focused Ark Invest, it said in …
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BLOOMBERG Sicily’s largest airport in Catania reopened after an eruption of Mount Etna forced it to close. The website of Catania Airport, Italy’s sixth by passenger traffic before the pandemic, is showing mostly regular flights with some minor delays and a few cancellations. Mount Etna, Europe’s most active volcano, erupted in the southeast crater at an altitude of about 2,700 …
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BLOOMBERG Walmart Inc raised its annual profit forecast for the second straight quarter after scoring new sales gains with bargain-hunting US shoppers. Food revenue continued to rise strongly and Walmart’s general merchandise business was stronger than the company expected at the beginning of the second quarter, said Chief Financial Officer John David Rainey. The retailer is also still benefiting from …
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BLOOMBERG Cathay Pacific Airways Ltd started selling some of its cheapest tickets in more than three-and-a-half years, offloading 100,000 economy seats at steep discounts. Hong Kong’s main airline ran the promotional offer to more than 30 destinations for travel between January to June 2024. The two-week sale started at 2 pm local time, though many customers were left waiting for …
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BLOOMBERG The three largest US airlines plan to more than double the number of flights to China in the coming months as they take advantage of a deal between the nations to ease pandemic-era travel restrictions. American Airlines Group Inc told Bloomberg it would add three weekly flights between Dallas and Shanghai early next year. The decision came after rivals …
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ABU DHABI / WAM Emirates Development Bank (EDB) has inked a memorandum of understanding to create supply chain finance and working capital solutions for SMEs in collaboration with Trade Capital Partners (TCP). This partnership was facilitated by Hub71, Abu Dhabi’s global tech ecosystem, as part of its efforts to support startups with commercial opportunities through its network of leading corporate …
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ABU DHABI / WAM TRENDS Research and Advisory announced the launch of the TRENDS Hub Award for Scientific Research, which aims to encourage researchers, at the regional and global levels, to conduct creative and effective research on various issues of interest to TRENDS. The award includes four diverse research areas. The first research area includes “political issues, security and military …
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DUBAI / WAM DP World Limited has announced resilient financial results for the first six months to June 30. On a reported basis, revenue grew by 13.9% to $9,037 million and adjusted Ebitda grew by 7.0% to $2,611 million with adjusted Ebitda of 28.9%. DP World Group Chairman and CEO, Sultan Ahmed bin Sulayem, commented, “We are pleased to share …
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ADDIS ABABA / WAM Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and COP 28 President-Designate, has visited Ethiopia to speak at the African Ministerial Conference on the Environment (AMCEN), during which he emphasised the urgent need to increase climate finance to African countries to allow them to seize the opportunity of a zero-carbon, climate resilient …
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ABU DHABI / WAM His Highness Khaled bin Mohamed bin Zayed,Crown Prince of Abu Dhabi and Chairman of Abu Dhabi Executive Council, has issued a resolution to restructure the Advanced Technology Research Council Board of Directors. Chaired by His Highness, the Board of Directors will include Dr Sultan Ahmed Al Jaber, Khaldoon Khalifa Al Mubarak, Mohamed Hassan Alsuwaidi, Mansoor Ibrahim …
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