New York / AFP Mid-sized and regional airlines in the US are suffering from a pilot shortage that could threaten the health of the broader US aviation industry. The labour shortfall has led to cancelled flights at carriers like Mesa Airlines and Silver Airways. That has hit smaller airports, such as in Redding, California, or Erie, Pennsylvania, according to figures ...
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March, 2016
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6 March
Embraer quarterly profit mired in Republic provision
Brasilia / BLOOMBERG Embraer SA reported fourth-quarter profit that fell short of analysts’ estimates as the company made a 390.6 million-real ($100.3 million) provision related to Republic Airways Holdings Inc.’s bankruptcy filing. The Brazilian planemaker said net income attributable to controlling shareholders rose 76 percent to 425.8 million reais, trailing the 527.5 million-real average estimate for adjusted earnings of seven ...
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6 March
Lotte shareholders vote in support of Shin
TOKYO / Bloomberg Shareholders of Tokyo-based Lotte Holdings Co., a key unit of Korean-Japanese retail conglomerate Lotte Group, voted to oppose a measure to remove Chairman Shin Dong Bin at an extraordinary general meeting on Sunday. Family-controlled Lotte Group is in the midst of a power struggle between Shin Dong Bin and his older sibling who was stripped of his ...
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6 March
TPG to write down J Crew stake by 84pc as revival hopes dim
Bloomberg David Bonderman’s TPG Capital cut the value of its stake in struggling clothing retailer J. Crew Group Inc. by 84 percent at the end of 2015. The private equity firm, which led a 2011 leveraged buyout of the company, told investors that its $478.6 million equity holding in J. Crew was lowered to $76 million, according to documents obtained ...
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6 March
Cathay Pacific seen posting wider hedging loss as oil prices dip
Hong Kong / Bloomberg Crude oil’s plunge to the cheapest level in more than a decade helped the global airline industry boost profit forecasts. One airline that hasn’t fully benefited is Cathay Pacific Airways Ltd. The marquee Hong Kong airline reported an unrealised fuel-hedging loss of HK$7.42 billion ($954 million) as of end-June — and oil prices have slumped a ...
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6 March
Perfect destination to relax and tour
Sunaina Rana / EMIRATES BUSINESS An architectural triumph acting as the centerpiece of Yas Island, Yas Viceroy Abu Dhabi hovers over land and water and spans the Yas Marina Circuit, the favoured racetrack for Formula 1 legends. Beneath the hotel’s light canopy, Yas Viceroy presents guests with a new perspective for a resort, perched between city sophistication and jet-setting island ...
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6 March
Corum: Showcasing aesthetic appeal with technical excellence
Our Correspondent / EMIRATES BUSINESS Montres Corum is a Swiss watchmaker based in La Chaux-de-Fonds, was founded in 1955, it makes high-quality and high-price watches. Following the luxury brands popularity around the globe, Corum collaborated with Ahmed Seddiqi and Sons and Al-Fardan Jewellery to enter UAE market. With more than 15 years’ experience in this field, first with Bvlgari then ...
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5 March
FAO official hails UAE’s food security model
ABU DHABI / WAM Mehdi Al Idrissi, the FAO Representative in the UAE and Sub-regional Coordinator for the GCC and Yemen, has commended the role of the UAE in promoting food security locally, regionally and globally. He praised the country’s efforts in strengthening the role of the United Nations and international organisations in general and FAO in particular. Idrissi told ...
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5 March
Dubai Taxi revenue reaches AED1.4bn
ABU DHABI / WAM Mattar Al Tayer, Director-General and Chairman of the Board of Executive Directors of the Roads and Transport Authority (RTA), has revealed that total operating revenues of the Dubai Taxi Corporation (DTC) at the RTA reached AED 1.481 billion in 2015 compared with AED 1.311 billion reported in 2014. The total profits posted by the DTC last ...
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5 March
China eases fiscal stance to meet 7% growth target
Bloomberg China unveiled a record fiscal deficit and pledged to accelerate the restructuring of its bloated state- owned industries while still setting a weaker growth target for this year. Premier Li Keqiang announced a 6.5 percent to 7 percent expansion goal on Saturday, down from an objective of about 7 percent last year and the first range the government has ...
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