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Emirates, one of the world’s largest long-haul airlines, announced on Sunday its plan of increasing debtEmirates, one of the world’s largest long-haul airlines, announced on Sunday its plan of increasing debt to alleviate the damage caused by the COVID-19 pandemic. More so, it is likely to implement more intensive measures as struggling months impend.
The state-owned airline deemed that it would take at least 18 months for the travel sector to fully recuperate. Back in March, it halted regular passenger flights due to the novel coronavirus contagion that has disrupted worldwide travel demand.
The pandemic dragged the airline’s fourth-quarter performance despite a 21% increase in its annual profit in the year ended March. This would prompt banks to raise Emirate’s debt in the first quarter to minimize the virus-driven impact on cash flows.
Chairman Sheikh Ahmed bin Saeed said in a statement that the coming months would be the most difficult in the airline’s 35-year history. Moreover, Dubai pledged to provide support for the airline should it be necessary.
Great Britain’s economy was seen dropping at its most rapid pace in centuries. This was mainly from the disruptions brought by the virus crisis on demand. However, it has a high chance of recovering from inactivity next quarter as more ...
The dollar fell on Tuesday following the U.S. Federal Reserve’s announcement to begin broad buying of corporate debt, lifting appetite for risk currencies. The Fed said that it will start buying diverse investment grade U.S. corporate ...
Germany’s contribution to the European Union’s budget would rise by 42% or 13 billion Euros ($14.63 billion) annually in the coming years, the German national daily newspaper Die Welt reported on Monday. Government calculations ...
Global shares advanced on Monday after an unexpected recovery in U.S. employment. This made investors optimistic that global economies could recuperate faster than previously thought. Oil prices fell flat after OPEC and its allies, including ...
Bloomberg News reported on Sunday that the Emirates Group is considering plans to cut about 30,000 jobs as the operator of the world's largest long-haul carrier seeks to reduce costs after the pandemic grounded air travel. Emirates Group announced ...
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