Emirates, the world's largest airline by international passengers, has started to ramp up some of its routes to the US that it had scaled back as a result of an electronics ban implemented in March by the Trump administration, and is looking to boost further capacity, its president said.
"We've already put Orlando back up to a daily and we've seen extraordinary high seat factors on Boston and Seattle on the one frequency," Emirates president Tim Clark said in an interview with The National. "I would say it's not going to be long before we start re-assessing a reintroduction of our capacity into the US… I'm hoping we can restore that fairly soon."
In March, the US announced that laptops, tablets, e-readers and other large electronic devices would be banned from cabins on flights from 10 airports, including those in Abu Dhabi and Dubai. The ban disrupted operations of a number of carriers, with the drop in demand translating into commercial losses.
The ban led to a fall in demand for the 10 airlines affected amid a slowing travel market that has been characterised by lower yields as a result of terror attacks in Europe and intense competition from low-cost carriers and changing business models of carriers leaning more on narrow-body planes. For Emirates the ban resulted in a dip on routes to the US by as much as 20 per cent, said Mr Clark.
The Geneva-based International Air Transport Association, which represents 275 carriers, had estimated the ban would cost passengers US$655 million in lost productivity, $216m for longer travel times, and $195m for renting loaner devices on board. In revised forecasts in June, the organisation said it anticipates net profit for global airlines to drop by about 10 per cent this year to $31.4 billion from 2016.
"It wasn't just the laptop ban, it was the Muslim country ban [by the US] which had a halo effect on the whole of our part of the world including west Asia; India, Pakistan and everywhere else, because a lot of people felt they weren't welcome there that they were going to have difficulties," said Mr Clark.
"There was a marked fall-off, particularly in the Indian subcontinent. The two [bans] taken together we saw major double-digit falls in demand for our services. That's why we pulled the Boston second frequency, the Seattle second frequency, the Los Angeles second frequency and reduced Orlando and Fort Lauderdale."
A survey by Campbell-Hill Aviation Group released this month shows that Emirates supported more than 104,000 jobs in the US and contributed about $21.3bn to the US economy in 2015. Emirates is the largest operator of the Boeing's wide-body 777 aircraft (mostly equipped with GE engines) as well as the double-decker A380 which also has US components and engines.
As of April 2017, Emirates operated 126 passenger flights a week to 12 airports in the US.
Company profile
Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices
Points classification after Stage 4
1. Arnaud Demare (France / FDJ) 124
2. Marcel Kittel (Germany / Quick-Step) 81
3. Michael Matthews (Australia / Sunweb) 66
4. Andre Greipel (Germany / Lotto) 63
5. Alexander Kristoff (Norway / Katusha) 43
The struggle is on for active managers
David Einhorn closed out 2018 with his biggest annual loss ever for the 22-year-old Greenlight Capital.
The firm’s main hedge fund fell 9 per cent in December, extending this year’s decline to 34 percent, according to an investor update viewed by Bloomberg.
Greenlight posted some of the industry’s best returns in its early years, but has stumbled since losing more than 20 per cent in 2015.
Other value-investing managers have also struggled, as a decade of historically low interest rates and the rise of passive investing and quant trading pushed growth stocks past their inexpensive brethren. Three Bays Capital and SPO Partners & Co., which sought to make wagers on undervalued stocks, closed in 2018. Mr Einhorn has repeatedly expressed his frustration with the poor performance this year, while remaining steadfast in his commitment to value investing.
Greenlight, which posted gains only in May and October, underperformed both the broader market and its peers in 2018. The S&P 500 Index dropped 4.4 per cent, including dividends, while the HFRX Global Hedge Fund Index, an early indicator of industry performance, fell 7 per cent through December. 28.
At the start of the year, Greenlight managed $6.3 billion in assets, according to a regulatory filing. By May, the firm was down to $5.5bn.
A general guide to how active you are:
Less than 5,000 steps - sedentary
5,000 - 9,999 steps - lightly active
10,000 - 12,500 steps - active
12,500+ - highly active
RESULT
Leeds United 1 Manchester City 1
Leeds: Rodrigo (59')
Man City: Sterling (17')
Man of the Match: Rodrigo Moreno (Leeds)
The figures behind the event
1) More than 300 in-house cleaning crew
2) 165 staff assigned to sanitise public areas throughout the show
3) 1,000+ social distancing stickers
4) 809 hand sanitiser dispensers placed throughout the venue
Company Profile
Company name: Namara
Started: June 2022
Founder: Mohammed Alnamara
Based: Dubai
Sector: Microfinance
Current number of staff: 16
Investment stage: Series A
Investors: Family offices
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
You Were Never Really Here
Director: Lynne Ramsay
Starring: Joaquim Phoenix, Ekaterina Samsonov
Four stars
Hotel Data Cloud profile
Date started: June 2016
Founders: Gregor Amon and Kevin Czok
Based: Dubai
Sector: Travel Tech
Size: 10 employees
Funding: $350,000 (Dh1.3 million)
Investors: five angel investors (undisclosed except for Amar Shubar)
The biog
Favourite book: Homegoing by Yaa Gyasi
Favourite holiday destination: Spain
Favourite film: Bohemian Rhapsody
Favourite place to visit in the UAE: The beach or Satwa
Children: Stepdaughter Tyler 27, daughter Quito 22 and son Dali 19