Giorgio Starace, left, the Italian ambassador to the UAE, with James Hogan, the president and chief executive of Etihad Airways, in Rome yesterday where he discussed the Abu Dhabi carrier’s acquisition of Alitalia. Chris Warde-Jones for The National
Giorgio Starace, left, the Italian ambassador to the UAE, with James Hogan, the president and chief executive of Etihad Airways, in Rome yesterday where he discussed the Abu Dhabi carrier’s acquisitioShow more

Etihad Airways aims to finalise Alitalia negotiations by end of month



Etihad Airways aims to finish negotiations by the end of this month to go ahead with its investment in Alitalia, but the airline needs to be the “right size”.

“We need to right-size the airline [Alitalia] to go forward,” James Hogan, the president and chief executive of Etihad Airways, said in Rome yesterday.

“We are still negotiating and we have a target of the end of this month. Both teams are working in good faith to achieve that. We have a team of executives on the ground here working with our advisers JP Morgan. They are working with Citibank to ensure that they can broker the transaction to win,” he added.

Etihad aims to take a stake of up to 49 per cent in financially ailing Alitalia, after its board of directors had given its backing to the deal last month.

Etihad is demanding downsizing measures and thousands of job losses at the loss-making airline – just as it did when it took equity stakes in Air Serbia and Air Seychelles.

Etihad has gained a reputation for turning around struggling airlines in which it invests, but Alitalia could be the airline’s biggest challenge to date.

Three labour unions were planning a strike on Sunday to protest against the job cuts. But Anpac, one of the labour unions, told The National this week that the strike was put off after successful negotiations with the government.

Other conditions to turn Alitalia’s performance around include cutting loss-making routes, negotiating new employment contracts and reducing airport costs.

Mr Hogan said that Etihad can modernise Alitalia’s fleet, but only once the right changes are made.

“The advantage is that we have over 220 aircraft on our order book,” said Mr Hogan.

“We are the world’s largest operator of the [Boeing] 787s. We have 330 aircraft … We do have the ability as we go forward to use this aircraft in the Alitalia fleet. We have this flexibility.”

But Mr Hogan said the priority is to complete the transaction, stabilise the business, introduce the network changes and grow.

According to reports, Etihad’s initial investment in Alitalia will be €560 million (Dh2.78 billion), with another €660m to be injected in the future.

Asked if Etihad would address the European Commission’s concerns about keeping Alitalia in Italian hands, Mr Hogan said: “Of course, we take 49 per cent and 51 per cent [will be with] Italian investors. The board will reflect that. It’s fundamental … We have to abide by the rules.”

Last week, Etihad announced six new destinations for the first half of next year including Edinburgh and Madrid. It will also fly four times a week to Hong Kong.

Etihad’s growth strategy has relied heavily on expanding its route network through “equity alliances”, in which it invests in carriers that help it to expand its global reach in strategically important regions. Last year Etihad grew its equity alliance to seven, comprising Air Seychelles, Air Berlin, Virgin Australia, Air Serbia, Ireland’s Aer Lingus, India’s Jet Airways and Etihad Regional – formerly known as Darwin Airline.

selgazzar@thenational.ae

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Opening weekend Premier League fixtures

Weekend of August 10-13

Arsenal v Manchester City

Bournemouth v Cardiff City

Fulham v Crystal Palace

Huddersfield Town v Chelsea

Liverpool v West Ham United

Manchester United v Leicester City

Newcastle United v Tottenham Hotspur

Southampton v Burnley

Watford v Brighton & Hove Albion

Wolverhampton Wanderers v Everton

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Electoral College Victory

Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate. 

 

Popular Vote Tally

The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.

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Company: Bidzi

● Started: 2024

● Founders: Akshay Dosaj and Asif Rashid

● Based: Dubai, UAE

● Industry: M&A

● Funding size: Bootstrapped

● No of employees: Nine

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Copa del Rey

Barcelona v Real Madrid
Semi-final, first leg
Wednesday (midnight UAE)

Various Artists 
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
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Business Insights
  • As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses. 
  • SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income. 
  • Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
The%20new%20Turing%20Test
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Abu Dhabi Grand Slam Jiu-Jitsu World Tour Calendar 2018/19

July 29: OTA Gymnasium in Tokyo, Japan

Sep 22-23: LA Convention Centre in Los Angeles, US

Nov 16-18: Carioca Arena Centre in Rio de Janeiro, Brazil

Feb 7-9: Mubadala Arena in Abu Dhabi, UAE

Mar 9-10: Copper Box Arena in London, UK

'Of Love & War'
Lynsey Addario, Penguin Press

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Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Company%20Profile
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The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)