London // Etihad Airways’ chief executive says the company bought its stake in Aer Lingus based on a strategy of increasing the number of flights between Dublin and Abu Dhabi.
James Hogan told aviation industry executives at an event in London on Thursday that the original plan was for a “large investment”, but once it became clear that the management of the Irish carrier did not share Etihad’s vision, the company moved on to focus on deals with airberlin and Alitalia.
“The landscape has changed,” he said. “It is a great airline, profitable and functional. The vision could have been for a large investment.”
Mr Hogan was on Thursday reported by media as indicating that the Abu Dhabi airline could sell its stake if the Irish government backs a €1.35 billion (Dh5.41bn) offer made for its flag carrier by the British Airways parent International Airlines Group. Qatar Airways owns a 10 per cent stake in IAG.
Between 2012 and last year, Etihad accumulated more than 4 per cent of the Dublin-based carrier. The two airlines operate code shares on routes between Dublin and Abu Dhabi, Sydney, Melbourne, Brisbane, Kuala Lumpur, Muscat and Bahrain.
Aer Lingus last year increased flights to San Francisco from Dublin and to Boston and New York from Shannon as part of its trans-Atlantic expansion plans announced the year before.
Mr Hogan said that the tie-up become less strategically important to Etihad once the Aer Lingus management, led by the previous chief executive Christopher Mueller, had decided to focus on increasing capacity on trans-Atlantic routes.
Etihad operates 10 flights a week from its base in Abu Dhabi to Dublin and has increased capacity by deploying larger aircraft on the route.
Etihad’s growth strategy is focused on expanding its global route network by code-share partnerships and forming equity alliances, in which it invests in carriers in strategically important regions.
Its equity alliance partners include airberlin, Alitalia, Virgin Australia, India’s Jet and Air Seychelles.
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Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
The Birkin bag is made by Hermès.
It is named after actress and singer Jane Birkin
Noone from Hermès will go on record to say how much a new Birkin costs, how long one would have to wait to get one, and how many bags are actually made each year.
Top 10 most polluted cities
- Bhiwadi, India
- Ghaziabad, India
- Hotan, China
- Delhi, India
- Jaunpur, India
- Faisalabad, Pakistan
- Noida, India
- Bahawalpur, Pakistan
- Peshawar, Pakistan
- Bagpat, India
FFP EXPLAINED
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
Miguel Cotto world titles:
WBO Light Welterweight champion - 2004-06
WBA Welterweight champion – 2006-08
WBO Welterweight champion – Feb 2009-Nov 2009
WBA Light Middleweight champion – 2010-12
WBC Middleweight champion – 2014-15
WBO Light Middleweight champion – Aug 2017-Dec 2017
Five famous companies founded by teens
There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:
- Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate.
- Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc.
- Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway.
- Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
- Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
The biog
Name: Sari Al Zubaidi
Occupation: co-founder of Cafe di Rosati
Age: 42
Marital status: single
Favourite drink: drip coffee V60
Favourite destination: Bali, Indonesia
Favourite book: 100 Years of Solitude
Women & Power: A Manifesto
Mary Beard
Profile Books and London Review of Books
VERSTAPPEN'S FIRSTS
Youngest F1 driver (17 years 3 days Japan 2014)
Youngest driver to start an F1 race (17 years 166 days – Australia 2015)
Youngest F1 driver to score points (17 years 180 days - Malaysia 2015)
Youngest driver to lead an F1 race (18 years 228 days – Spain 2016)
Youngest driver to set an F1 fastest lap (19 years 44 days – Brazil 2016)
Youngest on F1 podium finish (18 years 228 days – Spain 2016)
Youngest F1 winner (18 years 228 days – Spain 2016)
Youngest multiple F1 race winner (Mexico 2017/18)
Youngest F1 driver to win the same race (Mexico 2017/18)
