NEW DELHI // Jet is looking to operate non-stop flights to Europe, China, Australia, the Middle East, South East Asia and neigbouring Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka, said Naresh Goyal, the Jet chairman.
“Our focus remains to develop hubs in Mumbai and Delhi,” he said.
Jet will also link more points in India to Abu Dhabi, for onward connections, besides operating its own flights beyond Abu Dhabi to North America and the Middle East, and increase frequencies to Abu Dhabi. New routes will be introduced between Abu Dhabi and Goa, Ahmedabad, Pune and Lucknow by the year-end.
Focus will also remain on the international sector as competition increases in the domestic carrier market.
“Our international operations are already profitable and contribute 45 per cent to our total revenue,” said Naresh Goyal, the chairman of Jet Airways. “We [plan to] increase the contribution to 63 per cent by 2015.”
For Etihad, the partnership means access to more than 50 destinations in India through Jet and 42 million travellers in India’s domestic market. It currently has access to 20 destinations in India.
Moreover, India’s international traffic is growing at 10 per cent annually and is expected to reach the 100 million mark by 2023, according to the consultancy Center for Asia Pacific Aviation (Capa).
Etihad meanwhile plans to start a daily service to Kolkata from next February.
While the Abu Dhabi carrier expects the partnership to improve cargo capacity between the UAE and India and beyond to New York and Paris, the figures have been falling over the past few years.
India exported goods worth US$30.49 billion to the UAE, a drop of 16 per cent, and imported $29.11bn from the UAE, a decrease of 25.61 per cent for the financial year ended March, according to the Indian embassy in Abu Dhabi.
As the Jet-Etihad partnership is regarded as a significant deal, it is also attracting scrutiny from outside India. Last month, a fair trade watchdog Competition Commission of Singapore started looking into the the anti-competitive nature of the deal.
“We have been very clear with foreign direct investment that we followed every regulation,” said James Hogan, the president and chief executive of Etihad. “We wouldn’t have got the deal approved if we didn’t.”
In November, the Competition Commission of India approved the transaction, saying it would not adversely effect competition in India.
With the rise of Dubai, Abu Dhabi and Doha, the global airline hubs have slowly moved to the Middle East from East Asia, connecting flights from the Americas to Australia.
“Jet-Etihad is a game-changing deal for Etihad and the Abu Dhabi hub,” said Kapil Kaul, Capa’s chief executive for South Asia. “Ability to invest billions of dollars are unique to these Middle East hub carriers; it is battle between these three Middle East hubs now and for rest, accepting this reality and working with them seems a logical choice.”
ssahoo@thenational.ae
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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Company%20Profile
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Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Generational responses to the pandemic
Devesh Mamtani from Century Financial believes the cash-hoarding tendency of each generation is influenced by what stage of the employment cycle they are in. He offers the following insights:
Baby boomers (those born before 1964): Owing to market uncertainty and the need to survive amid competition, many in this generation are looking for options to hoard more cash and increase their overall savings/investments towards risk-free assets.
Generation X (born between 1965 and 1980): Gen X is currently in its prime working years. With their personal and family finances taking a hit, Generation X is looking at multiple options, including taking out short-term loan facilities with competitive interest rates instead of dipping into their savings account.
Millennials (born between 1981 and 1996): This market situation is giving them a valuable lesson about investing early. Many millennials who had previously not saved or invested are looking to start doing so now.
TCL INFO
Teams:
Punjabi Legends Owners: Inzamam-ul-Haq and Intizar-ul-Haq; Key player: Misbah-ul-Haq
Pakhtoons Owners: Habib Khan and Tajuddin Khan; Key player: Shahid Afridi
Maratha Arabians Owners: Sohail Khan, Ali Tumbi, Parvez Khan; Key player: Virender Sehwag
Bangla Tigers Owners: Shirajuddin Alam, Yasin Choudhary, Neelesh Bhatnager, Anis and Rizwan Sajan; Key player: TBC
Colombo Lions Owners: Sri Lanka Cricket; Key player: TBC
Kerala Kings Owners: Hussain Adam Ali and Shafi Ul Mulk; Key player: Eoin Morgan
Venue Sharjah Cricket Stadium
Format 10 overs per side, matches last for 90 minutes
Timeline October 25: Around 120 players to be entered into a draft, to be held in Dubai; December 21: Matches start; December 24: Finals
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Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
TWISTERS
Director: Lee Isaac Chung
Starring: Glen Powell, Daisy Edgar-Jones, Anthony Ramos
Rating: 2.5/5
COMPANY%20PROFILE
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Voices: How A Great Singer Can Change Your Life
Nick Coleman
Jonathan Cape
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
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The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
Four reasons global stock markets are falling right now
There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:
1. Rising US interest rates
The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.
Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”
At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.
2. Stronger dollar
High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.”
3. Global trade war
Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”
4. Eurozone uncertainty
Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.
Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”
The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”
Spare
Profile
Company name: Spare
Started: March 2018
Co-founders: Dalal Alrayes and Saurabh Shah
Based: UAE
Sector: FinTech
Investment: Own savings. Going for first round of fund-raising in March 2019
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded