Qatar Airways has continued its acquisition spree by signing an agreement to buy a 49 per cent stake in Italian airline Meridiana.
The agreement is “subject to the fulfilment of certain conditions, before the closing which is planned for early October”, the airline said in a statement.
In June, negotiations between Qatar Airways and Meridiana stalled over the conditions of the labour unions. As the second largest airline in Italy, Meridiana has an extensive domestic network and provides connectivity with hubs in Europe along with the United States and Africa. Its fleet consists of Boeing 737s, 767s and MD-82s.
In June, Qatar Airways said it has aggressive plans for the Italian airline. “You will see when Qatar Airways becomes an investor what their [Meridiana’s] size will become,” chief executive Akbar Al Baker said during the International Air Transport Association meeting in Dublin.
“You don’t expect me to be a substantial shareholder and fly MD-80s,” Mr Al Baker said, referring to the 30-year-old McDonnell Douglas MD-80 series aircraft the Italian carrier now operates.
Earlier this week, Qatar Airways announced the acquisition of a 10 per cent stake of Latam Airline, South America's biggest airline. The airline also holds a 15 per cent stake in IAG Group, the parent company of British Airways and the Spanish carrier Iberia.
Qatar Airways is the second of the big three Gulf carriers to show interest in an Italian airline. Etihad Airways acquired a 49 per cent stake in Alitalia, Italy’s national airline, in 2014.
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What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
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What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
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