Money
Etihad halves half-year loss to $400 million
There’s some better news for Abu Dhabi-based airline Etihad Airways
The airline has halved its operating loss to $400 million USD for the first half of the year.
In 2020 at the height of the pandemic the airline recorded a loss of a whopping $800 million.
Etihad says it had cut operating costs by 27 percent, helping the airline recover from a turbulent time in aviation.
All Middle Eastern airlines are seeing passenger numbers struggling to recover.
Passenger numbers still down in the Middle East
Over the last six months, the airline has carried 1 million passengers who on average filled 24.9% of plane seats, down from 3.5 million passengers and 71% of seats filled in the first half of 2020.
Tony Douglas, CEO of Etihad, says the “curveball of the Delta variant disrupting the global recovery in air travel.”
But the carrier, which competes with nearby Dubai’s Emirates and Qatar Airways, stressed it’s ready to reap the benefits of a rebound after slashing year-on-year operational costs.
Etihad is one of the Middle East’s top carriers but was wracked by financial losses even before the pandemic clobbered the aviation industry worldwide.
Money
France receives lowest credit rating due to crisis
France’s credit rating downgraded to record low amid political and fiscal crisis, raising concerns over debt and stability
France’s credit rating downgraded to record low amid political and fiscal crisis, raising concerns over debt and stability
– Fitch Ratings downgraded France’s credit rating to A+, citing political instability and fiscal challenges.
– New Prime Minister Lecornu must secure budget approval amidst rising deficit and potential no-confidence vote.
President Emmanuel Macron has appointed Sébastien Lecornu as the new prime minister, marking the fifth leadership change in under two years.
Fitch highlighted political instability as a key factor undermining fiscal reforms, with France’s debt now at €3.3 trillion, or 113.9% of GDP.
The budget deficit increased to 5.8% of GDP and is expected to rise, posing challenges ahead.
Political Instability
The new prime minister faces a divided parliament and must secure budget approval by October 7.
The far-left plans a no-confidence vote against Lecornu, complicating further cooperation on legislative reforms, with S&P Global hinting at a potential downgrade.
Money
ANZ job cuts spark banking clash
ANZ plans to cut 3,500 jobs, sparking debate on the future of Australia’s banking sector and employment dynamics.
ANZ plans to cut 3,500 jobs, sparking debate on the future of Australia’s banking sector and employment dynamics.
ANZ has announced plans to cut 3,500 staff and 1,000 contractors over the next year, triggering a fierce debate between business leaders, unions, and government about the future of Australia’s banking sector.
The decision raises wider questions about the resilience of the business community and the role of politics, productivity, and technology in shaping employment.
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