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Survival of the richest: Dubai Govt pumps more money into Emirates

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Emirates has received an additional $1.1 billion from the Dubai government

After recording a massive loss of $5.5 billion on Tuesday, the latest injection Emirates has received has risen to $3.1 billion, including $2 billion disclosed last year.

The airliner which made a $288 million profit the previous year saw saw revenue plunge 66% to $8.4 billion.

The international airline operates a fleet of 113 Airbus A380’s and 146 Boeing 777’s.

Emirates doesn’t fly or operate local/domestic routes and has been heavily impacted by international border closures in many countries such as Australia, which remains closed.

Emirates Chairman Sheikh Ahmed bin Saeed Al Maktoum says the recovery from the pandemic would be ‘patchy’, cautioning that no one could predict when the industry’s worst crisis would end.

The airliner stated that it had filled just 44.3% of seats on flights in the past year, down from an average of 78.4% a year earlier.

EK carried 6.6 million passengers, its lowest in two decades.

The airline cut capacity by 82.6% compared with the previous year as it centred operations around its 146 Boeing 777s.

Emirates reverted 19 of its Boeing 777 aircraft, stripping the seats to carry more cargo.

Most of the airline’s Airbus A380s have been grounded. Four more have been removed from operation and are unlikely to return before their scheduled retirement, it said.

The biggest loss in 30 years

It was the airline’s biggest annual loss, and only its third-ever following losses in 1987-88 and 1985-86, its first year in operation.

Emirates stated that the government who is its sole shareholder, would continue to support the airline.

Emirates has transformed Dubai into a major international travel hub over the past three decades, bringing billions of dollars from tourists into the country.

Both Emirates and Qatar Airways have no domestic markets to cushion against border restrictions and closures.

Qatar and Etihad results

Fellow Gulf carrier Qatar Airways, which is due to report results for its fiscal year ending March 31, has also received $3 billion from its state owner.

Abu Dhabi government-owned Etihad, which posted a core operating loss of $1.7 billion in 2010, has also slashed jobs and retired aircraft such as the superjumbo A380.

The pandemic has seen passenger revenue continue to slump.

In 2019, revenue fell 74% to $1.2 billion from $4.8 billion in 2019, as passenger numbers dropped 76% to 4.2 million, down from 17.5 million in 2019.

Etihad has recorded losses for the past five years.

Anthony Lucas is reporter, presenter and social media producer with ticker News. Anthony holds a Bachelor of Professional Communication, with a major in Journalism from RMIT University as well as a Diploma of Arts and Entertainment journalism from Collarts. He’s previously worked for 9 News, ONE FM Radio and Southern Cross Austerio’s Hit Radio Network. 

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Business

EU plans to force USB-C chargers for all phones

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EU plans to make USB-C connectors the standard port for all smartphones and tablets, angering Apple

The European Commission rules to force manufacturers to create a universal charging solution for phones and small electronic devices. The European Commission is aiming to have a common charging port for all mobile phones, tablets, cameras, headphones, and handheld videogame consoles.

The ruling has been in the making for a decade, with environmental concerns the main driving force behind the historic move.

Reducing waste

The rule will reduce waste by encouraging consumers to re-use existing chargers when buying a new device. Politicians have been pushing for this uni9versal charging rule for over a decade.

Disposed and unused charging cables generate approximately 11,000 tonnes of waste per year.  Research shows the average person owns around three mobile phone chargers.

A decade ago there were about 30 different types of chargers, now, phones use either USB-C, lightning, and USB micro-B.

Rotten Apple

The move would see all smartphones in the EU sold with the same charger, a motion Apple is not happy about. The tech giant says this move would damage ongoing innovation.

The tech giant is the main manufacturer of smartphones using a custom charging port, as its iPhone series uses an Apple-made “Lightning” connector. Apple argues its Lightning connector is used by one billion active iPhone users.

“We remain concerned that strict regulation mandating just one type of connector stifles innovation rather than encouraging it, which in turn will harm consumers in Europe and around the world,”

Apple spokesperson

The proposed changes would apply to the charging port on the device body and will also standardise charging speeds. It may be a number of years before the proposals come into effect.

It will be thoroughly debated by the European Parliament and national Governments.

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Trade war fires up as U.S companies pass tariffs onto consumers

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Japan Exports

The trade war between the United States and China is continuing to heat up, but this hasn’t stopped American businesses from leaving the Chinese mainland

This all follows the US implementing tariffs on billions of dollars worth of Chinese consumer products in a bid to bring manufacturing back to American shores.

A new report has found this is hurting the US economy and has not been successful in pressuring China to change any of its economic policies.

Meanwhile, businesses based in either China and America have remained “deeply integrated” with the other… with foreign investment into China hitting a record high of US$144.4 billion in 2020.

This comes as Joe Biden moves to review US policy towards China, including the previous policies of Donald Trump.

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Business

Energy prices soar for Europeans as winter chill approaches

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There are growing concerns for European residents as energy prices continue to skyrocket in the lead-up to winter

The wholesale prices of natural gas in Britain, France, Spain, Germany and Italy have reached record highs, with overall household bills now through the roof.

This all comes as the continent braces for a cold winter and fuel is needed for increased electricity generation.

Meanwhile, the Europen Consumer Organisation warns it has seen a huge price increase… saying “It’s worrying ahead of the winter when gas consumption will necessarily increase.”

This latest price hike is being caused by a number of factors… including a depletion of natural gas stockpiles during a cold spring and a growing demand for gas in China.

Russia is also supplying less gas to the market than it ever has before.

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