Qatar Airways may incur losses for the second consecutive year due to a 12-month political rift that led to a ban on the airline by four Arab countries.
The Doha-based carrier may go into the red in the fiscal year ending March 2019, depending on how it controls costs and mitigates yields, Akbar Al Baker, Qatar Airways chief executive, said during the International Air Transport Association (IATA) annual general meeting and World Air Transport Summit taking place in Sydney this week. The airline said in April it made a “substantial” loss in the fiscal year ending March 2018 but would not reveal the amount.
“There’s a possibility, yes, that it could continue again,” Al Baker said on Tuesday. The second loss may be smaller than last year “but then oil prices are rising, so I don’t know.”
Qatar Airways has been banned from operating in or flying over 18 cities in the United Arab Emirates, Saudi Arabia, Bahrain and Egypt. A year ago on June 5, the Arab countries severed diplomatic and trade ties accusing Qatar of financing terrorism. Qatar has since denied the charges but the deadlock remains. The boycott forced Qatar Airways to scrap some short-haul routes while diverting many intercontinental services because of airspace closures, making flight times longer and increasing fuel burn.
“We’re concerned...that rising fuel will put downward pressure on our bottom line and the only way we can mitigate is to make sure to control our costs to cover ourself for the increase in oil price,” he said.
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Read more:
Qatar Airways chief executive says a woman is incapable of handling his job
Qatar increasing pace of asset sales as Gulf boycott takes toll
Struggling Qatar Airways expects "very large" annual loss, CEO Says
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IATA projects oil prices to average $70 a barrel in 2018, up from $54.90 last year and its previous forecast of $60. The profitability of airlines globally is expected to drop 12 per cent this year on a jump in fuel costs, the industry body warned this week.
Qatar Airways has halved the losses it predicted for the last financial year, Mr Al Baker said at the event.
Mr Al Baker rattled those attending a press conference on Tuesday when he claimed only a man could handle the challenges of leading Qatar Airways.
The admission was made only a few minutes after Mr Al Baker was named chairman of the IATA board of governors, a male-dominated sphere in aviation.
"Of course, it has to be led by a man because it is a very challenging position," Mr Al Baker said in response to a question on how the industry body will tackle the problem of gender inequality in key management positions, especially in the Middle East.
The comment on suggesting his role was too difficult for a woman sent shockwaves through the event, doing little towards the promises of global airline chiefs to promote gender equality. The theme of gender imbalance was a major topic of discussion at the 74th edition of the IATA annual general meeting this year, in which a majority-male group of executives agreed that more needed to be done to get more women in senior management roles at airlines.
Mr Al Baker’s response was met with gasps, boos, and indignant responses from the media, with Qantas chief executive Alan Joyce reminding Mr Al Baker of his promise to refrain from making controversial comments after accepting his position as chairman of the IATA board of governors.
Al Baker said he wanted to have “fireworks around” to motivate people to ask questions during the press briefing, even as the room erupted with noise.
Mr Joyce went on to say that airlines who are not looking to tap into diversity will be “disadvantaged” and stressed the importance of balance not just in gender but also race.
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
The Specs
Price, base Dh379,000
Engine 2.9-litre, twin-turbo V6
Gearbox eight-speed automatic
Power 503bhp
Torque 443Nm
On sale now
Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
Three-day coronation
Royal purification
The entire coronation ceremony extends over three days from May 4-6, but Saturday is the one to watch. At the time of 10:09am the royal purification ceremony begins. Wearing a white robe, the king will enter a pavilion at the Grand Palace, where he will be doused in sacred water from five rivers and four ponds in Thailand. In the distant past water was collected from specific rivers in India, reflecting the influential blend of Hindu and Buddhist cosmology on the coronation. Hindu Brahmins and the country's most senior Buddhist monks will be present. Coronation practices can be traced back thousands of years to ancient India.
The crown
Not long after royal purification rites, the king proceeds to the Baisal Daksin Throne Hall where he receives sacred water from eight directions. Symbolically that means he has received legitimacy from all directions of the kingdom. He ascends the Bhadrapitha Throne, where in regal robes he sits under a Nine-Tiered Umbrella of State. Brahmins will hand the monarch the royal regalia, including a wooden sceptre inlaid with gold, a precious stone-encrusted sword believed to have been found in a lake in northern Cambodia, slippers, and a whisk made from yak's hair.
The Great Crown of Victory is the centrepiece. Tiered, gold and weighing 7.3 kilograms, it has a diamond from India at the top. Vajiralongkorn will personally place the crown on his own head and then issues his first royal command.
The audience
On Saturday afternoon, the newly-crowned king is set to grant a "grand audience" to members of the royal family, the privy council, the cabinet and senior officials. Two hours later the king will visit the Temple of the Emerald Buddha, the most sacred space in Thailand, which on normal days is thronged with tourists. He then symbolically moves into the Royal Residence.
The procession
The main element of Sunday's ceremonies, streets across Bangkok's historic heart have been blocked off in preparation for this moment. The king will sit on a royal palanquin carried by soldiers dressed in colourful traditional garb. A 21-gun salute will start the procession. Some 200,000 people are expected to line the seven-kilometre route around the city.
Meet the people
On the last day of the ceremony Rama X will appear on the balcony of Suddhaisavarya Prasad Hall in the Grand Palace at 4:30pm "to receive the good wishes of the people". An hour later, diplomats will be given an audience at the Grand Palace. This is the only time during the ceremony that representatives of foreign governments will greet the king.
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THE%20SPECS
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In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Yahya Al Ghassani's bio
Date of birth: April 18, 1998
Playing position: Winger
Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Hoopla%3Cbr%3E%3Cstrong%3EDate%20started%3A%20%3C%2Fstrong%3EMarch%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Jacqueline%20Perrottet%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2010%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%3Cbr%3E%3Cstrong%3EInvestment%20required%3A%3C%2Fstrong%3E%20%24500%2C000%3C%2Fp%3E%0A
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
RESULT
Manchester United 2 Tottenham Hotspur 1
Man United: Sanchez (24' ), Herrera (62')
Spurs: Alli (11')
THE BIO
Favourite book: ‘Purpose Driven Life’ by Rick Warren
Favourite travel destination: Switzerland
Hobbies: Travelling and following motivational speeches and speakers
Favourite place in UAE: Dubai Museum
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
MATCH INFO
Juventus 1 (Dybala 45')
Lazio 3 (Alberto 16', Lulic 73', Cataldi 90 4')
Red card: Rodrigo Bentancur (Juventus)
