Etihad bucks economic downturn

Etihad Airways has shrugged off tightening global credit markets by sealing financing for two new wide-bodied Airbus aircraft in deals worth about US$250 million (Dh918.3m), the company said yesterday. The Abu Dhabi air carrier said it tapped banks last month from the UAE, Europe and Asia to fund the arrival of two of the new A340-600 series, which at 75.3 metres long is the world's longest aeroplane. "We were very happy with the responses from banks," said James Rigney, the executive vice president of finance at Etihad. He acknowledged, however, that the climate for aircraft finance had "definitely got tougher". Some banks that were involved in financing aircraft purchases had quit the market recently amid the global financial turmoil, while others no longer had enough liquidity to arrange loans. However, Etihad said it was able to agree on lending terms that were slightly more favourable than when it secured $1.5 billion in new debt last year. This was due to a drop this year in the benchmark interest rate, the London inter bank offering rate (Libor), even as lending margins have crept up recently. One aircraft was financed solely through a UAE bank, while the second was through a consortium of institutions from the UAE, Asia and Europe, Etihad said. The loans were set for 12-year terms, with interest rates fixed for the first three years on one loan, and five years on the other. Etihad disclosed its financing needs to banks in July, the same month it gained global recognition by announcing the year's largest order for 100 new aircraft from Boeing and Airbus at the Farnborough Air Show. Although typically a slow period for project finance, the summer campaign narrowly preceded the current market uncertainties, and Etihad was offered financing from 18 banks, Mr Rigney said. "With the benefit of hindsight, it appears to have worked in our favour." The $250m loans represent Etihad's total financing needs for the year. The other aircraft it acquired this year have been leased and require no financing. Scheduled to join the Etihad fleet this month and in December, the two A340-600 aeroplanes will be used on Etihad's long-haul flights to Sydney and London. The planes typically seat about 370 passengers in a three-class arrangement. Financial institutions are facing an intensely challenging environment, with interbank lending dropping sharply in recent weeks and the cost of borrowing rising dramatically. Despite this, bankers said aviation remained an attractive industry for lending. "It's a good market with tangible assets as collateral, and you can easily monitor the exposure and residual value of aircraft," said Mark Yassin, the senior general manager of corporate and investment banking at National Bank of Abu Dhabi (NBAD). In addition to finance, fuel has also been a major concern for airlines. James Hogan, the chief executive of Etihad, said the airline was tracking fuel prices closely in case it needed to alter fuel surcharges or take on additional fuel hedging positions. The airline has hedged a majority of its fuel needs this year, while hedging 40 per cent of its fuel next year and 10 per cent for 2010, all from large block fuel purchases signed before oil started its record rise last year. However, Etihad said it would wait until prices stabilised before taking any further action. Yesterday, oil prices continued to fluctuate wildly, with contracts for US light sweet crude closing at $89 a barrel. "We need to see some stability in the [oil] market first," Mr Hogan said. In December, Etihad will launch services to Moscow and the Kazakh capital of Almaty to reach a total of 50 international destinations. igale@thenational.ae

Volvo ES90 Specs

Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)

Power: 333hp, 449hp, 680hp

Torque: 480Nm, 670Nm, 870Nm

On sale: Later in 2025 or early 2026, depending on region

Price: Exact regional pricing TBA

Tips to keep your car cool

Place a sun reflector in your windshield when not driving
Park in shaded or covered areas
Add tint to windows
Wrap your car to change the exterior colour
Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
Avoid leather interiors as these absorb more heat

Results

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NO OTHER LAND

Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal

Stars: Basel Adra, Yuval Abraham

Rating: 3.5/5

Another way to earn air miles

In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.

An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.

“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.

Emergency

Director: Kangana Ranaut

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry

Rating: 2/5

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The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

Easter%20Sunday

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The%20Roundup

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'Midnights'

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POSSIBLE ENGLAND EURO 2020 SQUAD

Goalkeepers: Jordan Pickford, Nick Pope, Dean Henderson.
Defenders: Trent Alexander-Arnold, Kieran Trippier, Joe Gomez, John Stones, Harry Maguire, Tyrone Mings, Ben Chilwell, Fabian Delph.
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Forwards: Harry Kane, Raheem Sterling, Marcus Rashford, Jadon Sancho, Tammy Abraham, Callum Hudson-Odoi.

The specs

Engine: 2-litre 4-cylinder and 3.6-litre 6-cylinder

Power: 220 and 280 horsepower

Torque: 350 and 360Nm

Transmission: eight-speed automatic

Price: from Dh136,521 VAT and Dh166,464 VAT

On sale: now

APPLE IPAD MINI (A17 PRO)

Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits

Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine

Storage: 128/256/512GB

Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4

Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps

Biometrics: Touch ID, Face ID

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In the box: iPad mini, USB-C cable, 20W USB-C power adapter

Price: From Dh2,099

Key facilities

Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
Premier League-standard football pitch
400m Olympic running track
NBA-spec basketball court with auditorium
600-seat auditorium
Spaces for historical and cultural exploration
An elevated football field that doubles as a helipad
Specialist robotics and science laboratories
AR and VR-enabled learning centres
Disruption Lab and Research Centre for developing entrepreneurial skills