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    Nosediving net: Emirates posts $5.5 billion annual loss for first time in over 30 years

    The post Nosediving net: Emirates posts $5.5 billion annual loss for first time in over 30 years appeared first on TD (Travel Daily Media) Travel Daily. Dubai-based Emirates airline posted a USD 5.5 billion annual loss, its first in more than three decades, after the coronavirus pandemic devastated the aviation industry. The carrier said it received a capital injection of USD 3.1 billion from its owner, the government of Dubai, to help it survive the crisis. “The Emirates group was hit hard by the drop in demand for international air travel as countries closed their borders and imposed stringent travel restrictions,” said chairman and chief executive, Sheikh Ahmed bin Saeed…

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    Boeing to pay USD 2.5 billion for settling fraud charge over 737 Max plane

    The post Boeing to pay USD 2.5 billion for settling fraud charge over 737 Max plane appeared first on TD (Travel Daily Media) Travel Daily. Boeing has agreed to pay USD 2.5 billion to settle criminal charges in the US centred on the troubled 737 Max. Officials argued the manufacturer hid information from safety inspectors about the design of the aircraft. The US justice department said the firm chose profit over candour, impeding oversight of the planes, which were involved in two deadly crashes. Some USD 500 million will go to families of the 346 people killed in the tragedies in Indonesia and Ethiopia. “The tragic crashes of Lion Air…

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    Australia to lose 320,000 tourism jobs and USD 7 billion amid border shutdown

    The post Australia to lose 320,000 tourism jobs and USD 7 billion amid border shutdown appeared first on TD (Travel Daily Media) Travel Daily. Australia’s tourism industry is forecast to lose almost USD 7 billion and place 320,000 jobs at risk over the summer holiday period due to domestic and international border closures brought in by COVID-19. New analysis by the Tourism and Transport Forum (TTF) found that in the short period of December 24, 2020 to January 31, 2021, holiday spending is predicted to be down by USD 6.8 billion. The research also forecasts that if border closures continue, and JobKeeper ends as planned in March, as many as…

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    Air travel down 60% in 2020, losses hit USD 370 billion

    The post Air travel down 60% in 2020, losses hit USD 370 billion appeared first on TD (Travel Daily Media) Travel Daily. A new report from the UN agency for civil aviation has confirmed that international passenger traffic suffered a dramatic 60% drop over 2020, bringing air travel totals back to 2003 levels. The International Civil Aviation Organisation (ICAO) reported that as seat capacity fell by 50% last year, passenger totals dropped by 60% with just 1.8 billion passengers taking to the air during the first year of the pandemic, compared to 4.5 billion in 2019. Its numbers also pointed to airline financial losses of USD 370 billion resulting from…

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    Qantas reveals shocking AUD 1 billion six-month loss

    The post Qantas reveals shocking AUD 1 billion six-month loss appeared first on TD (Travel Daily Media) Travel Daily. As the COVID-19 pandemic left a terrible horror mark in the aviation industry and proved to be a fatal blow, Qantas has now posted an underlying loss of AUD 1.1 billion (USD 858 million) in the six months to 31 December 2020. In a half-yearly trading update on 24 February, the national carrier of Australia said that revenue took AUD 6.9-billion (USD 5.50 billion) hit, dropping to AUD 2.3 billion (USD 1.83 billion) in the second half of 2020, as passenger numbers slumped 83%. Australia’s largest airline also revealed it has…