Malaysia Airlines aircraft at an airport in Kuala Lumpur. File/Reuters
Global airlines warned on Tuesday that the coronavirus-stricken industry was on course to burn through another $77 billion in cash in the second half of 2020, calling on governments to renew expiring wage support programmes.
Malaysia Aviation Group, the parent company of Malaysia Airlines, said in a letter to lessors the group is unlikely to be able to make payments owed after November unless it receives more funding from state fund Khazanah.
A poll of nearly 2,600 pilots by UK-based GOOSE Recruitment and industry publication FlightGlobal, released on Thursday, found only 43% were doing the job they had trained for, with 30% unemployed, 17% furloughed and 10% in non-flying roles.
Global stock markets mainly dropped on Friday, with investors focused firmly on the outlook for interest rate hikes as central banks battle to bring down sky-high inflation.
A new trade exhibition will debut in Riyadh this September to unlock opportunities in Saudi Arabia’s US$300 billion infrastructure projects plan.
The real estate market in Dubai is robust thanks to the economic recovery in the UAE. The economic growth would continue considering the leadership’s