Shipping giant Maersk has raised its full-year earnings and market demand forecasts, citing disruptions in the Red Sea trading routes as a significant factor. The Danish company, a key barometer of global trade, announced that it now anticipates global container market volumes to grow by 4-6% this year, a notable increase from its previous forecast
American Airlines revised its 2024 outlook downward due to lingering impacts from a problematic booking system upgrade, leading to adjusted profit expectations of 70 cents to $1.30 per share, down from an earlier forecast of $2.25 to $3.25 per share. Despite a 46.4 percent drop in second-quarter profits to $717 million, revenues rose to a
Federal Express Corporation, the world’s largest express transportation company, has appointed Abdulrahman Al-Mubarak as its new Managing Director Operations of Saudi Arabia. Based in Riyadh, Abdulrahman holds a regional role in the Middle East and is responsible for the company’s strategic direction and operations for Saudi Arabia, Egypt, and Jordan. Abdulrahman joins FedEx with over
Germany-based air taxi developer Lilium has clinched its biggest order yet in a deal for Saudi airline Saudia Group to purchase up to 100 of its all-electric flying shuttles, which are still in development. The state-owned airline made a firm order for 50 of Lilium’s electric Vertical Take-Off and Landing (eVTOL) jets with an option
The Co-Spaces, a leading business incubator certified by Dubai SME and provider of innovative co-working solutions, has announced the launch of WO-RK @Burjuman Metro. Now open, in partnership with the Roads and Transport Authority Dubai (RTA), WO-RK @Burjuman Metro is set to redefine the entrepreneurial environment, offering an easily accessible, affordable, and inspiring workspace within
The global aircraft repair industry will see more growth in the next six years as airlines keep flying their jets longer because of a shortage of new planes, said Mahesh Kumar, the CEO of Malaysia-based aviation services firm Asia Digital Engineering (ADE). New deliveries have dropped sharply in recent months amid supply chain disruptions and
The cost to ship a standard 40-foot container of toys, auto parts or other goods from Shanghai to New York has jumped to nearly $10,000, fueling frustration among importers and prompting some experts to say the market is in a bubble. The Drewry World Container Index’s spot rate for such a shipment hit $9,387 on
The Argentine government has published a sweeping decree aimed at opening up the country’s aviation sector, inviting foreign airlines to enter the market long dominated by state-run carrier Aerolineas Argentinas. The reform should boost the number of routes, flight frequencies and bring in more competitors, the transportation secretariat said in a statement. Carriers can now
EV LAB, the pioneering electric mobility Retail as a Service (RaaS) startup, held the soft launch of the region’s first Electric Mobility Experience Center recently at One Central, Dubai World Trade Centre (DWTC). This futuristic facility marks a significant milestone in promoting sustainable transportation and environmental leadership in the UAE and fostering growth within the
Boeing has agreed to plead guilty to a criminal fraud conspiracy charge and pay a fine of $243.6 million to resolve a USA Justice Department investigation into two 737 MAX fatal crashes, the government has said in a court filing. The plea deal, which requires a judge’s approval, would brand the planemaker a convicted felon
