Kuwaiti airline Jazeera sees Q1 loss shrink despite slump in passenger numbers - Arabianbusiness
Kuwait-based Jazeera Airways has announced a narrowing of its first quarter net loss despite a big drop in the number of passengers carried compared to a year ago.
The airline reported an operating revenue of KD8.1 million during Q1, adding that the number of passengers flown during the quarter reached 104,116, down from 496,484 in the first quarter of 2020, as restrictions continue at Kuwait International Airport.
The carrier registered a net loss of KD5.2 million, an improvement of 14 percent from a net loss of KD6 million in the first quarter of 2020.
Jazeera Airways chairman Marwan Boodai said: “While restrictions continued at Kuwait International Airport during the quarter, Jazeera focused on connecting flights, targeting underserved segments of passengers within its network, which accounted for 28 percent of total passengers.
Friday, 14 May 2021
#Saudi releases Bin Laden construction tycoon detained in 2017 corruption sweep | Reuters
Saudi releases Bin Laden construction tycoon detained in 2017 corruption sweep | Reuters
Saudi Arabia has released construction tycoon Bakr Bin Laden after more than three years since he was detained as part of a corruption crackdown in 2017, two sources told Reuters on Thursday.
The former chairman of Saudi Bin Ladin group and a half-brother of Osama bin Laden, was released a few days ago but is still barred from travel, the sources, who spoke on condition of anonymity, said.
His brother, Saad, was released a few months ago, and is also under a travel ban, said one of the sources.
No charges have been made public against Bakr bin Laden, who is 75. He could not be reached, and the Saudi authorities did not immediately respond to a request for comment.
The government's media office did not respond to an emailed request for comment during an official holiday.
Saudi Arabia has released construction tycoon Bakr Bin Laden after more than three years since he was detained as part of a corruption crackdown in 2017, two sources told Reuters on Thursday.
The former chairman of Saudi Bin Ladin group and a half-brother of Osama bin Laden, was released a few days ago but is still barred from travel, the sources, who spoke on condition of anonymity, said.
His brother, Saad, was released a few months ago, and is also under a travel ban, said one of the sources.
No charges have been made public against Bakr bin Laden, who is 75. He could not be reached, and the Saudi authorities did not immediately respond to a request for comment.
The government's media office did not respond to an emailed request for comment during an official holiday.
Oil Sinks Toward Weekly Loss as Virus Makes Comeback in Asia - Bloomberg
Oil Sinks Toward Weekly Loss as Virus Makes Comeback in Asia - Bloomberg
Oil headed for the biggest weekly drop since early April as countries in Asia continue to fight persistent Covid-19 outbreaks, highlighting the patchy recovery from the pandemic even as U.S. demand picks up.
West Texas Intermediate fell 0.6%, taking the week’s loss to more than 2%, the most since the period to April 9. Singapore will reimpose curbs, Japan plans to extend restrictions, and China saw its first infections in about a month, just as key oil importer India continues to report more than 300,000 cases a day. Crude’s weakness on Friday came amid a broad retreat in commodities.
While oil has rallied this year as the roll-out of vaccines aids demand, the gains have stalled since early March amid virus flare-ups in parts of Asia, especially India. This week’s decline in prices has come despite a positive market assessment from the International Energy Agency that showed the global glut that built up last year has been cleared. In addition, Federal Reserve policy makers signaled continued backing for the U.S. economy.
“The rising cases in India and some parts of Southeast Asia and Latin America illustrate risks to oil demand,” said Victor Shum, vice president of energy consulting for IHS Markit, commenting before Singapore’s raft of fresh restrictions were announced. “But the general market has great expectations for demand to materialize later this year.”
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West Texas Intermediate fell 0.6%, taking the week’s loss to more than 2%, the most since the period to April 9. Singapore will reimpose curbs, Japan plans to extend restrictions, and China saw its first infections in about a month, just as key oil importer India continues to report more than 300,000 cases a day. Crude’s weakness on Friday came amid a broad retreat in commodities.
While oil has rallied this year as the roll-out of vaccines aids demand, the gains have stalled since early March amid virus flare-ups in parts of Asia, especially India. This week’s decline in prices has come despite a positive market assessment from the International Energy Agency that showed the global glut that built up last year has been cleared. In addition, Federal Reserve policy makers signaled continued backing for the U.S. economy.
“The rising cases in India and some parts of Southeast Asia and Latin America illustrate risks to oil demand,” said Victor Shum, vice president of energy consulting for IHS Markit, commenting before Singapore’s raft of fresh restrictions were announced. “But the general market has great expectations for demand to materialize later this year.”
The Day Oil Went Negative, These Unlikely Traders Made $660 Million - Bloomberg video
The Day Oil Went Negative, These Unlikely Traders Made $660 Million - Bloomberg
Over the span of a few hours one day in April 2020, a guy called Cuddles and eight of his pals from the freewheeling world of London’s commodities markets rode oil’s crash to a $660 million profit. Now regulators are scrutinizing their once-in-a-lifetime trade. Video by Angus Bennett and Carla Howe (Source: Bloomberg)
Oil extends loss on India COVID-19 cases, U.S. pipeline restart | Reuters
Oil extends loss on India COVID-19 cases, U.S. pipeline restart | Reuters
Oil prices fell on Friday after dropping about 3% a day earlier as coronavirus cases remained high in major oil consumer India and as a key fuel pipeline in the United States resumed operations after being shut due to a cyber attack.
Brent crude oil futures were down 22 cents, or 0.3%, at $66.82 a barrel by 0653 GMT, while West Texas Intermediate (WTI) was down 14 cents, or 0.2%, at $63.68 a barrel. Both prices are heading for their first weekly loss in three weeks.
"The commodity super cycle rally just hit a hard stop and the energy market doesn't know what to make of Wall Street's fixation over inflation and the slow flattening of the curve in India," said Edward Moya, senior market analyst at OANDA. India is the world's third biggest oil consumer.
"The crude demand story is still upbeat for the second half of the year and that should prevent any significant dips in oil prices," he added.
Oil prices fell on Friday after dropping about 3% a day earlier as coronavirus cases remained high in major oil consumer India and as a key fuel pipeline in the United States resumed operations after being shut due to a cyber attack.
Brent crude oil futures were down 22 cents, or 0.3%, at $66.82 a barrel by 0653 GMT, while West Texas Intermediate (WTI) was down 14 cents, or 0.2%, at $63.68 a barrel. Both prices are heading for their first weekly loss in three weeks.
"The commodity super cycle rally just hit a hard stop and the energy market doesn't know what to make of Wall Street's fixation over inflation and the slow flattening of the curve in India," said Edward Moya, senior market analyst at OANDA. India is the world's third biggest oil consumer.
"The crude demand story is still upbeat for the second half of the year and that should prevent any significant dips in oil prices," he added.
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