Airbus is working with Emirates, the biggest buyer of its A380 double-decker airliner, on a follow-up deal, which would bring much-needed relief to a program that’s running out of orders as carriers pick smaller more fuel-efficient aircraft.
The two sides aim to come to terms in time for the Dubai Air Show, which starts Nov 12, Emirates Chairman Sheikh Ahmed bin Saeed Al Maktoum said in Hamburg, before taking delivery of its 100th A380. Airbus chief executive Tom Enders sought to bolster the troubled program at the event, saying the A380 would remain in production for another decade, and that there are other sales prospects to customers in the Middle East and Asia.
“I hope that we will be able to do it” in time for the biennial air show in Emirates’ hometown, Sheikh Ahmed told reporters. “It’s really about the work between the two teams as we speak today. There are discussions,” but contract talks “take ages and are expensive.”
The Airbus A380, which is the European manufacturer’s largest and most expensive plane at a list price of Us$436.9 million, has become a tough sell for the company. Emirates represents the only major customer for the double-decker, with 142 of the jet’s 317 net orders as the airline uses the model as its flagship.
Airbus stock has gained 39 per cent this year, while Boeing has risen 69 per cent.
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Most other customers, such as British Airways to Lufthansa to Air France, have made the plane only a sub-category of their fleets. Bloomberg reported in June that Airbus was working to secure a follow-on order for 20 planes, which would lift Emirates’ total orderbook to more than half of the A380’s total. In June, Airbus unveiled the so-called A380plus, which adds fuel-saving upgrades in a bid to make the 550-seat, four-engine behemoth more appealing.
“For Emirates, the A380 has been a success,” Sheikh Ahmed said. “We remain committed to the program and will work closely with Airbus and our partners to continually enhance our A380 product.”
Airbus has cut back production of the superjumbo over the past few years to adapt to the slowing order flow, moving from 28 deliveries in 2016 to just eight a year from 2019. The move is in line with Boeing’s own troubles selling the latest iteration of its 747-8 jumbo jet, which has seen even weaker demand than the A380.
The Dubai Air show, which runs until Nov 16, is the venue of choice for the major carriers from the Middle East to place orders. Besides Emirates, Etihad Airways and Qatar Airways also operate the plane. Emirates has on several occasions topped up its order book.
In a sign of how important the relationship is the Franco-German planemaker rolled out its top executives for the Hamburg handover ceremony, including outgoing sales chief John Leahy who is slated to be leaving Airbus at the end of this year or early next. Airbus is starting over in its search for a replacement for its sales supremo after designated replacement Kiran Rao counted himself out of the running.
Mr Leahy, who has racked up more than 15,500 jet orders worth $1.7 trillion at list prices over two decades as head salesman, could make a final Emirates deal his swan song.
“I’m not sure John will retire without one more significant A380 order,” Mr Enders quipped in Hamburg.
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US households add $601bn of debt in 2019
American households borrowed another $601 billion (Dh2.2bn) in 2019, the largest yearly gain since 2007, just before the global financial crisis, according to February data from the New York Federal Reserve Bank.
Fuelled by rising mortgage debt as homebuyers continued to take advantage of low interest rates, the increase last year brought total household debt to a record high, surpassing the previous peak reached in 2008 just before the market crash, according to the report.
Following the 22nd straight quarter of growth, American household debt swelled to $14.15 trillion by the end of 2019, the New York Fed said in its quarterly report.
In the final three months of the year, new home loans jumped to their highest volume since the fourth quarter of 2005, while credit cards and auto loans also added to the increase.
The bad debt load is taking its toll on some households, and the New York Fed warned that more and more credit card borrowers — particularly young people — were falling behind on their payments.
"Younger borrowers, who are disproportionately likely to have credit cards and student loans as their primary form of debt, struggle more than others with on-time repayment," New York Fed researchers said.
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City's slump
L - Juventus, 2-0
D - C Palace, 2-2
W - N Forest, 3-0
L - Liverpool, 2-0
D - Feyenoord, 3-3
L - Tottenham, 4-0
L - Brighton, 2-1
L - Sporting, 4-1
L - Bournemouth, 2-1
L - Tottenham, 2-1
Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
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TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
More coverage from the Future Forum
