ABU DHABI // Airlines scrambled yesterday to clear a backlog of stranded passengers as European airports reopened after further disruption caused by the Icelandic volcano. Dublin, London Heathrow, London Gatwick and Amsterdam airports were operating as normal by lunchtime yesterday after the ash cloud from the Eyjafjallajokul volcano closed areas of British and Irish airspace on Sunday.
Passengers planning to fly on the Etihad Airways flights which were affected by closures were rescheduled to other flights yesterday and today. Etihad Airways cancelled flights from Abu Dhabi to Dublin and Manchester due to take off in the early hours of yesterday morning. Manchester passengers were put on a flight to Heathrow later in the day, with coaches laid on to reach their final destination.
The Dublin-bound flight was rescheduled and took off at 1.30pm, with any passengers who could not be accommodated booked on flights for today. A spokesman for Etihad said the airline expected flights to be running as normal today. In anticipation of the spread of the ash could, Emirates Airline cancelled two flights with departures early yesterday morning, a 2.30am flight to Heathrow and its 2.50am flight to Gatwick, but said its other flights were operating as normal yesterday.
Among the passengers briefly stuck were John and Catherine Stack, who arrived in Abu Dhabi from Sydney on an Etihad flight and were planing to fly on to Dublin. They said they were happy with the treatment they had received. "They didn't say anything when we landed about our connection," said Mr Stack. However, his wife added that "once we got off, there were people to meet us and they told us about the closure of Dublin airport."
Fintan O'Mahoney, 42, from Ireland, was also on the flight from Sydney. "They were very helpful when we landed and we got five-star treatment the whole way," he said. The unexpected stop on his business trip did not bother the IT consultant too much. "It is OK," he said. "It wasn't expected but it looks like this flight [yesterday] will take off." Niall Dunphy, a 27-year-old Irish electrician, was returning from a year of backpacking across Australia. "The hotel I stayed in was a lot better than what I was used to for the last few months travelling across Australia," he said.
eharnan@thenational.ae
Fund-raising tips for start-ups
Develop an innovative business concept
Have the ability to differentiate yourself from competitors
Put in place a business continuity plan after Covid-19
Prepare for the worst-case scenario (further lockdowns, long wait for a vaccine, etc.)
Have enough cash to stay afloat for the next 12 to 18 months
Be creative and innovative to reduce expenses
Be prepared to use Covid-19 as an opportunity for your business
* Tips from Jassim Al Marzooqi and Walid Hanna
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The Specs:
The Specs:
Engine: 2.9-litre, V6 twin-turbo
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On sale: now.
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Generational responses to the pandemic
Devesh Mamtani from Century Financial believes the cash-hoarding tendency of each generation is influenced by what stage of the employment cycle they are in. He offers the following insights:
Baby boomers (those born before 1964): Owing to market uncertainty and the need to survive amid competition, many in this generation are looking for options to hoard more cash and increase their overall savings/investments towards risk-free assets.
Generation X (born between 1965 and 1980): Gen X is currently in its prime working years. With their personal and family finances taking a hit, Generation X is looking at multiple options, including taking out short-term loan facilities with competitive interest rates instead of dipping into their savings account.
Millennials (born between 1981 and 1996): This market situation is giving them a valuable lesson about investing early. Many millennials who had previously not saved or invested are looking to start doing so now.
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Build an emergency fund: Make sure you have enough cash to cover six months of expenses as a buffer against unexpected problems before you begin investing, advises Steve Cronin, the founder of DeadSimpleSaving.com.
Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.
Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.
Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.
Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.
Choose plans with low fees: Make sure that any funds you buy do not charge more than 1 per cent in fees, Mr Cronin says. “If you invest by yourself, you can easily stay below this figure.” Managed funds and commissionable investments often come with higher fees.
Be sceptical about recommendations: If someone suggests an investment to you, ask if they stand to gain, advises Mr Cronin. “If they are receiving commission, they are unlikely to recommend an investment that’s best for you.”
Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI.
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