June 06: Apple`s new business
June 06: Apple`s new business
A Malaysia Airlines Boeing 777 plane is seen from the departure hall at the Hong Kong International AirportGlobal airlines cut their 2011 profit forecast by more than half on Monday as high oil prices and turmoil in Japan, North Africa and West Asia weigh on the industry's recovery.
The International Air Transport Association (IATA), which represents most global carriers, said it expected industry profits of $4 billion in 2011, down from a previous forecast of $8.6 billion. That would down more than three-quarters from the industry's estimated 2010 profit, which was raised to $18 billion from $16 billion.
"The efficiency gains of the last decade and the strengthening global economic environment are balancing the high price of fuel," the IATA's director general, Giovanni Bisignani, told the group's annual general meeting in Singapore.
"But with a dismal 0.7% margin, there is little buffer left against further shocks," he said.
A Rolls-Royce aircraft engine of a passenger aircraft is seen at Heathrow Airport in west LondonRolls-Royce is set to build a new engine to beef up the A350 jetliner being developed by Airbus in a costly rethink of strategy for Europe's most ambitious new plane project, industry sources said on Monday.
Airlines have criticized the planemaker's one-size-fits-all policy that would see the mid-sized A350 built in three separate models all using the same engine, the Rolls-Royce Trent XWB.
Until now, Airbus and Rolls have defended the engine as an all-rounder capable of powering twinjet A350 planes carrying 270 to 350 people, competing with two different types of planes manufactured by rival Boeing.
But the range needed from one type of engine became daunting as airlines called for more thrust for the largest A350-1000, allowing it to fly further with more weight.
Vijay Mallya, chairman and chief executive of Kingfisher Airlines, speaks during a news conference in SrinagarKingfisher Airlines is looking to lease both wide-body and narrow-body aircraft to meet an unanticipated surge in demand as the domestic economy recovers more quickly than expected, the company's chairman, Vijay Mallya, said on Monday.
Mallya also told reporters on the sidelines of the International Air Transport Association's annual meeting in Singapore that the company had revived a plan to sell Global Depository Receipts, taking higher oil prices into calculation.
Asked if Kingfisher's current capacity was enough to cater to the projected increase in demand, he said: "Not quite, that is why we are looking for leased capacity.
"Kingfisher at one time had several aircraft that were on order from Airbus for delivery in 2010 and 2011. During the FY09 crisis, I actually postponed the delivery of those aircraft to 2012 and 2013," Mallya
A Saudi trader monitors stocks at the Saudi Bank in Riyadh
Top Islamic banking officials will meet in Singapore this week to discuss ways to revive an industry which has stalled as interest in new markets cool and legal uncertainties cloud the role of sukuk as funding tools.
Once touted as a viable alternative to traditional banking, Islamic finance has failed to make a mark outside its core markets as countries from Britain to Hong Kong and Australia put on hold sukuk issuance plans and proposed regulatory changes to accommodate sharia banking.
Its reputation stained by Dubai's $26 billion debt crisis in 2009, Islamic finance is struggling to attract investors' attention with emerging markets flush with funds, in contrast to 2008 when the global crisis shut down credit markets and prompted a search for alternative sources of finance.
"Islamic financing has been clouded by the sovereign debt issues in Europe and quantitative easing has resulted
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