Dubai’s Emirates orders 36 Airbus A380 aircraft worth $16 billion

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Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates airline and Group, left, and John Leahy, Chief Operating Officer Customers, Airbus Commercial Aircraft, sign the agreement on Thursday in Dubai. (Courtesy Emirates)
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Dubai carrier Emirates is the world’s the biggest A380 aircraft operator with 101 in service. (Courtesy Emirates)
Updated 18 January 2018
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Dubai’s Emirates orders 36 Airbus A380 aircraft worth $16 billion

DUBAI: Airbus A380’s aircraft program on Thursday received a much-needed shot in the arm after Dubai carrier Emirates announced a $16 billion deal for additional 36 of the superjumbos, with 20 firm orders and 16 options.
Emirates, the biggest A380 operator with 101 in service, expects delivery of the newest order from 2020 onwards. With its current order backlog for 41 aircraft, Emirates’ commitment to the A380 program is now at 178 aircraft, worth over $60 billion.
“This deal reflects Emirates’ confidence in shaping the future, and its commitment to advancing Dubai’s vision to grow further as a world-class destination and aviation hub,” Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, said in a statement from Emirates.

Airbus sales chief John Leahy said earlier this week the French planemaker would stop its A380 superjumbo program if it fails to strike a long-term supply deal with the Dubai carrier for the world’s largest passenger aircraft.
“If we can’t work out a deal with Emirates, there is no choice but to shut down the program,” Leahy was quoted as saying, considering the UAE airline was “the only one who has the ability” to commit to a minimum of six planes a year for up 10 years to make Airbus’ A380 program viable.
“Some of the new A380s we’ve just ordered will be used as fleet replacements. This order will provide stability to the A380 production line,” Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates airline and Group, said.
“We will continue to work closely with Airbus to further enhance the aircraft and onboard product, so as to offer our passengers the best possible experience. The beauty of this aircraft is that the technology and real estate on board gives us plenty of room to do something different with the interiors.”


Tokyo stocks down as Turkey jitters continue

Updated 41 min 31 sec ago
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Tokyo stocks down as Turkey jitters continue

  • Tokyo stocks erase early gains to finish lower in Wednesday trading, as Turkey’s currency crisis fuels concerns of contagion to other emerging economies
  • Tokyo shares opened higher after Wall Street advanced on Tuesday as Turkey’s lira recovered some ground

TOKYO: Tokyo stocks erased early gains to finish lower in Wednesday trading, as Turkey’s currency crisis fueled concerns of contagion to other emerging economies and pressured Asian shares.
The benchmark Nikkei 225 index, which jumped more than two percent on Tuesday, lost 0.68 percent or 151.86 points to 22,204.22.
The broader Topix index was down 0.76 percent or 12.92 points at 1,698.03.
Tokyo shares opened higher after Wall Street advanced on Tuesday as Turkey’s lira recovered some ground.
But they soon fell into negative territory as Turkey’s financial woes continued weighing on investor sentiment in the region, sending key Asian shares down.
“While the lira is stabilising, investors are still concerned that the crisis will spread to other emerging economies and currencies,” said Hikaru Sato, senior technical analyst at Daiwa Securities.
“Trading is expected to remain nervous for now,” Sato told AFP.
Investors were watching closely after the lira hit record lows on Monday and equity markets dropped sharply on concerns Turkey’s financial crisis could spread globally.
“Risk aversion triggered by the lira’s plunge is taking a breather for now,” Okasan Online Securities chief strategist Yoshihiro Ito said in a commentary.
But he noted Turkish President Recep Tayyip Erdogan had not eased his tough stance as he said Turkey would boycott US electronic goods like the iPhone in response to punitive sanctions from Washington.
“We can’t take our eyes off the Turkish situation as how this will develop is increasingly uncertain,” Ito said.
Earlier Wednesday, Turkey announced it was hiking tariffs on a range of US goods in “retaliation for the conscious attacks on our economy by the US administration.”
The dollar was at 111.26 yen in Asian afternoon trade against 111.21 yen in New York Tuesday afternoon.
In individual stocks trade, shares of game makers plunged as China’s regulators have reportedly frozen approvals of game licenses amid a government shakeup.
Online game company Nexon slumped 5.85 percent to 1,318 yen, general game maker Capcom dropped 2.70 percent to 2,558 yen and Nintendo was down 2.95 percent at 34,850 yen.
Toyota fell 0.71 percent to 6,815 yen as Nissan lost 0.38 percent to 1,033.5 yen.
Panasonic dropped 1.13 percent to 1,390.5 yen with Sony down 0.39 percent at 6,000 yen.