Flynas to be first Saudi airline to fly to Iraq in 27 years

Flynas said in a statement on its website it would start flights to several Iraqi cities in a few weeks. (Reuters)
Updated 12 October 2017

Flynas to be first Saudi airline to fly to Iraq in 27 years

CAIRO — Saudi Arabian budget airline Flynas said on Wednesday it would start flying to Iraq, the first Saudi airline to go offer that route in more than 25 years.
The airline said in a statement on its website it would start flights to several Iraqi cities in a few weeks.
There have been no flights between Saudi Arabia and Iraq since former Iraqi President Saddam Hussein invaded neighboring Kuwait in 1990.
Saudi Arabia and the United Arab Emirates are both wooing their northern neighbor in an effort to halt the growing regional influence of arch-foe Iran.
Flynas, which launched as Nas Air in 2007 and first turned a profit in 2015, is facing increasing competition in Saudi Arabia, its primary market.
In August the two countries said they planned to open the Arar land border crossing for trade for the first time since 1990.
That announcement had followed a decision by the Saudi cabinet on Monday to establish a joint trade commission with Iraq.


Struggling WeWork mulls bailout deals with SoftBank, JP Morgan

Updated 14 October 2019

Struggling WeWork mulls bailout deals with SoftBank, JP Morgan

TOKYO: Under-pressure start-up WeWork is considering two huge bailout plans including a cash injection that could see Japanese investment titan SoftBank take control of the firm, according to reports.
The office-sharing giant had been on course for a massive initial public offering until last month when questions began to be asked over its governance and profit outlook.
The firm’s valuation plunged from $47 billion in January to less than $20 billion in September and the listing plans have been dropped, while co-founder Adam Neumann stepped down as chief executive.
With New York-based parent company We Co. not expected to push for the IPO this year, the cash-strapped firm is looking for a financial lifeline.
The Wall Street Journal, New York Times and Bloomberg News cited unnamed sources close to the talks as saying SoftBank — the US firm’s biggest shareholder — had drawn up a proposal that gives it full control of WeWork.
The move would dilute the voting power of Neumann, who remains as chairman of the company he started in 2010 and also currently maintains control a majority of voting shares.
They also reported that WeWork is looking at a deal with Wall Street giant JP Morgan to raise $5 billion in debt, with the Times saying directors of We would be meeting as soon as Monday afternoon to discuss that.
“WeWork has retained a major Wall Street financial institution to arrange financing,” the Journal reported a company spokesman as saying.
“Approximately 60 financing sources have signed confidentiality agreements and are meeting with the company’s management and its bankers over the course of this past week and this coming week.”
The New York-based startup that launched in 2010 has touted itself as revolutionizing commercial real estate by offering shared, flexible workspace arrangements, and has operations in 111 cities in 29 countries.
However, the company, which lost $1.9 billion last year, has faced skepticism over its ability to make money, especially if the global economy slows significantly.