Dubai airline Emirates firms up $16bn A380 order

Airbus had previously said it would have to end production of the A380 if it failed to secure the huge Emirates deal. (AFP)
Updated 11 February 2018

Dubai airline Emirates firms up $16bn A380 order

DUBAI: Emirates signed a contract on Sunday to buy as many as 36 Airbus A380 aircraft worth as much as $16 billion at list prices, firming up an order that is crucial to the future of the world's biggest passenger jet.
The order, for 20 of the double-decker planes with an option for 16 more, was originally announced on a provisional basis in mid-January. Deliveries are to start as soon as in 2020, the Dubai-based carrier said.
Airbus had previously said it would have to end production of the A380 if it failed to secure the huge Emirates deal.
Alongside the contract signing, visiting French Prime Minister Edouard Philippe and Emirates chairman Sheikh Ahmed bin Saeed Al-Maktoum discussed the expansion of air services between France and the UAE, the airline said without elaborating.
The latest order brings Emirates' commitment to the A380 programme to 178 aircraft, it said, adding that it was evaluating engine options for the new planes.


Iran’s currency sees a new record low amid biting sanctions

Updated 01 October 2020

Iran’s currency sees a new record low amid biting sanctions

TEHRAN: Iran’s currency dropped Thursday to its lowest value ever at 300,000 rial for each dollar amid severe US sanctions against the country.
The rial has tumbled from a rate of around 262,000 in mid-September, a 12% drop.
Iran’s currency was at 32,000 rials to the dollar at the time of Tehran’s 2015 nuclear deal with world powers.
US sanctions have caused Iran’s oil exports, the country’s main source of income, to fall sharply.
Following President Donald Trump’s decision more than two years ago to withdraw the US from the nuclear deal and reimpose crippling trade sanctions on Iran, the currency unexpectedly rallied for some time.
Iranian officials for months have warned exporters to bring their foreign earnings home from abroad or face having their export licenses revoked, and the central bank has warned it would publish the names of violators.
In June, the central bank reported that Iranian companies export more than $40 billion in non-oil products per year, and officials say some 50% of that remains abroad. Traders blame the sanctions for sparking a failure in returning export earnings.