Emirates says airline can still fly to Mexico, despite court ruling

An Emirates Airline Airbus A380-800 plane takes off from Dubai International Airport in Dubai, UAE. (File/Reuters)
Updated 13 October 2019

Emirates says airline can still fly to Mexico, despite court ruling

DUBAI/MEXICO CITY: Emirates still has the right to offer flights to Mexico City, the Dubai state-owned carrier said on Sunday, after Mexican airline Aeromexico disputed an agreement between the United Arab Emirates and Mexico.
Emirates said earlier this year it would start daily flights to Mexico City International Airport via Barcelona in December, the airline’s first service to Mexico.
But a Mexican federal judge ruled in October, responding to a complaint by Aeromexico, that a 2016 pact between Mexico and United Arab Emirates did not meet proper legal requirements, according to a court order seen by Reuters.
Emirates said that decision was being appealed.
“We firmly believe that the (memorandum of understanding) is valid and the ruling of the court will be the subject of an appeal by the Government of Mexico,” an Emirates spokeswoman said in a statement. “Pending the outcome of this appeal all our rights remain valid and in force.”
Aeromexico declined to comment.
Mexico’s Communications and Transport Minister, Javier Jimenez Espriu, said last week that Emirates could offer service to Mexico City without legal obstacles because the 2016 agreement remains valid.
“Emirates has no legal impediment to operating the flight,” he said in comments to reporters published in newspaper El Financiero on Wednesday.


Bank jobs go as HSBC and Emirates NBD reduce costs

Updated 15 November 2019

Bank jobs go as HSBC and Emirates NBD reduce costs

  • Others have also reduced headcount amid economic downturn and property market weakness

DUBAI: HSBC Holdings has laid off about 40 bankers in the UAE and Emirates NBD is cutting around 100 jobs, as banks in the Arab world’s second-biggest economy reduce costs.

The cuts come amid weak economic growth, especially in Dubai, which is suffering from a property downturn.

HSBC’s redundancies came after the London-based bank reported a sharp fall in earnings and warned of a costly restructuring, as interim CEO Noel Quinn seeks to tackle its problems head-on.

HSBC has about 3,000 staff in the UAE, part of a nearly 10,000-strong workforce in the Middle East, North Africa and Turkey.

The cuts at Dubai’s largest lender Emirates NBD came in consumer sales and liabilities, one source said, while a second played down the significance of the move.

HSBC and Emirates NBD declined to comment.

“The cuts are part of cost cutting and rationalizing to drive efficiencies in a challenging market,” the second source said.

Other banks have also reduced staff this year. UAE central bank data shows local banks laid off 446 people in the 12 months until the end of September. Foreign banks added staff in the same period.

Staff at local banks account for over 80 percent of the 35,518 banking employees in the country.

The merger between Abu Dhabi Commercial Bank, Union Commercial Bank and Al Hilal Bank saw hundreds of redundancies.

Commercial Bank International (CBI) said it would offer voluntary retirement to employees in September, which sources said saw over 100 departures. Standard Chartered, too, cut over 100 jobs in the UAE in September.

Rating agency Fitch warned in September a weakening property market would put more pressure on the UAE’s banking sector.