Dubai’s Emirates refunds $1.4 billion to customers affected by COVID-19 travel restrictions

Emirates reopened commercial flights on May 21 with services to an initial nine cities. (AFP file photo)
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Updated 07 September 2020

Dubai’s Emirates refunds $1.4 billion to customers affected by COVID-19 travel restrictions

  • More than 1.4 million refunds requests have been completed since March

DUBAI: Emirates has issued $1.4 billion in refunds to customers affected by COVID-19 travel restrictions, the Dubai airline said in a statement.
More than 1.4 million refund requests have been completed since March, representing 90 percent of the Dubai airline’s backlog.
This includes all requests received from customers around the world up until the end of June, except for a few cases which require further manual review, Emirates said, even as it increased its capacity to process refund requests
“We understand that from our customers’ standpoint, each pending refund request is one too many. We are committed to honoring refunds and are trying our utmost to clear the massive and unprecedented backlog that was caused by the pandemic,” Tim Clark, the president of Emirates, said in the statement
“Most cases are straightforward, and these we will process quickly. But there are cases which will take a bit more time for our customer teams to manually review and complete. We are grateful to our customers for their patience and understanding.”
Emirates reopened commercial flights on May 21 with services to an initial nine cities – London, Frankfurt, Paris, Milan, Madrid, Chicago, Toronto, Sydney and Melbourne – and has since widened its network to 84 destinations.
The Middle East’s largest carrier, which has a fleet of 270 wide-bodied aircraft, halted operations in late March after the coronavirus pandemic stalled global air travel.

‘Relief rally’ pushes equity markets higher; bonds flat

Updated 29 September 2020

‘Relief rally’ pushes equity markets higher; bonds flat

  • Dollar falls from two-month highs; US Treasury yields hover near 0.66 percent

NEW YORK: Global equity markets surged and the dollar fell from two-month highs Monday as investors moved into the shares of beaten-down sectors such as banks and travel stocks on the heels of a sharp stock market sell-off the week before.

Asian shares gained, with Chinese shares boosted by data over the weekend showing China’s industrial firms grew for the fourth consecutive month in August.

“We’re seeing a bit of a relief rally,” said Jonathan Bell, chief investment officer at Stanhope Capital. “Things got oversold perhaps a little bit in the short term.”

“We saw quite a lot of exuberance in July and August, with prices, particularly of tech stocks, rising and that then has come off a little bit recently,” he said.

MSCI’s gauge of stocks across the globe gained 1.79 percent following broad gains in Asia and Europe.

The STOXX 600’s banking stock index was up 4.4 percent, after hitting a fresh all-time low on Friday. In midmorning trading on Wall Street, the Dow Jones Industrial Average rose 488.98 points, or 1.8 percent, to 27,662.94; the S&P 500 gained 54.73 points, or 1.66 percent, to 3,353.19; and the Nasdaq Composite added 162.86 points, or 1.49 percent, to 11,076.42.

Hotels, banks, and airline stocks all gained more than the broad market, with shares of Delta Air Lines Inc. up nearly 4 percent and Bank of America Corp. up nearly 2.5 percent.

The dollar index fell, erasing some of last week’s gains, down 0.4 percent on the day at 94.157.

Investors remain broadly cautious in light of rising new COVID-19 infections in Europe, which pose the risk of further restrictions on activity.

Benchmark 10-year notes last fell 1/32 in price to yield 0.661 percent, from 0.659 percent late on Friday.

“You’re seeing a nice bounce for stocks, but it’s more of an oversold bounce, and the bond market is still apprehensive about totally buying in on this equity move,” given the uncertainty over additional fiscal stimulus in the United States and the Nov. 3 presidential election, said Ryan Detrick, chief market strategist at LPL Financial.

US crude recently rose 0.62 percent to $40.50 per barrel and Brent was at $42.14, up 0.52 percent on the day.