Etihad Airways reports $1.28 billion in losses in 2018 , and Boeing grounds entire global fleet of 737 Max aircraft after fatal Ethiopian Air crash.
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00:00The losses just keep mounting for Etihad Airways.
00:04The Abu Dhabi-based airline on Thursday reported $1.28 billion worth of losses for 2018, marking
00:10its third consecutive year of losses.
00:12This follows around $1.5 billion of losses in 2017 and nearly $2 billion of losses a
00:18year earlier.
00:19The airline is now in the midst of a restructuring process to attempt to turn around its fortunes
00:23and recover from sour investments it made earlier.
00:26Etihad did not elaborate on where exactly the losses came from for 2018, but it certainly
00:31didn't tell the airline that passenger numbers fell to 17.8 million from 18.6 million in
00:372017.
00:38And it's still a busy week for the aviation world.
00:41Boeing just announced it is grounding its entire fleet across the world of 737 MAXs
00:46after the fatal crash of an Ethiopian Airlines plane of the same model on Sunday.
00:51Many airspace regulators around the world have already ordered the suspension of any
00:54commercial operations of Boeing 737 MAXs, including in the UAE, Australia, China, and
00:59Singapore.
01:00On Thursday, Boeing was the latest to announce that it will suspend its entire fleet of Boeing
01:04737 MAXs around the world, and right now there are about 371 in operation across the globe.
01:10And finally, ports operator DP World announced on Thursday that its profits for 2018 jumped
01:15by 10% as revenues grew on the back of acquisitions it made during that year.
01:20The company reported $1.3 billion in profits in 2018, even as it cited trade disputes and
01:26geopolitical challenges across the world.
01:28DP World said it expects to continue delivering growth in 2019, even as it described the outlook
01:33as, quote, uncertain.
01:35For more details on these stories and more, please do check us out at gulfnews.com forward
01:39slash business.
01:40This has been the Daily Business Wrap.
01:41Thank you so much for watching.