Emirates Airline Plans to Operate About 70% Of Capacity by Winter

An Emirates plane is seen at Lisbon's airport, Portugal June 24, 2016. REUTERS/Rafael Marchante
An Emirates plane is seen at Lisbon's airport, Portugal June 24, 2016. REUTERS/Rafael Marchante
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Emirates Airline Plans to Operate About 70% Of Capacity by Winter

An Emirates plane is seen at Lisbon's airport, Portugal June 24, 2016. REUTERS/Rafael Marchante
An Emirates plane is seen at Lisbon's airport, Portugal June 24, 2016. REUTERS/Rafael Marchante

Emirates plans to operate around 70% of its normal capacity this winter thanks to an expected increase in international travel as countries ease coronavirus restrictions and reopen borders.

Emirates, the world's biggest long-haul airline before the pandemic, has been gradually rebuilding its network of 157 passenger destinations since flights were grounded in March 2020.

It is currently operating to around 120 destinations, though capacity remains limited due to the continued grounding of most of the airline's 118 Airbus A380 superjumbos.

"We already have a plan to get back to almost 70% of our capacity to be recovered by winter 2021," Emirates Chief Commercial Officer Adnan Kazim told reporters on Tuesday.

He did not disclose its current operating capacity, although he added that the airline had a way to go to reach 70%.

Emirates has mainly been operating flights with its 151 Boeing 777s though with passenger demand still at very low levels globally those planes have mostly carried cargo.

Kazim said the airline expects to operate around 30 to 40 Airbus A380s over the summer, more than what it is currently operating.

The restoration of capacity largely depends on countries easing coronavirus restrictions and whether they permit international travel.



Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
TT

Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold prices rose over 1% to hit a two-week peak on Friday, heading for the best weekly performance in more than a year, buoyed by safe-haven demand as Russia-Ukraine tensions intensified.

Spot gold jumped 1.3% to $2,703.05 per ounce as of 1245 GMT, hitting its highest since Nov. 8. US gold futures gained 1.1% to $2,705.30.

Bullion rose despite the US dollar hitting a 13-month high, while bitcoin hit a record peak and neared the $100,000 level.

"With both gold and USD (US dollar) rising, it seems that safe-haven demand is lifting both assets," said UBS analyst Giovanni Staunovo.

Ukraine's military said its drones struck four oil refineries, radar stations and other military installations in Russia, Reuters reported.

Gold has gained over 5% so far this week, its best weekly performance since October 2023. Prices have gained around $173 after slipping to a two-month low last week.

"We understand that the price setback has been used by 'Western world' investors under-allocated to gold to build exposure considering the geopolitical risks that are still around. So we continue to expect gold to rise further over the coming months," Staunovo said.

Bullion tends to shine during geopolitical tensions, economic risks, and a low interest rate environment. Markets are pricing in a 59.4% chance of a 25-basis-points cut at the Fed's December meeting, per the CME Fedwatch tool.

However, "if Fed skips or pauses its rate cut in December, that will be negative for gold prices and we could see some pullback," said Soni Kumari, a commodity strategist at ANZ.

The Chicago Federal Reserve president reiterated his support for further US interest rate cuts on Thursday.

On Friday, spot silver rose 1.8% to $31.34 per ounce, platinum eased 0.1% to $960.13 and palladium fell 0.6% to $1,023.55. All three metals were on track for a weekly rise.