Terror-hit international locations to see additional fall in tourism – analysis

Rich tourists stay away from France in wake of terror attacks “Travelers create a situation when they decide to visit alternative destinations,” said Olivier Jager from Forward Keys talking on the BBC. “Operators and airlines decide to use their aircraft for other routes that allow them to fill their planes,” he added. The research shows …

China plans to supply its personal plane engines

AI cruise control: China wants high-level artificial intelligence for next-gen missiles “We will try to find a path along which we can make independent innovation in conducting fundamental research, making breakthroughs in key technology and producing strategic aircraft engines,” said Liu Tingyi, President of the Chinese Aeronautical Establishment, as quoted by Chinese state media. China’s …

Saudi Arabia continues to burn via overseas reserves

Saudi Arabia could be bankrupt by 2020 – IMF Saudi Arabia’s foreign holdings are 16 percent down on the same month in 2015 and are at their lowest level since February 2012. The holdings peaked in August 2014 at $737 billion falling with oil prices. The assets are likely to consist of US dollars, securities …

Canada dealing with huge mortgage disaster

As Canada’s mortgage market is not securitized, the property crisis is expected to last much longer than in the US, where the loans are backed, Dillian said in an interview with Mauldin Economics. The former trader says when the bubble bursts; it will be quite different from the sharp and sudden crisis in the US …

Uber suspends operations in Abu Dhabi after driver arrests

Uber to sell China business to taxi app rival Didi Careem has also put its services on hold after at least eight of its drivers were detained over the weekend. “This is a temporary suspension and we will let you know of any further updates,” an Uber spokesman in Dubai told Reuters without specifying the …

Banks preparing for ‘financial nuclear winter’

World seeing ‘greatest monetary policy experiment in history’ – Rothschild “This could mean triggering Article 50, a referendum in other European nations leading to a break-up of the euro or sterling hitting below $1.20 or lower. The banks are ready for anything now,” the source in the bank told the broadcaster. After the United Kingdom …

Russia lifts ban on constitution flights to Turkey, airways begin submitting requests

Russian Prime Minister Dmitry Medvedev signed the decree changing laws surrounding chartered air transportation between Russia and Turkey on Sunday. READ MORE: Putin: Russia ‘sincerely seeking’ to restore relations with Turkey “Airline carries have started submitting requests to Rosaviatsiya (the Russian Federal Air Transport Agency) for carrying out on-demand operations to the Turkish Republic. Thus, …

World’s largest pension fund hit by $52bn loss

Sterling pounded in market bloodbath as UK votes to leave EU, Cameron quits The value of the fund’s assets dropped $1.3 trillion last quarter, wiping out all the gains GPIF made since October 2014, when it revised its investment strategy and put more money into stocks and foreign bonds. The decline is another disappointment for …