Revolut has announced that co-founder Vlad Yatsenko will transition from his role as chief technology officer (CTO) to become a non-executive director (NED) on the company’s board, effective July 1, 2026.

In his new role, Yatsenko will continue to contribute his expertise to the company after more than a decade as one of the core architects of Revolut’s technology platform.

The company said the transition follows Yatsenko’s role in helping build and develop Revolut’s technology infrastructure since its inception.

Yatsenko will be succeeded by Donato Lucia, who has been appointed vice president of technology.

Lucia has been part of Revolut’s engineering team for the past eight years and most recently served as head of technology.

According to the company, his technical leadership experience and deep understanding of Revolut’s core architecture position him to lead the company’s global engineering division going forward.

Indian airline SpiceJet has delayed salary payments to many of its pilots since March, internal messages seen by Reuters show, as the cash-strapped carrier said it is seeking an emergency loan under a government-backed credit scheme to help stabilise operations.

SpiceJet was India’s second-largest domestic carrier by market share in 2019, carrying roughly 15 per cent of passengers, but that has since fallen to a fourth-place share of 3.4 per cent. Its long-standing financial troubles have been worsened by the Middle East conflict, which has pushed up fuel prices and restricted airspace access, pressures that have also hit larger rivals IndiGo and Air India.

SpiceJet had 375 pilots as of March and has had salary payments pending for several months, according to two pilots and a Reuters review of chats from a WhatsApp group with more than 180 members, including pilots who fly Boeing aircraft and at least one senior airline official.

Read more-SpiceJet now takes off from Sharjah: Direct flights added

In one message, SpiceJet’s senior vice president of flight operations, Virendra Malhotra, wrote on May 26 that he was aware “that all of you are going through a difficult phase owing to the delay in salary disbursement” and said the balance of February salaries would be released shortly.

“These are testing times, no doubt, but they are temporary.”

In response, one pilot said the message was “reassuring”, but asked if there was any timeline for release of March, April and May salaries.

Asked for comment, Malhotra told Reuters in a WhatsApp message, “I categorically deny having issued any such communication.”

In a statement to Reuters, SpiceJet acknowledged there had been payment delays. “Employee payments continue to be disbursed in a phased manner, consistent with the process followed over the past several months, and a majority of employees have already been paid for March,” the airline said.

The WhatsApp messages reviewed by Reuters show the impact on pilots’ daily lives, at a time when concerns are mounting globally around pilot fatigue and mental health.

“Managing day to day expenses has become really really challenging and have reached a stage where we are having to seek assistance from others to manage essential financial commitments,” the pilot wrote in a message that elicited 52 emoji reactions, including thumbs-up and heart emojis.

India’s aviation regulator did not respond to Reuters queries on SpiceJet’s salary issues and whether the uncertainty over pay could affect safety.

Seeking government help

SpiceJet told Reuters it was actively pursuing funding under the Indian government’s so-called “Emergency Credit Line Guarantee Scheme”, under which airlines can access seven-year government-guaranteed loans of up to INR15bn ($156.74m).

“All efforts are being made to achieve normalcy,” SpiceJet said, adding that “extraneous factors”, including the ongoing Middle East crisis, were weighing on operations and cash flows. The airline said it expected to normalise business activities over the next few months.

SpiceJet has an operational fleet of 21 aircraft. The airline said on Monday it had returned a Boeing 737 MAX jet to commercial service and finalised a lease including some crew for three Airbus A320 aircraft, which are scheduled to join its fleet in July, to meet growing passenger demand.

Its stock has fallen 60 per cent this year, versus a 13.8 per cent decline for India’s biggest airline, IndiGo.

SpiceJet’s scheduled flights fell to 3,053 in May from 4,494 in January, according to data from aviation analytics firm OAG.

Financial woes

High taxes, fierce competition and supply-chain snags have driven Indian airlines Kingfisher, Jet Airways and Go First into bankruptcy over the last 15 years.

SpiceJet, which launched flights under its current brand in 2005, has deferred pay to staff at various periods of financial trouble dating back to at least 2014, according to reports by Reuters and Indian media.

SpiceJet’s more recent decline followed the global Boeing 737 MAX grounding in 2019, which left roughly a tenth of the airline’s then-fleet grounded. Its recovery was then hit by the COVID-19 pandemic and a host of legal and payment disputes.

The airline has reported annual losses since 2019, except in the year ended March 2025, when it posted a small profit after recognising a one-time gain from settlements with lessors.

At least two aircraft lessors have served payment default notices to the airline this year, said a source with direct knowledge of the matter. SpiceJet did not comment on the default notices.

Desert Beat has opened the world’s first AlphaTheta Premium Dealer store in Dubai, marking a significant milestone for the region’s music technology and creative industries ecosystem.

Located at The B1 Mall in Al Barsha, near Mall of the Emirates, the new concept store combines premium retail, educational programming, studio facilities and community-focused experiences, positioning itself as a hub for DJs, music producers and content creators across the Middle East.

The launch comes as demand for professional music production and DJ equipment continues to grow across the UAE, driven by the expansion of live entertainment, nightlife, music festivals and creator-led digital content.

Desert Beat, one of the region’s fastest-growing distributors of DJ and music production equipment, said the store has been designed as an immersive destination that provides access to AlphaTheta’s latest technologies while fostering creativity, collaboration and skills development.

The venue features hands-on access to AlphaTheta’s DJ and music production equipment, supported by trained specialists who provide product demonstrations, technical guidance and personalised support.

At the centre of the concept is a dedicated DJ booth and studio space that creators can use free of charge to record and share sets. The store will also host a year-round calendar of workshops, masterclasses, artist sessions and live demonstrations aimed at supporting both aspiring and professional DJs.

The company said the initiative is intended to make DJ culture more accessible while helping develop the next generation of creative talent across the region.

The opening reflects Dubai’s growing status as a regional centre for music, entertainment and creative industries, supported by a diverse international population and a thriving events sector.

Jamal Mohamed, chief executive officer of Desert Beat, said: “Launching the world’s first AlphaTheta Premium Dealer concept in Dubai reflects both the strength of the region’s music scene and our long-term confidence in the UAE market. We continue to see Dubai attracting global brands, talent, and creative communities, making it the ideal location for a concept centred around innovation, culture, and connection. Through this space, we wanted to create more than a retail destination – we wanted to build an accessible platform where aspiring and established DJs alike can learn, collaborate, and be part of a growing creative movement shaping the region.”

Remco van Megen, head of sales, Europe, Middle East and Africa (EMEA) at AlphaTheta, added: “The opening of the first AlphaTheta Premium Retail store in Dubai marks a significant milestone in how we engage with and support local DJ communities. Two years ago, we chose Desert Beat as a trusted partner, bringing together our global innovation with their deep local expertise to create a space that truly reflects the region’s thriving music scene. As Dubai continues to establish itself as a key hub for electronic music, this space provides artists and aspiring DJs with greater access to the tools, knowledge, and community they need to develop their craft and express themselves.”

The new store is expected to serve as a platform for community engagement and talent development, while strengthening Dubai’s position as a destination for music, entertainment and creative entrepreneurship.

SpaceX’s $75bn IPO is fuelling a frenzy among investors in Asia for ETFs and supply chain partners linked to Elon Musk’s rocket company that are likely to benefit from the blockbuster deal.

Shares of satellite and rocketry-related companies worldwide have surged as everything from Starlink component manufacturers to ETFs that own private shares in SpaceX draw strong demand.

Retail investors are set for a larger-than-usual slice of the big-ticket IPO, with SpaceX considering allocating as much as 30 per cent to individual investors while targeting a valuation of about $1.75 trillion. The final IPO price is due to be set on June 11, with trading on Nasdaq starting the next day.

However, with restrictions in parts of Asia on how retail investors may access the IPO, traders are scoping out regional suppliers to ride the SpaceX-driven rally.

Hu Xiaobin, a retail investor from Anhui province, bought speculative plays in China, buying Sunway Communication, a supplier to Starlink ground terminals, and Western Superconducting Technologies, a supplier of specialty metals for rockets, over the past two months.

“I dug out adjacent companies in A-shares by myself and made quite a bit of money,” he said, deeming it “value speculation.” Hu, a big fan of Musk, has exited the two stocks ahead of the SpaceX IPO.

Shenzhen-listed shares of Lens Technology, a supplier to Apple and Tesla, have surged nearly 50 per cent to record highs this year after the company flagged commercial space as a new growth driver.

Investor enthusiasm has been further fuelled by optics: Lens Chairman Zhou Qunfei was seated between Apple CEO Tim Cook and Musk at a Beijing banquet in May held to welcome US President Donald Trump, spurring wagers that the company could deepen business ties with Musk’s firms.

“For local retail investors, getting a direct piece of the IPO book is going to be incredibly tough,” said Jeffrey Chan, a director at Hong Kong’s Central Asset Management, adding that SpaceX is probably a must-own asset for global growth funds.

SpaceX’s website and IPO marketing documents were not accessible in Hong Kong and mainland China, a Reuters review showed last week, while Bloomberg reported the space firm’s underwriters have barred investors in China and Hong Kong from participating in the IPO.

Shares of several European companies, including French satellite operator Eutelsat, German satellite maker and Luxembourg-based, have posted double-digit gains this year.

There has also been a flurry of space-themed ETF listings.

Tema Space Innovators, which has a 6.49 per cent private exposure to SpaceX’s pre-IPO shares, is up 29 per cent since its launch in March.

Tradr 2x Fly Long Daily, a twice-levered bet on Firefly Aerospace, an unprofitable space company that performed the first successful commercial Moon landing last year, is another popular but volatile bet.

Still, strategists say the phenomenon remains largely driven by retail money, with institutional investors showing little appetite so far.

“It’s a great story if you’re a trader, and you’d want to bring it up,” said Nicholas Smith, Japan strategist at CLSA in Tokyo. “But I doubt people would be making big bets on this.”

In Asia, investors see Taiwan as a key gateway to the SpaceX supply chain.

The island is home to satellite component makers Chin-Poon Industrial, Wistron NeWeb and Universal Microwave Technology, all of which have said they supply parts to Musk’s rocket company.

Central Asset Management’s Chan pointed to Taiwan’s Compeq, Tong Hsing Electronic and Kinpo as well as Japan’s Meiko Electronics as some of the names traded as proxies for SpaceX exposure in Asia.

Nick Wilcox, managing director for discretionary equities at Man Group, said the IPO will inject capital that could trickle down to companies in the supply chain.

“We will see them (SpaceX) forging greater tie-ups with suppliers to facilitate the next leg of CAPEX. And there is a raft of Asian companies that will be highly benefiting from that,” Wilcox added.

The Federal Tax Authority (FTA) has launched a new initiative that expands the range of construction-related expenses eligible for Value Added Tax (VAT) refunds for UAE nationals building new residences, a move expected to generate significant savings for citizens and support home ownership across the country.

The initiative, which aligns with the UAE leadership’s directives and coincides with the Year of Family, enables Emirati citizens to claim VAT refunds on a broader list of residential construction costs. The measure is designed to ease financial pressures on families while encouraging family growth, stability and social cohesion, a WAM report said.

According to the FTA, the expanded refund scheme is expected to deliver approximately Dhs200m in VAT savings for UAE nationals, with average savings estimated at around Dhs25,000 per claim. Officials said the initiative reinforces the government’s commitment to supporting citizens through practical measures that reduce the costs associated with building family homes.

Refund claims expected to exceed Dhs1bn

The authority expects the initiative to drive a substantial increase in approved refund claims during 2026.

Based on projected demand, the total value of approved VAT refund claims for new home construction is expected to exceed Dhs1bn this year, compared with approximately Dhs754 million recorded in 2025. The increase reflects both the expanded eligibility criteria and anticipated growth in participation among UAE nationals constructing new residences.

Read more-UAE Corporate Tax penalty waiver benefits 68,600 businesses

The FTA said it will focus on raising awareness of the initiative in the coming months to ensure citizens understand the additional benefits available to them and the procedures required to access the refunds.

Nationwide awareness campaign planned

As part of its outreach efforts, the authority plans to hold discussion sessions with citizens across the UAE through local district councils.

The sessions will introduce the new initiative, explain the FTA’s citizen-focused services and provide a platform for residents to share feedback, observations and suggestions. The authority said the engagement programme is intended to support the continued enhancement of services and ensure they meet public expectations.

The FTA confirmed that the initiative is already in effect and applies to all VAT refund claims submitted on or after 1st January 2026, provided applicants satisfy all applicable requirements and eligibility criteria.

The authority also noted that its digital VAT refund platform has been updated to reflect the newly approved categories of eligible expenses, making it easier for applicants to identify qualifying costs and submit claims.

Expanded list of eligible expenses

Abdulaziz Al Mulla, director-general of the FTA, said the latest measure reflects the UAE’s broader commitment to supporting citizens and enhancing their quality of life.

“FTA’s latest tax relief for UAE nationals aligns with the UAE leadership’s vision to extend comprehensive support to citizens and deliver premium services that ensure their happiness. The initiative reflects integrated national efforts to foster social stability and wellbeing,” Al Mulla said.

He added: “Coinciding with the Year of Family, this new initiative ensures the wellbeing of our citizens by establishing clear and transparent mechanisms to facilitate VAT refunds for new home construction.”

Al Mulla explained that UAE nationals can now claim VAT refunds on a wider range of expenditures related to constructing new homes, provided the items form part of the residence and are intended for the private use of the citizen or their immediate family. All claims remain subject to the applicable conditions, procedures and documentation requirements.

Newly eligible expenses include staff accommodation for watchmen, drivers and domestic workers, as well as home gyms and game rooms. The expanded scope also covers integrated security systems, smart home technologies and their built-in components.

In addition, electronic and smart doors for residences and garages now qualify for refunds, alongside swimming pools, fountains, decorative indoor water features, landscaping works and complete home reconstruction projects, including demolition and rebuilding costs.

To qualify, the FTA said these features must form an integral part of the residential property, be constructed on the same plot of land and directly serve the primary residence.