Benelux

Last year, the CEO of Lufthansa described its flagship airline as a "problem kid". This label has been difficult to remove, even with a turnaround plan. Carsten Spohr, who is trying to make things better by cutting costs, centralising operations, and simplifying a complex fleet has fallen further behind Air France KLM and British Airways' owner IAG. Lufthansa's stock is up a little, but IAG and Air France KLM are up 92% and 15% respectively. The group's operating margin shrank to just 4.4% in 2018, down from 7.6% a year earlier, and analysts predict 4.8% by 2025. Spohr stated last...

The Russian industry ministry announced on Tuesday that the country has successfully flown a prototype of its MC-21 passenger jet, which is built from domestic components. Sanctions on foreign components have halted production, and high interest rates are putting a damper on investment. The Russian aircraft industry was able to overcome these obstacles and deliver only one of the 15 jets that were planned for this calendar year by August. According to images posted by the Industry Ministry on Telegram on Tuesday, the MC-21 took flight from the Irkutsk Aviation Plant operated by Yakovlev. United Aircraft Corp is a subsidiary...

The Italian antitrust regulator announced on Friday that Shipping Agencies Services, a unit within maritime group MSC would abandon its purchase of a 49 percent stake in ferry operator Moby. This was after the watchdog launched an investigation into alleged restrictions of competition. Moby is majority owned by Onorato Armatori, which operates ferries that connect the Italian mainland with tourist islands like Sardinia or Corsica. The Italian authority that opened an investigation last year into the acquisition said the deal may have affected competition on routes operated by Moby and Grandi Navi Veloci, a ferry company controlled by SAS. According...

Safran, the French aerospace company, raised its full-year revenue forecasts after reporting higher than expected third-quarter revenues led by its core Jet Engine division. The company, who co-produces LEAP engines with GE Aerospace via their CFM venture said that it had "strongly caught up" on late deliveries in the third quarter, shipping more than any other quarter. Airbus and Boeing have delayed their jet deliveries and caused congestion in maintenance centres, which has led to a strong demand from engine manufacturers for spare parts. In the engine industry, there is a tug-of-war between aircraft manufacturers and airlines that need spare...

Safran, the French aerospace company, raised its full-year estimates on Friday after posting higher-than expected third-quarter revenue led by its core Jet Engine division. The company, who co-produces LEAP engines with GE Aerospace via their CFM venture said that it had "strongly caught up" on late deliveries in the third quarter, shipping more than any other quarter. Safran reported that its revenue for the third quarter rose by 18.3%, to 7.85 billion Euros ($9.15 billion). The propulsion revenue grew by 25.6%. Aftermarket revenues, which are closely watched, grew by 21.1%. In dollar terms, services for civil engines grew by 24.2%....

The European Space Agency announced on Thursday that it would examine a newly-announced satellite combination between the three aerospace groups in order to preserve a competitive environment. Director General Josef Aschbacher said at a press conference that ESA supports a strong industry, and that "mergers do happen". He added that when making future procurement decisions the agency will take into account the impact of this deal. When asked about the preliminary agreement announced on Thursday, he replied: "This is a good thing because it could make the industry stronger and more competitive on the global market." He added, "It'll change...

Boeing named Landon Loomis as its new president for Boeing China on Thursday. The company believes that Loomis, a fluent Mandarin speaker who was formerly a White House advisor, can stabilize the China market at a time when the U.S. is threatening to cut off the export of parts to Chinese airlines. Loomis will continue to hold his title as Boeing Vice President of Global Policy, and run the day-to-day operation, strategy, and high-level government relationships from the Beijing office. Boeing is increasingly being used as a bargaining tool in the current trade war between Washington and Beijing. China temporarily...

Bloomberg News reported Thursday that Wizz Air, a Hungary-based airline, is in discussions to delay the delivery of about 100 Airbus SE planes into the next decade. The report was cited by people familiar with this matter. Report said that the aircraft was originally scheduled to be delivered between now and 2030. Wizz Air and Airbus didn't immediately respond to requests for comments. Could not verify the report immediately. Wizz has been struggling to compete with other European airlines financially in recent years due to the engine problems that have caused its Airbus aircrafts. Due to the cancellations, the airline's...

People familiar with the discussions said that European aerospace giants held investors back for an extra day on Wednesday, as lawyers and advisors sifted through the fine print, but the merger plans were still intact. This week, it was reported that Airbus Thales and Leonardo have reached an agreement to pool their satellite-making activities in order to challenge Elon Musk's Starlink. The initial plans for an announcement on Wednesday were slipped, but no new obstacles appeared. A deal seemed to have been delayed by no more that 24 or 48 hours unless there was a more substantial problem. The announcement...

People familiar with the talks say that European aerospace giants held investors back for an extra day on Wednesday, as lawyers and advisors poured over the fine print, but the merger plans were still intact. This week, it was reported that Airbus Thales and Leonardo have reached an agreement to pool their satellite-making activities in order to challenge Elon Musk's Starlink. The initial plans for an announcement on Wednesday were shifted, but no new obstacles appeared. A deal seemed to have been delayed by no more that 24 or 48 hour, unless there was a more substantial problem. The announcement...

Airbus will open its second assembly line in China this week with little fanfare, just days after it secured a foothold in the United States, as it navigates a tightrope of divided trade powers. Airbus will be able to manufacture more of the popular A320neo family single-aisle aircraft in Tianjin, near Beijing, after adding a second production line just a few days ago in Mobile, Alabama. The expansion this week will be relatively low-key, with no Western media permitted. This is in contrast to the high-profile ceremony that took place 15 years ago at Tianjin, which involved 600 guests. Airbus...

Air France-KLM CEO said that on Monday, western European airlines needed more favorable regulation as the requirement to fly around Russian airspace places them at a disadvantage compared to their Chinese competitors. Ben Smith, CEO of Air France-KLM, said in an interview with the German newspaper Frankfurter Allgemeine Zeitung as well as with French newspaper Les Echos and Lufthansa Group CEO Carsten Schohr that having to avoid Russia adds two to two-and-a half hours to flights from Europe to Asia. All costs associated with the extra flight time are to be paid by the customer. Smith added that customers don't...

Allegro, Poland's biggest e-commerce site, announced on Monday that it has signed a new contract with courier DPD to deliver parcels through the company's delivery service. Allegro is scaling and diversifying its logistics. Why it's important Allegro has taken steps to reduce its delivery costs. For example, it increased the merchant co-financing through its loyalty program and developed its own logistic muscle. KEY QUOTES Allegro stated in a filing that the agreement was part of its ongoing efforts to diversify and scale up the Allegro Delivery program by increasing cooperation with its logistic partners. By the Numbers Allegro stated that...

Allegro, the CEO of Polish ecommerce company Allegro, denied on Friday that Allegro was at odds with any of its business partners despite its relationship deteriorating with delivery partner InPost. When asked by reporters about InPost, Allegro CEO Marcin Kusmierz said: "We don't believe that we are in any dispute or business with any entity." InPost's shares dropped around 13% after the company reported a slower volume growth in Poland. The shares of InPost have lost over a third in value this year, but they were up by 9% as of 1340 GMT. Allegro shares were up about 2%. InPost,...

Allegro, the CEO of Polish ecommerce company Allegro, denied on Friday that Allegro was in dispute with its partners despite its relationship with InPost deteriorating in recent months. When asked by reporters about InPost, Allegro CEO Marcin Kusmierz said: "We don't believe that we are in any disputes or business with any entity." At 0945 GMT, InPost shares rose 4.8% after falling around 13% Tuesday, when it reported slower volume growth in Poland. Allegro shares were up 2.6%. Allegro has recently been sued by InPost for breaching their long-term agreement. According to JPMorgan, Allegro gets 30% of InPost's Polish revenues....

Northvolt's new owner Lyten announced on Thursday that it has appointed the former chief operating officer (COO) of the bankrupt Swedish company as the CEO of Lyten Sweden and recruited several other former executives from the failed company. Last month, the Silicon Valley startup Lyten announced that it had acquired Northvolt’s assets. This was a major development for future European battery production of electric vehicles. Matthias Arleth is the new CEO of Lyten Sweden. He joined Northvolt last July, shortly after reports of problems began to surface. Lyten announced that Sami Haikala will return to his former position as the...

InPost, a Polish parcel locker firm, reported on Tuesday a 12.6% increase in earnings for the second quarter. This was due to volume growth both in Poland and abroad. The adjusted earnings before tax, depreciation, and amortization (EBITDA), which is the profit before interest, taxes, depreciation, and amortisation, were 999.5 millions zlotys in the third quarter, as compared to the 887.3 in the previous period. InPost operates in nine countries, including Poland. It is known for its automated package machines, or APMs. These allow customers to pick up or drop off their packages whenever they choose. The company confirmed its...

InPost, a Polish company, announced on Monday that it will buy a majority stake in Bloq.it's parcel locker network along with over 20,000 locker units in order to enhance its last-mile service in Europe. Why it's important InPost has established a dominant position on its native market of Poland, and has increased its international expansion in recent years. Bloq.it follows the acquisitions of Spanish courier company Sending and Yodel, both in Britain. KEY QUOTES In a press release, InPost CEO Rafal Brzoska stated that "our strategic investment in Bloq.it will have a positive effect on our growth trajectory as well...

Austrian Post joined other European postal service groups on Thursday in stopping the standard parcel shipment to the United States, as U.S. Customs Services are planning to charge duties for packages of low value. In a press release, the Austrian state-controlled company said that it will no longer accept consignments of standard parcels bound for the United States as of next Tuesday. The U.S. administration of Donald Trump announced last month that it would suspend global "de minimis", which allows minimal paperwork for international shipments below $800, with effect August 29. This week, there were several postal strikes. The following...

The bankruptcy of Northvolt will result in a large loss of funds for many of its creditors, said the process trustee on Friday. He added that the sale of Northvolt to the U.S. startup Lyten was a major achievement. Northvolt's unsecured creditor list includes its biggest shareholders Goldman Sachs, and Volkswagen, whose brands Scania Porsche and Audi had been customers of the battery manufacturer. Lyten, backed by Jeep owner Stellantis, and FedEx delivery service, announced on Thursday that it would purchase the majority of Northvolt. This move offers a chance for the European firm to regain its former prominence as...

Bpost, the Belgian postal operator, beat expectations for quarterly profits on Friday. The acquisition of Staci last year was a major boost. Bpost also said that it expects its operating earnings will reach the upper range of its guidance in 2025. In February, it forecast earnings before interest and tax (EBIT), which ranged between $175 million and $200 million. This was reaffirmed in June despite the two-week strike in the first quarter that affected results. Bpost's adjusted earnings per share (EBIT) rose by 1% in the second quarter to 58.3 millions euros ($68.3 million), boosted by contributions from Staci, a...

Lyten, a U.S.-based battery startup, has agreed to purchase the majority of the bankrupt Swedish company Northvolt. The announcement was made on Thursday. This could be a chance for Europe's once leading battery manufacturer to regain its former prominence. Lyten, an Silicon Valley startup that develops lithium-sulphur batteries as a cleaner option to lithium-ion cells, is backed both by Jeep owner Stellantis, and U.S. Delivery Services provider FedEx. The deal brings back hope for European battery independence. Northvolt, the continent's possible rival to major Chinese electric car battery makers, filed for bankruptcy in march, becoming one of Sweden's biggest corporate...

InPost, a parcel locker company, has announced that it has acquired Spanish delivery firm Sending in order to expand its presence on the Iberian Peninsula. It will also integrate the 24-hour delivery service provided by Sending. Why it's important InPost has gained traction in other countries after establishing a stronghold on its native market, Poland. Sending is the latest in a strategy of pan-European growth, which began with the acquisition of Yodel earlier this year. By the Numbers InPost, at the end of its second quarter, had 3,000 automated package machines (APMs) and 9,000 pickup and drop-off locations in Spain...

Bookrunners reported on Tuesday that a company controlled by Advent International, a private equity firm, had offered institutional investors an approximately 3.5% stake in the parcel locker firm InPost. AI Prime & Cy S.C.A., a company owned by Advent. InPost offered 17.5 millions shares through an accelerated placement at 13.25 euros per share. This represents a discount by 6% from Monday's closing prices of 14.1 euro in Amsterdam. The bookrunner stated that once the placement is completed, AI Prime will hold a stake of around 6,5% in InPost. In September 2024, the company sold a 4% stake to InPost at...