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Amadeus will buy French biometrics company Idemia Public Security (Idemia Public Security) for $1.4 billion
Spanish travel technology company Amadeus announced on Wednesday that it would acquire French biometrics firm Idemia Public Security, owned by Advent International. The deal will be done in cash and is worth 1.2 billion euro ($1.40 billion). Amadeus operates the largest travel booking system in the world. The company described the acquisition of the border checkpoints and airports as an immediate earnings-accretive move. They expect it to boost the firm's growth at both the border checkpoints and airports, while also enhancing its global presence. It said that the combination of "the two businesses" should increase Amadeus total addressable market or revenue opportunity to 50 billion Euros from 41 billion. Bernstein analysts wrote in a note to investors that this acquisition is "potentially a great deal and fits well with Amadeus portfolio". They also added that it will reduce the likelihood of share buybacks during the second half year. Amadeus shares fell 0.65% to 48.9 Euros in the morning trade on Wednesday. The deal is expected to close in mid-2027, and includes an additional potential earning of up 150 million euro on top of the purchase price. Amadeus anticipated that the acquisition would?result?in high single-digit revenue increases with expanding operating margins and provide annual cost savings of 50 mln euros over the medium term. IPS has a global workforce of?around 3300 employees and services more than 600 customers in the public and private sectors. IPS is not only involved in passenger processing but also works with other regulated environments, such as government-grade biometric data and identification solutions and access control.
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GKN Aerospace's Melrose owner sees a jump in quarterly revenue; warns of freight-cost inflation
Melrose Industries, the owner of GKN Aerospace, reported a 11% increase in revenue for its first quarter on Wednesday. This was largely due to?the strong performance by wide-body aircraft, engines and?its repair and military businesses. The company, which provides?engine?and?airframe components to civil & defence customers, has said that it is experiencing some inflationary pressure due to higher freight costs. It does not have any operations in the Middle East, and it only has a minimal exposure directly through its supply chain. Since the?U.S. Airstrikes by Israel and the United States on Iran started late in February. Iran also closed down or nearly closed off the Strait of Hormuz - a major chokepoint for energy supplies. Melrose, a supplier of parts to Boeing and Airbus aircraft, warned about the 'potential impact on civil flying hours due to reduced jet fuel supply and higher prices. Analysts expect the conflict in the Middle East to be the main driver of the aerospace supplier's stock price. Since the Iran conflict began, its stock price has dropped 16%. The efforts to end the Iran conflict reached a'stalemate' on Tuesday as U.S. president Donald Trump was unhappy with Tehran’s latest proposal. The company confirmed its outlook for 2026. It expects revenue between $3.75 billion and $3.95 billion, with an adjusted operating profit between 700 million to 750 million pounds. Brokerage - RBC Europe stated that it continues to see "an attractive structural growth story despite near term worries about the Middle East."
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Germany seeks alternative sources of oil as it reassures about its supply
Brandenburg said that up to 80% of crude supplies for 'Germany's PCK Schwedt refining plant are guaranteed in May. Germany is seeking alternatives to replace lost supplies following Russia's announcement to stop deliveries via the Druzhba pipeline on May 1. Dietmar W. Woidke, the state premier, said on Wednesday that "PCK's capability utilisation is stable. Crude oil supplies are secured up to 80% by May.?And jobs are protected." Woidke said that the situation allowed him to be optimistic about the future. He added that German officials worked with partners to find a solution for the refinery which supplies parts of Poland and northeastern Germany. Frank Wetzel (state secretary of Germany's Economy and Energy Ministry) said after the meeting that "the German government is working closely with PCK in order to replace lost crude oils supplies through alternative sources." He said that he would discuss how to quickly secure additional supplies via Gdansk, the Polish port city located on the Baltic Sea. The 'Polish energy ministry' said Tuesday that it has the technical capability to handle these deliveries. Any potential increase in volume depends on operational, logistical, and market factors. Last year, Kazakhstan exported a total of?2.146 metric tons of oil to Germany through the Russian pipeline, which is a 44% increase from 2024. This figure will rise to 730,000 tons by the first quarter 2026. (Reporting and editing by Thomas Seythal, Madeline Chambers)
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Amadeus will buy French biometrics company Idemia for €1.2 billion
Amadeus, a Spanish travel technology company, announced on Wednesday that it would acquire the French biometrics firm Idemia Public Security. The company is owned by private equity Advent International and will be acquired for 1.2 billion euro ($1.40 billion), in an all cash deal. Amadeus operates the largest travel booking system in the world. The company described the acquisition of the firm as an immediate earnings-adding move, expecting it to increase its growth at airports and border checkpoints, while also enhancing Amadeus' global presence. It said that the combination of Amadeus and the two businesses would increase Amadeus total revenue opportunity to 50 billion Euros from '41 billion. The deal will be closed in mid-2027, and it could include a bonus of up to EUR 150 million. Amadeus anticipated that the acquisition would result in a high-single-digit revenue increase with expanding operating margins and provide annual cost synergies up to 50 million euros over the medium term. IPS has around 3,300 employees worldwide, and it serves?more? than 600 customers in the public and private sectors. IPS also works in other regulated environments, such as government-grade biometric identifiers and data solutions.
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Jet2 UK warns that summer bookings will be slower due to the Middle East conflict.
Jet2, a British 'travel company,' warned Wednesday that the 'uncertainty about the war is limiting their outlook for seat occupancy during the peak summer travel season. Bookings have slowed down from February levels. Summer bookings are up 7.7% compared to a year ago, according to the company. This is less than the 8% increase in bookings reported in February. Due to the Middle East conflict, the?aviation industry and leisure travel has been under pressure. Jet fuel shortages have resulted from the Strait of Hormuz blockade and cancellations of customers are on the rise. Jet2, UK's third largest?airline said that customers have been booking their vacations earlier since the beginning of the conflict. The company stated that the Q1 combined average load factor (April, may, and June) is on par with last year. However, the current geopolitical uncertainties are limiting the visibility of the summer peak season. The company said that it hedged 87% of the summer jet fuel requirement due to the 'jet fuel crisis' and expects an annual operating profit in line with the market expectations by March 31, 2026. JPMorgan analyst Harry Gowers noted that Jet2's prices could be weaker than prior trends in the summer as the company stated it is committed to "attractive pricing". Shares of the holiday package provider fell by as much as 8,41%, to 980 pence before recovering and rising 0.5%. (Reporting and editing by Rashmi aich in Bengaluru, Simone Lobo is Bengaluru)
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Investors weigh the Iran stalemate and UAE OPEC withdrawal as they consider major Gulf markets.
Investors reacted positively to the United Arab Emirates decision to leave OPEC and the stalemate of the 'Iran conflict. The United Arab Emirates announced on Tuesday that it would leave OPEC, dealing a major blow to the alliance. The UAE is one of OPEC’s biggest producers. Its departure will weaken the group’s grip on the global oil?supply, and further its rift with Saudi Arabia. In Abu Dhabi, the share index rose 0.8%. This was boosted by a rally of companies linked to the oil giant?Abu Dhabi National Oil Company. ADNOC Drilling grew by 8.3%. ADNOC Gas grew by 3.1%. ADNOC Logistics & Services jumped by 6.8%. ADNOC Logistics & Services jumped 6.8%. Speculations that the UAE might leave OPEC have been circulating for many years. It can be profitable during prolonged periods of low oil prices because it has vast reserves and one of the lowest production costs in the world. Americana Restaurants International, on the other hand, rose 12.9% a day after it reported a sharp rise in its first-quarter profits. Dubai's main stock index rose 0.2% with the top lender Emirates NBD increasing by 1.1% and toll operator Salik rising 1.2%. Saudi Arabia's benchmark Index rose by 0.1%. This was largely due to a 2.4% increase in Saudi Telecom Company after the company reported an increase in quarterly profits. Saudi Aramco, the world's largest oil company, fell 0.2%. The Qatari Index edged up 0.1% in a volatile trade. A U.S. official said that President Donald Trump was not happy with Tehran's proposal to end this conflict. He insisted on addressing nuclear issues from the start. Separately, The Wall Street Journal reported Tuesday, citing U.S. official, that Trump had instructed aides in preparation for a long-term blockade against Iran. (Reporting from Ateeq Sharif in Bengaluru, editing by Toby Chopra.)
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Russia hits hospital in Ukraine's South after attacking port infrastructure
Officials from Ukraine said that Russia used drones to attack port infrastructures in the southern region of 'Odesa' in Ukraine. The strikes also damaged residential structures and a hospital, and two people were injured. Oleh Kiper of the Regional Governor Oleh Kiper wrote on Telegram that the attack in southern Odesa destroyed the Admissions Department of a Hospital there and severely damaged other parts of the facility. He said that at the time of attack, the medical staff and patients were housed in a shelter. They were then'moved' to another facility. The regional prosecutor said that port infrastructure was attacked, but did not give any details. Two people were injured in fires that broke out in a residential neighborhood, according to emergency services. They posted photos of fire-ravaged buildings and firefighters fighting the flames. Kiper also said that there was a fire at the Danube Biosphere Reserve in the region. Odesa, which is home to major Ukrainian seaports on the Danube and river ports, has been repeatedly targeted by Russian airstrikes during the?more than four-year war. Ukraine's Air Force said that Russia launched 171 drones against the country since Monday evening. Air defence units neutralised or downed 154 drones. Local officials reported that a drone and missile attack in northeastern Sumy caused a large fire in a residential neighborhood.
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New York Times Business News - April 29, 2019
These are the most popular stories from 'the New York Times' business pages. These'stories' have not been verified and we cannot vouch for their accuracy. The?U.S. Federal Communications Commission ordered an early license?review of the network's television stations after a joke made by late-night host Jimmy Kimmel led to calls from the White House that ABC fire the comedian. Federal Communications Commission ordered a license review of the network's TV stations. Pernod Ricard & Brown-Forman announced that they had ended their merger talks because the French spirits firm and 'the Kentucky-based owner Jack Daniels'?whiskey couldn't?agree on terms. The U.S. Supreme Court faced a case that has broad implications for the human rights litigation in American courtrooms, a longstanding lawsuit brought by members of Falun Gong's spiritual movement. They accused Cisco Systems of facilitating persecution of religious beliefs in?China. The Port Authority of New York & New Jersey has announced that it will install trackers in its rescue vehicles at three of its major airports. This comes after investigators criticized the agency for failing to 'install recommended devices' on a firetruck during a fatal collision with a plane at LaGuardia Airport. (Compiled by Bengaluru Newsroom)
Maguire: EU policymakers to make a decision on industrial heat in the near future.
European legislators are expected to announce new policies soon on the types of heat used by industries. This could determine whether the region is able to maintain viable and competitive business or if it will suffer a "further hollowing-out" of its industrial base.
Industrial heat is a critical input that all industries cannot do without.
The International Energy Agency (IEA), according to its data, shows that industry accounts for 'around a quarter' of Europe’s total energy consumption. Heat applications make up?for about half?of the total power requirements in the sector.
Gas-fired boilers have been used by most European industries to heat their facilities for decades. However, the price of gas has risen dramatically since the Russian invasion of Ukraine 2022, causing costs to spiral and pushing many facilities into the negative.
In fact, the output of plastics, chemicals and fertilizers has fallen to historical lows in Germany, Europe's largest manufacturer and economy. High energy costs, as well as an unclear policy plan, have stifled industry and hindered economic growth.
In order to provide greater regulatory clarity and to lower energy costs, European policy makers will release new measures this spring. They aim to rapidly scale up electric industrial heating technologies in order to meet the needs of businesses that do not use fossil fuels.
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These steps would reduce Europe's annual fossil fuel import bill, which is several hundred billion dollars. They would also help to cut industrial emissions.
It will be a fiendishly difficult task to create a set a workable measures which meet the needs for industries from Lisbon to Warsaw, particularly during a time of increasing tensions between European Union member states.
The current mishmash and half-measures, while the industry is still reliant upon expensive and volatile fossil energy imports, will be considered unacceptable by the key policymakers of the region.
In addition to mounting job losses across Europe, governments are also dealing with declining tax revenues that come from crippled businesses. This drains both the treasury and political clout required to set up a new course for industry.
This means that EU legislators and industry advisers face intense pressure to develop a 'bold and effective roadmap' which will quickly steer European industry on a new path, based on cleaner and cheaper electricity.
Final Push
In preparation for the highly anticipated 2026 EU Electrification Plan, major European think tanks have weighed in on the best way to electrify industrial heating and help businesses to return to growth.
Fraunhofer Institute, a specialist in applied research for the industry, contributed to a set of proposals that focused on the possibility of electrifying industrial process heat at low and medium temperatures.
The report found that electric heat pumps are a cost-effective alternative to gas-fired systems in the food and beverages sector. This is true even if regional gas prices remain three times higher.
Electric pumps are more efficient than gas units, so companies can use electricity to cook, pasteurise and sterilize large quantities of food.
The paper and chemical industries could also accomplish many of the tasks currently performed by gas using high-end heat pumps.
It is clear that significant changes will be needed to the current tax conditions to encourage businesses to make the necessary changes.
Think tanks propose reducing taxes and levies for electricity while increasing taxes on gas consumption through consistent increases in carbon price.
Also, there are recommendations to improve the depreciation schedules for new electric equipment so that businesses can?achieve tax breaks on their new capital expenditures related to electrification.
If industries are to electrify quickly, it is important that new clean electricity generators be approved faster and new demand sources for electricity to be integrated into the electric grids more quickly.
Moreover, more public-private funding options are needed to enable businesses to afford the required investments quickly.
European policymakers and business leaders will face a tough challenge if they want to achieve all these goals in a short time span across many countries.
Failure to provide the remaining industry in Europe with the tools necessary?to gain a competitive advantage could lead to the collapse of whole businesses, and an economic shock that would last for years.
These are the opinions of the columnist, an author for.
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(source: Reuters)