Latest News
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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)
Libya's first oil company to be owned by a private firm is growing in the shadow of eastern commander
According to U.N. experts and shipping records, a Libyan company that is linked to a powerful faction in eastern Libya has exported at least $600,000,000 worth of oil since May. This marks the end of the National Oil Corporation’s monopoly over exports.
The little-known Arkenu Oil Company was established in 2023 and is the first private Libyan oil company to ship. This means that some of the oil revenue of Libya will likely be diverted away from the Central Bank of Libya.
Since the fall of Muammar Gaddafi, Libya has been divided by armed groups. It is now largely split between an internationally recognized government in Tripoli, located in the west, and a rival administration, controlled by Khalifa Hastar's forces, in the east.
The central bank of Tripoli has been at the center of many disputes, mainly over the distribution and use by that institution of the oil revenues. Haftar's troops, who control the majority of Libya's fields, have shut down production and exports periodically, most recently last August, to make sure money flows east.
Arkenu's ownership could not be determined. In a report submitted to the Security Council on Dec. 13, a U.N. expert panel said that Arkenu is indirectly controlled by Saddam Haftar. He is one of Khalifa Haftar’s sons.
Charles Cater is the director of investigations for The Sentry, a global investigative and policy organization.
For this article, we also interviewed Libyan experts, diplomats, traders, and reviewed over two dozen documents including letters from oil companies, government decisions, and bills of lading.
Arkenu's website and LinkedIn profile indicate that the company is headquartered in Benghazi. This city, located in eastern Libya, has a Mediterranean port with a terminal of oil under Haftar’s control.
Two sources claim that the company was founded in early 2023, by former employees of state-owned National Oil Corporation.
Arkenu website, but never received a response. A spokesman of the Libyan National Army (which Haftar commands) was also contacted without a response.
OPEC MEMBER
According to a U.N. Report, Saddam Haftar became chief of staff for the army's ground force in May of last year. This gave him control over the country's relations with its neighbouring countries, as well as its economic interests.
Arkenu's first connection to oil exports was when the Arabian Gulf Oil Company, a subsidiary of NOC awarded it ownership of a cargo in May. A letter dated 11 July seen by was the proof.
Arkenu exported seven more oil cargoes since then. Its total exports from May to December 2024 will be 7.6 million barrels based on shipping records and worth approximately $600 million if Brent crude average monthly prices are used.
Exxon Mobil, the U.S. oil giant, bought one of the cargoes destined to Italy on October 28, according documents and data reviewed by LSEG and Kpler.
According to a person with knowledge of the situation, Exxon purchased the cargo not directly from Arkenu but from another trader.
Unipec is the trading arm for China's Sinopec - the largest refiner in the world. At least two of these were destined for Britain or Italy.
Sinopec didn't respond to a comment request. It wasn't immediately clear whether Sinopec purchased the cargoes from Arkenu or another trader.
Requests for comments from the NOC, AGOCO, and central bank were not answered. The oil ministry refused to comment.
Libya, Africa's second largest oil producer, and a member of the Organization of the Petroleum Exporting Countries, has been in chaos since Gaddafi was overthrown, but oil exports remained under the control of the central government.
The NOC still accounts for a large part of Libyan exports. It has operated independently in this volatile country and maintained political neutrality.
Based on Kpler's data and calculations, it shipped 264 million barrels worth $21 billion in the same time period for Arkenu’s eight shipments.
SARIR AND MESSLA FIELD
Payments are made for NOC crude cargoes in dollars at the Libyan Foreign Bank, New York. Then they are transferred to the Tripoli Government's central bank account.
Shipping documents indicated that payments for Arkenu cargoes were to be made into accounts at the Dubai-linked state bank Emirates NBD, and Banque de Commerce et de Placements SA, both in Geneva. The documents did not indicate whether payments had been made to these accounts or where the money might have been deposited.
Emirates NBD stated that it could not confirm or deny client relationships because of internal policies and regulatory requirements. Banque de Placement confirmed or denied any client relationships in accordance with its policy.
U.N. experts say Haftar has the support of Egypt, Russia and United Arab Emirates.
He spent 20 years in the U.S. before returning to help rebels overthrow Gaddafi. He launched the Battle of Benghazi in 2014 and it has been his stronghold since then. His forces have a tight hold on the east of Libya where the majority of the main oilfields of the country are located.
Arkenu, in addition to being allowed to export crude oil, was also made a part-owner of the Sarir and Messla major oilfields. This is according to a letter from the NOC dated 10 July, during the tenure then NOC chairman Farhat Bengdara who resigned last week.
The letter didn't give any details about the partnership. AGOCO, a subsidiary of NOC, runs the two fields. They account for around 300,000. barrels of high-quality crude per day - same grade that Arkenu exports.
Cater, of The Sentry, said that there was no evidence to suggest that Arkenu had performed any development or services at the Mesla oil fields. Arkenu’s claims of hundreds of millions in NOC payments, made as oil export cargoes to Arkenu, raise serious suspicions of corruption.
Arkenu became a partner in the development of three smaller oilfields, Sultan and Latif (in Libya's east) and Tahara (in the west), according to an November 2023 cabinet resolution.
According to the U.N. Report, members of armed groups were appointed to different posts at the NOC as part of a reshuffle. This included setting up a separate office responsible for service contracts with private companies.
The U.N. report stated that "among them was an arrangement with the first privately owned oil company in Libya, Arkenu Oil Company."
(source: Reuters)