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Aena's net profit in Spain increases 10.5% with passenger traffic
Aena, the Spanish airport operator, announced on Wednesday that its net profit for the first half of the year was up 10.5% compared to the same period last year as the passenger traffic in the second most visited country worldwide after France continued to increase. The company that manages Spanish airports, the largest airport system in the world in terms of passenger traffic, announced on Wednesday that it had made a profit of 893.8 millions euros ($1.03billion) during the first half of the year. This was slightly below the average analyst's forecast of 904.2million euros based on an LSEG study. Aena saw a 4.5% increase in passenger traffic year-on year. 150.6 million passengers passed through its terminals in Spain over the first half of the year. This helped the company to boost revenues by 9%, reaching 2.9 billion euro. Aena, the Spanish airport authority, reported that international traffic at Spanish airports increased by 6.5% during the first half of this year while domestic traffic grew by 0.4%. Spain's strategy to target long-haul visitors, who spend more, was reflected in the results. Tourism is projected to grow by 3.3% in 2018, outpacing the Spanish economy's 2.4% growth. Commercial revenues increased by 10% while flight-related incomes grew by 6%. Aena approved an increase of 6.5% in the fees that airlines will pay next year. They can expect to pay up to 11.03 euros for each passenger. The company wants to partially fund the expansion of Madrid's main airports. Barcelona More flights to Asia and America.
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New York Times Business News - July 30,
These are the most popular stories from the New York Times' business pages. These stories have not been verified and we cannot vouch for the accuracy of these reports. Vinay Prashad, chief medical and scientific officer of the U.S. Food and Drug Administration, has resigned from the U.S. Department of Health and Human Services (which oversees the FDA). After a rare 8.8-magnitude earthquake hit Russia's east coast, the National Weather Service upgraded its tsunami warning to cover a 100-mile stretch of Northern California coastline between Cape Mendocino bordering Oregon. Union Pacific announced that it would purchase smaller rival Norfolk Southern for $85 billion, creating the first coast-tocoast freight railroad operator in the United States. This will reshape how goods are moved across the country from grains to automobiles. Apple is closing a retail store in Northeastern China this August. This will be the first time Apple has closed a location since opening its first outlet there in 2008. (Compiled by Bengaluru Newsroom)
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Wall Street Journal, July 30,
These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. California-based Palo Alto Networks has entered into talks with Israeli cybersecurity company CyberArk Software to purchase it in a deal valued at over $20 billion. Union Pacific announced that it will buy the smaller competitor Norfolk Southern for $85 billion. This deal will create the United States' first coast-to-coast rail freight operator, and change the way goods are transported across the nation from grains to automobiles. CBL Properties, based in Tennessee, has acquired four malls for the middle market from Washington Prime Group. The purchase price was $178.9m. This indicates that mall recovery extends beyond high-end and luxury properties. Mars, the candy and snack giant, announced that it will invest an additional $2 billion in its U.S. business through the end of next year. This investment is part of the company's efforts to continue to expand production in the U.S. JPMorgan Chase, the largest U.S. bank, is in advanced discussions to acquire Apple's credit cards program from Goldman Sachs. After senior White House officials intervened, a Trump administration attempt to block funding to all outside health researchers has been scrapped.
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Ferrovial's profit for the first half of 2018 is up 30%, thanks to U.S. highways
The Spanish construction giant Ferrovial announced late on Tuesday that its first-half profits had increased by 30% as revenues from the toll roads business in North America and Canada continued their strong performance. The net income increased to 540 millions euros (623.92millions) from 414 millions euros in the same period last year. Ferrovial Chief Executive Ignacio Madridejos said that the company's revenues increased by 5% during the first half of this year, partly because "the strong performance across all its North American assets". Ferrovial's revenue in the first half of its fiscal year from its highways division increased 15% thanks to the performance and traffic increase on its U.S. Express Lanes and Canada's 407. Ferrovial reported an increase in freight traffic in the United States during the first few months of this year. This reflects a rise in commercial activity in ports and on roads, while the Trump administration is discussing new tariffs. The company's construction division, which manages and builds concessions for motorways and airports, achieved an adjusted EBIT of 3.5%. North America represented 45% of the company's 17.3 billion euro order book. Ferrovial will build a new terminal for the John F. Kennedy International Airport in New York, which is expected to be finished by 2027. It is also focusing its efforts on bidding projects for express lanes in the U.S.
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Wordline forecasts decline in 2025 organic revenue
Worldline, a French digital payment company, said that it expects to see a decline of organic revenue in the low single digits by 2025 after a "challenging first half". The Paris-based firm has set a target of adjusted earnings before tax, depreciation, and amortization (EBITDA), between 825 to 875 million euros ($1 billion), this year. In a conference call with journalists, CEO Pierre-Antoine Vacheron stated that there was still work to do over the next few quarters to return to a growth level consistent with the market. Worldline delayed its annual guidance in April, following a strategic revamp initiated in May after the appointment of Vacheron. In February, the company forecast a similar growth rate in revenue for 2025 as it did last year. In June, the shares of Worldline lost more than a third in value on a single morning after a group consisting of 21 European media outlets claimed that Worldline had covered up fraud by clients to protect its revenue. The shares of the company hit a low point of 2.70 euros, before recovering in part. They closed at 3.57 euros, Tuesday, which valued the business at one billion euros. In June, Belgian prosecutors began an investigation into possible money laundering activities in its Belgian unit. Worldline engaged Accuracy as an auditing firm in July for its remaining merchant portfolio that engages in "risky activities". The company announced on Wednesday that the preliminary findings of this review indicate that there is no "material" reason to terminate any more client relationships. The company's analyst poll predicted 2.22 billion euros for the half-year, but it was only 2.20 billion. The company stated that the performance reflects challenges faced in the past months. Worldline announced on Tuesday that it had sold its Mobility & E-Transactional Services business to Magellan Partners for a price of up to 410 millions euro. Srikanth Seshadri, who will replace Gregory Lambertie as Chief Financial Officer at the company on September 8, was also announced. (1 dollar = 0.8663 euro) (Reporting and editing by Leo Marchandon)
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Air New Zealand names digital chief as its next CEO to navigate firm through challenges
Air New Zealand named Nikhil Ravishankar its new chief executive on Wednesday, replacing Greg Foran. The airline is currently dealing with supply chain and engine problems that will continue to impact earnings until 2025. Foran, who was hired by the airline as the COVID-19 epidemic was looming, announced his resignation in January and will be departing the airline in October. The flag carrier is still dealing with supply chain issues and engine maintenance problems. Ravishankar will take over the top position on October 20, after serving as Air New Zealand’s chief digital officer (CDO) for almost four years. Before joining Air New Zealand, Ravishankar held senior leadership positions at Vector, and Accenture, where Accenture was the managing director. Therese Walsh, chair of the airline industry, said: "Airlines continue to face enormous challenges. "Nikhil brings to the table a new perspective that is rooted in New Zealand values, and a profound knowledge of critical infrastructure and airline across various sectors." Air New Zealand has struggled due to a small domestic market, and the fierce competition of Australian carriers Qantas Airways & Virgin Australia. Air New Zealand has also experienced delayed plane deliveries, and several jets have been grounded. Foran, an ex-Walmart executive, led the Kiwi flag airline through a turbulent time. The airline faced unique challenges compared to other global airlines, in part due to the geographic isolation of the country. The airline had previously warned that up to eleven of its aircraft could be grounded at certain times during the second half fiscal 2025. This would have a negative impact on the firm's profits. The company also expects lower earnings in 2025. It cites uncertainty about global engine maintenance delays, and compensation levels.
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Source: Brazil asks US not to impose 50% tariff on Embraer planes and food products.
Sources familiar with the issue said on Tuesday that the Brazilian government asked the U.S. not to include food products or Embraer aircraft in the tariff of 50% it intends to impose starting August 1. Sources said that the request was at the forefront of recent discussions between Brazilian officials and U.S. officials. This included three recent calls between Brazil's Vice-President and Trade Minister Geraldo Alckmin, and U.S. Secretary of Commerce Howard Lutnick. The request was first published in the newspaper Folha de So Paulo on Monday. The press office for the Brazilian Development and Trade Ministry headed by Alckmin denied the report and said that the government was working to suspend tariffs in all sectors. A Brazilian official who spoke on condition of anonymity in order to discuss this sensitive subject acknowledged that there were some government priorities which it was not able to make public due a confidentiality clause within the negotiations. The source also said that the company wanted to avoid the impression that it was trading some sectors in exchange for others. The same source added, however, that certain sectors should be given priority in the discussions due to their severity in some areas. Embraer is the No. The government is most concerned about Embraer, the world's No. The company has warned that a tariff of 50% could lead to cancellations of orders, delayed deliveries, and job losses, which would negatively impact its revenue, just as the pandemic had. Ports and Airports minister Silvio Costa Filho stated that the government would "do everything in its power" to assist Embraer, hinting towards the possibility of providing credit lines for the planemaker. The U.S. also buys a lot of Brazilian food, including coffee and orange juice. Trump's tariff plan could have a devastating effect on Brazil's citrus belt. Factory production is already being cut back and farmers are considering letting fruit rot because of low prices. Tariffs may also halt the flow Brazilian coffee into the U.S.
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United Airlines flight attendants reject tentative agreement
The union representing United Airlines flight attendants said that the flight attendants voted Tuesday to reject a tentative agreement on a new contract. The Association of Flight Attendants - CWA, which represents United's 28,000 flight attendants, reported that 92% of eligible voters had cast a vote, with 71% voting against the agreement. According to estimates, the agreement that the union and United reached in May would result in a 40% financial gain for flight attendants during the first year of their new contract. Ken Diaz, the president of United Airlines' chapter of AFA-CWA said that the agreement did not "go far enough" to address the demands of flight attendants. Diaz stated that "our union will survey our members as soon as possible in order to identify the main issues that Flight Attendants want to fight for to be included in an agreement." The union will return to United Airlines' negotiating table until a new deal is reached. United's flight crews filed for federal mediation with the Department of Justice in 2023. They are now seeking a new agreement that includes a two-digit base pay increase, better compensation for hours worked, including time spent on the ground, as well as retroactive payment, more flexible scheduling, and improved rules. Since 2020, they haven't been given a raise. (Reporting and editing by Alan Barona, Bengaluru)
Freeport LNG Texas plant returns to operation on Tuesday, according to data
Freeport LNG announced on Tuesday that the three trains at their facility in Texas were operating after data from financial company LSEG indicated a reduced throughput since last Saturday. Freeport LNG's facility on Quintana Island, the third-largest LNG plant in the U.S., has experienced periodic outages ever since it began operating.
Markets closely monitor its operations as in the past, they have influenced LNG price.
According to LSEG data, Freeport's feedgas nominated increased to 1.9 bcf from 1.1 bcf Monday.
LSEG data shows that when all three trains are running, Freeport pulls between 1.9 bcfd and 2.3 bcfd feedgas.
The data shows that the number of nominations has decreased since Saturday.
Freeport confirmed that the three trains are operating but refused to comment on the past three days. Curtis Williams, reporting from Houston
(source: Reuters)