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Turkish Airlines signs deal to purchase minority stakes in Spain's Air Europa
Turkish Airlines announced on Thursday that it had signed a contract to purchase around a quarter of Spanish airline Air Europa. Turkish Airlines will invest up to 355 million euros in convertible debt in exchange for a share of between 25 and 27%. The deal was agreed on in August. Air Europa's majority shareholder, Spain's Hidalgo Family, will continue to own the company through Globalia. British Airways owner IAG, however, will retain 20% of the shares through Globalia. Turkish Airlines said that it does not plan to increase its stake. Air Europa is valued at around 1.2 billion euro ($1.4 billion) after the transaction closes once all regulatory requirements are met, in approximately 6-12 months. This is the first time a non-European airline has bought a stake in a European carrier. Airlines are trying to consolidate the fragmented markets of the continent by buying smaller struggling operators. Turkish Airlines won the battle against European rivals Lufthansa, Air France-KLM and Air France to gain control of the airline with the Hidalgo Family. Air Europa announced that it had paid back a loan from the state-owned industrial holding SEPI in Spain one year earlier than scheduled. First reported in June, Turkish Airlines expressed interest in purchasing a minority stake. Reporting by Emma Pinedo, Editing by Charlie Devereux & Conor Humphries
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British homebuilder Vistry reports 11% growth in sales on affordable housing demand
The British homebuilder Vistry reported on Thursday a 11% increase in sales year-on-year since July 1, as the demand for affordable homes from housing associations offset slow private market sales. Since July 1, sales per outlet have averaged 0.81 homes per week, up from 0.73 during the same period in last year. Vistry, a company that focuses on affordable housing and is counting on the government's housing support, which includes multi-billion pound Investments in the United States In the second half and early 2026, we will be able to increase supply and encourage new contracts with partners who are interested in affordable housing. Most of the company's sales are made through partnerships with housing associations, local authorities and government providers. The company has said that it is starting to see the positive effects of the government's measures for affordable housing on new contracts with partners, but it also noted the uncertainty created by the Autumn Budget. Fears of higher stamp duties in the UK budget for November, coupled with rising inflation and living costs have dampened private buyer demand. Barratt Redrow, Bellway and other rivals have recently warned about a slowdown in sales and growing uncertainty. Vistry stated that while the open market sales rate showed a slight improvement since summer, they remain cautious about a recovery in demand amid economic uncertainty. They continue to offer incentives up to 6% for sales support. The company reiterated that it aims to increase profits year on year by 2025. Analysts at Jefferies said this may give investors "some comfort" about the wider operational challenges. Reporting by Raechel Thankam Job, Bengaluru. Editing by Harikrishnan Nair & Louise Heavens
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Maersk increases profit forecast on global container volume growth
Shipping group A.P. Moller-Maersk raised its core profit forecast for the full year on Thursday, helped by an increase in container volumes, driven by shipments mainly from China. This was despite lower freight costs. Maersk is widely considered a bellwether of global trade. It now expects container volumes to increase by 4% in this year. This is up from the previous forecast range, which was 2% to 4 %, issued in August. In the third quarter 2025, the global container demand will grow between 3% to 5% on an annual basis, despite disruptions, the company stated in a press release. Exports from Far East Asia and China continue to be the primary driver of volume growth. The company reported that imports from Europe, Africa and Latin America were strong, but container volumes to North America decreased, especially in shipments to the United States from China. The company now expects to earn underlying earnings before tax, depreciation, and amortization (EBITDA) between $9 billion and 9.5 billion this year, compared with its previous guidance, which was $8 billion to 9.5 billion. Maersk reported that EBITDA dropped 44% on an annual basis in the third quarter, to $2.69 Billion. This was above the $2.58 Billion expected by analysts in the poll conducted by the company. Analysts had predicted $13.8 billion, but revenue fell 10% to $14.2 billion. The company has also stated that the disruptions at the Red Sea will continue throughout the entire year. Maersk had previously said it would resume transit in the region only when a viable and long-term security solution was established.
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Air France-KLM announces third-quarter sales despite rising costs
Air France-KLM announced third-quarter results that were in line with expectations on Thursday. It also confirmed its outlook for 2025, despite some expenses increases and expensive challenges faced by its Dutch subsidiary KLM. As the summer travel season is lucrative and busy, the third quarter of the year is typically the most profitable for European airlines. Travel from Europe to the United States is down under U.S. president Donald Trump. His policies are seen by many as anti-foreigner, anti-trade and anti-foreigner. Analysts polled by LSEG had predicted an operating profit of 1,27 billion euros (1,48 billion dollars) for the airline group. This was a significant increase from the 732 million euro operating profit the group had for the same period last year, when it took a large hit due to the Paris Olympics. Air France-KLM has once again shown its resilience during the third quarter in a difficult environment. Ben Smith, Chief Executive of Air France-KLM, said in a press release that the company had maintained a solid revenue growth with a stable margin. Air France-KLM’s operating margin in Q3 was 13.1%. This is a slight decrease from the same period last year. CAPACITY GROWTH MIDDLE BOOKING CHALLENGES The group stated that capacity is expected to grow between 4 and 5% in 2025 compared to the previous year, despite the ongoing challenges, as well as the somewhat sluggish bookings for Transavia's budget airline this summer. This was attributed to higher airport taxes in Amsterdam at Schiphol Airport, which resulted in higher ticket prices. The group saw a reduction in fuel costs, and a steady flow of bookings for its premium cabins. However, it continued to face pressure in the economy cabin, when traveling to the United States. KLM was particularly affected by the lower yields of its economy cabin as well as expensive labour disputes in September. Air France-KLM's debt increased slightly compared to the previous year due to costs associated with maintenance and other services.
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Western France attacker suspected of 'self-radicalisation', minister says
The driver who rammed his car into a crowd in western France on Wednesday is suspected of "self-radicalisation" and had "explicit religious references" at home, the country's Interior Minister Laurent Nunez said on Thursday. Nunez stated that "based on the number of factors present with this individual and his actual shouting 'Allahu akbar' there are clear religious references that exist in his case". He said that it was not clear, at this point, if religious motives were behind the attack on Oleron Island off France's Atlantic Coast. Five people were injured. Nunez stated that the National Terrorism Prosecutor's Office will determine through a psychiatric assessment, which was conducted yesterday following two searches and an examination of phone records, if these elements were responsible for the violent actions we witnessed. He said that two of the victims are still in an "absolute medical emergency". Reporting by Inti landauro and Dominique Vidalon, edited by Alessandro Parodi
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Air France-KLM's third-quarter results are in line with expectations
Air France-KLM announced third-quarter results that were in line with expectations on Thursday. It also confirmed its outlook for 2025, despite some expenses increases and expensive challenges faced by its Dutch subsidiary KLM. As the summer travel season is lucrative and busy, the third quarter of the year is typically the most profitable for European airlines. Travel from Europe to the United States is down under U.S. president Donald Trump. His policies are seen by many as anti-foreigner, anti-trade and anti-trade. Analysts polled by LSEG had predicted an operating profit of 1,27 billion euros (1,48 billion dollars) for the airline group. This was a significant increase over the operating profit of 732 millions euros for the same period last year, when the group suffered a substantial loss due to the Paris Olympics. Air France-KLM has once again shown its resilience during the third quarter in a difficult environment. Ben Smith, Chief Executive of Air France-KLM, said in a press release that the company had maintained a solid revenue growth with a stable margin. When it came to traveling to the United States, the group saw a continued pressure on its economy cabin yields. KLM was particularly affected by the lower yields of its economy cabin as well as expensive labour disputes in September. Air France-KLM's debt increased slightly due to costs associated with maintenance and other services.
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Volvo Cars targets an operating profit margin of more than 8% with a new strategy
Volvo Cars announced on Thursday it was aiming for a long-term profit margin of more than 8% as part of a new strategy. It also said that its collaboration with Geely, the majority owner, would be intensified to reduce costs and create a positive cash flow. Last year, the Swedish automaker scrapped its goal of being all-electric by 2030. It said it would still offer some hybrids in its lineup due to a decline in demand for electric vehicles. It brought back the former CEO Hakan Samsson in early 2025 for a two year term to help revive an all-time low share price. They launched a cost-saving plan and cut 3,000 white collar jobs. The company stated that this included pulling forward the then-outlook of the group, such as delivering an operating profit margin core of 7-8% by 2026 and generating strong free cash flow. Volvo Cars announced on Thursday that it hopes to reduce variable costs through a closer relationship with Geely, an Chinese conglomerate. It also expects to lower indirect costs using the same software for a variety of models including hybrids. Volvo Cars released a statement saying that the company was finalising major investment in new technology and infrastructure. This will allow it to lower investments to a level which is affordable.
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Emirates Group's profit for the first half of 2018 increases 13% due to strong travel demand
Emirates Group announced on Thursday that its net profit grew by 13% to $2.9 billion for the six-month period ending September. The company cited a strong and consistent travel demand in all regions, which boosted their airline's business. The Gulf carrier is continuing to recover from the pandemic and consolidating Dubai's status as a global hub for aviation. In a press release, Chairman and CEO Sheikh Ahmed bin Saeed Al Maktoum stated that "global demand for air travel and travel services have been buoyant despite geopolitical events in some markets and economic concerns." Emirates Group plans to increase capacity with the delivery of Airbus A350 aircraft. The company also said that new facilities at its subsidiary dnata (ground-handling) will contribute to growth. Emirates airline's revenue increased 6% from $17.9billion last year to five A350 aircraft delivered in six months. 23 Airbus and Boeing aircraft were also brought online through the retrofit program.
Sources say that Trump pressed China’s Xi for the release of a jailed Hong Kong media tycoon.
According to three people who were briefed about the meeting and a U.S. government official, U.S. president Donald Trump made a direct appeal to China's Xi Jinping for the release of Hong Kong media tycoon Jimmy Lai while the two leaders met last week in South Korea.
One person said that Trump didn't discuss a specific agreement to free Lai, but instead spoke about his concerns for the health and well-being of the 77-year old publishing mogul after he had been on trial over national security charges.
The person said that Trump discussed the matter for less than five minutes.
The official said that President Trump had brought up Jimmy Lai, as he had promised. Both President Trump and president Xi participated in the subsequent discussion.
A third person, speaking on the condition of anonymity due to the sensitive nature of the meeting between the two leaders, said: "It was raised and noted by Xi."
The person who said Trump suggested Lai's release was good for U.S. China relations and China's image.
Trump's intervention is coming as Lai awaits the verdict of a trial widely viewed as a symbol for China's crackdown against rights and freedoms within Asia's financial hub, under a law on national security imposed following mass pro-democracy demonstrations in 2019.
Lai, the founder of Apple Daily, a pro-democracy tabloid that has since been shut down, pleaded no contest to two counts of conspiracy to collide with foreign forces and one charge of conspiracy for publishing seditious materials.
The U.S. President said before the talks that he intended to bring up Lai's issue, but neither he or both sides' readings afterwards mentioned it.
The White House refused to comment on the questions raised about Lai during the Trump-Xi summit. The White House has not confirmed whether Trump raised the issue.
Liu Pengyu is the spokesperson for China’s embassy in Washington. He said that he did not know any details about Lai, but emphasized that Lai’s “crimes” have severely undermined Hong Kong’s prosperity and security.
Liu stated that "any attempt to interfere with Hong Kong's judicial system or undermine the rule-of-law in Hong Kong won't succeed".
Lai, a British national, has caused friction between Washington DC and Beijing. Trump had said during his presidential campaign last year that he was "100%" committed to getting Lai out.
Sebastien Lai praised Trump last week and said he felt "incredibly grateful", following unconfirmed earlier reports that Trump raised his father’s case with Xi.
Sebastien lai, in a press release, said: "Knowing that President Trump is known as the Liberator-in-Chief I pray that his commitment and continued support will convince President Xi of my father's freedom before it is too far."
Trump hailed as a great success the trade-dominated discussions with Xi, pointing out also the progress made on rare earth shipments. He also promised "strong action" against the export of chemicals that are used to make the highly addictive fentanyl. He claimed that tensions regarding Taiwan were never raised during the 90-minute discussions in South Korea.
Lai's family and human rights organizations claim that he has been in solitary confinement more than 1,700 consecutive days.
Officials from both China and Hong Kong have said that it is crucial for the local legal system to be able run its course and Lai is given a fair trial.
Hong Kong, an ex-colony of Britain, has a different judicial system from the rest China. It is based on Common Law traditions, which means Lai enjoys greater legal protections in mainland China.
Lai, who was convicted in late August and is awaiting a decision in the Lai Chi Kok Prison, has been held there since. Two people familiar with Lai's situation confirm this. He could be sentenced to life in prison if convicted.
His lawyers told the court that he was suffering from heart palpitations. He has received a heart monitor as well as medication. Reporting by Greg Torode, James Pomfret and Trevor Hunnicutt from Hong Kong; editing by Antoni Sladoskowski, Daniel Wallis and Michael Perry.
(source: Reuters)