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Sources say that Poste Italiane is considering selling broadband units as a way to maintain its grip on TIM.
Poste Italiane has been weighing up options for keeping a large stake in Telecom Italia, including the possibility of selling its broadband division to the former phone monopoly, in exchange for stock, according to three sources with knowledge. Poste (which runs parcel, mail, payments, energy, and broadband services) is a state-backed company that operates TIM. It bought stock from France's Vivendi and the French state lender CDP. This stake is below the 25% threshold required to trigger a takeover. One person said that Poste doesn't plan to takeover, but it wants to remain near the new threshold of 30% for buyouts the government will introduce as part of a reform to the financial code. Three people declined to give their names as the information was not public. They said that Poste could sell its PosteMobile division to TIM. Poste would receive TIM ordinary shares in return. Sources said that extra shares could help offset a possible conversion of TIM’s savings shares to ordinary shares, which would reduce Poste’s current stake by about 17%. Sources added that no decision had been made regarding a deal or a timing. Poste and TIM declined comment. Analysts at Intermonte estimate that PosteMobile's deal with TIM to use its mobile network from next year onwards could be worth 900 million euro ($1.1 billion) and serve about five million subscribers. According to LSEG, another option being considered is the purchase of Vivendi’s remaining 2,5% stake. This would be worth around 200 million euros at present prices. Vivendi declined to comment.
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Sources: Russia will increase oil exports to western ports by 27% in December after a November slump.
Sources say and calculations show that Russia will increase oil exports from its western ports and transit by 27% from November due to excess crude storage and large rollover volume from last month because of bad weather and drone strikes. Estimates suggest that shipments of Urals and Siberian Light grades through Primorsk and Novorossiisk, as well as Ust-Luga, could increase to 2.44 million barrels a day (bpd), up from the 1.92 million bpd in November. The loading of crude oil from Novorossiisk (including Urals, KEBCO, and Siberian Light grades) is expected to reach multi-month peaks of around 0.9m bpd. Primorsk, Ust-Luga, and other ports will combine to load about 1.6m bpd for Urals and KEBCO. Industry sources say that November's exports from Russia’s western ports fell far short of the planned 2.3 million barrels per day. Some of last month's cargoes are now being loaded on tankers early in December. Novorossiisk has handled 0.7 million tons of crude oil from the lifting plan for November in December. Around 2.4 million barrels per day were exported and transported from Russia's western port in October, including some volumes that had been carried over from the previous month. The Russian Black Sea port Novorossiisk temporarily halted oil exports following a Ukrainian drone and missile attack on the terminal at Sheskharis on November 14. On November 24, a drone strike disrupted oil flows out of Novorossiisk, and from the CPC terminal. Sources claim that Russia's western port operated at near capacity in September, and October. In October, Novorossiisk's throughput reached 0.85 million barrels per day (bpd), including rollover volume from September. Kirsten Donovan (Reporting and Editing)
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The business empire of the incoming Czech PM Babis includes everything from chickens to fertility clinics
Andrej Babis, a Czech billionaire, will be appointed prime minister by Petr Pavel on December 9 after his populist ANO won an election in October. Petr Pavel announced that he would name Babis as prime minister after the billionaire cleared up any conflict of interest concerns by agreeing for his Agrofert group to be transferred to an independent trust. BABIS HOLDINGS Babis has a net worth of $4.3 billion according to Forbes, making him one of the 10 richest Czechs. Babis acquired a part of Agrofert in the 1990s, a trading company from communist times. Separately, he holds investments in the amount of hundreds of millions of Euros through Imoba and a fund named Hartenberg. He has not stated that he will make any changes in his control over these holdings. GOVERNMENT CONNECTIONS Babis, as prime minister and member of the EU’s top council for heads of government will decide on national and pan European regulations, taxes, and subsidies. Babis' companies have received public contracts and investment incentives, such as tax reductions, worth tens and millions of Euros, from the Czechoslovak and Hungarian government. According to their annual report for 2024, they receive payments from the European Union for land farmed and animals bred. They also received EU funding for innovative investment project. Some of the projects that Babis was in charge of during his previous term from 2017-2021 are either halted or subject to legal and administration battles. Babis, when he was previously prime minister, transferred his assets into trust funds that courts and the European Commission later found to be inadequate. He said the new system is more strict, and goes beyond legal requirements. Agrofert Agrofert is an association of around 230 businesses in central Europe, including agriculture, food processing and distribution, fertilizers, plastics fuels, forestry, and other industries. The largest companies are located in Germany, Austria, Hungary, Slovakia and the Czech Republic. The group had a revenue of 212 billion crowns (10.2 billion dollars) in 2024, and a net attributable income of 7 billion crowns. This was up from 2.1 billion crowns in 2023. One-off profits from the sale the group's chemicals and media business helped to boost the profit. In 2024, the EU will provide 1.7 billion crowns of subsidies to support farm production. PLASTICS, ADBLUE, PLASTILISERS It is an important European manufacturer of the urea-based AdBlue diesel engine additive, as well ammonia and fertilisers. SKW Stickstoffwerke Piesteritz is one of the major players in this sector. Other companies include GreenChem and Duslo. Recent acquisitions included the 810 million-euro takeover in 2023 of Austrian energy company Borealis' nitrogen division and the purchase of Rotterdam port terminal OCI Ammonia Holding last month for 290 millions euros. WHEAT, BREAD MEAT AND EGGS It is the owner of major poultry and beef processing companies, as well as bakeries and milk processing companies in central Europe. In Czech supermarkets, Agrofert products are everywhere. It has farms covering more than 140.000 hectares. It is also a major breeder of poultry, pigs and cattle, and it has interests in forestry and wood. Other Assets Hartenberg Capital is owned by Jozef J. Janov, a professional investor who is also the leader and minority owner. Hartenberg Capital's investments include: According to the website of this company, 60 clinics have been operating in 16 European nations and have delivered 166,956 children. This includes hospitals that provide other services. Enterstore is an e-commerce company that includes brands like Astratex, Miss Mary, and real estate projects. IMOBA is the owner of several restaurants as well as Capi Hnizdo, a conference and entertainment center near Prague. Babis is facing a court case over a fraudulently claimed 2 million euro EU subsidy for the construction of the project. Babis returned the money and denies wrongdoing. Babis was acquitted in the case by an appeals court, which ordered a new trial. Babis can avoid this retrial if his allies vote to keep his immunity. $1 = 20.7350 Czech crowns (Reporting and editing by Alex Richardson).
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Sources: Discounts on Russian ESPO blend crude oils to China are increasing
Four sources reported on Friday that the ESPO blend crude cargoes from Russia, which loaded in Chinese ports in December, were sold at a discount between $5 and $6 per barrel compared to ICE Brent, marking the lowest differential in history. Discounts in China have widened due to a drop in demand, after state refiners stopped buying as a result of recent Western sanctions. Private players are also more cautious. Traders said that ESPO blend oil cargoes were being sold at discounts between $0.50 and $1 per barrel under ICE Brent, as recently as October. In October, the United States imposed sanctions against Russian oil suppliers Lukoil, and Rosneft, resulting in a drop in demand, even from India and China, two of its largest buyers. Traders reported that some ESPO blend cargoes loaded in December had yet to be positioned.
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Sources say that Amazon paid 180 million Euros to Italy to end the tax and labour probe
Sources with knowledge of this matter confirmed on Friday that an Italian unit of the e-commerce giant Amazon had paid compensation to delivery staff and removed a monitoring system, putting an end to a probe of alleged tax fraud, and illegal labor practices. In July 2024, the logistics services unit of the group was accused by the authorities of circumventing tax and labour laws. It relied on limited liability companies or cooperatives to supply it with workers. The unit also avoided VAT tax, and reduced social security payments. Milan's prosecutors confiscated 121 million Euros from the unit at the time. The group, which has paid the Italian tax agency around 180 million Euros ($210 million), joins more than 30 companies that have settled similar investigations in the last two years. According to a document seen by the. Amazon released a statement saying, "We have clarified with the authorities our position and they have acknowledged the high standards that our collaboration model has with our delivery partners." The company said that "our engagement with Italian institutions, and other stakeholders, has improved compliance throughout the industry." Milan's prosecutor's office has conducted investigations into the hiring practices of several large companies, including Italian DHL, FedEx, UPS and Italian supermarket chain Esselunga. Il Sole 24 Ore was the first to report on Amazon's settlement. (1 dollar = 0.8579 euro) (Reporting and writing by Emilio Parodi; editing by Alvise Armilini, Elaine Hardcastle).
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Airbus confirms November deliveries dip after industrial glitch
Airbus said that it delivered 72 planes to bring the total number of planes this year up to 657. Airbus CEO Guillaume Faury cited the figure as a sign of a poor November following an industrial glitch. The world's biggest planemaker will have to deliver a record-breaking 133 planes to reach a revised 790 goal for 2025. The November tally is down from 78 the month before and 84 last November, according to a report released this week. The company's lower delivery data comes after a difficult week, in which it announced that there was a quality problem with some metal fuselage panels in its most popular A320 family jets. This came just days after an unexpected recall to fix a bug in a computer. The planemaker reduced its commercial deliveries for the full year by 4%, to "around 790", down from 820. However, it maintained its financial targets. Airbus previously stated that it takes "around" as a 20 aircraft margin of error. Airbus said Friday it had also booked 75 new orders for November. This brings the total of this year's orders to 797 or a net 700, after cancellations. Airbus remains ahead of Boeing in deliveries, even after the fuselage issue linked to a Spanish manufacturer, as Boeing recovers from a long-running crisis. However, Airbus is behind on new orders. Boeing reported net orders of 782 for the period January-October, which is the most recent data available. (Reporting and editing by David Goodman.)
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Sources say that Amazon paid 180 million Euros to Italy to end the tax and labour probe
Sources with knowledge of this matter confirmed on Friday that an Italian unit of the e-commerce giant Amazon had paid compensation to delivery staff and removed a monitoring system, ending an investigation into alleged tax fraud. In July 2024, the logistics services unit of the group was accused by the authorities of circumventing tax and labour laws. It relied on limited liability companies or cooperatives to supply it with workers. The group also avoided VAT tax, and reduced social security payments. Milan's prosecutors confiscated 121 million Euros from the unit at the time. Two sources confirmed that the group had paid the Italian tax agency around 180 million euro ($209.83m) as part of an overall settlement worth 1 billion euros involving 33 companies which were targeted by similar investigations conducted in Milan. They added that these include Italian units DHL, FedEx and Ups as well as the Italian supermarket chain Esselunga. Il Sole 24 Ore was the first to report on this settlement. The paper and sources reported that under the agreement, the companies which were being investigated also agreed to hire directly more than 50,000 employees who had previously been hired indirectly via the cooperatives. $1 = 0.8579 Euros (Reporting and writing by Emilio Parodi; editing by Alvise Armilini)
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India's IndiGo cancels 500 flights. New Delhi and Mumbai are hard-hit as the crisis worsens
IndiGo, India's largest carrier, will cancel 500 flights in India on Friday, and all departures out of New Delhi will be grounded. The crisis has deepened at the airline, which admitted that it had not planned for new flight duty times imposed by pilots. In its fourth day of crisis, the airline has lost over 60% of market share, and thousands passengers are stranded in various parts across the country. This is the largest challenge the airline has ever faced. Airport sources informed that IndiGo intends to cancel 104 flights from Mumbai, 102 from Bengaluru and 92 from Hyderabad. Airport sources familiar with the development declined to name them because they weren't authorised to disclose information. Delhi airport has announced that all IndiGo flights have been cancelled for today. A source estimated this number at 235. IndiGo informed the regulator that its operations will be fully restored on February 10th. IndiGo asked for an exemption from certain provisions that limit the number of hours a pilot can work at night. Indigo stated that the disruptions were primarily due to "misjudgments and planning gaps" when implementing new pilot duty regulations which increased the mandatory amount of rest per week by pilots from 12 hours to 48, starting November 1. The old rule allowed six night landings per week. IndiGo shares fell nearly 3% Friday, bringing their weekly decline to 10.3%. IndiGo's performance in terms of on-time delivery dropped further to 8.5% Thursday, from 19.7% Wednesday. The airline cancelled more than 250 flights on Thursday and around 150 on Wednesday. (Editing Aditya Kahra, Kate Mayberry and Michael Perry; Editing Michael Perry).
Delta expects normal operations by Thursday as flight interruptions ease
Delta Air Lines is making development in restoring its services from
a worldwide cyber interruption
and would resume regular operations Thursday,
CEO Ed Bastian
stated.
The Atlanta-based carrier has been struck hard by the interruption and has axed more than 6,000 flights since last Friday, leaving numerous countless travelers stranded.
Simply 1% of flights on Wednesday had actually been canceled.
Bastian raised some eyebrows, however, for taking a trip to Paris on Wednesday for the start of the Summer season Olympics later this week even as the airline company faces the interruptions.
Delta is the official airline of the
U.S. Olympic Group
. The company stated he flew on a frequently set up Delta flight and has conferences with leaders and business partners in Paris.
Ed delayed this long-planned organization trip till he was confident the airline was firmly on the course to healing, Delta said in a statement, including Bastian remained fully engaged with senior operations leaders.
The provider canceled just 47 flights, or about 1% of the scheduled total on Wednesday as of 12:15 p.m. EST, according to data from FlightAware. Bastian said the cancellations on Wednesday were anticipated to be minimal, with operations becoming regular on Thursday.
Our preliminary efforts to support the operations were hard and frustratingly slow and complex, he stated in a. declaration. We have actually made great progress this week and the worst. effects of the CrowdStrike-caused outage are plainly behind us.
A software upgrade by international cybersecurity company. CrowdStrike set off system problems for Microsoft. customers, consisting of numerous airline companies, on Friday. But. disruptions went away the next day at other significant U.S. providers. while persisting at Delta.
The U.S. Transportation Department opened an investigation. Tuesday into the Delta disturbances, which impacted more than. 500,000 guests and stranded people throughout the United States.
Numerous consumers complained of waiting hours for help. while others were required to lease cars and trucks, drive numerous miles. to get to destinations, or wait days for brand-new flights.
Representative Rick Larsen, the top Democrat on the Home. Transportation Committee, said he will introduce legislation to. enhance the functional strength of airline companies. The sluggish response. by some airline companies to this disaster has actually been inappropriate, Larsen. stated.
Senate Commerce Committee chair Maria Cantwell said she is. worried Delta is not adhering to passenger rights. responsibilities under a new law.
(source: Reuters)