Latest News
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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)
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Aena, a Spanish airport operator, reports a 9% increase in quarterly profits on the back of increased airport traffic
Spanish airports operator, Aena, announced on Wednesday that its 'first-quarter net profits rose 9.3% compared to a year ago, as 'passenger traffic from and to Spain, which is one of the most visited countries in the world, continued growing. The company that operates all Spanish airports as?well as those in Latin America and Britain?said they booked a profit of $385.37 million, beating the average analyst's forecast of 325 millions euros compiled by LSEG. Spain's tourism sector?continues?to benefit from strong demand. Airlines operating in Spain have added capacity for the summer. However, the industry has warned of potential risks posed by a fuel supply crunch related to the Iran War, which could curtail travel. The first quarter of 2019 saw a 3.2% increase in passenger traffic at Spanish airports, which is higher than Aena's estimates for the full year, which were a 1.3% rise. This was a slower rate than 2025. Aena’s revenue increased 11.6% in the first quarter to reach 1.47 billion euros, which was slightly higher than analysts' expectations of 1.42 billion euro.
US business struck pause on Florida ops as Cyclone Milton techniques
Airlines, energy companies and a Universal Studios amusement park were amongst the business beginning to stop their Florida operations as they braced for disturbances with Cyclone Milton set to make landfall on Wednesday.
The hurricane has actually quickly intensified into one of the location's. most powerful on record, threatening a stretch of Florida's. densely inhabited west coast that is still reeling from the. ravaging Hurricane Helene less than 2 weeks ago.
As of Tuesday afternoon, 1,311 flights within, into, or out. of the United States were delayed, and 701 were canceled, with. that number expected to increase, according to flight tracking information. service provider FlightAware.
Southwest, among the largest U.S. airline companies, said it was. adjusting its schedule at several airports that were stopping briefly. operations, including Tampa International Airport and Orlando. International Airport.
Orlando International, among the busiest airports in the. U.S., stated it would stop operations at 8 a.m. regional time on. Wednesday, according to a notification on its website. Tampa. International said it was closed on Tuesday.
United Airlines, JetBlue Airways and Air. Canada included additional capacity to move people out of. Florida.
Typhoon Milton is anticipated to broaden in size on Tuesday as. it approaches Florida's battered Gulf Coast, where more than 1. million people were ordered to evacuate.
President Joe Biden has actually delayed his Oct. 10-15 journey to. Germany and Angola to oversee storm preparation and reaction,. the White House stated on Tuesday.
A growing number of fuel merchants were flashing empty. signs on Tuesday as citizens required to worry purchasing. Vehicle drivers. waited to fill their tanks in lines snaking around gas stations,. only to discover that some ran out fuel, according to regional. media and social-media posts.
Merchant Target stated it was temporarily closing or. adjusting hours of places of its shops in the storm's path. Outlet store Kohls said it temporarily closed some. stores in the area.
Energy business started shutting down their pipelines and. fuel-delivery terminals in Tampa on Tuesday. Pipeline operator. Kinder Morgan stated it shut down its Central Florida. Pipeline system, two little lines that carry fuel, diesel and. other fuels from Tampa to Orlando.
Universal Studios in Orlando was likewise preparing to close. ahead of Milton's landfall, it stated on Tuesday, while cruise. operators Royal Caribbean and Carnival said they. were adjusting some schedules.
Milton is anticipated to stay a very harmful. hurricane through landfall in Florida, causing catastrophic. damage and power failures anticipated to last days.
(source: Reuters)