Tag Archives: Forecast / Warning Results

UPDATE 1-Virgin Australia’s January domestic capacity missed estimates due to state travel restrictions | Instant News


* Airlines operating at 40% of pre-pandemic capacity v 60% estimate

* Will cut up to 350 head office roles as part of 3,000 layoffs

* Bigger rival, Qantas, has also downgraded domestic capacity estimates (Adds Qantas capacity breakdown, Virgin’s layoffs)

SYDNEY, 27 Jan (Reuters) – Virgin Australia said Wednesday it was operating at 40% of domestic capacity before the pandemic in January, missing forecasts of 60% as country-based travel restrictions hindered the aviation market’s recovery.

Australia recorded a 10th consecutive day of no new local COVID-19 cases on Wednesday, but many states have imposed some travel restrictions following the outbreak in Sydney last month.

Bigger rival Qantas Airways Ltd expects to run 60% of pre-pandemic domestic capacity in the March quarter, below a previously estimated rate of nearly 80%, due to the country’s travel restrictions, Chief Executive Alan Joyce said this month.

Virgin Australia, now owned by US private equity group Bain Capital, added it had notified employees on Wednesday it would cut to 350 headquarters roles in the coming months to complete the 3,000 layoffs announced in August.

“The challenging environment demonstrates the need to complete our restructuring and reduce costs in line with our simplified business model,” said a spokeswoman for Virgin Australia.

Virgin Australia has shifted from being a full service airline to occupying a mid-market position between Qantas and its budget fleet Jetstar.

Virgin Australia this month launched a new senior leadership team under executive Jayne Hrdlicka, including several executives who had worked with him while he was running Jetstar. (Reporting by Jamie Freed; Editing by Tom Hogue and Jane Wardell)

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Italy’s A2A spends 16 billion euros in green drives | Instant News


MILANO (Reuters) – Italy’s largest regional utility company, A2A, will spend 16 billion euros ($ 19.45 billion) between now and 2030 to reduce its carbon footprint and grow its waste and water business.

Under its new 10-year plan, the Milan-based utility said it aims to cut its carbon emissions by 47% from 2017 levels and to double its renewable capacity to 5.7 gigawatts through more than 4 billion euros of investment and acquisitions.

The group, which has about 970 megawatts of coal capacity, said it aims to phase out coal-fired power plants by 2022, ahead of the national target set for 2025.

It will spend 6 billion euros on waste management and water businesses and aims to become a significant European player.

“This is a solid foundation that will allow us to create a strategic infrastructure, innovative and essential for the country’s growth and relaunch, to be ambitious and looking to Europe,” said A2A CEO Renato Mazzoncini.

At 1005 GMT A2A the share was up more than 4%.

Utilities across Europe are investing in renewable energy and grids as governments seek to power economies to meet climate targets.

A2A, which is controlled by the cities of Milan and Brescia, said it would double its core revenue to 2.5 billion euros by the end of the plan from 1.18 billion euros expected for 2020. Net income will grow by more than 8% annually.

The growing margins will allow it to increase its dividend for 2020 to at least 8 euro cents and at least 8.2 euro cents for 2021, he said.

The utility company, which plans to create 6,000 new jobs during the plan period, said that after 2022, dividends will grow at least 3% per year.

“… the targets for the next 3 years are quite in line with consensus, while the company expects a very aggressive growth assumption beyond … There is a tremendous increase in the projected total capital spending,” Mediobanca Securities said.

Reporting by Giancarlo Navach, written by Stephen Jewkes, editing by Giulia Segreti and Barbara Lewis

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Leonardo will invest $ 440 million to upgrade a plant in southern Italy -CEO | Instant News


MILAN, 20 Jan (Reuters) – Leonardo’s aerospace and defense group will invest 360 million euros ($ 436 million) over the next few years to modernize four plants based in southern Italy, Chief Executive Alessandro Profumo said on Wednesday.

Speaking at the digital event, Profumo said the investment was aimed at upgrading factories in Pomigliano and Nola, near Naples, as well as sites in Grottaglie and Foggia, in the Apulia region.

These factories produce components for the C27J military transport aircraft, ATR commercial and military turbo-prop aircraft, as well as parts for Boeing and Airbus aircraft.

This investment, part of a plan dubbed ‘Betomorrow 2030’, aims to make factories more flexible so that the same production line can produce components for a wide range of products, Profumo said.

Profumo added that the state-controlled group will also support investment to reduce the digital divide in southern Italy and increase cooperation with universities through research and innovation. ($ 1 = 0.8262 euros) (Reported by Francesca Landini; Editing by David Gregorio)

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Germany agrees tax breaks worth 11 billion euros – Handelsblatt | Instant News


BERLIN, January 20 (Reuters) – Germany’s federal and state governments have approved tax breaks worth around 11 billion euros, the Handelsblatt business daily reported on Wednesday, citing a Ministry of Finance document.

The federal and state governments agreed on Tuesday, when they extended the closure of most shops and schools through February 14, that they needed to stimulate the economy further.

The tax breaks will benefit everyone working from home, Handelsblatt said, adding that between 2022 and 2026, the Ministry of Finance expects 11.7 billion euros in aid as a result of the measures. (Written by Paul Carrel Editing by Riham Alkousaa)

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Germany’s hard coal imports could fall by a fifth by 2021 – VDKi | Instant News


FRANKFURT, Jan 15 (Reuters) – German hard coal imports in 2021 could fall 18.6% year-on-year to 26.7 million tonnes, according to forecasts of the VDKi lobby group on Friday, citing lower use by steelmakers. in the COVID-19 crisis and price competition with gas and renewable energy in power generation.

The coal importer group also published preliminary data for the past year. It said imports had fallen to 32.8 million tonnes in 2020, a 24% decrease from 2019. (reporting by Vera Eckert; editing by Thomas Seythal)

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