Tag Archives: Industry (TRBC level 1)

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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UPDATE 3-Australian Bingo Industry gets $ 1.8 billion buy offer, stocks soar | Instant News

* CPE Capital led consortium table A $ 3.50 / share offering

* Co says talks with the PE consortium are ongoing

* Stock hit highs since Feb 2020 (Update in last paragraph with CPE Capital declining to comment)

January 19 (Reuters) – Bingo Industries Australia said on Tuesday that it had received a cash purchase offer of A $ 2.29 billion ($ 1.8 billion) from a consortium led by private equity firm CPE Capital, delivering shares of a waste management company. to an 11-month high.

The offer comes at a time when the government is injecting stimulus into the recycling and construction sectors and encouraging infrastructure investment as the economy reopens from the lockdown imposed by the coronavirus.

Under the proposal, Bingo shareholders would earn A $ 3.50 per share, nearly a 28% premium for the last close of the shares, the company said in a statement.

A deal will hand over nearly A $ 460 million to Chief Executive Officer and major shareholder Daniel Tartak, whose parents started Bingo on the outskirts of Sydney in 2005 by acquiring a small skip bin company for less than A $ 1 million.

Bingo said the proposal includes an alternative structure that would give shareholders the option to receive a mix of unlisted cash and scripts at a lower upfront price than the cash offer.

“The proposal is being considered by Bingo’s independent board committee and discussions and due diligence with the consortium are under way,” the company said.

Bingo stock surged as much as 23.7% to A $ 3.39, the highest since February 20, 2020, but is still trading below its bid price.

“(The offer) is just one shot and an opportunity to engage with the family,” said Henry Jennings, senior analyst at the Marcustoday Financial Newsletter.

“The takeover has to be close to A $ 4 to get over the line.”

CPE Capital’s investment portfolio ranges from the food to the auto sector, and includes the Banksmeadow Recycling site, which was purchased from Bingo in 2019.

CPE Capital declined to comment.

$ 1 = 1.3017 Australian dollars Report by Sameer Manekar in Bengaluru, additional reporting by Byron Kaye in Sydney; Edited by Nick Zieminski and Stephen Coates


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Italy suspended flights from Brazil in response to a new strain of coronavirus | Instant News

MILAN, January 16 (Reuters) – Italy suspended flights from Brazil, Health Minister Roberto Speranza said on Saturday, in response to a new strain of coronavirus.

Anyone who has transited through Brazil in the past 14 days is also barred from entering Italy, he said on Facebook, while people arriving in Italy from Brazil will be asked to take a virus test.

“It’s very important for our scientists to study new strains. Meanwhile, we are taking a very careful approach, ”he said. (Reporting by Elvira Pollina; Editing by Kevin Liffey)


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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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Australian tyro fell after short-sellers targeted payment terminal problems | Instant News

January 15 (Reuters) – Australian Tyro Payments Ltd shares plunged more than 12% on Friday after a short seller said the company was under-reporting the level of outages at its payment terminals over the past week.

Tyro on Wednesday said 30% of its 32,000 customers – mostly using a single terminal – faced outages caused by software problems, and it collects 2,000 terminals daily for repair and return.

Short seller Viceroy Research on Friday said it estimated around 50% of Tyro’s terminals were offline based on “extensive” checks with anonymous customers of Tyro.

Tyro shares, the largest payment terminal provider outside of Australia’s so-called ‘Big Four’ banks, have lost nearly a third of their value since the company first disclosed the outage last Thursday.

Tyro did not immediately respond to a Reuters request for comment on the report and trading in its shares was suspended on Friday after a sharp decline awaiting the announcement.

The stock was last down 11.8% before being stopped at A $ 2.32.

“Many of the stores we have contacted and checked have switched providers,” Viceroy said in his report, adding that the impact on Tyro’s reputation and finances is likely to be “severe and long-lasting.”

In Tyro’s announcement on Wednesday, it said the outages faced by most customers would be fixed by the end of the week while the rest would be operational next week. (Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Christopher Cushing)


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