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☆ MTU sees billion-euro hit to earnings on turbofan woes
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +1 min

The MTU Aero Engines logo is displayed at the 54th International Paris Air Show at Le Bourget Airport near Paris, France, June 22, 2023. REUTERS/Benoit Tessier/File photo Acquire Licensing RightsSept 11 (Reuters) - Problems with the turbofan engines at U.S. partner Pratt & Whitney led MTU Aero Engines (MTXGn.DE) to issue a profit warning on Monday, with measures to rectify the issue expected to deal a billion-euro blow to the German company's earnings. MTU said an expanded inspection of the geared turbofan engines at Pratt & Whitney could result in a hit to revenue and reported EBIT of around 1 billion euros ($1.07 billion) in the current financial year. MTU has an 18% share in the geared turbofan engines, which power Airbus' (AIR.PA) A320neo family of aircraft. Earlier Monday, the U.S. company said it expected a financial burden of $3-3.5 billion as a result of the problems.

Persons: Benoit Tessier, Pratt, Pratt & Whitney, Anna Mackenzie, Rachel More, Friederike Heine, David Evans Organizations: International Paris Air, Le, REUTERS, Whitney, MTU Aero, Pratt &, Pratt & Whitney, RTX Corp, Airbus, U.S ., Thomson Locations: Le Bourget, Paris, France, U.S

The Berlin-based company expects total segment revenue to grow around 15% this year, compared with its previous guidance for growth of around 10% in constant currency terms. The company confirmed its outlook for adjusted core profit (EBITDA) margin on gross merchandise value (GMV) of over 0.5% for the year. Revenue rose 16% in constant currency to 2.58 billion euros in the second quarter, slightly above a consensus estimate of 2.50 billion euros. Overall GMV increased 8% in constant currency to 11.08 billion euros in the quarter, exceeding analysts' estimate of 10.96 billion euros. The group's Asia segment, including its core market South Korea, returned to positive GMV growth of 2% in constant currency.

Persons: Emmanuel Thomassin, Niklas Oestberg, Linda Pasquini, Anna Mackenzie, Himani Sarkar, Conor Humphries, Jonathan Oatis Organizations: Thomson Locations: Asia, Berlin, South Korea, Vietnam, Thailand, Korea, Gdansk

☆ SAP reports revenue growth of 5% in Q2, lowers cloud revenue forecast
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: 1 min

July 20 (Reuters) - Business software maker SAP (SAPG.DE) reported second-quarter revenue growth of 5% on Thursday, in line with market expectations, boosted by its core cloud business. For the full year, it lowered its cloud revenue outlook to 14.0-14.2 billion euros ($15.59-$15.81 billion) from 14.0-14.4 billion, and slightly lifted its forecast for its non-IFRS operating profit to 8.65-8.95 billion euros from 8.6-8.9 billion. ($1 = 0.8980 euros)Reporting by Anna Mackenzie and Andrey Sychev, Editing by Kirsti KnolleOur Standards: The Thomson Reuters Trust Principles.

Persons: Anna Mackenzie, Andrey Sychev, Kirsti Organizations: SAP, Thomson

☆ German economy faces uphill climb as industrial output falls
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +1 min

BERLIN, July 7 (Reuters) - A swift economic recovery for Germany appeared less likely on Friday as data showed a surprise fall in industrial production. Output fell by 0.2% in May compared with the previous month, the federal statistical office said. The industrial production data was a reminder of the uphill climb in Europe's biggest economy if it is to shake off recession, after a surprise increase in May orders fuelled some optimism on Thursday. "We may just see stagnation in the second quarter, but much more likely a renewed decline in economic output," he added. The office offers a breakdown of the data on industrial production on its website.

Persons: Carsten Brzeski, Brzeski, Jens, Oliver Niklasch, Anna Mackenzie, Rene Wagner, Rachel More, Miranda Murray Organizations: Reuters, ING, Thomson Locations: BERLIN, Germany, Ukraine

☆ Volkswagen ready to act amid China metal export curbs
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: 1 min

Companies Volkswagen AG FollowJuly 6 (Reuters) - Volkswagen (VOWG_p.DE) on Thursday said it was monitoring the situation on the raw materials markets after China announced it would control exports of some metals, adding that it was "ready to take measures together with its partners if necessary". China's commerce ministry said earlier this month it would require export permits for eight gallium products and six germanium products from August 1 to protect national security. A Volkswagen spokesperson told Reuters that gallium and germanium were important resources for automotive products and played a role in future autonomous driving functions. Reporting by Jan Schwartz, Writing by Anna Mackenzie, Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

Persons: Jan Schwartz, Anna Mackenzie, Friederike Heine Our Organizations: Volkswagen, China, Thomson

☆ After jobs warning, Germany's Axel Springer says AI can liberate journalists
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +2 min

"For newsrooms, AI opens up new paths and freedoms. While Springer did not comment on the number of jobs at risk, company sources told Reuters a low three-digit number of employees would ultimately have to leave. Fadlallah said his focus was on regulatory challenges and the opportunities the technology opens up for consumers. Axel Springer is active in more than 40 countries and employs more than 18,000 people worldwide. Alongside its German titles, the firm owns English-language news website Politico, U.S. media company Insider and classified portals StepStone and AVIV.

Persons: Axel Springer, Samir Fadlallah, Springer, Fadlallah, Klaus Lauer, Anna Mackenzie Organizations: Reuters, Bild, Politico, Thomson Locations: BERLIN, Berlin, AVIV

☆ Delivery Hero forecasts 2023 GMV growth of 5-7%
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +1 min

April 27 (Reuters) - German online takeaway food company Delivery Hero (DHER.DE) on Thursday forecast single-digit percentage growth in 2023 gross merchandise value (GMV), citing a "promising start" to the second quarter and expecting an acceleration in growth throughout the year. The Berlin-based company expects its GMV to grow between 5% and 7% in constant currency this year. After a pandemic-driven boost to growth, Delivery Hero has focused on reaching long-awaited profitability as investor confidence in the rapidly expanding but mostly unprofitable sector started to wane. It reported a GMV of 11.2 billion euros ($12.39 billion) for the first quarter, up 2.1% in constant currency and in line with analysts' estimate in a company-compiled consensus. ($1 = 0.9042 euros)Reporting by Anna Mackenzie and Linda Pasquini in Gdansk; Editing by Milla NissiOur Standards: The Thomson Reuters Trust Principles.

The company's full-year operating profit of 1.51 billion euros ($1.60 billion) came after a loss of 1.6 billion euros a year ago. Fourth-quarter profit swung to 575 million euros from a loss of 42 million euros, in line with expectations. The balance sheet also improved, with net debt falling to 6.9 billion euros from 9 billion euros. However, operating profit was still 34% lower than the pre-pandemic 2019 level and passenger numbers had only recovered 72%. The company said it expects "further significant improvement" in operating profit this year.

Feb 23 (Reuters) - Europe's biggest hotel group Accor (ACCP.PA) on Thursday forecast higher revenue per available room (RevPAR) for 2023 as Chinese travelers are expected to return, after its annual core profit beat expectations on strong December activity. Hotel chains were hit hard by China's strict pandemic restrictions and are now hoping for a recovery in the Asia-Pacific region, Accor's second biggest market pre-pandemic. Boosted by demand for shorter trips, European hotel chains have seen bookings recover to levels comparable to those in 2019 before the COVID-19 pandemic grounded international flights. Accor's RevPAR, a key gauge of performance for the hotel industry, last year exceeded the 2019 pre-pandemic level by 2%. It posted core profit of 675 million euros ($716.72 million) for 2022, while analysts in a Refinitiv poll had expected 640.3 million euros.

Feb 23 (Reuters) - Europe's biggest hotel group Accor (ACCP.PA) on Thursday forecast higher revenue per available room (RevPAR) for 2023 as Chinese travelers are expected to return, after its annual core profit beat expectations on strong December activity. Hotel chains were hit hard by China's strict pandemic restrictions and are now hoping for a recovery in the Asia-Pacific region, Accor's second biggest market pre-pandemic. The group, which runs chains such as Sofitel, Pullman and Ibis, said it expected 2023 RevPAR to increase by between 5% and 9% from the previous year. Boosted by demand for shorter trips, European hotel chains have seen bookings recover to levels comparable to those in 2019 before the COVID-19 pandemic grounded international flights. It posted core profit of 675 million euros ($716.72 million) for 2022, while analysts in a Refinitiv poll had expected 640.3 million euros.

☆ Hotel group Accor beats profit estimates on strong December activity
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +1 min

Feb 23 (Reuters) - Europe's biggest hotel group Accor (ACCP.PA) on Thursday reported annual core profit ahead of market expectations and its own guidance, citing "very good" activity in December. Boosted by demand for shorter trips, European hotel chains have seen bookings recover to levels comparable to those in 2019 before the COVID-19 pandemic grounded international flights. The group, which runs chains such as Sofitel, Pullman and Ibis, posted earnings before interest, taxes, depreciation and amortisation (EBITDA) of 675 million euros ($716.72 million) for 2022, above its outlook range of 610 million to 640 million euros. Analysts on average had forecast EBITDA of 640.3 million euros in a Refinitiv poll. Accor's revenue per available room (RevPAR), a key gauge of performance for the hotel industry, came 2% above the 2019 pre-pandemic level.

☆ Factbox: How governments are trying to ease impact of inflation
▼ + stars: | 2022-12-19 | by ( ) www.reuters.com time to read: +5 min

* Ecuador's president decreed a 6% minimum wage hike for next year. * Hungary's government and private-sector employers have agreed on a 16% minimum wage increase for next year. * Poland will cap electricity prices for small businesses, hospitals and households in 2023, and raise the minimum wage twice. * Tunisia's government in September signed a deal with a major labour union to raise public-sector pay and the minimum wage. * Turkey in July raised the minimum wage by about 30%, adding to the 50% rise seen at the end of last year.

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