DIRS.INFO The most relevant business & tech news

☆ Italy's ITA to Resume Tel Aviv Flights From March
▼ + stars: | 2024-01-30 | by ( Jan. | At A.M. | ) www.usnews.com time to read: 1 min

(Reuters) - Italy's ITA Airways will resume its flights between Tel Aviv and Rome as of March 1, starting with three weekly return trips, the airline said on Tuesday. ITA said in a statement that the number of flights between Rome Fiumicino and Tel Aviv Ben Gurion may increase this summer, "according to the evolution of the geopolitical scenario". "The restart of flights between Tel Aviv and Rome was also possible thanks to cooperation with Italian and Israeli authorities and it is strategically important for ITA Airways," the airline added. (Reporting by Alessandro Parodi; Editing by Keith Weir)

Persons: Tel Aviv Ben, Alessandro Parodi, Keith Weir Organizations: Reuters, Italy's ITA Airways, ITA, ITA Airways Locations: Tel Aviv, Rome

MILAN (AP) — The European Commission on Tuesday announced an in-depth investigation of German airline Lufthansa’s planned takeover of Italian carrier ITA Airways, citing competitive concerns. Lufthansa signed a deal last year for a 41% minority share in the long-struggling ITA Airways, formerly Alitalia. The deal calls for a 325-million-euro ($354 million) investment by Lufthansa, and another 250 million euros ($272 million) from the Italian Finance Ministry. The European Commission cited concerns about reduced competition on short-haul flights between Italy and Central Europe and long-haul routes between Italy and the United States, Canada, Japan and India. ITA Airways and Lufthansa compete on the Central European flights, where low-cost players generally serve secondary airports.

Persons: Gregory Alegi, bailouts, ’ Alegi Organizations: MILAN, European Commission, Lufthansa’s, Italian, ITA Airways, Lufthansa, Alitalia, Italian Finance Ministry, Central, ITA, Air Canada, United, European Union, LUISS University Locations: Italy, Central Europe, United States, Canada, Japan, India, Milan’s Linate

ROME, Nov 21 (Reuters) - Italy is considering candidates to take the helm of state lender Cassa Depositi e Prestiti (CDP), three sources close to the matter told Reuters, as part of a wider shake-up of state-controlled companies. State-backed investor CDP, founded 173 years ago, plays a key role in keeping strategic assets in national hands. Asked to comment on a change of CEO at CDP, Meloni's office said any rumours of a replacement for Scannapieco were unfounded. Rome is expected to decide on the top management of CDP in March at the latest, immediately after the approval of this year's CDP financial accounts, the sources said. The state lender invests savings made by Italians through the national post office network Poste Italiane.

Persons: Dario Scannapieco, Fincantieri, Giorgia, Scannapieco, Antonino Turicchi, Stefano Donnarumma, Mario Draghi, Elvira Pollina, Susan Fenton Organizations: Eni, ITA Airways, European Investment Bank, Telecom Italia's, Thomson Locations: Italy, State, Rome, EU, Milan

Analysts said, however, that Asiana's greenlighting of the cargo unit sale did not necessarily ensure smooth sailing ahead for the deal. They noted the desired valuation for the air cargo unit of some 700 billion won ($520 million) including debt, as reported by local media, was probably too high. Approving the sale was a contentious issue at Asiana amid concerns that a takeover by Korean Air would lead to the loss of many Asiana jobs. Korean Air also said it will buy 300 billion won of convertible bonds issued by Asiana, part of fresh financial support to the smaller airline. The company accounts for about a fifth of South Korea's market for overseas air cargo.

Persons: Bae, Asiana, IAG, 1,342.9900, Joyce Lee, Heekyong Yang, Hyunsu Yim, Edwina Gibbs Organizations: Asiana Airlines, Korean Air Lines, Korean Air, country's, European, Analysts, Hi Investment, Securities, European Union, European Commission, Air, Lufthansa, ITA Airways, British Airways, Spanish, Korea Development Bank, Asiana, Thomson Locations: SEOUL, KS, Korean, Union, United States, Japan, Asiana, Iberia, Germany, Russia

SAS filed for U.S. bankruptcy protection last year as it struggled to slash costs and debt amid strikes by pilots. SAS hopes to raise 9.5 billion Swedish crowns ($863 million) in new equity and convert 20 billion crowns of debt into equity. They could include Sweden's family-owned Wallenberg foundation, which currently holds a 3.4% stake in SAS, or Danish pension funds, he said. Once that is done, SAS can begin proceedings to exit chapter 11 bankruptcy protection, which could be late this year or next year, Pedersen said. It is not clear if SAS will be taken off the Swedish stock market after exiting bankruptcy protection.

Persons: Johan Nilsson, Apollo, Jacob Pedersen, Gerald Engstrom, Pedersen, Johannes Birkebaek, Jacob Gronholt, Mark Potter Organizations: SAS Airbus, Kastrup, Scandinavian Airlines, TT News Agency, REUTERS, Rights, Scandinavia's, SAS, U.S, Italy's ITA Airways, Portugal's TAP, WHO, Apollo Global Management Inc, European Union, Wallenberg, Private, Lufthansa, ITA Airways, Thomson Locations: Kastrup, Denmark, Rights COPENHAGEN, Danish, Copenhagen, EU, Europe, SWEDEN, NORWAY, Swedish, Sweden, Private Swedish

☆ Italy poised to shake up Treasury with new unit for state-run firms
▼ + stars: | 2023-09-14 | by ( Giuseppe Fonte | ) www.reuters.com time to read: +2 min

The audit court on Thursday approved the decree needed to set up the unit, the sources said, despite making critical observations about some aspects of it. Giorgetti has approached former banker Marcello Sala, currently director for investor relations at the Treasury, to lead the department, they added. Under the reorganisation plan, the influential Treasury department within the ministry led by veteran economist Riccardo Barbieri would be split into two units. The Treasury will continue to supervise public debt management, macroeconomic policies, European and international relations as well as financial regulation. ($1 = 0.9323 euros)Additional reporting by Valentina Za in Milan Editing by Christina FincherOur Standards: The Thomson Reuters Trust Principles.

Persons: Sala, Giancarlo Giorgetti, Giorgetti, Marcello Sala, Antonino Turicchi, Dario Scannapieco, Riccardo Barbieri, Valentina Za, Christina Fincher Organizations: Treasury, Economy, ITA Airways, Department, Thomson Locations: ROME, Italy, Siena, Milan

☆ Pope Francis lands in Mongolia, home to tiny Catholic flock
▼ + stars: | 2023-09-01 | by ( Philip Pullella | ) www.reuters.com time to read: +2 min

[1/10] Pope Francis tastes dried yoghurt as part of a welcome tradition as he arrives at the Chinggis Khaan International Airport during his Apostolic Journey in Ulaanbaatar, Mongolia September 1, 2023. Vatican Media/Handout via REUTERS Acquire Licensing RightsULAANBAATAR, Mongolia, Sept 1 (Reuters) - Pope Francis arrived in Mongolia on Friday to greet its tiny Catholic contingent, having earlier sent a blessing of "unity and peace" from his plane to China, with which the Vatican has had difficult relations. As is customary, Francis issued greetings to every country he flew over on his way to Mongolia including China, with which the Vatican has had difficult relations. "I send greetings of good wishes to your excellency and the People of China," the Pope said in the telegram addressed to Chinese President Xi Jinping. Mongolia was part of China until 1921 and has political and economic ties with Beijing.

Persons: Pope Francis, Francis, Pope, Xi Jinping, China’s, Philip Pullella, John Geddie, Christian Schmollinger, Robert Birsel Organizations: Vatican, Handout, REUTERS Acquire, ITA Airways, Communist Party, Thomson Locations: Ulaanbaatar, Mongolia, ULAANBAATAR, China, Western Europe, of China, Taiwan, Beijing

"There's still discussion in Portugal how that privatisation will take place and it's not supposed to be 100 percent privatisation," Spohr told journalists at the annual meeting of the International Air Transport Association in Istanbul. At least three major global carriers, Lufthansa, Air France-KLM (AIRF.PA) and British Airways-owner IAG (ICAG.L), have shown an interest. Lufthansa said last month that it was taking a 41% stake in Italian carrier ITA Airways in the latest major consolidation in the aviation sector in Europe. "Boeing are saying it's delivery in late 24 or early 25 - which means it's early '25," Spohr said. Reporting by Joanna Plucinska and Tim Hepher; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

Persons: Carsten Spohr, Joao Nuno Mendes, it's, Spohr, IAG, Joanna Plucinska, Tim Hepher, Susan Fenton Organizations: TAP, International Air Transport Association, Lufthansa, Air France, KLM, British Airways, ITA Airways, Boeing, Thomson Locations: ISTANBUL, Portugal, Istanbul, Europe

☆ Rome Fiumicino seen as Lufthansa's new southern hub after ITA deal
▼ + stars: | 2023-05-26 | by ( Angelo Amante | ) www.reuters.com time to read: +3 min

Shares in Lufthansa were down 0.2% on Friday, a day after the airline and the Italian Treasury announced the ITA deal. A report from TRA consulting firm says some 43 million people travelled through Rome Fiumicino in 2019, before the COVID-19 outbreak, and the airport has potential to become an even stronger hub for the Mediterranean area. His report said this is due to the weakness of the national airline, and the integration of ITA into the Lufthansa group might help Fiumicino become an hub for travellers heading to the Americas. Lufthansa, which already operates the brands Swiss, Austrian Airlines and Brussels Airlines, said it would look to feed more passengers into Fiumicino airport. Analysts believe Lufthansa has good chances to boost Fiumicino, after fostering development of other airports it entered after its previous takeovers.

☆ Lufthansa sale is ironic end to Italy airline saga
▼ + stars: | 2023-05-26 | by ( ) www.reuters.com time to read: +2 min

MILAN, May 26 (Reuters Breakingviews) - Italy’s epic airline soap opera has found a paradoxical end. After multiple sale attempts by Italian governments of all political leanings, plus over 10 billion euros of wasted state support, it’s Prime Minister Giorgia Meloni – an avowed nationalist – who is cutting the umbilical cord with the country’s state-owned national carrier. The state will inject 250 million euros of equity in ITA before Lufthansa buys its initial minority stake. At 0.3 times projected 2023 revenue of 2.5 billion euros, the overall price tag is cheaper than the 0.5 times Lufthansa currently trades at, and also than the 1 billion euro-plus levels mooted last year. But Lufthansa CEO Carsten Spohr is still scooping up a supposed national treasure at an undemanding price.

☆ I fly dozens of times a year, and save hundreds of dollars on airfare with a simple trick airlines don't want you to know about
▼ + stars: | 2023-05-19 | by ( Joseph Hostetler | Jasmin Baron | Credit Cards Reporter | ) www.businessinsider.com time to read: +25 min

Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). Read Insider's guide to the best travel rewards credit cards. There are even a handful of no-annual-fee travel credit cards that waive foreign transaction fees, such as the Capital One VentureOne Rewards Credit Card. Even if you travel just once or twice per year, you should have at least one travel rewards credit card. Note that credit card lenders may use many different variations of credit score models when considering your application.

SAS has lost almost 60% of its value since it filed for Chapter 11 bankruptcy protection last July, seeking to slash costs and debt after wage talks with pilots collapsed. Apollo will mainly work with aviation regulators in Sweden and Denmark to secure approval, the first source said. The move comes as the airline looks for large investors and seeks to raise equity as part of its Chapter 11 bankruptcy plan. Denmark's finance ministry told Reuters it was looking for one or more shareholders to take a majority stake in SAS. The company also became the largest shareholder in Mexican airline Aeromexico (GRPAF.PK) in 2020 following Chapter 11 bankruptcy proceedings.

☆ Sale of Italy's MPS should help create several big banks, says Meloni
▼ + stars: | 2023-04-22 | by ( ) www.reuters.com time to read: +2 min

Monte dei Paschi (MPS), of which the government owns 64% following a 2017 bailout, is seen playing a pivotal role in the consolidation expected among Italy's mid-sized lenders. After failing to clinch a sale of MPS to UniCredit (CRDI.MI) in 2021, the government is expected to seek another bank interested in buying its stake in the Tuscan lender. The government has just decided to renew Luigi Lovaglio's mandate as MPS chief executive for another term. We confirmed Lovaglio at the helm of Monte dei Paschi, the CEO successfully led the last capital increase, and now we must work to bring Monte back to the private market," Meloni said. "The government will not intervene, it is alert to check that there are no situations that jeopardise the national interest," Meloni told the newspaper.

BRUSSELS, March 27 (Reuters) - Alitalia, the predecessor of Italian state-owned airline ITA Airways, will have to repay a 400 million-euro ($430 million) loan to the Italian government because the money breached EU state aid rules, EU competition authorities said on Monday. Italy granted the loan in 2019, two years after giving a 900 million-euro loan to keep the loss-making company operating. The European Commission, which acts as the competition watchdog in the 27-country bloc, subsequently ruled that both loans constituted illegal state aid. The Commission had in 2021 it ordered Alitalia to repay the 900-million-euro illegal loan. Successive governments pumped an estimated 10 billion euros into Alitalia to keep it afloat in its last 14 years of life, despite heavy losses and bad management.

☆ Italy's Treasury sets up new department for state-run companies
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +2 min

ROME, March 16 (Reuters) - Italy approved on Thursday a decree to create a new department at the economy ministry in charge of managing state-controlling companies such as energy groups Enel (ENEI.MI) and Eni . Economy Minister Giancarlo Giorgetti announced the scheme in January as part of efforts to tighten the government's grip on key companies dealing with some of the most delicate corporate issues facing Italy. Under the scheme, the influential Treasury department within the ministry, led by veteran economist Riccardo Barbieri, will continue to supervise public debt management, macroeconomic policies, European and international relations as well as financial regulation. The newly created "economic department" will have its own director general and will handle the decision-making process regarding state-controlled firms, public assets and public guarantees on banking loans. Rome is expected to decide on the chairperson and CEO positions of these firms by the end of next week, government sources said.

☆ Europe is trying to move from planes to trains. Here's how that's going
▼ + stars: | 2023-03-07 | by ( Miquel Ros | ) edition.cnn.com time to read: +11 min

Aviation emissions in Europe increased an average of 5% year-on-year between 2013 and 2019, according to the EU. Not surprisingly these moves have set alarm bells ringing in the aviation industry. “For many decision-makers, banning short-haul flights and showing support to the rail industry is an easy win to gain favor with the public, especially in Europe,” Montserrat Barriga, the ERA’s director general, told CNN. “Governments continue ignoring the biggest source of aviation emissions – long-haul flights, that remain unpriced and unregulated,” says T&E’s Dardenne. Better connectivity between intercity rail and airports would also reduce the need for short-haul flights.

☆ Passengers took a 16-hour flight to nowhere after their plane to New York U-turned because of an electrical fire at JFK Airport
▼ + stars: | 2023-02-17 | by ( Kate Duffy | ) www.businessinsider.com time to read: +2 min

A flight to New York headed back to New Zealand because of an electrical fire at JFK Airport. An electrical failure in the terminal caused an outage and a "small isolated fire," per JFK Airport. Passengers were rebooked onto the next available flight to JFK Airport, the spokesperson added. The power outage at JFK Airport also caused other flights to divert to their departure airports on Thursday. These included two ITA Airways flights from Milan and Rome, and a Korean Air flight from Seoul, per FlightAware.

LISBON, Feb 1 (Reuters) - Europe was entering an "inevitable" post-pandemic period of airline consolidation as legacy flag-carriers struggle to navigate through a competitive landscape, the chief executive of low-cost carrier Ryanair (RYA.I) said on Wednesday. "We are definitely, post-COVID, entering a four or five-year period of consolidation," Ryanair's Michael O'Leary told Reuters on the sidelines of a news briefing in Portugal's capital Lisbon. Many of Europe's legacy airlines are finding it tough to effectively compete with budget carriers, hampered by weak balance sheets that could be made more robust by merging with rivals, analysts have said. Lufthansa, Air France-KLM and British Airways owner IAG are potential buyers, according to analysts. O'Leary said he believed the sector in Europe would move towards having four large airlines: Lufthansa, Air France-KLM (AIRF.PA), IAG and and Ryanair.

☆ Italy, Lufthansa sign letter of intent over ITA minority stake sale
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +2 min

[1/3] Planes of German air carrier Lufthansa are parked as Lufthansa pilots start a strike over a wage dispute, at the airport in Frankfurt, Germany September 2, 2022. REUTERS/Kai Pfaffenbach/File PhotoROME, Jan 27 (Reuters) - Italy's Treasury on Friday said it had signed a letter of intent with Lufthansa (LHAG.DE) over the sale of a minority stake in state-owned airline ITA Airways, paving the way for negotiations with German carrier. Last week, Lufthansa offered to buy a minority stake in the loss-making successor of Italy's Alitalia, saying Italy was a prominent market both for business travellers and tourists. Lufthansa said on Friday it had signed the letter of intent with the Italian Ministry of Economy and Finance and ITA Airways. The new right-wing administration in Rome passed a decree in December to initially sell a minority stake through capital increases, to speed up a full divestment in ITA.

Lufthansa has offered to buy an initial minority stake in ITA, Italy's state-owned successor to Alitalia, it said on Wednesday. "This may be the next step in European airline consolidation," said Bernstein analyst Alex Irving, citing Portugal's national airline, TAP, as a prime target. Lufthansa, Air-France KLM (AIRF.PA) and British Airways owner IAG (ICAG.L) are potential buyers, analysts said. "At the same time, however, we closely monitor consolidation in the European airline market." Michael O'Leary, the outspoken CEO of fellow low-cost airline Ryanair (RYA.I), also weighed in with his predictions this week.

☆ Lufthansa Bids to Buy Stake in Alitalia’s Successor, Betting on Air Travel Recovery
▼ + stars: | 2023-01-18 | by ( Mauro Orru | Benjamin Katz | ) www.wsj.com time to read: 1 min

Lufthansa wants to expand in Italy because of its importance as one of Europe’s biggest economies and most popular vacation destinations. Germany’s Deutsche Lufthansa AG said it had submitted a bid to buy a stake in ITA Airways, the Italian carrier formerly known as Alitalia, in a bet on the continued recovery in air travel. Lufthansa said Wednesday it was seeking exclusive talks with the Italian government to initially acquire a minority stake in ITA Airways, with an option to buy the remaining shares at a later date. The move comes after a consortium including Air France-KLM Group and Delta Air Lines Inc. failed to reach a deal to buy a stake in ITA after entering talks last year.

[1/2] FILE PHOTO-Planes of German air carrier Lufthansa are parked as Lufthansa pilots start a strike over a wage dispute, at the airport in Frankfurt, Germany, September 2, 2022. REUTERS/Kai PfaffenbachROME/FRANKFURT, Jan 18 (Reuters) - German carrier Lufthansa (LHAG.DE) said on Wednesday it had offered to buy an minority stake in ITA Airways, betting on reviving the loss-making successor to Italy's Alitalia and expanding its footprint in Europe. One of the sources said it was valued at 200-300 million euros ($540 million). The new right-wing administration in Rome passed a decree in December to initially sell a minority stake through capital increases, in order to speed up a full divestment in ITA. "Acquiring ITA is one of the most challenging propositions in European aviation: the airline has been persistently loss-making," said Bernstein analyst Alex Irving.

[1/2] FILE PHOTO-Planes of German air carrier Lufthansa are parked as Lufthansa pilots start a strike over a wage dispute, at the airport in Frankfurt, Germany, September 2, 2022. REUTERS/Kai PfaffenbachBERLIN/ROME, Jan 18 (Reuters) - German carrier Lufthansa (LHAG.DE) said on Wednesday it had offered to buy an initial minority stake in ITA Airways, Italy's state-owned successor to Alitalia. Lufthansa said Italy is the most important market outside of its existing home markets and the United States, noting its prominence as both a business and tourism destination. The move comes after the new right-wing administration in Rome passed a decree in December to initially sell a minority stake through capital increases, in order to speed up a full divestment in ITA. Beside its domestic German business, Lufthansa already operates the brands Swiss, Austrian Airlines and Brussels Airlines.

☆ Lufthansa offers Alitalia heir last chance to fly
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +2 min

MILAN, Jan 18 (Reuters Breakingviews) - Lufthansa’s (LHAG.DE) boss Carsten Spohr is trying to catch Alitalia’s successor before it crashes. But Italian media and sources familiar with the situation have said the Germans could inject 300 million euros for a 40% stake. That would value ITA at 750 million euros, much less than the lofty 1.2 billion euro valuation that shipping giant MSC, a former Lufthansa ally, was prepared to pay a year ago. Bidders for Alitalia and its successor have come and gone, contributing to the Italian state burning over 10 billion euros of taxpayers’ money in multiple bailouts. Lufthansa, which considers Italy an attractive tourist market, could revamp the smaller carrier by linking it to its network of global routes.

Lufthansa declined to comment on Rome's decision to offer an initial minority stake. Some of Italy's politicians consider ITA as the heir to cultural icon Alitalia, which they want to preserve. Some also say that ITA does not have to worry so much about losing its national identity should Lufthansa take over. The Certares-led alliance was willing to pay 350 million euros for a 50% stake plus one share of the state-controlled airline, sources had said. ($1 = 0.9412 euros)Reporting by Angelo Amante in Rome and Joanna Plucinska in London; additional reporting by Giuseppe Fonte in Rome.

Search resuls for: "ITA Airways"

25 mentions found