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[1/3] An Air France aircraft, operated with sustainable aviation fuel (SAF) produced by TotalEnergies, is refueled before its first flight from Nice to Paris at Nice airport, France, October 1, 2021. Sustainable aviation fuel, or SAF, is typically made using biomass-based feedstocks such as soybean oil and used cooking oil. Honeywell said its process can reduce greenhouse gas emissions by 88% compared with traditional petroleum-based jet fuel. SAF is typically two to four times costlier than petroleum-based jet fuel. The United States produces around 24.7 billion gallons of petroleum-based jet fuel annually.

☆ Big U.S. firms adopt cautious tone on China recovery
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +3 min

In April, China's imports contracted sharply, underscoring signs of weak domestic demand as a battered property market, worries over job stability and global economic uncertainty kept shoppers wary. "We grew mid-single digits in China, which had previously been a double-digit growth market for us pre-pandemic. "Consumer confidence remains weak and shaken because many Chinese faced job and salary cuts in 2022 and Chinese New Year bonuses in 2023 were low," said Shaun Rein, managing director at China Market Research Group. Still, a rapid recovery in domestic travel demand propped up sales at hotels. "China will be a growth driver for many multi-national companies but will not be at the high growth rates many analysts predict," China Market Research's Rein said.

☆ Tempur Sealy seeks sales bounce with $4 bln deal for Mattress Firm
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +2 min

Shares of Tempur Sealy, which said the deal was expected to be closed in the second half of 2024, were down 3% in premarket trading. Lexington, Kentucky-based Tempur Sealy will pay around $2.7 billion in cash and $1.3 billion in Tempur stock issued to Mattress Firm shareholders, the companies said. After deal closure, Mattress Firm would operate as a separate business unit within Tempur Sealy. Tempur Sealy expects the deal to add to adjusted per-share earnings before synergies in the first year post-close. Tempur Sealy, which separately reported first-quarter sales in line with Wall Street estimates, said it would also expand its board and appoint two Mattress Firm directors once the deal closes.

CNN —It’s a city at the forefront of modern culture. CNNYouTube sensation Jaejae is perhaps the best-qualified person in Seoul to help understand this phenomenon and how it has come to pass. It is here where US and South Korean forces maintain a major base and where former US President Donald Trump met with North Korean leader Kim Jong-un in 2019. Yet the worries that arise from it continue to dominate Korean life, with missile tests and the threat of war never feeling that far away. This patriotism, combined with pride in all things K-Pop, K-Drama and Newtro all go towards making Seoul a city like no other.

The buyout consortium has turned to other private equity firms to help fund the deal as direct lenders, one of the sources added. There is no certainty that Warburg Pincus and Advent will successfully complete negotiations to acquire the unit and Baxter may still opt to sell to another bidder or keep the business, according to the sources. Baxter, Warburg and Advent did not immediately respond to requests for comment. Baxter's biopharma solutions unit supports drugmakers in the formulation, development and commercialization of drugs typically given by infusion or injection, such as biologics and vaccines. The company said dialysis operations, which are a part of Baxter's renal care unit, had become a drag on its margin.

☆ There's big problems with the way the Kremlin drone incident went down, and war experts say Russia 'likely staged' it
▼ + stars: | 2023-05-04 | by ( Mia Jankowicz | ) www.businessinsider.com time to read: +5 min

However, a US think tank has said it was "likely" a Russian false flag operation. As military experts told Insider, many details of the incident — and ultimate responsibility for it — remain unconfirmed as of Thursday. The think tank pointed to geolocated images of Russia installing advanced Pantsir surface-to-air missile defense systems around Moscow earlier this year. The Russian defense ministry is also working to further bolster these capabilities by year-end. The Russian Defense and Foreign Ministries did not immediately respond to Insider's request for comment.

U.S. hotel operators who have been grappling over the past year with an uneven recovery in Chinese demand are now benefiting from pent-up-demand throughout Asia Pacific, particularly in Greater China. "While macroeconomic uncertainty persists, it has not weighed on travel demand to date. In fact, demand continued to rise across all customer segments in the quarter," Marriott CEO Anthony Capuano said on a call with investors. In the Greater China region RevPAR rebounded to 95% of pre-pandemic levels during the quarter while Mainland China RevPar fully recovered to 2019 levels. "First quarter hotel performance came in a bit better than expected and will likely be the high-water mark for the year," said CoStar Group National Director of Hospitality Analytics Jan Freitag.

☆ Restaurant Brands beats quarterly estimates on higher pricing, traffic
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +2 min

May 2 (Reuters) - Restaurant Brands International Inc (QSR.TO) beat Wall Street estimates for first-quarter revenue and profit on Tuesday, boosted by higher prices and increased traffic at its Burger King and Tim Hortons chains. Restaurant Brands' Burger King chain has been able to attract younger customers to its restaurants through a newly released viral "Whopper Whopper" jingle. Restaurant Brands in February named its chief operating officer, Joshua Kobza, as CEO in a turnaround plan for its struggling Burger King brand. According to location analytics firm Placer.ai, Burger King saw positive week-over-week visit growth for the majority of weeks since January 2023. Excluding items, Restaurant Brands earned 75 cents per share, compared with estimates of 64 cents, according to Refinitiv IBES data.

☆ Marriott raises full-year profit forecast on strong travel demand
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +1 min

May 2 (Reuters) - Marriott International Inc raised its full-year adjusted profit forecast on Tuesday, as the U.S. hotel operator benefits from pent-up demand for leisure and business travel. Flexible work arrangements have fueled travel demand and helped hotel operators to improve their margins after they took a beating during the pandemic. The travel industry has also benefited in the last few quarters from a strong U.S. dollar. The company expects full-year adjusted profit between $7.97 and $8.42 per share, compared with its prior forecast of $7.23 to $7.91. Reporting by Priyamvada C in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ Futures slip ahead of Fed meet; U.S. debt ceiling jitters dent mood
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +3 min

The U.S. central bank is expected to deliver a 25 basis-point interest rate increase on Wednesday and then hold rates steady for the rest of 2023, according to economists in a Reuters poll. However, with inflation running well over the central bank's 2% target and a still-strong labor market mean chances of rate cuts seem less likely. Denting sentiment, Australia's central bank raised its cash rate by 25 basis points when traders were expecting an extended pause, citing too high inflation and warning of even higher rates. ET, Dow e-minis were down 72 points, or 0.21%, S&P 500 e-minis were down 7 points, or 0.17%, and Nasdaq 100 e-minis were down 1 points, or 0.01%. Educational services company Chegg (CHGG.N) slumped 44.7% on a downbeat second-quarter revenue forecast on increasing competition from ChatGPT.

☆ Starbucks, Ford, Apple Lead Another Busy Earnings Week
▼ + stars: | 2023-04-30 | by ( Sabela Ojea | ) www.wsj.com time to read: 1 min

Starbucks is set for its first quarterly report under its new president. Photo: Mark Hertzberg/Zuma PressApple Inc., Marriott International Inc. and Starbucks Corp. are among the companies that will report quarterly results in coming days, offering a closer look at consumer spending habits in a slowing economy. Ride-hailing company Uber Technologies Inc., auto maker Ford Motor Co. and pharmacy chain CVS Health Corp. are also scheduled to report, as consumers face steady price increases and inflation shows few signs of retreating.

☆ Russian pilots trying to ‘dogfight’ US jets over Syria, US Central Command says
▼ + stars: | 2023-04-29 | by ( Oren Liebermann | ) edition.cnn.com time to read: +3 min

CNN —Russian pilots are trying to “dogfight” US jets over Syria, according to a spokesman for US Central Command, part of a recent pattern of more aggressive behavior. The attempts have happened in several of the most recent instances of aggressive behavior from Russian pilots, Col. Joe Buccino said. A video released by US Central Command from April 2 shows a Russian SU-35 fighter jet conducting an “unsafe and unprofessional” intercept of a US F-16 fighter jet. That also includes 26 instances in which armed Russian jets flew over US and coalition positions in Syria. Russia subsequently presented state awards to the pilots of the Russian jets.

☆ Global Executives Say Greenwashing Remains Rife
▼ + stars: | 2023-04-13 | by ( Rochelle Toplensky | ) www.wsj.com time to read: +4 min

Most global executives think greenwashing is widespread in their industry, and despite customers becoming more vocal about preferring sustainable brands, many companies are cutting corners on their environmental, social and corporate governance initiatives. PREVIEWThe risk of greenwashing is increasing with crackdowns on overstated green claims on both sides of the Atlantic. Despite that threat, the figures are consistent with last year’s findings: Nearly 60% say their own organization is overstating its sustainability methods. Nearly three-quarters of executives said they want to advance sustainability efforts but don’t actually know how to go about doing it. Most executives surveyed—85%—said customers and clients are becoming more vocal about their preference for engaging with sustainable brands.

☆ Air Canada CFO Kazzaz to retire, ex-Bombardier exec Di Bert to take over
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +1 min

April 11 (Reuters) - Air Canada (AC.TO) said on Tuesday that Chief Financial Officer Amos Kazzaz would retire at the end of June and be replaced by former Bombardier Inc (BBDb.TO) executive John Di Bert. Di Bert, who has served as CFO for both Bombardier and Pratt & Whitney Canada, will assume the role at Air Canada on July 1. The change comes at a time when Air Canada, like other North American carriers, faces cost pressures due to a labor shortage amid a rebound in travel. Toronto-listed shares of Air Canada were up about 2% on Tuesday. Reporting by Pratyush Thakur in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

[1/2] The new GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. Many teem with lithium, calcium and other minerals, and DLE technologies aim to separate out the lithium and leave the rest. LITHIUM METAL FROM BRINEEnergyX has said its technology can make lithium metal directly from brine, a tantalizing prospect for GM that could let the automaker bypass lithium refining, which is widely seen as a key supply chain bottleneck. The EnergyX investment comes after GM in January agreed to pay $650 million to become the largest shareholder in Lithium Americas Corp (LAC.TO), which is developing the Thacker Pass clay lithium project in Nevada. "This GM investment will completely change the trajectory of EnergyX," said Teague Egan, the startup company's founder and chief executive.

And that has the impact of postponing some announcements," said Anu Aiyengar, global head of M&A at JPMorgan Chase & Co (JPM.N). M&A volumes dropped 44% to $282.7 billion in the U.S. and 70% to $81.87 billion in Europe. Reuters Graphics"Having a well-functioning financing market is a critical ingredient for M&A. Global M&A volumes in Q1 2023LACK OF CONFIDENCEThe depressed market valuations also presented an opportunity for prominent activist investors to launch new proxy fights, with dealmakers anticipating a boost to M&A volumes from activist campaigns in the coming quarters. "Inflationary pressures aren't subsiding as fast as people expected; there's still a lot of geopolitical tensions, and in a lot of ways, the disruption in the financing market is intensifying," Langston said.

☆ Cybersecurity Workers Demand Higher Salaries
▼ + stars: | 2023-03-28 | by ( Catherine Stupp | ) www.wsj.com time to read: +6 min

Cybersecurity chiefs are struggling to find employees they can afford, as sought-after job seekers ask for higher salaries. Challenging economic conditions have added a new layer of difficulty for companies around the world that have grappled with a growing shortage of cybersecurity workers. Multinationals including McDonald’s Corp. are seeking more cybersecurity job applicants, including people from nontraditional backgrounds, by removing cyber certifications and degree requirements from many job listings. Newsletter Sign-up WSJ Pro Cybersecurity Cybersecurity news, analysis and insights from WSJ's global team of reporters and editors. In Europe, with companies competing for a small pool of cybersecurity workers, job seekers are looking for flexible work conditions in addition to higher salaries.

☆ Pressured to Cut Plastic Use, McDonald’s Aims to See What Works and What Doesn’t
▼ + stars: | 2023-03-27 | by ( Dieter Holger | ) www.wsj.com time to read: +6 min

The McDonald’s report will draw on those experiences and others to assess the opportunities, risks and environmental impact of reusables, a McDonald’s spokeswoman said. PREVIEWMcDonald’s commissioned an industrywide study on reusable packaging in Europe that published in February. Write to Dieter Holger at dieter.holger@wsj.comCorrections & AmplificationsMcDonald’s Corp. doesn’t put individual burgers in reusable containers for meals served in its French outlets. Separately, in Germany, reusable containers are available on request for drinks and ice cream. An earlier version of this article didn’t specify which items were available in reusable packaging in Germany.

☆ McDonald’s to Study Pros and Cons of Reusable Packaging
▼ + stars: | 2023-03-27 | by ( Dieter Holger | ) www.wsj.com time to read: +6 min

The McDonald’s report will draw on those experiences and others to assess the opportunities, risks and environmental impact of reusables, a McDonald’s spokeswoman said. PREVIEWMcDonald’s commissioned an industrywide study on reusable packaging in Europe that published in February. “Reusable packaging is one potential solution when applied correctly, but sustainable packaging is complicated,” said John Blake, senior director analyst at Gartner Inc.’s supply chain practice, who wasn’t involved in the report. Although no large-scale reusable packaging laws exist in the U.S., a handful of states including California and Colorado have placed producer-paid fees on disposable packaging to boost recycling rates. “We continue to learn from our reusable packaging system pilots and are focused on implementation of our policy to address this important issue,” a Yum spokesman said.

The remainder was equity checks by the private equity firms. Typically, debt accounts for between 60% and 80% of the deal consideration, allowing the buyout firms to juice returns. REFINANCING RISKTo be sure, a handful of private equity firms have already been accustomed to this kind of refinancing risk. An upside to the shift toward equity financing, dealmakers say, is that the companies owned by the private equity firms have more cushion to absorb losses if their business deteriorates. Many of the leveraged buyouts that became bankruptcies in the wake of the 2008 financial crisis were the result of private equity firms saddling companies with debt to the hilt.

March 20 (Reuters) - U.S. scientific instruments maker Thermo Fisher Scientific Inc (TMO.N) and South Korea's Celltrion Inc (068270.KS) are among those competing to acquire the biopharma solutions business of medical device maker Baxter International Inc (BAX.N), according to people familiar with the matter. Baxter, which has a market value of $19 billion, had total debt of $16.6 billion as of the end of December. Private equity firms, including KKR & Co (KKR.N) and Carlyle Group (CG.O), have also expressed interest in the Baxter business, the sources said. Baxter said in January it was exploring alternatives for its biopharma solutions business and would also spin off its kidney care units. Baxter's biopharma solutions unit supports drugmakers in the formulation, development and commercialization of drugs typically given by infusion or injection, such as biologics and vaccines.

☆ Honeywell company veteran Kapur to replace Adamczyk as CEO
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +1 min

He has held several key positions in the company, including CEO of its building technologies as well as performance materials and technologies units. Kapur also oversees the company's operating model, Honeywell Accelerator, which uses various tools, processes and best practices to improve efficiency. Adamczyk, who has been Honeywell's CEO since 2017, will continue to serve as executive chairman and draw a base salary of $1.3 million, the company said in a regulatory filing. Kapur's base salary as CEO will be $1.5 million, Honeywell said. They have risen 61% since Adamczyk became CEO.

☆ AI Food Startup NotCo Hires Activision’s Fernando Machado as CMO
▼ + stars: | 2023-03-13 | by ( Patrick Coffee | ) www.wsj.com time to read: +1 min

NotCo co-founder and Chief Executive Matias Muchnick, right, with Chief Marketing Officer Fernando Machado. Mr. Machado will develop a marketing plan to help the plant-based food startup break through into the U.S. market, according to Mr. Muchnick. The Not Co. or NotCo, a Chilean startup that uses artificial-intelligence technology to produce plant-based foods that mimic dairy and meat products, has hired Fernando Machado as chief marketing officer. He succeeds Flavia Buchmann, who left the company in late 2022. NotCo has also brought on an unnamed U.S. general manager to work alongside Mr. Machado and will announce that hire in the coming weeks, according to a company spokeswoman.

☆ SAP-controlled Qualtrics accepts $12.5 bln offer from Silver Lake, CPPIB
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +1 min

March 13 (Reuters) - Qualtrics International Inc (XM.O) said on Monday it will go private after the customer survey software maker's controlling shareholder, SAP SE (SAPG.DE), accepted a $12.5 billion bid from an investor consortium led by Silver Lake and Canada Pension Plan Investment Board (CPPIB). SAP agreed to the consortium's $18.15-per-share offer for Qualtrics, saying it would get about $7.7 billion for its stake. Qualtrics said earlier this month it would negotiate on an exclusive basis with Silver Lake and CPPIB until March 15 to see whether a deal could be finalized. Silver Lake Partners currently holds a 13.94% stake in Qualtrics. In 2018, SAP bought Qualtrics for $8 billion and three years later listed it in New York.

☆ Silver Lake and CPP Investments to acquire Qualtrics for $12.5 billion
▼ + stars: | 2023-03-13 | by ( Ashley Capoot | ) www.cnbc.com time to read: +2 min

Silver Lake and CPP Investments on Monday announced plans to acquire Qualtrics for $12.5 billion, marking the second time the survey software company has been bought in less than 5 years. The companies will acquire 100% of Qualtrics' outstanding shares, according to a statement released Monday. This includes the majority ownership interest of SAP, which acquired Qualtrics for $8 billion in 2018. The all-cash deal has been approved by Qualtrics' board of directors and a Qualtrics committee of independent directors, according to the statement. "I couldn't be more excited for this step in our journey," Ryan Smith, who serves as the company's Executive Chairman, said in the statement.

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