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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.
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.
The flurry of unidentified objects that have been shot down over North America this month could bring yet another boost to aerospace and defense stocks, but investors looking to use ETFs should be aware of some key differences between the largest funds. While defense stocks have outperformed the broader market over the past year, in part due to the war in Ukraine, the latest shoot downs don't appear to have significantly moved the sector. The biggest fund on the market is the iShares U.S. Aerospace & Defense ETF (ITA) , with about $5 billion in assets under management. Another market-cap weighted fund is the Invesco Aerospace & Defense ETF (PPA) . The third fund on the market is the SPDR S & P Aerospace & Defense ETF (XAR) .
The iShares U.S. Aerospace & Defense ETF (ITA), which tracks the performance of U.S.-listed aerospace and defense stocks, rose 8.8% in 2022 and is up more than 2% this year. He said defense stocks are "one way to protect the other parts of the portfolio that are under pressure." "I'm bullish on aerospace and defense stocks, and I think those are names that should be in a longer-term portfolio. The investment bank described Moog as a "transition story" that will benefit from an "extended defense spending lift." Other South Korean stocks with exposure to the defense sector include Hyundai Heavy Industries and Daewoo Shipbuilding & Marine Engineering.
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.
[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.
China's own production of refined tin was flat year-on-year at 165,900 tonnes in 2022, according to Shanghai Metal Market. ShFE tin price, market open interest and stocksSHIFT IN POSITIONINGWhile China has reshaped tin's fundamental picture, the price recovery has forced an equally significant shift in fund positioning. Investment funds turned net short on the LME tin contract in September as the price was imploding. Tin market open interest collapsed from 102,106 to 71,218 contracts in the week before the Lunar New Year holidays, indicating a big clean-out of short positions. GOLDILOCKS PRICEThe tin price is now in the Goldilocks zone, not high enough to frighten off physical users, and not low enough to threaten existing supply.
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 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.
Messi headlines shortlist for FIFA Best Men's Player award
  + stars: | 2023-01-12 | by ( ) www.reuters.com   time to read: +3 min
Messi, along with his Paris St Germain team mate Kylian Mbappe and Manchester City's Erling Haaland, were among the 14 players shortlisted for The Best FIFA Men's Player award, the world governing body said on Thursday. Real Madrid's Karim Benzema, who won the 2022 Ballon d'Or award, is also in the shortlist. Sarina Wiegman, who led England to last year's European Championship title, is joined on The Best FIFA Women's Coach shortlist by Chelsea's Emma Hayes and Germany manager Martina Voss-Tecklenburg. Liverpool's Alisson Becker, Real Madrid's Thibaut Courtois and Aston Villa's Martinez are among the nominees for The Best FIFA Men's Goalkeeper award. FIFA also announced an 11-player shortlist for this year's Puskas Award for the "most beautiful" goal of the year, with Mbappe's spectacular volley against Argentina in the World Cup final among the nominees.
A woman drove for 10 hours through torrential rain to pick up her 78-year-old mom in Oakland. Tracy Hurst told The Mercury News her mother was stranded for 5 days by the Southwest chaos. A Southwest flight attendant located Kelly and they shared a hotel room on Monday night while her mother made the lengthy drive from Oregon in poor weather, the report added. Shobi Maynard, a 22-year-old from Cleveland, Ohio, told Insider his Southwest flight got canceled right before Christmas, so he rented a car with three strangers and drove 20 hours home. Hurst, Southwest Airlines and Oakland International Airport didn't immediately respond to requests for comment from Insider.
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.
LONDON, Dec 6 (Reuters) - The world is going to need another 50,000 tonnes of tin per year by 2030 to meet a looming surge in demand, according to the International Tin Association (ITA). The country exported 75,000 tonnes of refined tin last year with shipments running 8% higher through the first 10 months of this year. State producer PT Timah needs around two years to develop its existing tin chemical facility and longer to secure markets, Alwin Albar, chairman of the Association of Indonesian Tin Exporters, told a parliamentary hearing. China imported 22,600 tonnes of refined tin in the first 10 months of the year with Indonesian metal accounting for 19,000 tonnes. After peaking at 5,160 tonnes in September, headline LME tin stocks have fallen to 3,075 tonnes with 535 tonnes awaiting physical load-out.
[1/5] Italian Prime Minister Giorgia Meloni speaks during a news conference to present her government's first budget in Rome, Italy, November 22, 2022. Meloni, a fiery conviction politician, has often spoken out against Italy's reliance on technocrats to solve its economic problems and lambasted alleged interference from "high international finance" and "Brussels bureaucrats". During the election campaign Meloni called in vain for her predecessor Mario Draghi to freeze the sale of a majority stake in ITA. PUSHBACKDeputy Economy and Finance Minister Maurizio Leo, an adviser to Meloni, had proposed splitting his ministry by hiving off the finance department responsible for tax matters. The head of the finance department, Fabrizia Lapecorella, has asked to move to another ministry, two sources said.
Italy to press ahead with plans to sell ITA despite MSC snub
  + stars: | 2022-11-22 | by ( ) www.reuters.com   time to read: +1 min
ROME, Nov 22 (Reuters) - Italy's government will press ahead with plans to sell a majority stake in airline ITA Airways, the successor to Alitalia, Economy Minister Giancarlo Giorgetti said on Tuesday, after shipping group MSC dropped its interest. "We are open to anybody who wants to participate in the privatisation," Giorgetti told a news conference, adding ITA Airways's data room is "always open." Shipping group MSC, which had partnered with German airline Lufthansa (LHAG.DE) earlier this year to bid for ITA, said on Monday it was no longer interested in the transaction. On the other hand, a Lufthansa spokesman said last week that the German carrier was still interested in buying into ITA. The Treasury plans to privatise ITA through a direct sale while retaining a minority, non-controlling stake in the initial stage.
Lufthansa still interested in buying into ITA Airways
  + stars: | 2022-11-18 | by ( ) www.reuters.com   time to read: +1 min
BERLIN, Nov 18 (Reuters) - Lufthansa (LHAG.DE) is still interested in buying into state-controlled Italian carrier ITA Airways, a spokesman said on Friday, despite reports that its original partner in the mooted deal had pulled out. The spokesman declined to comment on reports that it had entered ITA's so-called data room to review the financial status of the company. Italy in August picked a group led by U.S. private equity fund Certares, backed by Air France-KLM (AIRF.PA) and Delta Air Lines Inc (DAL.N), for exclusive talks on buying a majority stake in ITA Airways. Complicating the situation, a senior MSC executive, Pierfrancesco Vago, told investors in Doha last week that MSC was no longer interested in ITA Airways, according to Swiss magazine Travel Inside. Certares had no contact with ITA Airways and Italy's Treasury since the end of October, a source close to the matter said.
Italy names former Treasury official to head ITA Airways
  + stars: | 2022-11-16 | by ( ) www.reuters.com   time to read: +2 min
REUTERS/Remo CasilliROME, Nov 16 (Reuters) - The Italian economy ministry on Wednesday said it would appoint former Treasury official Antonino Turicchi as chairman of state-owned carrier ITA Airways, the successor to Alitalia. At ITA Airways, he will take the place of Alfredo Altavilla, who resigned earlier this month after a clash with several board members over strategy to complete the privatisation of the airline. The exclusivity period ended last month but talks over a potential sale agreement are continuing. Confirming a Reuters report on Tuesday, the Treasury said in a statement it would appoint Turicchi at an ITA Airways shareholders' meeting on Wednesday. Turicchi had recently been indicated by political sources as a potential candidate to replace Alessandro Rivera as director-general of the Treasury.
ITA Airways to expand fleet with 39 new aircraft in 2023
  + stars: | 2022-11-11 | by ( ) www.reuters.com   time to read: +1 min
ROME, Nov 11 (Reuters) - ITA Airways will next year refresh its fleet with 39 new aircraft, allowing it to serve more long-distance destinations, the state-owned successor to Alitalia said on Friday. ITA "has underwritten all the commitments for increasing the fleet in 2023, next year 39 new generation aircraft will enter into service" including nine wide-bodied Airbus A330-900, the company said in a statement. Older aircraft will discontinue service, ITA said, stating that the upgrade will mean a 73% increase in the ASK (available seat kilometre) metric, measuring passenger carrying capacity. By the end of 2023, ITA said it will have 96 planes, half of which will be new, including the single-aisle A321Neo. ITA was established in late 2020 from the ashes of bankrupt Alitalia, and has yet to turn a profit.
DUBLIN, Nov 7 (Reuters) - Ryanair (RYA.I) on Monday predicted it would eventually become Europe's only major low-cost carrier, with Chief Executive Michael O'Leary claiming a widening gap on costs would make rivals easyJet (EZJ.L) and Wizz (WIZZ.L) takeover targets. "Europe is inexorably moving towards a similar out-turn as North America where you will have three very large, somewhat higher cost, high-fare connecting carriers, and one very large low cost carrier" in Ryanair, O'Leary said. Wizz chief executive Jozsef Varadi, who has always maintained his cost base is comparable to Ryanair's, last week said he did not see his airline as a takeover target. But he said the British airline was being forced by Ryanair to retreat in other markets like Italy and Portugal. Wizz, O'Leary said, was making progress with expansion in the Middle East but was retreating in the face of Ryanair expansion in some parts of its core central and eastern Europe region.
Amid the tough backdrop, Minerd shared two areas where he thinks investors can find return. "That's a much better place to go with your money than the stock market," Minerd said. "If you look at defense stocks year-to-date, they're generally high. And so I think there's a lot more upside in defense stocks, both relatively in the short run and in the next five years." Funds like the SPDR S&P Aerospace & Defense ETF (XAR) and the iShares U.S. Aerospace & Defense ETF (ITA) offer diversified exposure to defense stocks.
Factbox: Companies potentially affected by Italy's election
  + stars: | 2022-09-25 | by ( ) www.reuters.com   time to read: +5 min
A woman walks at a polling station during the snap election in Rome, Italy September 25, 2022. read moreHere is a list of companies that could be affected by the outcome of the election. The change of government and calls by Meloni to revisit Italy's national recovery plan could threaten Italy's ability to meet the commitments to which European Union post-pandemic funds are tied. Brothers of Italy welcomed CDP's decision to wait for the election before filing its non-binding bid for TIM's network. read moreBrothers of Italy has called for the new government to be allowed to make a final decision on ITA.
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Total: 25