profits
Delta Airlines has recently revealed that it is expecting a $100 million (€91.85 million) loss in revenue due to the Paris Olympics, as most tourists and travellers choose to give the French capital a miss due to the excessive crowds and high prices that the event is likely to witness. Delta, which also has a joint venture with France’s national carrier Air France, is currently one of the major US airlines providing a regular service between the US and Paris. Apart from tourists and spectators actually going to Paris for the Olympics, most other travellers who are looking for a summer getaway ...
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Several of Britain’s private equity managers and firms may be contemplating a move abroad, in anticipation of the new Labour government’s proposed changes to tax law. It's understood that the new chancellor, Rachel Reeves, wants to close a tax loophole that allows private equity fund managers to pay a lower capital gains tax rate of 28% on all profits earned, rather than the usual income tax of 45%. This is mainly due to private equity managers often investing their own money alongside businesses and entrepreneurs into funds, as well as accepting relatively lower salaries for years, until a fu...
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Luxury giant Mulberry has dispensed with the services of chief executive officer (CEO) Thierry Andretta because of falling sales and a sharp deteriorating in its share price. Andretta is to be replaced by Andreas Baldo, previously chief executive of Ganni, a mid-range luxury brand. He has also worked at Coccinelle and Marni Group. Andretta had been with Mulberry since 2015, having previously worked at rival brands LVMH and Kering. Since its establishment in 1971, Mulberry has been a staple on the British high street, including celebrity names such as Cara Delavigne, Kate Moss, Lana Del Ray and...
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“We once had a client who said, ‘you can’t be green if you’re in the red.’ I think that’s a really important way to think about things,” said Amy Brachio, Global Vice Chair, Sustainability, at consultancy firm Ernst & Young (EY). How can businesses be both profitable and sustainable?Speaking at the Cannes Lions Festival of Creativity, Brachio told Euronews Business that the idea of creating an economy in which business, people and the planet can all thrive is currently “out of balance” with the reality of today. "When you look at 2024, and what it means, businesses have to deal with a lot toda...
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Chief executives of major US companies saw their pay leap nearly 13% last year, soaring way ahead of their workers, according to data analysed on behalf of AP news agency. That was considerably higher than amounts earned by workers who are feeling the strain on their budgets because of inflation. The average pay packet for CEOs rose to $16.3 million (€15 million), up 12.6%, according to the Equilar data. Meanwhile, wages and benefits awarded to private-sector workers rose a much more modest 4.1% over the same period. That means an employer would need to work around 200 years to earn the same a...
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In results released today, Iliad reported a 56.2% rise in profits for the three months to the end of March, which came in at €93 million. EBITDAaL, earnings before interest, taxes, depreciation and amortisation after leases, was recorded at €878 million euros, a jump of 12.2%. Underlying these strong profit figures, meanwhile, were robust revenues, which rose 11.2% over the quarter to €2.43 billion. Looking forward, Iliad also confirmed its €10 billion revenue target for 2024 and added that it hopes to become Europe's fifth-largest mobile operator this year. "The first quarter of 2024 marked a...
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Generali, one of Italy's biggest insurance companies, has reported a 5.5% increase in operating profits to €1.9 billion for its first quarter of 2024. The company says the rise was mostly due to the continuing robust performance of every business division. Adjusted net profit came in at €1.1 billion for the same period, a drop of 9% from the €1.2 billion seen for the same time last year. Gross written premiums surged to €26.4 billion, an increase of 21.4% that was boosted mainly by the property-casualty insurance and life insurance divisions. Life insurance net inflows reached €2.3 billion, dr...
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German banking giant Commerzbank saw its best net result in more than 10 years, as its customer business continued to see robust performance. The current high interest rate environment also contributed significantly to these figures. Operating profit for the first quarter of the year surged to €1.08 billion, up from €875 million for the same period last year, while net profit reached €747 million, up from €580 million. Total revenue came in at €2.7 billion up from €2.6 billion on last year. Net interest income rose to €2.1 billion from €1.9 billion on Q1 of last year. Net commission income was...
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Europe's largest insurer Allianz revealed an increase in business volume of more than 5% for the first three months of the year, achieving a double-figure rise in net income for its shareholders. The German firm's net profit was €2.6 billion, 21.8% higher than the year before, with core earnings per share rising to €6.42 from €5.43 last year. Operating profit was up by 6.8% at €4 billion, driven by a stronger than expected result in its property-casualty segment, which benefited from higher prices and relatively benign claims from natural catastrophes and higher investment income. Munich Re st...
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Shares in Bayer AG took a fall in early trade after the after the pharmaceutical company reported shrinking sales and earnings from the first three months of 2024, although the latter came in above expectations. Shares later recovered. Quarterly earnings before interest, taxes, depreciation and amortisation (EBITDA), before special items were down 1.3% to €4.4 billion. Analysts estimated €4.15 billion. Group sales dropped to €13.7 billion, a 0.6 % drop on a currency and portfolio adjusted basis compared with the previous year. Bayer's report blamed a negative currency effect for €525 million o...
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