‘Pokémon Go' Maker Nears $3.5 Billion Deal to Sell Games Unit
Niantic Inc., the company behind the 2016 hit Pokémon Go, is in talks to sell its video-game business to Saudi Arabia-controlled Scopely Inc., according to several people familiar with the discussions.
A deal could be announced in coming weeks. The price being discussed is about $3.5 billion, according to one of the people. Any agreement would involve the Pokémon title as well as other mobile games, according to the people, who asked not to be identified because the discussions are private. There's no assurance an agreement will be reached.
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Skift
3 hours ago
- Skift
Flyadeal CEO on Its Unconventional Playbook for Scaling the Saudi Airline
Saudi Arabia's Flyadeal is surely rewriting the low-cost rulebook. From widebody orders to a rare partnership with Cebu Pacific, this domestic darling is now eyeing global scale, all without losing sight of its lean, point-to-point roots. Flyadeal, the budget subsidiary of Saudi Arabian national carrier Saudia, is keen to reshape what it means to be an LCC in the Middle East. By 2030, flyadeal plans to triple its fleet size to over 100 aircraft and also increase its network three-fold to more than 100 destinations. Two weeks ago, Flyadeal and Cebu Pacific signed a deal to wet-lease two Cebu Pacific A320s for Saudi Arabia's busy summer season. In return, Cebu Pacific may take Flyadeal A320s for Southeast Asia's winter peak. This kind of reciprocal wet-leasing arrangement is rare in low-cost aviation. CEO Steven Greenway references the Sunwing-TUI model from Canada and Europe as a blueprint: 'They were one of the very few to do it… So that's the model I sort of see as my Northern Light.' The Flyadeal-Cebu Pacific partnership also opens doors to collaboration in maintenance, engineering, and training. But for now, both carriers are focused on executing the summer operation successfully before expanding the scope. 'I'd love to have 10 aircraft of Cebu Pacific in my fleet by next year,' said Greenway. Flyadeal CEO Steven Greenway. Widebody Order and Long-Haul Ambitions Flyadeal's decision to order 10 Airbus A330neo widebodies, with 10 more on option, is a clear signal that it's ready to compete on longer routes. The airline has already been operating wet-leased widebodies on routes from Europe to Africa and Asia, which has helped it prepare operationally. 'We understand the economics, we understand the operation… if it's our own aircraft, our profitability margins will be far, far superior,' said Greenway. The new aircraft will carry 420-440 passengers each, with a focus on volume-driven markets such as pilgrim traffic and labor flows into Saudi Arabia. Greenway also stressed crew and fleet commonality to keep training and operational costs low: 'Our Airbus aircraft are the same… we can get a pilot on a 320 and move over to a 330 with 10 days training.' The long-haul plan aligns closely with Saudi Arabia's Vision 2030. While Greenway is careful to note there's no formal government directive for flyadeal, he says the environment is supportive: 'It's more like a carrot approach — how can we help you, how can we build this together?' Flyadeal to Commence Flights to Syria One of flyadeal's boldest steps this year could be its planned entry into Syria, with flights potentially launching as soon as July. As diplomatic and trade barriers begin to ease, the airline is positioning this move as both a humanitarian response and a smart business decision. 'There are 2 million Syrians, who haven't been able to go home because of the war, and that's unacceptable,' said Greenway. 'We want to be part of the reconstruction effort for Syria. If we don't start going in, someone else will.' Most international carriers pulled out of Syria during the civil war, which began in 2012. Before the conflict, more than a dozen global airlines flew to Damascus. But that changed with years of unrest and sanctions. Last month, the U.S. government relaxed sanctions on Syria following President Donald Trump's visit to Saudi Arabia. Qatar Airways resumed flights to Damascus earlier this year. Turkish Airlines followed shortly after, and Emirates plans to restart service from mid-July. With its large domestic network and narrowbody fleet, flyadeal sees an opening. According to Greenway, Flyadeal's A320s can directly connect Saudi Arabia with secondary Syrian cities that larger carriers often overlook. 'One way of rebuilding the country, at least part of it, is providing connectivity into the country,' Greenway said. How Flyadeal Is Building for Scale While flyadeal is growing fast, it's doing so with discipline, according to its CEO. 'Our fleet only grew 19% yet our number of flights on a daily basis grew 54%,' Greenway explained. 'We're squeezing more out of our assets every day. Utilization is going up. Unit cost is going down.' That efficiency is driven by investments in back-end systems, from crew rostering to enterprise resource planning, geared to support long-haul operations and future growth. Flyadeal's ambition isn't to become a legacy-style global carrier, but rather a regional carrier that extends its reach through targeted international connections. 'We'll still be the point-to-point for a lot of stuff, particularly domestically,' said Greenway. 'But internationally, a lot of it will be connecting — either onto us or onto Saudia (the parent airline).' That means more secondary city routes, more synergy with Saudia's hubs, and using long-haul aircraft not just for tourism, but also for vital connectivity across Asia, Africa, and the Middle East. Flyadeal CEO Steven Greenway at Skift Global Forum East 2024
Bloomberg
4 hours ago
- Bloomberg
With Friends Like Brazil, OPEC+ Doesn't Need Enemies
The Brazilian coffee and oil industries have something in common. Espresso connoisseurs know the country's coffee production follows a natural biennial cycle, alternating periods of low and high output. One year, the trees funnel most of their energy into growing new branches; another, into producing fruit. The country's oil industry also appears to follow similar cyclicality, even if arbitrarily. Disappointing years, when growth underperforms even the most pessimistic expectations, are quickly followed by spectacular expansion periods. After a very poor 2024, the Latin American oil giant is entering one of those phases of rapid growth. On current trend, Brazil will become the second-largest source of incremental non-OPEC+ oil production this year, only behind the US and ahead of Guyana, the other South American oil star that typically gathers more attention, and Canada. The timing couldn't be worse for OPEC+, already battling with an oversupplied market and falling prices. For some time, the Saudi Arabia-led oil cartel has tried to pull Brazil into its orbit, knowing that the latter nation was becoming a huge rival to its efforts to keep oil prices inflated. But all OPEC+ overtures — to successive right- and left-wing governments in Brasilia — have failed. The most Riyadh has achieved is for Brazil to cement its freeriding status: Since February, it's been a formal member of the group's so-called declaration of cooperation, joining the likes of Russia and Kazakhstan, which formed an alliance with OPEC+ nearly a decade ago. But unlike them, Brazil isn't bound by any production obligations. Effectively, it got everything it wanted: access, influence and intelligence about what other oil nations are up to without giving away anything. That the cartel accepted the deal speaks volumes about its desperation to keep ties with Brazil alive. With friends like Brazil, OPEC+ doesn't need any enemies. The Latin American nation will add about 450,000 barrels a day of extra production in 2025 and 2026, equal to about a quarter of incremental demand during the period. The increase nearly matches the record 490,000 barrels a day it added in the 2022-2023 period. With a bit of luck, Brazil may even post its fastest growth period ever. Differing from the US shale industry, where low oil prices quickly translate in less drilling, Brazilian petroleum production is largely immune to short-term changes in oil prices. Whatever the cost of Brent in 2025 and 2026, the extra Brazilian barrels are coming. Only future projects, perhaps as late as 2028 and 2029, would be affected. For now, state-run Petroleo Brasileiro SA and its foreign partners plan to develop a string of offshore oilfields, including the multiphase Buzios oilfield, which is on track to become Brazil's largest by output, overtaking Tupi. Other notable developments include the Mero and Bachalao oilfields, where Shell Plc, TotalEnergies SE and Equinor ASA hold stakes. The oil market went into 2024 also holding high expectations for Brazilian output. But a combination of delayed drilling approvals due to a strike by environmental officials, supply-chain glitches and widespread maintenance meant that production fell to an annual average of 3.44 million barrels a day, down from 3.49 million in 2023. Excluding the period during the Covid-19 pandemic, it was the largest annual decline in at least 25 years. Understandably, the events of last year meant the market felt some trepidation about betting that Brazilian output will grow this year. By now, however, it's clear a boom is following the bust. The strike by officials at the Brazilian Institute of the Environment & Renewable Natural Resources, which President Luiz Inácio Lula da Silva has described as 'a government agency that seems to be against the government,' ended last June, opening the door to drilling. Petrobras, as the national oil company is known, has largely solved its supply-chain problems, as it started to order kit well ahead of when it needs it. And the extended maintenance of last year means that Brazilian oilfields need less annual work this time.
Yahoo
7 hours ago
- Yahoo
Pa. House passes bill to raise the minimum wage
The state Capitol in Harrisburg. (Capital-Star file) The state House voted along party lines Wednesday to raise the minimum wage to $15 for most Pennsylvanians, and to $12 for those working in smaller, rural counties. It's a significant step in the latest effort by Democrats to get it above the federal rate of $7.25. Pennsylvania's minimum wage has not been hiked since 2008 and is lower than all surrounding states — New York, Ohio, New Jersey, West Virginia, Maryland and Delaware. The measure's sponsor, House Labor and Industry Committee chair Jason Dawkins (D-Philadelphia), said the bill is in an attempt to compromise with Republicans who have long warned about the potential impacts on businesses, especially in smaller counties with a lower cost of living. 'Since I've been chair, we've been trying to figure out a different approach to get this done,' Dawkins told the Capital-Star. 'This time around, we had a little bit more insight into where our challenges lie, one particularly being that some of our counties were worried about moving too quickly, and some were not comfortable going over $12.' SUPPORT: YOU MAKE OUR WORK POSSIBLE A previous bill sponsored by Dawkins passed the House in 2023, but died in the Republican-controlled Senate. And in 2019, the Senate passed a Democratic-led bill to raise it to $9.25, which died in the then-GOP-controlled House. Dawkins' latest bill would see the minimum wage rise gradually each year, reaching $15 in most counties on Jan. 1, 2028. It would also raise the tipped minimum wage from $2.83 to 60% of the minimum. Counties with populations below 210,000, with the exception of Centre, Monroe and Pike counties, would only see the minimum wage rise to $12 in the same timeframe. A spokesperson for the House Democratic Caucus said the three smaller counties were put in the $15 bracket at the request of Democratic members who represent them. One exception to the gradual rise to $15 would be Philadelphia County, which Dawkins represents. There, the minimum wage would rise to $15 on January 1, 2026. 'Philadelphia has the highest population of folks who are in what we call deep poverty levels,' Dawkins said. He added there is particular urgency given the possibility some of those people may lose access to federal benefits like Medicaid and food assistance under a proposed bill moving through the GOP-controlled U.S. Congress. 'We wanted to have some type of safety net there because we know those folks might be losing benefits and other services,' he said. But Dawkins' attempt to offer an olive branch to GOP lawmakers in the form of gradual wage hike and a lower target in small counties appears to have failed in his own chamber. Every House Republican voted against the bill, and many criticized it during a two-hour debate on the floor Wednesday afternoon. 'Not every wage is designed to be a livable wage,' Minority Leader Jesse Topper (R-Bedford) 'My 16-year-old son is not working for a livable wage. Someone who is retired and is helping out part-time, that is not necessarily a livable wage.' He also warned that raising the minimum wage could result in the elimination of low wage jobs and harm small businesses in particular. Others opposed the very provisions Dawkins said were intended to earn bipartisan support. Rep. Kate Klunk (R-York) warned that creating different minimum wages across counties could lead to confusion for businesses that cross county lines, or encourage business owners to set up shop where the wage is lower. 'This county-based patchwork of minimum wages is going to be a mess,' Klunk said. She used examples of businesses with locations in York and Adams counties as examples, including golf courses that straddle the border between them. 'This bill is truly unworkable,' she said. 'It is a compliance nightmare.' Rep. Mike Jones (R-York) was one of few Republicans to signal openness to raising the minimum wage during debate, but said he could not support Dawkins' bill. 'I do commend the majority chair for what I think is a good faith attempt at a reasonable compromise,' he said. However, he added that he would want to see exceptions to the minimum wage for nonprofits and high-school aged employees. 'Potential to find middle ground' To become law, the bill will have to pass the Republican-controlled Senate. Senate Majority Leader Joe Pittman (R-Indiana) said that there may be room for compromise on a minimum wage increase, especially if paired with Republican-backed deregulation efforts he said could help grow 'maximum wage jobs.' 'Making sure working families have access to good, family-sustaining jobs is key to helping our commonwealth grow and thrive,' Pittman told the Capital-Star in a statement. 'There is potential to finding [sic] a middle ground for an increase, but any possible action would need to be a commonsense adjustment, and sensitive to the impact changes would have on small businesses and non-profit organizations.' Republican Sen. Dan Laughlin (R-Erie), who has previously introduced a bill to raise the minimum wage to $15, commended the House's effort, but said he would not support a bill with a county-by-county approach. 'While I appreciate that the House is trying to advance the conversation, I do not support HB 1549 in its current form,' Laughlin said in an emailed statement. 'A minimum wage tied to county size just deepens the economic divides we're supposed to be addressing. If we're going to get serious about raising the minimum wage, we need to do it uniformly across the state, not with a patchwork approach that leaves people behind based on where they live.' Laughlin was an early Republican supporter of raising the minimum wage to $15 in Pennsylvania. But national trends may indicate more openness from members of his party this time around. On Tuesday, conservative U.S. Sen. Josh Hawley (R-Missouri) introduced a bill to raise the minimum wage to $15 for all Americans. He told NBC News, 'If we're going to be a working people's party, we have to do something for working people. And working people haven't gotten a raise in years. So they need a raise.' His comments reflect an openness to his party's increasing appeal to working class voters that was made apparent in the latest general election, which saw them move away from their traditional support of Democrats. Dawkins, the Pennsylvania bill's sponsor, is also aware of the shift, and hopes that it will help the bill earn the support that it needs to pass. 'I'm excited by the prospects, but I'm also disappointed that there could be a federal minimum wage that's gonna be higher than the state minimum wage — and it's being offered by one of the most conservative members of Congress,' he joked. 'But I'm hopeful it'll help folks come around to the idea.' 'This is what I believe we got elected to do,' he added. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
