Latest news with #MateuszRabiega
Yahoo
15-05-2025
- Business
- Yahoo
KBC to buy Slovakia's 365.bank in deal valuing it at 761 million euros
By Jakob Van Calster and Mateusz Rabiega (Reuters) - Belgian bank KBC Groep said on Thursday it has reached a cash agreement to acquire 98.45% of in a deal valuing the Slovakia-based lender at 761 million euros ($852 million). KBC said the acquisition will help strengthen its presence in Slovakia and the Central and Eastern Europe region, and is its biggest deal since it acquired Raiffeisen Bank's Bulgarian operations in the summer of 2022. "Our goal has always been and remains to strengthen our presence in Central and Eastern Europe ... Through this acquisition, we strengthen our geographical diversification (and) we continue to build market leadership in Slovakia," KBC CEO Johan Thijs said in a statement. Thijs had told Reuters in February that he was keen to expand KBC's business in this area. The offer represented a 1.4 multiple of book value by December 2024 and is expected to be finalised by the end of the year, pending regulatory approval, KBC said. The deal would push ČSOB, KBC's wholly-owned subsidiary and the largest bank by assets in neighbouring Czech Republic, to a market share in Slovakia of around 16%. The transaction would have an effect of about 50 basis points on KBC's common equity tier-1 ratio, which stood at 14.5% in the first quarter as the bank reiterated its ambition to be amongst the best-capitalised financial institutions in Europe. ($1 = 0.8935 euros)
Zawya
21-03-2025
- Zawya
Air France cancels eight flights to and from Heathrow
French airline Air France cancelled eight flights to and from London Heathrow on Friday after a fire at a power sub-station shut down Europe's busiest airport. Flights to other UK airports are operating normally, Air France said. The group's Dutch airline KLM said it canceled three return flights. (Reporting by Michal Aleksandrowicz Additional reporting by Mateusz Rabiega Editing by Sudip Kar-Gupta and David Goodman )
Yahoo
26-02-2025
- Business
- Yahoo
JDE Peet's tops estimates even as coffee prices bite into profits
By Mathias de Rozario and Mateusz Rabiega (Reuters) - Coffee and tea company JDE Peet's on Wednesday beat market expectations for 2024 operating profit and forecast a largely expected small decline in the 2025 figure driven by soaring prices of coffee beans. Its shares rose by more than 8% in early trading, touching their highest price since early November. JDE Peet's said green coffee prices had more than doubled on average over the past year due to atypical weather patterns, supply chain disruptions and macroeconomic and geopolitical factors, and were not expected to come down in the near future. The Dutch maker of Jacobs, L'Or, Tassimo and Douwe Egberts brands will try to offset the higher coffee bean costs by price discipline while preserving affordability for customers where possible, it said in a statement. Its adjusted earnings before interest and taxes (EBIT) grew 13.2% to 1.28 billion euros ($1.34 billion) in 2024, above analysts' consensus of 1.25 billion euros, supported by organic growth and cost discipline across its segments. The main growth driver was the LARMEA business, the company's second biggest covering Latin America, Russia, Middle East and Africa, with a 21% rise. "A certain level of uncertainty remains around potential tariffs for green coffee imports into the U.S., following President Trump's ... intent to develop 'reciprocal tariffs' for, amongst others, Brazil," a company spokesperson told Reuters via email. In Europe, which represents more than half of its sales, rising coffee prices caused push backs from retailers during price negotiations, keeping revenues flat. "Globally, talks with retailers are progressing well ... We have successfully concluded price negotiations covering over 80% of our total sales and by the end of this week expect this percentage to be above 90%," the spokesperson said. Analysts said the projected drop in adjusted EBIT was in line with expectations, while KBC Securities highlighted the shift in the company's capital allocation strategy towards shareholder remuneration. JDE Peet's plans to launch a multi-year share buyback programme of up to 1 billion euros, with up to 250 million euros of purchases in 2025, it said. It also named Straumann's finance chief Yang Xu as its new chief financial officer. She will succeed Scott Gray, who resigned in late January, in May. ($1 = 0.9531 euros) Sign in to access your portfolio
Zawya
25-02-2025
- Business
- Zawya
Airbus to build communication network for French air and naval forces
European planemaker and aerospace company Airbus said on Tuesday it will build the communication network for the French air and naval force under a contract with a maximum value of 480 million euros ($502.46 million). The company will work on the project for up to 10 years, aiming to deploy the communication network on more than 80 ships between 2028 and 2032. ($1 = 0.9553 euros) (Reporting by Mateusz Rabiega in Gdansk, Editing by Louise Heavens)
Yahoo
06-02-2025
- Business
- Yahoo
Dutch bank ING sees no uptick in 2025 total income amid European rate cuts
By Jakob Van Calster and Mateusz Rabiega (Reuters) -Dutch bank ING Groep on Thursday said it does not expect its annual total income to grow in 2025, as the European Central Bank continues to cut interest rates on concerns of a muted economy. The ECB cut its deposit rate by 25 basis points to 2.75% last week as euro zone inflation continued to ease, bringing an end to steadily high borrowing costs supporting bank profits in Europe. "We anticipate revenue at the same level as last year, so 22.6 billion (euros)", ING CEO Steven van Rijswijk said, adding that the bank expects to compensate the hit to net interest income (NII) by raising fees and repricing deposits. The bank, which serves around 40 million customers in more than 40 countries, expects fee income to grow by 5% to 10% in 2025, after an 11% jump to 4 billion euros ($4.15 billion) last year, while NII slumped by nearly one billion euros. ING outlined that the annual guidance did not include the impact from recent Russian business sale, which is expected to put a 700 million euro dent in its post-tax profits. It also expects rising total expenses of between 12.5 and 12.7 billion euros. The group reported lower-than-expected fourth-quarter profit, weighed by higher operating expenses and loan loss provisions. "We expect single-digit downgrades for consensus EPS (earnings-per-share) for the full year of 2025, driven by the higher cost guidance", said J.P. Morgan analysts. ING's net profit slumped almost 26% from a year ago to 1.15 billion euros in October-December, missing the median expectation of 1.22 billion euros in a company-compiled poll. The bank reported annual total income of 22.62 billion euros, beating its target of over 22.5 billion euros. ING said it will propose a final cash dividend of 0.71 euro per share. ($1 = 0.9629 euros) Sign in to access your portfolio
