Bragg Gaming Group, a global provider of iGaming tech, has published its Q4 and FY 2023 results, reporting very favorable figures. The company subsequently updated its growth targets for 2024.
In Q4 2023, revenue decreased by 1.4% to $25.2 million, reflecting the revised commercial terms with a key strategic partner. Betting handle, on the other hand, reached a whopping $6.6 billion, marking a significant increase.
Quarterly adjusted EBITDA declined by 23.7% to $3 million. In the meantime, adjusted EBITDA margins decreased by 350bps to 11.9%, a change attributed to a decline in the gross profit offset by an improvement in cost optimization.
Gross profit decreased by 7.3% to $12.9 million, while operational loss decreased from $0.6 million in Q4 2022 to $0.4 million in Q4 2023.
As for Bragg’s full-year results, the company reported revenue of $100.5 million, representing an increase of 10.4% year-on-year. Betting handle stood at $24.1 billion. The group also reported a gross profit increase of 10.8% to $53.7 million, representing a gross profit margin of 53.4%.
Adjusted EBITDA, on the other hand, stood at EUR 15.2 million for FY 2023, marking an increase of 26.3% year-on-year. This translated into an adjusted EBITDA margin of 16.3%. Cash flow from operations reached $12.6 million.
The company ended 2023 with $9.5 million in cash and cash equivalents and $5.5 million of net working capital, excluding deferred consideration and convertible debt.
Bragg added that it expects FY 2024 revenue in the range of $109.7-117.2 million and adjusted EBITDA range between $16.3 million and 19.9 million.
The Company Will Explore Strategic Alternatives
In 2023, Bragg Gaming Group signed several Tier-1 content distribution deals with companies such as Betsson, 888 and PokerStars. In addition, it launched content in new regulated markets, such as Belgium, Italy and Caliente.
The company rolled out new games and continues to supply operators in international markets with proprietary and exclusive content.
In the meantime, Bragg’s board formed an ad hoc special committee, chaired by independent board member Don Robertson, to undertake a review of the company’s strategic alternatives. Such alternatives include a potential sale, merger, financing, acquisitions or other moves.
Matevž Mazij, Bragg’s chief executive officer, released a statement on the results, saying that his team will continue its efforts to establish the business as a premier content-focused iGaming B2B provider.
He praised the expansion of Bragg’s global distribution, saying that his team anticipates a further surge in the global adoption of his company’s games in 2024. Mazij added that his company is in a good spot for long-term growth in top-line revenue, gross profit and adjusted EBITDA, along with improved operating margins.
With confidence, we affirm our readiness with the appropriate strategies, financial strength, and infrastructure to maintain our business momentum while executing initiatives that foster cash flow growth and generate added value for our shareholders.
UNITED NATIONS, Mar 26 (IPS) – The UN Security Council (UNSC) resolution for a temporary cease-fire in the ongoing conflict in Gaza— adopted by a 14-0 vote with the US abstaining –- marks a significant step forward in momentarily halting the five-month-old fighting which has claimed the lives of over 32,000 Palestinians and 1,200 inside Israel.
But a lingering question remains: how will Israel respond?
Clearly, Israel has had a longstanding notoriety for flouting UNSC resolutions —and still never having to pay a price for such violations—primarily because of the unyielding support of the United States.
Stephen Zunes, Professor of Politics, University of San Francisco, who has written extensively and authoritatively on the politics of the Security Council, told IPS: “By my count, Israel has initially stood in violation of as many as 40 UN Security Council resolutions for at least a decade following their passage, though they eventually came into compliance with about a dozen of those. They remain in violation of the others”.
Successive U.S. administrations, including the Biden administration, have made clear they would veto any UN Security Council resolution that would impose sanctions or any other kind of pressure to force Israel into compliance, he said.
While it is certainly a positive development that the Biden administration did not veto Monday’s Security Council resolution calling for a ceasefire as it has previously, the United States again demonstrated its isolation in the international community by being the only country to not vote in favor.
The Biden administration threatened to veto the original draft resolution calling for a permanent ceasefire, only agreeing to not cast a veto in return for dropping the word “permanent.”
White House spokesperson John Kirby said the United States did not vote in favor because the resolution did not condemn Hamas, despite the fact that it did not condemn Israel either.
The wording of the various clauses which the Biden administration also apparently demanded are revealing: While it “demands” that Hamas release the hostages, the United States made sure that the resolution only “emphasizes the urgent need” to get desperately-needed aid to Palestinians and that it did not mention that it is Israel that is preventing it, said Dr Zunes, currently Torgny Segerstedt Visiting Research Professor, at the Department of Sociology and Work Science, University of Gothenburg, Sweden.
At the same time, even though the ceasefire resolution, if honored, would only stop the fighting for two weeks, it is significant that the United States allowed for even a temporary ceasefire resolution to pass without conditioning it on the release of Israeli hostages, he noted.
“This is no doubt a reflection of the growing domestic and international pressure the Biden administration has been facing over its support for Israel’s horrific war on the people of Gaza.
Whatever the wording of the resolution, however, it is unlikely that Israel will abide by it and the United States would certainly veto any attempt by the United Nations to enforce it,” he declared.
Oxfam’s UN Representative and Head of New York Office Brenda Mofya said: “We welcome the Security Council’s adoption of a ceasefire resolution so Palestinians in Gaza can have much-needed respite from the relentless and devastating Israeli violence and critical aid can reach them”.
However, this resolution, while a step in the right direction, falls short of the permanent ceasefire which is truly required and comes too late for the over 32,000 Palestinians in Gaza that have been killed, and thousands more unaccounted for, while the Security Council wrung its hands over semantics, she argued.
“For nearly six months, the rest of the international community has repeatedly called for a permanent ceasefire, the release of all hostages, and the provision of unrestricted aid into Gaza. It is long overdue for UN Security Council Member States to finally heed these calls with the moral leadership that is rightfully expected of them and to stop the killing and suffering in Gaza.
“Now this resolution has passed, it is imperative for Member States to fulfil their obligations to ensure that it is implemented so that Palestinians never endure violence such as this again. This includes immediately halting the transfer of weapons, parts, and ammunition to Israel and Palestinian armed groups,” she said.
“A mere two-week pause is not enough. This initial cessation in violence must lead to a permanent ceasefire that lasts and a sustainable peace for Palestinians and Israelis alike, so people in Gaza can mourn their loved ones and begin the long road of recovery and reconstruction,” declared Mofya.
Louis Charbonneau, UN director at Human Rights Watch said Israel needs to immediately respond to the UN Security Council resolution by facilitating the delivery of humanitarian aid, ending its starvation of Gaza’s population, and halting unlawful attacks.
Palestinian armed groups should immediately release all civilians held hostage. The US and other countries should use their leverage to end atrocities by suspending arms transfers to Israel, said Charbonneau.
In a statement issued on March 25, US Secretary of State Antony Blinken said the US abstention on the Security Council resolution comes on the heels of the Russian and Chinese veto “of our comprehensive draft resolution in the Council, reaffirms the U.S. position that a ceasefire of any duration come as part of an agreement to release hostages in Gaza”.
“While we do not agree with all provisions included in this text, adjustments made by the resolution’s sponsors over recent days are consistent with our principled position that any ceasefire text must be paired with text on the release of the hostages”, he said.
This resolution further explicitly recognizes the painstaking, non-stop negotiations being conducted by the Governments of Egypt, Israel, Qatar, and the United States to achieve such a release in the context of a ceasefire, which would also create space to surge more lifesaving humanitarian assistance for Palestinian civilians, and to build something more enduring.
“Because the final text does not have key language we view as essential, notably a condemnation of Hamas, we could not support it. This failure to condemn Hamas is particularly difficult to understand coming days after the world once again witnessed the horrific acts terrorist groups commit,” Blinken said.
“We reiterate the need to accelerate and sustain the provision of humanitarian assistance through all available routes – land, sea, and air. We continue to discuss with partners a pathway to the establishment of a Palestinian state with real security guarantees for Israel to establish long-term peace and security,” he declared.
Nihal Awad, National Executive Director of the Council on American Islamic Relations (CAIR), said the Biden administration’s long overdue decision to permit the passage of a Security Council resolution calling for a ceasefire “will only be impactful if our government takes concrete steps to support it.”
The far-right Netanyahu government is already flouting the resolution and promising to continue its genocide in Gaza. The Biden administration should respond by ending the transfer of any new weapons to the Israeli government and taking steps to pursue a just, lasting peace, he said.
American Express Global Business Travel’s newly announced acquisition of rival CWT would be a merger of giants but might not face the regulatory scrutiny that has quashed recent major mergers in the travel industry.
The $570 million acquisition, which would be one of the largest mergers of travel management companies in recent history, would add about 4,000 customers from CWT to Amex GBT and boost its total transaction volume by 45 percent and revenues by 33 percent, Amex GBT CEO Paul Abbott said in an investors’ call on Monday. CWT this year is projected to have $14 billion in TTV and $850 million in revenue, Abbott said. Amex GBT in its fourth-quarter earnings report gave full-year 2024 guidance of between $2.43 billion and $2.5 billion in revenues.
Abbott said the deal is “highly accretive” and is “forecast to break even in [earnings per share] in year one.”
“Joining forces with Amex GBT helps accelerate our vision of a tech-enabled future for business travel, where people and technology combine to deliver an exceptional customer experience,” CWT CEO Patrick Andersen said in a statement. “We are highly confident in the value creation of the combined company.”
In terms of customers, Abbott said CWT has “a strong presence in high-value segments” including energy, resources and marine travel; media, entertainment and sports; and defense and government. Amex GBT has “a footprint in some of these, and it will give us significant volume to create dedicated verticals.” The acquisition also will grow Amex GBT’s small and midsized enterprise business by 35 percent, according to Abbott. The SME segment has been a focus for CWT as it has for Amex GBT, such as its small business offering in partnership with Booking.com.
“Through the integration of CWT, we will grow our footprint in high-value industry verticals, expand our professional services businesses and bring more customers onto our software solutions to further differentiate our business and add significant value,” Abbott said.
Amex GBT CFO Karen Williams said AI and automation is a “significant opportunity” in the acquisition, tapping generative AI use cases that are within the myCWT platform.
Per the deal, which both TMCs’ boards have approved, Amex GBT will finance about $430 million of the transaction by issuing about 71.7 million shares of its common stock at a fixed price of $6 per share, a move that also will diversify the TMC’s shareholder base, Abbott said. Amex GBT will retire CWT’s debt with cash on hand, he said.
The TMCs said they expect to close the transaction in the second half of this year, though that will depend on regulatory approval in what has proven to be a difficult regulatory environment, at least in the United States, as of late. JetBlue and Spirit, for example, earlier this month called off a planned merger amid regulatory challenges, and Choice Hotels International also abandoned a hostile bid to acquire Wyndham Hotels & Resorts, a move the Wyndham had rebuffed citing a difficult path to regulatory approval.
Amex GBT acquiring CWT is certainly a merging of giants in the global corporate travel management space. Among BTN Europe’s ranking of Europe’s leading TMCs, Amex GBT in 2023 ranked first and CWT third, outranked only by BCD Travel. In the broader space of travel sellers, Amex GBT last year ranked third on BTN sister publication Travel Weekly’s 2023 Power List, behind Booking Holdings and Expedia Group; CWT ranked fifth, again behind BCD.
Even so, some analysts said they do not expect pushback from regulators in the deal. For one, this is a “midsized transaction” compared with, for example, the proposed merger of Booking Holdings and Etraveli, which the European Commission blocked last year, said Morgann Lesné, a travel technology M&A expert with Cambon Partners.
“These are not the typical giants the antitrust authorities are after,” he said. “The EU Commission probably has better things to do than try to regulate midsized transactions. Although it makes a lot of noise in the market, in terms of size, it is quite modest.”
A CWT acquisition is hardly Amex GBT’s first foray in bringing in a large competitor, though it is proportionally larger than its two most recent major mergers. The 2018 acquisition of HRG—a £410 million acquisition of what was at the time the fourth-largest TMC—boosted Amex GBT’s TTV by 25 percent, according to Williams. The 2021 acquisition of Egencia added 27 percent in TTV, she said.
These are not the typical giants the antitrust authorities are after. The EU Commission probably has better things to do than try to regulate midsized transactions. Although it makes a lot of noise in the market, in terms of size, it is quite modest.”
Cambon Partners’ Morgann Lesné
Also pointing in favor of regulatory approval is that the merger could be an existential necessity for the TMCs, according to Lesné. He said he was “surprised” by the price Amex GBT is paying for CWT, calling it an indication that CWT “was not in great shape,” and he said it “puts a light on the real threats for [CWT] to stand alone.”
As such, Lesné said he expects there will be “some investigation” and “commitments with regards to employment” on the path to consolidation, but he said he is hopeful it will be approved.
“It’s not like it is an extremely profitably company buying another profitable company,” Lesné said. “It’s two companies that are fighting to survive, especially [CWT.] Regulation can have an impact, but when the survival of an industry is at stake, they will have more open views on the situation.”
Former American Airlines executive Cory Garner’s eponymous consultancy in a LinkedIn post on Monday also said he did not expect any major challenges to the acquisition by antitrust regulators.
“There will certainly be some raised eyebrows among airlines, hotels, smaller competitors and large multinational corporate travel clients, since the largest legacy TMC by far is acquiring one of its only global competitors,” Garner said in the post. “However, in our view, it is too difficult to narrow the market’s definition to only the global, legacy TMCs. The corporate travel management market has seen new entry from next-gen TMCs like Navan, AmTrav, TravelPerk, Spotnana and others and is under new pressure from airline distribution strategies to attract corporate travelers to their own website.”
Even so, Garner questioned whether it the acquisition is a good business move by Amex GBT, especially given ongoing challenges to the legacy TMC model based on commissions and global distribution system incentives. He said a combined Amex GBT-CWT would not necessarily continue to grow at the same pace as they were independently.
“Implicit in this assumption is that nearly all CWT clients will be happy to remain with GBT through a potentially messy transition, notwithstanding the possibility that at least some of them chose CWT precisely to avoid GBT,” Garner said.
Lesné, meanwhile, called the acquisition a “good signal” for the industry.
“Amex has a very robust technology with the KDS platform, and CWT will benefit from the advance of technology,” Lesné said. “In terms of commission, size might command lower commissions at some point or a higher level of service, but customers will still have choice, because if they’re not happy with the way they are treated by Amex, they can move to Navan or TravelPerk.”
He added that it’s an indication of a “stronger market” for M&A activity in the travel tech side, for both corporate and leisure travel. Garner also said to watch for “knock-on” decisions that other players might make in response.
“For example, SAP Concur has the largest client base of any online booking tool and could see this as a long-term strategic threat to their market position,” according to Garner. “What is their best move?”
Japan Airlines has agreed to purchase 32 aircraft from Airbus and 10 787-9 Dreamliner aircraft from Boeing as part of a fleet renewal program, the carrier announced Thursday. The Airbus order includes 21 widebody A350-900 and 11 narrowbody A321neo aircraft.
The carrier expects to begin scheduling the first of the new Airbus A350-900 planes for domestic use in its 2025 fiscal year, with the remaining 20 planned for international service from its 2027 fiscal year. The A321neos will be used on domestic routes beginning in its 2028 fiscal year. The Dreamliners will be used on international routes from fiscal year 2027.
The 10 Boeing aircraft are in addition to the 21 Boeing 737-8 aircraft previously announced that will be used on domestic routes beginning in JAL’s 2026 fiscal year, according to the carrier.
Taipei-based carrier Starlux Airlines now flies daily between San Francisco and Taipei, up from three times weekly, the airline announced Wednesday. Starlux launched the route on Dec. 16 and has increased it “amid high demand” and to “underscore the airline’s commitment to expanding in the U.S. market.”
The flights are operated with Airbus A350 aircraft with four first-class seats, 26 business-class seats, 36 seats in premium economy and 240 economy seats.
Starlux in December was added to the TSA PreCheck program, and after it launched its inaugural service to Los Angeles last April, the carrier partnered with Alaska Airlines on an interline agreement. In addition, Starlux partnered with the carrier on Alaska’s Mileage Plan loyalty program.
International Game Technology (IGT), a global leader in the gaming industry, reported robust fiscal year 2023 financial results, achieving all of its financial targets ahead of the planned merger of its Global Gaming and PlayDigital businesses with Everi Holdings Inc. IGT’s management remain optimistic, projecting new investment opportunities and stable growth.
The Company Accomplished Record Operating Income
IGT’s corporate revenues for FY 2023 stood at $4.3 billion, marking a modest 2% increase from 2022’s $4.2 billion. Adjusted EBITDA reached a record result of $1.8 billion, up 7% compared to last year’s $1.7 billion. Operating income also settled at an all-time high of $1.0 billion, marking a 9% uptick from $922 million in the prior year and reflecting robust performance across most segments.
Despite a 2% revenue downturn to $2.5 billion for the Global Lottery unit, operating income stood at $913 million. This figure aligns with 2022’s results despite the sale of the Italy commercial services business, justifying the company’s cost-cutting measures. IGT plans to spin off this division as a standalone venture, granting it increased autonomy.
The Global Gaming unit saw a consolidated income of $1.6 billion, up 9% from FY 2022. IGT’s PlayDigital unit similarly registered a 9% increase in consolidated revenues to $228 million and achieved an operating income of $65 million. While corporate support and other expenses rose to $290 million, up from $279 million in the prior year, this mild increase did not affect the overall results.
Management Remains Optimistic regarding 2024
The board of IGT expects a full-year 2024 revenue of $4.3 billion to $4.4 billion with an operating margin of 20% to 21%. CFO Max Chiara expressed confidence in the company’s robust financial position, noting that it achieved all its FY 2023 financial goals. He highlighted IGT’s successful investments and shareholder returns, positioning the company for lasting success.
This gives us confidence in further expanding our investment in the business to fund future growth.
Max Chiara, IGT CFO
2023’s financial success sets the stage for IGT’s next ambitious venture. The company plans to merge its Global Gaming and PlayDigital businesses with Everi Holdings, Inc. to create a new entity retaining the IGT brand. This strategic move should enable a heightened focus on each business segment while preserving individual capital policies.
As IGT successfully concludes its fiscal year 2023 with record profits and prepares for its strategic restructuring, the gaming industry will closely monitor how the upcoming merger will shape the industry landscape in the coming years. Experts believe the move could set off an M&A spree across the broader gaming sector as other companies follow IGT’s example and reorganize their businesses.
Air New Zealand from March 31 to Oct. 25 will “pause” its Auckland-Chicago service because of ongoing challenges with the availability of serviceable Rolls-Royce Trent 1000 engines, the carrier announced Monday. These are the engines used on Air New Zealand’s Boeing 787 aircraft.
Customers with Chicago bookings will be rebooked with a connection through another U.S. airport to “get them to their destination as quickly as possible,” according to Air New Zealand, which added that those who booked directly with the airline will receive a new itinerary within 72 hours. Those who booked through a travel agent should contact their agent to confirm changes to their itinerary.
Customer also can opt to receive a full refund or place their booking into credit.
Dale Buckner is the CEO of risk management firm Global Guardian
With business
travel expected to exceed pre-pandemic levels by the end of 2024 and
crises continuing to emerge worldwide, companies are recognizing the need for
robust planning. Our world order has changed drastically in recent years. In
response to a shifting global landscape, longstanding geopolitical tensions in
Eastern Europe and the Middle East have erupted into wars. Their impact, which
is felt throughout the surrounding regions and across the international
business community, stands as a clear reminder of the new world in which we now
live.
Corporations
must be increasingly vigilant in protecting their travelers from existing
conflicts and safeguarding them against potential threats in the future. Safety
isn’t impossible, it just requires intentionality. Here are some key ways
corporations can approach the current business travel risk landscape to ensure
the safety of their employees, infrastructure and assets, no matter where they
are.
Understand Geopolitics
Traditional
risk management has long included elements such as crime rates, government
stability and natural disasters. While these are essential to understanding the
threat of traveling abroad, they are no longer sufficient alone. Comprehensive
risk assessments must account for the rise of geopolitical tensions when
considering international travel. Overlaying geopolitics within resources like
the 2024 Global Guardian Risk Map provides a deeper level of insight into areas
such as supply chains, government stability and the ability to work across
borders.
Understanding
the underlying tensions that drive existing threats also allows corporations to
anticipate and prepare for new threats. Conflict is rarely isolated, with the
effects often rippling throughout the surrounding regions. The conflict in
Gaza, for instance, has evolved into a regional issue that continues to have a
serious impact on Red Sea shipping lanes and the international
economy.
Understanding the nuanced relationships between nation-states and different
regional, political and ethnic groups helps equip corporate executives to make
the best decisions for their personnel and stakeholders.
Time has made
it increasingly clear that geopolitics dictates the future of international
business. Having an in-depth understanding of the players, motivations and
potential outcomes in these situations is the key to successfully navigating
business abroad.
Get Specific
Painting with
broad brush strokes about “high-risk” or “low-risk” countries ignores the
nuances of a geopolitical world. Modern risk involves much more than the threat
of a tsunami or gang violence, and not all travelers face the same threats. For
instance, a traveler’s connection to certain industries or affiliation with
specific political stances can dramatically alter the level of risk associated
with international travel. For example, China might be a higher-risk
destination for a business executive in the defense industry than for a tourist
with no ties to politics or national security. In the information age, foreign
governments can mine travelers’ backgrounds, and threats to traveler safety can
be buried in their past.
Thoroughly
vetting every employee before travel allows companies to have a detailed
understanding of their risk levels. Partnering with private agencies to identify
any potential causes for detainment is critical to ensuring the safety of all
staff members. This assessment allows companies to continue safely sending
vetted employees to countries experiencing geopolitical friction, rather than
simply labeling them “high risk” and losing all access.
Think in Terms of “What Is Possible”
Corporate
America needs to shift its mindset to consider what is in the realm of
possible, not just what is normal. This is where businesses keep getting
caught. When Russia invaded Ukraine, unprepared corporations lost billions of dollars. An invasion or blockade
of the Taiwan Strait would have a profound impact on the global economy, potentially totaling
more than $10 trillion. The world is constantly shifting, and
corporate leaders must stay proactive about anticipating and mitigating
threats.
Risks that
seemed outrageous or farfetched in prior years are now accepted as a common
feature of international business travel. Cyber attacks, hacking, ransomware,
stolen IP, even the detainment of corporate executives—the threats to
travelers and their companies are constantly expanding.
Instead of
waiting for the next crisis, corporate executives must begin preparing now for eventualities
in the short, medium and long term. Planning for possibilities such as losing a
market or supply chain due to interstate conflicts isn’t going the extra mile
anymore. It’s smart and necessary business. Preparing for the expected is no
longer enough; corporations must be ready for the unexpected.
Understand the Principles of Preparedness
Building a
principles-based approach around potential risks is central to creating the
framework that keeps companies safe amidst a wide range of threats. Cementing
the basic principles—communications, ability to respond, assets in and around
the crisis zone—is integral to protecting a company’s people and infrastructure,
especially since these principles can be applied to almost any emergency.
Make no
mistake, the threats of operating within our changing world will continue to
evolve. Developing a nuanced understanding of the geopolitical underpinnings of
nation-states is rapidly emerging as a mandatory precaution for executives. Change
is constant—and planning for resiliency is key to ensuring the safety of
employees, assets and infrastructure.
The Spanish government has proposed a ban on some short-haul domestic flights where there is an alternative train journey of less than two and a half hours.
The move is part of the Spanish government’s 2050 climate action plan to reduce carbon emissions and follows a similar ban implemented in France last year, which currently applies to three routes from Paris Orly airport to Nantes, Lyon and Bordeaux.
Connecting flights in Spain with links to international routes will not be affected by the proposed ban, so international air hubs such as Madrid and Barcelona are unlikely to see any schedule or slot changes.
The proposal, which also considers the impact of restricting private jet use, will undergo further review before it is enacted into law and, according to industry reports, details remain unclear as to when the measures would be introduced or which domestic connections will be affected.
A recent Hitachi Rail survey into attitudes towards public transport in 12 global markets (including six in Europe: London, Berlin, Milan, Warsaw, Paris and Copenhagen) found a least two-thirds of respondents would make the switch from planes to trains if faster and cheaper options were offered.
Moreover, the majority, 64 percent, were also in favor of banning short-haul flights between cities where a high-speed rail link is available. Among survey respondents in Paris and Milan this figure increased to 75 percent and 69 percent, respectively.
However, views were split over the idea of increasing air taxes to fund improved rail travel. While around half (56 percent) were in favor, one in three survey respondents opposed the idea.
Climate advocates and travel industry professionals have also criticized the limited impact of short-haul flight bans in instances where airport slots have been reallocated to longer, more carbon-intensive flights.
Robert Boyle, an independent airline consultant and former director of strategy at IAG, claimed that slots at Paris Orly previously used for domestic short-haul flights have since been reallocated to other routes. “The cancellations are very short range and will have been replaced by longer-distance flights with higher emissions,” he said in a post on the social media platform X, formerly known as Twitter.
In the case of the Spanish decision, the European Regions Airlines Association also raised flags over the risk that suspended domestic routes could be replaced by longer, more polluting flights, in addition to the emissions due to increased road or rail travel.
Germany-based car rental company Sixt reported 2023 revenue of more than €3.6 billion (nearly US$4 billion), an increase of 18 percent year over year and making it the second year in a row the company achieved record revenue, according to a Friday earnings release. The revenue figure also is 45 percent higher than the 2019 total, according to Sixt.
All three of the company’s regions made a “strong contribution” to the revenue growth, according to Sixt. Revenue from its domestic market of Germany increased 23.6 percent compared with 2022 to nearly €1.1 billion and accounted for 29.9 percent of the 2023 revenue total. North American revenue increased 18.5 percent to nearly €1.1 billion, representing 29.7 percent of the total and exceeding €1 billion for the first time. The European market outside Germany was up 14.3 percent to nearly €1.5 billion for 40.4 percent of the total.
Sixt reported €464.3 million in 2023 earnings before taxes, “the second-best result in the company’s history,” but that represents a 15.6 decrease year over year. The company also expanded its fleet in 2023 to an average of 169,100 rental vehicles, up 22.2 percent year over year.
“Our earnings are all the more remarkable considering the significant deterioration in market conditions for e-mobility over the course of the year, rising interest rates and continued high levels of investment,” Sixt co-CEO Alexander Sixt said in a statement.
Electric Vehicle Challenges
The deteriorating market conditions Sixt referred to include “the severely worsened environment for the sale of used electric vehicles.” The falling residual EV values “led to increased depreciation and losses from vehicle sales and thus a negative impact on earnings in the range of around €40 million for 2023,” according to the company. At the same time, demand for e-mobility as a whole “has not yet developed the momentum desired,” and the lower demand compared with combustion-engine vehicles “resulted in a substantial loss of revenue.”
Sixt responded with bringing “forward significantly” the phasing out of electric risk vehicles—those for which there are no buyback or leasing agreements. At the end of February 2024, the percentage of such vehicles in the electric Sixt fleet was about half as high as on March 31, 2023, according to the company. Sixt added that EVs will continue to make up a part of the Sixt fleet in the future, “however, further developments require a high degree of flexibility.”
The writer is UNAIDS Executive Director and United Nations Under-Secretary-General. The following opinion piece is part of series to mark International Women’s Day, March 8.
GENEVA, Switzerland, Mar 01 (IPS) – This International Women’s Day (March 8) comes at a fiercely challenging moment. We can find inspiration, and hope, however, in the women and girls around the world who, often at great risk, are leading the fight for rights for everyone.
Today, more than ever, we need to put our energies and resources in support of their courage. We are facing an unprecedented and well-funded global attack on human rights and especially on the rights of women. Hard-won progress is in peril. It is not just the commitments made in the Sustainable Development Goals for 2030 that are under threat. It is everything we have gained since 1945.
How do we push back against the pushback? How do we make sure our daughters can live in a kinder, safer, world, in which their rights are upheld and respected? How do we make sure women and girls are included in policy making that affects their lives?
Firstly, we need to deepen our understanding of this pushback on human rights and democracy.
Democracy is threatened when inequalities deepen. Today, more and more wealth is being concentrated in the hands a few men. The world’s five richest billionaires have doubled their fortunes since 2020 – while five billion people became poorer.
Globally, men own US$105 trillion more wealth than women. And the world’s poorest countries are being forced to cut public spending because of the debt crisis, which particularly impacts women and girls from poor communities.
The world is very far off track to meet the gender targets set in the Sustainable Development Goals because, as UN Women concludes, of “deeply rooted biases against women, manifesting in unequal access to sexual and reproductive health, unequal political representation, economic disparities and a lack of legal protection.” As the UN Secretary-General has urged, there is a need for a “dismantling and transformation of power structures that discriminate against women and girls”.
We need to tackle unequal access to education and information. When 122 million of our girls are still out of school, and even millions who attend school are denied lifesaving information on how to protect themselves from HIV, everyone loses.
We need to challenge the lie that women’s rights undermine culture and tradition.
And we need to resolutely confront the globally coordinated ruthless campaign to punish people for who they are and who they love. We need to put the human rights of every person at the centre of all our development efforts, just as we have been doing in the AIDS movement for decades. Because to protect the wellbeing of everyone, the health of everyone, we have to protect the rights of everyone.
Progress requires a deepening of multilateralism and a deepening of support for civil society. So it is concerning when countries, including in the West, retreat from their international commitments to development and human rights. And it is concerning when only 1% of all the aid going to gender equality reaches women’s and girls’ organizations.
We are not mourning, however, we are organizing. We can be hopeful because we have won before and we can again. To do so, we need to remember that hope is not idle optimism. It is active. We will win together, through determined collaborative action.
That is how we won the right to vote. That is how we opened the doors of parliaments and corporate board rooms. That is how we closed the gap between boys and girls in basic education. That is how won progress in moving away from the old colonial punitive laws that criminalised LGBTQ people, so that today two-thirds of countries no longer criminalize. That is how we won progress on the rights of people living with HIV, with three quarters of people living with HIV now on treatment.
We cannot give up or slow down on this unfinished journey of progress, or retreat because opponents of progress are well-organised. The stakes are too high, the risks if we act with a lack or courage are too great, the costs of insufficient action are unaffordable.
This is a moment that calls for unwavering support for women and girls on the frontlines, and for intersectional alliances in defence of everyone’s human rights. We need to strengthen the hand of those whose lives are most impacted by the denial of rights. The United Nations is clear: we are not only on the side of the frontline defenders of rights; we are by their side.
Evolution Europe’s chief commercial officer, Björn Sjöberg, has ended his garden leave that extended over a period of six months, announcing he will step down from his current position in the next two weeks.
“Time Flies When You Work Hard!”
Sjöberg took it to his LinkedIn account to make the announcement. He started his statement by explaining “Time flies when you work hard,” referring to the eight years he spent alongside the company.
“This week marks my 8th anniversary employed by Evolution”, his statement read, “and in two weeks ends my 6 months Garden leave and official departure.”
Sjöberg joined the Malta-located company in February 2016 from the position of key account manager, and rapidly climbed higher in the rankings, becoming head of SME in October 2017.
Reminiscing about that time, the CCO said he felt “clueless about gaming and trying to understand a new industry with a broken English.”
Since then, by working “harder than most people claim they do,” as he described it, he reached an impressive number of achievements throughout the years.
Just 10 months after landing the SME position, he was appointed head of key account management.
He kept the role for roughly four-and-a-half years prior to becoming CCO Europe in October 2022, a position that he called his dream role “for the most successful company in the Gaming industry.”
Sjöberg, who also held a number of account management positions for Helsingborg’s Galore Magazine and broadcaster for Kanal 5 and TV4-Gruppen, took the opportunity to speak about his “hands on” involvement in a large number of successful Live Casino stories.
He explained his success through his ability to constantly push himself to deliver more while also acknowledging his numerous failures and capacity to get back up again and keep phishing himself forward.
Special emphasis should be put on Sjöberg’s contribution to the launch of Top Card, which is Evolution Gaming’s flagship live football studio game available in 10 different versions and languages that continues to be one of its top-ranking titles across several studios and continents.
“Leaving Evolution Has Been Tough”
The CCO highlighted a list of the five most important people he has worked with and that he still considers friends today, including Erland Hellström, “solid as a rock and great friend,” Daria Woźna, “just a great person,” Renee Lansing, who performed “something magical,” Stuart Eagle, who he considers a “better salesperson” than he is, and Sebastian Johannisson Mählqvist, his “main influencer over the years.”
Sjöberg added that “leaving Evolution has been tough” but explained that, since his garden leave began in September 2023, he enjoyed a much-needed break together with his family, further adding he was in no rush to decide what to do next in his career.
In December, Evolution introduced its Crazy Time Live casino game in New Jersey.
Melco Resorts & Entertainment, led by CEO Lawrence Ho, has earned a spot on Morningstar’s recently unveiled list of the ten best stocks trading under $10. Despite a challenging year that saw the stock price tumble by 33.3%, resulting in Ho dropping off Forbes’ list of Hong Kong’s wealthiest, Melco’s shares currently trade at around $8.30.
2024 May Present Substantial Growth Opportunities
Melco Resorts & Entertainment operates several prominent properties in Macau, including City of Dreams, Morpheus, Studio City, and Altira. The company also manages casino hotels in Cyprus and Manila under the City of Dreams brand. Macroeconomic pressures and broader industry uncertainty caused the company’s share price to tumble, but this development may present an opportunity for savvy investors.
Morningstar, a leading investment research firm, evaluates the stock at $12.60, suggesting it is undervalued by approximately 32%. This assessment implies that Melco must climb over 50% from its current levels to reach this valuation. Morningstar analyst Jennifer Song noted that a potential resurgence was not unlikely, highlighting favorable market conditions.
“We believe the gambling market in Macau will enjoy solid growth in the longer term. As one of only six concession holders to operate casinos in Macao, Melco is ideally placed to benefit from this market dynamic.”
Jennifer Song, Morningstar analyst
Morningstar’s valuation considers the optimistic market dynamics in Macau, with nongaming revenue approaching 2019 levels and gross gaming revenue on track to meet or exceed pre-pandemic highs in the current year. Increased tourist flow from mainland China should more than compensate for the outflow of foreign visitors, bringing fresh capital to the region.
The Operator Can Capitalize on Emerging Industry Trends
Melco Resorts and Entertainment’s founder, Lawrence Ho, recently lost his position in Hong Kong’s 50 Richest list published by Forbes. Beijing’s crackdown on VIP junkets, once major revenue generators for Macau’s casinos, significantly impacted Melco’s bottom line, forcing the operator to undertake significant restructuring efforts to match the region’s new focus on non-gambling entertainment.
If Morningstar’s predictions come true, Ho will likely earn back his place on the prestigious list, as most of his wealth remains concentrated in the casino operator. Melco’s 2023 launch of Studio City phase 2, expanding one of its most profitable venues with 900 luxury rooms, should be the next profit driver, accommodating increasing tourist numbers.
Melco’s diverse exposure to mass-market and premium-mass clients should help mitigate the volatility associated with VIP customers, a segment still grappling with challenges in Macau due to previous controversies in the junket industry. Investors eyeing potential growth in Macau’s gambling market might find Melco Resorts & Entertainment an intriguing prospect amid its current share price.
Light & Wonder has reported its results for the fourth quarter and fiscal year ended December 31, 2023, announcing strong momentum. The company’s metrics continued to grow, underpinned by strong performance across all of its business.
Q4 was notably the 11th consecutive quarter of consolidated growth for Light & Wonder and the 6th consecutive quarter of double-digit growth year-over-year.
The provider announced that its gaming revenue increased to $497 million in Q4, demonstrating continued growth thanks to robust gaming machine sales. This figure represented an overall growth of 13%.
Revenue from the SciPlay division, on the other hand, rose to $204 million, a growth of 12%. Light & Wonder attributed this strong result to the performance of its social casino business.
Finally, iGaming revenue increased 13% to $70 million thanks to Light & Wonder’s momentum in the US and beyond.
Light & Wonder concluded 2023 with consolidated revenue of $2.9 million, 16% up year-on-year.
The company ended the year with a net debt of $3.9 billion. The year also saw Light & Wonder return $25 million of capital to shareholders.
In January, the company repriced its Term Loan B, reducing interest rate by 35 basic points, resulting in a reduction in annualized interest costs of approximately $8 million.
L&W’s C-Suite Praised the Results
Matt Wilson, Light & Wonder’s chief executive officer, commented on the results, calling 2023 a “banner year” for his company. He praised the stellar growth across the board and congratulated his team on consistently leveraging a differentiated product strategy.
I am thrilled with the momentum we continue to see in the business, and with our winning mentality, experience, and talent in place, we are well-positioned to continue our growth trajectory. I want to congratulate our team on a successful year and know the best is yet to come.
Matt Wilson, CEO, Light & Wonder
Oliver Chow, the company’s chief financial officer, also shared his thoughts, applauding the healthy business trends. He said that Light & Wonder was able to capitalize on many of the opportunities presented to it in 2023 and is looking forward to delivering further growth.
Moving forward, we will focus on driving sustainable growth and executing against our balanced and opportunistic capital allocation strategy with discipline, driving value for all stakeholders.
The carriers said that the decision if finalized would punish the partners “and the communities they serve, erode competition in the transborder U.S.-Mexico market, harm U.S.-Mexico consumers and slow economic growth with the largest trading partner of the United States—all with no countervailing benefit to U.S. aviation interests or likely impact on the action of the government of Mexico.”
Delta and Aeromexico since 2015 have operated an antitrust-immune crossborder joint venture, allowing them to jointly set prices on routes between the U.S. and Mexico. DOT last month indicated it planned not to review later this year the grant of antitrust immunity, in part because the agency alleged the Mexican government recently moved all cargo operations from Benito Juarez International Airport to airports outside of Mexico City, and passenger capacity at the airport has been reduced during the past three International Air Transport Association traffic seasons.
Delta and Aeromexico argued that they had no “responsibility or control” over the government’s decision to move cargo operations and reduce capacity at the airport. Those decisions were “to the detriment of both current air carriers and potential new entrants,” according to the filing.
The carriers also noted that should they “unravel” their agreement, nearly two dozen routes between the U.S. and Mexico would be at risk of cancellation, and capacity would be reduced. Without network benefits, they argued, fares on their partner routes would “certainly increase,” jobs on both sides of the border would be lost, the number of tourists between the countries would fall and competition in the market would erode.
After DOT’s Jan. 26 order to show cause, Delta and Aeromexico on Jan. 29 filed a request for additional time for objections and comments. On Feb. 7, the agency issued an order extending the comment period by two weeks, to March 5.
DOT also charged that despite issuing repeated warnings to its Mexican counterparts, the government of Mexico is not adhering to the 2015 U.S.-Mexico Air Transport Agreement, and as a result suspended its review of an application for antitrust immunity by Allegiant Air and Viva Aerobus on July 31, 2023, and will dismiss the Delta-Aeromexico application to renew the grant of ATI. Should the agency issue a final order, Delta and Aeromexico tentatively have until Oct. 26 to unwind their relationship.
On Feb. 9, Delta filed a request urging DOT to engage in continued consultations with the government of Mexico, to begin arbitration with the government under the U.S.-Mexico Air Transport Agreement, and “to impose schedule filing requirements on all Mexican carriers serving the United States and, if necessary, restrictions on their schedules.”
Proceeding on DOT’s current course “would harm consumers and competition, fail to change the [government of Mexico’s] behavior and culminate in an order that suffers from numerous [Administrative Procedure Act] violations,” Delta and Aeromexico argued in Friday’s filing.
American Airlines, however, on Feb. 23 filed a comment in favor of the agency’s decision regarding Delta and Aeromexico, stating that the Open Skies agreement between the U.S. and Mexico is a prerequisite for granting antitrust immunity, and charged “the Mexican government’s continued noncompliance” with that agreement “effectively means that there has not been a functioning open skies agreement between the United States and Mexico, and therefore the department’s main prerequisite for a grant of ATI is absent.”
American in its filing also noted that in 2015, “several airlines raised concerns regarding the lack of a fully functioning open skies agreement between the two countries and the lack of transparency in slot allocation at Benito Juarez International Airport “that unfairly advantaged Aeromexico,” adding that since that time, “the situation has worsened.”
Ultra-low-cost carrier Lynx Air, based in Canada with a destination map that includes domestic locations as well as those in the United States and Mexico, announced Friday that it would cease operations Feb. 26.
The airline, which launched in April 2022 and in December had been added to the TSA PreCheck program, said that despite substantial growth, ongoing operational improvements, cost reductions and efforts to explore a sale or merger, “the challenges facing the company’s business have become too significant to overcome.”
The carrier canceled flights over the weekend “as we work to bring aircraft, crew and as many passengers as possible home,” according to the carrier. A FAQ page on its website said that passengers affected by a cancellation must contact their credit card provider for a refund, as “Lynx Air will not be able to assist with refunds or accommodations.”
Air Canada on Friday said it would cap fares and add more than 6,000 seats in select markets in response to the Lynx announcement. The fares were available before Feb. 26 for travel through April 2. Air Canada said it would not honor Lynx Air tickets and advised affected customers to consult the Canadian Transportation Agency.
Air Canada also said it planned to add incremental capacity on routes Lynx operated, from each Toronto and Montreal to Cancun, Fort Myers, Orlando, Tampa, Phoenix and Las Vegas between Feb. 25 and March 19. However, “flights are already relatively full and the carrier’s ability to increase capacity further is limited,” according to Air Canada.
Delta Air Lines on Dec. 4 will launch seasonal service between Los Angeles and Brisbane, Australia, the carrier announced Friday. Flights will operate three times weekly through March 28, 2025, using Airbus A350-900 aircraft with four cabins: Delta One Suites, Premium Select, Comfort-Plus and Main.
UNITED NATIONS, Feb 23 (IPS) – At the start of 2024, we stand at a critical juncture: Geopolitical tensions are escalating, economic integration is unravelling, and multilateral cooperation is faltering. This global fragmentation threatens to undermine decades of progress made for children worldwide.
The choices we make today – whether to continue on this path or whether we should bolster global cooperation – will have a profound impact on generations to come.
Children are always the most vulnerable in times of crisis – a reality highlighted by the COVID-19 pandemic, when school closures, economic hardship and disrupted health services jeopardized children’s rights and wellbeing.
Tensions among major powers are rising and the threat of new conflicts emerging is high. Beyond the immediate physical dangers, children can experience lasting psychological trauma and violations of their basic rights.
If military spending continues increasing at the expense of investments in healthcare, education and social protections, children’s development will be further compromised.
Meanwhile, economic fragmentation is widening disparities between countries. Restrictive trade policies and supply chain disruptions are leading to rising energy and food prices, reducing access to essential goods and negatively impacting child nutrition and household incomes.
Competition for critical minerals essential for the green economy is increasing the risks of trade fragmentation while threatening the pace of the green energy transition. At the same time, the drive to expand mining for minerals puts mining communities and children at risk of exploitative practices.
Despite continued global economic growth, the lukewarm and uneven recovery is diminishing prospects for reducing child poverty. From now until 2030, 15 million more children a year will be living in poverty than would have otherwise, due to the unequal post-COVID recovery.
This gloomy picture is compounded by the weakening of multilateral institutions, which is further undermining the potential for progress for children. Why?
Because a fragmented multilateral system that is hamstrung by competing interests will struggle to deliver on conflict prevention, climate change, effective digital governance, debt relief and enforcing child rights standards, fuelling dissatisfaction in the Global South with rising inequalities.
Children in the poorest nations also face continued barriers to financing for basic services. Crippling debt, high remittance fees and lack of voice in global economic governance restrict investments in healthcare, education and social protections – investments vital to children’s survival and development.
But amid all these concerning trends, we see still signs of hope. Alternative alliances are emerging in the developing world to advance cooperation, bringing novel policy solutions, more nimble policymaking and effective results.
Despite expressing discontent with current democratic political structures, young people remain optimistic that opportunities exist to reform and resolve deficiencies in the political system, whether at the national or international level. They are engaging as change-makers, breathing new life into civic participation and democratic renewal.
In addition, technological innovations are unlocking new opportunities to empower children and enhance their rights. Green transition, if carried out in a just and sustainable way – one that prioritizes young people’s needs, skills and access to jobs in emerging sectors (such as the digital and green economy) – can benefit younger generations.
Reforms and modernization of global governance and financing arrangements could still deliver greater justice for developing countries. This more hopeful path will not unfold on its own. It requires global leaders to make an active choice – to double down on solidarity, inclusion and cooperation despite tensions and instability.
Prioritizing children and their rights must be at the centre of this choice.
Jasmina Byrne is Chief, Foresight & Policy, UNICEF Innocenti – Global Office of Research and Foresight.
American Airlines on June 28 will launch nonstop service between New York’s John F. Kennedy International Airport and Tokyo’s Haneda International Airport, the carrier announced Thursday.
The flights will operate daily using Boeing 777-200 aircraft. The new service will complement the twice-daily flights already offered by American partner Japan Airlines
American will become the only U.S. carrier operating nonstop service between the two airports following approval of the route application last week by the U.S. Department of Transportation, according to the airline.
GlobalStar Travel Management has expanded its network with the addition of Belgium-based travel management company Triton Travel as a partner, the organization announced. Triton, which works with both small and midsized companies and larger corporates as well as government clients and start-ups, will “benefit from great supplier deals, technology and the knowledge that exists in the GlobalStar network,” according to Triton managing director Danny Vanderghinste. The GlobalStar TMC organization reports operations covering more than 2,500 locations in more than 55 countries.
