Business
Italy Finalizes ITA Airways Stake Sale to Lufthansa in €325M Deal
The Italian government announced on Tuesday it has reached an agreement with Lufthansa Group, allowing the German airline giant to acquire a 49% stake in Italy’s national carrier, ITA Airways, in a deal valued at €325 million. The move follows months of negotiations and a series of regulatory clearances by the European Commission, which both Lufthansa and Italy’s Ministry of Economy and Finance confirmed had been submitted hours before the midnight deadline.
The new agreement marks an extension of Lufthansa’s influence within ITA Airways. In May 2023, Lufthansa acquired a 41% share of ITA, with an option to increase its ownership to a full 100% over time. Following European Commission approval in July, Lufthansa and the Italian government engaged in lengthy discussions to finalize the terms and valuation of an additional 49% share, including a contentious €10 million price reduction sought by Lufthansa.
While Lufthansa justified the discount request due to ITA’s reported decline in value in recent months, the Italian government held its ground on the original valuation, ultimately finalizing the deal at the initially proposed €325 million. In a statement to Euronews, a Lufthansa Group spokesperson expressed optimism about the partnership, stating, “Lufthansa Group confirms the submission of a remedy package to the European Commission to fulfill the conditions of the clearance decision regarding the acquisition of 41% in ITA Airways obtained on 3 July 2024.”
The statement continued, “The submission was done jointly with the Italian Ministry of Economy and Finance (MEF) in due time on 11 November 2024. Lufthansa Group is confident that the EU Commission will approve the remedy package within the upcoming weeks.”
Regulatory Challenges and Competition Concerns
The deal has faced scrutiny, as Lufthansa’s significant market presence across Europe has sparked anti-competition concerns, particularly from budget carriers operating in Italy’s growing air travel market. Italy has seen a surge in air traffic driven by popular low-cost airlines like Ryanair and EasyJet, which dominate many routes. Lufthansa has pledged to maintain competitive pricing, particularly on long-haul routes, and has reassured regulators of its commitment to fair competition within the European market.
As part of its remedy package submitted to the European Commission, Lufthansa aims to address potential competition issues, which could pave the way for a smooth approval process in the weeks ahead.
Financial and Strategic Benefits for Italy
For the Italian government, the sale is expected to bring financial relief and strategic benefits. ITA Airways, successor to the defunct Alitalia, has struggled with profitability and high operating costs. The government hopes Lufthansa’s investment and expertise will aid ITA’s long-term turnaround. Lufthansa’s extensive experience in revitalizing troubled airlines, including Brussels Airlines, Swiss International Airlines, and Eurowings, underscores its capability to manage and integrate ITA within its wider network.
With air travel demand in Italy on the rise, the government anticipates increased passenger volumes. Lufthansa’s support could further enhance Italy’s position as a key destination, potentially drawing in more international routes and travelers.
Meanwhile, Lufthansa’s expansion strategy doesn’t stop with Italy. The German carrier is also eyeing a stake in TAP Air Portugal, another move expected to unfold next year as it seeks to strengthen its presence across southern Europe. Following the announcement, Lufthansa shares saw a slight dip of 1.04% on Tuesday morning trading, reflecting a cautious response from the market as the airline group navigates regulatory and integration challenges in the coming months.
Business
Top Jobs in the UK for 2025: Teachers, Solicitors, and AI Engineers Lead the Way
School teachers, solicitors, and AI engineers are among the most in-demand professions in the UK for 2025, according to a new report by global hiring platform Indeed. The analysis, based on job posting trends from 2023 to 2024, highlights high-growth roles across key sectors including education, healthcare, and technology.
School teachers top the ranking, experiencing a staggering 245% increase in job postings. This surge reflects the ongoing teacher recruitment and retention crisis, as reported in the 2024 Teacher Labour Market in England Annual Report. The report warns of a critical shortfall in teacher supply, with recruitment reaching just half of its target for 2023/24 and further declines expected for 2024/25 in secondary education.
Solicitors and Healthcare Roles See Significant Growth
Property solicitors claimed the second spot with a 111% rise in job postings, driven by growing demand in the legal sector. Employment solicitors also featured in eighth place with 93% growth.
Healthcare roles held two spots in the top 10. Doctors, specifically General Medicine Registrars, ranked seventh with a 95% increase in postings, while paediatricians secured ninth place with 91% growth. These roles highlight the persistent need for medical professionals, a trend consistently observed in Indeed’s annual job rankings.
AI/ML Engineers Make Their Debut
For the first time, Artificial Intelligence (AI) and Machine Learning (ML) engineers appeared on the list, claiming the 10th spot with an 86% increase in job postings. These specialists design and deploy machine learning models, driving innovation in areas such as automation, natural language processing, and computer vision. With an average salary of £68,560 (€81,163), AI/ML engineers are among the highest-paid professionals on the list.
Danny Stacy, Head of Talent Intelligence at Indeed, said the rankings reflect both traditional and emerging career opportunities. “This list highlights the demand for essential roles such as teachers, doctors, and solicitors while showcasing growth in emerging industries like artificial intelligence and machine learning,” he said.
High Earning Potential Across the Board
Paediatricians top the salary rankings with an average annual pay of £106,048 (€125,547), followed by commercial directors (£81,802) and AI/ML engineers. The rankings considered roles with salaries above £37,430 (€44,306), the median annual earnings for full-time employees in 2024, according to the Office for National Statistics (ONS).
Top 10 Jobs in the UK for 2025
- School teacher: 245% growth / £39,356
- Property solicitor: 111% growth / £52,929
- Commercial director: 108% growth / £81,802
- Project estimator: 102% growth / £38,854
- Senior user interface designer: 100% growth / £56,577
- Registered children’s manager: 97% growth / £43,959
- Doctor (General Medicine Registrar): 95% growth / £72,902
- Employment solicitor: 93% growth / £55,315
- Paediatrician: 91% growth / £106,048
- AI/ML engineer: 86% growth / £68,560
These findings serve as a roadmap for jobseekers navigating the evolving job market, highlighting sectors with promising career paths and strong earning potential.
Business
Richemont’s Strong Quarterly Results Boost European Luxury Stocks
Richemont reported impressive quarterly results on Thursday, driven by festive season sales, even as weak demand in China weighed on performance. The Swiss luxury goods giant’s robust earnings sent ripples through the European luxury sector, lifting share prices of major rivals.
Richemont’s stock surged over 16% to reach a record high of ₣161.8 (€172.45) on the Zurich Stock Exchange, marking its largest intraday gain since October 2008. The company has been a standout performer, with its share price up 21% in 2024, contrasting sharply with declines seen in other major luxury players such as LVMH and Kering last year.
Strong Fiscal Third-Quarter Performance
For the fiscal third quarter of 2025, Richemont reported sales revenue of €6.2 billion, a 10% increase year-on-year, exceeding analyst expectations. While sales in mainland China, Hong Kong, and Macau collectively fell by 18%, resulting in a 7% decline in the Asia-Pacific region, robust growth in Europe, the Americas, Japan, and the Middle East & Africa offset the weakness.
European revenue surged by 19%, bolstered by increased domestic demand and higher tourist spending from North America and the Middle East. The Group’s Jewellery Maisons—Buccellati, Cartier, Van Cleef & Arpels, and Vhernier—achieved 14% growth, driven by iconic jewellery and watch collections during the festive season.
However, Specialist Watchmakers experienced an 8% drop in revenue year-on-year, reflecting the challenges in the Asia-Pacific market. Despite this, strong growth in the Americas and the Middle East & Africa mitigated the impact, reducing the year-to-date segmental decline to 16%.
Year-to-Date Highlights
For the nine months ending December 31, 2024, Richemont recorded a 4% increase in sales at constant currency, with net cash rising to €7.9 billion from €6.8 billion in 2023. The company ended the fiscal year 2024 with record full-year sales of €20.6 billion, though quarterly sales dipped by 1% due to the Asia-Pacific slowdown.
CEO Nicolas Bos, who took over in June 2024, is credited with steering the group toward growth in alternative markets, mitigating the effects of weakened Chinese demand, a factor emphasized by former chairman Johann Rupert.
Luxury Sector Optimism
Richemont’s results buoyed the Euro Stoxx 600 Luxury Ten Index (STXLUXP), which rose nearly 7% on Thursday. Stocks of rivals LVMH, Hermès, Christian Dior, and Kering gained 9%, 4.9%, 8.6%, and 6%, respectively.
Analysts are divided on whether the downturn in Chinese luxury spending is cyclical or structural. With China accounting for a significant portion of the Asia-Pacific market, brands heavily reliant on Chinese consumers may face continued challenges in 2025. However, optimism surrounding Richemont’s results has injected renewed confidence into the sector ahead of upcoming earnings reports.
Business
Germany’s Inflation Rate Hits 2.6% in December Amid Economic Struggles
Germany’s year-on-year inflation rate for December was confirmed at 2.6%, according to the Federal Statistical Office, marking the third consecutive month of growth and the highest rate since January 2024. The increase was driven primarily by rising services and food prices, leaving inflation above the European Central Bank’s (ECB) 2% target.
Key Drivers of Inflation
Services prices surged at an annual rate of 4.1% in December, slightly higher than November’s 4%. Food prices also saw an uptick, climbing to 2% from 1.8% in the previous month. Meanwhile, energy prices, which had been declining, fell at a slower pace in December, recording a decrease of 1.6%, compared to a 3.7% drop in November.
Month-on-month inflation also rose, reaching 0.5% in December, up from a decline of 0.2% in November and exceeding preliminary estimates of 0.4%.
For the entire year of 2024, the average inflation rate stood at 2.2%, a significant drop from the 5.9% recorded in 2023. Core inflation, which excludes volatile items such as food and energy, fell to 3% in 2024 from 5.1% the previous year.
Economic Contraction Continues
Germany’s economy shrank by 0.2% in 2024, following a 0.3% contraction in 2023, according to recently released gross domestic product (GDP) data. The contraction reflects ongoing challenges in key sectors.
Manufacturing output declined by 3% in 2024, weighed down by sluggish performance in the car manufacturing and machinery sectors, two pillars of the German economy. The construction sector also experienced a sharp decline, shrinking 3.8% due to rising interest rates and soaring construction costs.
On the other hand, household consumption rose marginally by 0.3% for the year, supported by increased spending on transport and health.
Challenges for Growth
Both structural and cyclical pressures have impeded Germany’s economic growth. Surging competition in key export markets has created challenges for the country’s export-driven economy. Additionally, higher energy costs and geopolitical uncertainties, including trade tensions and conflicts, have exacerbated economic vulnerabilities.
Outlook and Policy Implications
The persistent inflationary pressures and economic stagnation present a complex challenge for policymakers. While inflation remains above the ECB’s target, the broader economic slowdown may necessitate continued monetary and fiscal measures to support growth.
As Germany grapples with structural weaknesses and external risks, economic recovery will likely depend on addressing these challenges while maintaining consumer confidence and industrial competitiveness.
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