Turkey cenbank fast-tracks 90% of 2019 profit to Treasury, other shareholders

Accor launches €300 million share buyback

Accor SA said Monday that it has launched a share buyback of up to 300 million euros ($332.6 million).

The program is part of a larger plan announced in December to return EUR1 billion to shareholders over the next two years, the French hotel group AC, -0.15%  said.

The share purchase price shouldn’t exceed EUR70 during the program from Jan. 20 to June 30, Accor said.

BAE Systems to buy Collins Aerospace’s GPS, Raytheon’s radio businesses for $2.2 billion

BAE Systems PLC (BAESY) said Monday that it has agreed to buy Collins Aerospace’s Military Global Positioning System and Raytheon’s Airborne Tactical Radios businesses for a total price of $2.2 billion.

The defense-and-security company BA, +1.46%BAESY, +0.83% said that it will pay $1.93 billion for Collins Aerospace’ GPS business and $275 million for Raytheon Co.’s RTN, -0.42%  (RTN) radio business. Both acquisitions are subject to the closure of the ongoing merger between Raytheon and Collins Aerospace’s parent company United Technologies Corp.UTX, +0.55%  (UTX) .

BAE said the GPS business is expected to generate a revenue of $359 million and adjusted earnings before interest, taxes, depreciation and amortization–which strips out exceptional and other one-off items–of $127 million this year. It added that it anticipates the business to be “immediately earnings and cash flow accretive,” and that it will generate returns on investment from its third full year of trading.

BAE also said that the radio business is expected to generate $125 million for 2019.

BAE’s Chief Executive Charles Woodburn highlighted the strategic nature of these acquisitions, which are “focused on areas of highest priority defense spending” in the U.S.

Davos Kickoff, Modernizing ECB, Phase-One Tests: Eco Day

Welcome to Monday, Europe. Here’s the latest news and analysis from Bloomberg Economics to help you start the day and week:

  • As global elites descend on Davos for their annual gathering, up for debate is whether some of the big themes of our time, including globalization and cars, willhit their peak in the 2020s
  • Also in Davos, an Oxfam report showed theworld’s richest 1% have more than twice the wealth of the rest of humanity combined, and how governments are “massively under-taxing” rich individuals and corporations, and under-funding public services
  • The organizers of the annual Davos gathering separately warned that global inequality isgoing to worsen unless governments do more to ensure those most affected by rapid technological change aren’t just cast aside and forgotten
    • That sets the tone for governments to play amore active role in steering economies through the big challenges of the coming decade, from global warming and inequality to the great-power race for a technological edge

    Kansas City shooting: Gunman opens fire at US nightclub – 2 dead and 15 injured

    Police officers were called to the scene at around 11.30pm in Kansas City in Missouri. The suspect fired into a queue of people waiting to get into a bar, according to a police spokesperson. The shooting happened as fans of the Kansas City Chiefs celebrated nearby.

    More to follow…

    Petrol, diesel prices cut further on Monday

    The petrol now costs ₹74.98 a litre in Delhi, ₹80.58 a litre in Mumbai, ₹77.58 a litre in Kolkata and ₹77.89 a litre in Chennai after the price cut.

    Fuel prices were further cut on fifth consecutive day across all major cities on Monday. The price of petrol was cut by 10-12 paise and that of diesel by 19-20 paise on Monday bringing relief to the consumers.

    The petrol now costs ₹74.98 a litre in Delhi, ₹80.58 a litre in Mumbai, ₹77.58 a litre in Kolkata and ₹77.89 a litre in Chennai after the price cut.

    Similarly, diesel costs ₹68.26 a litre in Delhi, ₹71.57 a litre in Mumbai, ₹70.62 per litre in Kolkata and ₹72.13 a litre in Chennai, according to the Indian Oil Corporation website.

    Fuel prices have been slashed for the fifth consecutive day. In the last ten days petrol became cheaper by 98 paise and diesel by ₹1.85.

    The retail prices of fuel are dependent on the international crude prices and the rupee-US dollar exchange rate as India imports almost 80% of its crude requirements.

    Domestic petrol and diesel prices are reviewed by oil marketing companies on a daily basis. Price revisions are implemented at the fuel stations with effect from 6 a.m.

    Turkey cenbank fast-tracks 90% of 2019 profit to Treasury, other shareholders

    ANKARA, Jan 20 (Reuters) – Turkey’s central bank decided on Monday to send 90% of its 2019 profits to the government and other smaller shareholders, after necessary reserves are removed, voting for a second straight year to fast-track the transfer that boosts the Turkish budget.

    The bank’s extraordinary general assembly, where it votes on the transfer, was also held in January last year. In previous years it was held in April. (Reporting by Nevzat Devranoglu; Writing by Ali Kucukgocmen; Editing by Jonathan Spicer)