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Essex & Herts Air Ambulance gets support from Harrods Aviation Ltd and London Luton Airport.

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Tuesday 31 July, 201831 July 2018

Essex & Herts Air Ambulance gets support from Harrods Aviation Ltd and London Luton Airport.

Essex & Herts Air Ambulance (EHAAT) is to receive support from Harrods Aviation Ltd and London Luton Airport (LLA).

Harrods Aviation Ltd, a specialist private aviation operator at LLA, has agreed to waive all landing charges and handling costs if one of EHAAT’s helicopters needs to call at the airport, while London Luton Airport has agreed to supply fuel free of charge.

EHAAT provides Helicopter Emergency Medical Services across Essex, Hertfordshire and surrounding areas including Bedfordshire. As a result, crews can find themselves tasked to deal with an emergency at LLA or in the nearby area.

Whilst LLA has never charged landing fees in the event of an emergency at the airport, the new arrangement means that the life-saving charity can now use LLA as a pit stop without incurring any charges.

Cliff Gale, Operations Director of EHAAT said: “As a Charity we are grateful for all the support we get to keep us flying and we are always looking for ways of supporting our essential costs.

“This gesture from Harrods Aviation and London Luton Airport is particularly welcome has it comes from two organisations in the aviation world that we work closely with.”

Will Holroyd, Sales and Marketing Director at Harrods Aviation Ltd said: “We are proud to be supporting the important and invaluable work performed by the Essex and Herts Air Ambulance. Of course, we hope to never see the ambulance at Luton, but if we do they can be assured of receiving immediate and full support on the ground from Harrods Aviation.

Liam Bolger, Head of Airside at LLA said: “Essex & Herts Air Ambulance does invaluable work at the airport and in the local community and we are delighted to be able to support them. Covering the cost of fuel is our way of saying thank you to this fantastic organisation, and we hope that this will help EHAAT to continue with its life-saving work.”

-ENDS-

Photographs:

1. EHAAT’s AgustaWestland 169 at Luton. L-R is David Kelly (Co-Pilot), Scott McIlwaine (Clinical Operations Manager), Jim Lynch (Chief Pilot), Neil Thompson,(Operations Director, London Luton Airport); Barry Hunter, (Chief Financial Officer, London Luton Airport); Michael Reader, Base Manager, Harrods Aviation.

2. Scott McIlwaine (EHAAT) with Barry Hunter, (Chief Financial Officer, London Luton Airport) and Neil Thompson,(Operations Director, London Luton Airport);

For more information please contact the Communications Team on 0345 2417 690.

Notes to Editor:

Essex & Herts Air Ambulance (EHAAT) is a Charity that provides a Helicopter Emergency Medical Services (HEMS) for the critically ill and injured of Essex, Hertfordshire and the surrounding areas.

The service is provided free of charge but, unlike NHS emergency services, the Charity receives no direct funding from the Government or National Lottery. It costs £500,000 every month to keep the service operational and saving lives, and this would not be possible without the generosity and goodwill of people and businesses of Essex, Hertfordshire and beyond.

Each of the Charity’s HEMS teams consist of two Pilots, a Pre-hospital Care Doctor and a Critical Care Paramedic.

These teams, made up of highly-skilled individuals, tended to 1077 patients in 2016 and are the backbone of your local life-saving Charity.

The fleet, consisting of two Air Ambulances, and four Rapid Response Vehicles (RRVs - cars) operates seven days a week from 7am to 9pm. After sunset, the Critical Care Team continues to provide the service using Rapid Response Vehicles.

In addition, a Rapid Response Vehicle is operational on a Friday and Saturday evening from 6pm until 2am with a Pre-hospital Care Doctor and Critical Care Paramedic.

London Luton Airport (LLA) is one of the UK’s largest airports and carried 15.8 million passengers in 2017, an increase of 8.6% on 2016. The airport indirectly employs over 9,400 staff and is a key economic driver for the region.

easyJet, Wizz Air, Ryanair, Thomas Cook Airlines, Tui, EL AL, Blue Air, TAROM, SunExpress, Iberia (Air Nostrum) and Vueling currently operate from the airport. The airport’s route network serves more than 140 destinations including services to Europe, Africa, and Asia.

LLA is currently investing over £160million to transform the airport and increase capacity from 12 million to 18 million passengers per year by 2020.

accelerate the economic benefits of the current transformation project which is set to increase LLA’s economic contribution by 77% from £1.3 billion in 2013 to £2.3 billion per annum by 2030.

* For more information regarding media usage, ownership and rights please contact Essex & Herts Air Ambulance.

Distributed by http://www.pressat.co.uk/ Reported by Pressat 14 hours ago.

Financial services exports to the EU reach a record high

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Financial services exports to the EU reach a record high UK exports of financial services to the EU reached an all-time high of £25.9bn in 2017, according to data released today by the Office for National Statistics.

A £3.5bn increase in the surplus on financial services was the largest driver of the UK’s services surplus last year.

By destination, Europe was the largest contributor to the improvement in the financial services trade balance, with a £26.5bn surplus accounting for £2.9bn of the headline gain. The record high on financial services exports to the EU was a key contributor, with exports up 7.2 per cent versus a year earlier compared with a drop of 10 per cent in imports.

*Read more*: UK exports in financial services jump to £95.7bn

The surplus on financial services accounted for £44.4bn out of the UK’s £111bn overall services surplus last year. Exports of financial services increased to a record high of £59.6bn, up 6.4 per cent versus a year earlier and accounting for 21.5 per cent of total services exports.

Financial services exports to China also showed a significant increase reaching £340mn (including insurance and pensions), a gain of 21 per cent versus 2016.

The contribution to the UK economy from financial services exports to the EU highlights the importance of the post-Brexit trading relationship. The government’s recent white paper laying out its proposed future trade regime with the EU saw a less favourable expanded equivalence approach for financial services, versus a free trade area for goods.

*Read more*: UK tells Brussels it can control market access after Brexit

The EU initially had little enthusiasm for the UK plan although the EU’s chief negotiator Michel Barnier is now said to have come round. This follows clarification from the UK on the EU’s ability to withdraw market access without any recourse to an independent third party.

The UK’s overall services surplus reached 5.5 per cent of GDP in 2017, a 0.3 percentage point improvement from a year earlier as growth in services exports outpaced that of imports for a second consecutive year.

The headline trade deficit, the difference between exports and imports of goods and services, improved by 0.3 percentage points last year to 1.6 per cent of GDP on the back of the higher services surplus. The deficit on goods trade remained unchanged from a year earlier at 6.7 per cent of GDP.

*Read more*: ONS revises UK trade deficit down to £10bn lower than previously estimated

  Reported by City A.M. 14 hours ago.

Scorching temperatures in Spain could top 48°C this week a European record

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Scorching temperatures in Spain could top 48°C this week a European record Mainland Europe's intense summer heatwave is set to intensify this week, with parts of Spain and Portugal to be hit by rising temperatures between 40C and 48C. The UK will be hotter too by Friday. Reported by MailOnline 11 hours ago.

The European Championships 2018: will new multi-sport event sink or swim?

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The European Championships 2018: will new multi-sport event sink or swim? You could be forgiven for not knowing it, but a major new international multi-sport event featuring some of the stars of the Olympics gets underway in the UK this week.

It’s called the European Championships – a title that sums it up accurately while offering few clues as to what it actually is. The European Championships of what, exactly?

Well that’s just it, because this is not so much a new event as a coalescing of existing ones under a new umbrella title. The various European Championships of athletics, cycling, aquatics, gymnastics, rowing and triathlon have been brought together to form an 11-day festival of sport.

*Read more*: Why haven't Spurs sold naming rights to their new stadium?

So far, so simple. To make it a little more confusing it is being split between two cities – Glasgow, which is hosting the bulk of the action, and Berlin, which had long since secured the track and field – and organisers have pitched a golf tournament into the mix too.

“Because it’s the first one, all eyes will be on it to see if it actually does work,” says Steve Martin, chief executive of M&C Saatchi Sport and Entertainment, who is upbeat on the concept.

“You can see the method to the madness of bringing those [events] together so that the parts makes something bigger. The simplicity of the thinking behind it is very good.

“It looks like a mini-Olympics, a second layer that they can create every four years between Olympic years which gets momentum and scale and attracts sponsor brands.

“It does give more eyeballs, more potential viewers and much more of an audience for the likes of the gymnastics and other sports that wouldn’t get that if they were just doing their own event.

“The whole goal to me seems to be to add scale. And they’re better working together than working against each other.”

Other industry voices are also behind the premise, not least because it attempts to address dwindling interest in many of the sports included in the European Championships.

“All sports governing bodies and rights holders should be in a state of healthy dissatisfaction with their formats and distribution,” says Anthony Scammell, senior associate director at Hill+Knowlton Strategies.

“That’s not to say change for change’s sake is necessarily a good thing or that change equals progress, but I think they do need to be constantly looking at whether their events are delivering against the audience they’re seeking, growing the sport – whether in new markets or new audiences – and exploring new ways of doing things.

“I think only by embracing new formats are you going to achieve those three things: new fans, new markets and new players. It won’t always work but unless you have that mindset you’ll struggle to keep progressing and make sure your sports stay relevant.”

*Should eSports have been included?*

A mixed-gender field goes some way to justifying the otherwise incongruous golf tournament, but Scammell believes organisers could have been even more radical and cast the net further into leftfield.

“I’d have been tempted to explore an e-Sports event in Glasgow,” he adds. “I’m assuming the rationale is to take advantage of the different audiences – so why not explore a new and rapidly growing audience in e-Sports as well?”

Incorporating eSports would be one way to address the issue of dwindling interest among millennials and Generation Z in the Championships’ core offering.

“The biggest challenge is connecting with a youth audience and making it relevant,” adds Martin. “How they connect with the youth to make sure that in four years’ time, when that audience that is 18-21 [now] is 24-25 will continue watching it. They need to be almost positioning it as a more youthful type of games.”Co-host Glasgow is staging the non-athletics competitions (Source: Getty)

Concerns include the action being divided between two cities – a scenario that organisers must be pragmatic about for now and hope to remedy in future editions – and a conspicuous shortage of fanfare to the point where Thursday’s first events may come as news even to some in the sports industry.

There is just one sponsor, supermarket group Spar, with a commercial deal across the full gamut of events, with others split between the activities in Glasgow and Berlin.

“The one thing I’d say is that so far I think it’s been marketed poorly,” says Martin. “It’s just been undercooked and it’s come about very quickly. I don’t think the industry is completely and utterly aware of it.”

*Terrestrial TV and Glasgow pedigree are trump cards*

The European Championships does have two trump cards, however: a deal with free-to-air broadcasters, including the BBC, and a host city in Glasgow with a track record of staging and attracting big audiences to events of this nature, such as the successful 2014 Commonwealth Games.

Martin adds: “Doing the deal centrally through the European Broadcasting Union is a smart thing, so you get big terrestrial broadcasters behind it. The BBC in particular is throwing their weight behind it, with their A-list talent fronting all the different sports, so obviously that is very strong and there’s some sort of belief there.”

Consensus is that the project will ultimately rest on the quality of the sporting action on display, and the presence of household names such as Katarina Johnson-Thompson, Laura Kenny, Max Whitlock and Adam Peaty in the British team bodes well for medal hopes and the overall standard of the competition.

“You can never determine what happens on the field of play but fantastic races, matches, performances in the gymnastics I think will help,” says Scammell.

“As well as a very vociferous and passionate crowd both from Scotland and also from Europe.”

Martin says: “Glasgow will be a very good host, I believe. There’ll be the energy and passion there, the audience that turns up to watch the events. It relies on the top talent performing as well. This can’t be seen as a B series; it’s got to be A-list.

"I think it’s going to be a very good thing and will allow them to go to other markets and pitch to host it.” Reported by City A.M. 11 hours ago.

Standard Life Aberdeen loses St James's Place ethical fund mandate

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Standard Life Aberdeen loses St James's Place ethical fund mandate FTSE 100-listed wealth group St James’s Place has stripped Standard Life Aberdeen of a mandate to manage its £277m ethical fund.

St James’s Place announced that Impax Asset Management would takeover the management of the fund which will be renamed the sustainable and responsible equity fund.

*Read more*: Lloyds sells off last of its holding in Standard Life Aberdeen for £344m

This is the second St James’s Place fund that Standard Life Aberdeen has lost, following the removal of a £1.3bn emerging markets fund from Aberdeen in 2016.

Standard Life merged with Aberdeen Asset Management last year in an £11bn deal which created Europe’s second-largest fund manager.

Part of the rationale for the deal was an attempt to stem fund outflows.

In February Lloyds Banking Group cancelled a £109bn contract with Standard Life Aberdeen, triggering a "material competition clause", arguing that the asset manager was now one of its rivals for UK business following the merger.

*Read more*: Shareholders back Standard Life Aberdeen's £2bn insurance business sell-off

Separately, St James's Place said it was launching a diversified assets fund which will be managed by investment firm KKR.

Chris Ralph, chief investment officer, at St James’s Place said: “KKR has a world-leading, global investment team and will be responsible for targeting growth opportunities in a number of markets, and will provide exposure to private equity, real estate, infrastructure, as well as private and public credit.” Reported by City A.M. 11 hours ago.

U.S. Military Bases In Europe Depend On Russian Energy

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As Russia aims to tighten its grip over European energy supply, especially in natural gas with the controversial Nord Stream 2 pipeline project, Europe’s energy dependence on Moscow is a concern for U.S. lawmakers who worry that American military bases in Europe also depend on energy from Russia. U.S. lawmakers are calling upon the Department of Defense to cut reliance on Russian energy at military bases in Europe, and to introduce sanctions against the Nord Stream 2 project. Defense Logistics Agency data show that close to 40 percent of… Reported by OilPrice.com 7 hours ago.

Ministers urge EU states: Tell Brussels to see sense

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Ministers urge EU states: Tell Brussels to see sense Foreign secretary Jeremy Hunt yesterday urged the European Union's two biggest economies to push Brussels' negotiators towards a sensible Brexit agreement.

"France and Germany have to send a strong signal to the Commission that we need to negotiate a pragmatic and sensible outcome that protects jobs on both sides of the Channel because for every job lost in the UK, there will be jobs lost in Europe as well if Brexit goes wrong," Hunt said.

City A.M. understands that government ministers will spend much of August using one-to-one meetings with EU counterparts to press the case for a close deal on financial services.

There are fears in Whitehall that the Commission has been deliberately misconstruing the UK’s official position on financial services in order to maintain opposition to the Brexit plan agreed at Chequers last month.

*Read more*: UK tells Brussels it can control market access after Brexit

Senior figures including Hunt and chancellor Philip Hammond have been among those clarifying the stance adopted in the government's Brexit white paper. Some people on the UK side believe EU chief negotiator Michel Barnier wilfully misrepresented it following publication, claiming it threatened the EU's red lines, City A.M. understands.

Ahead of the Chequers summit ministers were encouraged to meet their counterparts throughout the summer, but were reportedly warned by Theresa May’s Europe adviser Olly Robbins that such meetings would not prove to be a “silver bullet” when it comes to negotiations with the EU.

However, they upped the ante after the white paper was published. City A.M. understands that Barnier told EU ministers that the UK's proposed model cannot be adopted, a move which Downing Street interprets as a refusal to budge from his insistence that any deal must be based on an existing model. Barnier's intransigence has led directly to the renewed push by UK ministers to appeal directly to EU ministers – over the head of the EU chief negotiator.

The government had used the document to drop calls for mutual recognition of financial services regulations, which was seen as too challenging for negotiators. Instead it called for an "expanded equivalence" model after leaving the EU, describing it as a “reciprocal recognition of equivalence”.

*Read more*: UK fights Brussels' rejection of City's post-Brexit model

This was envisaged as a “new economic and regulatory arrangement based on the principle of autonomy for each party over decisions regarding access to its market”.

While City figures have concerns over how sufficient equivalence would be, government sources have insisted the model would be a vast improvement on existing frameworks, but one which safeguards both sides’ ability to unilaterally withdraw access.

An HM Treasury spokesperson said: “Last week we held positive discussions with the European Commission on our proposal for a pragmatic new arrangement for financial services after we leave the EU.

“We found common ground in recognising both the EU’s and UK’s desire to have control over their own decision making, and the need for bilateral dialogue and co-operation to reflect the deeply integrated nature of UK and EU financial markets.

“More work needs to be done, and we look forward to further discussions.”

The Commission did not respond to requests for a comment. Reported by City A.M. 6 hours ago.

Using your dash cam abroad: what you need to know about driving in Europe

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A dash cam can provide a safety net when you're driving in Europe but they're not legal everywhere. Read our rundown of the laws in different countries. Reported by Which? 6 hours ago.

Global insurance M&A increases but European deals continue to lag

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Global insurance M&A increases but European deals continue to lag The number of insurance deals globally rose in the first half of 2018 but transactions in Europe decreased, the only region to experience a fall.

Data from law firm Clyde & Co showed the number of transactions in the first half of the year (H1) increased three per cent on the previous six month hitting 186.

The number of deals also climbed in the previous six months, having hit a low point in H1 2017 after two years of decline.

*Read more*: Insurance M&A volume increased in H2 2017

Europe was the only region globally that did not see deal growth in H1 with 59 deals, a nine per cent fall which the law firm blamed on continuing Brexit unpredictability.

Andrew Holderness, head of corporate insurance at Clyde & Co said: “Brexit preparations have been absorbing huge chunks of management time, taking priority over M&A.

"Despite continuing uncertainty over the detailed mechanics of Brexit, most affected insurance businesses now have their operational plans in place and focus will return to the growth agenda.

"This means re/insurers within the EU and the UK will start looking for targets again while they themselves may be targeted by acquirers from outside the region.”

*Read more*: AIG buys UK life insurance business from Munich Re

Deal volumes in the Americas region grew nearly eight per cent to 90 and there were 25 deals in the Asia Pacific region, up from 20 in the previous period.

  Reported by City A.M. 5 hours ago.

West begins to close door on Chinese investment

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Beijing perceives it is harder to do US deals — and that Europe is also tightening up Reported by FT.com 4 hours ago.

More of the day's top business news

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Costa Coffee owner *Whitbread* has agreed a £36m takeover of Coffeeheaven, which operates 90 coffee shops across central and eastern Europe.

*Wells Fargo* has become the last remaining US bank to announce it is repaying government bailout funds, with the proposed return of $25bn (£15bn).

Outsourcing group *Serco* has said it remains on track to hit full-year financial targets. Reported by teletext 3 hours ago.

'Dream trip' turns morbid nightmare: ISIS kills travel bloggers in Tajikstan

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Cyclists from Europe and the US who were killed in an attack claimed by the Islamic State group in Tajikistan had described their trip as a "dream come true."

The victims were Jay Austin and Lauren Geoghegan from the US, Rene Wokke from the Netherlands and Markus Hummel from Switzerland, according to Tajik authorities.

Each of the travellers had a blog to document journeys that took them to the Pamir Highway, a Soviet-era road that stretches across 2,000 kilometres near the border with Afghanistan and has spectacular views.

The Americans explained on their blog SimplyCycling that they had "decided to quit our jobs and bike around the world." The pair had travelled through Africa and Europe before flying to Kazakhstan in May.

The posts on the site and on their Instagram account broke off as they ventured into mountainous Tajikistan, the poorest of the former Soviet states.

"Tajikistan is a tough place to cycle. It is cold and windy and mountainous and, most of all, very, very high," Austin wrote a week ago.

"Really glad I did it. No need to ever do it again," he said of crossing a Tajik mountain pass at a height of 4,655 metres with thin air and intermittent snow.

Austin had been featured in The Washington Post in 2015 as one of those following a "tiny house" trend and downsizing his daily life to essentials.

On Sunday, a car mowed into the group of seven cyclists, two of whom were injured while another was left unscathed. The riders were attacked by a gang armed with knives and guns in a highly unusual incident that Tajikistan has said was organised by a member of an opposition Islamist party.

The parents of Geoghegan, 29, released a statement Tuesday saying the trip that their daughter and her partner Austin were enjoying was typical of Geoghegan's "enthusiastic embrace of life's opportunities, her openness to new people and places, and her quest for a better understanding of the world." They had set out on their adventure in July 2017.

Dutch victim Wokke, a 56-year-old psychologist, was cycling with his partner Kim Postma, a 58-year-old hospital administrator who was injured in the incident.

The website of Dutch newspaper NRC said the couple were travelling from Bangkok to Tehran and chose to go through Tajikistan to avoid the dangers of Afghanistan.

Wokke was a very experienced traveller and had visited more than 130 countries, according to his brother, Erik.

The pair, from Amsterdam, had left Thailand in February and planned to arrive in Tehran in September before flying back to the Netherlands.

Wokke and Postma described the Pamir Highway on their blog as "the ultimate challenge of this trip." Swiss cyclist Hummel also kept an online record of the journey with another Swiss national, Marie-Claire Diemand, who was injured in the attack.

In a blog entry entitled "A dream comes true," they explained that they were travelling along the Silk Road from Xi'an in China to Kyrgyzstan.

"Since we are already on the road, we definitely don't want to miss the Pamir Highway in Tajikistan," the pair said.

Their last entry was on July 25, when the whole group was staying in the Tajik town of Khorugh, after adventures including their tent filling with drifts of sand.

They said that on the highway, "we enjoy the silence, the dreamlike landscape and look at the Pamir River and the Afghan side of the valley all day long." Friends and well-wishers posted messages of condolences on the American victims' SimplyCyling Instagram page.

One, Robert Renner, wrote: "My condolences to the family and friends of Jay and Lauren." Another, Angela Wuerth, wrote: "I'm so sad that something so tragic could happen to such beautiful, kind people."

Article Type: 
Report
Sections: 
World
Agencies: 
PTI
Tags: 
Isis
Islamic State
ISIS attack
Tajikistan
Pamir Highway
Soviet
Afghanistan
Wed, 1 Aug 2018-10:02am
Date updated: 
Wednesday, 1 August 2018 - 10:05am
Article Images: 
A image taken from a video released by The Islamic States (IS) Amaq News Agency on July 31, 2018, allegedly shows the five executors of an attack on foreign tourists on a bike tour in southern Tajikistan.Authorities said four tourists - a Swiss, a Dutch and two US citizens- were killed and another three injured during their bike tour in southern Tajikistan on July 29, 2018, when a car hit them before fleeing the scene. (AFP photo)
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Highlights:  Reported by DNA 33 minutes ago.

Calls for farm support intensify as Europe struggles with heatwave, drought

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Sweltering heat and severe drought across vast stretches of the EU have damaged crops across the bloc. To cope with the difficult situation, farmers in several countries are demanding special aid. Reported by Deutsche Welle 43 minutes ago.

Vauxhall GT X Experimental concept shows new styling for 2019 and beyond

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Next Corsa set to usher in ‘pure and bold’ grille and lights design

Vauxhall and Opel cars will get a new, very different and all-encompassing grille and lights design, to underscore their move to the PSA Group and mark their new independence from former owner General Motors. The design is to be showcased on a concept named Vauxhall GT X Experimental, which the brand is in the process of revealing, ahead of a full unveil later this year.

The concept, described by Vauxhall as 'daring', is pitched at the mid-2020s. Its frontal treatment, dubbed Vizor, has been created in the Vauxhall-Opel design centre at Rüsselsheim and replaces a style regarded for some time as too conventional. The move aims to match the frontal treatments on future cars with the ‘pure and bold’ shapes PSA believes it has already adopted for its most modern designs.

The Vizor grille is likely to appear in production for the first time on the all-new Vauxhall Corsa when it moves to PSA’s small-car platform for 2019. The new look will be displayed for the first time on a highly significant concept that’s under final development. Due to be revealed in the autumn, but not at the Paris motor show, the concept incorporates many design influences from the recent GT Concept coupé.

Vizor is the result of early brainstorming sessions that subsequently drew submissions from Vauxhall-Opel’s entire design department, according to design boss Mark Adams.

It incorporates what Adams calls “the compass”, a cruciform layout formed in the horizontal plane by high- tech, wing-style headlights (a Vauxhall-Opel tradition since the Insignia appeared in 2008) and vertically by the marques’ traditional bonnet and front spoiler centre crease, with a round Opel or Vauxhall badge at its epicentre.

Adams describes the Vizor project as “liberating”, since it means the Anglo-German brands need no longer preserve a relationship with Buick, which has disparate buyers in China and the US, as well as Europe. The marques are improving and “sharpening” other aspects of their image to mark the fact.

“Our vision for Vauxhall and Opel cars lacked one thing: a unique face,” explained Adams. “Up to now, our grille proportions have been too conventional, with an aspect ratio too similar to that of other brands. We wanted a face that worked just for us, and now we have it.”

The design of the Vizor grille is accompanied by the creation of an all-glass fascia panel, dubbed Pure Panel, which carries clear design influences from the Vizor frontal treatment but with different proportions.

“We’ve incorporated all the technology the modern driver needs,” says Adams, “but in a simple way. We’ve tried to ditch complexity and amplify the ‘pure’ theme we want in our designs. This is digital detoxing for cars.”

Work on Vauxhall-Opel’s new interior and exterior treatments was presented to PSA chief Carlos Tavares last December. Once the winning themes were chosen, much work was done to make sure they could function in many different iterations and could be adapted to different vehicle styles and duties. 

*New nose shapes the future:*

Design boss Mark Adams’ remark that designing a new grille and nose is “liberating” is an important guide to its deep significance to the future of Vauxhall and Opel.

Adams has loyally overseen the creation of designs that, looking back, have had an enormous task: to seem home-grown in Britain, Germany, America and China at the same time. The new Vizor face willcarry the same modernity Adams’ designers have steadily brought to the rest of their cars’ shapes. No one is saying when we’ll see the new nose, but it’s hard to see the all-important Corsa (due next year) missing out.

*Read more*

*Vauxhall Corsa GSi priced from £18,995*

*Vauxhall design concept hints at brand’s future styling*

*How to design a new Vauxhall - an Autocar exclusive* Reported by Autocar 36 minutes ago.

Osram holds its ground in a difficult market environment

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DGAP-News: OSRAM Licht AG / Key word(s): 9-month figures/Interim Report

01.08.2018 / 07:00
The issuer is solely responsible for the content of this announcement.
--------------------
- Q3 revenue stable at EUR1.02 billion

- Adjusted EBITDA margin remains at 13.1 percent

- Osram initiates sale of luminaires business

- Group plans to save EUR130 to EUR140 million by 2020

"Despite a difficult market environment, we continue to generate good returns in our most important business areas. We are actively addressing the temporary weakness in demand of our customers in the automotive industry and improving our cost base. To ensure success, we are accelerating the current reorganization process and have laid an excellent foundation with the recently achieved reconciliation of interests," said Olaf Berlien, CEO of OSRAM Licht AG. "Nothing has changed in terms of long-term growth opportunities."

*Osram held its ground in a difficult market environment in the third quarter of its 2018 fiscal year. On a comparable basis, revenue remained consistent with the prior year's level of EUR1.02 billion. At EUR133 million, EBITDA adjusted for special items was significantly below the prior year's level. The adjusted EBITDA margin reached 13.1 percent. Foreign exchange effects as well as higher expenses for R&D and ramp-up costs burdened the adj. EBITDA in Q3 with more than EUR40 million. In the first nine months these effects summed up to more than EUR130 million - thereof EUR75 million FX effects alone. Recently the worldwide changes in ordering behavior of our customers and distributors in part due to existing and imminent trade restrictions have weighed on the company's revenue. The change in market dynamics due to the transition from allocation to normalization for some semiconductor products have also taken a toll on revenue. These effects are expected to have an impact in the coming months and have led the Managing Board to adjust the annual forecast at the end of June. In this context, the Managing Board has decided to further sharpen the portfolio and as a first step the company will divest its luminaires business.*

Management is looking at number of measures to rectify the current market situation. They are first looking to streamline the global administration, which should reduce cost by approx. 20 percent. Beyond that, several structural and operational programs have been implemented. This includes the improvement of efficiency in R&D, in the supply chain, and in the German factory alliance. These operational programs should sum to EUR130 to EUR140 million in savings by 2020.

Negotiations with employee representatives about a reconciliation of interests have been considerably expedited and are concluded. Charges for that have already been taken into account in the forecast for the current fiscal year.

In the third quarter of the fiscal year, the general economic slowdown and weak demand in the automotive industry was primarily reflected in our semiconductor segments Opto Semiconductors (OS) and in the Specialty Lighting (SP) segment. The trade tariffs in the USA, more stringent emission tests in Europe and lower production expectations from premium manufacturers have also caused uncertainty. In addition, there were project delays in business with mobile devices and horticulture applications and a continued slowdown of the general lighting market.
The strategic revision of the business unit Lighting Solutions (LS) unit announced at the beginning of the year has now been completed. In addition to the ongoing sale of the US service business, the Managing Board is now planning to divest the business with luminaires. The luminaires business as part of the reporting segment Lighting Solutions and Systems (LSS) is now on the right track due to numerous efficiency improvements.
*Outlook for the current fiscal year*
Osram adjusted its outlook for the current fiscal year at the end of June. Based on these changes, the Managing Board now expects a comparable revenue increase of 1.0 to 3.0 percent (previously: 3.0 to 5.0 percent) and adjusted EBITDA of EUR570 to 600 million (previously: approximately EUR640 million) for fiscal year 2018. In addition, earnings per share (diluted) of EUR1.00 to 1.20 (previously: EUR 1.90 to 2.10) are forecast for fiscal year 2018. This includes the extraordinary expense already communicated in connection with the "OSRAM future concept". Negative free cash flow at EUR150 to 200 million (previously: negative free cash flow EUR50 to 150 million) is now expected.
As previously announced, the Managing Board is currently revising the strategic development. The results will be announced at a capital market conference on November 7.
Osram's long-term growth prospects remain good. LED- and laser-based technologies are oriented to global megatrends and continue to serve growing high-tech markets. The group is actively shaping the ongoing technological shift and has also recently expanded its portfolio with innovative future technologies. That includes the acquisition of US provider Vixar, which specializes in compact 3D identification technology, and the acquisition of the horticulture company Fluence. The closings of both acquisitions were completed in the beginning of FQ4, as was the takeover of the former Trilux subsidiary BAG electronics. The Osram Continental joint venture, which will shape the future of intelligent car lighting, went into operation at the beginning of July.
The company will hold a conference call for analysts, starting at 1:00 p.m. CEST. The conference will be broadcast online at http://services.choruscall.eu/links/osram180801ir.html

 

*PRESS CONTACTS*

Stefan Schmidt
Tel. +49 89 6213-4680
E-mail: stefan.schmidt@osram.com

Jens Hack
Tel. +49 89 6213-2129
E-mail: j.hack@osram.com

Torsten Wolf
Tel. +49 89 6213-2506
E-Mail: torsten.wolf@osram.com

Selected key figures for the Osram Light Group in the third quarter

  *3^rd quarter
2018* 3^rd quarter
2017 Change*
Revenue (comparable) *1,017* 1,056 0.0%
Revenue (nominal) *1,017* 1,056 (3.7%)
EBITDA *114* 147 (22.0%)
.margin *11.2%* 13.9% (260bps)
Adjusted EBITDA^1 *133* 174 (23.2%)
.margin *13.1%* 16.4% (330bps)
Profit after tax *33* 64 (48.8%)
Free Cash Flow *28* 39 (27.6%)
'000 employees. *26.9* 25.7 4.7%

 

(Unaudited figures. Items stated in EUR million, margin in %, employees at June 30: negative values in brackets)
(* Changes in Ebitda, adj. Ebitda, margins Profit after tax, FCF and employee numbers are nominal)
(^1 adjusted for special items, e.g. transformation costs, significant legal and regulatory matters, and M&A-related costs.)

Performance of the reporting segments in the third quarter

  *3^rd quarter
2018* 3^rd quarter
2017 Change
(nominal)
*Opto Semiconductors*      
.Total revenue *443* 439 0.8%
.EBITDA *100* 126 (20.9%)
.Adjusted EBITDA *100* 126 (20.3%)
*Specialty Lighting*      
.Total revenue *543* 563 (3.5%)
.EBITDA *44* 66 (32.5%)
.Adjusted EBITDA *56* 73 (23.9%)
*Lighting Solutions & Systems*      
.Total revenue *246* 253 (2.8%)
.EBITDA *(11)* (19) 43.6%
.Adjusted EBITDA *(7)* (4) (62.1%)

 

(Provisional, unaudited figures. Items stated in EUR million, margin in %, negative values in brackets)*ABOUT OSRAM*
OSRAM, based in Munich, is a leading global high-tech company with a history dating back more than 110 years. Primarily focused on semiconductor-based technologies, our products are used in highly diverse applications ranging from virtual reality to autonomous driving and from smartphones to networked, intelligent lighting solutions in buildings and cities. OSRAM utilizes the infinite possibilities of light to improve the quality of life for individuals and communities. OSRAM's innovations will enable people all over the world not only to see better, but also to communicate, travel, work, and live better. As of the end of fiscal year 2017 (September 30), OSRAM had approximately 26,400 employees worldwide. It generated revenue of more than EUR4.1 billion in fiscal year 2017. The company is listed on the stock exchanges in Frankfurt and Munich (ISIN: DE000LED4000; WKN: LED400; trading symbol: OSR). Additional information can be found at www.osram.com.

*Disclaimer*
This document contains forward-looking statements and information, i.e. statements about events that lie in the future rather than the past. These forward-looking statements can be identified by words such as 'expect', 'want', 'anticipate', 'intend', 'plan', 'believe', 'seek', 'estimate', 'will', and 'predict'. Such statements are based on current expectations and certain assumptions made by OSRAM's management, so they are subject to various risks and uncertainties. A wide range of factors, many of which are beyond OSRAM's control, have an influence on the business activities, success, business strategy, and results of OSRAM. These factors may cause the actual results, success, and performance of OSRAM to differ significantly from those expressly or implicitly communicated in the forward-looking statements or from those that are expected on the basis of past trends. In particular, these factors include, but are not limited to, the circumstances described in the report on risks and opportunities contained in the annual report of the OSRAM Licht Group. If one or more of these risks or uncertainties materializes, or should the underlying assumptions prove incorrect, the actual results, performance, and success of OSRAM may differ significantly from those described in forward-looking statements as being expected, anticipated, intended, planned, believed, sought, estimated, or projected. OSRAM assumes no obligation, nor does it intend, to update these forward-looking statements above and beyond the legal requirements or to adjust them in light of unexpected developments. Due to rounding, numbers presented in this and other reports may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures to which they relate.
--------------------

01.08.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de --------------------

Language: English
Company: OSRAM Licht AG
Marcel-Breuer-Straße 6
80807 München
Germany
Phone: +49 89 6213-0
Fax: +49 89 6213-3629
E-mail: ir@osram.com
Internet: www.osram-group.com
ISIN: DE000LED4000
WKN: LED400
Indices: MDAX
Listed: Regulated Market in Frankfurt (Prime Standard), Munich; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Stuttgart, Tradegate Exchange
 
End of News DGAP News Service Reported by EQS Group 23 minutes ago.

NORMA Group achieves strong organic growth in the first half of 2018

0
0
DGAP-News: NORMA Group SE / Key word(s): Half Year Results

01.08.2018 / 07:00
The issuer is solely responsible for the content of this announcement.
--------------------

*NORMA Group achieves strong organic growth in the first half of 2018*

· *Sales increase by 5.8 percent to around EUR 549.0 million *
· *Strong organic growth of 11.0 percent*
· *Tense situation on raw material markets influences earnings and margin *
· *Forecast for 2018 adjusted*

*Maintal, Germany, August 1, 2018* - NORMA Group, a global market leader in engineered joining technology, achieved sales of EUR 549.0 million in the first six months of fiscal year 2018. This is an increase of 5.8 percent compared to the same period of the previous year (H1 2017: EUR 519.0 million). Organic sales growth was strong at 11.0 percent. Revenues from the acquisition of Fengfan contributed 0.8 percent to growth. Negative currency effects, however, reduced sales growth by 6.0 percent.

"NORMA Group achieved strong organic growth in the first half of 2018," said Bernd Kleinhens, Chairman of the Management Board of NORMA Group. "This shows that our offers are in demand in the diverse markets. The rise in raw material prices and the increasing shortage of materials as well as the strong sales growth has led to variable special costs with a negative effect on earnings and the margin," Bernd Kleinhens added.

*Sales growth in all three regions*

In the *EMEA region (Europe, Middle East and Africa)*, NORMA Group increased its sales in the first six months of 2018 by 2.6 percent compared to the first half of 2017 to EUR 258.1 million (H1 2017: EUR 251.6 million). This was due to solid organic sales growth, supported by rising sales and production figures in the automotive sector. The Distribution Services (DS) business recorded slight organic growth, offset, however, by negative currency effects.

Sales in the *Americas* region amounted to EUR 222.7 million in the first half of 2018 (H1 2017: EUR 212.6 million), an increase of 4.7 percent over the same period of the previous year. This is mainly due to catch-up effects in the commercial vehicle and agricultural machinery business in the US and the revival of the water management business. However, the region's strong organic growth was slowed by currency effects in connection with the US dollar.

In the *APAC* *(Asia-Pacific) *region, sales from January to June 2018 rose by 24.3 percent to EUR 68.2 million (H1 2017: EUR 54.9 million) compared to the first half of 2017. Strong demand for high-quality joining technology, particularly in the Engineered Joining Technology (EJT) business, as well as additional sales from the acquisition of Fengfan contributed to the region's good sales development.

*Tense situation on raw material markets influences earnings and the margin*

Adjusted earnings before interest, taxes and amortization of intangible assets (adjusted EBITA) decreased by 4.3 percent to EUR 87.7 million in the first half of 2018 compared to the first six months of 2017 (H1 2017: EUR 91.7 million). The adjusted EBITA margin (earnings before interest, taxes and amortization in relation to sales) was 16.0 percent in the first half of fiscal year 2018 (H1 2017: 17.7 percent). The operating net cash flow fell by EUR 24.1 million to EUR 16.4 million (H1 2017: EUR 40.5 million).

The lower operating result stemmed from higher raw material prices, particularly in the area of alloy surcharges, as well as force majeure for important plastic components and higher trade barriers, from US steel tariffs for instance. The increasing shortage of materials on the raw material markets and the strong sales growth also temporarily led to special costs in the areas of purchasing, production and logistics.

In the second quarter of 2018, Group sales rose by 4.6 percent compared to the same period of the previous year to EUR 276.4 million (Q2 2017: EUR 264.1 million). Adjusted EBITA amounted to EUR 42.0 million in the second quarter of 2018. This corresponds to a decline of 9.9 percent compared to the second quarter of 2017 (Q2 2017: EUR 46.6 million). The adjusted EBITA margin in the second quarter of 2018 was 15.2 percent (Q2 2017: 17.7 percent).

As of June 30, 2018, NORMA Group employed a total of 8,349 people, including temporary workers. This represents an increase of 682 employees compared to the end of the previous year (December 31, 2017: 7,667 employees).

*Adjusted EBITA margin and net operating cash flow forecast adjusted*

Based on the expectations for the figures for the second quarter of 2018 and the expected development in the second half of 2018, NORMA Group adjusted its forecast for fiscal year 2018 on July 26, 2018, as follows:

· Organic sales growth of around 5 to 8 percent, targeting the upper end of the range (previously: "around 5 to 8 percent").
· Additional sales of approximately EUR 5 million from the acquisition of Fengfan (no change) and EUR 10 million from the acquisition of Kimplas (newly added since the acquisition's closing on July 5, 2018).
· Net operating cash flow of around EUR 130 million (previously: "around EUR 140 million").
· Adjusted EBITA margin between 16 and 17 percent (previously: "at the level of previous years of over 17.0 percent").
· The other key financial figures will not differ significantly from the figures forecast in the 2017 Annual Report.

*Successful closure of the acquisition of Kimplas*

On July 5, 2018, NORMA Group completed the acquisition of Kimplas Piping Systems Ltd. ("Kimplas"). On April 6, 2018, NORMA Group signed the purchase agreement for 100 percent of the shares in the Indian manufacturer of thermoplastic joining solutions for water management. Kimplas has been consolidated since July 5, 2018.

*NORMA Group in figures*

Key figures at a glance (in EUR millions) 1st half 2018 1st half 2017 Full year 2017
Income statement 01/01 - 06/30/2018 01/01 - 06/30/2017 01/01 - 12/31/2017
Sales 549.0 519.0 1,017.1
Adjusted* EBITA 87.7 91.7 174.5
Adjusted* EBITA margin (in %) 16.0% 17.7% 17.2%
Adjusted* result for the period 56.9 55.8 105.0
Adjusted* earnings per share (in EUR) 1.78 1.75 3.29
       
Balance sheet 06/30/2018 06/30/2017 12/31/2017
Total assets 1,431.5 1,323.4 1,312.0
Equity 555.1 476.0 534.3
Equity ratio (in %) 38.8% 36.0% 40.7%
Net debt** 392.0 423.9 344.9

 

Key figures at a glance (in EUR millions) 2nd quarter 2018 2nd quarter 2017 1st quarter 2018
Income statement 04/01 - 06/30/2018 04/01 - 06/30/2017 01/01 - 03/31/2018
Sales 276.4 264.1 272.6
Adjusted* EBITA 42.0 46.6 45.7
Adjusted* EBITA margin (in %) 15.2% 17.7% 16.8%
Adjusted* result for the period 27.3 28.7 29.5
Adjusted* earnings per share (in EUR) 0.86 0.90 0.92

*More on adjustments: 1st half of 2018 (p. 37); 1st half of 2017 (p. 35); Full year 2017 (p. 139); 1st quarter 2018 (p. 8)
**Net debt including hedging instruments; hedging instruments in H1/2018: EUR 1.4 million; H1/2017: EUR 1.9 million; FY 2017: EUR 1.4 million

Additional information is available in the Investor Relations section www.investors.normagroup.com. Press photos are available from our platform at www.normagroup.com/images.

*Further dates*

Publication of the financial figures for the third quarter of fiscal year 2018 is scheduled for November 7, 2018.

*Contact:*
NORMA Group SE
Susanne Kindor Marrier d'Unienville

Group Communications
Tel.: +49 (0)6181 - 6102 7607
Email: susanne.kindor@normagroup.com

Andreas Trösch
Investor Relations
Tel.: +49 (0)6181 - 6102 741
Email: andreas.troesch@normagroup.com

*About NORMA Group*
NORMA Group is an international market and technology leader in engineered joining technology (joining, connecting and fluid handling technology). The company manufactures a wide range of innovative connecting solutions and water management technology offering more than 40,000 products to customers in 100 countries with around 8,300 employees. NORMA Group helps its customers and business partners react to global challenges such as climate change and increasing scarcity of resources. NORMA Group joining products can be found in vehicles and trains, ships and aircraft, buildings and water management as well as in applications for the pharmaceutical and biotechnology industry. The company generated sales of around EUR 1.02 billion in 2017. NORMA Group operates a global network of 27 production facilities as well as numerous sales and distribution sites across Europe, the Americas, and Asia-Pacific. NORMA Group has its headquarters in Maintal, Germany. NORMA Group SE is listed on the German stock exchange (Prime Standard) and included in the MDAX index.

*Disclaimer*
This press release contains certain future-oriented statements. Future-oriented statements include all statements which do not relate to historical facts and events and contain future-oriented expressions such as "believe,""estimate,""assume,""expect,""forecast,""intend,""could," or "should" or expressions of a similar kind. Such future-oriented statements are subject to risks and uncertainties since they relate to future events and are based on the company's current assumptions, which may not in the future take place or be fulfilled as expected. The company points out that such future-oriented statements provide no guarantee for the future and that the actual events including the financial position and profitability of NORMA Group SE* *and developments in the economic and regulatory fundamentals may vary substantially (particularly on the down side) from those explicitly or implicitly assumed in these statements. Even if the actual assets for NORMA Group SE, including its financial position and profitability and the economic and regulatory fundamentals, are in accordance with such future-oriented statements in this press release, no guarantee can be given that this will continue to be the case in the future.
--------------------

01.08.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de --------------------

Language: English
Company: NORMA Group SE
Edisonstr. 4
63477 Maintal
Germany
Phone: +49 6181 6102 741
Fax: +49 6181 6102 7641
E-mail: ir@normagroup.com
Internet: www.normagroup.com
ISIN: DE000A1H8BV3
WKN: A1H8BV
Indices: MDAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
 
End of News DGAP News Service Reported by EQS Group 23 minutes ago.

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