MADRID: Spanish technology company Amadeus, the world’s biggest processor of travel transactions, said on Thursday it will buy airline technology firm Navitaire for $830 million (750 million euros) to boost its position in the low-cost segment. Amadeus, which provides technology to travel companies, expects to complete its purchase of Navitaire, a subsidiary of US management consulting firm Accenture, in the fourth quarter of 2015, the company said in a statement. Navitaire, which offers technology services to airlines in the areas of reservations, loyalty programmes and revenue accounting, focuses on low-cost segment of airline industry.
Sweden cuts repo rate
STOCKHOLM: Sweden’s central bank on Thursday cut its repo rate by 10 basis points to a record low minus 0.35 per cent, to avoid a strengthening of the krona amid the Greek crisis. “Inflation is rising and economic activity in Sweden is continuing to strengthen. But uncertainty abroad has increased and it is difficult to assess the consequences of the situation in Greece,” the bank said in a statement. “In this uncertain environment, monetary policy needs to be even more expansionary to ensure that inflation continues to rise towards the target of two per cent,” it said. The Riksbank has been trying to lift inflation since it stalled at the end of 2012, and has kept repo rate in negative territory to encourage spending since February.
Germany coal plants
BERLIN: The German government is scrapping plans for a levy on the most-polluting coal-fired power stations and will instead phase some of the plants out. The Economy Ministry said on Thursday that 13 per cent of Germany’s total lignite-burning power plant capacity will be put into a reserve role and then phased out entirely after four years. It dropped previous proposals for a levy on such plants, which ran into opposition from operators, unions and local officials. Operators now will be offered financial incentives to put plants into reserve, news agency DPA reported. Reducing lignite emissions is part of Germany’s effort to reach its goal of cutting carbon dioxide emissions by 40 per cent over 1990 levels by 2020. Germany wants renewable energies to make up 55 to 60 per cent of the energy mix by 2035.
Spain GDP outlook
MADRID: Spain’s conservative government has raised its economic growth forecast for this year to 3.3 per cent and to three per cent in 2016, Prime Minister Mariano Rajoy said on Thursday. The government, which is facing a year-end general election, had earlier this year hiked its economic growth forecast to 2.9 per cent for 2015 and 2016.