Category: 3. Business

Leonardo and the Italian National Armaments Directorate have signed a multi-year contract to provide Logistics Support for the Italian Air Force’s fleet of C-27J “Spartan” tactical transport aircraft and for the Full Motion Simulator of the International Training Centre (ITC) at the Air Base in Pisa, headquarters of the 46th Air Brigade.

The contract will run from 2026 to 2028 under a Performance-Based model, ensuring high levels of efficiency for the Italian Air Force’s fleet of 12 aircraft operating out of the Pisa and Pratica di Mare (Rome) bases. During the same period, Leonardo will provide technical and administrative management services for operations at the Air Force’s International Training Center in Pisa and, above all, technical and maintenance support services for the ITC’ flight simulator in Pisa.

Leonardo’s C-27J “Spartan” is the most effective and versatile multi-mission tactical transport aircraft in its class available on the market today. Equipped with two powerful turboprop engines, it offers outstanding performance with extraordinary operational flexibility and economical use. Its ability to operate from unprepared runways and under extreme environmental conditions is unmatched by any other transport aircraft in its category. These exceptional features are taken even further in the enhanced C-27J Spartan Next Generation version, introducing new equipment and aerodynamic solutions.

Thanks to its exceptional structural robustness and the redundancy of its systems, the “Spartan” offers unique reliability, resilience and manoeuvrability, demonstrated during more than 275,000 hours in flight. Ordered and deployed by some of the world’s most important air forces, the C-27J has been extensively tested under the most challenging operational circumstances and continues to prove that it can effectively carry out a wide range of missions every day. Typical tasks of the C-27J include not only transport and airlift operations supporting troops close to the front line (“last tactical mile”), but disaster relief and firefighting missions.

The cabin of the C-27J can be quickly converted into 11 main configurations, each designed to carry out a specific type of mission. The five basic configurations (Cargo Transport, Troop Transport, Medical Evacuation, Cargo Raid, Parachute Raid) are produced using standard kits, and can each be set up in less than 30 minutes. The six optional configurations, requiring additional modules or equipment available to customers on request, are: VIP Transportation, Passenger Transportation, Special Medevac, Biocontainment, Basic and Advanced Firefighting.

Like many of Porsche’s technical inventions, PTM’s roots can be traced back to Ferdinand Porsche. The ingenious engineer laid the foundation for the brand’s sporty all-wheel drive as early as 1900, using the means available at the time. The idea, now in series production at Porsche for almost 40 years, has been continuously developed.

Today, a particularly powerful drive system called Porsche Traction Management (PTM) is installed in many of the sports car manufacturer’s all-wheel-drive models. This active system ensures rapid distribution of drive torque between the rear and front axles, enhancing driving dynamics, safety, traction and therefore delivering even greater driving pleasure. In other words, everything that constitutes the core philosophy of the brand.

PTM makes optimal use of the physical conditions to improve driving dynamics. Depending on the driving situation, axle loads change. This dynamic load transfer causes the tyres to transmit different forces depending on the axle and position during driving. For example, when driving straight uphill, the rear wheels are more heavily loaded and can transmit higher forces. In this case, PTM reduces the torque transferred to the front axle.

How does the ePTM work?

During the development of the Macan Electric, the engineers completely reimagined the system and created the electronically controlled Porsche Traction Management (ePTM). Through power electronics, the two electric motors of the all-wheel-drive Macan models are controlled individually and almost in real time. The ePTM reacts around five times faster than a conventional hang-on part-time all-wheel-drive system and can respond to slip within 10 milliseconds. Additionally, the all-wheel distribution depends on the selected driving mode.

In Normal mode, the drive distribution is optimised for high efficiency and range, meaning rear-wheel drive is used as often as possible. In Sport and Sport Plus modes, the focus of the ePTM is on optimal traction, with the front axle drive engaged more frequently. In Offroad mode, the Macan switches to all-wheel drive with off-road specifications. In this case, a virtual longitudinal lock limits the differential speed between the front and rear axles, improving traction. The ride height is also adjusted, increasing by 20 millimetres or 40 mm in special terrain mode.

In the Macan Turbo, Porsche Torque Vectoring Plus (PTV Plus), an electronically controlled rear-axle differential lock, contributes to traction, driving stability, and lateral dynamics. Macan models with air suspension are generally equipped with Porsche Active Suspension Management (PASM), an electronic damper control system. This system can also be combined with steel suspension.

New to PASM are dampers with two-valve technology. Thanks to the expanded damper characteristic map, there is a wider spectrum of adjustments between comfort and performance settings. This is especially noticeable when driving over rough asphalt as well as on winding mountain roads. The latter can be taken with precision and excellent tracking even at high speeds. On rough terrain, shocks and jolts are filtered so that passengers in the electric Macan hardly feel them. And that’s the appeal: the interplay of suspension systems ensures safety, comfort and driving pleasure. It’s the power of all four wheels – reinterpreted.

Info

Text first published in the Porsche Fahrer Special Edition: Porsche E-Performance.

Text: Wolfgang Schäffer
Images: Porsche AG

Copyright: All images, videos and audio files published in this article are subject to copyright. Reproduction in whole or in part is not permitted without the written consent of Dr. Ing. h.c. F. Porsche AG. Please contact newsroom@porsche.com for further information.

To strengthen this growth pillar, BBVA Chile has appointed David Velasco to lead local initiatives related to project finance and structured finance. With a solid track record, he has been involved in some of the most high-profile transactions in the Chilean market. His appointment aims to reinforce the team’s capabilities, with the goal of not only supporting transactions, but also leading them, as the bank already does in other markets.

At the same time, the technical capabilities and senior expertise of BBVA CIB’s team in Chile allow the bank to deliver a broader suite of financial solutions that complement these transactions, ranging from corporate and syndicated financing to the structuring of bonds and risk management derivatives. In doing so, the bank offers its clients a comprehensive value proposition that supports every stage of their investment and development cycles.

Moreover, BBVA CIB is committed to deepening its client relationships, providing ongoing and strategic support throughout their project lifecycles. “The bank maintains a constant dialogue with each company, with the goal of building strong, long-lasting partnerships based on trust, specialisation and a shared vision for sustainable growth,” says Serani.

Local execution, global reach

In line with this growth trajectory, BBVA CIB in Chile continues to strengthen its market position through the expansion of additional business lines that enhance its reach and connectivity with the bank’s global network.

From Santiago, BBVA CIB’s multidisciplinary team delivers a wide array of Global Trade & International Banking (GTB) solutions, ranging from traditional structures to complex, bespoke transactions tailored to each client’s needs. All deals have a significant cross-border component, coordinated through the bank’s international platform and in close collaboration with affiliates in Peru, Argentina, Colombia, Mexico, and Brazil, as well as financial hubs in New York and Madrid.

“Sustainability is no longer just a narrative: it is now a way to structure capital”

This model reinforces BBVA CIB’s role as a natural bridge between global investors and transformative projects, helping to channel international capital into local opportunities. At the same time, it positions Chile as a regional benchmark in sustainable finance and a key node within the bank’s Latin American network.

“The development of sustainable projects requires global coordination, technical know-how and local presence. That combination is what enables us to deliver differentiated value to our clients,” Serani explains.

BBVA CIB’s strategy in Chile brings together sustainable growth, sectoral specialisation and regional collaboration, with the goal of advancing the energy transition and supporting infrastructure modernisation. With this vision, the bank reaffirms its role as a long-term financial partner, committed to projects that deliver tangible value and progress for the country.

“Chile is where global capital meets opportunity,” Serani concludes. “Our aim is to help turn that connection into development, innovation, and a sustainable future for the country.”

OP2B is strengthening its Board with the appointment of two new Co-Chairs Jan Derck van Karnebeek, CEO of Royal FrieslandCampina, and Ewan Andrew, President, Global Supply & Chief Sustainability Officer of Diageo.  

Their extensive experience will be fundamental in moving forward the work to support European farmers, reward environmental performance, and accelerate the transition to regenerative agriculture. OP2B brings together 25 global companies committed to expand regenerative farming practices that help farmers stay resilient, protect nature and strengthen supply chains. Since its inception in 2019, OP2B promotes regenerative agriculture principles and aligns companies around results-based indicators to catalyze collective investment and action across production basins.

The appointment of Jan Derck van Karnebeek and Ewan Andrew as OP2B’s new Co-Chairs comes at a decisive moment, as the major steps that will shape the next Common Agricultural Policy (CAP) are set to unfold in the coming year – decisions that will determine how Europe supports farmers, rewards environmental performance and accelerates the transition to regenerative agriculture. With OP2B’s ambition to help transform 40 million hectares to regenerative practices by 2030, the coalition is stepping into the CAP debate with renewed leadership focused on practical, farmer-centred solutions—solutions that directly align with ongoing discussions on how the next CAP can better integrate soil health, water, biodiversity outcomes and long-term resilience into agricultural support frameworks.

Both leaders bring deep experience in supply-chain transformation, performance-based sustainability and cross-sector collaboration. Their appointment strengthens OP2B’s ability to make the business case for a policy environment that rewards outcome-based approaches, supports landscape-level collaboration and ensures farmers have predictable incentives to adopt nature-positive practices. As CAP reform will go through major steps in 2026, OP2B will leverage this leadership transition to align its corporate membership, mobilize evidence from its landscape projects and advocate for a policy architecture capable of tripling today’s rate of regenerative adoption.

Under its new Co-Chairs, OP2B will continue engaging European institutions, national governments and financial actors to ensure the next CAP, and policies such as the Carbon Removals and Carbon Farming (CRCF) and Nature Credits Roadmap, support profitable farming models that regenerative natural capital and secure resilient value chains. The coalition’s cross-sector membership and proven track record position it to contribute constructively to the policy dialogue, helping bridge market-driven initiatives with the regulatory frameworks needed to deliver systemic change in agriculture and nature conservation across Europe.

Incoming OP2B Co-Chair Jan Derck van Karnebeek: “It is an honour to join OP2B as Co-Chair. I’m driven by a deep commitment to advancing business practices that give more access to nutrition, but also regenerate soils, and mitigate climate impact. At FrieslandCampina, ‘Nourishing by nature’ is our purpose. We believe that farming in harmony with nature is essential not only for the planet, but also for the long-term resilience of our member farmers and the communities we serve. I look forward to working with Peter and the OP2B members to scale nature-positive practices across value chains and contribute to a more sustainable food system.

Incoming OP2B Co-Chair Ewan Andrew: “Stepping into the role of OP2B Co-Chair is a privilege, particularly at a moment when bold collaboration across the food and beverage sector is essential to scaling regenerative agriculture. Businesses and farmers must work together to make this transition practical, consistent and economically viable. At Diageo, we see OP2B as a catalyst for aligning action across value chains, and I’m eager to help drive tangible, nature-positive solutions that strengthen biodiversity and build resilience across global supply chains.

One Planet Business for Biodiversity (OP2B) is an international cross-sectoral, action-oriented business coalition on biodiversity with a specific focus on agriculture. We are determined to drive transformational systemic change and catalyze action to protect and restore cultivated and natural biodiversity within the value chains, engage institutional and financial decision-makers and develop and promote policy recommendations. 

OP2B members include Arla, Boortmalt, Boston Consulting Group, Carlsberg, Clarmondial, Danone, Diageo, FrieslandCampina, Griffith Foods, HowGood, IKEA, Inditex, InVivo group, Kering, L’Oréal, Livelihoods Funds, LVMH, McCain Foods, Mirova, Nestlé, PepsiCo, Pernod Ricard, Rabobank, Tikehau Capital, Unilever. 

OP2B board members include Anita Wälz (Head of Sustainability Europe,Nestlé),Antoine de Saint-Affrique (CEO, Danone), Arnaud de Saignes (President, Maison Chandon, LVMH), Ezgi Barcenas (Chief Responsibility Officer, L’Oréal), Greg Metschke (Global VP Purchasing & Sustainable Sourcing, Griffith Foods), Guillaume le Cunff (CEO Europe, Nestlé), Laurent Martel (CEO, Bioline by InVivo), Max Koeune (CEO, McCain), Peter Bakker (President & CEO, WBCSD), Robbert de Vreede (General Manager Foods Europe).

For more information, see www.wbcsd.org/OP2B or follow OP2B LinkedIn

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Warner Bros Discovery has begun exclusive talks with Netflix for a sale of the legendary Hollywood group’s streaming and studio businesses, according to sources familiar with the auction.

Netflix, Paramount and Comcast have spent the past week scrambling to convince the board — and indirectly, Washington regulators — that they offer the clearest path forward. The bidding kicked off in November, with many Hollywood observers viewing Paramount, led by David Ellison and backed by his billionaire father Larry, as the frontrunner.

But Netflix has put forward the highest offer for WBD’s studio and streaming business, according to people involved in the process.

The streaming pioneer, which has disrupted the traditional film business and drawn the ire of many in Hollywood, is attracted to Warner Bros assets including HBO and its extensive library of films and television.

Netflix has also surprised many in Hollywood by offering assurances that it would continue to allow Warner Bros films to enjoy wide cinematic releases.

However, antitrust specialists warn a Netflix deal could be difficult to approve, given it would combine two of the top US streaming platforms. 

People close to the Trump administration’s regulatory officials have privately echoed that concern.

Netflix’s bid continues to face rising resistance inside Hollywood. James Cameron, the famed director of Titanic, The Terminator and the Avatar series, warned this week that selling Warner Bros to the streaming giant would trigger “a catastrophic loss of long-term value” for the industry. Other top talent have expressed similar unease, according to people familiar with the conversations.

Despite those tensions, WBD chief executive David Zaslav favours a merger with Netflix, partly because he would retain operational independence, a crucial consideration as he seeks to preserve his influence in Hollywood, according to people briefed about the matter. 

Paramount has made a slightly lower offer for WBD, according to people familiar with the matter. However, the group stunned rivals by committing to pay WBD a $5bn termination fee if the deal is agreed but not completed — a move that reflects its confidence that its bid could clear regulators swiftly.

People close to the Trump administration say the US president prefers a Paramount merger, as he likes the idea of CNN, now owned by WBD, and Paramount-owned CBS being controlled by the Ellisons.

Still, a Paramount takeover presents complications for Zaslav. Paramount has offered the WBD leader a co-chief executive role in the newly formed company, a role he does not find attractive, according to people familiar with the matter. Netflix would allow him to retain sole control of the Warner studio. But people briefed on the matter say the WBD board is not chiefly concerned with Zaslav’s future.

Comcast, meanwhile, is seen as slipping out of contention, though people close to the company insist it remains “very much in the mix”. They argue that the regulatory case for a Comcast-Warner Bros combination is cleaner than portrayed and reject the idea that Trump could sink the deal out of personal animus.

Bloomberg first reported that Netflix was in exclusive talks with WBD.

Ellison began pursuing WBD only weeks after closing an $8bn acquisition of Paramount this year, as he makes an ambitious push to build a Hollywood empire with the backing of his father, one of the wealthiest people in the world. 

Acquiring WBD — which owns the movie studio, HBO and franchises including Harry Potter, DC Comics and Batman — would help Paramount compete against larger rivals such as Netflix and Amazon. 

Any deal would dramatically reshape Hollywood, which has suffered thousands of lay-offs in recent years.

WBD and Paramount did not respond to requests for comment. Netflix and Comcast declined to comment.

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Viking Holdings (VIK) just logged its highest quarterly Adjusted EBITDA on record, supported by strong advanced bookings and high utilization for 2025 and 2026. This performance puts its ROI focused growth strategy firmly in the spotlight.

See our latest analysis for Viking Holdings.

The market has taken notice of this momentum, with a roughly 54 percent year to date share price return and a 1 year total shareholder return of about 47 percent reinforcing the idea that confidence in Viking’s growth story is building rather than fading.

If Viking’s performance has you rethinking where growth could come from next, it might be worth exploring fast growing stocks with high insider ownership as another way to spot under the radar opportunities.

With the shares now hovering just below analyst targets and trading at a premium to some valuation models, the key question is whether Viking is still mispriced, presenting a buying opportunity, or if the market is already discounting its next leg of growth.

With the narrative fair value sitting just above Viking Holdings’ last close, the story hinges on whether today’s premium can power tomorrow’s earnings.

Consistent investment in standardized, modern, and energy-efficient fleet across ocean and river segments enables tight operational control, better shipyard pricing, and scalable cost efficiencies that are expected to support ongoing margin expansion and improved long-term profitability.

Read the complete narrative.

Want to see what kind of revenue engine and margin climb could justify this near premium pricing? The narrative leans on ambitious growth, disciplined profitability, and a future earnings multiple that might surprise you. Curious how those moving parts combine into a fair value just ahead of today’s price? Read on to unpack the full blueprint behind this call.

Result: Fair Value of $68.32 (ABOUT RIGHT)

Have a read of the narrative in full and understand what’s behind the forecasts.

However, this outlook could be challenged if stricter environmental rules or sustained cost inflation squeeze margins faster than Viking’s efficiency gains can offset them.

Find out about the key risks to this Viking Holdings narrative.

Step away from narratives and the numbers look less forgiving. On a price to earnings basis, Viking trades around 32 times earnings, well above the US Hospitality average of 21.2 times and its own 37.1 times fair ratio anchor, leaving less room for error if growth stumbles.

See what the numbers say about this price — find out in our valuation breakdown.

If this perspective does not fully align with your own or you prefer digging into the numbers yourself, you can build a custom thesis in minutes: Do it your way.

A great starting point for your Viking Holdings research is our analysis highlighting 2 key rewards and 1 important warning sign that could impact your investment decision.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include VIK.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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