Category: 3. Business

Europeans are booking fewer trips to the US, Europe’s biggest travel operator has said, as appetite for long-haul travel wanes and concerns linger around Donald Trump’s immigration policies.

Tui, which receives most of its bookings from customers in Europe, has seen “significantly lower demand” for travel into the US, according to its chief executive, Sebastian Ebel.

“What we do see is growing business to the Emirates and Asia,” he said. “We also see European demand to the Caribbean, which – due to capacity – had not been the biggest priority in the past, but there we see now potential again to grow.”

It comes amid signs that demand for long-haul travel across the Atlantic is waning.

A report by the European Travel Commission, which surveyed travellers from Australia, Brazil, Canada, China, Japan, South Korea and the US, found 42% of long-haul travellers were considering a trip to Europe this year, down from 45% last year. In the US, only 34% intended to travel to Europe, down from 37%.

In Europe, several countries have issued advisories about travel to the US owing to stricter border scrutiny, the detention of some visitors and protests over the Immigration and Customs Enforcement (ICE) agency.

Since Trump took office, reports have emerged from US border of tourists being detained and interrogated, people with work permits sent to ICE detention centres and people being wrongly deported.

Overseas visits to the US from western Europe were down 4% in December compared with the same month last year, according to the US National Travel and Tourism Office.

Last year, Ebel said Tui had seen a “significant decline” in travel to the US, owing to a multitude of factors including “the atmosphere, what you hear from border control”.

While demand for US holidays has been weaker, Tui hailed its best first quarter in just over a decade.

The German travel operator, which is headquartered in Hanover and employs about 67,000 people around the world, reported a 1% rise in revenue to €4.9bn (£4.3bn) in the quarter ending in December, and a 7.5% rise in operating profit to €72.9m.

Aarin Chiekrie, an analyst at the investment broker Hargreaves Lansdown, said much of the success came from its cruise business, where profits rose by more than 70%.

“Consumers continue to prioritise travel, which has seen Tui’s occupancy rates rise despite its fleet expansion,” he said. “All other business segments saw profitability improve over the period, except hotels and resorts, which suffered a double-digit decline due to losses resulting from the Jamaican hurricane, and the non-repeat of some one-off benefits last year.”

Shares in Tui, which is listed in Frankfurt, ticked up 0.4% in early trading on Tuesday. The stock has risen by about 10% in the past year.

Collaboration enables regulated institutions to deploy digital asset services using certified, customer-owned hardware within existing compliance frameworks

SINGAPORE, Feb. 10, 2026 /PRNewswire/ — Fireblocks, the enterprise platform securing more than $5 trillion in digital asset transfers annually, today announced an expanded collaboration with Thales, a global leader in cybersecurity and trusted provider of Luna Hardware Security Modules (HSMs), to deliver institutional-grade digital asset security architecture for financial institutions.

The collaboration integrates Fireblocks’ digital asset platform with Thales’ Luna HSMs, enabling institutions to extend their existing certified hardware infrastructure into digital asset operations without re-architecting security models or compromising regulatory compliance.

The architecture supports a wide range of institutional use cases, including custody, trading, tokenization, and onchain settlement, while integrating with existing security, governance, and audit processes. Organizations can securely manage cryptocurrencies, stablecoins, security tokens, and tokenized real-world assets across major blockchain networks – with support for multiple elliptic curves enabling broader cross-chain coverage and deeper liquidity.

Unlike solutions that rely on opaque security models, Fireblocks provides banks and financial institutions with complete policy control and final authority over transactions – meeting regulatory expectations for accountability and clear governance. The joint solution maps security controls directly to compliance requirements through customer-owned Luna HSMs, multi-party computation (MPC), and cross-domain integrations that regulators understand and can assess for operational risk.

This control is operationalized through Fireblocks KeyLink, which ensures private keys or key shares are generated, stored, and operated entirely within customer-owned Luna HSMs. All cryptographic operations are performed inside institution-controlled infrastructure – Fireblocks cannot unilaterally sign transactions or move assets. Instead, the platform provides policy enforcement, orchestration, and enterprise-grade governance across hot, warm, and cold operating models.

Todd Moore, Vice President, Data Security Products at Thales, commented, “As digital assets reshape global finance, adoption will depend on a proven foundation of trust. Thales provides that foundation with Luna HSMs, protecting and controlling the cryptographic keys that underpin ownership and transaction authority. Combined with Fireblocks, we help institutions reduce key-exposure risk, strengthen governance, and move digital value with confidence across high-value digital ecosystems at scale.”

“As banks and financial institutions accelerate production deployments as well as proofs-of-concept, they need digital asset infrastructure that aligns with the same governance, audit, and risk principles that underpin traditional financial infrastructure,” said Adam Levine, SVP, Head of Corporate Development and Partnerships at Fireblocks. “By expanding our partnership with Thales, we’re enabling the deployment of digital asset services using customer-owned, certified hardware they already trust – without compromising on control, compliance, or operational integrity.”

Designed to handle institutional transaction volumes at scale, Fireblocks delivers the operational resilience and continuous availability that regulators require from mission-critical financial systems. With over 95 banks already using the platform in live environments, Fireblocks enables institutional digital asset adoption grounded in proven performance, regulatory alignment, and verifiable trust.

To find out more about how to secure digital asset private keys in customer-owned certified Luna HSMs, join the webinar on 3rd March 2026: https://bit.ly/4an5zSu

About Fireblocks

Fireblocks is the world’s most trusted digital asset infrastructure company, empowering organizations of all sizes to build, manage and grow their business on the blockchain. With the industry’s most scalable and secure platform, we streamline stablecoin payments, settlement, custody, tokenization, and trading operations enabling – everything from institutional finance to consumer-facing digital experiences across the largest ecosystem of banks, payment providers, stablecoin issuers, exchanges and custodians. Thousands of organizations – including Worldpay, BNY, Galaxy, and Revolut – trust Fireblocks to secure more than $10 trillion in digital asset transactions across 150+ blockchains. Learn more at fireblocks.com

About Thales

Thales (Euronext Paris: HO) is a global leader in advanced technologies for the Defence, Aerospace, and Cyber & Digital sectors. Its portfolio of innovative products and services addresses several major challenges: sovereignty, security, sustainability and inclusion.

The Group invests more than €4 billion per year in Research & Development in key areas, particularly for critical environments, such as Artificial Intelligence, cybersecurity, quantum and cloud technologies.

Thales has more than 83,000 employees in 68 countries. In 2024, the Group generated sales of €20.6 billion.

SOURCE Fireblocks

By the end of the year, about a quarter of revenue at its Monks arm is expected to come from what it calls subscriptions — not in the Netflix sense but as a commercial model where, instead of selling hours, the agency sells ongoing access to a bundle that combines senior talent, AI workflows, agents and institutional knowledge for a steady, recurring fee.

Those agreements typically run for at least a year, with the heavy early lift of setting it all up folded into the subscription rather than billed as a one-off project, even as the tools and systems behind the work continue to improve over time.

From there, the deal works less like a fixed checklist of tasks and more like a service that gets better over time. As the AI system improves, the agency can produce more work or do it faster without having to rewrite the contract. Those efficiency gains don’t show up as fewer hours billed, they show up as more output inside the same fee.

As Monks’ co-founder and chief AI officer Wesley ter Haar put it, something that once delivered “50 of these [outputs] a month” might reach 70 as models get better and pipelines get smarter, creating ongoing value within the same commercial contract.

“With the hunger for compute about to explode do we then have to add pass through [costs], which in an ideal world, as an agency, you don’t want to do because it complicates the ability for a client to sign off on a contract if you have every variable as a pass through cost. Procurement teams hate that. So we try and wrap that up into our subscription model,” said ter Haar.

Clearly this stops well short of the outcome-based structure agency CEOs describe as the endgame. At most, subscriptions are a waypoint. The pressure behind them is more concrete. AI now handles work that used to take junior staff hours, while also introducing new, less visible costs in the form of model usage and compute. In that environment, charging by the hour fits the work less and less, pushing agencies toward models that reflect systems rather than time.

“Just like software, the subscription gets upgrades, which is why we say it’s ongoing,” said ter Haar.

Those upgrades play out across two interlocking tiers within the bundle.

On the human side, AI is absorbing more junior-heavy production, giving clients greater access to senior operators with more flexibility in how time is deployed. Hours allocated for one quarter can roll into the next, allowing the work to follow momentum rather than the calendar.

Alongside that sits the machine layer: repeatable marketing workflows powered by LLM-driven agents handling both standardized and bespoke tasks, supported by tiered knowledge bases that combine task logic, client data and broader industry intelligence. Together, these systems compress research and production time, even as most work remains under a people-in-the model rather than fully autonomous execution.

“The billable hour does not allow for any meaningful innovation, which clients understand,” said ter Haar. “They’re open to new models.”

So far one client has brought into it since last fall, and two more are expected to follow before the quarter closes.

“My goal for this year is to have about 25% of our revenue running in this model, and that is based on hopefully having three quite sizable clients signed up at the end of Q1 and then having a decent amount of new business that starts in that space,” said ter Haar.

What happens after that depends less on vision than mechanics. AI usage must remain economically manageable as tokens and inference costs fluctuate. Agencies have to decide whether to absorb or expose those tech expenses. Clients and procurement teams must accept a model that behaves differently from traditional scopes. At the same time, large legacy contracts inside organizations still built around billable hours have to unwind slowly enough for both sides to adjust. There’s also the structural risk in tying pricing too closely to raw AI consumption. The very technology meant to make work more efficiently can introduce volatility that neither side fully controls, complicating efforts to make the model feel predictable. 

“Token costs are falling while usage is exploding — it’s an unstable foundation,” said Robert Webster, founder of AI marketing consultancy TAU Marketing Solutions. “It would be wrong for an agency to try to arbitrate that situation. Yes, AI usage is going to be really important as are the subsequent inference costs that it generates but I fear getting stuck in a world where large parts of the industry charge an arbitrage on tokens.”

February 10, 2026

NTT DATA, Inc.

DUBAI – 10 February 2026 – NTT DATA, a global leader in AI, digital business and technology services, has acquired Zero&One, the first homegrown Amazon Web Services (AWS) Premier Tier Services Partner in the Middle East and North Africa (MENA). The acquisition significantly strengthens NTT DATA’s cloud capabilities and positions it to tap into the rapidly expanding Middle East cloud services market.

Founded in 2017 and headquartered in Dubai, Zero&One is a leading regional cloud consultancy. The company holds nine AWS competencies and was the first in the MENA to achieve AWS Generative AI Competency. In 2025, Zero&One was named AWS’s MENA Consulting Partner of the Year and received the Rising Star Partner of the Year and Design Partner of the Year awards at the EMEA level.

The acquisition supports NTT DATA’s regional growth ambitions as the Middle East cloud market enters a period of significant growth, e.g. Saudi Arabia’s cloud services market was valued at $4.77 billion last year and is expected to more than double by the early 2030s, with AWS set to open its first data center there in 2026.

“This acquisition enables us to deliver high-impact solutions and enhance the value we bring to organizations in the Middle East. Zero&One’s expertise strengthens our ability to deliver the speed, scale and technical depth clients need in today’s cloud-first environment,” said Burcak Soydan, Managing Director for the Middle East at NTT DATA.

“Joining NTT DATA is the natural next step in our growth journey,” said Ali El Kontar, CEO of Zero&One. “We’ve built our reputation on delivering world-class cloud expertise to organizations across the Middle East. As part of NTT DATA, we can now combine our regional knowledge and AWS specialization with global resources, expanded service offerings and the ability to support clients on an even larger scale. Our teams share a commitment to innovation and client success, making this an ideal partnership”

The acquisition enables NTT DATA to offer comprehensive cloud services to Middle East and African clients, including cloud migration, application modernization, cloud-native development, data analytics and AI solutions.

9 February 2026

Allen & Gledhill advised Singapore Airlines Limited (“SIA”) on the issue of S$500 million notes under its S$10 billion multicurrency medium term note programme.

Advising SIA were Allen & Gledhill Partners Margaret Chin and Sunit Chhabra.

Mar 11, 2026
from CIRS
by CIRS

The Hazardous Chemicals Safety Law of the People’s Republic of China will take effect on May 1, 2026. This legislation comprehensively strengthens the primary responsibility of enterprises involved in hazardous chemicals, elevates compliance requirements across the entire supply chain, strictly controls licensing access, increases penalties for violations, and enhances interdepartmental regulatory coordination and enforcement collaboration. It will bring systemic and profound impacts and challenges to hazardous chemicals production and operation enterprises, as well as relevant parties such as universities and research institutions. To assist enterprises in anticipating policy trends and accurately grasping compliance essentials, the “Hazardous Chemicals Safety Compliance Management Forum” will convene in Shanghai on March 11, 2026. Hosted by the China Warehousing and Distribution Association, co-organized by the Association of International Chemical Manufacturers (AICM) and Hangzhou REACH Technology Group Co., Ltd., and undertaken by the Hazardous Materials Branch of the China Warehousing and Distribution Association.

Highlights

• Authoritative Interpretation of New National Laws and Standards with Implementation Highlights
• Latest Trends in Customs Import/Export Supervision of Hazardous Chemicals
• Practical Guidance on Hazardous Chemical Classification and Identification
• Policy Analysis and Corporate Response Strategies for the “One Enterprise, One Product, One Code” Initiative
• Latest Developments in the Revision of “GB15258 – Specifications for the Preparation of Chemical Safety Labels”
• Latest Global GHS Updates and China’s Response Recommendations
• Interpretation of Safety Technical Requirements for Storage of Hazardous Chemical Reagent Warehouses

Arrangements

• Conference Date: March 11, 2026
• Meeting Format: In-Person
• Venue: Shanghai, China (Shanghai Hongta Hotel)
• Languages: Chinese + Japanese Simultaneous Interpretation
• Hosted by: China Warehousing and Distribution Association
• Co-organizers: Association of International Chemical Manufacturers (AICM), Hangzhou REACH Technology Group Co., Ltd.
• Organized by: Dangerous Goods Branch of China Warehousing and Distribution Association
• Conference Fee: 980 RMB/person*

*Members of China Warehousing and Distribution Association and AICM enjoy a 20% discount; other enterprises registering 3 or more participants receive a 20% discount. . Fee includes materials, refreshments, and lunch. Transportation and accommodation are self-arranged.

This forum will feature

• Core drafting experts of the Hazardous Chemicals Safety Law
• Relevant officials from the General Administration of Customs and local customs authorities
• Senior experts from the Shanghai Emergency Management Affairs and Chemical Registration Center
• Senior executives from prominent chemical manufacturers and hazardous chemical storage enterprises
• Chemical Registration Center of the Ministry of Emergency Management

Agenda

Who Shall Attend

• Members of the China Warehousing Association’s Hazardous Materials Branch, hazardous materials warehousing and logistics enterprises, and heads of chemical industrial parks nationwide
• Member companies of the Association of International Chemical Manufacturers (AICM)
• Heads of Logistics, Compliance, and Procurement Departments from Other Chemical Production, Import, and User Enterprises
• Institutions involved in hazardous materials storage facility planning and construction, logistics program directors at various academic institutions
• Suppliers of hazardous materials storage facilities and equipment (security, environmental protection, etc.)
• Heads and safety supervisors of universities, laboratories, scientific research institutions, etc.

Organizer

China Warehousing and Distribution Association

The China Warehousing and Distribution Association is a non-profit social organization registered with the Ministry of Civil Affairs in 1997, representing the national warehousing industry. It currently operates specialized branches including joint distribution, cold chain, hazardous materials, bonded warehousing, financial warehousing, traditional Chinese medicine warehousing, technology application and engineering services, self-storage, packaging and unitized logistics, smart logistics, home logistics, and parts logistics.The association’s mission is to advance the modernization of China’s warehousing and distribution sector and promote the development of modern logistics. Guided by the principle of “grounding in warehousing, refining services, focusing on priorities, and building brands,” it concentrates on developing various warehousing facilities, expanding distribution centers, and driving innovation in warehousing, distribution services, and technology.

China Warehousing and Distribution Association Hazardous Materials Branch

The China Warehousing and Distribution Association Dangerous Goods Branch (formerly the Dangerous Goods Warehousing Branch of the China Warehousing Association) was established in Beijing on May 9, 2008, with approval from the Ministry of Civil Affairs. It is the nation’s first specialized association dedicated to dangerous goods warehousing.Its membership comprises enterprises engaged in hazardous materials warehousing, transportation, production, operation, usage, and waste disposal, as well as research institutions, educational organizations, warehouse design firms, storage equipment manufacturers, and relevant experts and scholars. It served as the primary drafting unit for the “General Rules for Storage of Hazardous Chemicals in Warehouses” (GB15603-2022).

Association of International Chemical Manufacturers (AICM)

The Association of International Chemical Manufacturers (AICM) is an international organization dedicated to advancing sustainable development in the chemical industry. Its membership includes nearly 70 multinational chemical companies with significant investments in China. Through organizing events, publishing reports, and promoting university-industry collaboration, AICM focuses on areas such as the circular economy, green manufacturing, and laboratory safety to deepen chemical companies’ commitment to social responsibility and sustainable development.

CIRS Group

CIRS Group is a global professional product safety management service provider established in 2007. Headquartered in Hangzhou, it maintains branches in Ireland,the United States, the United Kingdom, South Korea, Japan, Shanghai, Beijing, and Nanjing. CIRS provides one-stop compliance solutions—ranging from regulatory consulting and laboratory testing to R&D support and data services—for chemical, cosmetic, food, medical device, disinfectant, agrochemical, and consumer goods enterprises, research institutions, and industry associations. CIRS helps companies achieve product compliance, accelerate market access, and enhance global competitiveness.

Registration and Contact

Scan the QR code below to register directly

Or add on WeChat by scanning the QR code to inquire about registration and conference details.

Email: pgl@cirs-group.com

We have launched a LinkedIn newsletter to keep you up to date on the latest developments across the chemical industry including food and FCMs and personal and home care.