Connect with us

Business

BAE’s £100m British warship contracts

Published

on

baes 100m british warship contracts

BAE Systems has awarded contracts worth more than £100m to five British companies for work on the Royal Navy’s next warship. 

The deals will support 250 jobs at the suppliers as construction gets under way on the final part of the first Type 26 frigate. 

The warships are being built at BAE’s shipyards in Glasgow. Two local businesses, Denholm Industrial Services and Malin Group, will provide services such as painting. 

Fighting fit: The deals will support 250 jobs at the suppliers as construction gets under way on the final part of the first Type 26 frigate

Fighting fit: The deals will support 250 jobs at the suppliers as construction gets under way on the final part of the first Type 26 frigate

Fighting fit: The deals will support 250 jobs at the suppliers as construction gets under way on the final part of the first Type 26 frigate

The other groups are Hartlepool-based CBL, insulation provider Kaefer in Nottingham, and Dorset group SCA. 

Defence Secretary Ben Wallace said: ‘This latest round of contract awards will see companies from the south coast of England to the banks of the Clyde benefit from over 250 highly-skilled jobs and multi-million pound investment.’ 

The warships are kitted out with Sea Ceptor, a supersonic missile defence system, as well as advanced guns, radar and sonars. 

More than 100 suppliers across the world have contributed work on the ships. BAE is Britain’s biggest defence and weapons company employing around 87,000 in 40 countries, around 40 per cent of them at 50 sites around the UK. 

The company will report its half-year results next week. It said in a trading update three weeks ago that it expected profits to be down around 15 per cent.

Powered by: Daily Mail

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Recovery in UK tourism outpaced global average last month

Published

on

By

recovery in uk tourism outpaced global average last month

Recovery in the UK’s tourism and recreation industry outpaced the global average last month, Lloyds Bank has found. 

Activity in 13 of the 14 UK sectors tracked by Lloyds picked up faster than the international benchmark. 

Boost: Activity in 13 of the 14 UK sectors tracked by Lloyds picked up faster than the international benchmark

Boost: Activity in 13 of the 14 UK sectors tracked by Lloyds picked up faster than the international benchmark

Boost: Activity in 13 of the 14 UK sectors tracked by Lloyds picked up faster than the international benchmark

But there are fears that the UK’s recovery could stall this month, amid fears of a second wave, the new ‘rule of six’ and the end of the Eat Out to Help Out scheme which boosted restaurants in August. 

Jeavon Lolay, from Lloyds Bank Commercial Banking, said: ‘Other European countries have already experienced a slowdown as they navigate further outbreaks of Covid-19 and additional measures to stop the pandemic’s spread.’

#fiveDealsWidget .dealItemTitle#mobile {display:none} #fiveDealsWidget {display:block; float:left; clear:both; max-width:636px; margin:0; padding:0; line-height:120%; font-size:12px} #fiveDealsWidget div, #fiveDealsWidget a {margin:0; padding:0; line-height:120%; text-decoration: none; font-family:Arial, Helvetica ,sans-serif} #fiveDealsWidget .widgetTitleBox {display:block; float:left; width:100%; background-color:#af1e1e; } #fiveDealsWidget .widgetTitle {color:#fff; text-transform: uppercase; font-size:18px; font-weight:bold; margin:6px 10px 4px 10px; } #fiveDealsWidget a.dealItem {float:left; display:block; width:124px; margin-right:4px; margin-top:5px; background-color: #e3e3e3; min-height:200px;} #fiveDealsWidget a.dealItem#last {margin-right:0} #fiveDealsWidget .dealItemTitle {display:block; margin:10px 5px; color:#000; font-weight:bold} #fiveDealsWidget .dealItemImage, #fiveDealsWidget .dealItemImage img {float:left; display:block; margin:0; padding:0} #fiveDealsWidget .dealItemImage {border:1px solid #ccc} #fiveDealsWidget .dealItemImage img {width:100%; height:auto} #fiveDealsWidget .dealItemdesc {float:left; display:block; color:#004db3; font-weight:bold; margin:5px;} #fiveDealsWidget .dealItemRate {float:left; display:block; color:#000; margin:5px} #fiveDealsWidget .footerText a:hover{text-decoration: underline;} #fiveDealsWidget .footerSmall{font-size:10px; padding-top:10px;} @media (max-width: 635px) { #fiveDealsWidget a.dealItem {width:19%; margin-right:1%} #fiveDealsWidget a.dealItem#last {width:20%} } @media (max-width: 560px) { #fiveDealsWidget #desktop {display:none;} #fiveDealsWidget #mobile {display:block!important} #fiveDealsWidget a.dealItem {background-color: #fff; height:auto; min-height:auto} #fiveDealsWidget a.dealItem {border-bottom:1px solid #ececec; margin-bottom:5px; padding-bottom:10px} #fiveDealsWidget a.dealItem#last {border-bottom:0px solid #ececec; margin-bottom:5px; padding-bottom:0px} #fiveDealsWidget a.dealItem, #fiveDealsWidget a.dealItem#last {width:100%} #fiveDealsWidget .dealItemContent, #fiveDealsWidget .dealItemImage {float:left; display:inline-block} #fiveDealsWidget .dealItemImage {width:35%; margin-right:1%} #fiveDealsWidget .dealItemContent {width:63%} #fiveDealsWidget .dealItemTitle {margin: 0px 5px 5px; font-size:16px} #fiveDealsWidget .dealItemContent .dealItemdesc, #fiveDealsWidget .dealItemContent .dealItemRate {clear:both} }

Powered by: Daily Mail

Continue Reading

Business

Brokers expecting clamour for shares in The Hut Group

Published

on

By

brokers expecting clamour for shares in the hut group

Brokers are expecting a clamour for shares in The Hut Group today as the firm begins trading in full on the stock market. 

Investment platforms such as Hargreaves Lansdown and AJ Bell have reported strong demand from customers for the shares, which began ‘conditional’ trading on Wednesday. 

But even as savers prepared to plough in, there was no sign of a new independent director at the firm. The Hut Group had promised an appointment to allay concerns over its governance, and increase protections for investors. 

Dual role: Matthew Moulding, pictured left, is both chairman and CEO at The Hut Group

Dual role: Matthew Moulding, pictured left, is both chairman and CEO at The Hut Group

Dual role: Matthew Moulding, pictured left, is both chairman and CEO at The Hut Group

But a company spokesman declined to comment on whether an appointment was imminent, only stating that a decision would be made over the next 12 months. Andy Agathangelou, of the Transparency Task Force, said a quick appointment was vital to ensure shareholders’ interests were represented in the boardroom. 

He added: ‘This person will require superhuman skills to avoid the inevitable biases and relationship-based influence on judgement which could be rife on a board of long-standing friends and associates.’ The UK Corporate Governance Code, which listed businesses are expected to follow, says at least half of a board should be independent non-executive directors. 

To be ‘independent’, that person should have no material relationship with the company and not be involved in daily operations. They should also have held the role for fewer than nine years, and after six years must have their independence reviewed. 

The Hut Group, which has shunned the code, only has two independent directors – Zillah Byng-Thorne and Dominic Murphy – on its six-strong board. Both have worked closely with the company and its founder Matthew Moulding for years. 

Byng-Thorne was an adviser to The Hut for four years before joining the board in 2018, and Murphy helped to broker the investment by private equity giant KKR in The Hut in 2014 before joining as a director. 

Several other ‘red flags’ have been raised. Moulding, 48, is both chief executive and chairman, a position banned by all corporate governance codes. He also holds a ‘golden share’, which gives him a influence over big decisions. 

And Moulding is now The Hut’s landlord, having bought all of its properties into a company he controls and leased them back. 

Sources close to The Hut have said Moulding’s role is key to retaining its entrepreneurial structure. They added that the property transaction was completed at a fair value, and would help to remove debt. 

The Hut is likely to be popular with savers, as analysts have claimed its ecommerce technology and online retailing sites will be winners. 

Its shares have already climbed 18 per cent during conditional trading since Wednesday.

#fiveDealsWidget .dealItemTitle#mobile {display:none} #fiveDealsWidget {display:block; float:left; clear:both; max-width:636px; margin:0; padding:0; line-height:120%; font-size:12px} #fiveDealsWidget div, #fiveDealsWidget a {margin:0; padding:0; line-height:120%; text-decoration: none; font-family:Arial, Helvetica ,sans-serif} #fiveDealsWidget .widgetTitleBox {display:block; float:left; width:100%; background-color:#af1e1e; } #fiveDealsWidget .widgetTitle {color:#fff; text-transform: uppercase; font-size:18px; font-weight:bold; margin:6px 10px 4px 10px; } #fiveDealsWidget a.dealItem {float:left; display:block; width:124px; margin-right:4px; margin-top:5px; background-color: #e3e3e3; min-height:200px;} #fiveDealsWidget a.dealItem#last {margin-right:0} #fiveDealsWidget .dealItemTitle {display:block; margin:10px 5px; color:#000; font-weight:bold} #fiveDealsWidget .dealItemImage, #fiveDealsWidget .dealItemImage img {float:left; display:block; margin:0; padding:0} #fiveDealsWidget .dealItemImage {border:1px solid #ccc} #fiveDealsWidget .dealItemImage img {width:100%; height:auto} #fiveDealsWidget .dealItemdesc {float:left; display:block; color:#004db3; font-weight:bold; margin:5px;} #fiveDealsWidget .dealItemRate {float:left; display:block; color:#000; margin:5px} #fiveDealsWidget .footerText a:hover{text-decoration: underline;} #fiveDealsWidget .footerSmall{font-size:10px; padding-top:10px;} @media (max-width: 635px) { #fiveDealsWidget a.dealItem {width:19%; margin-right:1%} #fiveDealsWidget a.dealItem#last {width:20%} } @media (max-width: 560px) { #fiveDealsWidget #desktop {display:none;} #fiveDealsWidget #mobile {display:block!important} #fiveDealsWidget a.dealItem {background-color: #fff; height:auto; min-height:auto} #fiveDealsWidget a.dealItem {border-bottom:1px solid #ececec; margin-bottom:5px; padding-bottom:10px} #fiveDealsWidget a.dealItem#last {border-bottom:0px solid #ececec; margin-bottom:5px; padding-bottom:0px} #fiveDealsWidget a.dealItem, #fiveDealsWidget a.dealItem#last {width:100%} #fiveDealsWidget .dealItemContent, #fiveDealsWidget .dealItemImage {float:left; display:inline-block} #fiveDealsWidget .dealItemImage {width:35%; margin-right:1%} #fiveDealsWidget .dealItemContent {width:63%} #fiveDealsWidget .dealItemTitle {margin: 0px 5px 5px; font-size:16px} #fiveDealsWidget .dealItemContent .dealItemdesc, #fiveDealsWidget .dealItemContent .dealItemRate {clear:both} }

Powered by: Daily Mail

Continue Reading

Business

MAGGIE PAGANO: Nvidia promises over Arm are meaningless

Published

on

By

maggie pagano nvidia promises over arm are meaningless

Hermann Hauser was crystal clear when I spoke to him in New Zealand via Zoom this weekend. The serial entrepreneur says it is not too late for Britain to block the £30billion bid for Arm Holdings by US giant, Nvidia. 

Hauser may be thousands of miles away on his farm, where he has been stuck since lockdown, but that has not stopped the Arm co-founder from launching his one-man Save Arm campaign calling on the Government to intervene in the bid which he describes as a disaster for Cambridge, Britain and Europe. 

After writing to the Prime Minister – who has yet to reply – Hauser is firing off another media blitz in a final attempt to persuade the Government to block the bid. He says time is on the UK’s side as Nvidia’s bid will take months to clear regulatory hurdles. 

The chips are down: Hermann Hauser says it is not too late for Britain to block the £30billion bid for Arm Holdings by US giant, Nvidia

The chips are down: Hermann Hauser says it is not too late for Britain to block the £30billion bid for Arm Holdings by US giant, Nvidia

The chips are down: Hermann Hauser says it is not too late for Britain to block the £30billion bid for Arm Holdings by US giant, Nvidia

Some would argue that it’s already too late, that the time to intervene was four years ago when Japan’s SoftBank was allowed to buy Arm. But Hauser says that if the PM is serious about nurturing homegrown technology giants to rival those in the US and China, then they should stop the takeover on national interest grounds and use Arm to build such a rival. 

His solution is ambitious. SoftBank should divest Arm and float on the London Stock Exchange as a new company backed by the UK government, taking an anchor stake of £1billion or so held as a golden share. The Arm team would then invite other interested parties such as the big licensees of its chip design technology – Apple and Qualcomm – to become minority shareholders. 

There is a logic to this. Having Arm’s main clients on board as investors would help ensure its neutrality as the Switzerland of the semiconductor industry.

Staying neutral is essential for Arm’s growth because of fears over conflicts of interest as Nvidia produces its own processors. 

This may mean Arm’s clients – which compete with Nvidia – will depend on a rival. Hauser, who was a fervent Remainer, also supports Dominic Cummings, the PM’s chief adviser, in his ambition to nurture British technology businesses to match its US $1trillion rivals. 

Hauser believes Arm could create a powerhouse to rival Intel. Sound fanciful? Not if Arm, he says, is allowed to develop and to make its own strategic acquisitions with other great UK innovators such as the Bristol-based Graphcore, leaders in machine learning. His fund, Amadeus Capital, is an investor. 

Blocking the bid on national interest grounds under the Enterprise Act 2002 is the sort of move you can imagine Cummings would encourage. But it’s unlikely because of the message it might give to overseas investors. 

More probable is that the bid is referred to the Competition and Markets Authority. That would be the right decision. Hauser has serious points to make and they should be investigated. He is not alone in kicking up a fuss: many of its big clients like Apple are also worried. A referral would also give time for a rival bid to be put together.

If nothing is done, Nvidia has said it will protect the Cambridge HQ and jobs, and even suggests it will grow the UK business. But the world of chip processing is moving so rapidly that such promises are meaningless unless legally binding. If in doubt, remember Kraft’s disastrous takeover of Cadbury.

#fiveDealsWidget .dealItemTitle#mobile {display:none} #fiveDealsWidget {display:block; float:left; clear:both; max-width:636px; margin:0; padding:0; line-height:120%; font-size:12px} #fiveDealsWidget div, #fiveDealsWidget a {margin:0; padding:0; line-height:120%; text-decoration: none; font-family:Arial, Helvetica ,sans-serif} #fiveDealsWidget .widgetTitleBox {display:block; float:left; width:100%; background-color:#af1e1e; } #fiveDealsWidget .widgetTitle {color:#fff; text-transform: uppercase; font-size:18px; font-weight:bold; margin:6px 10px 4px 10px; } #fiveDealsWidget a.dealItem {float:left; display:block; width:124px; margin-right:4px; margin-top:5px; background-color: #e3e3e3; min-height:200px;} #fiveDealsWidget a.dealItem#last {margin-right:0} #fiveDealsWidget .dealItemTitle {display:block; margin:10px 5px; color:#000; font-weight:bold} #fiveDealsWidget .dealItemImage, #fiveDealsWidget .dealItemImage img {float:left; display:block; margin:0; padding:0} #fiveDealsWidget .dealItemImage {border:1px solid #ccc} #fiveDealsWidget .dealItemImage img {width:100%; height:auto} #fiveDealsWidget .dealItemdesc {float:left; display:block; color:#004db3; font-weight:bold; margin:5px;} #fiveDealsWidget .dealItemRate {float:left; display:block; color:#000; margin:5px} #fiveDealsWidget .footerText a:hover{text-decoration: underline;} #fiveDealsWidget .footerSmall{font-size:10px; padding-top:10px;} @media (max-width: 635px) { #fiveDealsWidget a.dealItem {width:19%; margin-right:1%} #fiveDealsWidget a.dealItem#last {width:20%} } @media (max-width: 560px) { #fiveDealsWidget #desktop {display:none;} #fiveDealsWidget #mobile {display:block!important} #fiveDealsWidget a.dealItem {background-color: #fff; height:auto; min-height:auto} #fiveDealsWidget a.dealItem {border-bottom:1px solid #ececec; margin-bottom:5px; padding-bottom:10px} #fiveDealsWidget a.dealItem#last {border-bottom:0px solid #ececec; margin-bottom:5px; padding-bottom:0px} #fiveDealsWidget a.dealItem, #fiveDealsWidget a.dealItem#last {width:100%} #fiveDealsWidget .dealItemContent, #fiveDealsWidget .dealItemImage {float:left; display:inline-block} #fiveDealsWidget .dealItemImage {width:35%; margin-right:1%} #fiveDealsWidget .dealItemContent {width:63%} #fiveDealsWidget .dealItemTitle {margin: 0px 5px 5px; font-size:16px} #fiveDealsWidget .dealItemContent .dealItemdesc, #fiveDealsWidget .dealItemContent .dealItemRate {clear:both} }

Powered by: Daily Mail

Continue Reading

Trending

Copyright © 2020 DiazHub.