India files “criminal conspiracy” charges against BAE and Rolls-Royce May 29, 2023 India has filed a graft case against Britain’s BAE Systems and Rolls-Royce Holdings for “criminal conspiracy” in the procurement and licensed manufacturing of 123 Hawk 115 advanced jet trainers, a document showed. The case is based on the findings of an investigation launched by India’s Central Bureau of Investigation (CBI) in 2016, the federal police [...]
Rolls-Royce: ‘No decision’ on job cuts May 28, 2023 British engine maker Rolls-Royce has made no decisions regarding changes to its workforce, a company spokesperson said on Saturday, after a Sunday Times report said the company was expected to cut about 3,000 non-manufacturing staff. The Sunday Times report added that chief executive Tufan Erginbilgic has hired consultants led by McKinsey to advise on streamlining the company. [...]
FTSE 100 Live: London markets fall following Bank of England’s interest rate decision May 11, 2023 London’s FTSE 100 index fell this afternoon following the Bank of England’s latest interest rate decision, when the Bank’s base rate was lifted by 25 basis points. The capital’s premier index fell 0.64 per cent to 7,691.42 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK [...]
UK to officially avoid recession in first half of this year as Bank of England readies twelfth straight interest rate rise May 8, 2023 Britain is set to have officially avoided a recession in the first half of this year in a sharp turnaround in fortunes for the country’s economy, figures out this week are expected to reveal. Gross domestic product (GDP), which measures the amount of goods and services produced in the UK, is anticipated to have risen [...]
FTSE 100 live: London index joins European markets to close in the red as jitters over Credit Suisse contagion continue March 17, 2023 A dramatic week for European markets has ended on a low, with a number of interventions from global banks failing to calm the nerves of jittery investors. London’s FTSE 100 closed firmly in the red despite seeing gains in early trading on Friday. It followed a group of US banking giants injecting 30 billion US [...]
Rolls Royce reveals £652m profit but engineering giant continues to ‘burn through cash’ February 23, 2023 Rolls Royce, the British aero-engine manufacturer, unveiled profits of £652m in 2022, £238m higher than the previous year. The increase, which was driven by its civil aerospace and power systems divisions, also reported free cash flow of £505m versus an outflow of £1.5 billion in the prior year. Charlie Huggins, head of equities at Wealth [...]
Rolls-Royce, Airbus pen deal with Air India for 250 planes in boost for UK manufacturing February 14, 2023 Rolls-Royce and Airbus have signed multi-billion pound deal to build 250 new planes for Air India, which is set to create hundreds of new jobs in the UK. The wings will be designed in Filton and assembled in Broughton, creating 450 manufacturing jobs and bringing in more than than £100m of investment to Wales. Meanwhile, [...]
Historical moment: Rolls-Royce and Easyjet announce world’s first hydrogen engine run November 28, 2022 Rolls-Royce and Easyjet have made aviation history as they announced today the first successful run of a hydrogen-powered plane engine. The test was conducted using a hydrogen demonstrator powered by wind and tidal energy generated in the Orkney Islands. Rolls-Royce’s chief technology officer Grazia Vittadini said it was a “landmark achievement.” “We are pushing the [...]
Ineos in talks with Rolls-Royce to build mini nuclear reactor and power Scottish chemical refinery November 27, 2022 Ineos is reportedly in talks with Rolls-Royce to build a mini nuclear reactor and power its Scottish chemical refinery. Jointly owned by China’s PetroChina, the Grangemouth factory will need to reach net-zero by 2045 to comply with the Scottish government’s environmental targets, the Sunday Telegraph reported. While Scottish First Minister Nicola Sturgeon has opposed the [...]
Defence sector boosts Rolls-Royce as Asia recovery lags under Covid-19 November 3, 2022 Aerospace giant Rolls-Royce’s recovery continues to lag in Asia due to ongoing Covid-19 measures, as the firm makes headway again in the US and Europe. The London-listed company, which builds jet engines, has been particularly vulnerable to supply chain disruptions and inflation, as it continues to restore back to full health following the pandemic. Rolls-Royce, [...]