
UK Raises Alarm on Chinese Drones Used to Survey Sensitive Sites
UK government officials have raised private concerns that Chinese-manufactured drones are being used to take high resolution images of critical national infrastructure sites in the UK, going against guidance from the country's security services.
National Grid Plc, which operates the nation's electricity and gas networks, uses drones made by Shenzhen-based SZ DJI Technology Co. to take videos, photographs and thermal images of its electricity substations, according to information posted on its website as recently as September. DJI drones have also been used to survey the construction of Electricite de France SA 's Hinkley Point C nuclear power plant, to inspect solar farms, and by Thames Water to monitor reservoirs and the water supply.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Los Angeles Times
21 minutes ago
- Los Angeles Times
Guess? Inc. to go private in $1.4-billion acquisition
Guess? Inc., the Los Angeles-based fashion brand that specializes in denim, is going private in a $1.4-billion deal with Authentic Brands Group. Under the terms of the deal, the company's co-founders Maurice and Paul Marciano, as well as chief executive Carlos Alberini, will own 49% of its intellectual property. Authentic Brands Group will own 51%. Shares for Guess jumped more than 25% in midday trading on Wednesday. Shareholders will receive $16.75 per share in cash as a result of the sale, a 26% premium to the stock's closing price on Tuesday. Current Guess management will continue to run the business and own 100% of the operating company, Guess said in a release. 'We look forward to building on the significant progress we have made to strengthen our organization,' Alberini said in a statement. 'As a private company benefiting from the perspectives of a globally recognized licensing partner, Guess? will have enhanced flexibility to navigate today's complex operating environment.' Authentic Brands Group owns several popular brands, including Champion and Eddie Bauer. The transaction between Guess and Authentic Brands is expected to close in the fourth quarter of Guess' 2026 fiscal year.


Business Wire
21 minutes ago
- Business Wire
KBRA Comments on TowneBank's Merger Agreement to Acquire Dogwood State Bank
NEW YORK--(BUSINESS WIRE)--On August 19, 2025, Portsmouth, VA-based TowneBank (NASDAQ: TOWN)(KBRA Senior Unsecured Debt rating: A-/Stable Outlook) announced a definitive acquisition agreement with Raleigh, NC-based Dogwood State Bank, (OTC: DSBX, "Dogwood", $2.4 billion assets, $2 billion deposits) in an all-stock deal valued at $476.2 million (or $25.04/share of DSBX common stock, based on TOWN's 15-day average closing stock price of $35.77 on August 18, 2025), reflective of a price to TBV of 2.1x. The merger is expected to close in 1Q26. The proforma bank will have $22 billion in assets, $16 billion in loans, and $19 billion in deposits including the pending acquisition of Old Point Financial Corporation (expected to close September 1, 2025). This transaction would represent three closed acquisitions within a one-year time frame for TOWN. The acquisition significantly enhances TOWN's presence in North Carolina and South Carolina, two of the fastest-growing regions in the U.S. Further, the deal provides TOWN with the market leadership and scale as Dogwood has 17 retail branches in attractive markets including Raleigh, Charlotte, Greenville (NC), Wilmington, and Charleston (SC), complementing TOWN's existing Carolinas presence. Together, the combined entity will have a meaningful footprint across the top 5 Carolinas MSAs, including Charlotte, Raleigh, Greenville, and Charleston. Dogwood specializes in providing lending services (namely SBA lending) to small businesses through its small business lending division which will be complementary to TOWN's various existing business lines. While Dogwood's revenue mix is largely spread based (~80% - 85%), the addition of its SBA lending provides TOWN an additional fee generating business line (noninterest income has tracked near 40% of TOWN's total revenues in recent quarters). Dogwood's higher-yielding loan portfolio (6.81% for 2Q25) was slanted towards C&I, which represented 40% of total loans at 2Q25 (includes owner-occupied CRE), with non-owner occupied CRE comprising 28% (includes multi-family) and C&D at 10%. Additionally, with its focus on small business/SBA lending, Dogwood's loan portfolio carries a slightly elevated risk profile, though we note Dogwood's recent credit performance was generally in line with industry averages including an NCO ratio typically near 0.2%. Furthermore, TOWN has a long track record of peer-leading asset quality and a proven history of successful integration of past acquisitions. TOWN's loan review process covered 40% of Dogwood's loan portfolio with a diligent focus on its SBA lending and a credit mark of $22.5 million, or 1.2% of Dogwood's loans. The transaction also includes estimated interest rate marks of $38.1 million on the loan portfolio, $10.6 million on HTM securities, and $2.7 million on AOCI securities. Overall, the impact to TOWN's capital is expected to be moderate, with a reported proforma CET1 ratio of ~11% (we note that this proforma ratio includes the impact of the pending acquisition of Old Point Financial which is expected to close in 3Q25). With that said, TOWN has historically managed capital consistently at or above rated peer averages (CET1 ratio has generally ranged from 12% -13%). KBRA expects TOWN to rebuild capital closer to historical levels with enhanced profitability trends stemming from the pending transactions. Steve Jones, CEO of Dogwood, will remain in a key leadership position with the combined bank, assuming the role of President for TOWN's North Carolina and South Carolina banking operations supported by 75 seasoned bankers across the region. In addition, TOWN will appoint one director from DSBX to its board. As a reminder, TOWN recently announced the in-market acquisition of Old Point Financial Corporation ($1.5 billion assets) in a combination of stock and cash deal valued at ~$213 million, which is expected to close in 2H25. TOWN closed the Richmond, VA -based Village Bank and Trust Financial Corp ($748 million in assets) acquisition on April 1, 2025. This was an all-cash deal valued at $120 million. In our view, the acquisition of Dogwood State Bank represents a strategically significant expansion that strengthens TOWN's position within the fast-growing Carolinas corridor. The transaction broadens market penetration, enhances loan portfolio diversification, and bolsters the funding base with a greater proportion of low-cost deposits. About KBRA KBRA, one of the major credit rating agencies, is registered in the U.S., EU, and the UK. KBRA is recognized as a Qualified Rating Agency in Taiwan, and is also a Designated Rating Organization for structured finance ratings in Canada. As a full-service credit rating agency, investors can use KBRA ratings for regulatory capital purposes in multiple jurisdictions. Doc ID: 1010927


Business Wire
21 minutes ago
- Business Wire
KBRA Assigns Preliminary Ratings to RRE 6 Loan Management DAC (Reset)
LONDON--(BUSINESS WIRE)--KBRA UK (KBRA) assigns preliminary ratings to five classes of refinancing notes issued by RRE 6 Loan Management DAC, a cash flow collateralised loan obligation (CLO) backed primarily by a diversified portfolio of Euro-denominated corporate loans. RRE 6 Loan Management DAC is managed by Redding Ridge Asset Management (UK) LLP ('RRAM UK' or the'collateral manager'). The CLO originally closed in March 2021. This transaction will reset the terms of the CLO, including the stated maturity, non-call period, reinvestment period, note interest rates and notional balances. Proceeds from the issuance of the new CLO notes will be used to redeem the outstanding notes in full and to purchase new assets. The CLO will have a 4.5-year reinvestment period and a 13-year legal final. The ratings reflect initial credit enhancement levels, coverage tests including par value and interest coverage tests, excess spread, and a reinvestment overcollateralisation test. The collateral in RRE 6 Loan Management DAC will mainly consist of broadly syndicated leveraged loans and bonds issued by corporate obligors diversified across sectors. The target portfolio par amount is €400.0 million with exposures to 162 obligors. The obligors in the portfolio have a K-WARF of 2451, which represents a weighted average portfolio assessment of approximately B. RRAM UK is a UK-based subsidiary of Redding Ridge Asset Management LLC, an independent asset management company established and seeded by Apollo Global Credit Management, LLC (Apollo) in 2016 to manage CLOs. The RRAM UK management arm currently manages more than €8.6 billion in assets across nineteen European CLOs. The rating on the Class A-2-R Note considers the timely payment of interest and ultimate payment of principal by the applicable stated maturity date, while the ratings on the Class B-R, C-1-R, C-2-R and D-R Notes consider the ultimate payment of interest and principal by the applicable stated maturity date. To access ratings and relevant documents, click here. Click here to view the report. Methodologies Disclosures Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above. A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here. Information on the meaning of each rating category can be located here. This credit rating is endorsed by Kroll Bond Rating Agency Europe Limited for use in the European Union. Information on a credit rating's endorsement status is available on its rating page at Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at There are certain issuers, entities or transactions rated by KBRA Europe or KBRA UK that may be or have relationships with Shareholders and/or Shareholder-Related Companies, as that term is defined in KBRA's Shareholder and Shareholder Related Companies for KBRA Europe and KBRA UK Policy and Procedure. Relevant disclosure information may be found here. About KBRA UK Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan's Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S. Kroll Bond Rating Agency UK is located at 1 Connaught Place, 2nd Floor London, England. Doc ID: 1010921