Rolls-Royce secures international deals for 142 aircraft engines
"The opportunity at the moment in the market is very buoyant", said Mr McDonald."It's always nice to see Rolls-Royce being successful and that we're filling the factory up with these engines for many years to come."It's lots of work for many years and a lot of these orders go out into the 2030s."Mr McDonald added there were still some orders placed at the Paris Air Show that were yet to be announced.
The new contracts
AviLease, based in Saudi Arabia, placed an order for 20 Trent XWB-97 engines to power 10 Airbus A350F freighter aircrafts.Riyadh Air, Saudi Arabia's newest national carrier, placed an order of 50 Trent XWB-97 engines that will power 25 Airbus A350-1000s.Taiwanese based Starlux Airlines placed an order for 20 Trent XWB-97 engines that will power 10 Airbus A350-1000 widebody aircrafts.EygptAir has ordered an additional 12 Trent XWB-84 engines that will power six Airbus A350-900s, which takes the airline's total order of Rolls-Royce Trent XWB-84 engines to 32.Vietnam's Vietjet Air has placed an order for 40 Trent 7000 engines, that will power 20 Airbus A330neo aircrafts.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Times
3 hours ago
- Times
Rolls-Royce aims to become UK's biggest company by market value
Rolls-Royce, Britain's engineering champion, is chasing a target of becoming the country's largest company by market value. The company's chief executive Tufan Erginbilgic said that that could be achieved by a take-off in demand for small modular nuclear reactors for local power stations being commissioned to build to secure the nation's energy sovereignty. The ambition of Erginbilgic, who took over at the Derby-based group in 2023, would need to see Rolls-Royce nearly double its market capitalisation to overtake AstraZeneca, the pharmaceuticals group worth just shy of £172 billion. Rolls-Royce's market capitalisation is £92 billion. If it is to claim the scalp, Rolls-Royce would need to pass several other colossi of the UK corporate scene on the way: HSBC, Europe's biggest bank, is valued on the stock market at £163 billion, oil and gas major Shell has a value of £155 billion and Unilever, the consumer goods group, is at £110 billion. British American Tobacco currently remains marginally ahead of Rolls-Royce at £93 billion. Erginbilgic said Rolls-Royce has the 'potential' to become top dog because of its pivot into civil nuclear, using its technology developed for Britain's nuclear submarine fleet to build out local power stations with small modular reactors (SMRs). It has already signed deals with the UK and Czech governments. 'There is no private company in the world with the nuclear capability we have,' Erginbilgic told the BBC. 'If we are not market leader globally, we did something wrong.' He said Rolls-Royce is chasing a $1 trillion-plus market in SMRs which he reckons will see 400 of them installed worldwide by 2050 at a current cost of £2.2 billion apiece. The Rolls-Royce boss said the need for SMR installations is becoming particularly acute because of the need to power the data centres that will facilitate mass adoption of artificial intelligence. Rolls-Royce shares have already risen tenfold since Erginbilgic took over in January 2023 with the stock rising from 93p to the current £10.82. The chief executive famously called the company a 'burning platform' when he arrived and set about turbocharging the reforms of the company begun under his predecessor Warren East, who had weathered the Covid-19 crisis. Other storms have swept the business, including record fines for bribery and corruption across five continents; and billions of pounds to repair design and durability issues with the Trent 1000 engines for the Boeing 787 Dreamliner. Erginbilgic swept out much of the previous management and set about creating a regime in which the company would refuse to accept second best on pricing power for its engines for Boeing, Airbus and business jets, or on manufacturing efficiency. Since he took over Erginbilgic has seen Rolls-Royce overtake in market capitalisation terms the likes of his old oil and gas employer BP, fellow defence company BAE Systems, Barclays bank and Rio Tinto the miner.
The Guardian
5 hours ago
- The Guardian
Qantas cancels flights at double the rate of Virgin, competition watchdog finds
Qantas has cancelled flights at double the rate of Virgin, its main competitor, which had the lowest monthly cancellation rates of any major domestic airline over the past year. Air fares across major Australian airlines have also surged relative to the price of jet fuel in 2025, new analysis from the competition watchdog shows. Virgin Australia cancelled just 1.6% of its flights on average over the year to June, while the Qantas group cancelled 3.2%, or almost one in every 30, of its scheduled flights. Cancellation rates typically average 2.2%, according to an Australian Competition and Consumer Commission report released on Tuesday. Jetstar beat both airlines in the month of June, cancelling just 1.1% of flights. Sign up: AU Breaking News email The Canberra-Sydney flight route has seen above-average cancellations, hitting 12% in June, or nearly 15% for the Qantas group and half that for Virgin-leased Link services. 'The airlines have cited poor weather, including strong winds in Sydney and fog in Canberra,' the ACCC report read. In a statement to Guardian Australia, Qantas said: 'We have had the most on time flights of the major domestic airlines for the past year, but our cancellation rate has been higher than it should be'. 'We have a number of initiatives in place to improve our operational performance.' Cancellations across the industry have declined since 2023, as have late arrivals, which fell to a three-year low of less than 18%. Just 15.2% of Virgin flights were late in May, the lowest proportion for any major airline since monitoring began in 2022, though that picked up to 20.4% in June, just higher than Qantas's 19.6%. While airline performance has improved, prices for customers have risen, the ACCC found. Average air fares were much higher in April 2025 than the same month in 2024, even after adjusting for inflation, as back-to-back public holidays saw demand surge. Airlines also raked in more revenue per passenger in June 2025 than they did in June 2024, despite downward pressure on operating costs from falling jet fuel prices, the ACCC said. At the same time, airlines were flying 172,000 fewer seats across Australia in June than they had been in 2019, even though customer demand has returned to pre-pandemic levels. Sign up to Breaking News Australia Get the most important news as it breaks after newsletter promotion 'This has likely resulted in people paying more to fly than they would have otherwise,' the watchdog's report read. Customers may have tried to manage rising costs by using airline loyalty points but the ACCC warned the frequent flyer programs may not deliver value and could push consumers to spend more than they otherwise would. 'Consumers need to weigh the potential benefits of frequent flyer points which may lose value, expire, or be difficult to redeem against the upfront cost of the flight,' the ACCC's report read. Frequent flyer programs represented nearly a quarter of both Qantas's and Virgin's underlying earnings in 2023-24, respectively $511m and $115m. Qantas in August devalued points for its frequent flyers. Last year the federal court told Qantas to pay a $100m penalty for selling thousands of tickets for flights it had already decided to cancel. In some cases, air fares were offered for up to 62 days after Qantas had decided to cancel a flight, the airline conceded.
Telegraph
5 hours ago
- Telegraph
World faces record glut of oil next year as Opec floods markets
The world faces a record glut of oil next year as a Saudi-led cartel ramps up production – just as global demand slumps. On Wednesday, the International Energy Agency (IEA) said oil markets looked 'ever more bloated' as supply 'far eclipses' demand, with the Opec+ cartel of oil-producing countries – led by Saudi Arabia – ramping up production. Slashing its forecast for orders growth, the IEA predicted demand for an extra 680,000 barrels a day in 2025 – the lowest rate since the aftermath of the global financial crisis in 2009, barring the pandemic. The sluggish demand clashes with a surge of production from Opec. The IEA said Opec's push to boost global oil supply would mean an extra 2.5 million barrels per day this year and 1.9 million barrels a day in 2026 – around 400,000 to 600,000 barrels higher than it previously expected. Weaker-than-expected demand in China, India and Brazil in recent months is expected to weigh the most on global orders. The IEA said demand growth would hit 700,000 barrels a day in 2026 – down from estimates of 720,000 last month. 'The latest data show lacklustre demand across the major economies and, with consumer confidence still depressed, a sharp rebound appears remote,' the IEA said. 'Consumption in emerging and developing economies has been weaker than expected, with China, Brazil, Egypt and India all revised down compared with last month's report.' Ole Hansen, an analyst at Saxo Bank, said the IEA's estimates meant a 'record supply glut next year with oil inventories accumulating at a rate of 2.96 million barrels per day, surpassing even the average build-up during the pandemic year of 2020'. The price of Brent crude oil, the international benchmark, fell as much as 0.9pc on Wednesday to below $66 per barrel. Prices have fallen about 10pc so far this year, having peaked at more than $82 a barrel in January before Donald Trump's tariff campaign raised concerns about global economic growth – and thus demand for oil. Keshav Lohiya, from consultant Oilytics, said traders were also looking ahead to the US president's meeting with Vladimir Putin in Alaska on Friday, which could send oil prices even lower if the meeting appears to herald an end to the war in Ukraine. He said: 'Markets continue to remain in a wait-and-see approach as we await the big Trump-Putin meeting in Alaska.' Kathleen Brooks, an analyst at XTB, added: 'The peak of the supply glut will be at the end of 2026, according to the IEA, which could keep a lid on the oil price for the long term.'
