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Reuters
a minute ago
- Reuters
Breakingviews - European defence stocks send false peace signal
LONDON, Aug 19 (Reuters Breakingviews) - Suppliers of tanks, jets and artillery shells tend to benefit from wars – and do less well when the fighting stops. In theory, that makes shares in European defence groups like Rheinmetall ( opens new tab, Renk ( opens new tab, Leonardo ( opens new tab and others a rough proxy for how well the Ukraine peace talks are going. Yet there are hazards of taking this approach too far – as a major stock move on Tuesday shows. Eight big European military suppliers, collectively worth $307 billion when markets closed on Monday, lost over $15 billion or 5% of their equity value by midmorning London time the following day. Worst hit were Germany's $7 billion Renk, which makes tank gearboxes, and Italy's $30 billion Leonardo, known for helicopters and surveillance systems. Both were down about 8% at one point. At first glance that might seem like a vindication of U.S. President Donald Trump's self-professed efforts to end the conflict in Eastern Europe. In recent days he has met with Russian President Vladimir Putin and his Ukrainian counterpart Volodymyr Zelenskiy, as well as a host of other interested leaders including German Chancellor Friedrich Merz, French President Emmanuel Macron and British Prime Minister Keir Starmer. A stock slide for the defence groups implies lower demand for everything from Rheinmetall tanks to BAE Systems' (BAES.L), opens new tab jets, suggesting a chance of less future fighting after the conflabs. Yet that account is hard to reconcile with what happened at the meetings, which produced no clear commitments on security guarantees for Ukraine, or any evidence that Putin is ready to even contemplate a ceasefire. At best, the only real justification for higher peace hopes might be that things didn't spiral out of control as they did in late February, when a heated exchange between Trump, Zelenskiy and U.S. Vice President JD Vance sent European defence stocks soaring. The market moves probably reflect high expectations as much as diplomatic reality. Renk, Leonardo, Hensoldt ( opens new tab, Babcock International (BAB.L), opens new tab, Saab ( opens new tab, Rheinmetall, Thales ( opens new tab and BAE Systems on average traded at over 30 times 12-month forward earnings at the end of last week. That's almost double their five-year average, putting the European military suppliers roughly on a par with Microsoft (MSFT.O), opens new tab and Nvidia (NVDA.O), opens new tab in terms of stock-market ratings. Citigroup analysts calculated in early August that Hensoldt, Renk and Saab required a 4 to 5.5 times increase in operating profit between 2025 and 2034 to justify their share prices, which was roughly twice as fast as the same brokers estimated that government defence procurement budgets would grow over the same period. Even after Tuesday's slight wobble, then, the sector's valuations still imply soaring European defence spending. In other words, the stock drop says more about these companies' toppy valuations than it does about a meaningful chance of peace. Follow Liam Proud on Bluesky, opens new tab and LinkedIn, opens new tab.
BBC News
a minute ago
- BBC News
Super League 2026 line-up set for October reveal
Super League's 2026 club line-up will be confirmed on Thursday, 16 October, the Rugby Football League (RFL) has top flight is set to expand from 12 to 14 teams in time for next season, with the expansion taking place by combining the current club grading system with an independent have until next Tuesday in order to register their intent to apply for one of the two new spots, while clubs must supply all relevant information in a formal application by 12 addition to the club grading system's criteria, the league also said the panel would judge applications against each club's financial performance in 2025, as well as their financial performance and sustainability forecasts for 2026 to 2028 and their ability to "field a competitive team in 2026 and beyond".The additional criteria comes as Salford Red Devils' financial difficulties continue to plague their season, with last Sunday's fixture against Wakefield Trinity being called off as the club only had two senior players 2025 campaign has played out against the backdrop of prolonged financial issues, culminating in 14 first-team players leaving the club while they have regularly fielded team line-ups filled with youth players, conceding 940 points in 21 league games this term. Members of independent panel confirmed Clubs have been graded under media giant IMG and Rugby League Commercial's 'Reimagining Rugby League' initiative in the past two seasons, but only 2025's league structure has been decided by its criteria, which saw London replaced by Wakefield in the top flight for this the system, Super League, Championship and League One clubs are assessed based on points calculated by on and off-field performance and this system is set to be used alongside an independent panel to decide which clubs will form the expanded Super League chair Lord Jonathan Caine will be two fellow non-executive RFL directors, Abi Ekoku and Dermot Power, as well as RFL chief executive Tony Sutton and interim head of legal Graeme Rugby League Commercial's managing director Rhodri Jones and Peter Hutton, a senior independent non-executive director of RL Commercial and Super League (Europe) Board member, complete the panel's seven members."I am honoured to have been asked to chair the panel to determine whether the Betfred Super League expands from 12 to 14 in 2026 and, if so, which clubs will take up the 13th and 14th positions in the competition," Caine said."This panel consists of individuals with the considerable knowledge and expertise necessary to ensure that the process is both thorough and robust. All of our proceedings will be conducted on the basis of absolute fairness, rigorous impartiality between the applicants, total independence and, of necessity, complete confidentiality."
Reuters
a minute ago
- Reuters
Switzerland is considering joining 'dirty money' task force, UK official says
LONDON, Aug 19 (Reuters) - Switzerland is considering joining a British-led international task force targeting kleptocrats and recovering stolen assets, a British government official said, as it seeks to shake off its reputation as a haven for dirty money. Foreign minister David Lammy discussed the International Anti-Corruption Coordination (IACCC) with the Swiss government during a visit to the country earlier this month, according to the official, who spoke on the condition of anonymity. The Swiss government did not immediately respond to a request for comment. Joining the task force would allow Swiss authorities to share intelligence and work more closely with other countries on major investigations targeting dirty money. Lammy told Reuters that Switzerland is "a key partner in the fight against illicit finance and corruption" and its participation in the IACCC would be "invaluable". Switzerland, the world's largest manager of offshore wealth, has tried to shed its image as a safe haven for illicit funds and has recently taken steps to improve transparency, including proposing stricter rules on beneficial ownership. The IACCC task force was launched in 2017 and is hosted by Britain's National Crime Agency (NCA). It brings together enforcement bodies from countries including the United States, Australia, Canada and New Zealand to share intelligence and coordinate investigations. Since it was founded, it has identified 1.8 billion pounds in suspected stolen funds, and frozen 641 million pounds of assets, the IACCC says. Britain has ramped up its efforts to tackle illicit finance since Russia's full-scale invasion of Ukraine in 2022. It has positioned itself as a leader in the global fight against kleptocracy, but it still faces its own challenges on that front. The NCA estimates that over 100 billion pounds ($135.32 billion) is laundered through or within the UK each year, often via British-registered corporate structures. ($1 = 0.7390 pounds)
