Latest news with #BAESystems
Bloomberg
an hour ago
- Business
- Bloomberg
UK Confronts Hard Reality of Rebuilding Its Military Prowess
Britain's ammunition production begins life in the ancestral town of George Washington. Hundreds of technicians and robots work around the clock to manufacture the empty shells that are then filled with explosives and fired from a range of artillery systems. The BAE Systems Plc plant in northeast England is operating 24/7 for the first time since the invasion of Iraq more than two decades ago. But the urgency of replenishing stocks of basic ordnance betrays just how far Britain's defense capabilities have fallen, and the scale of the task to restore them.
Daily Mail
9 hours ago
- Business
- Daily Mail
Rolls-Royce value tops record £75bn: Defence stocks soar as governments are pushed to increase military spending
Rolls-Royce's value has topped £75billion for the first time in its 119-year history as pressure on governments to increase military spending sends defence stocks soaring. As it emerged that Nato plans to force Britain to spend 3.5 per cent of GDP on defence by 2032 – far more than the 3 per cent 'ambition' outlined by Sir Keir Starmer this week – shares across the sector rallied once again. Rolls-Royce, which makes engines for Royal Air Force fighter jets and nuclear reactors that power Royal Navy submarines, closed the day up 2.9 per cent, or 25.4p, at a record high of 894.2p. That gave the engineer a value of £75.7billion. The shares have risen almost ten-fold since 'Turbo' Tufan Erginbilgic took over as chief executive at the start of 2023 when the company was worth just £7.9billion. BAE Systems also hit a record high, rising 2 per cent, or 37.5p, to 1957p, giving it a value of £59billion and taking gains this year to 69 per cent. The company supplies the Ministry of Defence, providing everything from munitions to battlefield communications while also building warships, submarines and planes. Babcock – which was seen as a big winner from plans announced this week to build 12 nuclear-powered attack submarines as it plays a key role in servicing the Royal Navy fleet – gained another 0.9 per cent having risen more than 8 per cent on Monday. The three FTSE 100 defence groups have a combined value of £140billion having been worth just £28.5billion at the start of 2022 before Russia invaded Ukraine. Countries across Europe – including Britain – are racing to rearm in the face of Russian aggression after US President Donald Trump said the Continent must take more responsibly for its own security. In his strategic review of UK military spending announced on Monday, Starmer outlined plans to raise defence spending from 2.3 per cent of GDP to 2.5 per cent by 2027. He also outlined an 'ambition' for it to rise to 3 per cent but refused to set a date. However, Nato members are under pressure to sign up to a much higher target of 5 per cent of GDP in total – made up of 3.5 per cent on defence and 1.5 per cent on wider cyber and security.
Yahoo
11 hours ago
- Politics
- Yahoo
Space Force awards BAE $1.2B deal for missile-tracking satellites
The Space Force has selected BAE Systems to provide 10 satellites for the second phase of its Medium Earth Orbit Missile Warning and Tracking program, awarding the company a $1.2 billion contract. The service announced the award Monday, making the company the first to be on contract for the program's second installment, dubbed Epoch 2. 'This allows for additional resiliency in the missile warning and tracking satellite architecture,' Lt. Col. Brandon Castillo, materiel leader for Epoch 2, said in a statement. The program is one layer of the Space Force's plan to strengthen its ability to detect and track Chinese and Russian missile threats from space, including medium Earth orbit, or MEO, which resides between 1,200 and 22,000 miles above Earth. The service plans to deliver new MEO satellites every two years. Millennium Space Systems is on contract to build 12 satellites for Epoch 1, the first of which should be available to launch by 2026. L3Harris is also on contract to develop a prototype for the program. Under BAE's Epoch 2 contract, the firm will deliver its first spacecraft in 2029. Missile defense is a key focus for President Donald Trump, as evidenced in an executive order he signed just days into his second term directing the Pentagon to draft plans to build a homeland missile shield capable of detecting and intercepting a range of traditional and advanced missile threats. Details are light on the makeup of that architecture, now known as Golden Dome, but it is expected to be made up of systems currently on orbit and in development as well as new capabilities like space-based interceptors. Trump has since said he expects the initiative to cost $175 billion and be operational within three years. The MEO constellation and the rest of the Space Force's missile warning and tracking architecture — which includes the Space Development Agency's plans for a mega constellation in low Earth orbit — will likely be part of the administration's Golden Dome plans. Those capabilities are poised to see a funding increase if Republican lawmakers succeed in passing a reconciliation package that includes $150 billion for Pentagon priorities. The bill, which passed the House last month, would add $7.2 billion to develop and buy space-based missile-warning sensors and $5.6 billion for space-based intercept capabilities. It also proposes $2 billion for a nascent Space Force effort to use satellites to track air-moving targets and $2.4 billion for nonkinetic missile defense effects.
The Sun
14 hours ago
- Business
- The Sun
Huge £17.5MILLION boost for England's ‘saddest town' where high street is dubbed ‘death row'
ENGLAND'S "saddest town", where the high street has been dubbed 'death row', has been given a huge financial boost to improve it's town centre. Barrow-in-Furness was once a thriving port town, but fell into disrepair after jobs in the steel industry dried up, with most shops now boarded up. 5 5 5 The Office for National Statistics has classified it as one of England 's most deprived towns, and a YouTuber who explores the UK's roughest areas described it as " England 's saddest town." Police battle rampant drug gangs, and many buildings have been vandalised with graffiti and broken windows. Barrow resident James Riche previously told The Sun: 'Covid hit the town centre hard. "I call it death row because so many of the shops are shut and boarded up. We avoid it." However, the Cumbrian town's look is about to change. Barrow is home to the BAE Systems factory, which builds the UK's key military submarines - including the Trident nuclear programme. And because of its "importance to National Defence" has been granted a whopping £200 million from the government, which will be used to give the town a facelift over the next 10 years. This is on top of the £17.5 million of cash that was given to the town back in October 2021. The council said: 'Extra funding made available through Team Barrow means significantly more money is now available and this has the potential to deliver a more transformational regeneration of the town centre. 'The additional funding from Team Barrow would be on top of the money already committed by Government for the current town centre regeneration works. 'In recognition of the town's strategic importance to national defence and security, the Government has agreed to invest more than £200m in Barrow over the next 10 years. 'Team Barrow will use this money – and seek to secure additional private and public sector investment – to help transform the town, delivering improvements across health, education, transport, the economy and community.' Plans for the regeneration are currently being finalised, but could include a new and improved theatre and events space, better food and drink offerings and leisure and market facilities. Simon Case, chair of Team Barrow, said: 'We have bold and ambitious plans for Barrow and this includes transforming the town centre. 'While these are very early stages, with a significant amount of work now required to develop these plans, we are clear in our vision that this must deliver more than simply high street regeneration. 'The Government's investment in Barrow presents us with a once-in-a-generation opportunity to address the challenges which face the town. "This means that in addition to delivering a town centre that has a strong retail, leisure and cultural offering, we will also prioritise improvements in housing, health and education.' Bae Systems is set to drastically expand its workforce, due to a surge in demand, meaning that the population in Barrow is set to swell from 60,000 to 90,000 over the next decade. Some of the newly employed workers and their families will be housed in a new 800 home waterfront development, called Marine Village. Case has likened the regeneration of Barrow to the town of Bourneville, which was built specifically to house Cadbury 's factory workers and their farmers. He said: "With the pressure that we've got on getting the Astute boats finished, then Dreadnought and then Aukus, we started to focus on this two years ago for almost Bournville-like reasons.' "The town is a strategic national asset, although it hasn't always been viewed that way. 'Pretty quickly, we realised we needed Team Barrow to create an environment that would deliver that happy, skilled workforce we need to support the defence nuclear enterprise. "Thanks to Mr Putin and Mr Xi, the business case makes itself!' 5 5
The Herald Scotland
16 hours ago
- Business
- The Herald Scotland
Why Traitor's Alexander attended Starmer's defence speech
Unfortunately for Alexander on Monday morning, suspicion was on him once again. Why was a runner up on one of the country's biggest television shows standing with a pack of journalists to hear Sir Keir Starmer deliver a speech on the UK Government's long-awaited strategic defence review? Alexander was a far cry away from the luxury Scottish castle in the Highlands where The Traitors is filmed. This time, he was in Govan, at the BAE Systems shipyard, where the Prime Minister announced the country was preparing to be 'battle ready' against cyber threats and Russia. It was a rousing speech, one that sent alarm bells across the country. But for me, a self-proclaimed Traitors superfan, I needed to know: why was Alexander here? Once I had plucked up the courage to ask him, Alexander shared that he had been invited as a guest of No 10. The former diplomat has used his growing platform on social media and his strong understanding of politics to explain key news events on TikTok, making him a key asset to the UK Government. The video, shorter than one minute long, reached more than 81,000 people in under 24 hours. He helps his followers understand the significant change in tone from the Prime Minister - Britain now needed to be on the war footing, to be prepared and stronger than ever. What is also a change is the approach from the UK Government in making sure that news reaches the widest possible audience. Alexander Dragonetti poses for a photo with political correspondent Rebecca McCurdy. (Image: Newsquest) Are we now entering an era where influencers and celebrities join journalists at private press events? It certainly seems so. You could make the case that this is not the best use of government time or resources. But for UK Government officials, Alexander's platform from The Traitors, and his diplomatic experience, makes him the right man for the job. Would a video of the Prime Minister declaring war-readiness on his own TikTok or social media platforms attracted such a wide ranging audience so quickly? Probably not. I have to be honest, I'm not complaining either. If I send my mum a photo of me interviewing a politician, she doesn't bat an eyelid. It doesn't matter to her. But Alexander from The Traitors? That blew up the family group chat. There is of course concern around influencer access to government speeches though. Journalists are bound by strict codes of conduct after years of training. There isn't much doubt that Alexander's video would have been useful to the UK Government and to the wider public, given his former career. Was he paid for the trip? I don't know. Presumably his travel would be, at least. But let's ensure that our politicians are careful with the level of access social media influencers can bring. It must not be used to advertise controversial government decisions.
