Latest news with #warships
The Sun
20 hours ago
- Business
- The Sun
Cash-strapped Government trying to flog half-built warships amid claims it can't afford to finish them
THE Government is trying to flog half-built warships amid claims it can-not afford to finish them. Military top brass invited Norway to buy £1billion frigates HMS Belfast and Birmingham, which are midway through construction. 2 Selling them would give Defence Secretary John Healey and the Treasury breathing space to find the time to pay for them, a source said. But they added that the Navy would have to wait years to get its promised eight vessels if Norway jumped the queue. They said: "The Royal Navy only has eight frigates, the smallest number in its history. 'It desperately needs these new Type 26 frigates as soon as possible. 'But the MoD budget is under so much pressure that selling the half-built hulls to Norway would give the Treasury breathing space to find the time to pay for them.' It comes after the Strategic Defence Review warned the Navy needed a 'cheaper, simpler fleet'. The MoD said Norway was 'one of the UK's most important allies'. A Norwegian source said: 'The government of Norway is in the final phases of making a decision, but no date has been set.' Proud Scots workers watch latest Royal Navy frigate roll out at Babcock Rosyth shipyard 2
The Guardian
3 days ago
- General
- The Guardian
John Healey says strategic defence review plans will make army '10 times more lethal'
The UK defence secretary said the government would create a 'new hybrid navy' by building new attack submarines, cutting-edge warships and autonomous vessels. He said there would be a new-generation RAF, including F-35s and upgraded typhoons
Bloomberg
4 days ago
- General
- Bloomberg
Taiwan Warns of Rise in Chinese Military Activity Around Region
Taiwan said China escalated military pressure around the region in May, deploying dozens of warships and government vessels daily in what it described as an extreme pressure campaign. China sent an average of 50 to 70 vessels per day across the first island chain — a key strategic arc stretching from Japan through Taiwan and the Philippines — between May 1 and 27, said a senior Taiwanese security official, who asked not to be identified, citing government protocol.
Yahoo
25-05-2025
- Business
- Yahoo
After 48 years, I think Warren Buffett's 4 ‘rules' are still relevant
In his 1977 letter to Berkshire Hathaway's shareholders, Warren Buffett explained how he evaluated businesses. This month, I used the four 'rules' to help me decide whether to buy Babcock International Group (LSE:BAB) shares. Let's look at each in turn. To be honest, the idea that we should only invest in what we understand is the one I struggle with the most. Although I know that Babcock is an international defence company that designs and builds warships, and supports the UK nuclear submarine fleet, I have no personal knowledge of the sector. I've never worked in the industry and I haven't a clue how any of these things are made. But does that matter? Despite my sector-specific ignorance, I know that a company makes money by selling something for more than it costs to make. I'm also aware it should keep a tight rein on its working capital and carefully manage borrowings. Using these measures, Babcock's in good financial shape. Both revenue and earnings are growing. And its balance sheet remains healthy. One analyst is estimating that the group's net debt, at 31 March, is equal to 0.3 times EBITDA (earnings before interest, tax, depreciation and amortisation). Four years earlier, it was 2.4 times. But despite my enthusiasm, I have to acknowledge that it's racked-up nearly £200m of cost overruns on a contract with the Royal Navy, which is a bit of a stain on its record. As worrying as this might be, it's a fact that governments around the world are spending more on defence. From April 2027, the UK government's pledged to spend 2.5% of Gross Domestic Product on its army, navy and airforce. Babcock's the second biggest supplier to the Ministry of Defence so it should benefit from this. The European Union's also planning a huge increase in its expenditure. At $2.46trn, last year's global defence spending was the highest on record. This is justified on the grounds that the primary duty of a government is to protect its people. Of course, nobody ever admits to being the aggressor. But I know some won't invest for ethical reasons. Reducing the pool of potential investors could limit share price growth. Although I don't know any of the group's directors personally, they appear to have a good reputation and plenty of relevant experience. CEO David Lockwood has been widely credited with turning round the company that — prior to his appointment — was known for some ill-fated acquisitions, dubious accounting practices and its poor reputation. Since his arrival in September 2020, the group's share price has risen 275%. Based on consensus forecasts for the current financial year, compared to its FTSE 100 peers, Babcock's shares appear to offer excellent value with a price-to-earnings (P/E) ratio of 18.7, comfortably below that of its nearest rival, BAE Systems (24.5). It's similar looking further ahead. Company P/E ratio (current year) P/E ratio (in two years) Babcock International Group 18.7 15.7 BAE Systems 24.5 19.9 Rolls-Royce Holdings 34.0 25.9 You've probably worked out by now that I did buy some shares in Babcock. That's because, I think the group ticks all four of Warren Buffett's boxes to one degree or another. The post After 48 years, I think Warren Buffett's 4 'rules' are still relevant appeared first on The Motley Fool UK. More reading 5 Stocks For Trying To Build Wealth After 50 One Top Growth Stock from the Motley Fool James Beard has positions in Babcock International Group Plc and Rolls-Royce Plc. The Motley Fool UK has recommended BAE Systems and Rolls-Royce Plc. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. Motley Fool UK 2025
Times
20-05-2025
- General
- Times
Cecil Newton obituary: Survivor of D-Day who almost lost a leg
As dawn broke off the Normandy coast after a miserably rough crossing, a fellow trooper of the 4th/7th Royal Dragoon Guards aboard Cecil Newton's tank landing craft (LCT) decided to make tea on their field cooker. A huge orange flame shot up, the LCT commander threatened them with death, and then the guns of a hundred warships opened fire. Gold Beach, one of the five Allied divisional landing zones on D-Day, June 6, 1944, was the 50th Northumbrian Division's objective. To give the assaulting infantry battalions a chance of making it across the beaches, the Allied air and naval forces were to pound the defences in preparation, but they could only do so much. Intimate support by tanks was necessary. To give the tanks a
