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SAIC contract for upgraded Marine vehicles advances

SAIC contract for upgraded Marine vehicles advances

Business
Sept. 20 (UPI) -- The U.S. Marine Corps has ushered SAIC's survivability upgrade for the corps' assault amphibious vehicle into the program's production and deployment phase.The decision requires SAIC to deliver 25 vehicles to the Marines over a two-year period. It was also accompanied by a low-rate initial production option for additional survivable upgrade vehicles, the Virginia-based company said in a news release Tuesday."SAIC is pleased to be moving into the LRIP phase for the AAV SU program and to begin delivering these important survivability and mobility enhancements out into the fleet and into the hands of our Marines," said Tom Watson, SAIC senior vice president and general manager of the Navy and Marine Corps Customer Group.SAIC had already delivered 10 prototype survivability u...
Tata and ThyssenKrupp agree steel merger

Tata and ThyssenKrupp agree steel merger

Business
India's Tata Steel and German rival, Thyssenkrupp, have taken the first step towards merging their European steel operations.The tie-up will lead to job losses, to be shared between the two companies. The deal would create Europe's second-largest steel group, after ArcelorMittal.The two companies have been in negotiations since last year, when Tata scrapped plans to sell off its UK operations. The firms have signed a memorandum of understanding that proposes a 50/50 joint venture, leading to annual cost savings of up to 600m euros (£533m; $ 720m).Possible job lossesThe two partners expect the move will require a reduction in workforce of about 4,000 jobs, with half coming from administration and half from production.The job losses will be shared evenly between the two companies. In
Toys R Us files for bankruptcy protection

Toys R Us files for bankruptcy protection

Business
Toys R Us has filed for bankruptcy protection in the US and Canada as the chain grapples huge debts, tough competition and pressure from suppliers.The company, which has 1,600 stores worldwide employing more than 60,000 staff, said its operations outside the US and Canada did not come under the so-called Chapter 11 filing in Virginia and its Canadian equivalent.The announcement suggested there was no prospect of an immediate knock-on effect for its 110 stores, 2,500 staff or website in the UK.The chain is trading as normal worldwide.The proceedings across the Atlantic are designed to give loss-making Toys R Us time to reorganise its finances by protecting it from creditor demands as it tackles a debt pile of $ 5bn (£3.6bn) with a $ 400m bill looming next year.The private equity-owned compa
French company Total steps into solar energy market

French company Total steps into solar energy market

Business
Sept. 19 (UPI) -- In an announcement ahead of the French president's speech before the U.N. General Assembly, Total said it took a greater stake in a renewable power company.The French supermajor said Tuesday it made a $ 284.7 million investment to take an indirect 23 percent stake in renewable power company EREN RE. Total said could eventually take the company over completely within the next five years."EREN RE's momentum will allow us to accelerate our growth in solar energy and move us into the wind power market," Philippe Sauquet, the president in charge of gas, renewables and power for Total, said in a statement. "The agreement with EREN RE is a major step towards our objective of achieving 5 gigawatts of installed [renewable energy] capacity in five years."The French company is comin...
Ryanair publishes full list of cancellations

Ryanair publishes full list of cancellations

Business
Media playback is unsupported on your deviceRyanair has published full details of which of its flights are being cancelled between now and 28 October.Customers whose flights have been axed will also receive an email, chief executive Michael O'Leary has said.The budget airline is cancelling 40-50 flights every day for the next six weeks, after it admitted it had "messed up" the planning of pilot holidays.Mr O'Leary said most people would be transferred to an alternative Ryanair flight on the same day.If not, they would be moved to flights the day before or the day after, and the airline would meet its obligations over compensation.Details of all the cancelled flights are available on the Ryanair website. More than 200 of the cancelled flights are either into or out of London Stansted, with ...