News That Matters

Business

Ex-Gartmore owner H&F invited into OMGI sale

Ex-Gartmore owner H&F invited into OMGI sale

Business
A former investor in Gartmore, the asset manager, has been approached about backing a buyout of Old Mutual's £25bn fund management arm.Sky News has learnt that Hellman & Friedman, a US-based private equity firm, is among a number of parties being sounded out by Old Mutual as it tries to drum up a bumper auction of the business.A potential deal would see Richard Buxton, the star fund manager who runs Old Mutual Global Investors (OMGI), leading a buyout of the division's single-strategy operations.Any such transaction could value the unit at somewhere in the region of £550m, bankers said on Monday.If completed, it would rank among the most significant takeovers in the UK asset management industry, which is grappling with increasingly onerous regulation.Sky News revealed earlier this mont
Offshore wind now cheaper than new nuclear

Offshore wind now cheaper than new nuclear

Business
The cost of new offshore wind power is set to fall by 50% over the next five years following the award of new government contracts.The results of the latest auction for new projects were cheered by environmental campaigners as the contracts - which guarantee a set price for power - tumbled to record lows.The cost fell to £74.75 per megawatt hour (MWh) for projects delivered in 2021/22 and £57.50 for projects in 2022/23.That compares with £92.50 MWh for the new Hinkley Point C nuclear power station - due to start generating electricity in the latter half of the 2020s.:: Hinkley Point C hit by £1.5 over-run and delayVideo:Hinkley Point costs to rise by more than £1bnThe results of the auction for 11 new contracts, which also included biomass and waste plant energy schemes, should help put do
Britain plans a new class of Navy frigate

Britain plans a new class of Navy frigate

Business
Sept. 8 (UPI) -- Britain's Ministry of Defense and Royal Navy have launched plans to obtain a new frigate to replace Type 23 frigates now in service.The project was announced Thursday by Minister for Defense Procurement Harriett Baldwin and came on the heels of the ministry's announcement of a new shipbuilding strategy."A day after we launched the National Shipbuilding Strategy, we are taking our first major step towards realizing it by launching the Type 31e program," Baldwin said in a press release."It will take the very best of British engineering, innovation and drive to achieve it and, as a nation, we have shown time and time again that we have what it takes to deliver. This program will re-energize a world-leading, vibrant and competitive British shipbuilding industry."Type 31e friga...
AUD counter-drone system upgraded by Blighter

AUD counter-drone system upgraded by Blighter

Business
Sept. 8 (UPI) -- The AUDS counter-drone system has been enhanced for deployment on vehicles and features new technology to defeat swarm attacks.The AUDS system was first deployed in 2015 by a consortium of British companies -- Blighter Surveillance Systems, Chess Dynamics and Enterprise Control Systems. It uses an intuitive interface to detect, track, identify and defeat a drone in about 15 seconds at a range of up to six miles."We have continued to refine our advanced RF inhibition capabilities to meet identified changes in the threat, enabling additional attributes designed to engage with some of the longer range fixed-winged drones that have appeared over the last 12 months," Colin Bullock, chief executive officer of Enterprise Control Systems, said in a press release. "Our specialist R...
Equifax data hack 'an unmitigated disaster'

Equifax data hack 'an unmitigated disaster'

Business
A cyber attack on a credit rating agency threatening the data of up to 44 million people in the UK has been branded an "unmitigated disaster" by security experts.The response of US-based Equifax to the massive breach, in which it lost the personal information of 143 million people to hackers, has also been criticised.The hack compromised a wealth of personal data, including names, birthdays, addresses and social security numbers - as well as credit card numbers for more than 200,000 people.The firm admitted UK consumers were affected by the breach but did not say how many, however the company is understood to hold the data of 44 million British consumers.Video:Minister says it is 'incredibly important' people know how to react to hackBritish customers of companies, including BT, Capital On...