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British Steel rescue deal to ‘preserve thousands of jobs’

British Steel rescue deal to ‘preserve thousands of jobs’

Business
British Steel has been saved in a rescue deal by a Chinese industrial giant safeguarding up to 4,000 jobs, it has been confirmed.The sale to the Jingye Group will go through "as soon as reasonably practicable", said the Official Receiver, which has been handling the insolvency of Britain's second-biggest steel producer. The Chinese firm said it plans to invest £1.2bn in British Steel over the next decade and would "preserve thousands of jobs". Image: The business will continue to trade as normal between exchange and completion The completion of the sale depends on a number of issues, including gaining the necessary regulatory approvals.The business will continue to trade as normal during the period between exchange and completion.
Bank of England weighs into election with Brexit deal forecast

Bank of England weighs into election with Brexit deal forecast

Business
The Bank of England has risked accusations of intervening in the election campaign as it published its first formal forecast of the impact of Boris Johnson's Brexit deal.In its Monetary Policy Report, the Bank forecast that during the course of the next three years the Conservative government's deal could leave the economy slightly weaker than it previously forecast. However, the Bank added that there would be a near-term boost as uncertainty lifted and companies and households invested more.The Bank had previously stopped short of incorporating Theresa May's deal into its economic forecasts, choosing instead to forecast on the basis of a range of probabilities over a Brexit deal.But on Thursday it said it was now forecasting on the basis of Mr Johnson's recently-negotiated deal with Bruss...
Bombardier sells Northern Ireland operations in $1.1bn deal

Bombardier sells Northern Ireland operations in $1.1bn deal

Business
Canada's Bombardier has agreed to sell its Belfast-based aerospace business to US-based Spirit AeroSystems as part of a $ 1.1bn (£840m) deal.The business is Northern Ireland's biggest manufacturer, employing 3,600 people, and was put up for sale by Bombardier in May. Its history dates back to the 1930s when Shorts established its first factory in Belfast.The deal will see Kansas-based Spirit pay $ 500m (£390m) in cash, and take on liabilities worth $ 590m (£460m), to acquire aerostructure operations in Northern Ireland, Morocco and Texas.Spirit, whose global operations include a site in Prestwick, Scotland, makes parts for aeroplane makers Boeing and Airbus. Advertisement
Pentagon, Lockheed reach $34B deal for 478 F-35s as price per aircraft drops

Pentagon, Lockheed reach $34B deal for 478 F-35s as price per aircraft drops

Business
Oct. 29 (UPI) -- A $ 34 billion deal between Lockheed Martin and the Pentagon, announced on Tuesday, calls for delivery of 478 F-35 fighter planes at a cost below $ 80 million each. It is the largest contract for military materiel and the lowest price per plane for the F-35 series. A statement by Lockheed Martin on Tuesday noted that the cost per plane in each of three delivery cycles known as Lot 12, Lot 13 and Lot 14 is reduced from the previously-delivered planes in Lot 11. The U.S. Army's F-35A, for example, a variant of the plane with conventional takeoff and landing capabilities, will cost $ 84.2 million per plane in Lot 12, $ 79.2 million in Lot 13 and $ 77.9 million in Lot 14. The cost savings of the final lot, compared to Lot 11, is 12.8 percent per plane. Similarly, the Lot 14...
Russian troops patrol Syrian border following deal with Turkey

Russian troops patrol Syrian border following deal with Turkey

World
Russian troops have begun patrols on the Syrian border to remove Kurdish fighters as part of an agreement with Turkey.The forces were seen heading towards the city of Kobane in northern Syria the day after Turkey and Russia agreed measures to remove Syrian Kurdish fighters from the border and jointly patrol the area. As part of the deal, Syrian President Bashar al Assad's forces will establish 15 posts at the border alongside Russian troops, according to the Interfax news agency. Image: Russian soldiers will be patrolling along the Syrian border. File pic The agreement came at the end of a five-day ceasefire which had been brokered to allow the Kurds to withdraw following Turkey's incursion into northeast Syria.Now the Kremlin has dem...