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Tag: RollsRoyce

Rolls-Royce boss says May's Brexit deal is better than no deal

Rolls-Royce boss says May's Brexit deal is better than no deal

Business
Politicians must get behind a "practical plan" for Brexit, the boss of engineering giant Rolls-Royce has said.Warren East said time was running out and that any deal was better than leaving the EU without an agreement.Rolls-Royce employs 22,300 people in the UK making aerospace, marine and submarine engines.Mr East joined other business leaders in backing the draft plan put forward by Theresa May on Wednesday."The time since the referendum seems to have gone remarkably quickly and we're essentially [still] having a discussion we could have had the morning after the referendum," he told BBC Radio 4's Today programme. "We are slightly running out of time and I would, as a business leader, like to see politicians on both sides of th...
4,600 jobs to go at jet engine maker Rolls-Royce

4,600 jobs to go at jet engine maker Rolls-Royce

Business
Rolls-Royce is to cut 4,600 managerial and support jobs as the jet engine maker introduces its latest restructuring plan.  Most of the jobs will be axed in the UK, where the FTSE 100 company employs 23,000 out of a global workforce of 50,000.A third of the jobs are expected to go by the end of this year and the rest by the middle of 2020.Rolls-Royce chief executive Warren East signalled the move in March as the company battled to keep to its financial targets and amid problems with its Trent 1000 engines.It has replaced the fan blades on turbines powering Boeing 787 airplanes after cracks and corrosion were found on jets operated by Japan's ANA airline.Mr East said: "It is never an easy decision to reduce our workforce, but we must create a commercial organisation that...
Rolls-Royce announces 4,600 job cuts

Rolls-Royce announces 4,600 job cuts

Business
Engineering firm Rolls-Royce is to cut 4,600 jobs over the next two years as part of a major reorganisation.Middle managers and back-office staff are to bear the brunt of the cuts, which are expected to hit its Derby base hard.The company is refocusing its business on civil aerospace, defence and power systems.About a third of the job cuts are expected to happen by the end of this year, Rolls-Royce said. The programme is expected to continue throughout 2019, with full implementation by mid-2020.Rolls-Royce said that the programme would cost £500m to carry out, including redundancies, but would save it £400m a year by the end of 2020.The firm also said it would continue to work on its problems with its Trent 1000 engin...
Rolls-Royce and Boeing invest in UK space engine

Rolls-Royce and Boeing invest in UK space engine

Science
Reaction Engines Limited (REL), the UK company developing a revolutionary aerospace engine, has announced investments from both Boeing and Rolls-Royce. REL, based at Culham in Oxfordshire, is working on a propulsion system that is part jet engine, part rocket engine. The company believes it will transform the space launch market and usher in hypersonic travel around the Earth. The new investments amount to £26.5m. Included in this sum are contributions from Baillie Gifford Asset Management and Woodford Investment Management. It lifts the total capital raised in the past three years to about £100m. The British government has already put in £60m. BAE Systems initially injected £20m in 2015 and has invested new funds in this latest financial round. "Rolls-Royce and Boeing - these are really b
Rolls-Royce pulls rapper video over seatbelt

Rolls-Royce pulls rapper video over seatbelt

Entertainment
"It ain't safe" was the message from the president of the AA who quoted a Skepta lyric in response to a video by Rolls-Royce showing the grime artist appearing not to wear a seatbelt.The luxury car maker soon pulled the video featuring the rapper travelling in the back of a £360,000 Rolls-Royce Phantom and creating a song with a friend, following backlash from road safety campaigners.In the video, which has been removed from YouTube, the pair are seen being chauffeured in the Swiss Alps but appear not be buckled up.Skepta, who has more than a million Twitter followers, soon responded to the furore as he tweeted a photo of a fastened seatbelt captioned with a lightbulb emoji.Jason Wakeford, director of campaigns for road safety charity Brake, said: "It appears as if seatbelts may not have b