BAE Systems trying to save UK shipyards, says FT
The Financial Times is reporting that the defence giant, BAE Systems, may be trying to develop foreign contracts in order to keep British shipyards in work.
The Financial Times is reporting that the defence giant, BAE Systems, may be trying to develop foreign contracts in order to keep British shipyards in work.
The paper claims BAE is trying to convince Turkey and Brazil to let it build highly advanced ships for their navies at its yards in Glasgow and Portsmouth.
The idea would be for foreign engineers to see how the ships are constructed and then take that expertise back to their own countries for future projects.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Defence spending in the UK is being cut by 8% over the next four years as the government tries desperately to reduce the UK's budget deficit.
Those cuts are forcing BAE to expand into new markets.
Over the last 12 months shares in the company have dropped 12% although today the stock had gained 0.5% by 09:56.
BS
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Christmas at Chatsworth: review of The Cavendish Hotel at Baslow
MoneyWeek Travel Matthew Partridge gets into the festive spirit at The Cavendish Hotel at Baslow and the Christmas market at Chatsworth
By Dr Matthew Partridge Published
-
Tycoon Truong My Lan on death row over world’s biggest bank fraud
Property tycoon Truong My Lan has been found guilty of a corruption scandal that dwarfs Malaysia’s 1MDB fraud and Sam Bankman-Fried’s crypto scam
By Jane Lewis Published