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From BBC Scotland today:
A specialist welding facility to support shipbuilding, planned for a site beside the River Clyde, looks set to go ahead after the UK government confirmed £2.5m of extra funding. The £11m project, led by Rolls Royce, aims to support the construction and maintenance of Royal Navy submarines.
The plans were left in doubt earlier this year when it emerged that funding from Scottish Enterprise would not be available because of the SNP’s ban on financing firms involved in munitions. At the time, Labour accused the SNP of “student union politics”, and First Minister John Swinney has since announced the long-standing policy is to be scrapped.
Anyone believe a word of that?
Why not?
British aerospace group Rolls-Royce on Thursday posted stronger-than-expected full-year earnings, upgraded its mid-term guidance and declared a £1 billion ($1.27 billion) share buyback.
Rolls-Royce, which manufactures jet engines for commercial aircraft along with power systems for ships and submarines, reported 2024 operating profit of £2.46 billion, beating analyst expectations and reflecting an increase of 57% from the year prior.
Why have their profits gone up? Greater efficiencies? Nope, they fell into their lap:
The Ukraine war prompted NATO allies to increase military budgets, with many pledging to meet or exceed the 2% GDP target. Rolls-Royce, a key supplier of engines for fighter jets (e.g., Eurofighter Typhoon), submarines, and transport aircraft, saw its defence original equipment (OE) revenues grow 8% to £1.8 billion in 2023. Overall defence performance improved due to higher demand for propulsion systems amid heightened geopolitical tensions.
https://www.theguardian.com/business/2024/feb/22/rolls-royce-profit-cost-cuts-jobs
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