The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
The former chancellor is advising the Spanish-owned lender on a deal as regulators and directors seek to allay concerns about its future:
https://news.sky.com/story/santander-uk-drafts-in-osborne-to-advise-on-metro-bank-offer-12980239
Today's 'Chronicle':
https://www.chronicle.co.zw/zimbabwe-starts-lithium-car-batteries-production/
Metro Bank has kicked off talks about the sale of a £3bn chunk of its mortgage book as part of an increasingly urgent attempt to shore up its fragile balance sheet.
Sky News has learnt that advisers to Metro Bank - which saw its shares plunge on Thursday after acknowledging that it was seeking to raise new capital - have this week contacted a string of potential buyers of the assets.
Those sounded out by the London-listed high street lender included Lloyds Banking Group and NatWest Group, according to City sources.
One insider said the sale process for the Metro Bank mortgages was designed to form part of a wider capital-raising exercise.
https://news.sky.com/story/troubled-metro-bank-kicks-off-3bn-mortgage-book-sale-12977581
Aviva and mixed-use developer Socius announce today they have been selected as preferred bidder to advance the development of the world’s leading district for cancer research and treatment at the London Cancer Hub (LCH) in Sutton, London.
Charlotte Jones, Aviva’s Chief Financial Officer, said: “Aviva is investing significantly in critical areas of the UK economy such as housing, green energy and healthcare. We are using our capital to generate long term income for our customers and help the UK to grow. The London Cancer Hub will provide world-class cancer research and bolster the UK’s ambition to be a leader in the Life Sciences sector.”
https://www.aviva.com/newsroom/news-releases/2023/10/Aviva-and-Socius-to-develop-the-worlds-leading-cancer-research-campus/
Uranium Spot Price is at a current level of 46.38
Fulcrum Metals (FMET), a company focused on mineral exploration and development in Canada, is provided an update on the exploration programme at the Big Bear property, part of the Group’s Schreiber-Hemlo project in Ontario. The company said the phase 2 exploration campaign over the Schreiber-Pyramid area and the geophysical surveys conducted over the wider Big Bear property have materially progressed this project forward. Not only has it developed a high grading gold mineralised corridor of some 3km in length, which is open along strike and to the north, but 4 drill ready prospects have been defined with the possibility of several more subject to further groundworks. The exploration results have greatly exceeded its expectations and it will now need to make a decision on the next steps of its exploration programme.
Comment: The material progress announced today at Big Bear should be something which offers a material push higher for FMET shares, which have so far been treated rather harshly by the market. The progress since listing deserves to see the stock back above the IPO price of 17.5p by quite some margin.
... because I believe quite a few traders are still away today - just a thought.
September 2023
Tertiary Minerals plc ("Tertiary" or "the Company")
GOVERNMENT DECISION
STORUMAN FLUORSPAR PROJECT, SWEDEN
Further to the Company's announcement yesterday, 6 September 2023, the Company is pleased to provide the following additional information:
Key points:
-- Mining Inspectorate's 2019 decision not to grant the exploitation concession application is annulled.
-- Mining Inspectorate is instructed to re-examine its decision with specific guidance on its assessment.
-- Storuman Fluorspar Project contains combined Indicated and Inferred Mineral Resources of 27.7 million tonnes grading 10.2% fluorspar.
-- Fluorspar is considered a critical mineral by the EU and an important battery mineral used in the manufacture of LiPF6, the main salt used in lithium-ion battery electrolytes.
Commenting today, Executive Chairman Patrick Cheetham said:
"This is a welcome decision, albeit over 4 years in the making, and it clearly provides an opportunity for the project to move forward again. The Storuman Project once underpinned a much higher market capitalisation for the Company and whilst there is no immediate intention to allocate significant resources from other projects, the re-emergence of the Storuman Project as a potential value catalyst is timely as fluorine, sourced from fluorspar, is a component in the most common electrolyte used in lithium-ion batteries today and the use of fluorine-ion batteries is under active development."
BAE Systems PLC (LSE:BA.) has established a business in Ukraine to help the Kyiv government establish its own weapons-production infrastructure.
There are no plans for BAE to set up a facility, according to reports today, but the UK group will help the Ukraine government find partners and set up its own artillery capability.
Britain has been providing substantial amounts of ordnance including shells and missiles to the Kyiv government since the war with Russia started, with a lot of it coming from BAE.
The FTSE 100 group also provides training and repair services to Ukraine's military.
https://www.proactiveinvestors.co.uk/companies/news/1025226/bae-systems-sets-up-in-ukraine-to-support-war-effort-1025226.html
7-day Most Increased Short Positions in London Stocks
Symbol Name Previous (%) Current (%) Increase in Short Position (%)
ASC Asos Plc 4.32 5.35 +1.03
HFD Halfords Group Plc 1.79 2.49 +0.70
AVON Avon Protection Plc 0.51 1.18 +0.67
RST Restore Plc 0 0.58 +0.58
RCH Reach Plc 0 0.56 +0.56
PNN Pennon Group Plc 1.19 1.70 +0.51
BLND British Land Company Plc 3.02 3.36 +0.34
GPE Great Portland Estates Plc 0.80 1.05 +0.25
CNE Capricorn Energy Plc 1.39 1.51 +0.12
FUTR Future Plc 1.40 1.50 +0.10
TW. Taylor Wimpey Plc 0.90 1.00 +0.10
WOSG Watches Of Switzerland Group Plc 1.27 1.36 +0.09
EZJ Easyjet Plc 1.13 1.21 +0.08
SRP Serco Group Plc 1.39 1.40 +0.01
CURY Currys Plc 2.31 2.32 +0.01
Shares in this defence and aerospace giant have fallen on news of plans to acquire US space outfit Ball Aerospace for $5.6bn. British firms don’t have a successful record of buying companies in America and the deal isn’t cheap, but it makes sense for BAE to bolster its space capabilities given the growing military importance of the “final frontier”. BAE has a decent record of integrating acquisitions, so it is worth giving management the benefit of the doubt. On a forward p/e of less than 15, the shares are reasonably priced for the growth opportunity. 960p
The deal, centred on the continued production of the Bradley A4 vehicle, comprises more than 70 M2A4 Infantry Fighting Vehicles and M7A4 Fire Support Team Vehicles.
“The Bradley is a crucial vehicle for the Armored Brigade Combat Teams today because it allows the Army to transport troops to the fight while providing cover fire to suppress enemy vehicles and troops,” commented Dan Furber, director of ground vehicle production for BAE Systems.
He emphasised the significance of updating the Bradley Fighting Vehicle by stating, “It’s imperative the Bradley Fighting Vehicle is upgraded to keep our Soldiers unmatched on the battlefield for years to come.”
The recent award follows the Early Order Material awards received in August and November 2022. As a continuation of the Army’s endeavours to modernise its combat vehicles, there will be upgrades from the M2A2 Operation Desert Storm – Situational Awareness (ODS-SA) variant.
Bradley A4, the new entrant in the fleet, boasts of enhanced mobility, including an engine with increased horsepower for quick reactions in combative situations. Enhancements also feature upgrades for improved survivability against threats such as IEDs, coupled with advances in computing systems to heighten situational awareness for troops.
The contract mandates the commencement of the project at various locations, including the Red River Army Depot in Texarkana, Texas, and multiple BAE Systems facilities scattered across the U.S., from Aiken, South Carolina to York, Pennsylvania.
https://ukdefencejournal.org.uk/u-s-army-to-boost-armoured-brigade-with-190m-bae-deal/
The Ministry of Defence (MOD) has awarded BAE Systems a substantial contract worth £89 million, aimed at amplifying front-line communication capabilities.
This initiative will integrate various military assets ranging from small reconnaissance drones and combat vehicles to fighter jets, aircraft carriers, and the overarching military commands.
Highlighting the complex nature of modern warfare, the press release notes, “Modern battles are fought across land, sea, air, space, cyber and electronic warfare. Rapidly evolving technologies mean each domain is highly contested so it is vital that militaries maintain control of their communications in these challenging environments.”
BAE Systems, over the next five years, will lead a coalition of dependable partners, such as Kellogg, Brown and Root (KBR), PA Consulting, and L3 Harris.
Together, they will be responsible for the conception and production of a tactical Wide Area Network (WAN) titled ‘Trinity’. This network aims to offer a cutting-edge, secure battlefield internet service for UK forces, ensuring sustained battlefield cognizance and effective intelligence sharing, even under intense enemy attacks.
David Armstrong, Group Managing Director at BAE Systems’ Digital Intelligence sector, stated: “In an increasingly complex and fast-paced threat landscape, Trinity will empower the UK Armed Forces with a better view of what is happening, enabling them to make swift, informed decisions when and where it matters most. By providing this advantage to front-line decision makers, Trinity reinforces our commitment to equipping the British military with the right tools to stay ahead in an ever-evolving battlespace.”
To counteract reliance on vulnerable satellites or fixed infrastructures that are common targets for foes, BAE Systems will employ its defence communications proficiency to create and implement global-class network abilities.
James Heappey MP, Minister for the Armed Forces, commented on the importance of this initiative: “In this continually evolving, multi-domain environment it is vital that our personnel have access to world-leading communications capabilities while on operations. We remain committed to working closely with the best of British industry as they support our endeavour to better connect with our allies and their assets in theatre.”
https://ukdefencejournal.org.uk/89m-contract-to-bae-bolsters-battlefield-connectivity/
The acquisition will deepen BAE's relationship with NASA, a key Ball Aerospace customer, and boost the UK weapons giant's environmental monitoring and surveillance as it responds to climate change.
For some time now there has been a growing air of confidence around BAE Systems.
That was underlined when, earlier this year, the UK's biggest defence contractor reported a record order book.
And it was further emphasised when, BAE announced it is spending $5.55bn (£4.35bn) on the aerospace division of the US packaging giant Ball Corporation.
https://news.sky.com/story/why-bae-bought-ball-aerospace-and-why-it-matters-12941598
Https://www.nytimes.com/2023/06/21/well/erectile-dysfunction-treatment-eroxon-gel.html
To approve for the period commencing twenty four (24) months following the date of this GM (Period), the
disapplication of the pre-emption provisions set out in Regulation 1.5 of the Company’s articles of association
in relation to the issue of, or the grant of any right to subscribe for or convert any security into, up to a further
five billion (5,000,000,000) ordinary shares, and to authorise the Directors of the Company to issue, or grant
any right to subscribe for or convert any security into, shares in accordance with the provisions of this
resolution, but so that the Company may make offers and enter into, agreements during the Period which
would, or might, require shares to be allotted or rights to subscribe for, or convert other securities into shares
to be granted after the Period ends
Good news for us?
More than 1,000 Pratt & Whitney engines are affected, forcing carriers to change schedules and ground craft.
Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of FT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found at https://www.ft.com/tour.
https://www.ft.com/content/293fa80a-61a8-499b-bddd-c8c27accdf5d
Airlines in the US and Europe are rushing to find spare parts and engines and avoid flight cancellations after engine-maker Pratt & Whitney issued a product recall last month.
P&W’s announcement in July that more than a thousand engines would need to be removed from Airbus aircraft and inspected has forced a number of airlines — including Spirit Airlines, JetBlue Airways and Hawaiian Airlines in the US, and Wizz Air in Europe — to change flight schedules or ground aircraft.
Wizz has cut its growth target, is considering temporarily scrapping some flights or routes, and had warned that the engine problems are putting pressure on maintenance operations. Spirit told investors this month that with fewer aircraft to fly “we will likely be overstaffed” in the fourth quarter and early in 2024.
Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of FT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found at https://www.ft.com/tour.
https://www.ft.com/content/293fa80a-61a8-499b-bddd-c8c27accdf5d
JetBlue chief operating officer Joanna Geraghty told investors this month that the company was looking to lease engines to minimise the fallout of removing “a handful” of engines from aircraft next month.
“We are trying to take whatever self-help measures are available,” she said. “But as you know, the supply is pretty constrained.”
P&W issued the recall after it discovered that contamination in the metal used to manufacture certain engine parts could cause cracks. Parent company RTX said that about 1,200 of the company’s 3,000 geared turbofan engines would need to be inspected earlier than planned. Roughly 200 of these inspections will take place by mid-September.
The GTF engine, which was introduced in 2016, is one of two that can be used in the Airbus A320neo narrow-body jet, the world’s best-selling aircraft. The recalls threaten RTX’s free cash flow, said Melius Research analyst Rob Spingarn, but “arguably worse is the damage to Pratt’s reputation as a provider of reliable large commercial engines”.
https://www.ft.com/content/293fa80a-61a8-499b-bddd-c8c27accdf5d