News A US Predator drone flies over Kandahar Air Field, southern Afghanistan

The move follows on from the 2010 agreement to enhance defence co-operation including sharing aircraft carriers, joint expeditionary forces and training

The Investment Column: Umeco

ONCE AGAIN, Umeco's shares jumped 11 per cent after it posted results. Is this the perpetually undervalued company? The near-doubling in its share price since April suggests that Umeco supplies switches for the fast-growing telecoms industry. In fact, it supplies nuts and screws to the aerospace sector, which is widely perceived to be on the verge of a downturn. But Umeco has carved out a niche for itself, acting as a warehousing intermediary between component supplies and the likes of Rolls-Royce and British Aerospace.

The Investment Column: Rolls-Royce powers ahead

WITHIN THE space of three years, Rolls-Royce has gone from producing around 400 engines for the civil aviation market a year to over a thousand. Indeed, deliveries are so strong that they will hold flat next year. But there are drawbacks to the company's success.

Rolls wins $1bn engines deal

ROLLS-ROYCE HAS secured its largest single order to supply engines for ships in a deal worth $1bn (pounds 662m), after it saw off US rival GE to kit out five transatlantic cargo ships.

Rolls-Royce in pounds 112m power buy

ROLLS-ROYCE, the engineering giant, yesterday strengthened its position in the oil and gas engineering market with the acquisition of the 50 per cent stake in power equipment manufacturer Cooper Rolls that it did not already own.

Outlook: Golden shares

THAT SOUND of rattling in Whitehall yesterday was the Government dusting off its collection of golden shares in privatised industries. They have lain neglected in cupboards for so long that the Treasury had trouble initially recalling how many it still owned. For the record, the answer is fourteen, including shares in British Aerospace, Rolls-Royce and a clutch of electricity companies ranging from British Energy to the National Grid. Their main purpose is to prevent anyone the Government deems inappropriate - in other words foreign - from acquiring the company in question.

Going down: Rolls-Royce

IN A bad week for the market, shares in Rolls-Royce, the aerospace engineering company, were hit hard, falling nearly 9 per cent. "The decline may be related to more cautious noises coming out of European airlines," said Sandy Morris, an ABN Amro analyst. He has a "buy" rating on the stock.

British firms snap up orders worth $1bn

BRITISH FIRMS were celebrating yesterday after snapping up orders worth almost $1bn (pounds 620m) at the Paris Air Show.

The Investment Column: 600 Group

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Investment: Should you invest in... engineering?

ENGINEERING FIRMS have had a torrid time over the past two years, as a strong pound and high interest rates battered the export-led sector. But this does not mean investors should ignore these companies.

Rolls to shed 2,000 jobs and trim supplier base

ROLLS-ROYCE, the aero-engine maker, is to shed a further 2,000 jobs this year and streamline its supply base as part of an efficiency programme expected to boost profits by pounds 70m.

3i leads pounds 170m buyout

3I, THE venture capital group, yesterday said it had led a pounds 170.5m buy-out of eight engineering companies from the National Industries Group of Kuwait to form a new aerospace and orthopaedics business.

Rolls threat to move work to US

THE CHAIRMAN of Rolls-Royce warned yesterday that the aero-engine manufacturer could move production to America if Britain introduces costly European labour laws.

Britain's biggest

Name Indx Weight Last_Trade Chg Pct 3m Chg Pct Ytd

Rolls-Royce gives China $50m order

ROLLS-ROYCE is to place $50m more aircraft-engine parts orders in China over the next six years, the aerospace and defence group said yesterday. The contracts will be carried out by three companies under Aviation Industries of China (AVIC).

Rolls takes a pounds 265m tumble

SHARES IN Rolls-Royce yesterday plunged more than 8 per cent, wiping over pounds 265m from the company's market value after the world's third largest aero-engine maker revealed that tough competition in its main markets was putting a squeeze on margins.
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