THE latest news from the business world, including Ryanair’s offer to cut its Irish routes as it seeks to buy fellow Irish firm Aer Lingus and Rolls-Royce have secured a deal to provide engines for the US Navy’s fleet of hovercraft.
R–R’s hovercraft power deal for US
Rolls-Royce has secured a “significant” contract to power the US navy’s upcoming fleet of new hovercraft.
The British manufacturer will work with a subsidiary of US defence firm Textron Systems to build the craft, which will be 11 per cent more fuel efficient than the existing fleet.
The programme aims to replace the US navy’s current fleet over the next 20 years, and could extend to 73 vessels in total. If the full fleet is built, it would lead to the manufacture of more than 300 gas turbines, according to Rolls.
Ryanair offers to cut Irish routes
Ryanair has offered concessions to European regulators in a bid to secure clearance to acquire local rival Aer Lingus.
EU regulators are worried the takeover could cut competition on routes out of Ireland, where the two airlines are each other’s closest rivals.
Ryanair spokesman Stephen McNamara said Europe’s biggest budget airline would scrap some routes from Ireland, and may set up a Brussels base for Aer Lingus as part of a package of concessions. He said British Airways, Citijet and Virgin Atlantic Airways, had expressed interest in taking over some of the routes.
Chinese disputes hit Japanese trade
Japan’s trade deficit widened in September as exports plunged 10.3 per cent from a year earlier, weighed down by Europe’s debt crisis and a surge in antagonisms with China that have damaged close economic ties.
The deficit for the month was $7.2 billion (£4.5bn), higher than the forecasts of many analysts and bigger than a deficit of about $3.7bn a year earlier.
But it was lower than August’s deficit of $9.6bn. Exports to crisis-stricken Europe plummeted 26 per cent.
Scotland is tops for construction giant
Mike Peasland, the head of construction for Balfour Beatty, said the engineering giant’s income in Scotland had risen 4 per cent to £500 million on last year and was performing better than the English regions.
Yesterday he attended a topping out ceremony for a £70m mixed-use project on Glasgow’s Buchanan Street.
The Land Securities development will feature flagship stores for Paperchase and Skechers and is due to be completed in March.
Material move is a plus for university
A new material developed at the University of Edinburgh for use in stem cell research has been licensed to a company that will produce a range of equipment for sale worldwide.
Southampton-based Ilika Technologies has an exclusive licence to develop products with the material, negotiated by Edinburgh Research and Innovation (ERI), the commercialisation arm of the University of Edinburgh.
Ian Murphy, head of licensing at ERI, said Ilika would be a major driver in “productising” the technology.