Aerospace

EADS may miss targets despite Airbus boom

9 May 2005

The FrancoGerman aerospace group's operating profits had a terrific first quarter after strong deliveries at its commercial aircraft unit. But it may still be knocked off course as favourable hedges run off and its sales mix switches to less profitable models.

Rolls Royce chooses volatility in profits

14 Apr 2005

The UK aircraft engine maker is sticking to its hedging policy although new accounting rules will make its reported earnings more volatile. Rolls Royce s hedges give it greater flexibility. It is right to stick to its guns.

Boeing chief quits after ‘personal relationship’

7 Mar 2005

It s not surprising that the US defence group should be very careful of its image just 16 months after a major commercial scandal. But given its own admission that Stonecipher's relationship had no impact on the business, Boeing may be overreacting.

BAe Systems buys UDI for $4bn

7 Mar 2005

The deal makes industrial sense. It extends the UK defence group s armoured vehicles business into the US where spending is rising. If there's a snag, it is that BAe seems to have paid a high price for the business.

BAe swings to net cash position

24 Feb 2005

The UK defence group has wiped out net debt of £870m thanks to strong cash inflows from its Saudi contracts. With reduced risk in the UK and a strong chance of further export contracts, BAe is now on the path to more stable growth.

New Airbus is more about packages than people

19 Jan 2005

Airbus s new ''super jumbo'' may well change the face of long haul travel. But its biggest effect will be felt in the freight market. This is also where the A380 s true threat to Boeing lies.

Aircraft subsidies should go

12 Jan 2005

The EU and US have agreed to negotiate rather than litigate over Airbus and Boeing subsidies. It is about time. The goal is zero government support. That would be miraculous, but all reductions are welcome. The whole airline industry is too coddled.

Forgeard wins battle to co-head EADS

17 Dec 2004

The appointment of the Airbus boss should allow the FrancoGerman group to focus on business after weeks of wrangling in the French camp. But FrancoGerman disagreements over the group s strategy are likely to continue.

EADS/Thales speculation looks overheated

9 Nov 2004

True, a merger of the FrancoGerman and French defence groups would be the crowning glory of France's "national champion" policy. But German opposition and industrial rationale militate against such a deal.

Boeing, Airbus fight risks embarrassing both

4 Oct 2004

Boeing as much as Airbus would face WTO sanction were the US to press ahead with a complaint against the latter's subsidies, an EU memo says Both aircraft makers receive subsidies of some kind. And Boeing is in little position to take the moral high ground.

Since Boeing too receives subsidies, its challenge looks like a case of the pot calling the kettle black.

17 Sep 2004

The move is a sign of the US aircraft maker s growing exasperation at losing market share to its smaller European rival.

BAe’s DigitalNet acquisition makes sense.

13 Sep 2004

The $600m deal is a good strategic fit for the British defence company, strengthening its presence in the US defence IT market. At 31 times earnings, the price tag looks full. But DigitalNet has high growth potential and BAe can extract big synergies. At 28 times earnings, the price tag looks full. But DigitalNet has high growth potential and stable contracts. The $600m deal is a good strategic fit for the British defence company, strengthening its presence in the US defence IT market.

Race for BAE chairmanship hots up

18 Dec 2003

Former UK defence minister Michael Portillo has denied seeking the job. Now the spotlight is on Equitable Life chairman Vanni Treves. BAe is in sore need of boardroom change. Treves may not be a defence man, but he loves jobs that no one else will do.

Inmarsat takeover nears finish

8 Oct 2003

The expiry of exclusive talks with Apax/Permira puts the future of the satellite group back into play. This may put Soros/Apollo back in the deal. They can win with a better offer not by unleashing their attack dogs in Washington.

Boeing and Airbus need to cut production

25 Aug 2003

The manufacturers are producing aircraft for which there is no demand. Unless the global aircraft fleet shrinks, airlines won't be able to boost their returns.

Torpedoed

12 Sep 2002

Big game

10 Jun 2002

Unsettling exit

26 Mar 2002

Circling TRW abroad

14 Mar 2002

Civil answer

27 Nov 2001