Manston International Airshow postponed until summer 2026
Ticket holders will be able to apply for a full refund or defer their tickets to next year's event online.Air Ambulance Charity Kent Surrey and Sussex (KSS) and Brain Tumour Research were to be the charity partners of the 2025 event, had it gone ahead. They will now be beneficiaries of the 2026 show instead.Organisers added that RiverOak Strategic Partnership, which owns and runs Manston Airport, had confirmed its commitment to supporting the airshow when it returned.
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Daily Mail
12 minutes ago
- Daily Mail
Rolls-Royce rockets towards £100bn: Engine-maker up 1,000% since Turbo Tufan took helm
Rolls-Royce shares soared to a record high yesterday as its value hurtled towards £100billion for the first time. On a blockbuster day for investors, the stock rose as much as 12 per cent, taking gains for the year to more than 85 per cent. Rolls is up more than elevenfold – or more than 1,000 per cent – since 'Turbo' Tufan Erginbilgic took over as chief executive at the start of 2023 when the engineer was worth just £7.9billion. Last night it was valued at £89.5billion, making it the fifth-biggest London-listed company. The rally came as growing demand for its engines, which power commercial aircraft and military fighter jets, led it to upgrade profit forecasts. Erginbilgic, who has been credited with turning the 119-year-old company around, now expects profits of between £3.1billion and £3.2billion, having previously targeted £2.7billion to £2.9billion. It came after the Derby firm reported a 50 per cent leap in first-half profits to £1.7billion, while revenues rose 11 per cent to £9.1billion. 'Having already delivered a stellar turnaround, Rolls is showing no signs of taking its foot off the pedal,' said Russ Mould of AJ Bell. 'Rolls is the poster child for what's capable on the stock market – a welcome reminder that Britain has plenty of business champions.' Erginbilgic said it had overcome supply chain and tariff challenges, and was on target for profits of up to £3.9billion by 2028. Demand has been boosted by the recovery of international travel since the pandemic. In the first six months of the year, Erginbilgic said it improved the time its engines spend 'on wing' – meaning the hours engines spend powering planes before needing maintenance. That lifts profits, as Rolls makes money from its engines' flying hours. By increasing durability, Rolls is expecting a more-than-80 per cent improvement in flying time for its Trent engines by 2027. Problems with the Trent 1000, which powers Boeing's 787 models, have caused disruption for airlines including British Airways and Virgin Atlantic. An improved blade certified in June is expected to more than double the time engines are in operation. After upgrades, time 'on wing' would rise to as much as six years, Erginbilgic said. The company has shrugged off the US tariff war, including by taking 'pricing actions' and making cost efficiencies. 'By February we were ready,' Erginbilgic said. 'We didn't know what to predict. In an uncertain world, my personal belief is that a company's job is not to predict what's going to happen but to gear up to respond.' The Rolls chief added: 'Our processes were aligned before tariff numbers hit, we were very quick to go to the mitigations.' Microsoft hits the $4trillion mark Microsoft became the world's second $4 trillion (£3 trillion) company last night following blockbuster results. Shares in the technology giant climbed by as much as 9 per cent in early trading to pass the milestone. It comes less than a month after Nvidia became the world's first $4 trillion firm by market capitalisation. Shares in Facebook owner Meta also soared yesterday – rising as much as 12 per cent – after its own upbeat results. The two companies now have a combined value of £4.5 trillion, which is twice the value of the entire FTSE 100.
Telegraph
12 minutes ago
- Telegraph
Air traffic control encourages working from home to reach net zero
The air traffic control company responsible for Britain's skies embraced home working in a drive to 'go green', The Telegraph can disclose. Many staff at National Air Traffic Services (Nats) have been allowed to work remotely after managers decided it would help the organisation reduce its carbon footprint and cut car journeys to reach net zero carbon dioxide emissions by 2035. The 'agile working' policy does not include air traffic controllers themselves, as those people all still work inside secure control centres. However, it extends up to board level including chief executive Martin Rolfe, and also allows some operations staff to work from home. They are allowed to do so despite Nats being criticised for an air traffic control meltdown in 2023, which lasted for four hours in part because an on-call engineer who could have fixed a malfunctioning computer system was working from home and unable to gain full access. A subsequent failure for around half an hour on Wednesday triggered more than 150 cancellations and disrupted tens of thousands of holidaymakers. Nats has repeatedly said that agile working is crucial to help its green ambitions. In a responsible business report from 2021, published as the country recovered from the Covid-19 pandemic, a senior manager described how agile working would help Nats go green. 'The need to reduce our environmental impacts and costs was firmly part of our plans prior to Covid,' he said. 'Now the pandemic has hastened discussions on the amount and type of property and accommodation the business will need in the future, particularly in the context of agile working, which will allow Nats to make better use of people and space. 'A more permanent element of remote working also potentially supports a reduction in car journeys. Creating a new, agile-ready office work environment offers the opportunity to 'go green', and we're encouraging employees to make the most of the 'new office and new start' post-Covid.' Current job vacancies which allow remote working include a military air traffic control specialist, a post described as playing a 'key role within the operations transformation department' and responsibility for overseeing the implementation of a military radar contract. Others include a senior project manager in charge of 'multiple complex and major projects' and a tactical training planner whose roles include ensuring that 'competency is maintained'. In another report in July 2023, shortly before the August bank holiday air traffic chaos of that year, Nats unveiled a five-year plan titled 'our route towards carbon negative'. As part of its plan to reduce emissions 'on the ground' it said that it would reduce 'consumption and improve energy efficiency, reduce unnecessary business and commuting travel emissions, adopt agile working'. It boasted of a 6 per cent reduction in its 'commuting footprint' and said that by not returning all of its staff to the office, it had reduced carbon dioxide emissions. The air traffic control company won a 'climate leaders' award the following year for achieving the highest score in a survey that asked stock market-listed companies how they were reducing emissions. Solar panels Part of that work included installing more than 2,600 solar panels on the roof of Nats' Swanwick air traffic control centre, which was completed a year ago. Bosses hope that the panels will eventually provide up to a fifth of the centre's electricity needs, even though the technology only generates power when the sun is shining. 'This project is the first of three large-scale solar installations at Nats' sites involving some 12,000 panels,' Nats said in a statement about the Swanwick works issued last July. 'Work is underway to fit solar panels to the roof of the Prestwick Centre in Ayrshire and ground-mounted panels will be installed on adjoining land later this year,' it added. Prestwick is the headquarters of Scottish Control, which is in charge of the skies over the northern UK mainland and Northern Ireland. It also hosts Shanwick Oceanic Control, which is responsible for all flights to and from the US that pass over the eastern half of the North Atlantic. However, reliance on solar panels has previously been blamed for blackouts such as those seen in Spain and Portugal earlier this year. In April the solar-dependent Spanish electricity grid became unstable thanks to the large amount of intermittent renewable power connected to it, eventually triggering a total loss of electricity across the entire Iberian peninsula. Fears of aviation meltdowns because of unreliable power supplies came true earlier this year when Heathrow Airport was forced to close after a site-wide power cut that disrupted 700,000 airline passengers around the world. That incident was eventually traced back to the failure of a single National Grid transformer with a fault that had been known about for years. Diversity hiring A focus on air traffic diversity hiring was also criticised by Donald Trump earlier this year after a deadly crash between a military helicopter and passenger plane that killed 67 people in Washington DC. The US president said that employees with 'severe disabilities' had been hired as part of a diversity and inclusion drive and vowed to 'put safety first'. A Nats spokesman said on Thursday: 'Yesterday's issue was radar related and was resolved quickly by switching to the back-up system during which time we reduced traffic to ensure safety. There is no evidence that this was cyber related. 'Regarding our working policies, we adopted 'agile working' in 2020, post-pandemic for appropriate roles. It does not include frontline staff such as controllers and engineers based in our centres.'
Reuters
12 minutes ago
- Reuters
How Embraer came away unscathed from Trump's tariff blitz
SAO PAULO/WASHINGTON/BRASILIA, July 31 (Reuters) - Embraer ( opens new tab dodged a bullet on Wednesday when U.S. President Donald Trump excluded aircraft from the steeper tariffs he imposed on many Brazilian goods, sparing the planemaker from a potential pandemic-like hit to its revenue. Embraer and its U.S. partners had argued that the 50% tariffs threatened by Trump earlier in July would cause disruptions to deliveries and local businesses, and that the Brazilian firm's jets are essential to regional flights in the United States. U.S. airlines privately urged the Trump administration to exempt Brazilian aviation exports from the higher tariffs, four airline industry officials told Reuters. Regional carriers Envoy Air, Piedmont Airlines and Republic Airways wrote to the Commerce Department raising concerns. Meanwhile, Embraer CEO Francisco Gomes Neto rushed to meet with several senior Trump administration officials. Those included Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent, he told newspaper Valor Economico. The main arguments were simple: Embraer employs thousands of people in the U.S., and airlines in the world's largest aviation market have no clear substitute for its E175 jetliner. The plane is the only jet currently being produced that meets the scope clause in labor contracts restricting planes heavier than 86,000 pounds and with more than 76 seats from being flown on regional routes. Embraer has about 200 pending E175 deliveries to U.S. carriers, including American Airlines Group (AAL.O), opens new tab, SkyWest (SKYW.O), opens new tab, Alaska Air Group (ALK.N), opens new tab and Republic. U.S. clients also buy 70% of its executive jets. SkyWest warned in a call with analysts last week that it was not willing to pay a 50% tariff on new aircraft deliveries and planned to work with Embraer and other partners to delay them until the situation was resolved. Alaska also said it could consider deferring deliveries. After relief came on Wednesday, analysts labeled Embraer the main beneficiary of Trump's exemptions, a decision that pushed its Sao Paulo-traded shares up more than 20% from their Wednesday lows. "Given this news, we expect Embraer shares to reach new all-time highs," JPMorgan said in a note to clients. Gomes Neto said earlier this month that if they went ahead, the tariffs' impact on the company could be similar to that of the COVID-19 crisis, when Embraer's revenues fell 30% and it reduced its workforce by around 20%. The planemaker was the biggest concern of the Brazilian government as Trump threatened the levies. A source familiar with the matter told Reuters ahead of this week's announcement that government officials had asked Washington to exclude Embraer's aircraft from the 50% tariff. Embraer sought to convince the Trump administration that a reprieve would also be beneficial to the United States. The company stressed that it has roughly 3,000 employees and final assembly lines for executive jets in the country, its No. 1 market. A large portion of the parts Embraer uses on its aircraft comes from the U.S., including General Electric (GE.N), opens new tab engines. The company estimated earlier this month that between this year and 2030 it may purchase $21 billion worth of U.S. products. Embraer in a statement on Wednesday cheered Trump's decision, saying the move confirmed the positive impact and strategic importance of its activities for the Brazilian and U.S. economies. It will, however, remain subject to the wider 10% duty imposed on Brazilian products in April. The firm indicated that tariff was harmful, but manageable, and has pledged to keep advocating for a return to a zero-tariff policy. SkyWest noted that the actual levies on the E175 would be between a third and a half of that 10%, because of the jetliner's U.S. components. American Airlines, a major client, last week expressed optimism that the situation would be resolved. CFO Devon May told Reuters in an interview last week that a 50% tariff rate did not make sense. "I think the administration understands the importance of Embraer to the North American carriers and to our economy, so hopefully we get to a better spot there," he said. "We've made sure that the administration and Embraer know our interest," CEO Robert Isom told a call with analysts.
