Renk eyes 500-million-euro investment in armoured vehicles, CEO says
"We expect that the German armed forces will need up to 1,000 new wheeled armoured vehicles by 2035. In addition, there could be demand for up to 600 new battle tanks and infantry combat vehicles each," CEO Alexander Sagel was quoted as saying.
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The Guardian
16 minutes ago
- The Guardian
Ukraine war briefing: Kyiv attack injures five, Trump and Starmer to discuss ‘applying pressure' on Putin
A Russian air attack on Kyiv has injured at least five people and damaged a residential building, the head of the Ukrainian capital's military administration, Tymur Tkachenko, said on Monday via Telegram. British prime minister Keir Starmer and US president Donald Trump are expected to discuss the war in Ukraine when they meet in Scotland on Monday. Downing Street said the talks would include 'applying pressure' on Russian president Vladimir Putin to end the invasion. The two leaders have built a rapport on the world stage despite their differing political backgrounds, with Trump praising Starmer for doing a 'very good job' in office ahead of their talks on Monday, which will focus on the Middle East and trade. It comes after Trump announced a tariffs deal between the US and the European Union after meeting European commission president Ursula von der Leyen for high-stakes talks at Turnberry on Sunday. Von der Leyen called on Sunday for Volodymyr Zelenskyy to uphold independent anti-corruption bodies, with the Ukrainian president signalling legislation to that effect could be adopted within days. 'Ukraine has already achieved a lot on its European path,' von der Leyen said on X after a call with Zelenskyy. 'It must build on these solid foundations and preserve independent anti-corruption bodies, which are cornerstones of Ukraine's rule of law.' After a rare outburst of public criticism, Zelenskyy on Thursday submitted draft legislation to restore the independence of Ukraine's anti-corruption agencies – reversing course on an earlier bill aimed at stripping their autonomy. 'I thanked the European commission for the provided expertise,' Zelenskyy said on X after his Sunday call with von der Leyen. 'We share the same vision: it is important that the bill is adopted without delay, as early as next week.' Von der Leyen also promised continued support for Ukraine on its path to EU membership. Russia scaled down the festivities on Sunday honouring its navy, citing security concerns amid continuing Ukrainian drone attacks. Russian authorities cancelled the parades of warships in St Petersburg, in the Kaliningrad region on the Baltic and in the far-eastern port of Vladivostok that are usually held to mark the annual Navy Day celebrations. Asked about the reason for the cancellation in St Petersburg even as Putin arrived in his home city to visit the navy headquarters, Kremlin spokesperson Dmitry Peskov told reporters that 'it's linked to the overall situation, security reasons, which are above all else'. The Russian defence ministry said air defences downed 99 Ukrainian drones in several regions overnight. Later in the day, it said another 51 drones were shot down near St Petersburg. A man was killed and three other people injured by drone fragments in the region around St Petersburg, according to local authorities. On the trip to St Petersburg, Putin vowed to build more warships and intensify the navy's training, adding: 'The navy's strike power and combat capability will rise to a qualitatively new level.' French president Emmanuel Macron had a phone call with Volodymyr Zelenskyy on Sunday and said later on X that he reaffirmed France's support for Kyiv and vowed to raise pressure on Moscow to force it to 'agree to a ceasefire that paves the way for talks leading to a solid and lasting peace, with full European involvement'.
Times
an hour ago
- Times
Activist investor steps up pressure on Smith & Nephew
The activist investor Cevian Capital has raised its shareholding in Smith & Nephew, increasing pressure on the FTSE 100 medical equipment maker before its half-year results. Filings show Cevian, one of Europe's biggest activist investors, has raised its stake to 8.5 per cent having first publicly emerged with a holding in July last year via a Jersey-based vehicle. Cevian, which had raised it to 7.5 per cent in February, is understood to be the largest shareholder. The stake building comes before half-year results from Smith & Nephew on August 5 where investors will look for signs of a turnaround in the performance of its orthopaedics division, the group's largest. The group remains committed to retaining the business, but following full-year results in February, John Rogers, Smith & Nephew's chief financial officer, outlined scenarios under which it could evaluate options.
Times
an hour ago
- Times
Great British Railways ‘risks repeating the mistakes of the past'
The government's state-owned framework for the railways risks 'morphing into the ghost of British Rail' unless ministers find ways to boost competition and develop fresh income streams, a new report warns. Concerned that Great British Railways is about to 'repeat the mistakes of the past', the study urges ministers to drop their 'profound and misguided hostility to open access rail competition' and seek ways to cut annual subsidies. It finds that, with railway revenue at only at 89.1 per cent of pre-pandemic levels, thanks to working from home and a drop in season ticket sales, the taxpayer is spending £12.5 billion a year in subsidy. That is despite the sector accounting for only 2 per cent of all journeys taken by the public. Tony Lodge: How to make Great British Railways a success The report, Rail's Last Chance, is from the Centre for Policy Studies think tank. Its author, Tony Lodge, outlines a four-point plan to get the industry back on track. 'It is hard to avoid the conclusion that Great British Railways is a solution looking for a problem — prioritising the nationalisation of the railways over their effective and efficient operation,' he says. His study follows a damning report last month from the management consultancy Arthur D Little, which found that Britain is embarking on a new era of nationalised railways, including taking back control of private franchised train operators, with no coherent strategy. It quoted one senior rail executive saying the railway was stuck with the Albert Einstein maxim that 'the definition of madness is to do the same things and expect a different outcome'. Lodge is particularly critical of the government's antipathy to open access rail operators, which run without government contracts or public subsidy. After heavy pressure from the transport department, the Office of Rail and Road (ORR) blocked applications earlier this month for new services from Sir Richard Branson's Virgin Group, FirstGroup's Lumo and the Wrexham, Shropshire & Midlands Railway Company citing 'insufficient capacity on the west coast main line southern section'. Calling for a minimum of 10 per cent open access on intercity routes by 2030, Lodge argues that they deliver 'better services, more routes, faster trains and cheaper tickets', while lifting the performance of the incumbent operator. He cites the east coast main line, where Hull Trains, Lumo and Grand Central compete with the state-backed LNER. He says quarterly data shows that LNER has grown passenger numbers by 28 per cent since 2019, while on the west coast the monopoly operator Avanti is 'still struggling to get passengers back' to pre-Covid levels. • Alistair Osborne: Great Bolshevik Railways going the wrong way Pointing to the 'enormous missed opportunities for the rail estate to generate wider ancillary income', Lodge's second recommendation is for ministers to examine the potential for property, retail and green energy income across 'the rail sector's 52,000 hectares'. He says there is scope to develop 34 sites for solar energy — enough to power at least 140,000 homes — and room for health hubs at stations. Thirdly, he calls for the ORR to 'retain its independent regulatory powers' to scrutinise Great British Railways, saying it 'should not be able to mark its own homework'. His final plea is not just for an 'easy, cheap and user friendly' ticketing app but one that also offers such things as a 'rail miles loyalty scheme'. British Rail was the name for the monolithic state-owned railway business until 1997 by which time the industry had been broken up and part privatised.
