China’s November export, import growth shrinks, showing weak demand

China reported far weaker than expected November exports and imports, showing slower global and domestic demand and raising the possibility authorities will take more measures to keep the country’s growth rate from slipping too much. Analysts say the export data showed that the “front-loading” impact as firms rushed out shipments to beat planned U.S. tariff hikes faded, and that export growth is likely to slow further as demand cools. The customs data showed that annual growth for exports to all


China reported far weaker than expected November exports and imports, showing slower global and domestic demand and raising the possibility authorities will take more measures to keep the country’s growth rate from slipping too much. Analysts say the export data showed that the “front-loading” impact as firms rushed out shipments to beat planned U.S. tariff hikes faded, and that export growth is likely to slow further as demand cools. The customs data showed that annual growth for exports to all
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Company: cnbc, Activity: cnbc, Date: 2018-12-08  Authors: photographer, collection, getty images
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China's November export, import growth shrinks, showing weak demand

China reported far weaker than expected November exports and imports, showing slower global and domestic demand and raising the possibility authorities will take more measures to keep the country’s growth rate from slipping too much.

November exports only rose 5.4 percent from a year earlier, Chinese customs data showed on Saturday, the weakest performance since a 3 percent contraction in March, and well short of the 10 percent forecast in a Reuters poll.

Analysts say the export data showed that the “front-loading” impact as firms rushed out shipments to beat planned U.S. tariff hikes faded, and that export growth is likely to slow further as demand cools.

The customs data showed that annual growth for exports to all of China’s major partners slowed significantly. Exports to the United States rose 9.8 percent in November from a year earlier, compared with 13.2 percent in October.

To the European Union, shipments increased 6.0 percent, compared with 14.6 percent in October. Exports to South Korea fell from a year earlier, while in October they rose 7.7 percent.


Company: cnbc, Activity: cnbc, Date: 2018-12-08  Authors: photographer, collection, getty images
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Arrest of Huawei CFO shows ‘the gloves are now fully off,’ says Eurasia Group

The arrest of Huawei’s global chief financial officer in Canada, reportedly related to a violation of U.S. sanctions, will corrode trade negotiations between Washington and Beijing, risk consultancy Eurasia Group said Thursday. “Beijing is likely to react angrily to this latest arrest of a Chinese citizen in a third country for violating U.S. law,” Eurasia analysts wrote. Canada’s Department of Justice said on Wednesday the country arrested Meng Wanzhou in Vancouver, where she is facing extradit


The arrest of Huawei’s global chief financial officer in Canada, reportedly related to a violation of U.S. sanctions, will corrode trade negotiations between Washington and Beijing, risk consultancy Eurasia Group said Thursday. “Beijing is likely to react angrily to this latest arrest of a Chinese citizen in a third country for violating U.S. law,” Eurasia analysts wrote. Canada’s Department of Justice said on Wednesday the country arrested Meng Wanzhou in Vancouver, where she is facing extradit
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Company: cnbc, Activity: cnbc, Date: 2018-12-06  Authors: huileng tan, photographer, collection, getty images, source
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Arrest of Huawei CFO shows 'the gloves are now fully off,' says Eurasia Group

The arrest of Huawei’s global chief financial officer in Canada, reportedly related to a violation of U.S. sanctions, will corrode trade negotiations between Washington and Beijing, risk consultancy Eurasia Group said Thursday.

“Beijing is likely to react angrily to this latest arrest of a Chinese citizen in a third country for violating U.S. law,” Eurasia analysts wrote.

In fact, Global Times — a hyper-nationalistic tabloid tied to the Chinese Communist Party — responded to the arrest by posting on Twitter a statement about trade war escalation it attributed to an expert “close to the Chinese Ministry of Commerce.”

“China should be fully prepared for an escalation in the #tradewar with the US, as the US will not ease its stance on China, and the recent arrest of the senior executive of #Huawei is a vivid example,” said the statement, paired with a photo of opposing fists with Chinese and American flags superimposed upon them.

Canada’s Department of Justice said on Wednesday the country arrested Meng Wanzhou in Vancouver, where she is facing extradition to the U.S. The arrest is related to violations of U.S. sanctions, a person familiar with the matter told Reuters.

U.S. authorities have been probing Huawei, one of the world’s largest makers of telecommunications network equipment, since at least 2016 for allegedly shipping U.S.-origin products to Iran and other countries in violation of U.S. export and sanctions laws, sources told Reuters in April.

The analysts said the Huawei executive’s arrest will not derail the start of trade negotiations after U.S. President Donald Trump and Chinese President Xi Jinping’s meeting last weekend in Argentina saw them agree to first steps to resolve their trade dispute. Still, they acknowledged, the incident involving Chinese telecommunications giant Huawei is likely to cloud talks.


Company: cnbc, Activity: cnbc, Date: 2018-12-06  Authors: huileng tan, photographer, collection, getty images, source
Keywords: news, cnbc, companies, related, statement, cfo, fully, sanctions, chinese, violation, group, trade, telecommunications, arrest, gloves, told, huawei, shows, eurasia


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Hotel rooms growth fuels Whitbread revenue rise

Revenue at Britain’s Whitbread Plc rose 2.6 percent in the first half as investment in expanding its network of Premier Inn hotels bore fruit in a rise in sales ahead of the sale of Costa Coffee to Coca-Cola. The hotel and restaurant group said sales had risen on the back of an influx of tourists to the U.K. and a rise in the overall capacity of the company’s hotels, although it said U.K. consumer demand overall had been weak. Whitbread said in August it was selling the world’s biggest coffee ch


Revenue at Britain’s Whitbread Plc rose 2.6 percent in the first half as investment in expanding its network of Premier Inn hotels bore fruit in a rise in sales ahead of the sale of Costa Coffee to Coca-Cola. The hotel and restaurant group said sales had risen on the back of an influx of tourists to the U.K. and a rise in the overall capacity of the company’s hotels, although it said U.K. consumer demand overall had been weak. Whitbread said in August it was selling the world’s biggest coffee ch
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Hotel rooms growth fuels Whitbread revenue rise

Revenue at Britain’s Whitbread Plc rose 2.6 percent in the first half as investment in expanding its network of Premier Inn hotels bore fruit in a rise in sales ahead of the sale of Costa Coffee to Coca-Cola.

The hotel and restaurant group said sales had risen on the back of an influx of tourists to the U.K. and a rise in the overall capacity of the company’s hotels, although it said U.K. consumer demand overall had been weak.

Whitbread said in August it was selling the world’s biggest coffee chain to Coke in a 5-billion pound deal that will leave the 276-year-old company focusing on its hotel brands.

Total U.K. sales growth in the U.K. at Premier Inn was 4.8 percent, although like-for-like growth was just 0.2 percent reflecting the weakening of consumer demand, the company said, pointing to turbulence in the U.K. economy ahead of next year’s planned departure from the European Union.

“Given the recent economic and political environment, along with inflationary pressures in the consumer sector, there is a degree of caution on demand,” the company said in statement.

Costa Coffee’s statutory profit rose 3.5 percent to 47 million pounds ($60.85 million) for the first half, which the company reported as a discontinued operation for the same period.

Whitbread said it expects to open 4,000-4,500 Premier Inn rooms in the U.K. and Germany in 2019, aiming to cash in on the trend of holidaymakers and business travelers towards cheaper accommodation.


Company: cnbc, Activity: cnbc, Date: 2018-10-23  Authors: photographer, collection, getty images
Keywords: news, cnbc, companies, overall, premier, rooms, inn, rise, whitbread, sales, uk, rose, consumer, revenue, growth, fuels, demand, company, hotel


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ASOS full-year profit up 28 pct, says potential is ‘huge’

Retail sales rose 26 percent to 2.36 billion pounds, in line with guidance issued in July, with growth of 23 percent in the UK and 27 percent overseas. ASOS forecast sales growth of 20-25 percent for the 2018-19 year and said it expected to grow at that rate for the medium term, with annual capital expenditure of 230-250 million pounds. The potential for our business is huge,” said Chief Executive Nick Beighton. They fell sharply in July after the firm missed analysts’ forecasts for sales growth


Retail sales rose 26 percent to 2.36 billion pounds, in line with guidance issued in July, with growth of 23 percent in the UK and 27 percent overseas. ASOS forecast sales growth of 20-25 percent for the 2018-19 year and said it expected to grow at that rate for the medium term, with annual capital expenditure of 230-250 million pounds. The potential for our business is huge,” said Chief Executive Nick Beighton. They fell sharply in July after the firm missed analysts’ forecasts for sales growth
ASOS full-year profit up 28 pct, says potential is ‘huge’ Cached Page below :
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ASOS full-year profit up 28 pct, says potential is 'huge'

Retail sales rose 26 percent to 2.36 billion pounds, in line with guidance issued in July, with growth of 23 percent in the UK and 27 percent overseas. Active customers increased 19 percent.

ASOS forecast sales growth of 20-25 percent for the 2018-19 year and said it expected to grow at that rate for the medium term, with annual capital expenditure of 230-250 million pounds.

“ASOS is moving fast and is as differentiated as ever. The potential for our business is huge,” said Chief Executive Nick Beighton.

Listed on London’s junior AIM market, ASOS shares have fallen 26 percent so far this year. They fell sharply in July after the firm missed analysts’ forecasts for sales growth in the four months to June 30.

It said it had reined in marketing efforts as it focused on ramping up warehouse space in Germany and the United States.

The stock closed Tuesday at 5,000 pence, valuing the business at 4.2 billion pounds.


Company: cnbc, Activity: cnbc, Date: 2018-10-17  Authors: photographer, collection, getty images
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ING CFO Timmermans to step down after $900 million money laundering fine

ING Groep said on Tuesday its Chief Financial Officer was stepping down amid a public backlash after the Dutch bank said last week it had failed to prevent money laundering for years, forcing it to strike a 775 million euro ($900 million) settlement with Dutch prosecutors. Koos Timmermans, 58, who was appointed CFO in 2017, will remain in his job until a replacement is installed, the company said in statement. The decision is a turnaround from the company’s position on Sept. 4 when the settlemen


ING Groep said on Tuesday its Chief Financial Officer was stepping down amid a public backlash after the Dutch bank said last week it had failed to prevent money laundering for years, forcing it to strike a 775 million euro ($900 million) settlement with Dutch prosecutors. Koos Timmermans, 58, who was appointed CFO in 2017, will remain in his job until a replacement is installed, the company said in statement. The decision is a turnaround from the company’s position on Sept. 4 when the settlemen
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ING CFO Timmermans to step down after $900 million money laundering fine

ING Groep said on Tuesday its Chief Financial Officer was stepping down amid a public backlash after the Dutch bank said last week it had failed to prevent money laundering for years, forcing it to strike a 775 million euro ($900 million) settlement with Dutch prosecutors.

Koos Timmermans, 58, who was appointed CFO in 2017, will remain in his job until a replacement is installed, the company said in statement. He held key managerial positions at the company’s Netherlands banking operations in 2010-2016, the period prosecutors examined.

The decision is a turnaround from the company’s position on Sept. 4 when the settlement was announced. Then it said that no individual was responsible and it had already taken disciplinary measures against 10 employees and put better systems in place to vet transactions and customers.

As public criticism over the bank’s failings swelled, the country’s prime minister Mark Rutte voiced his displeasure while Finance Minister Wopke Hoekstra said the matter had “shaken public faith in the banking sector yet again” and he would interrogate managers and supervisors about what went wrong.

“Given the seriousness of the matter and the many reactions among stakeholders since the announcement…we came to the conclusion it is appropriate that responsibility is taken at executive board level,” said supervisory board chairman Hans Wijers in a statement.

“We have a serious task ahead of us…and the executive board is fully committed to completing the various initiatives we have started at ING Netherlands to further strengthen our handling of compliance risks.”

ING’s reaction mirrors events in March when it initially announced a 50 percent pay rise for CEO Ralph Hamers and retracted it 5 days later.

After the money laundering case was disclosed on Sept. 4, the bank said that no members of the executive board would receive any performance bonus in 2018.


Company: cnbc, Activity: cnbc, Date: 2018-09-11  Authors: photographer, collection, getty images
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Rising costs, trade tensions weigh on shares of BHP

Concerns over rising costs and the impact of trade tensions between the United States and China weighed on shares of leading miner BHP on Tuesday after a 33 percent jump in annual underlying profit still missed forecasts. But the miner paid a record final dividend and said it expected to hand more money to shareholders on completion of a sale of U.S. shale assets to oil major BP. Many miners are also struggling to make themselves an attractive prospect to investors concerned about sustainability


Concerns over rising costs and the impact of trade tensions between the United States and China weighed on shares of leading miner BHP on Tuesday after a 33 percent jump in annual underlying profit still missed forecasts. But the miner paid a record final dividend and said it expected to hand more money to shareholders on completion of a sale of U.S. shale assets to oil major BP. Many miners are also struggling to make themselves an attractive prospect to investors concerned about sustainability
Rising costs, trade tensions weigh on shares of BHP Cached Page below :
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Keywords: news, cnbc, companies, rising, weigh, elliott, miners, commodity, shares, assets, money, pressure, miner, shale, costs, bhp, oil, trade, shareholders, tensions


Rising costs, trade tensions weigh on shares of BHP

Concerns over rising costs and the impact of trade tensions between the United States and China weighed on shares of leading miner BHP on Tuesday after a 33 percent jump in annual underlying profit still missed forecasts.

But the miner paid a record final dividend and said it expected to hand more money to shareholders on completion of a sale of U.S. shale assets to oil major BP.

Other miners, which have recovered from the commodity price crash of 2015-16, have been handing back chunks of money to shareholders, under pressure not to repeat the reckless purchases of the commodity boom, but also because of the difficulty of finding suitable opportunities for growth.

Many miners are also struggling to make themselves an attractive prospect to investors concerned about sustainability and climate change.

In 2017, BHP came under pressure for change from activist investor Elliott Advisors, which listed a series of demands to raise shareholder returns, including selling off unprofitable shale assets. Elliott on Tuesday declined to comment.

BHP, which said it was seeking reform of its own accord, in July announced BP would buy U.S. shale oil and gas assets from it for $10.5 billion.


Company: cnbc, Activity: cnbc, Date: 2018-08-21  Authors: photographer, collection, getty images
Keywords: news, cnbc, companies, rising, weigh, elliott, miners, commodity, shares, assets, money, pressure, miner, shale, costs, bhp, oil, trade, shareholders, tensions


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Bayer shares slide after Monsanto’s Roundup cancer trial

Shares in Bayer plunged more than 10 percent to their lowest in almost two years after a California jury ordered the German company’s subsidiary Monsanto to pay $289 million in damages last week. A jury found Monsanto liable in a lawsuit alleging that the company’s glyphosate-based weedkillers, including its Roundup brand, caused cancer. The case against Monsanto, which Bayer acquired this year for $63 billion, is the first of more than 5,000 similar lawsuits across the United States. Monsanto s


Shares in Bayer plunged more than 10 percent to their lowest in almost two years after a California jury ordered the German company’s subsidiary Monsanto to pay $289 million in damages last week. A jury found Monsanto liable in a lawsuit alleging that the company’s glyphosate-based weedkillers, including its Roundup brand, caused cancer. The case against Monsanto, which Bayer acquired this year for $63 billion, is the first of more than 5,000 similar lawsuits across the United States. Monsanto s
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Bayer shares slide after Monsanto's Roundup cancer trial

Shares in Bayer plunged more than 10 percent to their lowest in almost two years after a California jury ordered the German company’s subsidiary Monsanto to pay $289 million in damages last week.

A jury found Monsanto liable in a lawsuit alleging that the company’s glyphosate-based weedkillers, including its Roundup brand, caused cancer. The case against Monsanto, which Bayer acquired this year for $63 billion, is the first of more than 5,000 similar lawsuits across the United States.

Monsanto said on Friday that it would appeal against the verdict.

“Today’s decision does not change the fact that more than 800 scientific studies and reviews … support the fact that glyphosate does not cause cancer,” it said in a statement.


Company: cnbc, Activity: cnbc, Date: 2018-08-13  Authors: photographer, collection, getty images
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The US-China trade war is worrying some Hong Kong-owned manufacturers, CEO says

Hong Kong-owned companies that manufacture in mainland China are increasingly worried about the escalating Washington-Beijing trade war, according to one industry executive. Raymond Young, CEO of the Chinese Manufacturers’ Association of Hong Kong, said more than 95 percent of its some 3,000 members, have factory operations in the mainland. At first, members were not initially very concerned about the trade war, he told CNBC, “but by and by more of them are expressing some worries, especially ab


Hong Kong-owned companies that manufacture in mainland China are increasingly worried about the escalating Washington-Beijing trade war, according to one industry executive. Raymond Young, CEO of the Chinese Manufacturers’ Association of Hong Kong, said more than 95 percent of its some 3,000 members, have factory operations in the mainland. At first, members were not initially very concerned about the trade war, he told CNBC, “but by and by more of them are expressing some worries, especially ab
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Company: cnbc, Activity: cnbc, Date: 2018-08-11  Authors: kelly olsen, photographer, collection, getty images
Keywords: news, cnbc, companies, hong, ceo, worrying, trade, kongowned, young, war, products, operations, members, china, manufacturers, uschina, kong


The US-China trade war is worrying some Hong Kong-owned manufacturers, CEO says

Hong Kong-owned companies that manufacture in mainland China are increasingly worried about the escalating Washington-Beijing trade war, according to one industry executive.

Hong Kong’s dynamic skyline and bustling harbor illustrate its role as a global financial hub, but decades ago it teemed with factories, making it one of the four “Asian Tigers” of the day along with Singapore, South Korea and Taiwan. But enticed by the nearby mainland’s economic opening that began 40 years ago this year, many took advantage of China’s then low costs for labor, land and production to shift operations there.

Raymond Young, CEO of the Chinese Manufacturers’ Association of Hong Kong, said more than 95 percent of its some 3,000 members, have factory operations in the mainland. At first, members were not initially very concerned about the trade war, he told CNBC, “but by and by more of them are expressing some worries, especially about the uncertainty facing them.”

Young, a former director-general for trade and industry in the Hong Kong government, estimated that about 25 percent are uneasy about the geopolitical spat between the world’s two largest economies.

“I think some of them are concerned that buyers in the U.S. are already trying to suppress the buying price of the products and so that really undercuts their profit margins,” Young said.

Hong Kong manufacturers produce a wide range of goods in China, including toys, furniture, clothing and watches but also high-tech items including molding and dye-casting machines and circuit boards subject to tariffs, according to Young.

He said that while the vast majority of the Hong manufacturers in China do not export to the United States, they can still be hit in other ways

“Because of the retaliatory action on the part of China, some of our Hong Kong manufacturers who import parts and components from the U.S. to make their final products are also affected,” he said.


Company: cnbc, Activity: cnbc, Date: 2018-08-11  Authors: kelly olsen, photographer, collection, getty images
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Student debt is crushing dreams for this group

She’s a veteran who took out loans to get her MBA and change careers. “The more debt you add on, the more you’re pinning your hopes on getting the job you want,” she said. She’s glad to be paying down her debt, but said there are extra steps she’s had to take to get there. Yet, there has been progress in society for LGBTQ individuals. Today, 92 percent of Fortune 500 companies have rules that protect against discrimination based on sexual orientation, and 82 percent include gender identity in th


She’s a veteran who took out loans to get her MBA and change careers. “The more debt you add on, the more you’re pinning your hopes on getting the job you want,” she said. She’s glad to be paying down her debt, but said there are extra steps she’s had to take to get there. Yet, there has been progress in society for LGBTQ individuals. Today, 92 percent of Fortune 500 companies have rules that protect against discrimination based on sexual orientation, and 82 percent include gender identity in th
Student debt is crushing dreams for this group Cached Page below :
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Keywords: news, cnbc, companies, crushing, working, equal, employment, group, youre, protect, workplace, shes, took, dreams, lgbtq, debt, student, job


Student debt is crushing dreams for this group

In addition, one-quarter of LGBTQ employees have faced discrimination in the workplace in the last five years, and 1 in 10 have left a job because of the environment, according to a 2017 workplace equality report by Out & Equal, a workplace advocacy group.

“If you have interrupted employment or are under-employed, it will just be that much more difficult to make loan payments or pay it off,” said Olin Winn-Ritzenberg, a youth education services coordinator at The LGBT Community Center in New York. “Your degree is not working for you in the same way as it’s working for other people, and then it’s compounded if you’re a person of color, have a disability or are an immigrant.”

Audrey, a member of the LGBTQ community who asked that her full name not be used to protect her employment status, said that it took her months after graduating to land a job. She’s a veteran who took out loans to get her MBA and change careers.

“The more debt you add on, the more you’re pinning your hopes on getting the job you want,” she said.

Today, she works at a Big Four consulting firm, but the job is not what she had hoped for both in terms of the work she’s doing and the amount of money she’s making. She’s glad to be paying down her debt, but said there are extra steps she’s had to take to get there.

Yet, there has been progress in society for LGBTQ individuals. Today, 92 percent of Fortune 500 companies have rules that protect against discrimination based on sexual orientation, and 82 percent include gender identity in those policies, according to Out & Equal.


Company: cnbc, Activity: cnbc, Date: 2018-07-20  Authors: carmen reinicke, photographer, collection, getty images, -john schneider, co-owner of debtfreeguyscom
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BAE wins $25.7 billion Australian frigate contest

BAE Systems PLC has won a A$35 billion (19.66 billion pounds) contest to deliver anti-submarine warfare frigates for the Australian navy, the Australian government said on Thursday. The Hunter class ships for Australia are based on the BAE Type 26 frigate the company is building for the British navy. The new Australian ships will begin entering service in the late 2020s replacing eight Anzac class frigates, which have been in service since 1996. Australia in October announced its new frigates wo


BAE Systems PLC has won a A$35 billion (19.66 billion pounds) contest to deliver anti-submarine warfare frigates for the Australian navy, the Australian government said on Thursday. The Hunter class ships for Australia are based on the BAE Type 26 frigate the company is building for the British navy. The new Australian ships will begin entering service in the late 2020s replacing eight Anzac class frigates, which have been in service since 1996. Australia in October announced its new frigates wo
BAE wins $25.7 billion Australian frigate contest Cached Page below :
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BAE wins $25.7 billion Australian frigate contest

BAE Systems PLC has won a A$35 billion (19.66 billion pounds) contest to deliver anti-submarine warfare frigates for the Australian navy, the Australian government said on Thursday.

The nine ships, to be designed by BAE and built by government-owned ASC Shipbuilding in Australia are expected to underpin the country’s maritime combat capability for decades to come, the Australian government said in a statement.

“The Hunter class will provide the Australian Defence Force with the highest levels of lethality and deterrence our major surface combatants need in periods of global uncertainty,” it said of the ships.

Australia is a steadfast U.S. military ally and has had a strained political relationship with China since Prime Minister Malcolm Turnbull late last year cited Beijing’s meddling in domestic politics as justification for tough new laws designed to prevent interference by foreign governments.

The Hunter class ships for Australia are based on the BAE Type 26 frigate the company is building for the British navy.

BAE beat Italy’s Fincantieri SpA and Spain’s Navantia SA for the prized contract. BAE declined to comment on Thursday.

The deal will be a boost for Britain’s export economy after the country leaves the European Union, according to British Prime Minister Theresa May, who personally made the case for BAE with her Australian counterpart during talks earlier this year.

“We have always been clear that as we leave the EU we have an opportunity to build on our close relationships with allies like Australia. This deal is a perfect illustration that the Government is doing exactly that,” May said in a statement.

The new Australian ships will begin entering service in the late 2020s replacing eight Anzac class frigates, which have been in service since 1996.

Australia in October announced its new frigates would be fitted with long-range ­anti-missile defence systems to counter the threat of rogue nations.

The country has been modernising its military in recent years through the purchase of a fleet of new submarines and F-35 fighter jets.

Australia on Tuesday announced it would buy six U.S. Triton remotely piloted aircraft to beef up its maritime patrols.


Company: cnbc, Activity: cnbc, Date: 2018-06-29  Authors: photographer, collection, getty images
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