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Royal Mail owner IDS set to agree $4.4 bln Kretinsky takeover bid
  + stars: | 2024-05-15 | by ( ) www.cnbc.com   time to read: +2 min
IDS owns UK's Royal Mail, which is loss making, and international parcels network GLS. Royal Mail was privatised in 2013 in one of Britain's biggest state sell-offs in decades. It is expected the commitment to offer these contractual undertakings to the British government would be reflected in the cooperation agreement between the parties if a firm offer is made, it added. EP Group now has until May 29 to make a formal offer or walk away. EP is a 100% shareholder in VESA Equity investment which owns Kretinsky's IDS stake of nearly 28%.
Persons: Daniel Kretinsky, Keith Williams Organizations: International, Services, IDS, Royal Mail, UK's, Royal, National Security and Investment, Reuters, Equity Locations: Czech, London, Britain, British
Ukraine is getting a new type of laser-guided missile from the UK, the Paveway IV. AdvertisementUkraine is about to get a new type of laser-guided bomb that can wreck "soft" Russian targets, a military analyst said. Britain is giving Ukraine a cache of Paveway IV bombs as part of its latest aid delivery, its defense ministry told Business Insider. Paveway IV bombs are dropped from planes, and weigh in at around 500 lbs. This story is available exclusively to Business Insider subscribers.
Persons: Organizations: Service, Business, Royal Air Force Locations: Ukraine, Russia
Israel used a "Rampage" missile in its strike on Iran, Israeli media reported. AdvertisementIsrael used a long-range, supersonic missile in its strike on Iran earlier this week, Israeli broadcaster Kan reported, per The Times of Israel. US officials said Israel carried out a missile strike on a military base near the city of Isfahan, Iran, on Friday. While it remains unclear what weapons were used in the strike, Kan reported that Israel used a "Rampage" air-to-surface missile, claiming it was identified in photos and that damage caused by the attack was consistent with a Rampage strike, per The Times of Israel. The Rampage missile was designed by Israel Aerospace Industries (IAI) for use against targets such as "communication and command centers, air forces bases, maintenance centers and infrastructure," according to the company's website.
Persons: Israel, , Kan Organizations: Service, Rampage, Israel Aerospace Industries, YouTube, New York Times, Business, IDF, IAI, Royal Air Force Locations: Iran, Israel, Israeli, Isfahan, Tehran, Ukraine
The UK's Royal Navy has relaxed its entry requirements due to recruitment problems. AdvertisementThe UK's Royal Navy has relaxed its entry requirements for new recruits, no longer requiring them to demonstrate swimming proficiency prior to joining, Sky News reported. It exemplifies how the Royal Navy, the most feared world sea power in the 19th and early 20th centuries, is struggling to stay fit for purpose in the 21st century. A Royal Navy spokesperson rebuffed claims of lowered standards, telling Sky News that all recruits would still undergo a swim test during training. Business Insider contacted the Royal Navy for comment.
Persons: , Danny Kruger, Elizabeth, HMS, Wales, Richard Barrons Organizations: Royal Navy, Service, Sky News, Elizabeth British Royal Navy, Royal, NATO, Financial Times Locations: British, Isle of Wight
Ukraine has mostly been able to counter Russia's air force, blunting its ability to affect the war. AdvertisementRussia may be trying to lure Ukraine's air defense systems away from the front line so its air force can play a bigger role, war analysts said. It theorized that Russia was doing it to bait Ukraine into moving its air defense systems away from the front lines. Ukraine has largely held back Russia's air force despite having a much smaller and older air force itself. AdvertisementIf Ukraine doesn't have enough air defenses, Russia's air force could quickly make its power felt, the experts warned BI earlier this year.
Persons: , Justin Bronk Organizations: Service, Russia, House Republicans, Ukraine, Royal United Services Institute Locations: Ukraine, Russia, Avdiivka, Kyiv
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. In that case, the legally stipulated breeding ban will affect all healthy dogs that deviate from the wolf type in their appearance," per The Times. AdvertisementDachshunds are plagued by a range of health problems relating to their "extreme body shape," according to the British Veterinary Association. Joey Hadden/Business InsiderDachshunds are not the only breed to suffer from breeding-related issues. Other dogs with significant health issues derived from selective breeding include the pug and the bulldog, both suffer from serious breathing difficulties due to their flat faces.
Persons: , Peter Friedrich, Joey Hadden, Dachshunds Organizations: Service, German Kennel, The, Business, Times, Sky, British Veterinary Association, UK's Royal Society for, Animals, RSPCA, PETA Locations: Germany, London
Ukraine's use of the US-made Patriot system has been celebrated. A mixed pastThe MIM-104 Patriot missile system is a ground-based, mobile surface-to-air missile battery that can down crewed and uncrewed aircraft, cruise missiles, and short-range and tactical ballistic missiles. AdvertisementNone of Ukraine's Patriot missile systems have been confirmed destroyed, though there have been Russian claims, but the system has been involved in confirmed kills of Russian aircraft and missiles. "We were again, very much surprised by what we see now, what the effectiveness of the Patriot system seems to be," he said. The problem with Patriot missiles for Ukraine mirrors its main obstacle in trying to fight Russia: A critical shortage of supplies and ammunition.
Persons: , Frederik Mertens, Justin Bronk, Mertens, Joe Raedle, Bronk, Timothy Wright, Nathan White, Mick Ryan, Gilles BASSIGNAC, Houthi, Wright, Jeffrey Lewis, Tom Karako, ANDREW CABALLERO, REYNOLDS, Ryan, Karako, it's, BI's Jake Epstein, Rajan Menon, Volodymyr Zelenskyy, Ukraine Bronk, Jan Kallberg, Ukraine Oleksandr Gusev Organizations: Service, Patriots, Patriot, U.S . Army Security, Hague, Strategic Studies, Royal United Services Institute, Iraq's, US Army, Raytheon, Iraqi, International Institute for Strategic Studies, Australian Army, Getty Images, Middlebury Institute of International Studies, Missile Defense, Center for Strategic, International Studies, Airforce, Getty, Defense, NATO, Emergency Service, Centre for, Kyiv, Pentagon Locations: Ukraine, Russia, United States, Iraq, Iraqi, Saudi Arabia, Getty Images Saudi Arabia, Yemen, Monterey, Prince, Al, Kyiv, Russian, UAE
AdvertisementGetting unpowered glide bombs to travel far enough from a distance requires "lobbing from very, very high altitudes and speeds," he said. "It gives more time to complete an intercept while those Russian aircraft are at higher altitudes," he said. AdvertisementEken said that launching glide bombs at distant targets from higher altitudes exposes Russian planes to longer-range Ukrainian air defense systems. Even so, Ukraine's recent success in shooting them down is unlikely to be a game changer in the war. Russia's glide bombs are also causing huge damage to Ukraine, and Russia putting more jets in the sky means more harm.
Persons: , Justin Bronk, Bronk, Mattias Eken, Eken Organizations: Service, Ukraine's Ministry of Defence, Royal United Services Institute, International Institute for Strategic Studies, RAND Corporation Locations: Russia, Ukraine, Russian
Read previewUkraine is running out of key missiles to protect its skies against Russian attacks, a development that could allow Russia's air force to firmly enter the conflict. But Ukraine has been able to largely hold Russia's air force back from the conflict since the start of the full-scale invasion in February 2022. Reduced Ukrainian air defenses mean the severity of Russia's drone and missile strikes will likely increase — and its air force could also come more into play. But without enough air defense systems "the risk is we see more and more of the Russian air force actually being able to conduct battlefield interdiction," he added. "The Russian Air Force is still a significant threat," Bronk said.
Persons: , Frederik Mertens, Viacheslav, Justin Bronk, SAMS, Bronk, it's, SAMs Organizations: Service, Business, Getty, Hague, Strategic Studies, Ukrainian Tactical Aviation, New York Times, REUTERS, Royal United Services Institute, Russian Air Force Locations: Ukraine, Russia, Russian, Lyman, Avdiivka, Kyiv
A test of the UK's nuclear deterrent failed for the second time in a row. Britain's Ministry of Defence said "an anomaly" occurred during the firing of a Trident missile. It's the latest in a series of embarrassing failings by the UK's Royal Navy. The test firing of a British nuclear missile from a Royal Navy submarine failed for the second time in a row in yet another humiliation for the Royal Navy. Adding to the embarrassment, UK Defense Secretary Grant Schapps was on board the launch submarine, HMS Vanguard, at the time of the botched test in January, the report said.
Persons: Grant Schapps Organizations: Britain's Ministry of Defence, Trident, UK's Royal Navy, Royal Navy, The Sun, HMS Vanguard, Business Locations: British, Florida
AdvertisementIf confirmed, it would mark strike twenty-five in a remarkable kill streak that Ukraine told CNN represents the disabling of a full third of Russia's Black Sea Fleet. AdvertisementUkraine's most astonishing triumph came early, in April 2022, when it sank Russia's Black Sea flagship, the Moskva. "Ukraine has been extremely successful against the Black Sea Fleet, forcing Russia to relocate assets further away from Ukraine and the frontline," Germond told BI. AdvertisementDown, but not outIs Ukraine's Black Sea success a solution to Ukraine's stalled ground offensive? This means that any ships sunk result in a longer-term decrease in the Black Sea Fleet.
Persons: , Caesar, Ukraine Navy's, Murad Sezer, Sahaidachny, MAX DELANY, it's, Basil Germond, Germond, Michael Kofman, ” Sidharth, Kaushal, Russia can’t, Organizations: Service, Business, Russia's Ministry of Defence, Ukraine, CNN, Reuters, Getty, Military, Lancaster University, Shadow, Black, The Carnegie Endowment, Planet Labs PBC, Labs, UK’s Ministry of Defence, Royal United Services Institute, Montreux Convention, NATO, Ukraine’s Ministry of Defence Locations: Ukraine, Crimea, Bosphorus, Sevastopol, Moskva, Russian, Syria, Rostov, Minsk, Russia, France, Novorossiysk, Odesa, Ukrainian
Read previewUkraine's home-developed naval drones are offering vital capabilities that cruise missiles just don't have, a naval expert told Business Insider. This could have a sizable impact on Ukraine's ongoing efforts to subdue Russia's Black Sea Fleet. Defense Intelligence of UkraineSidharth Kaushal, a naval expert at the UK's Royal United Services Institute, outlined Ukraine's sea drones' limitations and advantages to BI. "The Ukrainians don't have very many cruise missiles that can target things at the ranges that they've been able to go after" with sea drones, he added. Since then, sea drones have been involved in multiple high-profile attacks, including reported strikes on two Russian landing ships in November.
Persons: , Russia's, Kyrylo, Ukraine Sidharth, Kaushal, they've, Ukraine hasn't, Ivan Khurs, Basil Germond Organizations: Service, UK's Ministry of Defence, Business, Autonomous Guard, Defense Intelligence, Royal United Services Institute, CNN, Russia's Defence Ministry, Russian Defence Ministry, REUTERS, Lancaster University Locations: Ukraine, Russia, Russia's, Ukrainian, REUTERS Ukraine, Russian, Crimea
China touted the capabilities of its latest aircraft carrier just as a British vessel suffered an embarrassing malfunction that caused it to pull out of NATO exercises. Chinese state broadcasters recently devoted considerable airtime to discussing the Fujian, the aircraft carrier it launched in 2022, Newsweek reported. It came as the Royal Navy announced that its flagship aircraft carrier, the HMS Queen Elizabeth, had issues with a propeller shaft, meaning it had to withdraw from NATO's upcoming exercises. It is also stretching its naval capabilities by providing protection to vessels in the Red Sea targeted by Houthi rebels . And, quite simply, the Royal Navy doesn't have enough ships, particularly destroyers and frigates, he said.
Persons: HMS, Elizabeth, , Wu Qian, Cao Weidong, Gerald R, Ford, Lord West, Prince Organizations: NATO, Newsweek, Royal Navy, Liberation Army, Popular Mechanics, Elizabeth British Royal Navy, US Naval Institute, Business, UK's Royal Locations: China, British, Fujian, East Asia, , Taiwan, Elizabeth British Royal Navy China, Wales
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewA Ukrainian special military unit has described how it reportedly sunk one of Russia's Black Sea Fleet ships last week using six sea drones powered by Jet Skis, or civilian personal watercraft. A still from a video shared by Defense Intelligence of Ukraine on February 1, 2024, purportedly of the corvette Ivanovets ahead of its claimed destruction. Speaking to CNN, one of the drone pilots, identified by the call sign "13," said that the drones were powered by Jet Skis and controlled via a Starlink connection. In total, 10 MAGURA V5s were sent on the mission, with six hitting the ship, the pilot told CNN.
Persons: , Kyrylo, Sidharth, Dmytro Pletenchuk Organizations: Service, Fleet, Jet, Defense Intelligence, Business, Autonomous Guard, CNN, Royal United Services Institute, Kyiv Post Locations: Russia, Ukraine, Crimea, Ukrainian, Kyiv
AdvertisementAdvertisementUkraine doubled down on claims on Friday that it had damaged a Russian patrol ship near Sevastopol with "Sea Baby" drones. If confirmed, the strike could add to long-term pressure on Russia's ability to maintain and repair its Black Sea Fleet, experts say. Russia is already barred from bringing reinforcements to its Black Sea Fleet. AdvertisementAdvertisement"Consequently, the Black Sea Fleet will have to be increasingly prudent with its remaining assets," he added. AdvertisementAdvertisementThis squeeze on the Black Sea Fleet ultimately hampers some of its ability to project power over those waters, Germond said.
Persons: , Basil Germond, Pavel Derzhavin, Pavel, Sutton, rove, ake Organizations: Service, Fleet, Lancaster University, Crimean Telegram, Crimean, Russian Telegram, Black, Russia's Ministry of Defense Locations: Ukraine, Russian, Sevastopol, Russia, Russia's, Ukrainian
Russia's move of its Black Sea Fleet to safer waters signals its waning power there, experts told Insider. AdvertisementAdvertisementRussia's withdrawal of ships from a key Crimean base to safer ports shows it has "clearly lost its control" over the Black Sea in naval and geopolitical terms, a top naval expert told Insider. Pointing to those attacks, James Heappey, a UK defense minister, said during a defense event in Warsaw last Tuesday that the move signaled the "functional defeat" of the Black Sea Fleet. As of Sunday, multiple ships carrying grain, sunflower oil, and metals had sailed out of Ukraine's ports in the northwestern Black Sea, The Guardian reported. AdvertisementAdvertisementHardline pro-Kremlin Telegram account Rybar wrote on Friday that it's "difficult to accept" that "the Black Sea Fleet cannot fully ensure its security now."
Persons: , Basil Germond, Germond, James Heappey, Heappey, Armed Forces @JSHeappey Organizations: Fleet, Service, Lancaster University, Montreux Convention, UK's Ministry of Defence, Black, Armed Forces, Warsaw Security, — Ministry of Defence Locations: Sevastopol, Russia, Ukraine, Turkish, Novorossiysk, Crimea, Warsaw, Ukrainian
The iPhone 12 will not be sold in France after a government agency said it emits too much radiation. The phone passed a separate test of radiation levels for devices kept in a jacket or in a bag, the agency said. AdvertisementAdvertisementUsers of the iPhone 12 should be able to download an update that prevents radiation exposure from surpassing the limit, Sperrin said. Apple said the iPhone 12 has been certified by multiple international bodies and complies with all applicable regulations and standards for radiation around the world. He said the iPhone 12's radiation levels are "slightly higher" than EU standards but "significantly lower than levels where scientific studies consider there may be consequences for users.
Persons: didn't, Malcolm Sperrin, Sperrin, It's, Apple, Noël, haven't, Ian Scivill Organizations: Apple, Service, Union, Frequency Agency, Royal, France, Radio, World Health, Royal Hallamshire Hospital Locations: France, Wall, Silicon, French, Royal Berkshire
Russia has found new ways of obtaining US tech for its cruise missiles. Officials, experts, and media reports have laid out the routes Russia is using to import the banned or restricted technology. Ukrainian officials last Tuesday said that Russian K-100 cruise missiles used in recent attacks were built in 2023, using more than 30 foreign components, meaning that Western sanctions weren't working. The Kazakhstan back door for tech suppliesThe US sanctions include a ban on the sale of technology that could be used by Russia to build weapons. According to the Economist report, logic boards from California-made Altera Flex have been used in building the KH-100 cruise missiles Russia has used in attacks on Ukrainian cities and infrastructure.
Persons: Andriy Yermak, STRINGER, Gary Sommerville, we've, Sommerville, Mykola Danilyuk, Danilyuk Organizations: US, Service, Getty, Royal United Services Institute, Kazakhstan's, National, Russia, Kazakh, Russian, Silverado, New York Times, Free Russia Foundation, eBay, Amazon Locations: Russia, Wall, Silicon, Ukraine, Russian, Kazakhstan, Kazakh, US, Armenia, Ukrainian, California
Ukraine is increasingly using small, cheap FPV drones to hit outsize targets. Mykhailo operates the drones using a joystick and a virtual reality headset — hence the video game comparisons. It's not the first time the video game comparison has been made. In an interview with The Guardian earlier this month, a Ukrainian drone operator called Olexandr said: "It's like playing a computer game, you know?" Ukraine is employing many of these cheap FPV drones, which can be made from off-the-shelf commercial drones and kitted out with explosives.
Persons: Mykhailo, Olexandr, Insider's Alia Shoaib, Michael Peck, James Patton Rogers Organizations: Service, Reuters, Russian, Guardian, Air Assault Force, UK's Royal United Services Institute Locations: Ukrainian, Ukraine, Wall, Silicon, Russia
They're layered with treacherous obstacles like mines, ditches, and anti-tank dragons teeth. Close up of Russian trenches, fortifications, and tank obstacles in the Kherson region on November 15, 2022. Dragons teeth obstacles can be seen in the three rows of gray dots before the trenches and fortified positions. Nazi Germany's defenses, like the Siegfried Line built to defend its west, also featured dragon's teeth, machine-gun pillboxes, razor wire and mines. As Insider's Jake Epstein has reported, Russian positions may be vulnerable to attack from assaults that cross open terrain and steer clear of roads.
Persons: , Jack Watling, Nick Reynolds, Brady Africk, Siegfried, Jake Epstein Organizations: Service, Technologies, UK's Royal United Services Institute, American Enterprise Institute, US Locations: Russian, Ukraine, Kherson, Dnipro, Nazi
Drone maker Valeriy Borovyk told CNN that he's building "very stealthy" drones for Ukraine. He said the drones can be used to carry out surprise attacks on "very expensive" Russian equipment. He told CNN that his team is developing some long-range drones, as well. Drone maker Valeriy Borovyk told CNN that he calls the drones "Vidsyich," which is Ukrainian for "repel." "We mostly concentrate [our attacks] on very expensive [Russian] equipment," he told CNN.
Persons: Valeriy Borovyk, , James Patton Rogers, Mia Jankowicz, Digital Transformation Mykhailo Fedorov, Fedorov Organizations: CNN, Service, UK's Royal United Services Institute, University of Southern, Digital Transformation, Russia Locations: Ukraine, Ukrainian, Moscow, Russia, University of Southern Denmark
In the early months of the Russia-Ukraine war, Bayraktar TB2 drones were hailed as Ukraine's savior. However, a year later, nearly all of them are believed to have been shot down by Russian forces. "Once the Russian military got its act together, it was able to down many TB2s," Bendett said. Electronic warfare is a "critical component" of Russia's tactics and contributing to the enormous losses of Ukrainian drones, a report released by the UK's Royal United Services Institute found. Ukraine still had the initiative, but "as the Russian military adapts, there can be no room for complacency," it said.
A Russian jet tried to fire on a British spy plane last year, but the missile malfunctioned, NYT reports. In their telling, the Russian fighter jet pilot misheard the radar operator on the ground as conveying permission to fire, locked on to the British aircraft, and only failed because the missile didn't launch properly. One of the Russian jets "released a missile" in the "vicinity" of the UK plane, which he described as "potentially dangerous." Following the incident, the UK temporarily ceased surveillance patrols, later sending them out with an armed escort. A Russian Su-27 fighter jet seen approaching a US MQ-9 Reaper drone over the Black Sea on March 14, 2023, in video released by the US military.
Fighter jets escorted an aircraft to an airport in London after it lost communications, per BBC News. This came shortly after people heard a "loud bang," which some thought was a sonic boom. Some plane spotters believe it might have been a sonic boom caused by the fast movement of the RAF jets. Essex Police tweeted that a plane heading from Iceland to Nairobi, Kenya was escorted into Stansted at about 12.50pm UK time. Departures from another London airport were reportedly suspended for around 15 minutes, per BBC News.
Sales at Barnes & Noble are rising because staff are it's not trying to make stores "homogenous," its CEO said. "Sensible retailing principles" equal "terrible bookstores," Daunt told the Business Studies podcast. He took over as CEO of Barnes & Noble in 2019 with plans to update the chain's 600 stores across the US. By 2022, total sales at Barnes & Noble were 3% higher than pre-pandemic levels, with book sales up by 14%. "If you're in Alabama, you should run a very different bookstore to if you're on the Upper West Side of Manhattan," he told Business Studies.
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