From Canadian Business:
August 1, 2008 – 07:31 a.m.
Net profit in the six months to June 30 rose to 586 million pounds ($1.16 billion) from 515 million pounds in the same period a year ago. Revenue rose to 7.09 billion pounds ($14.05 billion) from 6.35 billion. …
Olver said Saudi Arabia remains a key overseas market, predicting that BAE will add to the 4,600 staff already employed there by the group. BAE is focussed on modernizing the Saudi armed forces, including the replacement of Tornado fighter jets with new Typhoon aircraft from next year.
A controversial decision by Britain’s anti-fraud agency to halt an inquiry in 2006 into whether BAE offered bribes in exchange for lucrative contracts in Saudi Arabia was on Wednesday upheld by the country’s highest court.
The House of Lords committee decided unanimously that the Serious Fraud Office had acted lawfully when it decided to end the inquiry into the case.
Then-British Prime Minister Tony Blair said that Saudi officials would have likely withheld crucial cooperation on anti-terrorism intelligence if the inquiry continued.
The Serious Fraud Office currently is investigating possible BAE bribes to Tanzania, Romania, Chile and the Czech Republic in other arms contracts.
Olver said the company’s outlook for 2008 looks positive, with more orders for armored and mine protected vehicles likely — particularly to protect NATO forces in Afghanistan.
See also here.
Crisis, what crisis? for at least some people. This, however, will not stop corrupt BAE capitalists joining in with the chorus of ExxonMobil capitalists, Shell capitalists and other capitalists, clamoring for less well off people to “tighten their belts” because of bad times …
Jack Straw and BAE: here.