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The decision is a setback for Britain, Germany, Italy and Spain, who are behind the Eurofighter program, and also means the rejection of an informal French offer to sell Belgium the Rafale fighter built by Dassault Aviation (AVMD.PA). However, Britain’s BAE Systems (BAES.L) is also a partner on the F-35 project. Belgium’s decision raises the stakes for Eurofighter in Germany, Switzerland and Finland, which also plan to buy new warplanes, industry executives said. Eurofighter also sees good prospects in Canada, which was part of the initial F-35 partnership, but has not made a decision to buy the U.S. aircraft. Exact terms of the Canadian competition are due to be released next year.
Prime Minister Charles Michel’s government said despite a strong desire to support European allies, the F-35 was cheaper for Belgium over the long term, coming in 600 million euros ($684 million) under what the government budgeted for, The total mother of pearl cufflinks price of the deal, including the jets, pilot training, hangars and upkeep until 2030 was worth 4 billion euros, Vandeput said, compared with the original budget of 4.6 billion euros, Over the 40-year life of the aircraft, the deal will cost Belgium 12.4 billion euros, rather than the 15 billion euros first projected, he said..
Belgium looks to have benefited from Lockheed Martin’s strategy to reduce the cost of the jets as production has increased. U.S. President Donald Trump and other U.S. officials have criticized the F-35 program for delays and cost overruns. Each plane is likely to cost Belgium around 76 million euros, slightly less than the amount paid by the Netherlands and Italy, according to Belgian newspaper Le Soir, citing a closed-door briefing by Belgian air force personnel to lawmakers on Wednesday, when the final decision was taken.
Michel also defended the decision to choose a U.S, company over European neighbors as a way to balance loyalties to the American-led NATO alliance and defense spending in Europe, “We are choosing cooperation with NATO and for European defense,” Michel told the news conference, He said money saved on the F-35 would be used for other defense projects, With defense spending just under 0.9 mother of pearl cufflinks percent of economic output on defense in 2017, Belgium is one of the worst performers in trying to meet a NATO target of 2 percent by 2024, which Trump says is already too low and should be at least 3 percent..
LONDON (Reuters) - British supermarket Asda (WMT.N), which is subject to a proposed takeover by rival Sainsbury’s (SBRY.L), said on Friday it would start consulting with staff over the potential loss of up to 2,500 jobs next year. The move by Asda, which is owned by U.S. giant Walmart, was first reported by Press Association, and a spokeswoman for the supermarket group said no decisions had been taken yet. “We need to consider changing the roles we need our colleagues to do or the hours needed in particular parts of our stores,” Asda said in a statement. “We believe the proposed changes we are consulting on would allow us to do a better job for our customers.”.
(Reuters) - Snap Inc (SNAP.N) shares plunged 14 percent on Friday after the Snapchat-owner posted its second straight quarter of user losses and forecast further declines, a boost for Facebook Inc’s (FB.O) Instagram ahead of its results next week, At least four Wall Street analysts cut their price target as Snap’s much-criticized app redesign continued to weigh on daily active user numbers mother of pearl cufflinks (DAU), particularly in Europe and the U.S, A revelation for teenage users and twenty-somethings worldwide when its vanishing-post model was first launched in 2011, Snap’s user growth has stalled in the past two years as Instagram mimicked its best features..
Its 186 million users in the third quarter compares to the Facebook-owned app’s more than 1 billion. JP Morgan and RBC Capital Markets cut their targets for Snap stock by half. “We believe that Instagram is much more penetrated in these demographics, and it will be challenging for Snap to pull users away from Instagram,” JP Morgan analyst Doug Anmuth wrote in a note. Shares of the company were down 12.2 percent at $6.14 in trading before the bell. A redesign at the start of this year aimed at rebooting the app spurred a backlash led by celebrity users including Kylie Jenner, who threatened to boycott the photo-messaging app.
“Some users may be leaving the platform because it has lost its novelty, which would prove to be a bigger long-term concern,” Pivotal Research Group analyst Brian Wieser said, Snap’s DAUs have now declined by five million since the first quarter, which the company blamed mainly on the Android app rollout, With the company anticipating further declines, Jefferies analyst Brent Thill fears these losses could spill over to 2019, Snap shares have fallen mother of pearl cufflinks more than 50 percent this year, while Facebook’s, hurt by the fallout of the Cambridge Analytica privacy scandal, have lost about 14 percent..