War - What is it Good for? Business (if you make weapons, that is).

bristol | peace | news report Thursday February 19, 2009 09:48 by MoneyWatch - SouthWestWatch

SouthWestWatch - news from screen to brain in a jiffy

Defence giant BAE Systems has reported a big rise in profits for 2008 as orders and sales grew, helped in part by the weak pound - and wars in Afghanistan and Iraq.

What is the business to be in as the recession hits like a bomb? Answer; bombs. Based partly in Filton, North Bristol, BAE systems makes all sorts of weapons and stuff and its stuff is in demand...


Pre-tax profits for the full year were £2.37bn, up 91% from £1.24bn in 2007. Sales of £18.54bn were up 18% on the previous year, while orders rose 20%. ... As well as the overseas acquisitions, orders were boosted by a new 15-year UK munitions capability contract and a UK aircraft carrier contract. http://news.bbc.co.uk/1/hi/business/7898558.stm

Yes, folks, BAE Systems is getting plenty of work from tax payer - the ongoing woes over allegations of fraud don't seem to be playing a major part in the companies fortunes.

BAE (and British Aerospace previously) has long been the subject of allegations of bribery in relation to its business in Saudi Arabia. The UK National Audit Office (NAO) investigated the Al Yamamah contracts and has so far not published its conclusions, the only NAO report ever to be withheld. The MOD has stated "The report remains sensitive. Disclosure would harm both international relations and the UK's commercial interests." The company has been accused of maintaining a £60 million Saudi slush fund and was the subject of an investigation by the SFO. However, on 14 December 2006 it was announced that the SFO was "discontinuing" its investigation into BAE. It stated that representations to its Director and the Attorney General Lord Goldsmith had led to the conclusion that the wider public interest "to safeguard national and international security" outweighed any potential benefits of further investigation. http://en.wikipedia.org/wiki/Al_Yamamah

More SouthWestWatch articles;

2008's Plans That Never Came
http://bristol.indymedia.org/article/689526

Gannett Plans 10% Cut in Workforce
http://bristol.indymedia.org/article/689199

SW Media Credit Crunch Update
http://www.bristol.indymedia.org/article/689318
Bombs away!