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LONDON (Reuters) – Rolls-Royce (RR.L) expects its 2018 group profit and free cash flow to be in the upper half of its guidance range, the British engineering company said on Wednesday, shrugging off problems with some of its aircraft engines. Rolls, whose main business makes engines for large airliners, had forecast group operating profit of 400 million pounds ($509 million), give or take 100 million pounds, and free cash flow of 450 million, give or take 100 million pounds. It said it now expects its results to hit the upper half of those ranges after airlines flew their planes for more hours, helping Rolls earn more from maintenance and related activities cufflinks depot review uk online.
The positive guidance comes despite problems with its Trent 1000 engine which has meant airlines have had to ground some of their Boeing (BA.N) 787 Dreamliner planes, and after slightly lower-than-expected deliveries of some other engines cufflinks depot review uk online. Rolls said that it was readying itself for Britain’s exit from the European Union by building up inventory amongst other contingency plans. “We will continue to implement our contingency plans until we are certain that a deal and transition period has been agreed,” Rolls said in a statement..
KUALA LUMPUR (Reuters) – Malaysian prosecutors on Wednesday filed new graft charges against former prime minister Najib Razak and the former chief executive of scandal-linked state fund 1MDB, in the latest cases over alleged theft of billions of dollars from the fund cufflinks depot review uk online. Anti-graft investigators this week questioned Najib and the former fund official over accusations that the former premier’s office had tampered with a 2016 government audit into the fund, 1Malaysia Development Berhad (1MDB). The audit was commissioned amid reports of skyrocketing debt and financial mismanagement at the fund, founded by Najib in 2009..
Najib had “secured protection from disciplinary, civil or criminal action related to 1MDB” by directing for the audit report to be amended before it was finalised, according to a prosecutors’ charge-sheet read to him in court. Najib pleaded not guilty to a charge of abusing his position as prime minister, a conviction on which carries a jail term of up to 20 years, or a fine of 10,000 ringgit ($2,402), or both. The fund’s former chief executive, Arul Kanda Kandasamy, pleaded not guilty to abetting Najib cufflinks depot review uk online.
Najib’s lawyer, Muhammad Shafee Abdullah, said his client could not have tampered with the audit, as he was only accused of having directed changes to a draft of the report, rather than the final version. “In this charge, it’s quite clear that it is no longer the allegation..that he had in fact tampered with the audit report,” Muhammad Shafee told reporters. Malaysian officials had said the audit report changes Najib ordered had included removing a mention of the presence of financier Low Taek Jho at a 1MDB board meeting cufflinks depot review uk online.