BUSINESS LIVE: BAE Systems to buy Ball Aerospace for $5.6bn

House prices in London fell for the first time since before the pandemic – and analysts warn the rest of the country may be ‘doomed to follow’.

The Office for National Statistics (ONS) said a typical home in London cost £528,000 in June, down 0.6 per cent, or just over £3,200, on the same month last year and the first time prices in London have fallen on an annual basis since November 2019.

It was the first decline in any region of England since May 2020 when prices in the North East fell.

Dubai’s state-owned ports giant DP World saw first-half profits fall nearly 10 per cent from a year earlier, even as revenue climbed nearly 14 per cent, and flagged an uncertain outlook for trade.

Profit attributable to DP World’s owners in the six months to June was down 9.7 per cent at $651million from a year earlier, when the port operator posted record profit of $721million.

‘While the near-term trade outlook may be uncertain due to macroeconomic and geopolitical factors, the solid financial performance of the first six months positions us well to deliver a steady set of full-year results,’ Chairman and chief executive Sultan Ahmed Bin Sulayem said.

A Vietnamese electric car maker that has never made a profit has been valued at more than Ford and General Motors.

Shares in VinFast – dubbed ‘the Tesla of Asia’ – listed on the New York stock exchange on Tuesday at $22 each before soaring to more than $37.

That gave the company, which has just 350 electric vehicles (EVs) on the road in North America, a value of £67billion, topping the market capitalisation of both GM and Ford at £36billion and £38billion respectively.

Defence giant BAE Systems has agreed to buy US manufacturer Ball Aerospace from Ball Corp in an all-cash deal worth around $5.55billion (£4.4billion).

Charles Woodburn, chief executive of BAE Systems, said:

‘The proposed acquisition of Ball Aerospace is a unique opportunity to add a high quality, fast growing technology focused business with significant capabilities to our core business that is performing strongly and well positioned for sustained growth.

‘It’s rare that a business of this quality, scale and complementary capabilities, with strong growth prospects and a close fit to our strategy, becomes available.

‘The strategic and financial rationale is compelling, as we continue to focus on areas of high priority defence and Intelligence spending, strengthening our world class multi-domain portfolio and enhancing our value compounding model of top line growth, margin expansion and high cash generation.

‘We couldn’t be more pleased to have reached this agreement and we look forward to welcoming the employees of Ball Aerospace to BAE Systems as we work together to support our customers and create value for shareholders.’