Close Menu
  • English
  • Featured
    • AI & Robotics
    • Energy
    • Finance
    • Leisure
    • Science
    • Security
    • Sustainable Development
    • Tech
    • Transport
  • About Us
  • Advertising
  • Contact Us

Subscribe to Our Newsletter

News, investigations, and analysis — our top stories every morning to start your day right.

Trending
Illustration of a laser-based espionage device capable of reading text from nearly a mile away. Image generated by AI.
“This Device Reads From 3,200 Feet Away”: Alarming Invention Can Decipher Book Pages Without Even Opening Them
Illustration of a Cybertruck on autopilot with its driver playing Grand Theft Auto V on a highway. Image generated by AI.
Shocking Highway Scene as Man Lets His Cybertruck Drive Autonomously While He Plays Grand Theft Auto Behind the Wheel
Illustration of humanoid robots engaged in a kickboxing match in Hangzhou, China. Image generated by AI.
“Robots in the Ring”: These Two Humanoid Fighters Are Kickboxing With Shocking Agility in a Spectacle That Blurs Man and Machine
Facebook X (Twitter) LinkedIn RSS
Rude Baguette
Facebook X (Twitter) RSS
Newsletter
  • Featured
  • AI
    Illustration of humanoid robots engaged in a kickboxing match in Hangzhou, China. Image generated by AI.

    “Robots in the Ring”: These Two Humanoid Fighters Are Kickboxing With Shocking Agility in a Spectacle That Blurs Man and Machine

    June 16, 2025 at 4:53 PM
    Illustration of artificial intelligence impacting gender equality in the workplace. Image generated by AI.

    “AI Targets Women First”: Chilling Report Reveals How Automation Is Set to Erase Female-Dominated Jobs at Unprecedented Speed

    June 16, 2025 at 4:05 PM
    Illustration of artificial intelligence taking over entry-level job tasks. Image generated by AI.

    “The Real Threat Isn’t Your Job”: AI Isn’t Taking Careers—It’s Replacing People Still Learning to Work, and It’s Happening Fast

    June 16, 2025 at 9:04 AM
    Illustration of Anthropic's vision of ethical artificial intelligence development with Claude as a central figure. Image generated by AI.

    “If Anthropic Succeeds, Everything Changes”: A Nation of Benevolent AI Geniuses Could Rise and Reshape the Future of Human Civilization

    June 15, 2025 at 8:51 AM
    Illustration of Meta's $14.3 billion investment in Scale AI to boost its AI capabilities. Image generated by AI.

    “Meta Drops $14 Billion on AI Bet”: Massive Investment in Scale Signals Desperate Push to Catch OpenAI and Regain Tech Dominance

    June 15, 2025 at 8:11 AM
  • Energy
    Illustration of the innovative process by MIT researchers to produce hydrogen using recycled soda cans and seawater. Image generated by AI.

    From Soda to Superfuel: Researchers Use Coca-Cola and Ocean Water to Produce Clean Hydrogen for the Future of Mobility

    June 13, 2025 at 8:11 AM
    Illustration of China's Hualong-1 nuclear reactor and its impact on global energy dynamics. Image generated by AI.

    “France on the Brink”: China’s Nuclear Reactor Threatens to Wipe Out the Last Stronghold of French Economic Power

    June 12, 2025 at 4:05 PM
    Illustration of a groundbreaking electrochemical reactor for lithium extraction and its impact on sustainable technology. Image generated by AI.

    “U.S. Uncovers Rare Earth Bombshell”: This Shocking Discovery Could Flip the Global Tech Supply Chain on Its Head

    June 12, 2025 at 8:04 AM
    Illustration of the impact of political uncertainty on the U.S. green energy sector. Image generated by AI.

    “Massive Setback in US Energy Sector”: Over 14 Billion Dollars in Hydrogen, Battery, and Solar Projects Canceled or Delayed

    June 11, 2025 at 8:55 AM
    Illustration of the NEOM Green Hydrogen project in Saudi Arabia, highlighting its renewable energy infrastructure. Image generated by AI.

    “NEOM’s Green Hydrogen Mega-Factory Nears Completion”: The Massive Facility Is on the Brink of Launching Revolutionary Sustainable Energy Production

    June 11, 2025 at 8:05 AM
  • Finance
    Illustration of James Howells searching for his lost Bitcoin hard drive in a landfill. Image generated by AI.

    “He’s Still Digging”: Man Who Lost $700 Million in Bitcoin 12 Years Ago in a Dump Faces Stunning New Twist in His Hunt

    June 13, 2025 at 9:05 AM
    Illustration of a lost hard drive containing 8,000 Bitcoins buried in a landfill. Image generated by AI.

    He Just Gave Up €200 Million in Bitcoin: After 12 Years of Digging Through Trash, the Lost Hard Drive Is Gone for Good

    May 30, 2025 at 7:14 AM
    Illustration of a man sleeping with black tape over his lips. Image generated by AI.

    “Doctors Sound the Alarm”: Viral Mouth Taping Trend Called Dangerous and Completely Unproven by Leading Medical Experts

    May 25, 2025 at 8:02 AM
    Illustration of Visa's integration of AI systems into digital payments (AI-generated, non-realistic illustration). Credit: Ideogram.

    Visa’s AI Is Now Shopping for You: This Robot May Soon Swipe Your Card Automatically—and Mess With Your Mind

    May 4, 2025 at 8:07 AM
    Microsoft Strikes Unprecedented Deal: World's Largest CO2 Removal at 7.44 Million Tons, Setting New Environmental Milestone

    “Microsoft Strikes Historic Climate Deal”: World’s Largest CO2 Removal Pact Targets 6.75 Million Tons in Unmatched Green Push

    April 19, 2025 at 9:55 AM
  • Leisure
    Illustration of the decline in European tourism to the United States due to geopolitical tensions. Image generated by AI.

    “Europe Turns Its Back on America”: Massive Travel Boycott Slams U.S. Tourism Industry as Revenues Plunge and Destinations Empty Out

    June 16, 2025 at 10:08 AM
    Illustration of two Nintendo Switch bundles with different box designs. Image generated by AI.

    “He Ordered Two, Got Chaos Instead”: Nintendo Fan Buys Identical Switch Packs and Unboxes Two Completely Different Surprises

    June 14, 2025 at 9:55 AM
    Illustration of GTA VI's dynamic and interactive urban environment. Image generated by AI.

    “GTA VI Goes Full Chaos”: Robbable Skyscrapers, Advanced Destruction, and a World That Strikes Back at Every Move

    June 12, 2025 at 12:08 PM
    Illustration of a camping tent with a panoramic roof designed for stargazing. Image generated by AI.

    “Sleep Under the Stars, Literally”: This Inverted Tent Redefines Camping With a Mind-Blowing View of the Night Sky

    June 12, 2025 at 8:47 AM
    Illustration of the vast open world of The Elder Scrolls II: Daggerfall. Image generated by AI.

    “29-Year-Old Game Dwarfs GTA 5”: This Open-World Legend Is 2,000 Times Bigger and Still Has No Real Competition Today

    June 2, 2025 at 9:13 AM
  • Science
    Illustration of astronomers using artificial intelligence to study supermassive black holes. Image generated by AI.

    “A.I. Cracks the Black Hole Code”: Astronomers Use Artificial Intelligence to Reveal Hidden Forces at the Heart of the Universe

    June 15, 2025 at 5:08 PM
    Illustration of independent evolution of intelligence in birds and mammals. Image generated by AI.

    “Intelligence Evolved Twice on Earth”: This Groundbreaking Discovery Redefines Life Itself and Shakes the Foundations of Evolutionary Science

    June 15, 2025 at 11:55 AM
    Illustration of SpaceX Dragon capsule returning to Earth with advanced technology and experiments from the ISS. Image generated by AI.

    “We Brought the Future Back to Earth”: SpaceX Dragon Returns With 6,700 Pounds of Next-Gen Robots After Daring Orbital Operation

    June 15, 2025 at 5:54 AM
    Illustration of SpaceX's vision for a human colony on Mars. Image generated by AI.

    “Mars Is No Longer a Dream”: SpaceX’s Vision Evolves From Bold Idea to Concrete Plan for Multi-Million Human Colony

    June 13, 2025 at 6:00 AM
    Illustration of a shape-recovering liquid forming a Grecian urn shape. Image generated by AI.

    Groundbreaking Discovery by Student: Accidental Creation of a ‘Shape-Recovering Liquid’ Defies the Fundamental Laws of Thermodynamics

    June 11, 2025 at 4:57 PM
  • Security
    Illustration of a Chinese satellite capable of identifying human faces from over 62 miles away. Image generated by AI.

    “China Can See Your Face From Space”: New Spy Satellite Sparks Global Alarm With Its Unprecedented Orbital Surveillance Power

    June 10, 2025 at 3:53 PM
    Illustration of the F-15E Strike Eagle equipped with APKWS II rockets targeting drones. Image generated by AI.

    “We’ll Swat Them Out of the Sky”: U.S. Air Force Upgrades F-15E With 42 Drone-Killing Rockets in Explosive Power Boost

    May 28, 2025 at 10:00 AM
    Illustration of using Starlink satellites to detect stealth aircraft. Image generated by AI.

    “Elon Musk Cornered by Invisible Threat”: China’s New Tech Can Hijack Starlink Satellites and Unmask Stealth Aircraft

    May 27, 2025 at 12:02 PM
    Illustration of Homeland Security revoking Harvard's foreign student program due to alleged China ties. Image generated by AI.

    U.S. Government Revokes Harvard’s Foreign Student Access After Explosive Findings of Deep Connections to China

    May 26, 2025 at 11:56 AM
    Illustration of a damaged North Korean naval destroyer at launch. Image generated by AI.

    “North Korea’s Warship Launch Fails”: Second Naval Destroyer Suffers Major Damage in Stunning Blow to Kim’s Military Ambitions

    May 25, 2025 at 11:48 AM
  • Impact
    Illustration of the world's largest 3D construction printer installed at a school site in Doha, Qatar. Image generated by AI.

    Qatar Installs Giant 3D Beast: World’s Largest Construction Printer Could Reshape Cities and Shake Up the Global Building Industry

    June 12, 2025 at 9:52 AM
    Illustration of the Jeddah Economic Company Tower under construction in the Saudi Arabian desert. Image generated by AI.

    “Skyline Will Never Be the Same”: Saudi Arabia’s Tower Surges Past All Records as World’s Tallest Skyscraper Rises in Blinding Speed

    June 8, 2025 at 4:54 PM
    Illustration of the Jeddah Economic Company Tower rising in the Saudi Arabian desert as the future world's tallest skyscraper. Image generated by AI.

    “Tallest Tower Surges Ahead”: Saudi Arabia’s Sky-Piercing Giant Breaks Records as Construction Accelerates Beyond Predictions

    June 7, 2025 at 9:46 AM
    Illustration of Merino sheep grazing among solar panels, enhancing wool quality and maintaining installations. Image generated by AI.

    “1,700 Sheep Through Solar Fields”: Scientists Reveal Stunning Results That Could Transform Farming and Renewable Energy

    June 1, 2025 at 4:57 PM
    Illustration of the Su Hai No 1, the world's first dedicated salmon farming vessel. Image generated by AI.

    “We’re Farming Fish in Open Seas Now”: China Unveils World’s First Salmon-Farming Ship to Revolutionize Global Seafood Supply

    May 29, 2025 at 8:08 AM
  • Tech
    Illustration of a laser-based espionage device capable of reading text from nearly a mile away. Image generated by AI.

    “This Device Reads From 3,200 Feet Away”: Alarming Invention Can Decipher Book Pages Without Even Opening Them

    June 17, 2025 at 7:07 AM
    Illustration of the competitive dynamics between OpenAI's ChatGPT and Google's search engine. Image generated by AI.

    “ChatGPT Won’t Kill Google”: Sam Altman Downplays the Hype While Quietly Reshaping the Future of Search With Every New Update

    June 16, 2025 at 12:12 PM
    Illustration of Meta's AI platform showcasing user interactions and privacy concerns. Image generated by AI.

    “Meta’s AI App Exposes Private Chats”: Shocking Feature Lets Users ‘Discover’ Strangers’ Intimate Conversations With No Warning

    June 16, 2025 at 8:04 AM
    Illustration of Disney and Universal's legal battle against AI company Midjourney over copyright infringement. Image generated by AI.

    “Disney and Universal Strike Back”: Entertainment Giants Sue Midjourney Over AI Copyright Breach in Landmark Legal Showdown

    June 16, 2025 at 6:58 AM
    Illustration of global leaders in research and development intensity, highlighting Israel's commitment to innovation. Image generated by AI.

    Not China, Not the U.S.: This Surprising Nation Now Tops the World in R&D Spending and Is Quietly Rewriting the Innovation Map

    June 15, 2025 at 3:58 PM
  • Transport
    Illustration of a Cybertruck on autopilot with its driver playing Grand Theft Auto V on a highway. Image generated by AI.

    Shocking Highway Scene as Man Lets His Cybertruck Drive Autonomously While He Plays Grand Theft Auto Behind the Wheel

    June 17, 2025 at 6:00 AM
    Illustration of the UK accelerating plans for autonomous vehicle deployment on public roads. Image generated by AI.

    “UK Hits the Gas on Self-Driving”: Bold National Push Could Make Britain the First to Fully Legalize Autonomous Cars Across All Roads

    June 16, 2025 at 5:51 AM
    Illustration of Canada's decision to freeze $32 million in public aid for Tesla. Image generated by AI.

    Canada Shocks Tesla by Freezing $43 Million in Funding—This Sudden Political Blow Could Reshape the Future of Green Tech Deals

    June 14, 2025 at 5:56 AM
    Illustration of SpaceX's Starship preparing for a mission to Mars. Image generated by AI.

    “Mars in 2026 is 50/50”: Elon Musk Unveils Plan for SpaceX’s Biggest Starship Yet Launching by Year’s End, Raising Global Curiosity

    June 13, 2025 at 4:56 PM
    Illustration of a revolutionary hydrogen-powered aircraft concept unveiled by Airbus. Image generated by AI.

    “Airbus Unveils Revolutionary Hydrogen-Powered Aircraft”: This Groundbreaking Concept Is Set to Transform the Future of Aviation

    June 11, 2025 at 10:12 AM
  • English
Rude Baguette

De La Rue’s Bid to Return to Circulation

Eirwen WilliamsEirwen WilliamsOctober 17, 2019 at 9:08 AM0
Share Twitter Facebook LinkedIn Telegram WhatsApp Email Copy Link
Follow Us
Google News
Share
Twitter Facebook LinkedIn WhatsApp Email Copy Link

De La Rue, the British firm which has printed roughly a third of all banknotes currently in circulation, has recently come to be better known for its long list of scandals. Last year, the company was left red-faced after it was drastically underbid by European competitor Gemalto to produce UK passports; just months ago, the firm came under fire for poor financial management. Soon thereafter, the Serious Fraud Office (SFO) announced an investigation into De La Rue over possible corruption in its South Sudan operation.

Now it seems De La Rue is attempting to stage a comeback, having hired “turnaround expert” Clive Vacher as its new chief executive. Vacher has made salvaging failing businesses the centrepiece of his career, previously revitalising firms including Rolls-Royce and American aerospace group General Dynamics. In the short term, at least, Varcher’s arrival has lifted spirits at the 200-year-old printing company: De La Rue shares rose 1.79 percent by mid-morning on the day of the announcement.

Dark times for De La Rue

De La Rue’s new head replaces former chairman Martin Sutherland, who was ousted following what can only be described as a catastrophic period in the company’s history. Last November, the firm reported that its operating profit had plunged by more than 35 percent from £26.6 million to £17 million; Sutherland sought to reassure investors by claiming the business would “refocus [its] identity business on the supply of higher margin [services].”

By April 2019, however, De La Rue executives were fighting for their jobs after investor Crystal Amber slammed the company’s still-floundering performance as “unacceptable.” The activist fund went on to criticise Sutherland for failing to adopt “specific proposals” for reform in the wake of a dire 2018.

Sutherland’s headache rapidly worsened from there. In June, the firm was forced to write off £18 million in revenue after Venezuela defaulted on its bills, and De La Rue had to axe 170 skilled manufacturing jobs at its Gateshead Plant, sparking the ire of union activists. Then, to round out the summer, De La Rue came under investigation by the SFO. Its operations in South Sudan, it seems, may be tainted with serious fraud, bribery and corruption.

Still, it was the very public, and ultimately disastrous, loss of the £490m contract—De La Rue had proposed a much higher £610m bid— to print the post-Brexit blue passport that was the final blow to Sutherland’s five-year stint as boss. He announced his exit by claiming that the loss of the passport contract, as well as “competitive pressure in the banknote print market,” presented major challenges for his then-unnamed predecessor.

New business sectors to the rescue?

Vacher appears to agree. Essential to the turnaround the new chief executive is hoping to spearhead is the breaking away from the firm’s traditional bread and butter, especially its passports divisions. In June, the company announced the sale of its International Identity Solutions business for more than £40 million.

“De La Rue is starting to feel like an analogue stock in a digital age,” said AJ Bell investment director Russ Mould before the sale, “after all, the company prints bank notes in an increasingly cashless world.”

Under Vacher’s new vision, De La Rue will be split between a currency arm and an authentication arm, the latter dedicated to making security features for products such as ID cards or registered substances like cigarettes. This new business area has already yielded a few successes, as the embattled company has notched contracts to track and trace tobacco and soft drinks in the UK and in Saudi Arabia.

Wrinkles in De La Rue’s venture into track and trace

Even this new scheme, however, is hardly working out without a hitch. De La Rue recently lost a track and trace tender in Pakistan thanks to a too-high bid. Meanwhile, in a bid to fulfil its contract to provide unique identifiers for the UK’s mechanism to track and trace tobacco, for which De La Rue does not have a technological solution, it subcontracted the work to IT giant Atos. Atos was a problematic choice at best, however: the firm has longstanding ties to the tobacco industry.

Having been found complicit in the smuggling of its own products, the tobacco sector has worked at every turn to thwart the track and trace schemes which might cut down on this illicit trade. Despite the WHO specifying in no uncertain terms that the entirety of such systems, from the generation of the unique identifiers to the storage of track and trace data, should be kept out of the hands of the untrustworthy tobacco industry, the major tobacco manufacturers have tried every trick in the book to hijack track and trace for their own ends.

One of their strategies to do so has been the development of an industry-sponsored “solution” for tracing tobacco products, known as Codentify. Despite having been developed by tobacco industry giant Philip Morris International (PMI) and licensed to PMI’s main competitors at no cost, Codentify’s backers have insisted that it’s “fully independent from any tobacco company” since it was transferred to French investment company Inexto for a symbolic amount. Public health bodies, as well as academics, have warned that Codentify is, in fact, deeply linked to the tobacco industry and “not fit for purpose”, but that hasn’t stopped the tobacco companies from aggressively lobbying for its adoption.

Atos both helped develop Codentify and served as an “independent reputable organisation”, in the tobacco industry’s own words, to promote the system—making it a highly problematic choice for De La Rue to subcontract some of its track and trace duties out to.

Nor is its selection of an untrustworthy partner the only problem De La Rue has faced while trying to comply with its track and trace contracts in the UK. Retailers seeking to enrol in the programme have complained about “limited help and delayed response times” from De La Rue. More than two weeks after track and trace went into effect last May, many British store owners said they had yet to receive the codes needed to purchase compliant tobacco stock. To make matters worse, De La Rue may soon be forced to fork over compensation if the UK’s track and trace scheme is abruptly suspended following a no-deal Brexit.

There’s no doubt that Clive Vacher has his work cut out for him if he’s hoping to reverse De La Rue’s sinking fortunes.

Did you like it? 4.4/5 (24)

Subscribe to Our Newsletter

News, investigations, and analysis — our top stories every morning to start your day right.

Follow on Google News Follow on X (Twitter)
Share. Facebook Twitter LinkedIn Telegram WhatsApp Email Copy Link
Previous ArticleGermany won’t exclude Huawei from its 5G networks, rejecting calls from US
Next Article Network crash leaves millions of Three’s UK customers without phone service
Related Posts
Illustration of James Howells searching for his lost Bitcoin hard drive in a landfill. Image generated by AI.

“He’s Still Digging”: Man Who Lost $700 Million in Bitcoin 12 Years Ago in a Dump Faces Stunning New Twist in His Hunt

Illustration of a lost hard drive containing 8,000 Bitcoins buried in a landfill. Image generated by AI.

He Just Gave Up €200 Million in Bitcoin: After 12 Years of Digging Through Trash, the Lost Hard Drive Is Gone for Good

Illustration of a man sleeping with black tape over his lips. Image generated by AI.

“Doctors Sound the Alarm”: Viral Mouth Taping Trend Called Dangerous and Completely Unproven by Leading Medical Experts

Add A Comment
Leave A Reply Cancel Reply

Subscribe to Our Newsletter

News, investigations, and analysis — our top stories every morning to start your day right.

Trending
Illustration of a laser-based espionage device capable of reading text from nearly a mile away. Image generated by AI.
“This Device Reads From 3,200 Feet Away”: Alarming Invention Can Decipher Book Pages Without Even Opening Them
Illustration of a Cybertruck on autopilot with its driver playing Grand Theft Auto V on a highway. Image generated by AI.
Shocking Highway Scene as Man Lets His Cybertruck Drive Autonomously While He Plays Grand Theft Auto Behind the Wheel
Illustration of humanoid robots engaged in a kickboxing match in Hangzhou, China. Image generated by AI.
“Robots in the Ring”: These Two Humanoid Fighters Are Kickboxing With Shocking Agility in a Spectacle That Blurs Man and Machine
News by category
  • English
  • Tech
  • Finance
  • Leisure
  • Transport
  • Science
  • Security
  • AI & Robotics
  • Energy
  • Sustainable Development
Information
  • Meet the Team
  • Legal notice
  • Privacy policy
  • About Us
  • Advertising
  • Contact Us
  • About Us
  • Advertising
  • Contact Us

Subscribe to Our Newsletter

News, investigations, and analysis — our top stories every morning to start your day right.

Facebook X (Twitter) RSS
© RudeBaguette.com. All rights reserved.

Type above and press Enter to search. Press Esc to cancel.