logo
Canada to review F-35 fighter deal amid trade tensions with US

Canada to review F-35 fighter deal amid trade tensions with US

Sharjah 2417-03-2025

Minister Bill Blair tasked with reviewing the deal
Defense Ministry press secretary Laurent de Casanove stated that Carney had instructed Minister Bill Blair to assess whether the F-35 deal with the US is in Canada's best interest. Blair will explore all viable options while consulting with the army's Chief of Staff, Ministry of Defense, and the air force.
Details of the F-35 purchase agreement
Canada previously agreed to purchase 88 F-35 fighter jets from the US at a cost of USD 85 million each. The contract included a mandatory purchase of 16 jets, while the remaining part of the deal was non-binding.
Replacement of aging CF-18 jets
The F-35 jets are intended to replace Canada's aging McDonnell Douglas CF-18 fleet. According to the deal, the first of the 88 fighter jets is scheduled for delivery in 2026, with the final 18 jets expected to be delivered by 2032.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

GCC Banks Accelerate Toward USD‑Denominated AT1 Sukuk Surge
GCC Banks Accelerate Toward USD‑Denominated AT1 Sukuk Surge

Arabian Post

timean hour ago

  • Arabian Post

GCC Banks Accelerate Toward USD‑Denominated AT1 Sukuk Surge

Sharjah Islamic Bank and Warba Bank have spearheaded a flurry of USD‑denominated Additional Tier 1 sukuk issuances across the Gulf Cooperation Council, as institutions capitalise on narrower spreads, robust investor demand and abundant liquidity to bolster capital under Basel III norms. Sharjah Islamic priced a US$500 million perpetual issuance with a six‑year non‑call period at 6.125%, tightening from initial guidance of 6.5%, after books exceeded US$1 billion. Simultaneously, Kuwait's Warba Bank concluded a US$250 million AT1 sukuk issuance, re‑offering at a 6.25% yield—also tightened from initial guidance of 6.5%. The instrument, based on a perpetual structure with a 5.5‑year non‑call window, follows Warba's major equity move: the acquisition of a 32.75% stake in Gulf Bank from Alghanim Trading and a KWD 436.7 million rights issuance completed in April. Sharjah Islamic Bank's listing on Nasdaq Dubai marks its fifth sukuk issuance, raising its total sukuk portfolio on the exchange to US$2.5 billion. The deal attracted strong interest from regional and international investors, reinforcing Dubai's growing role as a nexus for Islamic capital. The transaction's pricing depth, with a reset spread of 195.6 basis points—125.7 bps tighter than its 2019 equivalent—highlights an improved cost of capital. ADVERTISEMENT Analysts attribute this wave of AT1 issuances to an increasingly mature Islamic fixed‑income market. GCC banks are under pressure to meet Basel III capital thresholds while tapping investor appetite for Sharia‑compliant instruments amid a global shift towards ethical finance. The depth and oversubscription observed signal confidence in GCC financial stability and growth trajectories. Banking insiders view Sharjah Islamic's move as emblematic of a broader trend. Its programme is now a benchmark in AT1 pricing within the Islamic sukuk arena, and the issuance is being seen as a signpost to other regional banks eyeing capital diversification. Global Capital, a financial news provider, has reported that Warba's issuance helped catalyse the broader GCC AT1 market, with Saudi banks preparing similar deals. Warba Bank's issuance was structured via Warba Tier 1 Sukuk Limited, and it is dual‑listed on the London Stock Exchange's International Securities Market and Nasdaq Dubai. The sukuk follows a Mudaraba structure and was syndicated by joint global coordinators and bookrunners including Emirates NBD Capital, Standard Chartered, Abu Dhabi Commercial Bank and HSBC. The financial backdrop has been supportive: increasing liquidity in global markets, stable benchmark yields in the US, and sustained inflows into Islamic finance vehicles. Sharjah Islamic underscores its confidence in long‑term strategy, stating the issuance supports its capital base aligned with Basel III standards ‫. Meanwhile, Warba's move is synchronised with its stake acquisition in Gulf Bank, reflecting a broader expansion and capital optimisation strategy. Investor sentiment continues to favour GCC issuers. Demand for Sharia‑compliant fixed‑income paper is rising, particularly from European institutional investors and Islamic funds, seeking diversification. Sharjah's issuance was oversubscribed by over two‑times its size, with participation spanning the GCC, Europe and Asia. Gulf markets are responding in kind: Saudi banks are preparing their own AT1 sukuk to finalise in the coming months, encouraged by the positive reception to these pricings.

Qatar Air Force One Gift Deal Still in Limbo
Qatar Air Force One Gift Deal Still in Limbo

Arabian Post

time2 hours ago

  • Arabian Post

Qatar Air Force One Gift Deal Still in Limbo

Arabian Post Staff -Dubai Defense Secretary Pete Hegseth informed the Senate Appropriations Committee on 11 June 2025 that the United States and Qatar have not yet formalised any agreement transferring a Boeing 747‑8 jetliner gifted by the Qatari royal family for potential use as Air Force One. Lawmakers pressing for details were met with repeated deferrals, as Hegseth invoked security and confidentiality concerns. Senators voiced concern over the lack of transparency surrounding the gift. Senator Jack Reed of Rhode Island demanded insight into contractual terms and timeframe for retrofitting the aircraft to meet presidential standards, only to be told such information was 'not for public consumption'. The Pentagon has neither disclosed cost estimates nor identified a specific US contractor for the extensive upgrade work required, including secure communications, defensive capabilities and airworthiness certification. ADVERTISEMENT Despite earlier assurances from Air Force Secretary Troy Meink that retrofitting expenses could remain under USD 400 million, Democrats remain sceptical. Senator Chris Murphy pointed out that past Air Force One modernisation efforts have encountered significant budget escalations, sometimes reaching billions, and questioned the wisdom of funding work on a foreign jet when replacement aircraft are already in production. Republicans, including Senators Jim Risch and Roger Marshall, defended the deal, asserting that Qatar and the UAE are strong US allies and that the jet donation alleviates procurement delays with Boeing. Secretary Hegseth echoed this view, suggesting that accepting Qatar's jet could temporarily ease reliance on delayed Boeing‑built VC‑25B aircraft, though he declined to specify projected completion dates or key benchmarks. Ethical concerns persist across party lines. Opponents argue that accepting a luxury aircraft from a foreign government may trigger Foreign Emoluments Clause issues or at least generate the appearance of impropriety. Qatar, meanwhile, has maintained that the nature of the transaction is under review—possibly a lease or outright purchase rather than a gift—though final details remain unresolved. The Boeing 747‑8 in question, approximately 13 years old, features lavish interiors and advanced technology, earning it the nickname 'palace in the sky.' Converting it to a presidential transport requires secure communications suites, defensive countermeasures, and structural modifications—a process estimated to span years. While Pentagon officials suggest costs may be contained beneath USD 400 million, analysts warn that upgrades for classified systems and nuclear safety could push costs well above one billion dollars. Beyond the technical and ethical dimensions, questions remain over how accepting Qatar's jet might affect broader US defence priorities. Some argue that prioritising resources for a foreign-made interim aircraft could detract from funding the delayed VC‑25B programme, which is pivotal to modernising the presidential fleet. At the same hearing, Hegseth also dismissed calls for transparency, stating that budgetary and negotiating processes must remain classified for national security. This response intensified criticism from Democratic senators, who claim taxpayers deserve clarity on military expenditures and foreign transfers of high-value assets. Meanwhile, Senate Republicans rejected two resolutions aiming to pause arms sales to Qatar and the UAE, signalling ongoing bipartisan support for the Gulf states despite growing unease over Trump administration's foreign dealings. Republicans emphasised the strategic importance of maintaining strong defence cooperation, downplaying concerns over the aircraft gift. The debate is set to continue as the Air Force advances planning and preliminary feasibility studies. Key upcoming moments include formalisation of the memorandum of understanding, selection of retrofit contractors, and disclosure of cost and timeline projections. The outcome will test the administration's balance between diplomatic expediency, financial responsibility, and institutional transparency.

S.Korea halts loudspeaker broadcasts aimed at North
S.Korea halts loudspeaker broadcasts aimed at North

Gulf Today

time17 hours ago

  • Gulf Today

S.Korea halts loudspeaker broadcasts aimed at North

South Korea's military shut down loudspeakers broadcasting anti-North Korea propaganda along the inter-Korean border on Wednesday, marking the new liberal government's first concrete step toward easing tensions between the war-divided rivals. The South resumed the daily loudspeaker broadcasts in June last year following a yearslong pause in retaliation for North Korea flying trash-laden balloons toward the South in a psychological warfare campaign. South Korea's Defense Ministry said the move, ordered by President Lee Jae-myung, was part of efforts "to restore trust in inter-Korean relations and promote peace on the Korean Peninsula." Kang Yu-jung, Lee's spokesperson, described the decision as a "proactive step" to reduce military tensions and ease the burden for South Koreans residing in border areas, who have also been affected by North Korea's retaliatory loudspeaker broadcasts. North Korea, which is extremely sensitive to any outside criticism of its authoritarian leadership and its third-generation ruler, Kim Jong Un, didn't immediately comment on the step by Seoul. South Korea reactivated its front-line loudspeakers to blast propaganda messages and K-pop songs toward the North last year in response to thousands of trash balloons that Pyongyang flew toward South Korea to drop substances including wastepaper, cloth scraps, cigarette butts and even manure. From May to November last year, North Korea flew about 7,000 balloons toward South Korea in 32 separate occasions, according to the South's military. The North said that its balloon campaign came after South Korean activists sent over balloons filled with anti-North Korean leaflets, as well as USB sticks filled with popular South Korean songs and dramas. Trash carried by at least one North Korean balloon fell on the South Korean presidential compound in July, raising concerns about the vulnerability of key South Korean facilities. Officials said that the balloon contained no dangerous material and no one was hurt. The South's broadcast playlist was clearly designed to strike a nerve in Pyongyang, where Kim's government has been intensifying a campaign to eliminate the influence of South Korean pop culture and language among the population in a bid to strengthen his family's dynastic rule. The Cold War-style psychological warfare campaigns added to tensions fueled by North Korea's growing nuclear ambitions and South Korean efforts to expand joint military exercises with the United States and strengthen three-way security cooperation with Japan. Lee, an outspoken liberal who took office last week after winning an early election to replace ousted conservative Yoon Suk Yeol, has vowed to improve relations with Pyongyang, which reacted furiously to Yoon's hard-line policies and shunned dialogue. During his election campaign, Lee promised to halt the loudspeaker broadcasts, arguing that they created unnecessary tensions and discomfort for South Korean residents in border towns. In recent months, those residents had complained about North Korea's retaliatory broadcasts, which included howling animals, pounding gongs and other irritating sounds. In a briefing on Monday, South Korea's Unification Ministry, which handles inter-Korean affairs, also called for South Korean civilian activists to stop flying anti-North Korean propaganda leaflets across the border. Such activities "could heighten tensions on the Korean Peninsula and threaten the lives and safety of residents in border areas," said Koo Byoungsam, the ministry's spokesperson. In his inaugural address last week, Lee vowed to reopen communication channels with North Korea. But prospects for an early resumption of dialogue between the rival Koreas remain dim. North Korea has consistently rejected offers from South Korea and the United States since 2019, when nuclear talks between Washington and Pyongyang collapsed over sanctions-related disagreements. North Korea's priority in foreign policy is now firmly with Russia, which has received thousands of North Korean troops and large amounts of military equipment in recent months for its war with Ukraine. South Korean and US officials have expressed concern that Kim in return could seek Russian technology transfers that could enhance the threat posed by his nuclear weapons and missile program. Yoon, who was removed from office in April over his short-lived imposition of martial law in December, had focused on strengthening military partnerships with Washington and Tokyo and on securing stronger US assurances of a swift and decisive nuclear response to defend the South against a North Korean nuclear attack. In a fierce reaction to Yoon's policies, Kim declared in January 2024 that he was abandoning the long-standing goals of a peaceful unification with the South and instructed the rewriting of the North's constitution to cement the South as a permanent "principal enemy." Following years of heightened testing activity, Kim has acquired a broad range of missiles that could potentially target rivals in Asia and the U.S. mainland. He has also called for increased production of nuclear materials to create more bombs. Associated Press

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store