Europe's largest shipbuilder says the continent must spend bigger and better on underwater defenses
The CEO of Italian shipbuilder Fincantieri said Europe needs to boost its subsea defenses amid intensifying threats and weakening US security guarantees.
"The Mediterranean has always been populated by Russian and US submarines, it's up to us Europeans now to take responsibility for our underwater defence," Folgiero told the Financial Times in an interview published Tuesday.
"If European countries are going to spend more on defence, we should spend better," he added.
Since Russia's full-scale invasion of Ukraine in 2022, European military and political leaders have repeatedly accused Russia of sabotaging subsea cables that carry vital internet data and energy.
European militaries have scaled up their protection, with a specialist NATO unit launched in January increasing the surveillance and patrols of the vital infrastructure.
European defense firms are also boosting the development of technology to help underwater defenses.
Fincantieri, Europe's largest shipbuilder, announced last week that it expects its underwater division, which makes submarines, underwater drones, and other technology, to double in size over the next few years, to account for 8% of group revenue by 2027, and bring in the equivalent of $930 million.
When announcing its new subsea-focused strategy, the company said it would be partnering with Italy's Graal Tech to develop new subsea drone technology.
Folgiero told the FT that Europe faces a range of subsea threats, and that it's boosting production to meet them.
"Attention has focused on the Baltic Sea following the outbreak of the war in Ukraine," he said. "But the Mediterranean is twice as big as the Baltic and a crucial juncture from a geopolitical perspective."
"This is why we are betting on underwater defence and technology and increasing our industrial capabilities," Folgiero added.
Meanwhile, earlier this month German defense firm Helsing said it was working with the UK's Royal Navy to deploy new subsea drones to better monitor subsea infrastructure.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
14 minutes ago
- Yahoo
'Nothing is stopping': Peace talks feel far away for Ukraine's soldiers
Sipping a coffee under the blazing sun around 20 kilometres from the front line, Ukrainian platoon commander Andriy is ready for peace. But as Russia and Ukraine hold direct talks in search of an end to the three-year war, he sees no let up to the fighting in east Ukraine, ravaged by Russia's full-scale invasion. "Nothing is stopping. Everything is as it was," the 27-year-old told AFP, in the town of Druzhkivka while on a break from the combat. Hours after negotiations in Istanbul ended on Monday, the sound of Russian glide bombs flying over -- and down onto -- the town resumed. The next morning, those civilians who refuse to leave set about their daily business, meandering through streets dotted with destroyed buildings. Andriy was clinging to hope the war will end this year, and said talks should continue, despite little sign of progress. But asked about Moscow's hardline demands for Ukraine's army to completely pull out of the four regions Russia says it has annexed -- Donetsk, Kherson, Lugansk and Zaporizhzhia -- he is sceptical. "That's too much, I would say. But if the border remained as it is now, then maybe." - 'No real impact' - Nearby, another young soldier who goes by Leleka, in his early thirties, was trying to relax. He is just back from near Toretsk, one of the hottest spots on the eastern front where Russian and Ukrainian soldiers have been killing each other for months in a battle for the city, claimed by Russia earlier this year. "To be honest, I haven't watched the news for a long time because it doesn't really affect the reality we face here. So it's a bit like a parallel reality," he told AFP. After two rounds of talks that yielded only prisoner exchanges, the ginger-bearded soldier sees no point in trying to deal with the Russians. "It does not work. Negotiations with them? How? How do negotiations work? We talk about peace, and at the same time, they are shooting at us," he said. Moscow has repeatedly rejected calls by Ukraine, the United States and European countries for a full and immediate ceasefire. Ukrainian President Volodymyr Zelensky has accused Russia of dragging out the talks and not seriously wanting to halt its invasion. The Kremlin said Tuesday negotiations were "extremely complex" and that it was "wrong" to expect a speedy breakthrough. Leleka said there is "no way" Ukrainian troops would pull back from territory they still control. "The local commanders will not allow it." For 59-year-old deputy commander Did -- a call sign which means "grandfather" in Ukrainian -- an unconditional ceasefire is the only "logical" way to end the fighting. But he understands why Russia is refusing. "They have more weapons, their factories are working, they have more men, and North Korea and China are supplying them. Why would they stop?" Moscow's army will only halt their attacks, if Ukraine can deliver "a beating so bad that their teeth fall out or they swallow them," he said. - 'Give us weapons' - Instead of a full and unconditional 30-day ceasefire, Moscow has proposed a partial pause to the fighting -- two-to-three days and only in certain areas of the frontline. "They really need this. They need to regroup their troops. They need to restore their logistics," Leleka said of the Russian call for a temporary truce. Both Did and Leleka instead issued their own request for the West to step up its military support to Ukraine -- saying that could help give them a leg-up on the battlefield, and at the negotiating table. "Give us more weapons. We know how to use them ... Give us good weapons and we will stop them. We will stop them, we know how to do it," Did said. Standing away from the other two, Andriy, his head bowed, was thinking of home. "I want to be with my wife, to rest," he whispered. He has been fighting for three years and got married amid the war. "Whatever it takes, I want to go home." fv/asy-jc/giv
Yahoo
25 minutes ago
- Yahoo
Bulgaria hoping for EU Commission's green light to use euro
Bulgaria's hopes of joining the euro may receive a critical boost on Wednesday when the European Commission gives its view on whether the country has met the conditions for joining the common currency. The government in Sofia announced at the beginning of the year that it was carrying out a new push to join the eurozone by January 2026. Bulgaria has been a member of the European Union since 2007 and had previously planned to replace its national currency, the lev, with the euro in 2024, but the adoption was postponed due to a comparatively high inflation rate of 9.5% at the time. The commission recently said it expects an inflation rate of 3.6% for Bulgaria in the current year and 1.8% in 2026, raising hopes that Sofia is ready to join the eurozone. The criteria for joining the euro include price stability, sound public finances and stable exchange rates, among other conditions. If the commission concludes that Bulgaria is ready to become the 21st EU country to use the common currency, the other EU countries and the European Parliament will still have to give their consent. Within Bulgaria itself, the possible introduction of the euro has been accompanied by fierce protests. The pro-Russian nationalist opposition party Vazrazhdane (Revival) called for a referendum on keeping the lev. Activists collected 604,000 signatures in favour of a referendum. The Bulgarian parliament however has twice rejected a referendum on the currency issue - in 2023 and recently in May 2025.
CNBC
an hour ago
- CNBC
European markets set to open higher, shrugging off Trump's 50% metals tariffs
Bank of England and the Royal Exchange in the City of London on 24th March 2025 in London, United Kingdom. Mike Kemp | In Pictures | Getty Images Good morning from London. This is CNBC's live blog covering all the action in European financial markets on Wednesday, as well as business news, analysis, earnings and data. Futures data from IG on Wednesday morning suggests London's FTSE will open 6 points higher at 8,788, Germany's DAX up 56 points at 24,135, France's CAC 40 up 20 points at 7,780 and Italy's FTSE MIB 60 points higher at 40,155. U.S. tariffs are once again in focus on Wednesday after President Donald Trump said last week that he will double tariffs on steel imports from 25% to 50% on June 4. The European Union criticized the hike, saying such a move "undermines" its trade deal negotiations with the U.S. An EU spokesperson said that the bloc was "prepared to impose countermeasures." Nonetheless, analysts say European steel buyers and some manufacturers could benefit from the higher metals tariffs as they could put downward pressure on steel prices in the region. — Holly Ellyatt People walk in front of the Polish Central Bank (NBP) in Warsaw, Poland, September 25, 2023. Kacper Pempel | Reuters It's a quiet day for earnings and data, although Spanish and Italian services purchasing managers' index data, which measures activity in the sector, will be released. Poland's central bank will also be announcing its latest monetary policy decision on Wednesday. — Holly Ellyatt Asia-Pacific markets advanced overnight, boosted by a tech rally on Wall Street that was led by chipmaker Nvidia on Tuesday. Shares in the artificial intelligence darling advanced nearly 3%, extending Monday's gains and driving Nvidia's market cap past Microsoft's for the first time since January. Chip companies Broadcom and Micron Technology rose more than 3% and 4%, respectively. President-elect Lee Jae-myung arrives to attend a public vote count broadcast event hosted by the Democratic Party near the National Assembly in Yeouido, Seoul, South Korea, on June 4, 2025. Nurphoto | Nurphoto | Getty Images South Korean markets also rose overnight as opposition party leader Lee Jae-myung won the presidential election. Meanwhile, U.S. stock futures were little changed early Wednesday after the S&P 500 notched a second straight day of gains. The recent comeback rally has investors increasingly confident stocks have turned a corner on tariffs, especially after a series of reversals from President Donald Trump convinced traders the White House is mainly wielding high levies as a negotiating tool. A federal court striking down Trump's tariffs just last week added to hopes the market has priced in the worst of the tariffs, though they were later reinstated temporarily by an appeals court. — Holly Ellyatt, Sarah Min and
