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The National
12 hours ago
- The National
Europe faces $1 trillion military bill to match US might on continent
President Donald Trump is offering security guarantees for Ukraine and the wider European region as part of a peace process, which prompts the question: what is the US military's role on the continent worth? Removing American might from the European equation raises queries over how much dozens of countries can invest to match the level of military readiness on offer today. The cost for Europe 's defence in the event of a US military withdrawal following a Ukraine peace deal would be $1 trillion, according to a think tank. That estimated total cost above $1 trillion would stem from the boosting of defence spending back to Cold War levels in terms of individual nations' GDP. The IISS estimate covers both one-off procurement outlays of almost $400 billion as well as support and associated costs over a 25-year assumed lifespan. The additional purchases would be triggered as a first step during a 'window of vulnerability' in which a dramatic increase in defence spending would be needed just to stand still. This means building 600 tanks and 10 nuclear submarines and adding 400 fighter jets, the International Institute for Strategic Studies (IISS) said. That would need to be done at speed to meet a resurgent Russian threat, with the likelihood that Moscow would have reconstituted its forces by 2027. Russia's economy is already on a war footing, so it has the ability to produce 2,700 attack drones a month, and has an army that is experienced in modern warfare. Europe's Nato states have promised to increase their defence budgets from 2 per cent to 3 per cent of GDP. The bill would suddenly go much higher if the US started to withdraw 128,000 service personnel and their kit to concentrate on the Indo-Pacific region. As US Vice President JD Vance has said, Europe must 'step up in a big way to provide for its own defence'. This will require the continent's powers to 'reduce dependencies on the US and, in extremis, to prepare for a Nato without any US role', the IISS report stated. Fighter jets The most expensive single item would be the purchase of 400 tactical combat aircraft, and training the pilots to fly them. But having many more squadrons of F-35 stealth fighters, Eurofighters and F-16s would give Europe a significant edge over Russia's depleted air force. This new air armada would cost up to $64 billion but Europe would also need other aircraft currently supplied by the US, including 15 P-8 Poseidon submarine hunters ($4.8 billion) and 200 attack helicopters, such as the Apache ($12 billion). It would at the very least need a further 50 Reaper combat drones ($3 billion), given the game-changing impact of drones in the Ukraine-Russia war. All its aircraft would need missiles, from Meteor air-to-air weapons to Storm Shadow cruise missiles, with a further 7,000 required at a high end cost of $16 billion. Tanks and missiles With drones making armoured warfare a much trickier undertaking, the 600 extra main battle tanks ($18 billion) required, such as the US-made Abrams or German Leopard 2, would also need to be more resilient. Infantry fighting vehicles, which have proven their worth in Ukraine by protecting troops and providing firepower, would be a priority. A further 2,400 of all types would be necessary, costing $25 billion. Given the importance of artillery, far more will be required, with at least 100 guns ($2.2 billion) and many more short or medium-range missiles such at the US-supplied Atacms, which have proven effective in Ukraine. A total of 400 Atacms would be needed, as well as 27 extra air-defence batteries, such as the Patriot ($35 billion), which have been vital in defending Ukraine's civilians and infrastructure. Essentially, on land the continent would need an additional three armoured divisions to cover the US absence. Warships and subs A war at sea will require significant European upgrades to combat Moscow's powerful Northern Fleet in the North Sea and Baltic Sea. An additional 10 nuclear submarines ($22 billion), such as the British-made Astute class, would be required, even though they take a decade to build, along with a destroyer force of 20 extra ships ($50 billion). A further four aircraft carriers would be necessary at a cost of $13.6 billion. These will all need more missiles, from cruise to air defence and torpedoes totalling $25 billion, according to the IISS estimate. Arms budgets Given that much of the above will take years to assemble, alongside willingness among European powers to finance it, the continent would face a 'considerable window of vulnerability' without US support, the report said. Therefore, it might not have 'much time to prepare for a Russian threat to allied territory' and would face 'a wide range of capability gaps'. Europe would face stark choices on how to fill them, especially with aircraft production at global aerospace factories already at high capacity. In the short term this would be 'very challenging', but given a few more years it 'would not be an impossible task', the authors suggested.
Zawya
13 hours ago
- Zawya
ISCA Launches $2 Million Career Support Programme to Help Jobseekers Pivot into Accountancy Profession
SINGAPORE - Media OutReach Newswire - 19 August 2025 - With the demand for accountancy and finance professionals growing amid Singapore's transition to a digital and sustainable economy, the Institute of Singapore Chartered Accountants (ISCA) today launched a $2 million Career Support Programme to help jobseekers and mid-career individuals pivot confidently into the accountancy profession. Unveiled by Ms Indranee Rajah, Minister in the Prime Minister's Office, Second Minister for Finance and National Development at ISCA's Annual Dinner, the initiative is designed to provide both practical career support and financial relief at a time when many Singaporeans are seeking to reskill and future-proof their careers. Developed in partnership with the Employment and Employability Institute (e2i) and Workforce Singapore (WSG), the Career Support Programme includes: Professional Affiliation & Recognition – Eligible jobseekers will enjoy ISCA membership fee waivers, gain recognition through ISCA credentials, and access structured pathways to professional designations. Learning & Upskilling Support – Complimentary networking events, talks, and e-learning via ISCAccountify, alongside a "Skills First, Pay Later" scheme that lets participants train first and only pay when they secure employment. AI-enabled ISCA Talent Marketplace – As the programme's centrepiece, this platform connects jobseekers with employers, conducts personalised skills-gap analyses, and provides tailored recommendations for next career steps. Since its soft launch in July, the platform has featured over 100 job postings by 28 employers, and over 150 job profiles created by jobseekers. The roles range from sustainability, AI consultancy to business finance and traditional accountancy roles. Accountancy careers continue to experience sustained demand and the diversity of roles across industries offer opportunities for professionals who are open to upskill and expand their skillsets or even do a career switch. Professionals from general administration, customer care, engineering and equity investment who have leveraged WSG's Career Conversion Programmes have successfully pivoted to assurance and financial accounting roles. Ms Dilys Boey, Chief Executive, WSG, said: "The ISCA Career Support Programme offers a robust platform that guides individuals into accountancy careers. The synergy between WSG's career advisory services and ISCA's AI-enabled Talent Marketplace as well as industry expertise creates more opportunities for Singaporeans to join the sector at any career stage. This partnership not only enhances employment outcomes but also makes accountancy a more accessible career choice for all. Together with ISCA, we're committed to helping Singaporeans discover and pursue meaningful careers whilst enabling companies to fulfil their talent requirements." The Career Support Programme will also prepare professionals for the impact of AI on jobs. According to the World Economic Forum's Future of Jobs Report 2025, global macro trends will create about 170 million new jobs this decade while displacing 92 million roles. Technological skills, especially AI and big data, are projected to grow in importance more rapidly than any other skills in the next five years. In anticipation of these shifts, ISCA had committed $2 million to spearhead its AI for Accountancy Industry (AI for AI) initiative through a multi-pronged approach. Through research, education, and adoption, the initiative will support firms and accountants in effectively harnessing AI across audit, non-audit, and commercial sectors. ISCA President Mr Teo Ser Luck said: "AI will fundamentally reshape the accountancy sector and fuel demand for accountants with new skills to thrive in the digital economy. The ISCA Career Support Programme reflects our strong commitment to the profession and its people. By providing resources, financial relief, and practical tools such as the AI-enabled ISCA Talent Marketplace, we aim to support individuals — whether they are new entrants to the profession or experienced accountants displaced by change — through skill-gap training and career opportunities. Our goal is to help them find their footing, stay relevant, and move forward with clarity and purpose." Hashtag: #CareerSupportProgramme #CSP #Jobs #AI #Accountancy The issuer is solely responsible for the content of this announcement. Institute of Singapore Chartered Accountants (ISCA) The Institute of Singapore Chartered Accountants (ISCA) is the national accountancy body of Singapore with over 40,000 ISCA members making their stride in businesses across industries in Singapore and around the world. ISCA members can be found in over 40 countries and members based out of Singapore are supported through 12 overseas chapters in 10 countries. Established in 1963, ISCA is an advocate of the interests of the profession. Complementing its global mindset with Asian insights, ISCA leverages its regional expertise, knowledge, and networks with diverse stakeholders to contribute towards the advancement of the accountancy profession. ISCA administers the Singapore Chartered Accountant Qualification programme and is the Designated Entity to confer the Chartered Accountant of Singapore – CA (Singapore) – designation. ISCA is a member of Chartered Accountants Worldwide, a global family that brings together the members of leading institutes to create a community of over 1.8 million Chartered Accountants and students in more than 190 countries. For more information, visit Institute of Singapore Chartered Accountants (ISCA)
Zawya
15 hours ago
- Zawya
Indonesia raises $554mln from Islamic bond auction
Indonesia raised 9 trillion rupiah ($554 million) on Tuesday in an Islamic bond auction, matching the indicative target, its finance ministry said. Total incoming bids were 33.11 trillion rupiah, lower than the 43 trillion rupiah in the previous auction on August 5. ($1 = 16,235.0000 rupiah) (Reporting by Stanley Widianto Editing by Mark Potter)
