Latest news with #F‑35
Time of India
2 days ago
- Business
- Time of India
Canada's F-35 stealth jet ambition hit by 50 percent cost surge, US warning of military unpreparedness
A warning from the US Joint Strike Fighter Program Office puts the vision of the sleek F‑35 stealth fighter touching down on home soil by 2028 on hold. According to Canada's Auditor General Karen Hogan, a report released June 10 states that critical infrastructure, hangars, maintenance facilities, and secure networks built at Cold Lake, Alberta, and Bagotville, Quebec, 'weren't up to American standards'. This failing forced costly redesigns and delays. When US officials assessed readiness in June 2024, they rated Canada RED - indicating 'significant issues' that demanded senior-level intervention ahead of the planned December 2028 arrival of the first jets. 50 percent cost surge Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Ödeme? Dieses simple Haushaltsmittel reduziert Flüssigkeit Venen Kompass Weiterlesen Undo Canada's $19 billion plan to buy 88 F‑35As has ballooned to at least C$27.7 billion and could reach C$33.2 billion, nearly a 50 percent increase. Much of the overspend stems from fluctuating foreign exchange rates, inflation , outdated cost projections, and necessary interim infrastructure, on top of another C$5.5 billion needed for Full Operational Capability. Defence Minister David McGuinty accepted Hogan's findings. He said the department will perform annual cost reviews and manage risks, pressing on with procurement. The government expects delivery of the first 16 jets 'in the next several months,' with initial training in the US, and full operations in Canada by 2028. Live Events Pilot shortage threatens readiness Adding to the scramble, the Royal Canadian Air Force has suffered a chronic pilot shortage since at least 2018, undermining efforts to staff and fly the stealth fleet. Internal assessments show just 58 percent of personnel are ready for emergencies, and only 40 percent of fighter jets are deemed combat‑ready. Canada at a geopolitical crossroads Beyond infrastructure and cost, the issue touches national sovereignty. Relying on American control over F‑35 software and parts, some analysts argue, could leave Canada vulnerable at moments of political strain. The saga revived a fierce debate about whether Canada should seek alternatives like Sweden's Gripen or retain flexibility with future purchases. Prime Minister Mark Carney ordered a comprehensive review in March 2025, partly prompted by US policy pressures and trade tensions. Defense Minister David McGuinty blamed the cost overruns on inflation and the pandemic, but told journalists Tuesday that Canada was soon to receive its first 16 F-35s. 'We'll be taking possession of those 16 F-35 fighter jets in the next several months,' he added.
Economic Times
2 days ago
- Business
- Economic Times
Canada's F-35 stealth jet ambition hit by 50 percent cost surge, US warning of military unpreparedness
Reuters US issues red alert over Canada's F35 readiness citing failed infrastructure rising costs and defence shortfalls as Ottawa races to meet 2028 delivery deadline A warning from the US Joint Strike Fighter Program Office puts the vision of the sleek F‑35 stealth fighter touching down on home soil by 2028 on hold. According to Canada's Auditor General Karen Hogan, a report released June 10 states that critical infrastructure, hangars, maintenance facilities, and secure networks built at Cold Lake, Alberta, and Bagotville, Quebec, 'weren't up to American standards'. This failing forced costly redesigns and US officials assessed readiness in June 2024, they rated Canada RED - indicating 'significant issues' that demanded senior-level intervention ahead of the planned December 2028 arrival of the first jets. Canada's $19 billion plan to buy 88 F‑35As has ballooned to at least C$27.7 billion and could reach C$33.2 billion, nearly a 50 percent increase. Much of the overspend stems from fluctuating foreign exchange rates, inflation, outdated cost projections, and necessary interim infrastructure, on top of another C$5.5 billion needed for Full Operational Capability. Defence Minister David McGuinty accepted Hogan's findings. He said the department will perform annual cost reviews and manage risks, pressing on with procurement. The government expects delivery of the first 16 jets 'in the next several months,' with initial training in the US, and full operations in Canada by 2028. Adding to the scramble, the Royal Canadian Air Force has suffered a chronic pilot shortage since at least 2018, undermining efforts to staff and fly the stealth fleet. Internal assessments show just 58 percent of personnel are ready for emergencies, and only 40 percent of fighter jets are deemed combat‑ infrastructure and cost, the issue touches national sovereignty. Relying on American control over F‑35 software and parts, some analysts argue, could leave Canada vulnerable at moments of political strain. The saga revived a fierce debate about whether Canada should seek alternatives like Sweden's Gripen or retain flexibility with future purchases. Prime Minister Mark Carney ordered a comprehensive review in March 2025, partly prompted by US policy pressures and trade tensions. Defense Minister David McGuinty blamed the cost overruns on inflation and the pandemic, but told journalists Tuesday that Canada was soon to receive its first 16 F-35s. 'We'll be taking possession of those 16 F-35 fighter jets in the next several months,' he added.
The Market Online
2 days ago
- Business
- The Market Online
TSX Futures Quiet Following US-China Trade "Framework"
Futures tied to Canada's main index edged down Wednesday, as markets shrugged off a vague U.S.-China trade 'framework' that offered little to move the needle. Market Numbers (Futures) TSX :Down ( 0.01%) 26,423.67TSXV: Down (1.18%) 717.30DOW: Down (0.21%) 42,820.00NASDAQ: Down (0.16%) 21,927.50 FTSE: Up (0.56%) 8,881.55 In the Headlines: Ottawa is dragging its feet on downsizing federal office space, cutting just 2% since 2019—well short of its 50% target by 2034. And Canada's Auditor-General has warned that Canada's purchase of 88 F‑35 fighter jets is now facing a nearly 50% cost escalation—topping C$27.7 billion triggering fresh scrutiny from Ottawa. Currencies Update: (Futures) The Canadian dollar stepped down by 0.10% this morning to $0.7301 US, also sank against the Euro by 0.17% to $0.6379 and Bitcoin lags behind by 0.07% to 149,746.75 Commodities: (Futures) Natural Gas: Up (2.14%), 3.61WTI: Up (1.53%), 65.97Gold: Up (0.38%), 3,334.88 Copper: Down (0.74%) 6.05 To stay up-to-date on all of your market news head to Join the discussion: Find out what everybody's saying check out the rest of Stockhouse's stock forums and message boards. The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here
Arabian Post
2 days ago
- Business
- Arabian Post
F-35 Procurement Halved as Pentagon Reprioritises Budget
Pentagon officials have trimmed the U.S. Air Force's F-35A fighter jet order dramatically, requesting just 24 aircraft in fiscal year 2026—cutting it by half from the previously projected 48 jets. The revised procurement proposal, submitted to Congress, seeks approximately $3.5 billion for the jets and an additional $531 million set aside for advance materials procurement. This downsizing is part of a broader strategy by the Department of Defence to shift funding toward emerging defence priorities and cost-saving measures. The Navy and Marine Corps are also affected: the Navy's carrier variant request has dipped from 17 to 12 aircraft, and the Marine Corps' numbers have been reduced by two. Analysis indicates that delays tied to the F-35's TR-3 software upgrade have created bottlenecks in deliveries. Lockheed Martin paused shipments for software integration and sustainment testing; Congress also withheld acceptance of about 20 jets until those issues are resolved. Despite these setbacks, Lockheed still managed to deliver 110 F‑35s globally in 2024, and the F‑35 programme continues to represent approximately 30 percent of the company's annual revenue. Defence analysts describe the halving of F‑35A orders as both a fiscal recalibration and a window of opportunity. One investment commentary noted that while the short‑term cut may rattle markets, the production backlog and sustained international demand—especially among NATO allies—could help cushion Lockheed's pipeline. Already, partner nations such as the UK, Italy and the Netherlands have active procurement plans, while recent buyers like Germany, Greece, Singapore and Romania are proceeding with their orders. ADVERTISEMENT The shift comes amid a wider Pentagon push to realign procurement budgets; recent directives aim for an 8 percent reduction in total defence spending over five years. Cuts will support new programmes such as the F‑47 sixth‑generation fighter, Collaborative Combat Aircraft drones, hypersonic weapons and border security initiatives. House appropriations hearings have highlighted this transition, with Pentagon leaders confirming investment of more than $4 billion in next‑generation combat platforms in fiscal 2026, including funding for the F‑47 and the CCA 'loyal wingman' drones. Secretary of Defence Pete Hegseth described these as vital to maintaining air dominance in increasingly contested environments. Lockheed Martin has urged stakeholders to view the F‑35 as a long‑term strategic asset. The company's finance chief told investors that a final contract is anticipated once TR‑3 upgrades are cleared, signalling confidence in the jet's future viability. International sales remain central. With over $176 billion in export backlog at the end of 2024, Lockheed's reliance on foreign partners has grown. The U.S. share of global F‑35 orders has dropped from 70 percent a decade ago to about 55 percent today. Advocates argue that the jet's fifth‑generation stealth and interoperability continue to give it a unique edge over systems like Saab's Gripen E or Dassault's Rafale. Still, risks persist. Continued TR‑3 roll-out delays could erode confidence, and broader fiscal dynamics—such as the fate of reconciliation spending and geopolitical tensions—could further influence procurement. Meanwhile, the U.S. Navy is forging ahead with its own next‑generation development: opting out of Lockheed for the F/A‑XX carrier fighter competition in favour of Boeing and Northrop Grumman designs. The Navy will continue to acquire F‑35C jets, purchasing them alongside future carrier‑based platforms. Budget documents reveal the Air Force intends to allocate $24.8 billion to aircraft procurement in FY 2026. F‑35A purchases form a smaller slice of that pie, with funds also directed to the hypersonic ARRW missile, Boeing's F‑15EX fighters, T‑7A trainers, and KC‑46A refuellers. In the meantime, Lockheed is focusing on resolving the TR‑3 integration challenges and progressing Block 4 upgrades—critical for retaining export competitiveness and meeting evolving defence needs. Despite reduced U.S. orders, strong international demand and technological advancement keep the F‑35 programme poised for continued relevance.
