Latest news with #InternationalAerospaceExhibitionILA
Straits Times
6 days ago
- Business
- Straits Times
Spain rules out buying F-35, choosing between Eurofighter or FCAS
Sign up now: Get ST's newsletters delivered to your inbox FILE PHOTO: A Lockheed Martin F-35 fighter jet performs during the International Aerospace Exhibition ILA on the opening day at Schoenefeld Airport in Berlin, Germany June 5, 2024. REUTERS/Axel Schmidt/File Photo MADRID - Spain is no longer considering the option of buying U.S.-made F-35 fighter jets and is choosing between European-made Eurofighter and the so-called Future Combat Air System (FCAS), a defence ministry spokesperson said on Wednesday. El Pais newspaper had reported earlier on Wednesday the government had shelved plans to buy the F-35, which is manufactured by U.S. aerospace giant Lockheed Martin. The government had earmarked 6.25 billion euros ($7.24 billion) in its 2023 budget to buy new fighter jets, El Pais said. But the Spanish government's plan to spend most of the additional 10.5 billion euros for defence this year in Europe made it impossible to acquire U.S.-made fighter jets, the newspaper reported. Spain's Socialist Prime Minister Pedro Sanchez announced plans earlier this year to increase spending on defence to meet the current NATO target of 2% of gross domestic product this year, and later refused to raise spending to 5% in the longer run. Sanchez's position was heavily criticized by U.S. President Donald Trump, who threatened to impose additional tariffs on the country's goods. Spokespeople for Lockheed Martin and the U.S. embassy in Madrid did not immediately respond to requests for comment. Top stories Swipe. Select. Stay informed. Singapore Recent rail disruptions disappointing and 'we can and will do better': Jeffrey Siow Singapore 'It's either my life or the dog's': NSF rescues lost dog which was hit by car in Bedok Singapore Migrant workers who saved driver from sinkhole get SCDF awards, mobile data and goodie bags Singapore 81 primary schools to hold ballot for Phase 2C of Primary 1 registration Singapore COE premiums rise in all categories except motorcycles; Cat B at $123,498, highest since Dec 2023 Singapore 19 drivers nabbed over illegal ride-hailing services in Singapore and across border with Malaysia World A 'Huawei moment' looms as US gears up to sell AI-in-a-box to South-east Asia Singapore Man recruited victim to open bank account, forced him to drink urine after account was frozen Eurofighter is manufactured by Airbus, BAE systems and Leonardo, while FCAS is being developed by Dassault Aviation, Airbus and Indra Sistemas. REUTERS
The Star
7 days ago
- Business
- The Star
Spain shelves plans to buy F-35 fighter jets, El Pais reports
FILE PHOTO: A Lockheed Martin F-35 fighter jet performs during the International Aerospace Exhibition ILA on the opening day at Schoenefeld Airport in Berlin, Germany June 5, 2024. REUTERS/Axel Schmidt/File Photo MADRID (Reuters) -Spain has shelved plans to buy F-35 fighter jets, manufactured by U.S. aerospace giant Lockheed Martin, El Pais newspaper reported on Wednesday, citing unidentified government sources. The government had earmarked 6.25 billion euros ($7.24 billion) in its 2023 budget to buy new fighter jets, El Pais said. But the Spanish government's plan to spend most of the additional 10.5 billion euros for defence this year in Europe made it impossible to acquire U.S.-made fighter jets, the newspaper reported. Spain's Socialist Prime Minister Pedro Sanchez announced plans earlier this year to increase spending on defence to meet the current NATO target of 2% of gross domestic product, and later refused to raise spending to 5% during a summit in June. Sanchez's position was heavily criticized by U.S. President Donald Trump, who threatened to impose additional tariffs o the country's goods Spokespeople for Spain's Defence Ministry and for Lockheed Martin did not immediately respond to requests for comment. ($1 = 0.8634 euros) (Reporting by Inti Landauro; Editing by Andrew Heavens)
Straits Times
11-07-2025
- Business
- Straits Times
Germany has no plans to buy additional F-35 fighter jets, defence ministry says
Sign up now: Get ST's newsletters delivered to your inbox FILE PHOTO: A Lockheed Martin F-35 fighter jet performs during the International Aerospace Exhibition ILA on the opening day at Schoenefeld Airport in Berlin, Germany June 5, 2024. REUTERS/Axel Schmidt/File photo BERLIN - Germany has no plans to procure additional F-35 fighter jets, a defence ministry spokesperson said on Friday, denying a Politico report that the country planned to grow its planned fleet to 50. So far, Germany has ordered 35 of the U.S.-made jets to replace a total of 85 ageing Tornado fighter jets that will be decommissioned. "The defence ministry currently has no plans to procure additional F-35s beyond the 35 F-35s already contractually agreed," the spokesperson said at a regular news conference. A military source told Reuters that the figure of 15 additional F-35 jets had been part of previous considerations, but that the numbers needed to be adapted after NATO's new targets for weapons and troop numbers. The new targets suggest the initial figure was not large enough and the actual number of additional F-35s needed might be bigger in the end, although the source would not confirm this. The Politico report comes amid tensions between Germany and France on the joint Franco-German fighter jet FCAS partnership after a report earlier this week that France now wants a workshare of 80%. The demand would scrap the agreed division of tasks and possibly stop the project from entering its next phase, an industry source told Reuters. Top stories Swipe. Select. Stay informed. Singapore Nuclear safety research gets boost with new institute, $66m funding as S'pore weighs energy viability Singapore Man who killed 5-year-old daughter gets life sentence after he appeals against 35-year jail term Singapore Judge declines to void alleged sham marriage in S'pore, says it is for Parliament to decide Business OCBC CEO Helen Wong to retire on Dec 31; Tan Teck Long named successor Singapore More than 14,300 people checked during 7-week-long anti-crime ops Opinion The unspoken reason people sometimes quit their jobs: Loneliness Singapore S'porean who defaulted on NS obligations used fake Malaysian passports at checkpoints over 800 times Business CEO salaries: At Singapore's top companies, whose pay went up and whose saw a drop? German Chancellor Friedrich Merz said on Wednesday that differences remained on the configuration of the FCAS project, which has been plagued by delays and infighting over workshare and intellectual property rights. REUTERS
Straits Times
11-07-2025
- Business
- Straits Times
Germany plans to buy additional 15 F-35 fighter jets, Politico reports
Sign up now: Get ST's newsletters delivered to your inbox FILE PHOTO: A Lockheed Martin F-35 fighter jet performs during the International Aerospace Exhibition ILA on the opening day at Schoenefeld Airport in Berlin, Germany June 5, 2024. REUTERS/Axel Schmidt/File photo BERLIN - Germany plans to buy 15 additional F-35 fighter jets, Politico reported on Friday citing several people familiar with the matter, a move that would increase the country's planned fleet of the U.S.-made jet to 50. The report comes amid tensions between Germany and France on the joint Franco-German fighter jet FCAS project, after a report earlier this week that France now wants a workshare of 80%. The German defence ministry did not immediately responded to a request for comment from Reuters. German Chancellor Friedrich Merz said on Wednesday that differences remained on the configuration of the project, which has been plagued by delays and infighting over workshare and intellectual property rights. Should France stick to its demand, the resulting differences among project partners would make it unlikely that the project could enter its next phase as scheduled by the end of this year, an industry source told Reuters. REUTERS
Straits Times
07-05-2025
- Business
- Straits Times
Push to allow Norway's wealth fund to invest in defence companies falters
FILE PHOTO: A Lockheed Martin F-35 fighter jet performs during the International Aerospace Exhibition ILA on the opening day at Schoenefeld Airport in Berlin, Germany June 5, 2024. REUTERS/Axel Schmidt/File Photo OSLO - Opposition efforts to allow Norway's $1.8 trillion wealth fund, the world's largest, to invest in large defence companies appear to be faltering, according to lawmakers involved in the process. The fund follows ethical rules decided by parliament that prevent it from buying stakes in the likes of Airbus, Boeing, BAE Systems and Lockheed Martin on the grounds they make components for nuclear weapons. Two opposition parties, the Conservatives and the Progress Party, have in recent months called on lawmakers to change the fund's guidelines on that point, coming at a time when European countries are ramping up military investment. Support for change also came from the head of the central bank, which operates the fund, who said in February Norway "must be open to the possibility that what is considered to be ethically acceptable may change as the world again becomes marked by military rearmament and growing tensions between countries". The Conservatives say it is no longer reasonable to exclude companies that make equipment critical to Norway and its allies' battle power. The fund can invest in defence companies if they are not involved in the production of nuclear weapons and is therefore invested in the likes of Rheinmetall or Leonardo. But the guidelines prevent the fund from investing in several major defence companies. Progress, meanwhile, is presenting a private member's bill, which argues it is hypocritical of Oslo to ban its fund from buying shares in Lockheed Martin while buying 52 F-35 fighter jets from the U.S. defence contractor at the same time. "This is to make capital available to the defence industry, which is especially necessary now," one of the co-authors of the bill, Hans Andreas Limi, told Reuters. They would require support from other parties to overturn the will of the minority Labour government and allow one of the world's largest investors to allot billions of dollars to defence companies. This could in turn encourage other investors sceptical of the defence industry to reconsider their views, given the fund has long been a leading voice on matters of ethical investing. LACK OF SUPPORT But supporters of the change appear to be facing an uphill battle. Among those opposing the change, is the finance ministry, led by no other than former NATO Secretary General Jens Stoltenberg of the Labour Party. "We believe it is too early for another full review of the guidelines now," Deputy Finance Minister Ellen Reitan told Reuters. She said there had to be a broad consensus in parliament and reviews of the fund's ethical criteria should not be made on an ad hoc basis. "Over time, it may be appropriate to change the criteria in the guidelines. Such changes should be made on the basis of comprehensive and thorough assessments where the criteria are seen in context," she said. In a sign of its opposition, the finance ministry did not mention a possible change in its white paper on the fund in April. The paper would be the natural place to flag the issue if it were to be debated and voted on in parliament in the coming weeks. A key vote could come from the Centre Party, but it also appears to be against the proposed change. "To have calm around the fund is important, and a guarantee of its perennity, so I think it is wise to proceed very carefully," Trygve Slagsvold Vedum, the leader of the Centre Party, who until January was finance minister, told Reuters. Other parties, such as the Greens, concur. "It is true that we are in a phase of massive military armament, which we need to support," Rasmus Hansson, parliamentary leader for the Greens, told Reuters. "But we see no reason for it to be necessary for the Norwegian sovereign wealth fund to profit from this rearmament." REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
