Latest news with #militaryequipment
Russia Today
35 minutes ago
- Business
- Russia Today
India's defense trade with Russia ‘rubbed US wrong way'
India's long-established arms trade with Russia has become a bone of contention with Washington, US Secretary of Commerce Howard Lutnick said while addressing the eighth US-India Strategic Partnership Forum on Tuesday. The commerce secretary noted that US President Donald Trump had explicitly raised these issues with New Delhi and claimed that the Indian government was 'taking steps to address' them. Lutnick also suggested that India is 'starting to move towards buying military equipment from the US.' 'There were certain things that the Indian government did that generally rubbed the United States the wrong way. For instance, you generally buy your military gear from Russia. That's a way to kind of get under the skin of America if you're going to buy your armaments from Russia,' he said. He added that India's participation in the BRICS group, which challenges the hegemony of the US dollar, is 'not really the way to make friends and influence people in America.' #WATCH | Washington DC | US Secretary of Commerce Howard Lutnick says, "...There were certain things that the Indian government did that generally rubbed the United States the wrong way. For instance, you generally buy your military gear from Russia. That's a way to kind of get… Currently, around 60% of the Indian military's equipment is of Russian origin. After the recent standoff with Pakistan, Modi praised the prowess of the country's air defense on Tuesday, particularly noting the performance of its Russian-made S-400 systems. 'Platforms like the S-400 have given unprecedented strength to the country,' Modi said in an address to the soldiers. The systems were acquired from Russia in 2016 at a cost of $5.4 billion, in defiance of a US threat to impose sanctions. Additionally, last month, India inaugurated a production unit for the BrahMos supersonic cruise missile in the northern state of Uttar Pradesh. The new facility will help New Delhi increase its defense stockpiles in light of what is a volatile security environment. Lutnik made his remarks on India's trade with Russia in the context of negotiations about a trade deal with India. While he reiterated Trump's view of India as 'very protectionist,' with tariffs on certain items reaching 100%, he said the countries are close to finalizing a trade pact that would benefit both. Lutnik stressed he is 'very optimistic' about reaching a deal with India 'in a not too distant future.' The US is India's largest trading partner, with bilateral trade reaching $131 billion in the last fiscal year, according to government data. India exports more to the US than it imports, resulting in a trade surplus of over $41 billion. Meanwhile, New Delhi and Moscow have set a target of increasing bilateral trade to $100 billion over the next five years. Bilateral trade between the two nations skyrocketed since 2022 to cross the $60 billion mark despite immense pressure from the West on New Delhi to cut economic and political ties with Moscow.
Fox News
a day ago
- Business
- Fox News
Foreign nationals charged amid Trump visa crackdown for scheme to smuggle US military equipment into China
Two foreign nationals have been charged for their role in a scheme to smuggle U.S. military equipment and technology — including missiles — into China, according to the U.S. Justice Department. The charges come as President Donald Trump and his administration have launched multiple efforts to beef up the vetting process for foreigners seeking visas in the U.S., particularly those from China. Cui Guanghai, 43, of China, and John Miller, 63, of the United Kingdom, were charged with interstate stalking and conspiracy to commit interstate stalking, conspiracy, smuggling and violating the Arms Export Control Act, the Justice Department announced Friday. Prosecutors believe that Cui was working on behalf of the Chinese government, according to court documents. Court documents allege that Cui, who is based in China, and Miller, who is a permanent resident in the U.S., sought to procure military equipment including missiles, an air defense radar, drones and cryptographic devices starting in November 2023. The two allegedly coordinated with two other individuals, who, unbeknownst to Cui and Miller, were working on behalf of the FBI, on ways to export the cryptographic device to China. Cui and Miller allegedly discussed how to hide the cryptographic device in a blender, other small electronics or a motor starter — or ship the device to Hong Kong first — to avoid detection. They paid $10,000 as part of a deposit for the cryptographic device, court documents say. Additionally, Cui and Miller allegedly recruited two people to help them conduct a scheme that sought to silence an unnamed U.S. citizen from speaking out against Chinese President Xi Jinping's appearance at the Asia Pacific Economic Cooperation summit in November 2023, court documents say. Specifically, both Cui and Miller allegedly orchestrated a plot to surveil the U.S. citizen, install a tracking device on his or her car, slash the car's tires, and purchase and destroy a pair of statues the U.S. citizen created of Xi and Xi's wife. However, the individuals that Cui and Miller allegedly recruited were actually working in coordination with the FBI, according to court documents. "The defendants targeted a U.S. resident for exercising his constitutional right to free speech and conspired to traffic sensitive American military technology to the Chinese regime," Deputy Attorney General Todd Blanche said in a statement Friday. "This is a blatant assault on both our national security and our democratic values. This Justice Department will not tolerate foreign repression on U.S. soil, nor will we allow hostile nations to infiltrate or exploit our defense systems." Cui and Miller were arrested by Serbian law enforcement officials in April at the request of the U.S. government and are currently detained in Serbia. The Justice Department said it is working with the Serbian government regarding their pending extraditions. If convicted, Cui and Miller face up to five years in a U.S. prison for conspiracy, up to five years for interstate stalking, up to 10 years for smuggling, and up to 20 years for violating the Arms Export Control Act. The Embassy of the People's Republic of China in the U.S. did not immediately respond to a request for comment from Fox News Digital. Meanwhile, a spokesperson for the U.K.'s Foreign, Commonwealth and Development Office told Fox News Digital that it is providing consular assistance to Miller following his arrest and "are in touch with the local authorities and his family." Separately, the State Department has unveiled a series of initiatives aimed at bolstering the screening process for various visa applicants seeking to come to the U.S. For example, Secretary of State Marco Rubio announced in May that the agency was planning to "revise visa criteria to enhance scrutiny of all future visa applications" for those originating from China and Hong Kong.
Yahoo
3 days ago
- Business
- Yahoo
‘It Is Going to Happen': JPMorgan CEO Jamie Dimon Warns of Crack in the Bond Market
JPMorgan Chase CEO Jamie Dimon warned of a crack in the bond market and said the U.S. should be stockpiling military equipment instead of Bitcoin at an economic forum on Friday. Dimon, who was interviewed on stage at the Reagan National Economic Forum in Simi Valley, Calif., prompted some market jitters during Friday's sideways trading session. Asked if he thought so-called 'bond vigilantes' that sell U.S. Treasuries due to worries about growing deficits have returned, Dimon replied 'Yeah.'
Reuters
22-05-2025
- Business
- Reuters
UK signs $2 billion contract extension with defence firm QinetiQ
LONDON, May 22 (Reuters) - Britain said on Thursday it signed a 1.5 billion pound ($2.01 billion) five-year contract extension with defence company QinetiQ for it to provide testing and evaluation of military equipment, including missile firings and test pilot training. ($1 = 0.7457 pounds)
Telegraph
20-05-2025
- Business
- Telegraph
Cambridge college cuts ties with arms firms after Gaza backlash
A University of Cambridge college has announced it will divest from arms companies after long-running student protests over the war in Gaza. King's College said on Tuesday it would cut its financial ties with defence firms to 'align our approach to investments with the values of our community'. A spokesman said the decision was 'prompted by the occupation of Ukraine and Palestinian territories' and made following advice from 'external experts'. It is the first Oxbridge college to announce it will divest from firms linked to the production of military equipment following a wave of student encampments following the outbreak of the conflict in the Middle East. King's College has been the epicentre of recent protest activity at Cambridge, with students holding a 100-day encampment on the lawn outside its main building on King's Parade last year. In an email to students, Dr Gillian Tett, the college's provost, said its governing body had voted on Monday night to divest from any companies that are 'involved in activities generally recognised as illegal or contravening global norms, such as occupation'. The move will also see King's College axe its financial links with organisations that 'produce military and nuclear weapons' or components used to make arms equipment. Dr Tett said the announcement 'builds on wide-ranging discussions within the college about the relationship between its investments and its values, prompted by the occupation of Ukraine and Palestinian territories'. She said the college would remove arms firms from its investment portfolio 'in the coming months and, we aim, by no later than the end of the calendar year'. King's College, which counts mathematician Alan Turing, Marxist historian Eric Hobsbawm and economist John Maynard Keynes among its late alumni, is thought to have about £2.2 million indirectly invested in more than 50 companies linked to arms production. An investigation by the Varsity student newspaper in 2023 found that the college's shares in the industry increased by more than £700,000 over the preceding five years. The college declined to disclose which companies it would now divest from when asked by The Telegraph. It also would not provide details of the amounts that had been invested. College says debate predates Gaza war A spokesman told The Telegraph that the conversation about arms divestment at Cambridge 'has been happening for years, well before the current conflicts in Ukraine and Palestine'. In a statement published on its website, King's College said it was keen to 'take account of ethical and other issues of social responsibility' in relation to its £300 million endowment fund. The college added that it had already 'fully divested from all direct investments in fossil fuels and invests positively in environmental markets'. King's College's governing body includes around 100 fellows, four elected students and its provost. In June 2024, the college announced a review of 'responsible investments' following a series of student demonstrations calling for it to divest from Israel-linked companies. The protests included a 'die-in' held on the college's lawn earlier that month. In May 2024, King's Cam for Palestine (KC4P), a student-led campaign group, disrupted an event held by Dr Tett and accused it of platforming 'Zionists and military affiliates'. The event was a discussion on 'feminism and cybersecurity' and its panel included the director of GCHQ, whom protesters accused of having 'reprehensible involvement in the genocide on Gaza '. King's College launched a 'responsible investment survey' in March this year, which was sent to all students at the college to collect views on arms investments. Campaigners call for other colleges to follow suit KC4P said on Tuesday that it welcomed the decision, which it claimed 'came as a result of sustained pressure from KC4P and the Cambridge for Palestine Coalition as a whole'. It added in a statement: 'KC4P implore the university and other colleges to follow the example set by King's, although the decision comes far too late for the thousands of Palestinians who have been starved, tortured and killed at the hands of the Israeli state.' Cambridge has been grappling with how to respond to student protests after dozens of encampments were organised at UK universities in the wake of Israel's response to the Oct 7 2023 attack by Hamas. The Russell Group university was granted a High Court injunction earlier this year to ban disruptive protests from certain areas of its campus until the end of July. Officials had claimed more than 1,600 students had graduation events disrupted by pro-Gaza demonstrations last year. King's College is considered the university's most politically active and has a reputation for radical politics. Its Left-wing history goes back to its founding in 1441 when it was established by King Henry VI to teach 12 scholars from poor backgrounds. Since then, the college has had one of the highest numbers of state school students at the university. In 2023, 91 per cent came from such a background. The flag of the Soviet Union infamously hung in its student bar for 14 years until 2018, when students at the college voted to have it removed. A string of public bodies have bowed to recent pressure to divest from arms companies, including at least nine local authorities that have pulled their pension fund investments in British defence companies. Dudley council in the West Midlands became the latest council to do so in March. The authority argued it could 'contribute towards peace' by scrapping millions of pounds of investment in firms involved 'directly or indirectly in arms production'. The council, which is under no overall control, passed the motion with the support of Labour and Liberal Democrat councillors. Four London councils – Camden, Islington, Tower Hamlets and Waltham Forest – have also taken similar action in recent months following lobbying from pro-Palestinian groups.
