Europe needs a significant military upgrade to defend itself against Russia, irrespective of U.S. involvement, according to a joint report by the European think tank Bruegel and the Kiel Institute for the World Economy. The report outlines that Europe’s immediate priority must be the continued support for Ukraine, whose military currently serves as the most...
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Category: Investment Security
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Canada Allocates $6M to Advance Quantum Tech Development
Canada is investing $5.7 million to advance quantum technology, National Revenue Minister Elisabeth Briere announced Thursday. The funding will be distributed through the Canada Economic Development for Quebec Regions’ Support for Regional Quantum Innovation initiative. The tech grants aim to support small and medium enterprises and nonprofit organizations in Sherbrooke, Quebec. The following organizations will...
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Northrop, Hanwha Partner to Support South Korea’s Mine Countermeasure Initiative
Northrop Grumman has signed a memorandum of understanding with South Korean conglomerate Hanwha to advance Seoul’s Mine Countermeasures Helicopter program. The deal continues the U.S. aerospace company’s long history of working with the country’s Defense Acquisition Program Administration. The deal with Hanwha follows the collaboration between Northrop and defense and aerospace communications company Genohco in...
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EU Mulls Easing Budget Rules to Boost Defense Spending
The European Commission is poised to act on proposals aimed at relaxing budget rules to enable European Union member states to boost defense spending, according to Executive Vice President Valdis Dombrovskis. Ahead of a meeting of EU finance ministers in Brussels, Dombrovskis emphasized that the EC plans to work on specific modalities in the coming...
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EDGE Business, Lockheed Martin to Explore Opportunities in the UAE
EPI, an EDGE business focused on advanced precision engineering solutions, has signed a letter of intent with Lockheed Martin to explore opportunities in several defense domains that would drive the United Arab Emirates industrial growth, national defense capabilities and self-sufficiency. The deal was formalized with government and business leaders in attendance, including Khaled Al Zaabi,...
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CAE Appoints New Chair, Board of Directors
Montreal-based aircraft simulation solutions provider CAE has named four new members to its board of directors: Calin Rovinescu, Peter Lee, Katherine A. Lehman and Louis Tetu. Rovinescu was nominated chair of the board, bringing years of experience as a corporate director, venture capital investor and senior adviser to several businesses. He succeeds Alan N. MacGibbon,...
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Safran Forms Partnership With Bharat Electronics for Weapons Manufacture in India
French company Safran Electronics & Defense and Bharat Electronics Ltd, an Indian government-owned company, have announced a joint venture to manufacture Safran’s smart precision-guided air-to-ground weapon in India. According to their memorandum of understanding announced Tuesday, the partnership will cover the sale, maintenance and customization of the French firm’s HAMMER weapon. HAMMER, which stands for Highly...
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Justin Hotard to Take Over as Nokia President, CEO
Finnish telecommunications company Nokia has named Justin Hotard as president and CEO, effective April 1. Hotard brings 25 years of experience driving innovation, delivering revenue growth and leading technology. He will be joining the company from Intel, where he is currently executive vice president and general manager of Data Center & Artificial Intelligence. Before joining...
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UK Spurs Construction of Small Nuclear Power Plants
The U.K. government is revising its nuclear energy policy to achieve the country’s goals of energy security and clean power. London announced in a statement Thursday that the revisions include integrating small nuclear power stations in policy planning to facilitate the plants’ construction in areas that need them. It added that Britain’s limit on eight...
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Riyadh Wooing Defense Companies With Incentives, Saudi Official Says
Saudi Arabia’s General Authority for Military Industries has invited defense companies to explore business opportunities in Saudi Arabia. GAMI Governor Ahmad Abdulaziz bin Al-Ohali, addressing participants at a recent defense and aerospace conference in Antalya, said the agency has partnered with industry stakeholders to create investment incentives for companies serving local and international defense markets....