Putin may meet U.S. envoy Witkoff this week during Ukraine talks
On Monday, the Kremlin announced that Russian President Vladimir Putin may meet U.S. envoy Steve Witkoff this week as part of ongoing efforts to media...
Global arms sales surged 4.2% in 2023, reaching $632 billion, driven by conflicts, rearmament, and geopolitical tensions, a SIPRI report reveals.
Global arms sales by the top 100 manufacturers rose by 4.2% year-on-year to $632 billion in 2023, according to a SIPRI report.
Companies in Russia and the Middle East recorded the sharpest revenue increases, driven by heightened demand linked to conflicts in Gaza and Ukraine, East Asian tensions, and global rearmament efforts.
Nearly three-quarters of the top arms producers reported growth, with revenues recovering after a dip in 2022. However, firms like Lockheed Martin and RTX faced declines due to supply chain issues affecting aeronautics and missile production.
US-based companies, accounting for 50% of global arms revenues, reached $317 billion, while European producers saw marginal growth, focusing on older contracts. In contrast, Germany, Sweden, and Eastern European manufacturers experienced significant gains due to the Ukraine war’s demand for munitions and defence systems.
Russian companies saw a 40% increase in revenue to $25.5 billion, with Rostec leading the surge through increased production and modernisation of military equipment. Asian arms makers reported a 5.7% revenue hike to $136 billion, driven by South Korea and Japan’s military build-ups.
Middle Eastern firms grew by 18% to $19.6 billion, with Israeli arms producers setting revenue records amid the Gaza conflict. Türkiye's Baykar, known for UAV exports, saw its revenues rise by 25% to $1.9 billion, with exports constituting 90% of sales.
SIPRI anticipates continued growth in 2024 as demand intensifies across regions.
The world’s biggest dance music festival faces an unexpected setback as a fire destroys its main stage, prompting a last-minute response from organisers determined to keep the party alive in Boom, Belgium.
According to the German Research Centre for Geosciences (GFZ), a magnitude 5.7 earthquake struck the Oaxaca region of Mexico on Saturday.
Australian researchers have created a groundbreaking “biological AI” platform that could revolutionise drug discovery by rapidly evolving molecules within mammalian cells.
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A series of earthquakes have struck Guatemala on Tuesday afternoon, leading authorities to advise residents to evacuate from buildings as a precaution against possible aftershocks.
OPEC+ will increase oil production by 547,000 barrels per day in September after eight members of the organisation held a brief virtual meeting on Sunday. They said the company will continue to accelerate its output hikes to regain market share.
McDonald's plans to significantly expand its investments in artificial intelligence by 2027, with India expected to play a central role in data governance, engineering, and platform development, a senior executive said on Friday.
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