Sweden’s defence and aviation company Saab has secured a 1.7 billion crown (approximately $159 million) contract from Germany to modernise and maintain the Taurus KEPD 350 cruise missiles for a ten-year period extending to 2035.
The contract, awarded by Taurus Systems—a joint venture between Saab and German missile systems firm MBDA Germany—calls for significant system upgrades and modernisation of the German Air Force’s TAURUS missiles, as well as comprehensive life cycle maintenance over the decade-long term.
Cruise missiles, which are noted for their low-altitude flight paths that help them evade detection by air defence radars, form a crucial component of Germany’s defence capabilities. The upgrade and maintenance programme is expected to ensure the operational readiness and technological relevance of the missile fleet well into the future.
Following the announcement, Saab’s shares experienced a notable surge, rising 10.8% in midday trading on the Stockholm stock exchange, after an earlier jump of up to 14% had pushed the stock to a record high. The strong market reaction comes as other European defence stocks also advanced amid growing expectations of increased military spending in the region following a recent summit of EU leaders.
The award underscores the continuing collaboration between Swedish and German defence industries and highlights ongoing investments in modernising military hardware to meet emerging security challenges.
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Start your day informed with the AnewZ Morning Brief. Here are the top stories for 21 March, covering the latest developments you need to know.
Chinese President Xi Jinping and German Chancellor Friedrich Merz agreed on Wednesday in Beijing to strengthen economic cooperation while addressing trade imbalances, market access concerns, and the war in Ukraine, during Merz’s first official visit to China since taking office.
New research suggests 40,000-year-old carved objects from south-western Germany bear repeated marks arranged in organised sign sequences similar to early proto-cuneiform, although they are not regarded as a form of writing.
Germany's ruling conservatives on Saturday (21 February) passed a motion to ban social media use for under 14s and introduce more stringent digital verification checks for teenagers, building momentum for such limits in Germany and elsewhere in Europe.
The pilot and co-pilot of an Air Canada Express regional jet were killed after it collided with a fire truck while landing at New York's LaGuardia airport late on Sunday, in an incident that closed the airport, authorities and U.S. media said.
President Donald Trump said the U.S. was considering "winding down" its military operation against Iran, as Iran and Israel traded attacks on Saturday (21 March) and Iranian media said the nuclear enrichment facility in Natanz had been attacked.
U.S. President Donald Trump warned that American forces could target Iranian power plants if the strategic Strait of Hormuz remains closed, and Iran, in return, warned that any attack on its energy infrastructure would trigger strikes on regional facilities.
Iran has launched long-range and intermediate-range ballistic missiles towards the joint U.S.-UK military base on Diego Garcia in the Indian Ocean, in what Israeli officials said was a major escalation in the war.
A British nuclear-powered submarine armed with Tomahawk cruise missiles has reportedly taken up position in the Arabian Sea, the Daily Mail reported on Saturday (21 March). The deployment gives the UK the ability to carry out long-range strikes if tensions in the Gulf escalate.
FinaFinal results from Slovenia’s parliamentary elections indicate a near tie between the Slovenian Democratic Party (SDS) and the liberal Freedom Movement Slovenia (GS), leaving neither side with a clear path to power.
Violent clashes broke out between police and opposition protesters in Tirana on Sunday (22 March) as demonstrators were demanding the resignation of the Albanian government following corruption allegations against the deputy prime minister.
In UK's capital, four ambulances belonging to a Jewish community organisation in north London were set ablaze, police said on Monday, adding that the incident was being treated as an antisemitic hate crime. Chief Rabbi Sir Ephraim Mirvis called the incident "sickening."
New Zealand will temporarily permit fuel meeting Australian standards to be imported for up to 12 months, the government said on Monday, as it seeks to mitigate supply risks linked to the Middle East conflict and soaring prices.
France's far-right National Rally (RN) failed to win the cities of Marseille and Toulon which they had hoped to claim in Sunday's municipal votes, a setback that gave hope to embattled mainstream parties ahead of next year's presidential election.
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