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.
Germany's election-winning conservative CDU/CSU bloc, led by Friedrich Merz, and the Social Democrats (SPD) have reached an agreement in principle with the Greens on a significant increase in state borrowing ahead of next week’s parliamentary vote.
Chancellor-in-waiting Friedrich Merz has secured a breakthrough deal with the Greens, paving the way for a massive state borrowing boost. The agreement, crucial for economic growth and defense spending, sent the euro surging as markets reacted to the historic shift in Germany’s fiscal policy.
A 24-hour strike at key German airports on Monday left over half a million passengers stranded, with over 1,000 flight cancellations, as workers demand higher wages and better conditions.
Berlin’s airport has cancelled all flights for Monday in anticipation of a labour union strike, which is expected to affect over half a million travellers and disrupt thousands of flights at 11 airports across Germany.
Germany’s election winner Friedrich Merz and the SPD have wrapped up preliminary coalition talks, pledging stricter migration controls and economic reforms. Merz aims to finalise the deal by Easter, stressing Europe must strengthen itself amid shifting U.S. policies under Donald Trump.
Demonstrators in Mexico City urged the government to investigate a mass grave site in Jalisco.
An Israeli airstrike on Beit Lahiya killed 9 Palestinians as Hamas holds ceasefire talks in Cairo.
U.S. President Donald Trump signed an order cutting funding to Voice of America’s parent agency, forcing staff out.
Crowds in Aleppo and Damascus celebrated 14 years since the Syrian uprising that ousted Bashar al-Assad.
U.S. airstrikes on Yemen’s capital killed nine civilians as President Trump vowed to pressure Houthi rebels to halt maritime attacks.
XPeng Motors plans to mass-produce flying cars by 2026, becoming the first company globally to do so. CEO He Xiaopeng also highlighted advancements in autonomous driving and humanoid robotics as part of the company’s future tech initiatives.
World leaders welcomed the 30-day ceasefire proposal that Ukraine has agreed to, calling it a step toward ending the conflict with Russia.
In Tuesday’s closely watched parliamentary election, Greenland’s pro-business opposition Demokraatit party took a commanding lead after over 90% of the ballots were counted.
Regarding the Armenia-Azerbaijan process, we cannot forget the years of occupation, and we will not forget them, President Ilham Aliyev said in his speech at the opening ceremony of the 12th Global Baku Forum.
BioNTech forecasts a revenue decline for 2025, expecting between 1.7 billion and 2.2 billion euros, down from 2.75 billion euros last year. This drop is due to Pfizer write-downs and stable vaccination rates. BioNTech also plans significant job cuts and new hires.
Demonstrators in Mexico City urged the government to investigate a mass grave site in Jalisco.
An Israeli airstrike on Beit Lahiya killed 9 Palestinians as Hamas holds ceasefire talks in Cairo.
U.S. President Donald Trump signed an order cutting funding to Voice of America’s parent agency, forcing staff out.
Crowds in Aleppo and Damascus celebrated 14 years since the Syrian uprising that ousted Bashar al-Assad.
U.S. airstrikes on Yemen’s capital killed nine civilians as President Trump vowed to pressure Houthi rebels to halt maritime attacks.
Demonstrators in Mexico City urged the government to investigate a mass grave site in Jalisco.
An Israeli airstrike on Beit Lahiya killed 9 Palestinians as Hamas holds ceasefire talks in Cairo.
U.S. President Donald Trump signed an order cutting funding to Voice of America’s parent agency, forcing staff out.
Crowds in Aleppo and Damascus celebrated 14 years since the Syrian uprising that ousted Bashar al-Assad.
U.S. airstrikes on Yemen’s capital killed nine civilians as President Trump vowed to pressure Houthi rebels to halt maritime attacks.
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