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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Germany has failed to secure a rotating seat on the United Nations Security Council, ending decades of successful bids and prompting fresh debate about the country's diplomatic standing on the global stage.
Germany's foreign minister Johann Wadephul has suggested that Berlin's strong backing of Ukraine and its close ties with Israel may have contributed to its failure to secure a seat on the United Nations Security Council.
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Thousands of residents blocked Austria’s Brenner motorway on Saturday (30 May), shutting down a major north-south transport route through the Alps in protest against persistent congestion from heavy truck traffic and tourism.
Armenian Prime Minister Nikol Pashinyan's Civil Contract party has won the Armenian elections, picking up nearly half the vote. With a majority in parliament, Pashinyan is set for a third term as Prime Minister. But an opposition politican has said he will challenge the election results.
Azerbaijan's Foreign Ministry says 19 citizens have been repatriated following a deadly drone attack on two cargo ships in the Sea of Azov on 5 June.
A Sudanese man has been arrested over a knife attack in Belfast that left a man seriously injured and prompted calls online for a protest after footage of the incident circulated widely on social media.
Barcelona is preparing to mark a historic milestone in the legacy of architect Antoni Gaudí as Pope Leo XIV visits the city this week to inaugurate the Tower of Jesus Christ at the Sagrada Família basilica, almost exactly 100 years after the visionary architect’s death.
Iran and Israel said on Monday (8 June) they had halted attacks on each other following an appeal from U.S. President Donald Trump, as Axios reported that Trump had privately told Benjamin Netanyahu “be careful, or you will be on your own very soon”.
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A discreet visit to Kyiv by Russian billionaire and businessman Roman Abramovich has reignited debate about the role of unofficial diplomacy in efforts to end the Russia-Ukraine conflict.
The FIFA World Cup 2026 is set to be one of a kind when it kicks off on 11 June, as it brings with it a slew of firsts ahead of co-hosts Mexico taking on South Africa in the opening match.
Ukraine has signed a drone cooperation agreement with Latvia, President Volodymyr Zelenskyy announced on Tuesday during a meeting with Latvian Prime Minister Andris Kulbergs on the sidelines of a summit involving Ukraine and Nordic-Baltic leaders in Tallinn, Estonia.
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