EU Commission to propose dedicated defence and space investment in new fund
European Union High Representative for Foreign Affairs and Security Policy Kaja Kallas walks, on the day of a meeting on the latest developments in Ukraine and security in Europe, at Villa Madama in Rome, Italy, June 12, 2025. REUTERS/Guglielmo Mangiapane/File Photo
EU Commission to propose dedicated defence and space investment in new fund
BRUSSELS - The European Commission will propose dedicating part of a new European Competitiveness Fund to resilience, defence and space, the EU executive's leadership said on Wednesday.
The Commission is expected to put forward a plan for a competitiveness fund to invest in strategic sectors and innovation as part of an upcoming proposal for the bloc's 2028-2034 budget.
"The gap to fill, after years of underinvestment and under attention to defence, is large," European Commission President Ursula von der Leyen and EU foreign policy chief Kaja Kallas wrote in a letter to European leaders on Wednesday.
"This is why the Commission's proposal for the next Multiannual Financial Framework will also address the need for substantial funding for defence in the years to come through a dedicated Resilience, Defence and Space window of the European Competitiveness Fund," they wrote.
EU leaders are expected to discuss defence priorities during a summit in Brussels on Thursday.
The discussion will take place a day after a NATO summit in The Hague, where alliance members committed to boosting defence spending to 5% of Gross Domestic Product. REUTERS
Join ST's Telegram channel and get the latest breaking news delivered to you.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
34 minutes ago
- Straits Times
Indonesia to ease import restrictions ahead of US tariff deadline
Trade Minister Budi Santoso said the new policy would create more certainty for businesses by eliminating overlapping rules. PHOTO: REUTERS Indonesia to ease import restrictions ahead of US tariff deadline JAKARTA - Indonesia will ease import restrictions and rules on many goods and raw materials in a bid to make it easier to do business in the country, officials said on June 30, ahead of the July 9 deadline for tariff negotiations set by the United States. While Indonesia is South-east Asia's largest economy, traders have historically complained about excessive red tape. The matter was also highlighted in a recent report by the US Trade Representative on foreign trade barriers. The easing includes the removal of import licensing requirements for certain goods and the exclusion of some industrial raw materials - including plastic and chemical products - from the imports restriction list, a presentation by Indonesian officials at a press conference showed. Coordinating Minister for Economic Affairs Airlangga Hartarto, speaking at the event, said the policy actions would affect 10 groups of commodities and would come into effect in two months. Officials did not specifically say the action was linked to tariff negotiations with Washington. 'President (Prabowo Subianto) instructed all ministerial bodies to ensure the process of business licensing is not hindered by a long bureaucratic process,' said Mr Satya Bhakti Parikesit, an official at Indonesia's state secretariat ministry. Trade Minister Budi Santoso said restrictions would be eased on products including those in the categories of fertilisers, forestry and plastics. He said the new policy would create more certainty for businesses by eliminating overlapping rules. The easing of import requirements and restrictions will also help industry players asking for an easier way to import raw materials, Deputy Industry Minister Faisol Reza said. The US goods trade deficit with Indonesia was US$17.9 billion (S$22.8 billion) in 2024, according to the US Trade Representative. Speaking separately to reporters, Mr Airlangga said Indonesia has offered the United States the opportunity to jointly invest in a critical minerals project as part of tariff negotiations with Washington. Sovereign fund Danantara Indonesia will be involved in the project, he added. 'What we offer is investment in the EV (electric vehicle) ecosystem, related to nickel and other (materials),' Mr Airlangga said, declining to specify due a non-disclosure agreement. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
CNA
41 minutes ago
- CNA
Indonesia trade surplus seen widening to $2.53 billion in May: Reuters poll
JAKARTA :Indonesia's trade surplus in May is expected to widen to $2.53 billion as growth of imports is expected to drop from a double-digit rise in the previous month, while exports continued to rise, a Reuters poll showed on Monday. Analysts in the poll estimated the rise in imports for May at 0.9 per cent, which would be the weakest growth in four months from February. Imports was up 21.84 per cent in April. Growth of exports was expected at 0.4 per cent, lower than the 5.76 per cent recorded in April. Southeast Asia's biggest economy has been enjoying monthly trade surpluses since mid-2020, mainly supported by a commodity boom, but it has been shrinking gradually amid weaker global demand. The poll's surplus for May was lower than the estimate from Finance Minister Sri Mulyani Indrawati at $4.9 billion of trade surplus, which would be the country's biggest monthly surplus in more than two years. On Tuesday, the statistics bureau will also announce Indonesia's consumer price index data for the June period as well as foreign arrivals data in May.
Straits Times
an hour ago
- Straits Times
Thousands of Norwegians mistakenly told they won millions in lottery
'Several thousand' people were erroneously notified by state-owned gambling operator Norsk Tipping that they have won 'incorrectly high prizes' at the Eurojackpot draw. PHOTO ILLUSTRATION: UNSPLASH Thousands of Norwegians mistakenly told they won millions in lottery Thousands of Norwegians thought they had won millions in a lottery, only to find out hours later that it was an error. 'Several thousand' people were erroneously notified by state-owned gambling operator Norsk Tipping on June 27 that they had won 'incorrectly high prizes' at the Eurojackpot draw, the company said. As a result, the company chief executive officer apologised and resigned the next day. Norsk Tipping said the error stemmed from the conversion of the prize amounts from Euro cents to Norwegian kroner. Norwegian media reported that the amounts were multiplied by 100, instead of being divided by 100. 'The error was discovered too late, so several thousand players received incorrect notifications,' Norsk Tipping said in a June 28 media release. The Guardian reported that the incorrect amounts were initially displayed on the company's website and mobile app on June 27 but were later removed. Norsk Tipping said the correct amounts were uploaded on its website and app on the night of June 28. It confirmed that no incorrect payouts were made. The incident was heavily criticised by customers, gambling regulator Norwegian Lottery Authority and the Norwegian minister of culture. A couple who were renovating their home told Norwegian Broadcasting Corporation (NRK) they thought they had won 1.2 million Norwegian kroner (S$152,000), while some people made plans for holidays and big-ticket purchases, only to realise later that they will receive only small amounts. 'I am terribly sorry that we have disappointed so many, and I understand that people are angry with us,' said Norsk Tipping CEO Tonje Sagstuen. 'I have received many messages from people who made plans for holidays, buying an apartment or renovating before they realised that the amount was wrong. To them I can only say: Sorry! But I understand that it is a small consolation.' The gambling company also met senior officials of the ministry of culture on June 28 to explain the incident. Minister of Culture and Equality Lubna Jaffery told NRK that 'such mistakes should not happen', especially as Norsk Tipping has the exclusive right to deliver gaming services in the country. On June 29, Ms Sagstuen - who had worked in the company since 2014 and been CEO since September 2023 - announced that she was stepping down from her role. 'As a manager, it has been my responsibility to handle the errors that have occurred,' she said in a statement. Join ST's Telegram channel and get the latest breaking news delivered to you.
