Latest news with #ReArmEuropePlan
Irish Post
11 hours ago
- Business
- Irish Post
Ireland joins EU SAFE defence scheme
IRELAND is set to join the EU's new Security Action for Europe (SAFE) scheme. This will speed up Ireland's ability to acquire new defence systems like cyber and air defence technology. Tánaiste and Minister for Defence Simon Harris is expected to formalise the decision this week, marking a major change in Irish defence policy. The SAFE initiative, which came into force in May, streamlines defence procurement across the EU and provides financial support. It allows member states to bypass traditional procurement rules, allowing faster access to weapons and systems. Ireland's move comes in response to growing instability around the world. Russia's ongoing war in Ukraine and the unpredictable nature of Donald Trump have pushed the EU to strengthen its defence. Alongside SAFE, the EU recently announced its €800 billion ReArm Europe Plan, aimed at building a more self-reliant European defence network. The European Commission has made it clear: 'The era of the peace dividend is over.' Domestically, Ireland is also rethinking its neutrality. The government may soon drop the requirement for a UN Security Council mandate to send troops abroad—a move prompted by concerns over Russian and Chinese veto power. Mr Harris has also proposed doubling Ireland's defence budget to €3 bn annually. While Ireland lacks a traditional arms industry, its tech sector is well positioned to benefit. Companies like VRAI, which develops VR training tools for military applications, are advocating for greater investment in Irish-led innovation. The Irish Defence and Security Association (IDSA) is urging the government to support local SMEs in defence procurement. Ireland has long relied on a stable international order for its security. But with alliances shifting and threats growing, the government is making it clear: Ireland must be better prepared for what the future holds. See More: Defence, EU, IDSA, SAFE Scheme, Simon Harris
Canada News.Net
2 days ago
- Business
- Canada News.Net
Canada, EU sign security, defence partnership
OTTAWA, June 23 (Xinhua) -- Canada and the European Union on Monday signed the Security and Defence Partnership in Brussels, Belgium, according to a news release on the official website of Canadian Prime Minister Mark Carney. The partnership will provide a framework for dialogue and co-operation in security and defence priorities of the two sides, the news release said. For Canada and the EU member states who are NATO Allies, this will also help deliver on capability targets more quickly and economically, it added. "Canada's new government has a mandate to diversify and strengthen international partnerships. Through increased co-operation in defence, trade, and commerce, we'll create greater prosperity, security, and stability on both sides of the Atlantic," Carney was quoted as saying. This new partnership is the intentional first step toward Canada's participation in Security Action for Europe (SAFE), an instrument of the ReArm Europe Plan/Readiness 2030, said the release.
Canada Standard
2 days ago
- Business
- Canada Standard
Canada, EU sign security, defence partnership
OTTAWA, June 23 (Xinhua) -- Canada and the European Union on Monday signed the Security and Defence Partnership in Brussels, Belgium, according to a news release on the official website of Canadian Prime Minister Mark Carney. The partnership will provide a framework for dialogue and co-operation in security and defence priorities of the two sides, the news release said. For Canada and the EU member states who are NATO Allies, this will also help deliver on capability targets more quickly and economically, it added. "Canada's new government has a mandate to diversify and strengthen international partnerships. Through increased co-operation in defence, trade, and commerce, we'll create greater prosperity, security, and stability on both sides of the Atlantic," Carney was quoted as saying. This new partnership is the intentional first step toward Canada's participation in Security Action for Europe (SAFE), an instrument of the ReArm Europe Plan/Readiness 2030, said the release.
Canada News.Net
2 days ago
- Business
- Canada News.Net
Canada, EU Sign Security, Defense Partnership
TEHRAN (Tasnim) Canada and the European Union on Monday signed the Security and Defense Partnership in Brussels, Belgium, according to a news release on the official website of Canadian Prime Minister Mark Carney. - Other Media news - The partnership will provide a framework for dialogue and co-operation in security and defense priorities of the two sides, the news release said, Xinhua reported. For Canada and the EU member states who are NATO Allies, this will also help deliver on capability targets more quickly and economically, it added. "Canada's new government has a mandate to diversify and strengthen international partnerships. Through increased co-operation in defense, trade, and commerce, we'll create greater prosperity, security, and stability on both sides of the Atlantic," Carney was quoted as saying. This new partnership is the intentional first step toward Canada's participation in Security Action for Europe (SAFE), an instrument of the ReArm Europe Plan/Readiness 2030, said the release.
CNBC
22-05-2025
- Business
- CNBC
U.S. tariffs pose a 'real challenge' to Europe, Barclays CEO says
Washington's protectionist trade policies are posing a "real challenge" to European nations as they seek to raise their security contributions, according to Barclays CEO C. S. Venkatakrishnan. "I think Europe has a real challenge in adjusting to tariffs. It's got to find space, fiscal space, to increase defense spending, and it's got to look at consolidation in financial institutions, in within its market," the executive told CNBC's Steve Sedgwick on Thursday. The European Union currently faces a 25% U.S. import tariff on its steel, aluminum and cars and was in April struck with an additional 20% "reciprocal" levy under the White House's fresh wide-spanning trade policies. The latter duty has been temporarily reduced to 10% during a 90-day reprieve that expires in July, paving the way for Washington and the 27-member European bloc to join the negotiations table for a more favorable trade agreement. A deal has yet to be struck, with markets mired in uncertainty and with concerns mounting over the EU's economic growth outlook and potential inflationary and recessionary risks in the world's largest economy. The trade developments affecting the two historically allied nations have cast a shadow on the EU's efforts to overhaul its fiscal policies and galvanize defense spending under the bloc's "ReArm Europe Plan." The volatility has encumbered companies that seek to understand the impact of tariffs and regulation on their business model, Barclays' Venkatakrishnan said. "You can look at the companies that have withdrawn earnings guidance over the year, and those are the industries that are more deeply affected. And there, they might decide — not now, but over time — that there needs to be further consolidation or further rewiring of their business models," he said. "And then activity will increase, and we can help them. And then there are others who are ... taking advantage of the relative calm to continue to expand their businesses." British bank Barclays has had a notable presence stateside since absorbing the investment banking and capital markets businesses of collapsed Wall Street titan Lehman Brothers for $1.75 billion. The lender is navigating calmer seas at home, after Trump unveiled the broad outline of a U.S.-U.K. trade deal earlier this month and Britain scored another major win earlier this week through an agreement to reset its relationship with the EU after departing the bloc in 2020. Still, U.K. Prime Minister Keir Starmer's Labour administration must battle the dragon of surging inflation and public skepticism over Finance Minister Rachel Reeves' planned tax increases. A vocal Reeves supporter, Venkatakrishnan on Thursday said the current government remains "absolutely" on track with its economic steps and outlined the hurdles before the British economy: "We're not seeing consumer distress. We're in fact, seeing conduit continued consumer strength, but it's coming because of people managing their balances and their finances prudently. So economizing. The job market is still strong," he said. "But, as you see, even in the last couple of days, people are worried about inflation. People are worried about cost, whether it's winter fuel bills or whether it's more generalized inflation from tariffs, and the only real answer to that is growth."
