Latest news with #Renk
Malay Mail
11-07-2025
- Automotive
- Malay Mail
Singapore's Mindef says fault that caused tank crash an isolated incident, to rejoin National Day Parade after fleet-wide checks
SINGAPORE, July 11 — A technical fault that caused a Leopard 2SG Main Battle Tank to crash into a traffic light during a National Day Parade (NDP) rehearsal on July 5 was an isolated incident, Singapore's Ministry of Defence (Mindef) said today. CNA reported that its Mindef said that the incident was the first of its kind involving the tank fleet. 'All mobile column assets, including the L2SGs, undergo thorough checks before deployment. No issues were detected for the affected L2SG before it moved out,' the ministry reportedly said in a statement. 'Comprehensive checks performed across the L2SG fleet since the incident have determined that it was an isolated one.' The ministry confirmed that the Leopard 2SG tanks will return to NDP activities, with the cause of the malfunction identified and rectified, and additional precautions implemented. Investigators found that the malfunction stemmed from a failure in an internal component of the transmission system — specifically a conduit for transmission fluid to the service brake — which led to a drop in oil pressure and a partial loss of steering and braking power. The tank operator, a full-time national serviceman, followed protocol by engaging the independent parking brake to stop the vehicle, Mindef said. The transmission manufacturer, German firm Renk, had not previously encountered such a fault and will collaborate with the Singapore Army on new maintenance procedures to address the issue. Mindef added that extra fleet-wide checks have been carried out as a precaution and confirmed that all other tank transmissions remain fully operational. Last week, the Leopard tank brushed up against a traffic light as it was making a right turn past the Supreme Court here.
Reuters
10-07-2025
- Business
- Reuters
European shares close at four-week high on banks boost; US trade talks in focus
July 9 (Reuters) - European shares closed at a four-week high on Wednesday, with banks the biggest boost as investors awaited signs of progress on a trade accord between the United States and the European Union. The pan-European STOXX 600 index (.STOXX), opens new tab rose 0.8% to its highest close since June 12. Italy's bank-heavy benchmark (.FTMIB), opens new tab jumped 1.6% to its highest since 2007. Lender UniCredit ( opens new tab was among the biggest gainers on the index, advancing 4.6% to its highest since 2011. The Italian lender met renewed German opposition to its takeover ambitions for Commerzbank ( opens new tab after it doubled its voting stake in the rival. A broader gauge of euro zone banks (.SX7E), opens new tab climbed 2.7% to its highest level since 2010, with French bank Societe Generale ( opens new tab also advancing 4%. The index tracking European defence companies (.SXPARO), opens new tab gained 1.4% to reach an all-time high. German defence contractor Renk ( opens new tab added 5% after a Bloomberg report said the company was considering selling its civilian industrial unit, or part of it. In the latest on the trade front, the EU said it could reach an outline trade agreement with the United States in the coming days. U.S. President Donald Trump said on Tuesday that he was probably two days away from sending the EU a letter disclosing the tariff rate on its exports to the U.S. "Even though a letter could be sent... the hope of the market and the sign of the negotiations is that there is a willingness to find some common ground," said Georgios Leontaris, chief investment officer for EMEA at HSBC Global Private Banking and Premier Wealth. "That said, we don't know exactly the terms that will be agreed. Therefore, we need to wait and see how the negotiations will play out in the coming days". With the deadline for deals extended to August 1, from July 9, investors remain hopeful for more flexibility and negotiations on the table. However, Trump declared there would be "no more extensions". Trump also announced plans to impose a 50% tariff on imported copper and said long-threatened levies on semiconductors and pharmaceuticals would be introduced soon. Shares in some European pharmaceutical companies fell, including Zealand Pharma ( opens new tab falling 2.7% and Novo Nordisk ( opens new tab losing 1.5%. At the bottom of the STOXX 600 stood British ad group WPP (WPP.L), opens new tab, which tumbled 18.8% after slashing its profit outlook. French rival Publicis ( opens new tab also fell 1.8%. Norwegian engineering group Kongsberg ( opens new tab dropped 12% as analysts said they saw some weaknesses in different parts of the results. On the bright side, EssilorLuxottica ( opens new tab jumped 5.6% following reports that Meta Platforms (META.O), opens new tab has acquired a nearly 3% stake in the eyewear maker
Reuters
30-06-2025
- Automotive
- Reuters
Renk eyes 500-million-euro investment in armoured vehicles, CEO says
June 30 (Reuters) - German defence contractor Renk ( opens new tab plans to invest about 500 million euros ($586 million) in armoured vehicles production capacity and development over the next few years to prepare for a boost in German government orders, its CEO told newspaper Handelsblatt. "We expect that the German armed forces will need up to 1,000 new wheeled armoured vehicles by 2035. In addition, there could be demand for up to 600 new battle tanks and infantry combat vehicles each," CEO Alexander Sagel was quoted as saying. ($1 = 0.8538 euros)
Zawya
30-06-2025
- Politics
- Zawya
Civil society activists in Renk raise concerns about child protection needs
While South Sudan has committed to end the recruitment of boys and girls by armed forces, many children remain in the service of such groups. Others, who have been released from uniformed ranks, are facing difficulties reintegrating into civilian life, with some of them virtually living on the streets. 'We should establish a reformatory protection center for children living in our neighborhoods. It would help keep them safe from violations of their rights and would allow us to coordinate initiatives to support them with relevant authorities,' says Nawadir Ajanouf, a concerned mother and civil society activist in Renk in northern Upper Nile State. Her opinion is shared by youth leader Adam Mayut, who often comes across both children affiliated with armed forces and others – many of whom are refugees from neighbouring Sudan - of the approximately 400 boys he says are roaming Renk's streets and engaging in various kinds of petty crimes. 'I ask them why they are loitering at the market and in other places, and they tell me they have nothing to eat and don't receive the care they need at home. If we had a place where they could gather, we would be able to socialize them, give them food and engage them in sports or in cultural and other wholesome activities,' he says. They raised their concerns and suggestions during a two-day forum organized by the United Nations Mission in South Sudan (UNMISS) to increase awareness on how to keep children safe from grave violations of their rights, one of which is to not be recruited or in other ways used by armed groups. Apart from representatives of organized security forces and the judiciary, the training, attended by some 50 people, also targeted community leaders and members of various civil society organizations. 'We are extending the scope of our child protection efforts by being more inclusive and building the capacity of more people to identify and report violations suffered by girls and boys,' explained Phillip Lah, a Child Protection Officer serving with the UN peacekeeping mission. Those in attendance also learnt more about how to protect themselves and their communities against the dangers posed by landmines, still a common threat in historically war-torn South Sudan, and other parts of the UNMISS mandate. Distributed by APO Group on behalf of United Nations Mission in South Sudan (UNMISS).
CNBC
26-06-2025
- Business
- CNBC
Have defense stocks hit their ceiling? Citi's downgrade offers clues
European defense stocks have soared this year amid a regional push toward ramping up defense spending – but according to investment bank Citi, the bull run may soon run out of steam. The Stoxx Europe Aerospace and Defense index has gained almost 50% since the beginning of the year, with a handful of stocks, including Germany's Renk , Rheinmetall and Hensoldt , more than doubling in value. The rally has been supported by action from European governments to hike their defense budgets, with the EU pledging to mobilize as much as 800 billion euros ($928 billion) for security spending, while the U.K. government also said earlier this year it would allocate much more funding to defense. In a note to clients on Monday, Citi's European Aerospace and Defence analyst Charles Armitage downgraded Hensoldt, Renk and Sweden's Saab to give them a "sell" rating. The stocks have gained around 174%, 260% and 110% this year, respectively. HAG-DE R3NK-FF,SDV0-FF YTD line Price of Hensoldt, Renk and Saab shares year-to-date. Armitage argued that the Hague summit is "likely to be as good as it gets" for the Western European aerospace and defense industry. His note was published before NATO's 32 members confirmed they had confirmed they had committed to invest 5% of their gross domestic product in defense by 2035 – but Armitage, like wider markets, had anticipated the move. Under the agreement, 3.5% of NATO members' GDP is set to be allocated to "pure" defense requirements, with the additional 1.5% going toward security and defense-related infrastructure. Regional defense shares moved higher still on Thursday, with the Stoxx Aerospace and Defense index jumping 1.5% higher the day after Nato's annual summit in The Hague, Netherlands, concluded. Armitage said his team estimated Hensoldt, Renk and Saab were "pricing in more growth than seems likely with 3.5% of GDP, even assuming market share gains." "We believe there is little chance of upside to these [NATO spending] targets, but some downside risk," he said. "The stocks may rally on the news … but we believe the sentiment is likely to become less positive thereafter." Looking ahead, Citi expects the debate on defense spending to shift toward "whether European countries will be able to achieve these targets," which it sees as a downside risk to the stocks Armitage named in his Monday note. Citi isn't the only major lender starting to question the upside of some of Europe's top performing defense stocks. Last week, Bank of America also downgraded Renk and Saab, with analysts at the bank suggesting their view on the former were somewhat contrarian. "Investors we spoke to overall agreed that Renk is overvalued fundamentally," they said in a research note. "However … investors likely think Renk could be a > €3bn org sales business by 2030, but there is no conviction Renk will guide for > €3bn org sales at the [November Capital Markets Day]." On Saab, BoA's analysts said investors largely believe the valuation of Saab is too rich in the near term "for a business with limited revenue visibility mid to long term (vs peers)" and given its limited exposure to European budgets outside of Sweden versus its regional peers.
