Latest news with #SouthKorean-made
Straits Times
6 days ago
- Business
- Straits Times
Poland secures $4 billion US loan guarantee to boost military modernization
Find out what's new on ST website and app. FILE PHOTO: Polish soldiers ride the South Korean-made K2 tank during trial drills prior to annual artillery show 'Autumn Fire 23' at a military range in Bemowo Piskie near Orzysz, Poland, September 16, 2023. REUTERS/Kacper Pempel/File Photo WARSAW - Poland is set to sign a $4 billion U.S. loan guarantee to help fund the modernization of its armed forces, the Polish defense ministry said on Thursday. Amid heightened regional tensions and Russia's ongoing war in Ukraine, Poland is ramping up defense spending and accelerating efforts to modernize its military, aiming to strengthen NATO's eastern flank. Since 2022 the United States has provided Poland with over $11 billion of loans and loan guarantees to finance armament programs, including Patriot air defense systems, the HIMARS rocket system and Apache helicopters. Spurred by Russia's full-scale invasion of Ukraine in 2022, Poland became NATO's top spender in terms of the proportion of its national wealth devoted to defense. Warsaw said it will spend 4.7% of gross domestic product on defense in 2025 with a pledge to increase this to 5% in 2026. REUTERS
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Business Standard
08-07-2025
- Business
- Business Standard
US close to deal with India, says Trump as he announces new tariff rates
President Donald Trump on Tuesday (IST) said that the US is close to finalising a deal with India as he announced new tariff rates on 14 nations. Responding to a question on tariffs, Trump noted, "We've spoken to everybody. ...it's all done. I told you we'll make some deals, but for the most part, we're going to send a letter. We're going to say, welcome to the United States, if you'd like to participate in the greatest, most successful country ever. I mean, we are doing better than ever... We've never had numbers like this. We've never had an investment like this. We have more than 90... we have much more than 90. But most of those are going to be sent by letter. This is exactly what I said. Now we've made a deal with the United Kingdom. We've made a deal with China. We're close to making a deal with India. Others we met with, and we don't think we're going to be able to make a deal. So we just send them a letter." He made these remarks while speaking to reporters at the White House as he hosted Israel's Prime Minister Benjamin Netanyahu. Earlier on Monday, Trump set 25 per cent tariff rates for Japanese and South Korean-made goods, adding that these would come into effect on August 1. Soon after, Trump also announced new tariff rates for 12 other countries. Trump said that the US has already made a deal with the UK and China, adding that the letters were being sent out to those nations that he believed would not make a deal with the United States. The letters, which were posted on Truth Social, Trump's private social media platform, warned the countries imposed with these tariffs not to retaliate by increasing their import taxes, or else the Trump administration would further increase tariffs. List of countries with new tariff rates: Myanmar: 40 per cent Laos: 40 per cent Cambodia: 36 per cent Thailand: 36 per cent Serbia: 35 per cent Bangladesh: 35 per cent Indonesia: 32 per cent South Africa: 30 per cent Bosnia and Herzegovina: 30 per cent Kazakhstan: 30 per cent Malaysia: 25 per cent Tunisia: 25 per cent
Nikkei Asia
03-07-2025
- Automotive
- Nikkei Asia
South Korea wraps up talks toward potentially biggest-ever defense deal
Polish soldiers ride the South Korean-made K2 Black Panther tank during training in Poland on June 24. © Reuters STEVEN BOROWIEC SEOUL -- South Korea's weapons development authority announced the completion of negotiations for what is said to be the biggest deal in the history of the country's arms industry, marking a step forward for the ascending weapons manufacturer. The Defense Acquisition Program Administration said in a news release on Wednesday that Hyundai Rotem, a privately owned South Korean company, had concluded talks with Poland to supply K2 tanks. The agency did not disclose the size of the contract, but in a research report, Mirae Asset Securities valued it at $6.7 billion for the provision of 261 tanks.
Nikkei Asia
03-07-2025
- Automotive
- Nikkei Asia
South Korea's Hyundai Rotem to sign K2 tank order worth $6.5bn with Poland
Polish soldiers ride the South Korean-made K2 Black Panther tank during training in Poland on June 24. © Reuters SEOUL (Reuters) -- Poland has completed negotiations with South Korea's Hyundai Rotem to receive a second batch of K2 tanks and plans to sign a contract, South Korea's defense procurement agency said on Wednesday. The specific size of the contract will be disclosed later, South Korea's Defense Acquisition Program Administration said in a statement. On Thursday, Hyundai Rotem said in a regulatory filing the Polish arms procurement agency has confirmed the contract was worth $6.5 billion. It said further details of the deal would be announced in a later filing. The Yonhap News Agency has said the deal was to supply 180 tanks. In 2022, Poland and Hyundai Rotem agreed a supply deal for the first batch, or 180 K2 tanks. While the first contract focused on Korean-made vehicles that could be quickly supplied as Poland moved swiftly to boost its military amid Russia's war in neighboring Ukraine, the second batch is expected to grant the South Korean arms maker a more permanent foothold in Europe. DAPA said a production facility in Poland would be established, with a large number of K2 tanks to be assembled locally through cooperation between Hyundai Rotem and Polish defense companies.
Straits Times
09-06-2025
- Business
- Straits Times
South Korea close to $6 billion tank deal with Poland in June, Yonhap reports
FILE PHOTO: A K2 tank, delivered in the first batch of arms from South Korea under contracts signed in recent months, fires during a military drill at a military range in Wierzbiny near Orzysz, Poland, March 30, 2023. REUTERS/Kacper Pempel/File Photo FILE PHOTO: Polish soldiers ride the South Korean-made K2 tank during trial drills prior to annual artillery show 'Autumn Fire 23' at a military range in Bemowo Piskie near Orzysz, Poland, September 16, 2023. REUTERS/Kacper Pempel/File Photo South Korea close to $6 billion tank deal with Poland in June, Yonhap reports SEOUL - South Korea is close to signing a deal worth around $6 billion to supply 180 K2 tanks for Poland, Yonhap News Agency reported on Tuesday. Under the contract, South Korea's Hyundai Rotem, which specialises in industrial and defence contracts, will manufacture 117 tanks, and Poland state-owned Polish Armaments Group will produce the rest locally, Yonhap said. Hyundai Rotem was not immediately available for comment. The signing ceremony will take place in late June in Poland, Yonhap said, citing an anonymous industry source. The two countries in 2022 reached a $13.7 billion arms deal, Seoul's biggest ever, which included supplies of South Korean K2 tanks, rocket launchers and fighter jets to Poland. South Korea used the deal to lay the groundwork for a military-industrial juggernaut that the two nations' defence companies hope would feed Europe's hunger for weapons far into the future. The K2 tank supply contract, part of the broader deal in 2022, was expected to be finalised by the end of last year but appeared to be delayed, partly due to South Korea's political crisis sparked by the short-lived declaration of martial law in December, Yonhap added. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
