Germany to Speed Up Arms Purchases in Defense Industry Shakeup [BNN Bloomberg (Canada)]
RHEINMETALL AG UNSP/ADR (RNMBY)
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Source: BNN Bloomberg
“If we look at Russia, given this threatening background, we need to ensure we step up production of goods that boost the country's security capabilities,” Economy Minister Robert Habeck said after meeting with representatives of German arms manufacturers, suppliers, and tech firms in the security sector. “The global threat situation has changed and not to reflect on it would be naive,” he added in Berlin on Wednesday. The return of war to European soil after Russia's attack on Ukraine has forced Germany to rethink its approach to defense and to ramp up spending. Berlin is Kyiv's second-biggest supporter both financially and militarily after the US and has provided or earmarked as much as €28 billion ($30.3 billion) of aid. Still, the ruling coalition has been unable to agree on whether to supply much-needed long-range Taurus missiles. While Chancellor Olaf Scholz has spoken out against it for fear of becoming a party to the war, his partners, Habeck and Finance Minister Christ
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