Connect with us

Hi, what are you looking for?

Latest News

NATO boss calls for much higher defense spending to counter Russia

NATO head Mark Rutte warned the US-led transatlantic alliance on Thursday that it was not ready for the threats it would face from Russia in the coming years and called for a shift to a wartime mindset – with much higher defense spending.

Rutte said future spending would have to be much higher than the current alliance target of 2% of national wealth as measured by gross domestic product (GDP).

“Russia is preparing for long-term confrontation, with Ukraine and with us,” Rutte said in a speech in Brussels.

“We are not ready for what is coming our way in four to five years,” the NATO secretary-general said, adding: “It is time to shift to a wartime mindset, and turbocharge our defense production and defence spending.”

The alliance estimates 23 of its 32 members will meet the 2% target this year.

“During the Cold War, Europeans spent far more than 3% of their GDP on defense,” Rutte said. “We are going to need a lot more than 2%,” he added.

NATO members are grappling with renewed pressure from US President-elect Donald Trump, who has called for America’s allies to spend 3% of GDP on defense.

Rutte, a former Dutch prime minister, said that the alliance must step up on defense production, calling on governments to “stop creating barriers between each other and between industries, banks and pension funds.”

He sent a message to the defense industry: “There is money on the table, and it will only increase. So dare to innovate and take risks.”

The NATO chief also warned of a “coordinated campaign to destabilize our societies” including cyberattacks and assassination attempts.

Rutte also cautioned about China’s ambitions, saying that Beijing is substantially building up its forces “with no transparency and no limitations.”

This post appeared first on cnn.com

World biggest companies

Learn Trading With Online Courses, Classes, & Lessons

You May Also Like

Investing

2023 was a relatively lackluster year, silver largely traded on volatility between US$22 and US$25 per ounce. The white metal started 2024 with less...

Latest News

Dong’s experience, both as head of the People’s Liberation Army Navy (PLAN) as well as operational assignments in the Chinese military’s Eastern and Southern...

Investing

The US was one of the world’s top silver producers in 2023, recording output of 1,000 metric tons (MT). While that’s far below first-place...

Investing

The Canadian pharmaceutical market is the eighth largest in the world and accounts for 2.2 percent of the global prescription drug market. But what...

Disclaimer: GreatWallStreetPublisher.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


Copyright © 2024 GreatWallStreetPublisher.com