NewsBytes

Anil Ambani's Reliance Defence Ltd announced a strategic cooperation agreement with German arms manufacturer Diehl Defence for production of next-generation terminal guided munitions (artillery shells). "The partnership will drive local production of state-of-the-art, Vulcano 155 mm Precision Guided Munition system, catering to the Indian Armed Forces" it said in a statement. The 155mm TGMs, which are equipped with built-in ECCM capabilities that make them less susceptible to enemy electronic jamming attempts, can home in to targets within 10 seconds of reaching the anticipated impact zone. Reliance Defence said it has the market opportunity to potentially generate Rs 10,000 crore in revenue through the development and supply of advanced ammunition systems.

Pakistan will raise defence spending by a steep 20% after a deadly conflict with India last month, but will slash overall federal expenditure for fiscal 2025-26 by a hefty 7% to 17.57 trillion rupees ($62 billion). The budget presented by Prime Minister Shehbaz Sharif's government allocated 2.55 trillion rupees ($9 billion) to defence in July-June 2025-26, up from 2.12 trillion. It projected a deficit of 3.9% of GDP against the 5.9% targeted for 2024-25. Inflation was projected at 7.5% and growth at 4.2%. The South Asian nation wants to kickstart growth while boosting its defences after the worst fighting with its neighbour in nearly three decades - which it has cast as a victory - and meeting the strictures of an International Monetary Fund finance programme.

Ukrainians have made a significant contribution to Poland's economy and have not caused a rise in unemployment or lower wages for Polish workers, according to a report from the United Nations' refugee agency UNHCR and Deloitte published on Tuesday. More than three years on from Russia's invasion, many in Poland have grown weary of the influx of refugees from their war-torn neighbour, a sentiment that both liberal and nationalist politicians have tapped into with promises to limit benefits for Ukrainians or give Poles priority in public services. Poland has hosted over a million Ukrainian refugees and the presidential election in May saw a surge in support for far-right parties, driven in part by anti-Ukrainian sentiment. However, according to the report, Ukrainian refugees have contributed more to the largest economy in the European Union's eastern wing than they have taken out. Poles across the political spectrum agree that Warsaw must continue to support Kyiv's war effort.

Corporate India has a steady hiring outlook for the next three months, driven by strong growth in the private services sector and hopes of economic benefits stemming from shifts in global trade dynamics, a report said on Tuesday. According to the latest ManpowerGroup Employment Outlook Survey, employers reported a Net Employment Outlook (NEO) of 42 per cent -- the second highest outlook globally and emerging as a key player in the global employment landscape. The NEO is calculated by subtracting the percentage of employers who anticipate reductions in staffing levels from those who plan to hire. As per the survey findings, the majority of employers - 54 per cent anticipate an increase in hiring, 32 per cent expect to maintain current staffing levels, 12 per cent anticipate a decrease, and 2 per cent are unsure. Globally, the UAE reported the strongest NEO of 48 per cent, followed by India (42 per cent) and Costa Rica (41 per cent) in the second and third position, respectively. The other countries in the top five most bullish hiring outlook include -- Brazil with 33 per cent at the fourth position and the Netherlands with 30 per cent at the 5th rank.