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Umkhonto sale to Egypt falls through as Denel rating downgraded

by Charles Forrester

South African media has reported that the sale of Umkhonto surface-to-air missiles by Denel Dynamics has fallen through after the company failed to raise the required funds for a bank guarantee.

According to an article by the Mail & Guardian on 22 August, the Egyptian government subsequently cancelled the procurement of the missiles in late 2019, which were to be used by the Egyptian Navy’s Meko A200 frigates. The news outlet quoted a Denel spokesperson as saying that “Denel generally secures bank or insurance guarantees from financial institutions for advance receipts from its clients and performance guarantees, where contractually obliged to do so, in terms of concluded contracts”.

Denel had not responded to a Janes request for comment at the time of publication.

The collapse of a significant contract for Umkhonto missiles to the Egyptian Navy is likely to place severe pressure on Denel’s order book and revenues. (Janes/Patrick Allen)

The collapse of a significant contract for Umkhonto missiles to the Egyptian Navy is likely to place severe pressure on Denel’s order book and revenues. (Janes/Patrick Allen)

The deal would have been one of the company’s most significant export contracts, with the company understood to have told the government that it had the potential to be worth up to ZAR6.3 billion (USD370 million).

The news comes as ratings agency Fitch downgraded Denel’s national long-term credit rating from B(zaf) to CC(zaf), indicating very high levels of credit risk and that a default of some kind appears probable. The company’s national short-term rating was also lowered from B(zaf) to C(zaf), indicating a “near default” status, where “a default or default-like process has begun, or the issuer is in standstill.”

https://www.janes.com/defence-news/umkhonto-sale-to-egypt-falls-through-as-denel-rating-downgraded_11821/

South African media has reported that the sale of Umkhonto surface-to-air missiles by Denel Dynamics...

Umkhonto sale to Egypt falls through as Denel rating downgraded

by Charles Forrester

South African media has reported that the sale of Umkhonto surface-to-air missiles by Denel Dynamics has fallen through after the company failed to raise the required funds for a bank guarantee.

According to an article by the Mail & Guardian on 22 August, the Egyptian government subsequently cancelled the procurement of the missiles in late 2019, which were to be used by the Egyptian Navy’s Meko A200 frigates. The news outlet quoted a Denel spokesperson as saying that “Denel generally secures bank or insurance guarantees from financial institutions for advance receipts from its clients and performance guarantees, where contractually obliged to do so, in terms of concluded contracts”.

Denel had not responded to a Janes request for comment at the time of publication.

The collapse of a significant contract for Umkhonto missiles to the Egyptian Navy is likely to place severe pressure on Denel’s order book and revenues. (Janes/Patrick Allen)

The collapse of a significant contract for Umkhonto missiles to the Egyptian Navy is likely to place severe pressure on Denel’s order book and revenues. (Janes/Patrick Allen)

The deal would have been one of the company’s most significant export contracts, with the company understood to have told the government that it had the potential to be worth up to ZAR6.3 billion (USD370 million).


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DSEI 2021: Fabrique Nationale displays FN EVOLYS LMG for first time in UK

by Thomas Ford

Fabrique Nationale (FN) Herstal displayed its new FN EVOLYS light machine gun (LMG) at DSEI 2021 on 14 September, marking the first time the weapon was displayed in the UK.

Kristof Verjans, one of FN's demonstration team, showcased the self-correcting lateral feed system of the EVOLYS, which eliminates any risk of the weapon being improperly loaded by a user under stress, with the feed tray designed to work with the feed cover to push the rounds into the correct position and retaining them with spring loaded brackets.

Verjans also demonstrated the new hydraulic buffer system, which is integrated into the working parts of the weapon, departing from previous FN machine gun designs where the buffer was part of the rear of the receiver. The buffer, like the feed system, is also self-correcting and self-regulating, automatically maintaining a constant rate of fire regardless of the calibre the weapon is chambered in or how long the weapon has been firing.


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Indian Air Force hastens its plans to buy ex-French Mirage 2000s

by Rahul Bedi

The Indian Air Force (IAF) is fast-tracking its EUR27 million (USD31.78 million) plan to purchase 24 second-hand Dassault Mirage 2000 fighters from France in a bid to boost its declining combat squadrons.

Thirteen of the 24 aircraft are in “completed condition”, needing only “servicing and basic maintenance” before becoming fully operational for squadron service, official sources told Janes on 17 September. They added that the 11 remaining Mirage 2000s, which are in a “semi-finished condition”, would be cannibalised for their subassemblies and spare parts to sustain the IAF's two upgraded Mirage 2000H squadrons, which comprise 49 aircraft that entered service from mid-1985 onwards.

The IAF refers to this endeavour as ‘reduce to produce'; in 2018 it obtained SEPECAT Jaguar airframes, assorted spares and subassemblies from France, Oman and the United Kingdom to support its ageing fleet of over 100 of these Anglo-French ground attack aircraft to improve their operational serviceability.

The IAF spokesman in New Delhi declined to comment on the intended Mirage 2000 buy, but industry officials indicated that the deal could be signed “soon”.


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Taiwan proposes USD8.6 billion for defence ‘special' fund

by Jon Grevatt & Andrew MacDonald

Janes Defence Budgets forecasts that Taiwan's total defence expenditure will grow strongly in real terms in 2022 but will also likely decline by a similar margin in 2027 when allocated and proposed ‘special' funding ends. (Janes Defence Budgets)

Taiwan's Executive Yuan has announced a plan to spend TWD240 billion (USD8.6 billion) over the next five years to bolster naval and air combat capabilities.

The funding is designated as a ‘special' expenditure, and will be in addition to annual defence budget allocations. The new expenditure will also be focused on procuring local equipment and systems instead of imports.

In August, the Executive Yuan announced that the special budget for 2022 will be TWD40.1 billion. This allocation is part of a proposed total defence expenditure of TWD471.7 billion for the year, a nominal 4% increase over the total allocation in 2021.

In a press release on 16 September, the Executive Yuan indicated that the new special budget is required to boost Taiwan's national security in response to rising military threats from China.

“[The funding] will safeguard national sovereignty and national security based on regional environmental changes and the need for combat readiness,” said the Executive Yuan.


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https://www.janes.com/defence-news/umkhonto-sale-to-egypt-falls-through-as-denel-rating-downgraded_11821/

South African media has reported that the sale of Umkhonto surface-to-air missiles by Denel Dynamics...

Umkhonto sale to Egypt falls through as Denel rating downgraded

by Charles Forrester

South African media has reported that the sale of Umkhonto surface-to-air missiles by Denel Dynamics has fallen through after the company failed to raise the required funds for a bank guarantee.

According to an article by the Mail & Guardian on 22 August, the Egyptian government subsequently cancelled the procurement of the missiles in late 2019, which were to be used by the Egyptian Navy’s Meko A200 frigates. The news outlet quoted a Denel spokesperson as saying that “Denel generally secures bank or insurance guarantees from financial institutions for advance receipts from its clients and performance guarantees, where contractually obliged to do so, in terms of concluded contracts”.

Denel had not responded to a Janes request for comment at the time of publication.

The collapse of a significant contract for Umkhonto missiles to the Egyptian Navy is likely to place severe pressure on Denel’s order book and revenues. (Janes/Patrick Allen)

The collapse of a significant contract for Umkhonto missiles to the Egyptian Navy is likely to place severe pressure on Denel’s order book and revenues. (Janes/Patrick Allen)

The deal would have been one of the company’s most significant export contracts, with the company understood to have told the government that it had the potential to be worth up to ZAR6.3 billion (USD370 million).


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Already a Janes subscriber? Keep reading


DSEI 2021: Fabrique Nationale displays FN EVOLYS LMG for first time in UK

by Thomas Ford

Fabrique Nationale (FN) Herstal displayed its new FN EVOLYS light machine gun (LMG) at DSEI 2021 on 14 September, marking the first time the weapon was displayed in the UK.

Kristof Verjans, one of FN's demonstration team, showcased the self-correcting lateral feed system of the EVOLYS, which eliminates any risk of the weapon being improperly loaded by a user under stress, with the feed tray designed to work with the feed cover to push the rounds into the correct position and retaining them with spring loaded brackets.

Verjans also demonstrated the new hydraulic buffer system, which is integrated into the working parts of the weapon, departing from previous FN machine gun designs where the buffer was part of the rear of the receiver. The buffer, like the feed system, is also self-correcting and self-regulating, automatically maintaining a constant rate of fire regardless of the calibre the weapon is chambered in or how long the weapon has been firing.


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Already a Janes subscriber? Keep reading


Indian Air Force hastens its plans to buy ex-French Mirage 2000s

by Rahul Bedi

The Indian Air Force (IAF) is fast-tracking its EUR27 million (USD31.78 million) plan to purchase 24 second-hand Dassault Mirage 2000 fighters from France in a bid to boost its declining combat squadrons.

Thirteen of the 24 aircraft are in “completed condition”, needing only “servicing and basic maintenance” before becoming fully operational for squadron service, official sources told Janes on 17 September. They added that the 11 remaining Mirage 2000s, which are in a “semi-finished condition”, would be cannibalised for their subassemblies and spare parts to sustain the IAF's two upgraded Mirage 2000H squadrons, which comprise 49 aircraft that entered service from mid-1985 onwards.

The IAF refers to this endeavour as ‘reduce to produce'; in 2018 it obtained SEPECAT Jaguar airframes, assorted spares and subassemblies from France, Oman and the United Kingdom to support its ageing fleet of over 100 of these Anglo-French ground attack aircraft to improve their operational serviceability.

The IAF spokesman in New Delhi declined to comment on the intended Mirage 2000 buy, but industry officials indicated that the deal could be signed “soon”.


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Taiwan proposes USD8.6 billion for defence ‘special' fund

by Jon Grevatt & Andrew MacDonald

Janes Defence Budgets forecasts that Taiwan's total defence expenditure will grow strongly in real terms in 2022 but will also likely decline by a similar margin in 2027 when allocated and proposed ‘special' funding ends. (Janes Defence Budgets)

Taiwan's Executive Yuan has announced a plan to spend TWD240 billion (USD8.6 billion) over the next five years to bolster naval and air combat capabilities.

The funding is designated as a ‘special' expenditure, and will be in addition to annual defence budget allocations. The new expenditure will also be focused on procuring local equipment and systems instead of imports.

In August, the Executive Yuan announced that the special budget for 2022 will be TWD40.1 billion. This allocation is part of a proposed total defence expenditure of TWD471.7 billion for the year, a nominal 4% increase over the total allocation in 2021.

In a press release on 16 September, the Executive Yuan indicated that the new special budget is required to boost Taiwan's national security in response to rising military threats from China.

“[The funding] will safeguard national sovereignty and national security based on regional environmental changes and the need for combat readiness,” said the Executive Yuan.


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https://www.janes.com/defence-news/umkhonto-sale-to-egypt-falls-through-as-denel-rating-downgraded_11821/

South African media has reported that the sale of Umkhonto surface-to-air missiles by Denel Dynamics...

Umkhonto sale to Egypt falls through as Denel rating downgraded

by Charles Forrester

South African media has reported that the sale of Umkhonto surface-to-air missiles by Denel Dynamics has fallen through after the company failed to raise the required funds for a bank guarantee.

According to an article by the Mail & Guardian on 22 August, the Egyptian government subsequently cancelled the procurement of the missiles in late 2019, which were to be used by the Egyptian Navy’s Meko A200 frigates. The news outlet quoted a Denel spokesperson as saying that “Denel generally secures bank or insurance guarantees from financial institutions for advance receipts from its clients and performance guarantees, where contractually obliged to do so, in terms of concluded contracts”.

Denel had not responded to a Janes request for comment at the time of publication.

The collapse of a significant contract for Umkhonto missiles to the Egyptian Navy is likely to place severe pressure on Denel’s order book and revenues. (Janes/Patrick Allen)

The collapse of a significant contract for Umkhonto missiles to the Egyptian Navy is likely to place severe pressure on Denel’s order book and revenues. (Janes/Patrick Allen)

The deal would have been one of the company’s most significant export contracts, with the company understood to have told the government that it had the potential to be worth up to ZAR6.3 billion (USD370 million).


Get the full article by
Already a Janes subscriber? Keep reading


DSEI 2021: Fabrique Nationale displays FN EVOLYS LMG for first time in UK

by Thomas Ford

Fabrique Nationale (FN) Herstal displayed its new FN EVOLYS light machine gun (LMG) at DSEI 2021 on 14 September, marking the first time the weapon was displayed in the UK.

Kristof Verjans, one of FN's demonstration team, showcased the self-correcting lateral feed system of the EVOLYS, which eliminates any risk of the weapon being improperly loaded by a user under stress, with the feed tray designed to work with the feed cover to push the rounds into the correct position and retaining them with spring loaded brackets.

Verjans also demonstrated the new hydraulic buffer system, which is integrated into the working parts of the weapon, departing from previous FN machine gun designs where the buffer was part of the rear of the receiver. The buffer, like the feed system, is also self-correcting and self-regulating, automatically maintaining a constant rate of fire regardless of the calibre the weapon is chambered in or how long the weapon has been firing.


Get the full article by
Already a Janes subscriber? Keep reading


Indian Air Force hastens its plans to buy ex-French Mirage 2000s

by Rahul Bedi

The Indian Air Force (IAF) is fast-tracking its EUR27 million (USD31.78 million) plan to purchase 24 second-hand Dassault Mirage 2000 fighters from France in a bid to boost its declining combat squadrons.

Thirteen of the 24 aircraft are in “completed condition”, needing only “servicing and basic maintenance” before becoming fully operational for squadron service, official sources told Janes on 17 September. They added that the 11 remaining Mirage 2000s, which are in a “semi-finished condition”, would be cannibalised for their subassemblies and spare parts to sustain the IAF's two upgraded Mirage 2000H squadrons, which comprise 49 aircraft that entered service from mid-1985 onwards.

The IAF refers to this endeavour as ‘reduce to produce'; in 2018 it obtained SEPECAT Jaguar airframes, assorted spares and subassemblies from France, Oman and the United Kingdom to support its ageing fleet of over 100 of these Anglo-French ground attack aircraft to improve their operational serviceability.

The IAF spokesman in New Delhi declined to comment on the intended Mirage 2000 buy, but industry officials indicated that the deal could be signed “soon”.


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Already a Janes subscriber? Keep reading


Taiwan proposes USD8.6 billion for defence ‘special' fund

by Jon Grevatt & Andrew MacDonald

Janes Defence Budgets forecasts that Taiwan's total defence expenditure will grow strongly in real terms in 2022 but will also likely decline by a similar margin in 2027 when allocated and proposed ‘special' funding ends. (Janes Defence Budgets)

Taiwan's Executive Yuan has announced a plan to spend TWD240 billion (USD8.6 billion) over the next five years to bolster naval and air combat capabilities.

The funding is designated as a ‘special' expenditure, and will be in addition to annual defence budget allocations. The new expenditure will also be focused on procuring local equipment and systems instead of imports.

In August, the Executive Yuan announced that the special budget for 2022 will be TWD40.1 billion. This allocation is part of a proposed total defence expenditure of TWD471.7 billion for the year, a nominal 4% increase over the total allocation in 2021.

In a press release on 16 September, the Executive Yuan indicated that the new special budget is required to boost Taiwan's national security in response to rising military threats from China.

“[The funding] will safeguard national sovereignty and national security based on regional environmental changes and the need for combat readiness,” said the Executive Yuan.


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Already a Janes subscriber? Keep reading


https://www.janes.com/defence-news/umkhonto-sale-to-egypt-falls-through-as-denel-rating-downgraded_11821/

South African media has reported that the sale of Umkhonto surface-to-air missiles by Denel Dynamics...

Umkhonto sale to Egypt falls through as Denel rating downgraded

by Charles Forrester

South African media has reported that the sale of Umkhonto surface-to-air missiles by Denel Dynamics has fallen through after the company failed to raise the required funds for a bank guarantee.

According to an article by the Mail & Guardian on 22 August, the Egyptian government subsequently cancelled the procurement of the missiles in late 2019, which were to be used by the Egyptian Navy’s Meko A200 frigates. The news outlet quoted a Denel spokesperson as saying that “Denel generally secures bank or insurance guarantees from financial institutions for advance receipts from its clients and performance guarantees, where contractually obliged to do so, in terms of concluded contracts”.

Denel had not responded to a Janes request for comment at the time of publication.

The collapse of a significant contract for Umkhonto missiles to the Egyptian Navy is likely to place severe pressure on Denel’s order book and revenues. (Janes/Patrick Allen)

The collapse of a significant contract for Umkhonto missiles to the Egyptian Navy is likely to place severe pressure on Denel’s order book and revenues. (Janes/Patrick Allen)

The deal would have been one of the company’s most significant export contracts, with the company understood to have told the government that it had the potential to be worth up to ZAR6.3 billion (USD370 million).


Get the full article by
Already a Janes subscriber? Keep reading


DSEI 2021: Fabrique Nationale displays FN EVOLYS LMG for first time in UK

by Thomas Ford

Fabrique Nationale (FN) Herstal displayed its new FN EVOLYS light machine gun (LMG) at DSEI 2021 on 14 September, marking the first time the weapon was displayed in the UK.

Kristof Verjans, one of FN's demonstration team, showcased the self-correcting lateral feed system of the EVOLYS, which eliminates any risk of the weapon being improperly loaded by a user under stress, with the feed tray designed to work with the feed cover to push the rounds into the correct position and retaining them with spring loaded brackets.

Verjans also demonstrated the new hydraulic buffer system, which is integrated into the working parts of the weapon, departing from previous FN machine gun designs where the buffer was part of the rear of the receiver. The buffer, like the feed system, is also self-correcting and self-regulating, automatically maintaining a constant rate of fire regardless of the calibre the weapon is chambered in or how long the weapon has been firing.


Get the full article by
Already a Janes subscriber? Keep reading


Indian Air Force hastens its plans to buy ex-French Mirage 2000s

by Rahul Bedi

The Indian Air Force (IAF) is fast-tracking its EUR27 million (USD31.78 million) plan to purchase 24 second-hand Dassault Mirage 2000 fighters from France in a bid to boost its declining combat squadrons.

Thirteen of the 24 aircraft are in “completed condition”, needing only “servicing and basic maintenance” before becoming fully operational for squadron service, official sources told Janes on 17 September. They added that the 11 remaining Mirage 2000s, which are in a “semi-finished condition”, would be cannibalised for their subassemblies and spare parts to sustain the IAF's two upgraded Mirage 2000H squadrons, which comprise 49 aircraft that entered service from mid-1985 onwards.

The IAF refers to this endeavour as ‘reduce to produce'; in 2018 it obtained SEPECAT Jaguar airframes, assorted spares and subassemblies from France, Oman and the United Kingdom to support its ageing fleet of over 100 of these Anglo-French ground attack aircraft to improve their operational serviceability.

The IAF spokesman in New Delhi declined to comment on the intended Mirage 2000 buy, but industry officials indicated that the deal could be signed “soon”.


Get the full article by
Already a Janes subscriber? Keep reading


Taiwan proposes USD8.6 billion for defence ‘special' fund

by Jon Grevatt & Andrew MacDonald

Janes Defence Budgets forecasts that Taiwan's total defence expenditure will grow strongly in real terms in 2022 but will also likely decline by a similar margin in 2027 when allocated and proposed ‘special' funding ends. (Janes Defence Budgets)

Taiwan's Executive Yuan has announced a plan to spend TWD240 billion (USD8.6 billion) over the next five years to bolster naval and air combat capabilities.

The funding is designated as a ‘special' expenditure, and will be in addition to annual defence budget allocations. The new expenditure will also be focused on procuring local equipment and systems instead of imports.

In August, the Executive Yuan announced that the special budget for 2022 will be TWD40.1 billion. This allocation is part of a proposed total defence expenditure of TWD471.7 billion for the year, a nominal 4% increase over the total allocation in 2021.

In a press release on 16 September, the Executive Yuan indicated that the new special budget is required to boost Taiwan's national security in response to rising military threats from China.

“[The funding] will safeguard national sovereignty and national security based on regional environmental changes and the need for combat readiness,” said the Executive Yuan.


Get the full article by
Already a Janes subscriber? Keep reading


https://www.janes.com/defence-news/umkhonto-sale-to-egypt-falls-through-as-denel-rating-downgraded_11821/

South African media has reported that the sale of Umkhonto surface-to-air missiles by Denel Dynamics...

Umkhonto sale to Egypt falls through as Denel rating downgraded

by Charles Forrester

South African media has reported that the sale of Umkhonto surface-to-air missiles by Denel Dynamics has fallen through after the company failed to raise the required funds for a bank guarantee.

According to an article by the Mail & Guardian on 22 August, the Egyptian government subsequently cancelled the procurement of the missiles in late 2019, which were to be used by the Egyptian Navy’s Meko A200 frigates. The news outlet quoted a Denel spokesperson as saying that “Denel generally secures bank or insurance guarantees from financial institutions for advance receipts from its clients and performance guarantees, where contractually obliged to do so, in terms of concluded contracts”.

Denel had not responded to a Janes request for comment at the time of publication.

The collapse of a significant contract for Umkhonto missiles to the Egyptian Navy is likely to place severe pressure on Denel’s order book and revenues. (Janes/Patrick Allen)

The collapse of a significant contract for Umkhonto missiles to the Egyptian Navy is likely to place severe pressure on Denel’s order book and revenues. (Janes/Patrick Allen)

The deal would have been one of the company’s most significant export contracts, with the company understood to have told the government that it had the potential to be worth up to ZAR6.3 billion (USD370 million).


Get the full article by
Already a Janes subscriber? Keep reading


DSEI 2021: Fabrique Nationale displays FN EVOLYS LMG for first time in UK

by Thomas Ford

Fabrique Nationale (FN) Herstal displayed its new FN EVOLYS light machine gun (LMG) at DSEI 2021 on 14 September, marking the first time the weapon was displayed in the UK.

Kristof Verjans, one of FN's demonstration team, showcased the self-correcting lateral feed system of the EVOLYS, which eliminates any risk of the weapon being improperly loaded by a user under stress, with the feed tray designed to work with the feed cover to push the rounds into the correct position and retaining them with spring loaded brackets.

Verjans also demonstrated the new hydraulic buffer system, which is integrated into the working parts of the weapon, departing from previous FN machine gun designs where the buffer was part of the rear of the receiver. The buffer, like the feed system, is also self-correcting and self-regulating, automatically maintaining a constant rate of fire regardless of the calibre the weapon is chambered in or how long the weapon has been firing.


Get the full article by
Already a Janes subscriber? Keep reading


Indian Air Force hastens its plans to buy ex-French Mirage 2000s

by Rahul Bedi

The Indian Air Force (IAF) is fast-tracking its EUR27 million (USD31.78 million) plan to purchase 24 second-hand Dassault Mirage 2000 fighters from France in a bid to boost its declining combat squadrons.

Thirteen of the 24 aircraft are in “completed condition”, needing only “servicing and basic maintenance” before becoming fully operational for squadron service, official sources told Janes on 17 September. They added that the 11 remaining Mirage 2000s, which are in a “semi-finished condition”, would be cannibalised for their subassemblies and spare parts to sustain the IAF's two upgraded Mirage 2000H squadrons, which comprise 49 aircraft that entered service from mid-1985 onwards.

The IAF refers to this endeavour as ‘reduce to produce'; in 2018 it obtained SEPECAT Jaguar airframes, assorted spares and subassemblies from France, Oman and the United Kingdom to support its ageing fleet of over 100 of these Anglo-French ground attack aircraft to improve their operational serviceability.

The IAF spokesman in New Delhi declined to comment on the intended Mirage 2000 buy, but industry officials indicated that the deal could be signed “soon”.


Get the full article by
Already a Janes subscriber? Keep reading


Taiwan proposes USD8.6 billion for defence ‘special' fund

by Jon Grevatt & Andrew MacDonald

Janes Defence Budgets forecasts that Taiwan's total defence expenditure will grow strongly in real terms in 2022 but will also likely decline by a similar margin in 2027 when allocated and proposed ‘special' funding ends. (Janes Defence Budgets)

Taiwan's Executive Yuan has announced a plan to spend TWD240 billion (USD8.6 billion) over the next five years to bolster naval and air combat capabilities.

The funding is designated as a ‘special' expenditure, and will be in addition to annual defence budget allocations. The new expenditure will also be focused on procuring local equipment and systems instead of imports.

In August, the Executive Yuan announced that the special budget for 2022 will be TWD40.1 billion. This allocation is part of a proposed total defence expenditure of TWD471.7 billion for the year, a nominal 4% increase over the total allocation in 2021.

In a press release on 16 September, the Executive Yuan indicated that the new special budget is required to boost Taiwan's national security in response to rising military threats from China.

“[The funding] will safeguard national sovereignty and national security based on regional environmental changes and the need for combat readiness,” said the Executive Yuan.


Get the full article by
Already a Janes subscriber? Keep reading


https://www.janes.com/defence-news/umkhonto-sale-to-egypt-falls-through-as-denel-rating-downgraded_11821/

South African media has reported that the sale of Umkhonto surface-to-air missiles by Denel Dynamics...

Umkhonto sale to Egypt falls through as Denel rating downgraded

by Charles Forrester

South African media has reported that the sale of Umkhonto surface-to-air missiles by Denel Dynamics has fallen through after the company failed to raise the required funds for a bank guarantee.

According to an article by the Mail & Guardian on 22 August, the Egyptian government subsequently cancelled the procurement of the missiles in late 2019, which were to be used by the Egyptian Navy’s Meko A200 frigates. The news outlet quoted a Denel spokesperson as saying that “Denel generally secures bank or insurance guarantees from financial institutions for advance receipts from its clients and performance guarantees, where contractually obliged to do so, in terms of concluded contracts”.

Denel had not responded to a Janes request for comment at the time of publication.

The collapse of a significant contract for Umkhonto missiles to the Egyptian Navy is likely to place severe pressure on Denel’s order book and revenues. (Janes/Patrick Allen)

The collapse of a significant contract for Umkhonto missiles to the Egyptian Navy is likely to place severe pressure on Denel’s order book and revenues. (Janes/Patrick Allen)

The deal would have been one of the company’s most significant export contracts, with the company understood to have told the government that it had the potential to be worth up to ZAR6.3 billion (USD370 million).


Get the full article by
Already a Janes subscriber? Keep reading


DSEI 2021: Fabrique Nationale displays FN EVOLYS LMG for first time in UK

by Thomas Ford

Fabrique Nationale (FN) Herstal displayed its new FN EVOLYS light machine gun (LMG) at DSEI 2021 on 14 September, marking the first time the weapon was displayed in the UK.

Kristof Verjans, one of FN's demonstration team, showcased the self-correcting lateral feed system of the EVOLYS, which eliminates any risk of the weapon being improperly loaded by a user under stress, with the feed tray designed to work with the feed cover to push the rounds into the correct position and retaining them with spring loaded brackets.

Verjans also demonstrated the new hydraulic buffer system, which is integrated into the working parts of the weapon, departing from previous FN machine gun designs where the buffer was part of the rear of the receiver. The buffer, like the feed system, is also self-correcting and self-regulating, automatically maintaining a constant rate of fire regardless of the calibre the weapon is chambered in or how long the weapon has been firing.


Get the full article by
Already a Janes subscriber? Keep reading


Indian Air Force hastens its plans to buy ex-French Mirage 2000s

by Rahul Bedi

The Indian Air Force (IAF) is fast-tracking its EUR27 million (USD31.78 million) plan to purchase 24 second-hand Dassault Mirage 2000 fighters from France in a bid to boost its declining combat squadrons.

Thirteen of the 24 aircraft are in “completed condition”, needing only “servicing and basic maintenance” before becoming fully operational for squadron service, official sources told Janes on 17 September. They added that the 11 remaining Mirage 2000s, which are in a “semi-finished condition”, would be cannibalised for their subassemblies and spare parts to sustain the IAF's two upgraded Mirage 2000H squadrons, which comprise 49 aircraft that entered service from mid-1985 onwards.

The IAF refers to this endeavour as ‘reduce to produce'; in 2018 it obtained SEPECAT Jaguar airframes, assorted spares and subassemblies from France, Oman and the United Kingdom to support its ageing fleet of over 100 of these Anglo-French ground attack aircraft to improve their operational serviceability.

The IAF spokesman in New Delhi declined to comment on the intended Mirage 2000 buy, but industry officials indicated that the deal could be signed “soon”.


Get the full article by
Already a Janes subscriber? Keep reading


Taiwan proposes USD8.6 billion for defence ‘special' fund

by Jon Grevatt & Andrew MacDonald

Janes Defence Budgets forecasts that Taiwan's total defence expenditure will grow strongly in real terms in 2022 but will also likely decline by a similar margin in 2027 when allocated and proposed ‘special' funding ends. (Janes Defence Budgets)

Taiwan's Executive Yuan has announced a plan to spend TWD240 billion (USD8.6 billion) over the next five years to bolster naval and air combat capabilities.

The funding is designated as a ‘special' expenditure, and will be in addition to annual defence budget allocations. The new expenditure will also be focused on procuring local equipment and systems instead of imports.

In August, the Executive Yuan announced that the special budget for 2022 will be TWD40.1 billion. This allocation is part of a proposed total defence expenditure of TWD471.7 billion for the year, a nominal 4% increase over the total allocation in 2021.

In a press release on 16 September, the Executive Yuan indicated that the new special budget is required to boost Taiwan's national security in response to rising military threats from China.

“[The funding] will safeguard national sovereignty and national security based on regional environmental changes and the need for combat readiness,” said the Executive Yuan.


Get the full article by
Already a Janes subscriber? Keep reading


https://www.janes.com/defence-news/umkhonto-sale-to-egypt-falls-through-as-denel-rating-downgraded_11821/

South African media has reported that the sale of Umkhonto surface-to-air missiles by Denel Dynamics...

Umkhonto sale to Egypt falls through as Denel rating downgraded

by Charles Forrester

South African media has reported that the sale of Umkhonto surface-to-air missiles by Denel Dynamics has fallen through after the company failed to raise the required funds for a bank guarantee.

According to an article by the Mail & Guardian on 22 August, the Egyptian government subsequently cancelled the procurement of the missiles in late 2019, which were to be used by the Egyptian Navy’s Meko A200 frigates. The news outlet quoted a Denel spokesperson as saying that “Denel generally secures bank or insurance guarantees from financial institutions for advance receipts from its clients and performance guarantees, where contractually obliged to do so, in terms of concluded contracts”.

Denel had not responded to a Janes request for comment at the time of publication.

The collapse of a significant contract for Umkhonto missiles to the Egyptian Navy is likely to place severe pressure on Denel’s order book and revenues. (Janes/Patrick Allen)

The collapse of a significant contract for Umkhonto missiles to the Egyptian Navy is likely to place severe pressure on Denel’s order book and revenues. (Janes/Patrick Allen)

The deal would have been one of the company’s most significant export contracts, with the company understood to have told the government that it had the potential to be worth up to ZAR6.3 billion (USD370 million).


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DSEI 2021: Fabrique Nationale displays FN EVOLYS LMG for first time in UK

by Thomas Ford

Fabrique Nationale (FN) Herstal displayed its new FN EVOLYS light machine gun (LMG) at DSEI 2021 on 14 September, marking the first time the weapon was displayed in the UK.

Kristof Verjans, one of FN's demonstration team, showcased the self-correcting lateral feed system of the EVOLYS, which eliminates any risk of the weapon being improperly loaded by a user under stress, with the feed tray designed to work with the feed cover to push the rounds into the correct position and retaining them with spring loaded brackets.

Verjans also demonstrated the new hydraulic buffer system, which is integrated into the working parts of the weapon, departing from previous FN machine gun designs where the buffer was part of the rear of the receiver. The buffer, like the feed system, is also self-correcting and self-regulating, automatically maintaining a constant rate of fire regardless of the calibre the weapon is chambered in or how long the weapon has been firing.


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Indian Air Force hastens its plans to buy ex-French Mirage 2000s

by Rahul Bedi

The Indian Air Force (IAF) is fast-tracking its EUR27 million (USD31.78 million) plan to purchase 24 second-hand Dassault Mirage 2000 fighters from France in a bid to boost its declining combat squadrons.

Thirteen of the 24 aircraft are in “completed condition”, needing only “servicing and basic maintenance” before becoming fully operational for squadron service, official sources told Janes on 17 September. They added that the 11 remaining Mirage 2000s, which are in a “semi-finished condition”, would be cannibalised for their subassemblies and spare parts to sustain the IAF's two upgraded Mirage 2000H squadrons, which comprise 49 aircraft that entered service from mid-1985 onwards.

The IAF refers to this endeavour as ‘reduce to produce'; in 2018 it obtained SEPECAT Jaguar airframes, assorted spares and subassemblies from France, Oman and the United Kingdom to support its ageing fleet of over 100 of these Anglo-French ground attack aircraft to improve their operational serviceability.

The IAF spokesman in New Delhi declined to comment on the intended Mirage 2000 buy, but industry officials indicated that the deal could be signed “soon”.


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Taiwan proposes USD8.6 billion for defence ‘special' fund

by Jon Grevatt & Andrew MacDonald

Janes Defence Budgets forecasts that Taiwan's total defence expenditure will grow strongly in real terms in 2022 but will also likely decline by a similar margin in 2027 when allocated and proposed ‘special' funding ends. (Janes Defence Budgets)

Taiwan's Executive Yuan has announced a plan to spend TWD240 billion (USD8.6 billion) over the next five years to bolster naval and air combat capabilities.

The funding is designated as a ‘special' expenditure, and will be in addition to annual defence budget allocations. The new expenditure will also be focused on procuring local equipment and systems instead of imports.

In August, the Executive Yuan announced that the special budget for 2022 will be TWD40.1 billion. This allocation is part of a proposed total defence expenditure of TWD471.7 billion for the year, a nominal 4% increase over the total allocation in 2021.

In a press release on 16 September, the Executive Yuan indicated that the new special budget is required to boost Taiwan's national security in response to rising military threats from China.

“[The funding] will safeguard national sovereignty and national security based on regional environmental changes and the need for combat readiness,” said the Executive Yuan.


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https://www.janes.com/defence-news/umkhonto-sale-to-egypt-falls-through-as-denel-rating-downgraded_11821/

South African media has reported that the sale of Umkhonto surface-to-air missiles by Denel Dynamics...

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