Germany and France to develop joint next-generation army tank

first_imgBoth agreements were signed by French Defense Minister Florence Parly and her German counterpart Annegret Kramp-Karrenbauer, the German Defense Ministry said in a statement. “With this project, Germany and France are sending an important signal for European cooperation in defense policy,” the ministry said.The project will be led by Germany, with Berlin and Paris each bearing half of the costs. It is “intended to replace the German Leopard 2 tanks and the French Leclerc tanks from the mid-2030s,” according to the ministry.  France and Germany in February gave the green light for building a prototype of Europe’s next-generation fighter jet, effectively launching a project long held up by disputes over how the industrial work would be divided.The 150-million-euro ($162-million) contract, financed equally by both countries, aims to create prototypes of the stealth delta-wing jet as well as integrated drones and network infrastructure of the new system by 2026. France and Germany have signed agreements to develop a next-generation tank to equip both of their armies from the mid-2030s, the German Defense Ministry announced Wednesday.Dubbed the Main Ground Combat System (MGCS), the tank project sits alongside a planned future jet fighter as part of pivotal military cooperation between the two neighbors. The deal announced Tuesday includes a so-called “framework agreement” laying out how the project will be organised, as well as an “implementing arrangement” setting out the specifications for the new fighting vehicle. center_img Topics :last_img read more

Austrian pension funds return 6% on average in 2017

first_imgThe nine Austrian Pensionskassen managed to generate a performance of 6.13% on average for 2017.This result brought the annualised average to 5.55% since the country’s second pillar system was incepted in 1991.Funds mainly profited from a high equity quota, the country’s pension fund association FVPK noted at a press conference in Vienna today.The average equity quota over all different risk portfolios offered under the life-cycle model stood at 37.6% at year-end 2017. Two years previously it had been just over 28%. “Equities have played a very important role for the performance over the last few years,” said Andreas Zakostelsky, chairman of the FVPK.For 2018, he expected “definitely no further increase in the equities quota” but a “continuation at a high level”.In the bond segment, which made up just under 55% for the first time in years, Zakostelsky predicted a slight increase in corporate bond exposure. He added: “But only slightly, because the spread has come down but returns are still better than those from European government bonds.”Other sources of return would come from emerging markets, the FVPK said.Austrian Pensionskassen manage €22.6bn in total, according to the association’s figures.Zakostelsky called on the new Austrian conservative-right wing government, which came to power only a few weeks ago, to allow Pensionskassen separate investment quotas for infrastructure and investments in residential real estate projects. Currently, these fall under the equities quota.Overall, the FVPK was optimistic about the new coalition between ÖVP and FPÖ, as the two parties put the goal of “strengthening supplementary pensions” in their coalition agreement, including ideas for tax incentives.Zakostelsky confirmed that the new tax proposal the association devised with academic backing in late 2017 had been presented to the government but not discussed in detail yet.last_img read more