According to Reuters, South Korea's Hanwha Aerospace said on Wednesday it won a 1.38 trillion won ($1 billion) order from Romania to supply self-propelled howitzers. The deal is Romania's largest arms acquisition deal in seven years and includes 54 K9 howitzers, ammunition and 36 K10 resupply vehicles, South Korea's largest defence company by revenue said. The contract lasts until July 2029, Hanwha Aerospace said. The South Korean arms procurement agency, Defense Acquisition Program Administration, confirmed the details of the deal in a separate statement. Hanwha Aerospace shares rose more than 5% to a record high in early morning trade, versus a 0.1% drop in the wider market. Overseas orders for Hanwha have jumped since Russia's invasion of Ukraine in 2022 as countries sought to bolster their arms with quick, reliable supply, analysts said. Hanwha's land defence business has seen its order backlog swell to about 30 trillion won at the end of March this year from 5.1 trillion won at end-2021. Analysts said South Korean defence firms are able to ship arms quickly with lower costs and provide continual maintenance partly due to the economy of scale from supplying the standing armed forces in South Korea, which is still technically at war with North Korea. Hanwha now holds more than 50% share of the global market for howitzer exports, according to data by NH Investment & Securities. "Given that the end of a war does not mean an end to the growth of defence spending, and that (U.S. presidential candidate Donald) Trump explicitly demanded that NATO and other European countries increase their share of defence costs, opportunities are expected to expand" for South Korean defence firms, said Meritz Securities analyst Lee Ji-ho in a note on Tuesday.
Pulitzer Prize winner Junot Díaz, Tracy Chevalier, the author of the international best seller Girl with a Pearl Earring, and French author Michel Bussi, known for his widely translated thriller novels, are among the authors set to attend this year’s Iași International Literature and Translation Festival (FILIT), the largest literary festival in the country. They […]
Bucharest is about to welcome a culinary moment like no other. This September, the JW Marriott Bucharest Grand Hotel will host Michelin-starred Chef Theodor Falser - a name synonymous with nature-inspired haute cuisine - for three exclusive evenings that promise to delight the senses and tell stories through food. The Chef Who Cooks Nature Theodor […]
The International Monetary Fund (IMF) has endorsed Romania’s latest fiscal measures, forecasting that the economy will grow by 1% in 2025 and 1.4% in 2026, the government said Friday, September 12, after talks with a visiting IMF delegation. The delegation, led by Joong Shik Kang, met prime minister Ilie Bolojan in Bucharest to discuss the […]
The George Ciprian Theater in Buzău has unveiled “E-Waste E-Motion,” the first performance in Romania in which all characters are played by small autonomous robots, blending art, technology, and sustainability in an experimental theatrical project. “E-Waste E-Motion” is part of a broader artistic research initiative supported by the National University of Theatre and Film (UNATC) […]
With extensive experience in the luxury hospitality sector, gained as General Manager of Sofitel Legend The Grand Amsterdam and Hotel Okura Amsterdam (LHW), as well as in various Director of Operations and Business Development roles, Ms. Emmy Stoel is a seasoned professional whose career reflects a deep passion for excellence in guest service, having successfully […]
Update: The woman made her first statements on Friday afternoon after being questioned. According to Digi24, she told journalists outside a police station in Bucharest that the items were family heirlooms from the Soviet era, and that she...
