Sunday, 26 May, 2019

UK: Hindering Big Defense Projects with Riyadh Threatens Germany’s Commercial Credibility

BAE slides on fears that German export ban will hit Saudi contracts BAE Systems shares fall over Germany's ban on arms exports to Saudis
Deanna Wagner | 23 February, 2019, 08:24

BERLIN-Britain's top diplomat has urged Germany to relax its ban on arms sales to Saudi Arabia because they are affecting United Kingdom sales of weapons to-and by extension its influence with-the oil-rich kingdom.

German weekly Der Spiegel reported on Tuesday that Britain's Hunt openly criticized German government's measures in a recent letter he wrote to his German counterpart Maas.

For the year ending 31 December 2019, the Group's underlying earnings per share is expected to grow by mid-single digit compared to the full-year underlying earnings per share in 2018 of 42.9p, assuming a US$1.30 to sterling exchange rate, the company said.

The University of Essex on Friday announced the immediate establishment of a Jewish society that was previously voted against by.

Germany imposed restrictions to arms sales to Saudi Arabia previous year due to Riyadh's role in the Yemen conflict, and following the killing of journalist Jamal Khashoggi in October at the Saudi Consulate in Istanbul, German government further sharpened its tone, and halted all arms exports to the country.

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The RBZ governor said the bulk of foreign currency will be allocated to the productive sectors of the economy. On Wednesday, the government announced measures to address the currency crisis.

Any future decision would be "dependant on developments in the Yemen conflict and whether what was agreed in the Stockholm peace talks are implemented", added Maas referring to the Saudi-led war against Iran-backed rebels.

Finance Minister Olaf Scholz, in separate remarks, declined to say if the German government would extend the freeze beyond March 9.

Hunt's "letter shows how Germany's arms export practices are costing it the ability to partner with its closest European allies", Hans Christoph Altzpodien, head of Germany's defense industry association BDSV, told Reuters.

But Berlin makes components for other countries' export contracts, including a proposed £10b deal for Riyadh to buy 48 new Eurofighter Typhoon fighter jets from the UK. He said the issue was also affecting potential sales of other weapons such as the A400M military transporter.

Khashoggi, a Washington Post columnist and critic of Saudi Crown Prince Mohammed bin Salman, was killed in the Saudi consulate in Istanbul by a team of Saudi operatives on October 2, provoking an global backlash.