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UK MoD Sets 8.3% Profit Rate for Single-Source Defense Contracts

UK MoD Sets 8.3% Profit Rate for Single-Source Defense Contracts

Defence Procurement Minister Jeremy Quin announced this week he has set the baseline profit rate (BPR) for single source defence contracts at 8.31%. This will be used to calculate the profit payable on single source work contracted in 2022-23.

The Minister announced that in setting the rate, he h…

Latvian Cabinet Increases Defense Budget to 2.5% of GDP

Latvian Cabinet Increases Defense Budget to 2.5% of GDP

Today, on March 29, the Cabinet of Ministers approved the amendments to the Law on the Financing of National Defense led by the Ministry of Defense, which means that over the next three years, funding for national defense will be gradually increased to 2.5% of GDP.

According to NATO guidelines, L…

S. Korea Test-Fires Solid-Fuel Space Rocket: Defense Ministry

S. Korea Test-Fires Solid-Fuel Space Rocket: Defense Ministry

SEOUL — South Korea successfully test-fired a solid-fuel space rocket Wednesday, the defense ministry said, following North Korea’s intercontinental ballistic missile (ICBM) launch last week.

The state-run Agency for Defense Development conducted the first such test at a testing site in Taean, …

Saab Touts Vehicle-Mounted RBS-70 SHORAD System

Saab Touts Vehicle-Mounted RBS-70 SHORAD System

Saab reveals its finalised Mobile Short-Range Air Defence System (MSHORAD) to meet the evolving and proliferating air threats over the battlefield.

A wide range of established airborne threats such as fighters, helicopters, and missiles are being joined by newer threats such as armed UAV’s and lo…


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