Skip to content
Search

Latest Stories

India buys Israeli missiles ahead of Netanyahu visit

India is to buy 131 surface-to-air missiles from Israel in a $70 million deal, the defence ministry announced Tuesday ahead of a visit by Israeli prime minister Benjamin Netanyahu.

The Barak missiles made by Rafael Advanced Defense Systems are to be used for India's first aircraft carrier which is under construction.


Netanyahu will lead a business delegation to India on a four day trip expected in mid-January. Israel has become a major defence supplier to India, selling an average of $1 billion of military equipment each year.

Last April the two countries signed a military deal worth nearly $2 billion which includes the supply over several years of medium-range surface-to-air missiles, launchers and communications technology.

It was unclear whether the deal announced Tuesday was part of that.

The Indian defence ministry also said it had approved the purchase of 240 bombs from Russia's JSC Rosonboron Exports for $188 million.

"This procurement will address the deficiency of precision-guided munitions in the IAF (Indian Air Force) arsenal, besides enhancing the offensive capabilities of the IAF," it said in a statement.

India, which has longstanding territorial disputes with neighbours China and Pakistan, has signed several big-ticket defence deals since prime minister Narendra Modi came to power in 2014.

It has however been moving away from relying on traditional ally Russia for military hardware.

More For You

UK houses

UK house price growth slows to 0.3 per cent in October.

iStock

UK house price growth slows as buyers delay decisions ahead of budget

Highlights

  • Average UK house price rose 0.3 per cent in October to £272,226, down from 0.5 per cent growth in September.
  • Annual house price growth edged up to 2.4 per cent, with market remaining resilient despite mortgage rates being double pre-pandemic levels.
  • Buyers delaying purchases amid speculation that November budget could introduce new property taxes on homes worth over £500,000.
British house prices grew at a slower pace in October as buyers adopted a wait-and-see approach ahead of the government's budget announcement on 26 November, according to data from mortgage lender Nationwide.

The average house price increased by 0.3 per cent month-on-month in October to £272,226, down from a 0.5 per cent rise in September. Despite the monthly slowdown, annual house price growth accelerated slightly to 2.4 per cent, up from 2.2 per cent in the previous month.

Robert Gardner, Nationwide's chief economist, said the market had demonstrated broad stability in recent months. "Against a backdrop of subdued consumer confidence and signs of weakening in the labour market, this performance indicates resilience, especially since mortgage rates are more than double the level they were before Covid struck and house prices are close to all-time highs".

Keep ReadingShow less