Rheinmetall

German arms manufacturer Rheinmetall has secured a substantial financial boost from the European Union, receiving over 130 million euros to enhance its ammunition production capabilities. The funding is earmarked for the production of 155 mm ammunition and gunpowder, with projects set to take place in Germany, Hungary, Romania, and Spain.

Armin Papperger, CEO of the renowned German arms company "Rheinmetall," issued a stark warning, asserting that Europe requires a decade to achieve full readiness to defend itself. Citing concerns over depleted weapons depots and the redirection of ammunition to Ukraine, Papperger's remarks echo a growing sense of urgency in the face of evolving geopolitical tensions.

Day 503 of the invasion of Ukraine. Summary of key events in the last 24 hours:

German arms manufacturer Rheinmetall joined Frankfurt's blue-chip DAX index yesterday, highlighting the improving fortunes of the country's weapons industry as the Ukraine war spurs demand.

In a country still haunted by Nazi atrocities during World War II, Germany's weapons manufacturers were far from the country's most celebrated firms.

Here are the highlights of events related to the war in Ukraine over the past 24 hours:

Russia sends three motorized infantry divisions to Ukraine

German arms manufacturer Rheinmetall has offered to sell 88 second-hand Leopard battle tanks to Ukraine. The offer apparently includes training in Germany, spare parts and ammunition, according to documents obtained by the DPA.

Bulgaria's Ministry of Defense announced that, on August 5, it had sent formal Requests for Proposals (RFP) to four companies invited to bid to supply armored infantry carriers. These four companies are ARTEC GmbH (Germany), Patria (Finland), Nexter Systems (France) and General Dynamics European Land Systems - MOWAG (Switzerland).

Bulgaria has sent a request to four European countries for proposals for 150 armored vehicles, the defense ministry said on Tuesday, reports Reuters.

The Balkan state, which joined NATO in 2004, has called for bids in a 1.46 billion levs ($836.24 million) tender from Germany, Finland, France, and Switzerland, the ministry said in a statement.

South African authorities say at least eight people have been killed in an explosion at a munitions plant near Cape Town.

Investigators are trying to determine the cause of the blast at the Rheinmetall Denel Munition depot, which shook homes and rattled windows in the area on Monday.

The Greek government is reportedly demanding 100 million euros in rebates from German firms considered responsible for paying kickbacks to win defence contracts during previous years, according to Reuters.

The news agency cites a "high-ranking source" in the Greek defence ministry as the basis for its report.