Posts tagged with "100"

South Korea to sell arms to U.S.A. for Ukrainian forces fighting Russia

November 14, 2022

South Korea will for the first time sell artillery shells destined for Ukrainian forces through a confidential arms deal between Seoul and Washington, D.C.—a move that reflects a global scramble for munitions after months of war with Russia, reports The Wall Street Journal.

U.S. officials familiar with the deal said that America plan to purchase 100,000 rounds of 155mm artillery ammunition that will be delivered to Ukraine—enough to supply Ukraine’s artillery units for at least several weeks of intensive combat.

Indeed, routing the deal through the United States allows South Korea to stick to the letter of its public commitment not to send lethal military support to Ukraine while assisting Washington, Seoul’s paramount ally in deterring North Korea.

The South Korea-provided arms will enable the United States to supply the Ukrainians without digging deeper into the American inventory of artillery rounds, which U.S. officials have acknowledged is dwindling quickly. In August, the stockpile of U.S. 155mm artillery rounds had fallen to levels that concerned the Pentagon, as Ukraine engaged in fierce artillery duels with the Russian forces, and U.S. officials say the situation is considerably worse now.

South Korea Defense Minister Lee Jong-sup met with Defense Secretary Lloyd Austin earlier this month and agreed in principle to proceed with the artillery deal.

The Defense Ministry in Seoul said in a statement that a South Korean company is in talks with the America to supplement the U.S. stockpile of 155mm artillery shells. The South Korean government’s position of not supplying lethal weapons to Ukraine remains unchanged, according to the statement.

“The negotiations are happening under the premise that the U.S. will be the final user,” the statement added.

The White House recently said North Korea was providing artillery shells to Russia, setting the unusual stage for armaments from the two Asian countries to be used by opposing forces in Europe. The arms deals highlight the limits of industrial bases in the United States and Russia, which have been stretched to the limit during the war in Ukraine.

Research contact: @WSJ

Netflix to expand New York executive offices and production hub

April 22, 2019

The latest tech behemoth to “stream” into New York City is Netflix, according to an April 18 report by Fast Company.

Months after Amazon backed out of branching out to Long Island City, the video services provider has opted to set up shop in the Big Apple.

New York State Governor Andrew Cuomo announced that Netflix is building a new production hub in the city, which is expected to create hundreds of new jobs and “up to $100 million in investments to the city,” according to a statement from the Empire State Development Corporation.

“Netflix is innovative, creative, and bold—just like New Yorkers—and the expansion of this cutting-edge company in New York once again demonstrates the Empire State is open for business,”  the governor said at a press conference last Thursday.

The new production hub will comprise an expanded 100,000-square-foot office in Manhattan’s Flatiron District and six sound stages in Brooklyn that could bring hundreds of executive positions and thousands of production crew jobs to New York within the next five years.

Empire State Development Commissioner Howard Zemsky said, “Thanks to Netflix, online streaming has become as commonplace as cable television, and maybe even more accessible—and their decision to expand in New York is a validation of our work to support and develop New York’s technology, entertainment, and production industries.”

New York is giving Netflix a sweet deal, too. The state reportedly offered the company up to $4 million in performance-based tax incentives—meaning that Netflix needs to create and keep new jobs in the city in order to receive the tax breaks.

Research contact: @netflix