South Korea's Defense Ministry is seeking a 55.2 trillion won ($47.7 billion) budget for next year, up 4.5 percent from the previous year and roughly matching neighboring Japan's.

British defense and aerospace company Meggitt has agreed to a £6.3 billion (U.S. $8.8 billion) takeover by Parker Hannifin. It’s the second time in recent weeks a major British defense company has been targeted by an American rival in a merger bid.

This year’s Defense News Top 100 list includes a few non-surprises.

Domestic demand for weapons is up. But American sanctions may hobble Chinese armsmakers’ tech ambitions

The Biden administration plans to move forward with $23 billion in weapons sales to the United Arab Emirates, according to press reports published last week. The sales include F-35 aircraft, MQ-9B armed drones and other equipment.

Along with natural resources, arms exports are a key component of Russia's economy. In the last two decades, Moscow has managed to deepen its connection with Africa and became the biggest arms supplier on the continent.

The growing utilization of unmanned aerial vehicles (UAVs) in the defense sector for diverse applications such as mapping, surveying, monitoring, transportation, and combat operations will fuel the demand for these drones in the upcoming years. Rising defence expenditures of several countries to purchase modern & advanced military drones for enhancing combat capabilities is projected to support the global market growth. UAVs are employed in battle damage assessment, communication intelligence, and electronic intelligence. Technological advancements in unmanned aerial systems have improved the surveillance eciency in intelligence, surveillance, and reconnaissance (ISR) missions.