(Bloomberg) — Shares in Australian commodities exporter GrainCorp Ltd. fell the most in more than a year after the company significantly missed estimates for full-year earnings and pointed to a “challenging” market amid a global supply glut and weak demand.

GrainCorp on Thursday reported a net income of A$39.9 million ($26 million) for the 12 months through September, down 35% on the previous year and well below market estimates of A$61.9 million. The company’s underlying EBITDA was up 15% year-on-year to A$307.9 million but slightly below analyst expectations.

The shares fell as much as 11% following the results announcement, the sharpest drop since February 2024. They were trading hands at A$8.33 at 10:17 a.m. in Sydney, down 6.8%.

In a presentation to investors, GrainCorp said there had been strong global production of major grains and oilseeds over the past 12 months directly competing with Australia, combined with weak pricing and “subdued customer purchasing behavior.”

LONDON (Reuters) -Most big emerging economies, including China, Brazil and India, can weather U.S. tariffs without excessive pain, a study ​by risk consultancy Verisk Maplecroft showed, raising doubt about the clout of President Donald Trump’‌s trade tools.

The firm analysed the resilience of 20 of the biggest emerging markets using measures from debt levels to export-revenue reliance ‌to gauge their ability to handle trade volatility and rapidly shifting geopolitical alliances.

“Most manufacturing hubs globally are in a better position in their current baseline than you would think or give them credit for to weather this tariff storm specifically coming out of the U.S., even if it comes to full capacity,” ⁠said Reema Bhattacharya, head of ‌Asia research who co-authored the report.

Mexico and Vietnam are among the most exposed to U.S. trade dependence, the paper showed,‍ but progressive economic policies, improving infrastructure and political stability meant they were among the more resilient economies.

Brazil and South Africa, it said, are effectively building links with other trade partners that could shield them in coming years.​

“Almost every emerging market or global market understands that we need to do business with the U.‌S. and China, but we can’t over-rely on either. So we need a third market,” Bhattacharya said, adding that trade between members of the BRICS group of developing nations was rising.

The Maplecroft paper did not examine BRICS member Russia.

China, though particularly exposed to geopolitical tensions with the United States, “is so entrenched it’s actually almost impossible to replicate it elsewhere”, ⁠she added, citing Beijing’s diversified export base and its ​human capital.

A manufacturing juggernaut, China is in the crosshairs ​of Trump’s efforts to reshape global trade policy. Data out earlier this week showed that in October, China exports suffered their worst downturn since February, shortly ‍after Trump returned to the ⁠White House.

Bhattacharya also pointed to China’s years-long effort to expand use of the renminbi in trade settlements as “a pragmatic push for economic resilience and geopolitical risk diversification”.

Brazil, Argentina ⁠and Chile have signed local-currency settlement arrangements with China’s central bank, while Chinese state-owned enterprises and investors are ‌financing lithium and copper projects in Chile, Bolivia and Peru.

LONDON (Reuters) -Britain’s Virgin Media O2 said it had signed a deal with Elon Musk’s Starlink to boost mobile coverage in rural areas, initially with messaging and data services when it launches in the first half of 2026.

VM O2, a joint venture between Telefonica and Liberty Global, said it would be the first British operator to use Starlink’s more than 650 satellites to connect to compatible customer handsets.

Mobile networks in the United States, Canada, Australia and other countries have signed deals with Starlink, a subsidiary of Musk’s SpaceX, for direct-to-cell services.

U.S. network T-Mobile launched commercial services in July, starting with texts before expanding to apps including WhatsApp.

VM O2’s British rival Vodafone said in January it was working with partner AST SpaceMobile to roll out satellite connection to its European customers next year.

Lutz Schüler, chief executive of VM O2, said on Thursday that Starlink operated the world’s most advanced satellite constellation and was therefore the right partner to support its ambition to deliver reliable mobile connectivity across the UK.

VM O2, which is already using Starlink’s satellites to provide mobile backhaul connections to some of its remote base stations, said it would initially offer messaging and data services directly to handsets.

It said details on pricing would be released at a later date.

AALBORG, Denmark (AP) — In a warehouse more than 1,500 kilometers (900 miles) from Ukraine’s capital, workers in northern Denmark painstakingly piece together anti-drone devices. Some of the devices will be exported to Kyiv in the hopes of jamming Russian technology on the battlefield, while others will be shipped across Europe in efforts to combat mysterious drone intrusions into NATO’s airspace that have the entire continent on edge.

Two Danish companies whose business was predominantly defense-related now say they have a surge in new clients seeking to use their technology to protect sites like airports, military installations and critical infrastructure, all of which have been targeted by drone flyovers in recent weeks.

Weibel Scientific’s radar drone detection technology was deployed ahead of a key EU summit earlier this year to Copenhagen Airport, where unidentified drone sightings closed the airspace for hours in September. Counter-drone firm MyDefence, from its warehouse in northern Denmark, builds handheld, wearable radio frequency devices that sever the connection between a drone and its pilot to neutralize the threat.

So-called “jamming” is restricted and heavily regulated in the European Union, but widespread on the battlefields of Ukraine and has become so extensive there that Russia and Ukraine have started deploying drones tethered by thin fiber-optic cables that don’t rely on radio frequency signals. Russia also is firing attack drones with extra antenna to foil Ukraine’s jamming efforts.

A spike in drone incursions

Drone warfare exploded following Russia’s full-scale invasion of Ukraine in 2022. Russia has bombarded Ukraine with drone and missile attacks, striking railways, power facilities and cities across the country. Ukraine, in response, has launched daring strikes deep inside Russia using domestically produced drones.

But Europe as a whole is now on high alert after the drone flyovers into NATO’s airspace reached an unprecedented scale in September, prompting European leaders to agree to develop a “drone wall” along their borders to better detect, track and intercept drones violating Europe’s airspace. In November, NATO military officials said a new U.S. anti-drone system was deployed to the alliance’s eastern flank.

Some European officials described the incidents as Moscow testing NATO’s response, which raised questions about how prepared the alliance is against Russia. Key challenges include the ability to detect drones — sometimes mistaken for a bird or plane on radar systems — and take them down cheaply.

The Kremlin has brushed off allegations that Russia is behind some of the unidentified drone flights in Europe.

Andreas Graae, assistant professor at the Royal Danish Defense College, said there is a “huge drive” to rapidly deploy counter-drone systems in Europe amid Russia’s aggression.

“All countries in Europe are struggling to find the right solutions to be prepared for these new drone challenges,” he said. “We don’t have all the things that are needed to actually be good enough to detect drones and have early warning systems.”

Putting ‘machines before people’

Founded in 2013, MyDefence makes devices that can be used to protect airports, government buildings and other critical infrastructure, but chief executive Dan Hermansen called the Russia-Ukraine war a “turning point” for his company.

More than 2,000 units of its wearable “Wingman” detector have been delivered to Ukraine since Russia invaded nearly four years ago.

“For the past couple of years, we’ve heard in Ukraine that they want to put machines before people” to save lives, Hermansen said.

MyDefence last year doubled its earnings to roughly $18.7 million compared to 2023.

Then came the drone flyovers earlier this year. Besides Copenhagen Airport, drones flew over four smaller Danish airports, including two that serve as military bases.

Hermansen said they were an “eye-opener” for many European countries and prompted a surge of interest in their technology. MyDefence went from the vast majority of its business being defense-related to inquiries from officials representing police forces and critical infrastructure.

“Seeing suddenly that drone warfare is not just something that happens in Ukraine or on the eastern flank, but basically is something that we need to take care of in a hybrid warfare threat scenario,” he added.

Radar technology used against drones

On NATO’s eastern flank, Denmark, Poland and Romania are deploying a new weapons system to defend against drones. The American Merops system, which is small enough to fit in the back of a midsize pickup truck, can identify drones and close in on them using artificial intelligence to navigate when satellite and electronic communications are jammed.

The aim is to make the border with Russia so well-armed that Moscow’s forces will be deterred from ever contemplating crossing the line from Norway in the north to Turkey in the south, NATO military officials told The Associated Press.

North of Copenhagen, Weibel Scientific has been making Doppler radar technology since the 1970s. Typically used in tracking radar systems for the aerospace industry, it’s now being applied to drone detection like at Copenhagen Airport.

The technology can determine the velocity of an object, such as a drone, based on the change in wavelength of a signal being bounced back. Then it’s possible to predict the direction the object is moving, Weibel Scientific chief executive Peter Røpke said.

“The Ukraine war, and especially how it has evolved over the last couple of years with drone technology, means this type of product is in high demand,” Røpke said.

Earlier this year, Weibel secured a $76 million deal, which the firm called its “largest order ever.”

The drone flyovers boosted the demand even higher as discussion around the proposed “drone wall” continued. Røpke said his technology could become a “key component” of any future drone shield.