Netflix to invest over $1.14 billion in Spain until 2029
Netflix is set to invest over 1 billion euros ($1.14 billion) to produce content in Spain over the next four years, the streaming giant's co-CEO, Ted Sarandos, told an event in Madrid on Tuesday.
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UK to trim asylum backlog, saving ‘$1.3 billion a year'
LONDON: Britain's Labour government pledged to cut a backlog in asylum applications and end 'the costly use of hotels to house asylum seekers,' saving £1 billion ($1.3 billion) annually, Chancellor of the Exchequer Rachel Reeves announced on Wednesday. 'Funding that I have provided today ... will cut the asylum backlog, hear more appeal cases and return people who have no rights to be here, saving the taxpayer a billion pounds a year,' Reeves said in her Spending Review that sets out Treasury expenditure and savings over the next few years. The number of UK asylum seekers has risen sharply in recent years, with tens of thousands of applications waiting to be decided, according to official figures. Labour, which came to power last July, has set about tackling the situation. Prime Minister Keir Starmer has started formal talks with unspecified countries to create 'return centers' outside the UK for those who have exhausted all legal avenues to remain in the country. The number of asylum seekers in the UK tripled to 84,200 in 2024 from an average of 27,500 between 2011 and 2020. In 2022, there were approximately 13 asylum applications per 10,000 people in the UK, compared with 25 applications per 10,000 people in the EU at the same time. Some 11 percent of migrants in the UK were asylum seekers or refugees in 2023 — almost twice as high as the 2019 figure of six percent. The number of people crossing the Channel in makeshift boats, a route that virtually did not exist before 2018, has meanwhile increased sharply in recent years. In 2024, the largest group of asylum seekers hailed from Pakistan, followed by Afghanistan. In previous years, they came mainly from Syria and Iran.
Saudi Gazette
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- Saudi Gazette
Saudi Investment Minister leads delegation to UK-Saudi Investment Summit in London
Saudi Gazette report LONDON— Saudi Minister of Investment, Eng. Khalid Al-Falih, is heading the Saudi delegation participating in the Saudi-UK Partnership and Investment Summit, which is being held on Wednesday at Mansion House in London. The summit is organized by the Saudi-British Joint Business Council and hosted by the City of London Corporation. It is supported by the Ministry of Investment and the UK Department for Business and Trade, and is attended by more than 400 policymakers, senior investors, and business leaders from both countries. The summit aims to explore prospects for bilateral cooperation and enhance partnership and investment opportunities between the United Kingdom and Saudi Arabia. It includes a high-level ministerial dialogue bringing together Minister of Investment Khalid Al-Falih and British Minister of Investment Baroness Bobby Gustafson in a special session highlighting the development of strategic relations between the two countries and their shared vision for the future. The summit sessions will address shared development priorities in line with the Kingdom's Vision 2030 and the UK's future industrial strategy, UK Invest 2035, including expanding public-private partnerships, financing infrastructure projects, developing the venture capital ecosystem, and leveraging advanced technologies such as deeptech, space science, and clean innovation. IT's agenda is designed to encourage practical dialogue, facilitate cross-border investment flows, and accelerate economic diversification by building sustainable partnerships that meet future demands.
ArabGT
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Renault Could Shift Gears From Electric Vehicles to Military Drones
In a development that underscores the evolving role of automotive manufacturers in global security, Renault has been approached by the French government to assist in drone production in Ukraine. This initiative, still under discussion, signals a historic shift for the French automaker as the automotive and defense industries increasingly intersect amid ongoing geopolitical challenges. The move comes as drones have become a central pillar of Ukraine's defense strategy against Russia's invasion. Last week's long-range drone strikes on Russian airfields highlighted just how critical unmanned aerial systems have become to Kyiv's military tactics. Ukraine plans to deploy more than 4.5 million drones this year, while Western nations look to bolster Ukraine's capabilities and develop more robust security guarantees. According to French Defence Minister Sébastien Lecornu, the project would involve a 'completely unprecedented partnership' between a major French car manufacturer and a smaller defense contractor. Production lines would be established inside Ukraine, close to the front lines, to rapidly supply Ukrainian forces. The collaboration is also expected to benefit the French armed forces by providing ongoing tactical and operational training that reflects the realities of modern combat. Renault confirmed it has been contacted by the Ministry of the Armed Forces and that discussions are underway. 'No decision has been made at this stage as we await further details from the ministry,' the company stated. If the plans proceed, this would mark the first time Renault has produced military equipment since World War II, when its R35 tanks were used in France's defense. This initiative also reflects broader shifts within the European automotive and defense sectors. As demand for defense equipment surges across Europe, traditional automakers face increasing challenges, from transitioning to electric vehicles to managing competition from Chinese manufacturers. Some defense contractors in Germany have even begun recruiting laid-off automotive workers or expressed interest in repurposing car plants for arms production. For Renault, participating in drone manufacturing represents both a strategic opportunity and a profound transformation of its industrial role. The project aligns with Kyiv's push to attract Western investment in its defense sector and to establish joint ventures with local arms manufacturers. Already, more than 40 foreign defense companies have launched projects in Ukraine. While it remains unclear what types of drones Renault might produce, the significance of this collaboration is clear: automakers are no longer confined to civilian mobility. In today's security landscape, the boundaries between automotive innovation and defense technology are rapidly dissolving — and Renault may soon be at the forefront of this new frontier.
