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Telegraph
12-07-2025
- Business
- Telegraph
Starmer and Macron have picked an indomitable foe in Elon Musk
They didn't fix the migrant crisis, at least once you dig into the small print. They didn't end the war in Ukraine, and neither did they find a way to significantly increase trade or investment between the two countries. Still, France's President Emmanuel Macron and Britain's Prime Minister, Sir Keir Starmer, did agree on one thing: they are going to outwit Elon Musk in one of the hottest new industries around, with a huge new investment in Eutelsat, the European challenger to Starlink. Seriously? Starmer and Macron versus Musk? There have been some unequal contests over the years, but this is off the scale. In reality, both men are simply chucking taxpayer's cash at a project that has little hope of success – and we will all be left to pick up the bill. With the arguments over asylum seekers taking up so much energy, and dominating the headlines, the one significant industrial agreement coming out of President Macron's state visit this week did not get so much attention. The Prime Minister signed up to take part in a fund raising by the French based satellite company Eutelsat. The UK will contribute £140m in fresh money, which will be enough to keep our stake of slightly over 10pc in a business that is now majority owned by the French government. The project already has a troubled history. The Johnson government invested in OneWeb, which was then taken over by Eutelsat after it ran into difficulties. But with the extra cash it will now be getting, the company and its backers are hopeful it will have a far better future. 'This investment reflects our commitment to support the development of these critical technologies and maintain an important stake in the global satellite communications sector,' said Peter Kyle, the Technology Secretary, as the deal was announced. In fairness, it is not a terrible idea. There is a big market for satellite communications, and plenty of customers might be interested in an alternative to an American owned system. With President Trump showing less and less interest in paying for European defence it looks as if the Continent will have to stump up for it itself, and it will be looking to buy domestic kit instead of always relying on the United States. Here's the problem, however: it will also have to compete with Musk's Starlink, a start-up that is already valued at more than $200bn (£148bn). In reality, competing with that emerging giant is going to prove very, very difficult. First, Starlink has a clear lead in the technology. True, satellite communications are not right at the cutting edge of science any more. Putting some kit into orbit has been fairly straightforward for many years. Even so, Starlink along with Musk's rocket company SpaceX has become a clear global leader in launching and running satellite systems reliably and at relatively low cost. Getting a system up and running and on budget, as well as offering competitive prices to customers, is a lot harder than it looks. The logistics, to put it mildly, are formidable. It is going to be very challenging for Eutelsat to keep up with that. Next, Eutelsat has a very difficult history. It was originally set up way back in 1977 as a partnership by 17 European countries to develop satellite broadcasting. It has been through number iterations since then without genuinely making a success of any of them. European cooperative ventures can be successful, as Airbus has shown, but more often than not they burn their way through a lot of government money without ever having anything very much to show for it. After all, if Eutelsat is not able to stand on its own two feet after half a century it is hard to believe that it ever will. Even worse, the business will be under the majority control of the French government, and the UK will merely be a minority shareholder. That doesn't sound like the kind of deal any self respecting investment bank would recommend accepting. In reality, Britain will be on the hook for the bills but will have little influence over how the operation is run Finally, it will be competing with Elon Musk. It would be hard enough to take the fight to Boeing or one of the traditional aerospace giants. But regardless of whether you love him or hate him – and there are plenty of people in both camps – Musk is clearly one of the smartest business tycoons in the world today. He can make quick decisions, and while a few of them go wrong, he is more often right than wrong. Musk will be able to shift with the market while the people at Eutelsat are still trying to arrange a meeting with the relevant ministers. It is hardly the best recipe for building a new business. Let's be honest about this. In one corner we have Sir Keir Starmer and Emmanuel Macron, two massively unpopular politicians. In the other, we have Musk, perhaps the world's most successful serial entrepreneur in the world today. I know who I would put my money on in that contest. The Prime Minister clearly still thinks he can pick industrial winners, even though there is nothing in his past record to suggest he has the faintest clue what makes a successful business work. President Macron may have bamboozled him into getting out his chequebook. 'Thanks to our British friends as they continue to follow us on the Eutelsat adventure!' he chirped on social media, with the air of a man who has just pocketed a couple of hundred million of someone else's money. 'We're over the moon to keep going with you. Together we go further.' Maybe it will. But it is unlikely to end well – and worst of all, it is the long-suffering British taxpayer that will end up footing the bill.
Arab News
05-06-2025
- Business
- Arab News
Pakistan PM embarks on two-day Saudi Arabia visit to bolster bilateral ties
ISLAMABAD: Pakistani Prime Minister Shehbaz Sharif departed on Thursday on a two-day official visit to Saudi Arabia at the invitation of Crown Prince and Prime Minister Mohammed bin Salman to strengthen bilateral relations between the two longstanding allies, the premier's office said. During his stay on June 5 and 6, Sharif will celebrate Eid Al-Adha in the Kingdom and hold a bilateral meeting with Crown Prince Mohammed bin Salman. The discussions are expected to focus on enhancing cooperation in trade, investment and regional security. 'The two leaders will discuss ways to further strengthen bilateral cooperation in various fields, including trade and investment, welfare of the Muslim Ummah, and regional peace and security,' according to a statement from the Prime Minister's Office. Sharif is also expected to express gratitude to the Saudi leadership for their role in de-escalating recent tensions between Pakistan and India. Last month, following the worst military confrontation between India and Pakistan in decades, Saudi Arabia, along with other Gulf nations, played a key role in mediating between the two nuclear-armed neighbors, helping to avert a potential war. The visit also comes amid deepening economic ties between Pakistan and Saudi Arabia. In recent months, the two countries have signed multiple agreements aimed at boosting bilateral trade and investment. Notably, Saudi Arabia has committed to a $5 billion investment package to support Pakistan's economy, which has been grappling with a balance of payments crisis. Last year, Saudi and Pakistani businessmen signed 34 memorandums of understanding worth $2.8 billion, covering sectors such as industry, technology, and agriculture. Additionally, Saudi Arabia's Manara Minerals is in talks to acquire a 10-20 percent stake in Pakistan's $9 billion Reko Diq copper and gold mining project, one of the largest of its kind globally. Defense cooperation is also a key component of the bilateral relationship. The two nations have a history of military collaboration, with Saudi Arabia providing support to Pakistan during times of regional tension and Pakistan training Saudi forces. Pakistan has a 2.7 million-strong diaspora in Saudi Arabia, which accounts for the highest remittance inflow, a crucial lifeline for the country's economy.
Malay Mail
30-05-2025
- Business
- Malay Mail
Flying ‘roti canai', green tech and RM13b goals: DPM Fadillah to launch Malaysia Pavilion in Osaka
OSAKA, May 30 — Deputy Prime Minister Datuk Seri Fadillah Yusof is scheduled to officiate the opening ceremony of the Malaysia Pavilion at Expo 2025 Osaka, Japan, tomorrow. Fadillah, who also serves as the Minister of Energy Transition and Water Transformation and chairperson of Malaysia's National Organising Committee for Expo 2025, will be in Osaka for a three-day working visit. During his visit, he will tour various country pavilions to strengthen bilateral ties and witness the exchange of memoranda of understanding (MoUs). 'Our participation in Expo 2025 is driven by a clear and ambitious goal, which is to generate a minimum of RM13 billion in potential trade and investment opportunities. 'This milestone is expected to pave the way for economic growth and create meaningful job opportunities for Malaysians, fostering a prosperous future for the nation,' said Fadillah. As of May 18, the Malaysia Pavilion has facilitated RM7.86 billion in potential investments and signed 16 MoUs, which represents 60.50 per cent of its overall target. The MoUs are focused on green energy, technology, halal, and bioeconomy, among others, in line with Malaysia's commitment to sustainability, technology, and innovation. To date, the Malaysia Pavilion has attracted more than 800,000 visitors since its opening on April 13, with the four times daily cultural shows, business programmes and 'Flying Roti Canai' demonstration being its key attraction. Malaysia's participation in Expo 2025 Osaka, which will last six months, is part of a broader strategy to boost its global presence and strengthen economic partnerships. This initiative is spearheaded by the Ministry of Investment, Trade and Industry (Miti) and supported by a comprehensive government approach. The Pavilion's business weeks will include contributions from 21 federal ministries and 10 state governments, totalling approximately 70 government departments and agencies. Malaysia Pavilion's strategic vision centres on seven key sectors: sustainable agriculture, renewable energy, smart living, green manufacturing, industrial reform, environmental management, and the halal industry. As a testament to the nation's growing influence in these fields, numerous MoUs have already been signed, reinforcing Malaysia's position as a trusted global partner in innovation and progress. 'Malaysia's presence at Expo 2025 is more than just an economic pursuit, it is a testament to our unwavering commitment to fostering global partnerships and strengthening bilateral ties. 'Through our unique and diverse cultural heritage, we aim to showcase the heart of Malaysia to the world, bridging nations through mutual understanding, trade and shared aspirations for a brighter future,' said Malaysia Pavilion director Ellyza Mastura Ahmad Hanipiah. The World Expo 2025, held under the theme 'Designing Future Society for Our Lives', brings together 157 countries, offering a global platform to present innovations and cultural expressions that address humanity's most pressing challenges. Taking place on Yumeshima Island in Osaka Bay from April 13 to October 13, the event promises to be a hub for 157 countries and organisations, each contributing groundbreaking ideas and solutions for a more sustainable and equitable future. One of the expo's standout features is the Grand Ring, a two-kilometre-long wooden structure encircling the main exhibition area. Designed by renowned architect Sou Fujimoto, the Grand Ring symbolises unity and diversity, offering visitors panoramic views of the expo grounds. Fadillah will also be meeting the Malaysian diaspora in Osaka on June 1, and is expected to convey the government's aspiration on inclusivity, unity and adherence to good values, in line with the concept of Malaysia Madani. — Bernama
Times of Oman
27-05-2025
- Business
- Times of Oman
Minister of commerce meets Governor of Central Bank of Iran
Muscat: Qais Mohammed Al Yousef, Minister of Commerce, Industry, and Investment Promotion, met on Tuesday with Mohammad Farzin, Governor of the Central Bank of the Islamic Republic of Iran. The meeting is within the framework of the official visit of President Dr. Masoud Pezeshkian of the Islamic Republic of Iran, aimed at strengthening economic and financial relations between the two countries. The discussions focused on enhancing bilateral cooperation in trade and investment, as well as facilitating financial transfers and trade procedures between the Sultanate of Oman and the Islamic Republic of Iran. These efforts aim to support shared economic objectives, boost trade exchange, and streamline commercial transactions between private sector institutions in both countries. The meeting reaffirmed both sides' commitment to continued coordination and collaboration in areas of mutual interest, further solidifying bilateral ties and supporting sustainable economic growth. The meeting was attended by Dr. Saleh Said Masan, Undersecretary of the Ministry of Commerce, Industry, and Investment Promotion for Commerce and Industry, Mousa Farhang, Ambassador of the Islamic Republic of Iran to the Sultanate of Oman, and several officials from both sides.
Associated Press
25-05-2025
- Business
- Associated Press
Xinhua Silk Road: China (Chongqing)-UAE Economic and Trade Investment Promotion Conference Convened in Chongqing
CHONGQING, China, May 24, 2025 /PRNewswire/ -- The China (Chongqing)-UAE Economic and Trade Investment Promotion Conference, themed 'Shared Vision, Shared Future,' convened in Chongqing, bringing together over 400 delegates from government, industry, and academia. The event was co-hosted by the Chongqing Municipal Commission of Economy and Informatization, Chongqing Municipal Commission of Commerce, Chongqing Municipal Commission of Culture and Tourism Development, Chongqing Municipal Foreign Affairs Office, and the Embassy of the United Arab Emirates in China. Key Attendees: Strategic Report Launch: In recent years, Chongqing and the UAE have significantly expanded cooperation across industry, trade, and technology. The conference spotlighted the release of the Chongqing-UAE Economic and Investment Cooperation Report, a comprehensive case study collection showcasing the outcomes of collaboration between the two sides, which highlights: Investment Promotion Highlights: 12 Strategic MoUs have been signed to deepen cooperation. Among them was the Memorandum of Cooperation on Establishing Friendly Exchange Cities between Chongqing and the Emirate of Ajman, UAE. Further MoUs were signed between Chongqing and Ajman in a variety of sectors, including industry, commerce, logistics, education, and tourism. View original content to download multimedia: SOURCE Xinhua Silk Road
