ONEWEB, the low earth orbit satellite communications company, has collaborated with the Indian Space Research Organisation (ISRO) to complete its satellite launch programme.
The London-based company was forced to look for alternatives after it broke with Russian space agency Roscosmos in March this year as Moscow invaded Ukraine. But it later announced that it entered into an agreement with SpaceX to resume satellite launches.
OneWeb’s launch contract with ISRO’s commercial arm New Space India Limited supplements its agreement with the American firm founded by billionaire Elon Musk.
Indian conglomerate Bharti Global is the largest shareholder in OneWeb in which the UK government also holds a stake.
Its first launch with New Space India is expected in 2022 from the Satish Dhawan Space Centre in Sriharikota.
According to the company, the launches will add to its total in-orbit constellation of 428 satellites, 66 per cent of the planned fleet, to build a global network that will deliver high-speed, low-latency connectivity.
Its executive chairman Sunil Bharti Mittal said, “This is yet another historic day for collaboration in space, thanks to the shared ambition and vision of New Space India and OneWeb. This most recent agreement on launch plans adds considerable momentum to the development of OneWeb’s network, as we work together across the space industry toward our common goal of connecting communities globally."
OneWeb has already activated service with its network “at the 50th parallel and above”, as demand for the company’s broadband connectivity services continues to grow from multiple sectors and markets, it said in a statement on Wednesday (20).
However, it said other terms of the agreement with New Space India are confidential.
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The finance ministry said regulators would be called to the prime minister's office, where Reeves will present an 'action plan to deliver on the pledge to cut the administrative cost of regulation on business by a quarter.' (Photo: Getty Images)
Rachel Reeves to set out plan to cut business regulations
Mar 17, 2025
THE LABOUR government will announce its plan on Monday to reduce regulatory costs for businesses as it faces pressure to boost economic growth nine months after coming to power.
Chancellor Rachel Reeves will outline the changes after prime minister Keir Starmer criticised what he called the nation's "flabby state."
His remarks have drawn criticism from unions, which urged him to avoid rhetoric similar to Elon Musk’s Department of Government Efficiency (Doge) in the US.
The finance ministry said regulators would be called to the prime minister's office on Monday, where Reeves will present an "action plan to deliver on the pledge to cut the administrative cost of regulation on business by a quarter."
The plan aims to reduce costs linked to regulations, including what the statement described as "hundreds of pages of guidance on protecting bat habitats which goes far beyond legal requirements." It cited the £100 million spent on a bat tunnel during the construction of Britain’s HS2 high-speed rail line.
The tunnel has been at the centre of criticism over planning rules, with Starmer previously calling it "absurd." The plan also includes reducing the number of regulators, which the government says will save businesses "billions of pounds."
Last week, Starmer announced the abolition of NHS England, which has overseen the National Health Service since 2012. The government has described it as "the world's largest quango" (quasi-autonomous non-governmental organisation).
Health secretary Wes Streeting wrote in the Sunday Telegraph that this move was "the beginning, not the end," and that other health-related quangos could also be scrapped.
Labour won a landslide election victory last July, defeating Rishi Sunak’s Conservative government. However, its popularity has declined amid a challenging start in office. The government faces pressure to fulfil its election promise of driving economic growth while managing the cost of living crisis.
In February, the central bank lowered its forecast for UK economic growth and warned that inflation would rise more than expected. It cited global risks, including US tariff threats and declining business confidence in the UK.
(With inputs from AFP)
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SGBI CEO and Co-Founder Aronin Ponnappan said the decision follows an export order received in October 2023 from a UK public sector department for 150 testing robots. (Photo: Linkedin/SGBI)
India robotics firm SGBI announces £8 million UK investment
Mar 16, 2025
INDIA's SGBI (Sastra Global Business Innovation), formerly known as Sastra Robotics, will invest £8 million in the UK over the next three years, British Trade Secretary Jonathan Reynolds announced on the UK government’s website.
The Hindu Business Line reported that this investment is part of a larger £100m commitment from various Indian companies.
The investment is expected to create 75 jobs in the UK, marking the first such investment from a South India-based robotics company.
SGBI CEO and Co-Founder Aronin Ponnappan said the decision follows an export order received in October 2023 from a UK public sector department for 150 testing robots.
“We delivered the order mainly from our 5000-sq-ft facility in Kochi, employing around 40 people,” he said, as reported by The Hindu Business Line.
SGBI CFO and Co-Founder Akhil Asokan stated that the company has grown from a 2013 start-up at Startup Village into a global leader in specialised robotics and AI solutions.
“The decision to invest further in Europe is backed up with our confidence in those markets where demands for testing robots are on the rise,” he said.
Reynolds, who visited New Delhi and Bengaluru in February with British Investment Minister Poppy Gustafsson, noted that Indian investors are particularly interested in AI, professional services, and textiles.
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Chancellor Rachel Reeves speaks while holding roundtable discussion during a visit to RAF Waddington in eastern England. (Photo by YUI MOK/POOL/AFP via Getty Images)
UK economy contracts unexpectedly in January
Mar 14, 2025
BRITAIN's economy unexpectedly shrank in January, official data showed on Friday (14), piling more pressure on the Labour government ahead of its Spring Statement on the economy.
Gross domestic product contracted 0.1 per cent in the month after GDP rose 0.4 per cent in December, the Office for National Statistics (ONS) said in a statement.
Chancellor Rachel Reeves is expected to make billions of pounds of spending cuts, including to welfare, in the government's Spring Statement on March 26, a follow-up to her inaugural budget last October, as public finances struggle under high inflation and borrowing.
Uncertainty over the fallout from president Donald Trump's tariffs on imports into the US have also added to economic headwinds.
"The world has changed and across the globe we are feeling the consequences," Reeves said in a statement on Friday's figures.
Many analysts had forecast for the UK economy to have grown slightly in January, but the month was hit by a surprisingly sharp decline in the production sector.
Manufacturing output slumped by 1.1 per cent in January alone, with the metals and pharmaceutical sectors performing especially poorly, while the broader industrial sector was also hurt by a fall in oil and gas extraction.
Output in the dominant services sector grew by 0.1 per cent, marking the third straight month-on-month expansion. Supermarket sales rose but spending at pubs and restaurants fell as Britons sought to save money by eating at home.
Construction output slipped by 0.2 per cent, with the ONS citing anecdotal evidence from companies of stormy weather hitting construction activity.
The data provides a fresh blow to the government and prime minister Keir Starmer, who has put growing the UK economy at the top of his mission since Labour won a general election in July.
The government has pinned its hopes on big spending on infrastructure to boost economic growth, with Reeves setting out to ease regulations on the sector.
"On a monthly basis, economic growth can appear to be quite choppy, but the bigger picture shows a stagnant economy," said Richard Carter, an analyst at investment management service Quilter Cheviot.
"With hope, the UK economy should see some improvement as we move through 2025, but the impacts of US tariffs are only just beginning to unfold, so we will be wading through a sea of uncertainty for some time yet," he added.
Heightened global risks including over US tariffs and the war in Ukraine have added to the UK's economic woes, chipping away at the Labour government's £9.9 billion ($12.8bn) fiscal cushion.
That has led to reports that the UK may have to make spending cuts, including to GB Energy -- Labour's flagship green energy infrastructure plan -- and to welfare in order to save costs.
Contrasting with the cuts, Starmer has pledged to boost UK defence spending to 2.5 per cent of the nation's economy by 2027 amid uncertainty over US commitment to Ukraine and NATO.
"The fall in January was driven by a notable slowdown in manufacturing, with oil and gas extraction and construction also having weak months," noted Liz McKeown, director of economics at the ONS.
"However, services continued to grow in January led by a strong month for retail, especially food stores, as people ate and drank at home more."
(Agencies)
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Pakistan seeks £3.4bn bank loan to tackle mounting energy sector debt
Eastern Eye
Mar 14, 2025
PAKISTAN government is negotiating a 1.25 trillion Pakistani rupee (£3.4 billion) loan with commercial banks to reduce its bulging energy sector debt, the power minister and banking association said.
Plugging unresolved debt across the sector is a top priority under an ongoing $7bn (£5.4bn) International Monetary Fund (IMF) bailout, which has helped Pakistan dig its way out of an economic crisis.
“The loan will be repaid over a period of five to seven years,” power minister, Awais Leghari said, adding that the term sheets are yet to be signed.
Pakistan’s government, the largest shareholder or owner of most power companies, faces a challenge in resolving debt due to fiscal constraints. To address this, Islamabad has raised energy prices, as recommended by the IMF, but still needs to settle the accumulated debt.
“We’ve approached many banks, let’s see how many participate. It’s a commercial transaction and they have the choice of participating, however, we think there is liquidity in the system for it and banks have the appetite,” Leghari said.
The government plans to reduce “circular debt” – public liabilities that build up in the power sector due to subsidies and unpaid bills – this year by eliminating government-guaranteed debt and moving to a revenue-based system.
This approach is expected to lower financing costs, enabling the government to pay off interest and service debt obligations, he added.
“Such repricing of liabilities induces more efficiency, and reduces cost for consumers,” said Ammar Habib Khan, advisor to the power minister.
Zafar Masud, chairman of the Pakistan Banks Association, said the interest rate would be a floating exchange rate and the country’s top banks would participate, in addition to those who are already part of the outstanding loan.
“This will help in clearing up all the debt in the next four to six years which has been sitting on banks’ balance sheets,” he said.
Masud added that the debt is already on the banks’ books and is undergoing restructuring through self-liquidating facilities, which lack identifiable cash flows to support them.
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Deliveroo posts first annual profit after 12 years
Mar 13, 2025
FOOD DELIVERY app Deliveroo announced on Thursday (13) its first annual profit as orders and revenue rose, while the 12-year old company sees further growth despite exiting Hong Kong.
The milestone follows sizeable full-year losses owing to high investment costs since American Will Shu founded the company in 2013 and made Deliveroo's first delivery in London.
Deliveroo, which earlier this week said it was exiting Hong Kong owing to growing competition in the Chinese city, posted profit after tax of £2.9 million ($3.8m) last year following a loss of £31.8m in 2023.
Revenue grew two per cent to nearly £2.1 billion, while orders also grew two per cent, according to an earnings statement.
"Whilst the consumer environment remains uncertain, I am confident that we can continue to deliver growth," Shu said in the release.
Going forward, Deliveroo said its focus would include "supporting restaurant partners to meet untapped consumer demand around new occasions", while expanding grocery and retail offerings.
Deliveroo is present in the UK and Ireland, Belgium, France, Italy, Kuwait, Qatar, Singapore and the United Arab Emirates.
However, in recent years it has exited Australia and the Netherlands due to competition.
It also left Spain after it became the first European Union nation to give food delivery riders labour rights, requiring that they be recognised as employees instead of being considered self-employed freelancers.
Deliveroo, which experienced surging demand during the Covid pandemic from lockdown-hit customers, has tens of thousands of self-employed riders -- a status that continues to cause controversy.
In late 2023, the UK Supreme Court ruled that Deliveroo riders were not entitled to trade union rights such as collective bargaining.
The company has faced questions also over its sustainability, highlighted by its failed stock market debut in 2021.
Its initial public offering had been London's biggest stock market launch for a decade, valuing the group at £7.6bn.
But its share price tumbled on launch day by almost one third from the IPO price of £3.90 as investors questioned Deliveroo's treatment of its self-employed riders.
Despite the profit milestone, its share price slid 4.7 per cent to £1.19 in early London deals.
"It's been a long hard slog but Deliveroo has finally climbed the tough summit of reaching annual profitability," noted Susannah Streeter, head of money and markets at Hargreaves Lansdown.
"But it's not going to be freewheeling from here and the uncertain economic environment points to a wobbly ride ahead."
(AFP)
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