UK secures global satellite system after OneWeb space race | Business News

A victorious UK government-led bid for collapsed satellite operator OneWeb is being hailed as an opportunity to realise global ambitions ahead of the country’s departure from the EU.

The Department for Business, Energy and Industrial Strategy (BEIS) said it was planning a £400m investment after taking a “significant” stake in OneWeb – which entered bankruptcy protection in May after failing to raise more cash from investors to plug a $2bn deficit.

The company has a fleet of satellites – 74 of them in space – though its financial constraints forced delays to further launch schedules.

The deal gives the government access to a ready-made network as Brexit nears, largely ending the UK’s association with the EU’s Galileo network.

Bharti Enterprises, the giant Indian-based telecoms services provider, is part of the consortium due to take control of OneWeb following the bid process though the agreement still has to be rubber-stamped in

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Coronavirus, global economy in focus

U.S. dollar banknotes.

Liu Jie | Xinhua via Getty

A firm dollar kept riskier currencies under pressure on Monday, as a surge in coronavirus cases and the re-imposition of curbs to stop its spread had investors worried that a global economic recovery could be derailed even before it had taken root.

California ordered some bars to close on Sunday, following similar moves in Texas and Florida, as cases nationwide soar to record levels each day. Washington state and the city of San Francisco have paused re-opening plans.

That allowed the greenback to hang on to gains ground out last week, and had riskier currencies such as the trade-exposed Australian and New Zealand dollars parked toward the bottom of ranges they have held for several weeks.

The Aussie was last steady at $0.6872 and the kiwi at $0.6420 – though both are set for monthly gains of roughly 3% as the

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Shares in Asia Pacific fall as global coronavirus death toll crosses 500,000

Stocks in Asia Pacific fell in Friday morning trade as the number of coronavirus cases globally continues to rise.

In Japan, the Nikkei 225 slipped 1.37% while the Topix index fell 1.28%. South Korea’s Kospi also shed 1.18%.

Meanwhile, Australia’s S&P/ASX 200 dropped 1.41%.

Overall, the MSCI Asia ex-Japan index traded 0.32% lower.

Oil prices fell in the morning of Asian trading hours, with international benchmark Brent crude futures dropping 1.8% to $40.28 per barrel. U.S. crude futures also slipped 1.69% to $37.84 per barrel.

On the economic data front, retail sales in Japan dropped 12.3% year-on-year in May, according to the country’s Ministry of Economy, Trade and Industry. That compared against a median market forecast of a 11.6% decline, according to Reuters.

Investors continued to monitor developments surrounding the global coronavirus pandemic amid concerns that a surge in cases could impact the reopening of economies. Globally, more than 500,000

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US dollar, coronavirus, global economy in focus

U.S. dollar bank notes are arranged for a photograph on September 7, 2017 in Hong Kong.

studioEAST | Getty Images

The dollar held firm on Thursday as an increase in coronavirus cases in the United States undermined hopes for a quick turnaround in the pandemic-hit economy and prompted traders to cuts bets on riskier currencies.

The dollar’s index against a basket of currencies strengthened to 97.21.

The euro retreated to $1.1251 while the British pound also stepped back to $1.2423.

New daily U.S. virus cases surged to nearly 36,000 in the latest tally, near a record of 36,426 hit in late April. The percentage of positive results in tests is also climbing.

The governors of New York, New Jersey and Connecticut ordered travelers from nine other U.S. states to quarantine for 14 days on arrival as Covid-19 showed signs of surging in the southern and western parts of the country.

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