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With a major reform of Europe's carbon market just a month away, EU states, industry and environmental groups are locked in battle over the bloc's flagship climate tool, according to Agence France-Presse. The European Commission
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Brenda Goh and Liz Lee, ReutersNorth Korea and China both walked away claiming major wins from Chinese President Xi Jinping's visit this week to the isolated state, which helped elevate North Korean leader Kim Jong
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The recently released Bollywood film on Netflix, “Maa Behen,” is an absolute entertainer. I watched the film for Madhuri Dixit, and as expected, she did not allow me to take my eyes from the screen
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Beneath a busy flyover in India's financial capital Mumbai, a row of pastel-coloured shipping containers houses an unlikely school serving some of the city's most marginalised children. Despite laws guaranteeing free schooling for children aged
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Space is no longer a domain limited to scientific exploration and research missions. In recent years, it has evolved into one of the fastest-growing sectors of the global economy, driven by rapid advances in satellite technology, telecommunications, artificial intelligence, and reusable launch systems. This transformation has opened new investment horizons and attracted substantial capital from governments and private companies alike, amid intensifying competition to capitalise on the economic opportunities offered by the expanding space sector. The space economy encompasses the full range of activities and resources associated with the exploration, research, and utilisation of space in support of economic development and societal progress. It includes infrastructure-related activities such as satellite manufacturing and launches, spacecraft development, and the construction of space stations and exploration missions. It also covers a broad range of terrestrial applications, including navigation and positioning services, satellite communications, Earth observation, climate monitoring, data analytics, and space tourism. Fundamental shiftEconomic experts told Qatar News Agency (QNA) that the rapid expansion of the space economy reflects a fundamental shift toward a new arena in which commercial satellite systems, low-Earth-orbit communications networks, and Earth-monitoring technologies are flourishing alongside growing public and private sector investments. They noted that the race is no longer solely about maximizing financial returns, but increasingly about shaping future geopolitical influence and global economic power. In this context, economic analyst Dr. Amer al-Shobaki said the world is entering a new era defined by scientific discoveries in space and the economic opportunities they generate. “What is taking place today extends beyond scientific breakthroughs, technological competition, arms races, or access to data,” he said. “It can be described as a struggle for control over future value chains.” Al-Shobaki explained that every space launch depends on a complex industrial ecosystem that begins with rare minerals and semiconductor manufacturing and extends to artificial intelligence and energy infrastructure. In remarks to QNA, he noted that estimates place the value of the global space economy at several hundred billion dollars, with projections indicating that it could approach the trillion-dollar mark within the next decade. Growth is expected to be driven by sectors including telecommunications, Earth observation, defence, and navigation services. He added that control over critical raw materials has become an integral part of the space race itself, given the dependence of satellites, rockets, and advanced battery technologies on these resources. According to al-Shobaki, the technologies underpinning the space sector rely heavily on strategic minerals such as cobalt oxide, manganese, nickel, and lithium, which are essential components in lithium battery production. He pointed out that China currently dominates a significant share of the global refining and production capacity for many of these materials. He also highlighted a notable paradox: while space is often promoted as a clean, digital economy, it remains deeply dependent on natural gas, conventional energy sources, and heavy industry. In addition, data centers that power AI-enabled space applications, global communications networks, and semiconductor production consume vast amounts of electricity and energy resources. “All of these sectors require substantial amounts of power and natural gas, making energy security a direct component of space security,” al-Shobaki said. He added that artificial intelligence has evolved from a supporting tool into a central driver of the space sector, with applications ranging from predictive satellite maintenance and the analysis of military, agricultural, and biological imagery to the development of advanced defense and early-warning systems. Al-Shobaki noted that the competition between the United States and China has expanded beyond space exploration itself to encompass data ownership, energy resources, strategic minerals, computing power, and artificial intelligence capabilities. Global spendingHe expects global spending on space-related defence programs to continue rising, while some private-sector companies may emerge as geopolitical actors whose influence extends beyond the traditional role of nation-states. The economic expert further observed that satellites have become increasingly influential in modern conflicts, affecting communications, navigation, intelligence gathering, and, in some cases, the outcomes of military operations. “The question today is no longer who will reach space first,” he said. “The real question is who will control the infrastructure of the future economy managed from space, who will remain a consumer of technology, and who will succeed in becoming a producer of it.” Current projections suggest that the global space economy is poised for substantial expansion, growing from an estimated $630bn today to approximately $1.8tn by 2035, according to data from the World Economic Forum. The sector continues to advance at a compound annual growth rate of between 8 and 12%, driven by developments in space-based internet services, the emerging space resources economy, future logistics, security applications, supply chain technologies, and space tourism. Discussing available investment opportunities, economic and financial analyst Ahmed Aql said that the space economy is inherently linked to higher levels of risk and represents a model of venture-style investment. He noted that direct investments in some space-sector companies carry elevated risk levels, but also offer the potential for exceptional long-term returns. At the same time, investment in supporting technology companies presents a lower-cost alternative with moderate risk and attractive returns. These include firms supplying semiconductors, artificial intelligence technologies, and other critical components that support the broader space industry. Speaking to QNA, Aql said that investment opportunities within the space economy involve a unique business environment and a distinct set of challenges. “The opportunities are highly promising,” he said, “but they require investors willing to take calculated risks and commit substantial capital to sectors such as communications, navigation, space-based internet services, scientific exploration, and space tourism.” He highlighted the emergence of companies such as SpaceX, Blue Origin, and Virgin Galactic, which have transformed space competition from a predominantly government-led endeavour into a commercial model driven by investment, profitability, and innovation. According to Aql, this shift is paving the way for a new era in which investment flows increasingly serve as instruments of influence, wealth creation, and strategic advantage. Space tourism has also emerged as a notable component of this rapidly evolving landscape. Companies are now offering suborbital flights that carry wealthy individuals and celebrities into space for brief experiences lasting only a few minutes, yet generating substantial revenues. These developments mark the early stages of what could become a fully integrated economic sector in the future, encompassing space hotels, commercial travel, and industries linked to human activity beyond Earth, along with the services required to support them. Aql noted that the space economy remains in a phase of refining concepts, exploring opportunities, and testing long-term growth potential amid an increasingly competitive global race led by technology companies and some of the world’s wealthiest entrepreneurs seeking to establish leadership in one of the most promising industries of the future. Despite its transformative potential, he cautioned that the sector faces several significant challenges. These include the enormous capital requirements associated with space projects, the absence of comprehensive legal frameworks governing ownership of space resources and extraterrestrial mining activities, environmental concerns such as space debris, and growing cybersecurity demands to protect critical space infrastructure. He added that the accelerating pace of space exploration, increasing competition for strategic positioning in space, and efforts by spacefaring nations to formalize regulatory arrangements are contributing to a more complex operating environment, underscoring the need for international legislation governing the use and management of outer space. As the space economy continues to expand and its commercial, industrial, and defense applications become more deeply integrated into the global economy, competition is increasingly extending beyond access to space itself. The emerging race now encompasses technology leadership, data ownership, resource control, and the value chains that underpin this rapidly developing industry. With investment flows into the sector continuing to accelerate, the contours of a new global economic landscape are beginning to take shape-one in which spacecapabilities are expected to play a decisive role in enhancing economic competitiveness and strengthening the technological and strategic influence of both nations and corporations.
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Elon Musk’s SpaceX is poised to have the largest stock-market debut in history when it holds its initial public offering on Friday. SpaceX is aiming to raise as much as $75bn in the listing, more than twice the previous record holder, at a valuation of at least $1.8tn, according to a Bloomberg report. The IPO is expected to be a market spectacle as investors get a chance to buy into Musk’s vision to create a combined space and AI powerhouse. His long list of growth plans — including putting data centers in space — are hugely ambitious but also come with high costs, significant risks and could take many years to come to fruition. Even though SpaceX generates significant cash flow, largely from Starlink, its satellite-based internet broadband service, the company requires a lot more money to fund its biggest ambitions. The public filing unveiled on May 20 stated that IPO proceeds will be used, among other things, to expand the company’s AI computing infrastructure, enhance its space infrastructure and rockets and boost its satellite constellations. SpaceX could have opted to continue raising capital in private markets rather than going public. But the company’s funding needs appear to have risen substantially with the acquisition in February of xAI, which is burning through around $1bn of cash per month to cover the cost of computing infrastructure including training its AI models, according to people briefed on the company’s financials. In addition to its rocket launch business, SpaceX owns Starlink, which has become the company’s main cash flow generator. Following the all-stock acquisition in February of xAI, SpaceX also owns Grok, a money-burning operation whose flagship product is an AI assistant. X, the microblogging site previously known as Twitter, rounds out its portfolio of businesses. A listing for SpaceX to raise as much as $75bn would shatter the previous record set by Saudi Aramco’s $29.4bn IPO in 2019. The big question is whether a valuation as large as $1.8tn can be sustained in public markets. Analysts value companies based on their future earnings and growth, as well as industry competition and profit margins. But valuation isn’t a pure science. Especially in bullish market conditions, investors are sometimes prepared to pay up for a company’s shares based on something other than fundamentals. For SpaceX, the downside of having an IPO is that the company will have to publicly report its financials every quarter and answer to Wall Street analysts and public investors. Its plans also could be disrupted if its stock price is volatile or falls sharply in reaction to bad news. The public filing has confirmed that Musk tightly controls SpaceX, with 85.1% voting control, mainly because he owns most of the company’s super-voting Class B shares. The filing also revealed a super-voting share plan that would allow Musk, the Tesla Inc co-founder and world’s richest person, to keep SpaceX under his control. Investors enthralled by SpaceX’s potential and Musk’s track record likely aren’t bothered by this, but it could present problems if something went wrong and investors wanted a change at the helm. SpaceX’s market debut on Friday could also prove to be a hurdle for US stocks as investors worry about possible overexuberance among high-growth technology stocks. ChatGPT maker OpenAI on Monday confidentially filed for a US initial public offering, joining rival Anthropic in a push toward public markets.
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North Korea and China both walked away claiming major wins from Chinese President Xi Jinping’s visit this week to the isolated state, which helped elevate North Korean leader Kim Jong-un’s global stature and pulled Pyongyang more tightly into China’s orbit. The two countries each lavished the other with praise and spoke of deeper co-operation during the two-day trip, which saw Kim greet Xi with a 21-gun salute as well as a performance of Chinese and North Korean songs and avoided discussion of thornier issues such as denuclearisation and the United States. Kim “has often talked about how North Korea is now a pivotal player in reshaping the global order, and its partnership with Russia has been a major catalyst in validating that assertion,” said Jenny Town, director of the Korea program at the Washington-based Stimson Center. “Having Xi now take his first trip out of country this year to visit Pyongyang on an agenda that didn’t include North Korea’s nuclear programme, was a big win for Kim.” The lack of discussion around denuclearisation, which had in the past strained China’s relationship with North Korea, is a significant change. On the eve of Xi’s visit, Kim Yo Jong, the North Korean leader’s sister, slammed the US as spreading false information, after Washington in May said that Xi and US President Donald Trump had confirmed a shared goal to denuclearise North Korea during talks in Beijing. “Beijing has very clearly moved on from that issue and now tacitly accepts North Korea as a nuclear state, which likely puts China on an equal footing with Russia in Pyongyang’s eyes,” said Jeremy Chan, a China & Northeast Asia analyst at Eurasia Group. “I think China achieved its primary goal of this trip, which was drawing North Korea closer and counterbalancing Russia’s growing influence in North Korea.” Asked about whether Kim and Xi discussed denuclearisation on Tuesday, China’s foreign ministry told a regular briefing that China’s position and policy on the peninsula remained consistent and stable. It did not immediately respond to a request for comment if the lack of mention meant an implicit acceptance of North Korea as a nuclear state. Still, analysts noted there were distinct differences in the two sides’ accounts of the leaders’ talks, with N Korea more focused on the pageantry of the event and positioning itself as an equal to Beijing, while China spoke of hoped-for outcomes around trade, tourism and law enforcement. Town said it indicated there were limits to how far the North was willing to go to improve the relationship with China, after moving closer to Russia in recent years by sending military support for the Ukraine war and receiving economic help in return.
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Two decades after the first casino opened in Pennsylvania — paving the way for many older residents to get hooked on slot machines — gambling interests have moved on to kids.The explosion of online gambling,
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Kate Devlin, The IndependentUK democracy is under "immense and increasing strain" because of disinformation increasingly being spread by artificial intelligence (AI), with just three per cent of the public able to very easily tell if
