Business
European space authorities have completed an important step toward enlarging the bloc’s leading satellite communication system following extensive negotiations in Brussels over the past months. The European Commission officially announced the signing of a contract to expand IRIS2 satellite constellation through a binding implementation agreement with the SpaceRISE industrial consortium. This formal agreement marks the culmination of detailed technical and financial discussions that began in January 2026, marking the transition of the Infrastructure for Resilience, Interconnectivity and Security by Satellite program from initial planning to full industrial deployment.
South Korea’s current account surplus reached a record $49.73 billion in June as semiconductor exports surged. The Bank of Korea reported a sharp increase from the previous record of $38.61 billion in May. June also extended the country’s current account surplus streak to 38 consecutive months. Strong goods exports accounted for most of the increase, with technology shipments leading the expansion in overseas sales.
In July, manufacturing activity within the Eurozone experienced a boost, with factory output reaching its fastest rate in nearly four and a half years. The S&P Global manufacturing PMI increased to 51.9 from 51.4 in June. Readings above 50 indicate expansion. The final figure was slightly below the earlier estimate of 52.0. While production saw an uptick at the start of the third quarter, demand indicators revealed that the recovery was still uneven across the currency bloc.
The solar power sector in the UK reached a total of 22.8 gigawatts by the end of June 2026, indicating a continued upward trend in national deployment. The Department for Energy Security and Net Zero reported approximately 2.076 million installations nationwide. During June alone, households and businesses added 27,391 systems, which contributed an additional 132 megawatts of capacity. These figures are provisional and could be revised as more project data becomes available.
The latest official economic data from Canada, released on Friday, confirms that the Canadian economy grew by 0.3 per cent during May. This marks the continuation of a broader economic rebound into a second straight month and surpasses earlier government predictions. According to the monthly Gross Domestic Product figures published by Statistics Canada, real output rose in 13 of the 20 main industrial sectors. Gains across goods-producing industries and consistent demand within services drove this growth. Notably, the actual monthly increase exceeded the preliminary flash estimate of 0.1 per cent, providing further momentum for the nation’s economic output following April’s revised growth of 0.6 per cent.
The Union Cabinet, led by Prime Minister Narendra Modi, sanctioned a major national project on Friday aimed at boosting hydrocarbon discovery in Indian ocean basins. The official statements from the Press Information Bureau confirmed that the Cabinet has approved a scheme worth Rs 84,084 crore for offshore oil and gas exploration, named the Samudra Manthan program. This centrally managed initiative will be overseen by the Ministry of Petroleum and Natural Gas, with execution planned through the fiscal years 2030 to 2031. The multi-billion-rupee plan is designed to expand deepwater exploration activities, bolster the country’s energy security, and unlock untapped reserves of oil and natural gas within India’s exclusive economic zone.