Why it matters: After two years of negotiations with the private sector, the European Union has signed a deal to develop and operate a homegrown alternative to satellite Internet connectivity solutions like Elon Musk's Starlink and Amazon's Project Kuiper. While smaller in scale, the IRIS2 constellation is expected to spark a competitive web of suppliers for space technologies in Europe. The European Union has announced it is moving forward with an ambitious space program designed to compete with Elon Musk's Starlink initiative in providing high-speed Internet connectivity to citizens, governments, and businesses in Europe. Dubbed IRIS2 (Infrastructure for Resilience, Interconnectivity and Security by Satellite), the project is an important component of the EU's space program alongside projects like Copernicus and Galileo that cover Earth observation and navigation systems. IRIS2 was first revealed in 2022 as a public-private partnership to build a homegrown encrypted communications network, free of influence from external actors like China or Elon Musk. To that end, the bloc plans to launch nearly 300 satellites into low- and medium-Earth orbits by 2030 in a deal worth €10.6 billion (~ $11.1 billion). Initially, the project had an estimated cost of €6 billion (~ $6.3 billion), a number that has only crept up during negotiations with the SpaceRISE consortium. Among those entrusted with the implementation of IRIS2 are leading satellite operators SES, Hispasat, and Eutelsat, as well as telecom and aerospace companies like Orange, Deutsche Telekom, Airbus, Thales Alenia Space, and OHB. As a result of the recent agreement, SpaceRISE has been given a 12-year concession contract to develop, deploy, and operate the IRIS2 satellites. The EU along with the European Space Agency will cover approximately 62 percent of the total cost, with the remainder to be paid for through private investments. The largest private contributor is French satellite operator Eutelsat, pledging no less than €2 billion (~ $2.1 billion) towards Europe's space-based network. The company hopes the IRIS2 project will help fund the development of its next-generation OneWeb satellites amid ongoing financial struggles in the face of fierce competition from Starlink and Amazon's Project Kuiper . "This cutting-edge constellation will protect our critical infrastructures, connect our most remote areas and increase Europe's strategic autonomy. By partnering with the SpaceRISE consortium, we are demonstrating the power of public-private collaboration to drive innovation and deliver tangible benefits to all Europeans," said Henna Virkkunen, Executive Vice-President for Tech Sovereignty, Security and Democracy. With China looking to launch a megaconstellation of 13,000 satellites, experts see efforts like IRIS2 as an increasingly important tool against the growing influence of censorship regimes in developing countries. Some argue that building more space-based connectivity could prove useful in scenarios where ground Internet infrastructure is damaged during war. Meanwhile, critics of the project believe it is little more than a subsidy program in disguise. After all, it's no secret that companies like Luxembourg-based SES, Spain's Hispasat, and France's Eutelsat are interested in using IRIS2 as a vehicle for building their own private constellations and securing additional space contracts. The same could be said of Thales and Airbus, both of which have had to downsize their space divisions. The two companies are even exploring a joint venture to compete with Starlink's relatively cheap low-Earth orbit satellites which have completely changed the market landscape in recent years to the detriment of traditional satellite makers. The same could be said of Thales and Airbus, both of which have had to downsize their space divisions. The two companies are even exploring a joint venture to compete with Starlink's relatively cheap low-Earth orbit satellites, which have completely changed the market landscape in recent years to the detriment of traditional satellite makers. Launching the IRIS2 satellites is set to begin in 2029 and will require 13 missions that will use Europe's Ariane 6 heavy-lift rocket. Barring any delays, the service will be fully operational by the end of 2030.
For the second straight Major League Baseball offseason, a norm-shattering contract has been the talk of the winter, with Juan Soto agreeing with the New York Mets on a $765 million, 15-year deal that's the richest in baseball history. It comes almost exactly one year after the Los Angeles Dodgers forked out a princely sum of $700 million on a 10-year, heavily deferred deal for two-way Japanese superstar Shohei Ohtani . They are believed to be the two richest contracts in pro sports history. The way it's going, a contract approaching $1 billion doesn't seem out of the question. But several factors are working against it — at least in the near future. There's reason to believe the megadeals for Ohtani and Soto are unicorns in the baseball world. Both players are uniquely talented, surely, but both also had unusual circumstances propelling their value into the stratosphere. Ohtani is the greatest two-way player in baseball history, capable of improving any team on both sides of the ball. He's also the rare baseball player who has true international appeal. His every move ( like his unexpected marriage announcement ) is followed closely in his native Japan, adding another 125 million potential fans who buy merchandise, watch him play and help fill the Dodgers' coffers. Then there's Soto — a four-time All-Star and on-base machine who won a World Series with the Washington Nationals in 2019. The X-factor for him is he became a free agent at the prime age of 26, which is extremely hard to do under current MLB rules. Players have to be in the big leagues for six years before testing free agency. The precocious Soto debuted at 19 with the Nats, making him part of a rare group of players who reached the highest level of professional baseball as a teenager. That accelerated his free agency timeline. It's rare for players to debut that young, and rarer still for them to develop into stars and test the open market the first chance they get. Two recent examples are Manny Machado and Bryce Harper, who both reached free agency in 2019. Machado signed a free-agent record $300 million contract with San Diego, and Harper overtook him days later with a $330 million contract to join the Phillies. Most players debut in the big leagues from ages 22 to 26, which means free agency comes in their late 20s or early 30s. A typical example is Yankees slugger Aaron Judge , who is one of this generation's great players but didn't hit the market until he was 30. Judge played three seasons of college baseball for Fresno State before getting drafted by the Yankees in 2013 at age 21 — already two years older than Soto was when he made his MLB debut. It took a few years for the budding superstar to reach the majors, and he was 25 when he had his breakout season in 2018, smashing 52 homers to earn AL Rookie of the Year honors. By the time he reached free agency after the 2022 season, he had already passed age 30. It's a major factor that led to him signing a $360 million, nine-year deal with the Yankees, which seems downright reasonable these days after the Ohtani and Soto deals. Two major trends are colliding that will make it harder for guys like Soto to hit free agency in their mid 20s. First, MLB teams have been more likely in recent years to take college players early in the draft, betting on more experienced talents. Just 10 high school players were drafted among the top 30 picks in the 2024 draft. Second, teams are more eager to lock up young, premium talent on long-term deals very early in their careers, well before they hit free agency. Sometimes before they even reach the majors. Since Soto, just two players have debuted in MLB before their 20th birthday — Elvis Luciano and Junior Caminero. Luciano hasn't been back to the majors since his 2019 cup of coffee. Caminero is now 21 and has only played in 50 big league games. Among those that debuted at 20: Fernando Tatis Jr. signed a $340 million, 14-year deal with San Diego in 2021, years before reaching the open market. Milwaukee's Jackson Chourio got an $82 million, eight-year deal before even reaching the big leagues. Young stars Corbin Carroll ($111 million, eight years with Arizona), Bobby Witt Jr. ($288 million, 11 years with Kansas City) and Julio Rodriguez ($209.3 million, 12 years with Seattle) also got massive guarantees early in their 20s to forgo an early free agency. The exception and wild card: Blue Jays slugger Vladimir Guerrero Jr. will be a 26-year-old free agent next offseason. Guerrero hasn't been as consistent in his young career as Soto, but a standout 2025 season could position him to threaten Soto's deal. More likely is that the player to pass Soto isn't in the majors yet — and might not even be in pro baseball. When 25-year-old Alex Rodriguez signed his record $252 million, 10-year deal with Texas in 2001, it took over a decade for another player to match that total, when Albert Pujols got $240 million over 10 years from the Angels in 2012. For many players, passing up life-changing money in their early or mid 20s is too enticing, even if it means that they might not maximize their value on the free agent market later in their careers. Soto was determined to test the market. He famously turned down a $440 million, 15-year offer to stay with the Washington Nationals in 2022, betting that he could make even more as a free agent. Not many players would turn down that kind of cash. Then again, that's what makes Soto so unique. And it's also why his $765 million deal could be the industry standard for some time. ___ AP MLB: https://apnews.com/hub/mlbNone
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Apple’s investment in the UK over the last five years has now surpassed £18 billion, with the technology giant’s engineering teams in the country doubling in that time, the iPhone maker has said. The US tech giant said it now supported 550,000 jobs in the UK through direct employment, its supply chain and the economy around its App Store – with app developers having earned nearly £9 billion since it launched in 2008. Apple said its engineering teams were carrying out critical work on the firm’s biggest services, including key technology within Apple Intelligence, the iPhone maker’s suite of generative AI-powered tools which are expected to launch in the UK for the first time this week. Elsewhere, the firm said its growing TV empire, spearheaded by its Apple TV+ streaming service and production arm, had also helped boost its investment in the UK with Apple TV+ production in this country tripling in the last two years, the company said. Chief executive Tim Cook said: “We’ve been serving customers in the UK for more than 40 years, and we’re proud of our deep connection with communities across this country. “We’re thrilled to be growing our Apple teams here, and to keep supporting the extraordinary innovators, creators, and entrepreneurs who are pushing the boundaries of technology in so many ways.” The Chancellor Rachel Reeves said companies such as Apple were “intrinsic” to the UK’s prosperity by boosting jobs. “This government is laser focused on creating the right conditions for growth to help put more money in people’s pockets. “That’s what underpins the Plan for Change and is what has driven £63 billion worth of inward investment in the UK through our first international investment summit. “Companies like Apple are intrinsic to the success of our nation’s prosperity – helping deliver jobs, innovative technology, and boost infrastructure.” We do not moderate comments, but we expect readers to adhere to certain rules in the interests of open and accountable debate.AP Trending SummaryBrief at 6:06 p.m. EST
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