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On Friday, the European Commission finalized a significant upgrade to the EU’s flagship satellite communications system, following months of commercial negotiations with the SpaceRISE industrial consortium. The newly signed implementation agreement marks the transition of the IRIS² program from planning to large-scale industrial deployment. This formal deal extends the satellite constellation from its original plan to 348 spacecraft, aiming to enhance sovereign connectivity, defense, and emergency response functions across member nations.

South Korea’s record June current account surplus was powered by strong semiconductor exports. The cumulative current account surplus for the first half of the year reached $191.01 billion, the highest for any January to June period on record. This compares with $47.87 billion recorded during the same period in the previous year. The six-month total also exceeded South Korea’s previous full-year record of $123.05 billion in 2025. These figures highlight the remarkable growth in exports during the first half, with semiconductors playing a crucial role in boosting overseas sales.

In July, manufacturing activity across the Eurozone accelerated to its highest point in nearly four and a half years, even though demand remained subdued. The S&P Global Eurozone Manufacturing Purchasing Managers’ Index increased to 51.9 from 51.4 in June. This marked its strongest figure since April and maintained its position above the 50 threshold indicating expansion. The final reading was just below the earlier forecast of 52.0. Manufacturing conditions showed improvement at the beginning of the third quarter.

EU launches the Scaleup Europe Fund with a €5 billion target to finance late-stage European companies across strategic technology sectors. The post EU opens Scaleup Europe Fund with €5 billion target appeared first on Arabian Observer: Observe more. Understand Arabia..

Headline inflation across OECD economies eased to 4.2% in June 2026 from 4.6% in May, ending three straight monthly increases. The measure tracks annual changes in consumer prices across the group’s member countries. Inflation declined in 20 economies, increased in six and remained stable or broadly stable in 12. Nine OECD countries recorded inflation at or below 2%, including three where the rate stood below 1%.

The UK’s economy continues to avoid a recession, yet new forecasts indicate mounting pressures from global energy market disruptions. EY has upgraded its 2026 growth projection to 0.9%, up from 0.8% in May, while maintaining its 2027 forecast at 1.2%. This outlook presumes the Strait of Hormuz reopens by September with relatively low tanker traffic. Conversely, EY’s adverse scenario suggests growth of only 0.5% this year and a 0.2% decline in 2027.

U.S. equities saw a positive turn on Monday as shares of major technology firms advanced, coupled with a significant decline in crude oil prices. The Dow Jones Industrial Average surged by 693.38 points, or 1.32%, concluding at an all-time high of 53,178.41. The S&P 500 increased 1.48% to reach 7,600.50, just shy of its peak. Meanwhile, the Nasdaq Composite climbed 2.13% to 25,913.90, leading the primary indices. The market activity at the start of August was marked by widespread gains across both large and small-cap companies.

UK solar capacity hit 22.8 gigawatts by the end of June 2026, marking a notable acceleration in deployment. According to the Department for Energy Security and Net Zero, approximately 2.076 million installations have been completed across the country. During June alone, developers added 27,391 systems, which contributed 132 megawatts to the total. These latest figures are provisional and could be updated as additional projects are incorporated into the official dataset. The overall capacity encompasses rooftop arrays, commercial installations, and large-scale solar farms, establishing a baseline ahead of the new plug-in solar regulations coming into force.

Official data on the national economy released on Friday confirms that the Canadian economy expanded by 0.3 per cent in May, marking a continuation of the broader economic recovery into a second consecutive month and exceeding earlier government predictions. As per monthly Gross Domestic Product figures published by Statistics Canada, real output increased in 13 of 20 key industrial sectors, supported by widespread growth in goods-producing industries and sustained demand in services. This actual monthly increase surpassed the preliminary flash estimate of 0.1 per cent growth from the national statistical agency, providing upward momentum for the country’s economic output after April’s revised growth of 0.6 per cent.

A wave of risk aversion swept through global financial markets, driving digital assets lower as Bitcoin breached the $63,000 mark. Data from cryptocurrency exchange Binance indicates that the leading token by market capitalization fell 3.02% over 24 hours to reach $62,957.83. This latest drop extends a multi-session sell-off fueled by volatility in tech equities, macroeconomic headwinds, and recalibrated monetary policy expectations. Furthermore, Bloomberg market data reveals that tightening spot trading volumes coincided with a rapid acceleration in long liquidations across derivative trading venues.