Telecom
UK government takes $500 million stake in space exploration firm OneWeb
As part of a consortium that includes Indian telecom Bharti Global, the UK government will invest $500 million and take a “significant equity share” in space exploration firm OneWeb, it announced Friday. OneWeb, which has its headquarters in the UK, filed for Chapter 11 bankruptcy protection in the US in March, after it was unable to secure financing. Bharti Global also will invest $500 million as part of the deal. OneWeb is one of several companies working on an Internet-from-space project, using a combination of low-altitude satellites to beam internet connectivity to ground terminals on Earth’s surface. It was slated to launch a constellation of 650 spacecraft, and its plans included providing internet coverage for the Arctic. So far, it has launched 74 satellites for the project. Frida...
Canadian court disappoints Huawei over CFO’s case
A Canadian court ruled against Huawei’s chief financial officer, Meng Wanzhou, on Wednesday in her extradition case to the US on fraud charges. However, the company said it has faith her innocence will ultimately be maintained. Meng, the CFO of the telecom giant and eldest daughter of its founder is wanted by the U.S for alleged fraud. The US authorities alleged that she lied to HSBC Bank about Huawei’s relationship with its Iran-based affiliate Skycom, putting the bank at risk of violating US sanctions against Tehran. In a statement posted on Twitter, Huawei Canada said; “Huawei is disappointed in the ruling today by the Supreme Court of British Columbia, we have repeatedly expressed confidence in Ms Meng’s innocence”. “Huawei continues to stand with Ms Meng in her pursuit for justice and...
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