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Musk’s Starlink registers India unit, targets rural districts

By Aditi Shah

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Musk's Starlink registers India unit, targets rural districts
© Reuters. FILE PHOTO: SpaceX founder and Tesla CEO Elon Musk speaks on a screen during the Mobile World Congress (MWC) in Barcelona, Spain, June 29, 2021. REUTERS/Nacho Doce/File Photo

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By Aditi Shah

NEW DELHI (Reuters) – Starlink, the satellite internet division of billionaire Elon Musk’s rocket company SpaceX, registered its business in India on Monday, company documents filed with the government showed, as it gears up to launch internet services in the country.

Having a local unit, Starlink Satellite Communications Private Limited, will allow the company to apply for licenses which it needs from the government before it can provide broadband and other satellite-based communication services.

“Pleased to share that SpaceX now has a 100% owned subsidiary in India,” country director for Starlink in India, Sanjay Bhargava, said in a LinkedIn post.

“We can now start applying for licenses, open bank accounts, etc,” said Bhargava, who according to his LinkedIn profile joined the company only in October.

Starlink is one of a growing number of companies launching small satellites as part of a low-Earth orbiting network to provide low-latency broadband internet services around the world, with a particular focus on remote areas that terrestrial internet infrastructure struggles to reach.

Its competitors include Amazon.com (NASDAQ:)’s Kuiper and OneWeb which is co-owned by the British government and India’s Bharti Enterprises.

In India, Starlink plans to “carry on the business of telecommunication services” including satellite broadband internet services, content storage and streaming, multi-media communication, among others, according to the company filing.

It will also deal in devices such as satellite phones, network equipment, wired and wireless communication devices, as well as data transmission and reception equipment, it said.

Starlink separately said it will focus on “catalyzing rural development” in India through its broadband services, according to a company presentation shared by Bhargava on LinkedIn over the weekend.

Once it is allowed to provide services, Starlink will, in the first phase, give 100 devices for free to schools in Delhi and nearby rural districts. It will then target 12 rural districts across India.

The company aims to have 200,000 Starlink devices in India by December 2022, 80% of which will be in rural districts, it said in the presentation. Starlink has already received over 5,000 pre-orders for its devices in India.

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The Bank of England buys government bonds instead of a planned sale

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UK government bonds Bank of England

The Bank of England buys government bonds. It was decided to suspend the start of the previously announced government bond sales program and instead will start buying government bonds amid a sharp rise in their yields.

“UK government bonds Bank of England will start to buy from September 28. The purpose of these purchases is to return to normal market conditions. Purchases will be made in any scale, which is necessary to achieve the goal,” – said in a statement of the British Central Bank.

The yield on U.K. 10-year government bonds reached 4.611 percent in Wednesday’s trading, recording the highest increase since 1957 since the beginning of the month. After the Bank of England’s announcement, yields fell about 45 basis points to 4.07%. The news also caused yields on other government bonds around the world to fall.

The surge in yields on British government debt is caused by the previously announced large-scale tax cuts, which, according to British authorities, will increase the budget deficit in the current fiscal year by more than 70 billion pounds.

Earlier, we reported that Goldman lowered its recommendation on global equities for the next 3 months to “below market”.

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Goldman Sachs stock forecasts: Goldman has downgraded its recommendation for global stocks for the next 3 months to “below market”

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A new Goldman Sachs stock forecast has emerged. Analysts at U.S. bank Goldman Sachs Group Inc. (NYSE:GS) have downgraded their recommendation for global stocks for the next three months to “below market” and maintained an “above market” recommendation for cash amid recessionary risks, Bloomberg writes.

“Current stock valuations may not fully reflect the risks involved, and there’s a chance they will drop even further before they bottom out. Also have a disappointing Goldman Sachs economic forecast,” the Goldman strategist team, led by Christian Muller-Glissmann, wrote.

BlackRock, the world’s largest company by assets under management, advises investors to “divest from most stocks.”

Experts at Morgan Stanley (NYSE:MS) and JPMorgan Asset Management previously laid out similar concerns after the world’s top central banks signaled their firm’s resolve to fight inflation, sending global stocks plunging in the past few days.

Goldman analysts last week sharply lowered their forecast for the value of the U.S. S&P 500 stock index for the end of this year, to 3,600 points from the previously expected 4,300 points. The day before, the indicator finished trading at 3655 points.

Earlier, we reported that European stock markets are trading contradictoryly.

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European stock markets are trading contradictory today

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During today’s trading the major European stock markets do not show unified dynamics. The composite index of the largest companies in the region, Stoxx Europe 600, decreased by 0.18% to 389.68 points.

European stock markets trading today

British stock index FTSE 100 was down 0.06%, while German DAX gained 0.19% and French CAC 40 gained 0.16%. Italian FTSE MIB rose by 1%. Spanish IBEX 35 decreased by 0.34%.

The British financial company Virgin Money UK PLC was among the leaders of the fall in the components of the Stoxx Europe 600 index, falling by 6.7%.

Shares of the Swiss manufacturer of heating and ventilation systems rose 8.4% as Berenberg’s experts improved their recommendations on the company’s securities and raised their price target.

Concerns about the state of the global economy are growing amid persistently high inflation and aggressive measures by major central banks to curb it, writes CNBC.

The elections in Italy are also in the spotlight. The Italian Democratic Party acknowledged defeat in early parliamentary elections that took place on Sunday, reported the media.

The market is also pressed by continuing geopolitical tensions with the ongoing “referendums” in several regions of Ukraine.

Meanwhile, the level of business confidence in the German economy in September fell to 84.3 points from 88.6 points in August, according to a report by the research organization IFO.

Earlier we reported that the yield of British government bonds rose to a 14-year high.

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