The competition between Elon Musk and Mukesh Ambani is intensifying as they vie for dominance in India’s emerging satellite broadband market. After India’s government decided to allocate satellite spectrum administratively, rather than through auction, the stage is set for a fierce battle. Musk’s Starlink, which uses low-Earth orbit (LEO) satellites, is poised to enter the Indian market, while Ambani’s Reliance Jio has already partnered with Luxembourg-based SES, utilising medium-Earth orbit (MEO) satellites.
The stakes are high as satellite broadband promises to bring internet access to remote areas of India, helping to bridge the country’s digital divide. Both billionaires have taken opposing views on how the spectrum should be allocated, with Ambani pushing for an auction, while Musk argues for the administrative model, aligning with international standards. India’s telecom regulator has yet to announce spectrum pricing, but projections indicate that satellite internet could reach two million subscribers by 2025.
This rivalry underscores the vast potential of the Indian market, where nearly 40% of the population still lacks internet access. Both Musk and Ambani are vying to capture this untapped segment, but pricing will be critical, especially in a country where mobile data is among the cheapest globally. Analysts predict a price war, with Musk’s deep pockets potentially giving Starlink a competitive edge, though challenges remain due to Starlink’s higher costs compared to local providers.
Apple CEO Tim Cook met with China’s Minister for Industry and Information Technology, Jin Zhuanglong, during his recent visit to Beijing. During the meeting, Jin expressed hopes that Apple would continue expanding its presence in China, increasing innovation investments, and collaborating with Chinese companies. Apple has not commented on the meeting.
This visit marks Cook’s second trip to China in 2023. While in Beijing, he visited local sites and engaged with Chinese artists, as seen in his posts on the social media platform Weibo. Cook’s trip comes at a time when Apple faces increased competition in the Chinese smartphone market, particularly from domestic rival Huawei.
Apple launched its latest iPhones in China on September 20, the same day Huawei released its competing model. While early iPhone sales saw a 20% increase compared to the previous year, overall sales declined by 2% due to decreased interest in older models and the growing popularity of Huawei’s Mate and Pura series.
The US Consumer Financial Protection Bureau (CFPB) introduced new rules to boost open banking by giving consumers more control over their financial data. These regulations will allow people to share their information more freely when seeking services, promoting competition between financial technology companies and traditional banks, which have been slow to grant access to customer data. CFPB Director Rohit Chopra likened the move to the system that lets mobile phone users switch providers while keeping their numbers, noting that it could modernise US payment systems.
The rules include strong privacy protections, ensuring companies can only use consumer data for specific services requested and preventing unauthorised use. They will also enable consumers to transfer their financial data between institutions at no cost, borrow on better terms by sharing data with lenders, and make direct payments from bank accounts. Consumers will also be able to revoke access to their data at any time.
The rules were part of the 2010 Wall Street reforms following the 2008 financial crisis. Smaller banks are exempt, while larger fintech firms have until 2026 to comply, and smaller ones have until 2030. These adjustments were made after feedback from industry stakeholders and the public.
India is set to introduce new restrictions on the import of laptops, tablets, and personal computers starting in January, aiming to boost domestic manufacturing. This move could significantly impact the country’s IT hardware market, valued between $8 billion and $10 billion, which currently relies heavily on imports. The Indian government hopes to shift more production locally through this initiative, which is expected to reshape the industry.
The country previously attempted to limit imports of such devices but faced backlash and pressure from international companies, particularly from the US. At present, companies can import laptops into India through a simple online registration system. However, India’s Ministry of Electronics and Information Technology (MeitY) is now developing a new system that will require prior authorisation for imports.
India’s IT hardware market, which is worth nearly $20 billion, depends on imports for two-thirds of its demand, with much of it coming from China. To encourage local production, the Indian government has offered $2.01 billion in subsidies, attracting interest from major manufacturers such as Acer, Dell, HP, and Lenovo. Many of these companies are reportedly preparing to begin local manufacturing under India’s production incentive program.
Russia is taking significant steps to establish a domestic payment system that will allow for trade and international transactions independent of Western financial institutions. Prime Minister Mikhail Mishustin announced this initiative at the Moscow Financial Forum, emphasising the need for a principles-based approach to international trade. He highlighted that the government, the Bank of Russia, and the financial community will collaborate to create a new settlement infrastructure.
Mishustin explained that this system aims to enhance the transaction experience for Russian businesses and their international partners by ensuring equality among countries, maintaining payment confidentiality, and enabling instant transactions at minimal costs. Notably, he revealed that a substantial portion of settlements between Russia and China are already conducted in national currencies, accounting for around 70% of their transactions.
However, existing sanctions have disrupted trade flows between Russia and its key partners, such as Turkey and China, potentially affecting the nearly $300 billion in annual trade with these nations. While Mishustin did not specify whether the new system would differ from the BRICS Pay network recently tested by the bloc, he reiterated the importance of creating a robust alternative to foreign systems.
Qualcomm is integrating advanced AI technology from its laptop processors into mobile phone chips. The new Snapdragon 8 Elite chip introduces improved capabilities for generative AI, such as producing images and text.
The chip incorporates Qualcomm’s Oryon custom computing technology, originally developed by engineers who joined the company from Apple in 2021. This innovation aligns with the company’s broader effort to push AI features across various platforms.
Developers will benefit from enhanced tools that complement existing Android functionalities, allowing deeper use of the Snapdragon chip’s AI capabilities. Qualcomm aims to distinguish its approach from Google’s rapid developments in AI by offering unique technologies to app creators.
Major companies, including Samsung, Xiaomi, and Asustek, are set to integrate Qualcomm’s latest chips into their devices. This marks another step in the company’s strategy to remain a leader in mobile computing and AI solutions.
Russian government spending on iPhones between January and September was four times higher than during the same period last year, according to Vedomosti. Security warnings and restrictions on some officials have not prevented these purchases.
The Federal Security Service (FSB) last year accused the US of using spyware to compromise thousands of iPhones. Although Apple rejected the claim, officials preparing for the 2024 presidential election were instructed to avoid iPhones over espionage concerns.
Contracts for iPhones totalled 6.9 million roubles for the first nine months of 2024, compared to 1.6 million the previous year. Despite the digital ministry banning iPhones for work purposes, officials and institutions continue to procure them.
Demand for the latest iPhone 16 remains strong, with consumers relying on grey-market imports after Apple halted direct exports due to the conflict in Ukraine. Even with higher prices, interest in Apple products across Russia shows no signs of slowing.
A recent study by McKinsey highlights that Portugal must retrain around 1.3 million workers, about 30% of its workforce, by 2030 to adopt generative AI and close its productivity gap with the rest of the European Union. Portugal has long struggled with low productivity, which has contributed minimally to GDP growth compared to the EU average. However, the study predicts that by rapidly integrating AI and automation, the country could significantly boost productivity, matching projected EU levels.
Generative AI, which creates content like text and images based on past data, could help Portugal compete with more developed economies if the workforce is prepared for the technological shift. This change will also require the public, private, and education sectors to collaborate in reshaping job roles and work processes. For every euro invested in AI technology, McKinsey suggests that three euros will be needed for managing organisational transitions.
Besides upskilling 1.3 million workers, the study indicates that around 320,000 employees in roles like customer service will need to transition to new jobs. This large-scale transformation could position Portugal for stronger economic growth in the coming years.
A survey conducted by Wiley reveals that 96% of workers in the US feel stressed about adapting to AI at work. Many employees are grappling with how to integrate the rapidly evolving technology into their daily tasks, with 40% struggling to do so and 75% lacking confidence in their AI skills.
Managers also face challenges in leading AI transitions. Only 34% of people managers feel ready to support their teams effectively, exposing a knowledge gap that could hinder AI adoption. Meanwhile, 80% of employees believe their managers are supportive, though just 60% think their managers possess the expertise to guide them through the process.
Clearer strategies and structured training could ease the pressure. About 61% of employees say training on AI tools would help, while 54% believe a defined organisational strategy would make adoption smoother. Furthermore, 48% suggest that setting clearer expectations around AI use would boost their confidence.
Wiley’s report recommends three strategies for improving AI integration. Organisations are encouraged to define specific AI use cases, improve communication with employees, and provide targeted training for managers to lead their teams through the transition more effectively. Tracey Carney, the lead researcher, stresses the importance of equipping both employees and managers to handle the evolving demands of AI.
The US Securities and Exchange Commission (SEC) has granted approval for 11 exchange-traded funds (ETFs) to list and trade options linked to spot bitcoin prices on the New York Stock Exchange. This decision marks a significant step forward for both the cryptocurrency sector and institutional investors seeking more flexibility in managing bitcoin exposure.
Several major funds, including the Fidelity Wise Origin Bitcoin Fund, ARK21Shares Bitcoin ETF, Invesco Galaxy Bitcoin ETF, and Grayscale Bitcoin Trust, are among those receiving the green light. The introduction of options trading will provide market participants with a quicker and cost-effective way to adjust their exposure to the cryptocurrency market.
These bitcoin index options offer traders a strategic tool to hedge risk or amplify returns without directly owning the underlying asset. Institutional investors, in particular, are expected to benefit from the ability to manage their investments with more precision.
BlackRock’s ETF had already received approval for options trading on the Nasdaq in September. The latest SEC decision opens the door for even wider participation, signalling growing acceptance of bitcoin-based financial products within traditional markets.
