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Space42, Viasat Unveil Up to $1 Billion Satellite Connectivity JV

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Space42, Viasat Unveil Up to $1 Billion Satellite Connectivity JV

Abu Dhabi-based satellite operator Space42 (ADX:SPACE42) and US-based communications group Viasat on Monday signed a deal to launch an up to $1 billion joint venture for global direct-to-device and advanced mobile satellite services connectivity.

The venture, dubbed Equatys, will provide a shared space and ground infrastructure platform to connect smartphones, internet-of-things devices and other devices and terminals directly to satellites, helping providers extend mobile coverage to areas terrestrial networks cannot reach, including coverage gaps in populated metro areas.

Initially, both partners will contribute $400 million each, with Space42 adding a further $200 million during a future funding round that will also be open for third-party investors.

The deal completion remains subject to regulatory approvals and other closing conditions, including Viasat's appointment as the prime technology contractor.

Space42's shares were up more than 8% during midday trading in Abu Dhabi.

The current deal builds on the companies' partnership which began in March 2025 with funded technical and commercial studies of shared non-terrestrial network infrastructure, followed by plans announced in September 2025 to launch Equatys under a tower-company model.

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JD.com Unit Dada Nexus to Pay SEC $500,000 Over 'Sham' Ad Transactions
US Markets

JD.com Unit Dada Nexus to Pay SEC $500,000 Over 'Sham' Ad Transactions

A unit of JD.com (HKG:9618) has agreed to pay $500,000 to settle U.S. Securities and Exchange Commission charges that it engaged in "sham transactions" to inflate revenue, according to a cease-and-desist order issued Friday.Dada Nexus, the on-demand delivery platform behind JD Daojia and Dada Now, consented to the order without admitting or denying the SEC's findings, the commission said.The JD.com unit has to pay the penalty within 10 business days.The SEC found that from October 2022 through September 2023, employees in Dada's advertising and marketing unit entered into sales and purchase contracts with customers and vendors in equal amounts."At least some of the relevant customers and vendors had undisclosed connections and earned commissions related to the relevant contracts, and no services were provided under the relevant contracts," the SEC said.The commission noted that Dada's net revenues were overstated by 8.24% in the second quarter of 2023 and 9.34% in the third quarter of 2023. Operations and support costs were also inflated by 14.24% and 14.32% in those two quarters, respectively.From October 2022 to September 2023, net revenues were inflated by about 568 million yuan and costs by roughly 576 million yuan, the order said.Without the transactions, Dada's revenue would have missed its guidance by about 7% in the second quarter of 2023 and 6% in the third quarter of that year.Dada discovered the scheme during a routine internal audit in November 2023 and conducted an independent review. After disclosing the findings in January 2024, Dada's ADSs plummeted 43%.Dada Nexus did not immediately respond to' request for comment.

HKG:9618
Update: Wall Street Rises at End of Losing Week Amid Inflation Worries
US Markets

Update: Wall Street Rises at End of Losing Week Amid Inflation Worries

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IEA Cuts Oil Demand Outlook as US-Iran Deadlock Seen Impacting Production
US Markets

IEA Cuts Oil Demand Outlook as US-Iran Deadlock Seen Impacting Production

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