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The Daily Brief
Europe wants to cut ties with Elon Musk
Dec 18, 2024
Europe is in a race to establish its own satellite internet system, IRIS, to rival Musk's Starlink. The push aims to reduce reliance on a single provider during crises and geopolitical tensions. Meanwhile, the podcast delves into the shifting commodities market, offering insights into the future of oil, coal, and gold prices, with an optimistic outlook for precious metals. Tune in for a fascinating exploration of how global connectivity and economic trends shape the landscape!
16:17
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Quick takeaways
- Europe is investing 10.6 billion euros to establish its IRIS satellite network, reducing dependence on Musk's Starlink for security and connectivity.
- The commodities outlook highlights a cautious approach towards oil investments while gold's value is projected to rise due to geopolitical factors and central bank purchases.
Deep dives
Europe's Response to Starlink
Europe is taking substantial steps to establish its own satellite internet system in reaction to the dominance of Elon Musk's Starlink. The European Union has committed 10.6 billion euros to launch its satellite network, known as IRIS, which aims to provide secure communication and broadband services throughout Europe. This initiative reflects concerns over reliance on Starlink, particularly after Musk wielded his control during the Ukraine conflict by denying expanded service over Crimea. Ultimately, Europe seeks to mitigate its strategic dependence on foreign technology and bolster its sovereignty in critical infrastructure.
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