The European Commission confirmed the signing of a contract to broaden IRIS2 satellite constellation, under a binding implementation agreement with the SpaceRISE industrial consortium. This formal agreement marks the culmination of detailed technical and financial discussions launched in January 2026, transitioning the Infrastructure for Resilience, Interconnectivity and Security by Satellite program from its initial planning stage into full industrial deployment. The revised architecture incorporates 330 satellites in higher low Earth orbit and 18 in medium Earth orbit, with optional orbital slots reserved for specialized missions. Initial satellite launches are scheduled for 2029, enabling participating member states to access early sovereign connectivity shortly thereafter. Technical assessments indicate that this expansion will boost secure governmental communication capacity by 60 percent within the European Union and by 54 percent globally, strengthening regional capabilities during complex emergencies and critical infrastructure crises.

South Korea’s current account recorded an all-time high surplus of $49.73 billion in June, driven by a significant rise in semiconductor exports. The Bank of Korea indicated a notable jump from the previous peak of $38.61 billion set in May. This marked the 38th straight month of consecutive current account surpluses for the country. The surge was primarily supported by robust goods exports, with technology shipments leading the way in overseas sales expansion.

Eurozone’s manufacturing sector experienced growth in July, with factory output reaching its fastest rate in nearly four and a half years. The final data was slightly below the initial forecast of 52.0. While production picked up at the beginning of the third quarter, demand signals revealed that the recovery was still uneven across the currency bloc. Factory production reached a 52-month high as eurozone demand remained subdued. Manufacturing firms accelerated production even as new orders grew only marginally. Companies depended heavily on existing work to sustain current output, resulting in production growth outpacing new demand from both domestic and international markets.

The European Union has officially launched the Scaleup Europe Fund with a target of raising €5 billion. The European Commission finalized the legal procedures on August 4. Operating under the European Innovation Council Fund, the initiative targets key technology firms with strategic importance. EQT has been appointed as the investment manager and will select deals based on commercial considerations. The Commission anticipates making its initial investments within a few weeks. Fundraising efforts are ongoing as EQT seeks further commitments from both public and private sector investors.