Amazon has agreed to acquire satellite operator Globalstar in a deal valued at more than $11 billion, a move that positions the e-commerce and cloud giant directly in the low-Earth orbit connectivity market. Globalstar is best known as the infrastructure provider behind Apple's emergency SOS satellite feature on iPhones, giving the acquisition immediate strategic context. The deal signals Amazon's intent to build a vertically integrated satellite network, likely in support of its Project Kuiper broadband initiative, rather than relying on third-party spectrum and ground infrastructure. For Apple, the transaction introduces a new dynamic: its satellite emergency service, currently dependent on Globalstar's network, would effectively run on infrastructure owned by one of its most direct competitors in devices, services, and cloud. Regulatory scrutiny is the most immediate variable to watch, given Amazon's scale and the competitive overlap with Apple. Spectrum rights and existing contractual arrangements between Globalstar and Apple will be central to any close or remediation outcome.
HDFC Bank's board has approved Rajiv Kumar, former Chief Election Commissioner and financial services secretary, as its Part-time Non-Executive Chairman from June 30, 2026. His chairmanship still requires RBI approval, but the move ends the bank's prolonged search for a permanent board leader.
Indian startups raised $1.1 billion across 16 deals in the week of June 21-26, 2026, up 2.5 times from the prior week, with CRED's $900 million Series H led by Meta accounting for most of the total. Square Yards became India's 131st unicorn after closing a $95 million round.
Jet fuel costs dropped sharply after a US-Iran interim peace deal, but airlines are expected to use the savings to rebuild margins rather than cut fares. Tight capacity, aircraft delivery delays, and weak budget carriers give major carriers unusual pricing power heading into the second half of 2026.
Meta is investing $900 million in CRED at a $4.5 billion valuation, the largest Indian startup round of 2026, as founder Kunal Shah moves to a global leadership role at WhatsApp. Miten Sampat takes over as interim CEO, and a major employee stock buyback is expected within weeks.
