Starlink Secures Indian License to Launch Satellite Services Amid Regulatory Hurdles

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Elon Musk’s Starlink has obtained a license from India’s telecom ministry to commence commercial satellite communications operations in the country, according to two sources speaking to Reuters. The approval marks a key milestone for Starlink, which has been pursuing entry into the Indian market since 2022.

Starlink becomes the third company to receive such a license from India’s Department of Telecommunications, joining Eutelsat’s OneWeb and Reliance Jio. While the telecom ministry and Starlink have not publicly commented on the development, sources indicate that Starlink still faces several regulatory steps before it can begin offering services.

The satellite operator must now secure a separate license from India’s space regulator, which it is reportedly close to obtaining. Beyond that, Starlink will need to acquire spectrum rights from the government, build local ground infrastructure, and conduct testing to meet stringent security requirements. The full process is expected to take several more months.

Musk previously met Indian Prime Minister Narendra Modi during Modi’s U.S. visit in February, where Starlink’s entry plans and India’s security concerns were discussed.

The licensing breakthrough arrives at a sensitive time for Musk. His feud with U.S. President Donald Trump over government contracts has put approximately $22 billion of SpaceX’s U.S. government work at risk, making Starlink’s international expansion even more crucial.

In a surprising twist earlier this year, Indian telecom giants Jio and Bharti Airtel announced they would stock Starlink equipment in their stores, despite directly competing in broadband services. Notably, Musk and Jio’s Mukesh Ambani had clashed for months over how satellite spectrum should be allocated in India. Ultimately, the Indian government sided with Musk’s preference for assigned rather than auctioned spectrum.

India’s telecom regulator has proposed a 4% annual revenue share fee for satellite providers, which some domestic firms argue is too low and could harm their businesses. Nevertheless, the Indian satellite broadband market is projected to reach $1.9 billion by 2030, according to Deloitte, attracting global competitors like Starlink and Amazon’s Kuiper, which is still awaiting licensing approval.

Tesla Faces $380 Billion Market Value Drop Amid Political Feuds and Weak EV Demand

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Tesla has recorded the largest market capitalization loss among top global companies in 2025, shedding around $380 billion so far this year. The electric vehicle giant’s stock has suffered due to declining EV demand, ongoing political controversies surrounding CEO Elon Musk, and a recent public feud with former U.S. President Donald Trump.

Tesla’s shares plunged sharply on Thursday after Trump threatened on social media to cut off government contracts with Musk’s companies, following Musk’s criticism of Trump’s tax and spending bill on his platform X. Despite this, Tesla shares rebounded slightly on Friday after White House aides arranged a call with Musk to de-escalate tensions.

At the start of 2025, Tesla was the eighth largest company worldwide by market value, but by early June it had fallen to tenth place.

Meanwhile, Apple, which began the year as the world’s most valuable company, dropped to third place after losing more than 20% of its market value, now at $2.99 trillion. Weak consumer demand in China, tariff threats linked to Trump’s policies, and slower advancements in AI contributed to the decline.

Microsoft has risen to become the world’s largest company by market capitalization, buoyed by strong demand for AI services and its partnership with OpenAI, alongside the integration of AI tools such as Microsoft 365 Copilot.

UK Plans to Lift Ban on Retail Investors Buying Crypto Exchange-Traded Notes

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The UK’s Financial Conduct Authority (FCA) announced plans to remove the ban that currently prevents retail investors from buying crypto exchange-traded notes (ETNs), signaling a shift towards a more open regulatory approach to cryptocurrencies.

Previously, the FCA allowed crypto ETNs to be sold only to professional traders, citing concerns that these products were “ill-suited” for retail investors due to the significant risks and potential for complete loss of investment. The ban aimed to protect consumers from high-risk crypto financial products.

However, on Friday, the FCA said lifting the ban would enable retail investors to decide for themselves if such high-risk investments are appropriate, allowing greater choice and supporting growth in the UK’s digital asset sector. David Geale, the FCA’s executive director of payments and digital assets, explained that the move represents a “rebalancing” of risk tolerance, giving consumers the freedom to assess their own appetite for loss.

The proposal is now set to enter a consultation phase before any final regulatory changes are implemented.

The FCA emphasized that crypto ETNs must be traded on FCA-approved investment exchanges to be sold to retail customers, ensuring a regulated marketplace environment. However, the current ban on retail investors trading crypto derivatives will remain in place.

This policy update comes as the UK government pursues legislation to regulate cryptocurrencies comprehensively, aligning more closely with the U.S. regulatory framework, diverging from the EU’s industry-specific rules.