(Bloomberg) — Swiss exports to the US rebounded in June, evidence that trade between the two countries remains robust despite the pressure of ongoing tariff negotiations.
Foreign sales, adjusted for seasonal swings, rose 26.9% from May, the Swiss Office for Customs and Border Security said on Thursday. Imports from the world’s biggest economy increased 0.2%.
That resulted in a trade surplus of 2.9 billion francs ($3.6 billion), up from 2 billion francs a month earlier and just below the average for 2023 and 2024.
Switzerland remains locked in talks with Washington in its bid to secure a trade deal, with a framework agreement awaiting signoff from US President Donald Trump.
Swiss Finance Minister Karin Keller-Sutter said in late June that Treasury Secretary Scott Bessent told her the two countries are “very close” to an accord. Bloomberg reported this month that the draft contained assurances that tariffs on Swiss pharmaceutical exports should be avoided.
Still, Trump said this week that global pharma tariffs are likely as soon as Aug. 1. Concurrently, Swiss lawmakers on the left have called for the country to implement countermeasures against US tariffs together with the European Union.
Switzerland is a major exporter of drugs to the US, with medicines from companies like Roche Holding AG, Novartis AG and Sandoz AG accounting for almost half of Swiss goods shipped to America in 2024.
Swiss exports to the US had jumped in March when tariffs became foreseeable and collapsed in April when they kicked in. In May, they dropped further.
When negotiations on a trade deal first started, Switzerland outlined a compromise around cutting tariffs for agricultural goods including citrus fruits, nuts and shellfish, which the country doesn’t produce in a significant way. The Swiss also put simpler approvals for American medical devices on the table.
During talks with the US, the European Free Trade Agreement bloc that includes Switzerland — known as EFTA — announced two new trade accords with Malaysia and the South-American Mercosur group.
Switzerland’s total trade numbers saw an increase in exports and a slight drop in imports, bringing its overall surplus to 4.3 billion francs.
Freddie Prinze Jr reflects on big reunion with ‘She’s All That’ costar
Freddie Prinze Jr has recently shared his thoughts on his reunion with She’s All That costar Rachael Leigh Cook for The Christmas Affair movie.
While speaking on the red carpet of I Know What You Did Last Summer premiere on July 14, the actor revealed to Deadline that he’s all set to film his upcoming holiday movie alongside Rachael this October and November in New York City.
“I’m really excited to film with her again,” said the 49-year-old.
Scooby-Doo actor opened up that he loves Rachael “to death” as he called her “like a sister’.
“I know her kids, she knows my kids,” continued Freddie.
Summer Catch actor mentioned that they had been “close ever since that first movie”.
However, Freddie added, “I don’t know why it’s taken us this long to work together again but it did.”
It is pertinent to note that Freddie and Rachael’s She’s All That was premiered back in 1999 and earned its place among the best movies in the ʼ90s rom-com canon.
In a previous interview, Rachael, who also worked on He’s All That without Freddie, pointed out that they both “discussed if he was going to do this one or not and it ended up not being a good fit for him”.
“But Freddie and the creative team behind it are totally cool.,” she remarked.
Interestingly, Christmas With You actor “totally support” Rachael, saying, “Go run with it. I’ll support this movie all the way and everyone involved.”
Meanwhile, The Christmas Affair also celebrates the pair’s reunion with She’s All That co-producer Jennifer Gibgot, who is producing for Fox Entertainment Studios.
Astronomers have made a groundbreaking discovery using some of the world’s most advanced radio telescopes. Researchers, led by Fengqiu Adam Dong, a Jansky Fellow at the NSF Green Bank Observatory (NSF GBO), have identified an exceptionally unusual cosmic object known as a Long Period Radio Transient (LPT), named CHIME J1634+44. This object stands out as one of the most polarized LPTs ever discovered, and it is the only one observed to be spinning up (meaning its rotation is speeding up) a phenomenon never seen before in this class of astronomical objects.
The telescopes used in this discovery include:
U.S. National Science Foundation Green Bank Telescope (NSF GBT)
NSF Very Large Array (NSF VLA)
Canadian Hydrogen Intensity Mapping Experiment (CHIME) Fast Radio Burst and Pulsar Project
NASA’s Neil Gehrels Swift Observatory (Swift)
LPTs are a newly discovered type of radio-emitting object with extremely long rotation periods, sometimes lasting minutes to hours. CHIME J1634+44’s unique properties, such as a mysterious decrease in spin period and unusual polarization, challenge the current scientific understanding and raise new questions about how these objects work and what they can teach us about the Universe.
“You could call CHIME J1634+44 a ‘unicorn’, even among other LPTs,” said Dong, noting this LPT’s particularly unusual traits. Despite hundreds of detections across multiple observatories, including those listed above, and additional observations by the LOw Frequency ARray (LOFAR) in the Netherlands, the timing of the repeating radio bursts from CHIME J1634+44 is unclear. “The bursts seem to repeat either every 14 minutes, or 841 seconds—but there is a distinct secondary period of 4206 seconds, or 70 minutes, which is exactly five times longer. We think both are real, and this is likely a system with something orbiting a neutron star,” explained Dong.
Normally, objects like neutron stars or white dwarfs slow down over time because they lose energy, so their spin period gets longer. But for CHIME J1634+44, the period is actually getting shorter—meaning it’s spinning up, not slowing down. The only way to make the timing of the bursts fit together is to assume this spin-up is real, but that doesn’t make sense for a lone star. Therefore, researchers believe that CHIME J1634+44 might actually be two stars orbiting each other very closely. If the orbit of this binary system is shrinking, it could be because they are losing energy, by emitting gravitational waves or interacting with each other, which could make it look like the period is getting shorter. This kind of shrinking orbit has been seen in other close pairs of white dwarfs. The radio bursts from CHIME J1634+44 are 100% circularly polarized, which means the radio waves twist in a perfect spiral as they travel—which is extremely rare. No known neutron star or white dwarf has ever been seen to do this for every burst. This suggests that the way these radio waves are being produced is different from what we see in all other known objects.
The unparalleled collection of telescopes used in this research allowed scientists to detect and study the object’s unusual signals in detail. CHIME’s wide field of view and daily sky scans detected the transient’s periodic bursts and monitored its spin evolution. The NSF VLA, supported by realfast (a system for real-time fast transient searches at the NSF VLA via interferometric imaging), provided high-frequency follow-up observations to mitigate interstellar medium distortions and refine localization. The NSF GBT contributed sensitive, high-resolution timing data to analyze polarization and spin-up behavior, enhancing precision for gravitational wave studies. Swift searched for X-ray counterparts, and its multi-wavelength capabilities allowed the researchers to probe for high-energy signals that complemented the radio observations from the NSF GBT, NSF VLA and CHIME. With Swift, the team was able to identify two potential X-ray sources that could be associated with the radio object.
“The discovery of CHIME J1634+44 expands the known population of LPTs and challenges existing models of neutron stars and white dwarfs, suggesting there may be many more such objects awaiting discovery,” adds Dong. This finding opens new avenues in radio astronomy and brings us a step closer to unraveling the mysteries of these enigmatic cosmic beacons.
About GBO
The Green Bank Observatory (GBO), part of the National Radio Astronomy Observatory (NRAO), are major facilities of the U.S. National Science Foundation, operated under cooperative agreement by Associated Universities, Inc.
About CHIME
The CHIME project is co-led by the University of British Columbia, McGill University, University of Toronto, and the Dominion Radio Astrophysical Observatory with collaborating institutions across North America.
Good morning. Not too long ago, the UK was really good at beating measles. In 2017, the World Health Organisation declared that the the disease had been eliminated for the first time in the UK, after no indigenous cases had been recorded in three years.
Now, measles is back. Already this year there have been more than 500 confirmed cases in England, the majority in young children.
On Sunday it was announced that a child who contracted measles had died at Liverpool’s Alder Hey hospital, which had seen an additional 17 cases since the beginning of June. What makes this case more tragic is that healthcare professionals say no child should lose its life to this disease in the UK. The MMR vaccine, offered to all children across the country, gives 97% protection against becoming infected with measles, mumps and rubella.
Yet as measles cases not just here but across the world see a surge, vaccination rates are plunging. Much of the blame has fallen on anti-vax conspiracy theories, which rehash the debunked links between the MMR vaccine and autism and tell parents that vaccines are akin to injecting their children with poison. But according to healthcare professionals, many other factors are also at play, and dealing with the complex reasons why parents aren’t getting their children the jab is becoming increasingly urgent.
For today’s newsletter I talked to Dr Elizabeth Whittaker, the clinical lead for paediatric infectious diseases at Imperial College healthcare NHS trust, about why vaccine levels are falling and what can be done to reverse this decline.
Five big stories
Middle East crisis | At least 20 Palestinians have been killed in a crush at a food distribution site in southern Gaza run by the US-backed Gaza Humanitarian Foundation, after guards used teargas or pepper spray on hungry crowds arriving at the centre.
UK politics | Conservative former ministers have “serious questions to answer” over the secret scheme to resettle Afghan nationals named in a data breach under the previous government, Keir Starmer has said.
Labour | Four Labour MPs have had the whip removed for repeatedly breaching discipline, with three others demoted, in an effort to assert control over the party. The Guardian understands that the four are Rachael Maskell, Neil Duncan-Jordan, Brian Leishman and Chris Hinchliff.
US politics | Donald Trump has dismissed a secretive inquiry into the sex offender Jeffrey Epstein as “boring” and of interest only to “bad people”, but said he backed the release of any “credible” files.
UK news | The Prevent anti-terrorism scheme missed chances to protect the public from the attacker who assassinated the MP Sir David Amess, and from the youth who murdered three young girls at a Southport dance class, an official report has found.
In depth: ‘None of us have any lived experience of how devastating these infections can be’
Just a few decades ago, the likelihood of a child dying from measles in a UK hospital would have seemed remote, if not almost impossible. Yet Dr Elizabeth Whittaker said that the disease’s resurgence has almost been a foregone conclusion as vaccination rates have steadily fallen over the past 10 years.
To ensure herd immunity against measles, where enough people are protected to prevent the virus spreading, vaccination rates must hit 95%. The current rate across England is 84%.
“Measles has never been eradicated in any part of the world and if a country drops below that 95% herd immunity threshold then the disease will return,” said Whittaker.
“I think a huge part of the problem is that we have been so good at preventing measles, none of us really have any lived experience of understanding how devastating these infections can be.”
How fast is measles spreading in the UK?
According to NHS data, there have been 529 confirmed cases in England so far this year, with 68% occurring in children under the age of 10.
The disease is highly infectious and airborne. In the past few years, outbreaks have occurred around the country, with the West Midlands experiencing cases at their highest level since the mid-1990s.
The uptick in measles cases comes as no surprise to infectious disease experts such as Whittaker, considering that figures from NHS England show that 3.4 million children under the age of 16 years have not been fully immunised with the MMR vaccine.
The UK’s rising measles rates are part of a global upward trend. Measles cases in the US and Europe are at their highest levels in 33 years and 25 years respectively.
Why are parents not getting their children vaccinated?
Whittaker said that while there has certainly been a barrage of misinformation and conspiracy theories around the MMR vaccine – and vaccines in general – in recent years, she believes that this is only part of the story.
“Of course there is some vaccine hesitancy out there, but the bigger lesson here – and it’s a good one because this is much easier to tackle – is that access is a massive issue,” she said.
She said a recent report from the Royal College of Paediatrics and Child Health (RCPCH) found that there was a reasonably good uptake in early childhood vaccines when women were on maternity leave and in close contact with healthcare professionals, but then this tailed off by the time children should be getting their first MMR jab at 12 months. This declined even further by the time the second jab was due at three to five years.
“It’s things like parents working zero-hours contracts who can’t afford the day off, or vaccines only being offered on certain times of the week, or a lack of transport or not being able to navigate the GP practice appointment system,” said Whittaker. “So the key thing to tackle is increased flexibility on how, where and when these vaccines are being offered.”
How have cuts to NHS services contributed?
Another barrier to access is the way that information about the vaccine is being disseminated.
“Trusted individuals like midwives who are in contact with new mothers are replaced often by people who families don’t know,” said Whittaker. “Before you’d have a family doctor, now you see a different GP every time you go into the surgery. Health visitor resourcing is inadequate, so this means that trusted touch points between the health system and new parents have been lost.”
Without access to the information and the vaccine, anti-vax messaging can move into this vacuum and become the dominant narrative.
“We’ve had parents reporting that they were never worried about vaccines, but that since all the doubt and conspiracy theories that took hold about the Covid vaccine, they’re now questioning the credibility and safety of all vaccines, including the MMR,” said Whittaker.
“For a lot of women having a baby or being on your own with multiple small children is a very isolating experience and exposure to misinformation online isn’t counteracted by contact with a trusted healthcare professional.”
What can be done to reverse this?
Whittaker said that there has to be an awareness that “what works for us in north London may not work in Liverpool. We can make the systems as good as possible, but we need to provide solutions that are specific to the local population.”
She points to a project she has recently visited in west London run in partnership with a local community group called Why Did Nobody Ask Us?, which attempts to work with parents from diverse backgrounds to understand the reasons underpinning slow vaccine take-up in their communities.
“We know Black African women have the lowest uptake of vaccines but nobody is really asking why,” she said. “We need to listen to parents because their answers are probably the most crucial tool we have in tackling declining vaccination rates. Information has to be disseminated in as many ways and languages as possible.”
Whittaker is also optimistic about other developments taking place, such as rolling out vaccination appointments and reminders through the NHS app.
Yet what is clear is that there needs to be a massive and rapid investment into prioritising child health across the NHS. She sees the decline in vaccines as a manifestation of “a real neglect of children’s health across the board and it’s something that has to change if we’re going to reverse this trend”.
What will happen if measles continues to spread?
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Whittaker said that if measles begins to spread and vaccinations levels continue to fall, the health system is likely to come under increasing strain.
“Measles comes with a huge health risk. Not only can children get really ill from the disease but they have a high risk of secondary bacterial infections,” she said. “This all places a huge burden on an already overstretched system and means health care could be diverted from other children who desperately need it and comes at a significant economic cost.”
Often the first time the hospitals come into contact with an infected child, “they present with symptoms that aren’t obviously measles and have sat in a waiting room and interacted with multiple other children and adults”.
This means that when children do come back with all the visible signs of the disease, “we then need to go back and contact trace everyone they might have been in contact with who could then be spreading infection through their community. It’s a huge job and not one that we’re currently prepared for.”
She points out that this is a disease that could swiftly get out of hand if vaccination levels remain low. “Unless we tackle this now, we’ve got a very big problem coming down the line.”
What else we’ve been reading
‘I’m bitchy in a fun way’ … Janet Street-Porter. Photograph: Sarah Lee/The Guardian
This interview with Janet Street-Porter by the Guardian’s Simon Hattenstone made me howl with laughter. A feature that shows them both at their best. Aamna
As someone who remains traumatised by It, I’m not sure I’ll make it through this whole list of the greatest Stephen King TV hits and misses but I’ll certainly give some of these a go. Annie
Trump’s decision to launch a politically waged trade war against Brazil in defense of Jair Bolsonaro has spectacularly backfired, writes Tom Phillips. Aamna
Very powerful reportage from Minatullah Alobaidi for the excellent New Lines magazine on the resurgence of Iraq’s child brides as women’s rights around the world continue to crumble. Annie
If, like me, you’re terrible at keeping up with life’s admin, check out these useful tips from administrators. Aamna
Sport
Deepti Sharma dispatches a delivery to the boundary on her way to 62 not out. Photograph: Andy Kearns/Getty Images
Cricket | Deepti Sharma tallied 62 as the tourists chased down their hosts, India winning by four wickets despite an error-strewn spell with the bat. 1st women’s ODI: India, 262-6, beat England, 258-6, by four wickets.
Golf | The R&A says it has held a “really good discussion” with Donald Trump’s family over the thorny issue of when their Turnberry course might stage the Open again.
Cycling | In a chaotic climax to stage 11 of the Tour de France in Toulouse, Tadej Pogacar crashed at speed before remounting to finish, an anti-Israel protester ran on to the finish line, and the Norwegian Jonas Abrahamsen took his first Grand Tour stage win, for Uno-X.
The front pages
“Four MPs lose Labour whip as PM attempts to reassert grip on party” is the Guardian’s splash. The i paper has “Reeves blamed for UK inflation hike, as NI rise hits food prices”. Top story in the Financial Times is “Diageo chief stands down as falling alcohol sales take toll”. The Metro splashes on “New Maxwell appeal bid as Trump flips”. “Cabinet bid to halt Afghan airlift” – not now but when the Tories were in, the Telegraph reports. “Afghan leak intelligence was hidden from MPs” says the Times. “Thanks for saving us, now we’ll sue you” – the Daily Mail is annoyed that Afghans put at risk of Taliban murder might seek compensation. “Sue chef” – the Mirror says that’s John Torode versus the BBC over his MasterChef ousting. “They failed to provide what might have helped” – the Prevent anti-terror programme comes under fire in the Express over the Southport and David Ames murders.
Today in Focus
Photograph: Teri Pengilley/The Guardian
Why doctors are striking … again
When Labour came to power it moved fast to end the public sector strikes. But now resident doctors are demanding a 29% rise in pay. Will they get it and will it put Labour’s plans for the NHS at risk? Denis Campbell reports
Cartoon of the day | Ella Baron
Illustration: Ella Baron/The Guardian
The Upside
A bit of good news to remind you that the world’s not all bad
Ibrahim Mahama’s Parliament of Ghosts showing at the Whitworth Art Gallery, Manchester in 2019. Photograph: Michael Pollard
A new London art institution aimed at promoting global majority voices will open this coming October in Fitzrovia, central London. It will be a space for “difficult, urgent questions” and a bastion for respectful debate without the “aggression” seen in a lot of political discourse.
Ibraaz began life as an online platform before its launch as a home for global majority art and artists at a 10,000-square-foot Grade II-listed site.
Its first exhibition will be Ibrahim Mahama’s long-running, evolving work Parliament of Ghosts, which also appeared at the Manchester international festival in 2019 and features discarded objects from Mahama’s west African homeland of Ghana.
The Otolith Collective will create a “library-in-residence”, while the east London booksellers Burley Fisher will run Ibraaz’s bookshop, which the Palestine festival of literature will initially curate. There will also be a talks programme.
Sign up here for a weekly roundup of The Upside, sent to you every Sunday
Bored at work?
And finally, the Guardian’s puzzles are here to keep you entertained throughout the day. Until tomorrow.
An entrepreneur from Devon is through to the final of a national competition for young traders just six months after starting his business.
Kieron Loomes, 26, set up a stall in Tavistock Pannier market in January 2025.
The stall, called Tech Guy Tavistock, sells Pokémon cards, Tamagotchis and retro consoles.
Mr Loomes said he loved his job so much he would do it for free, adding “it’s absolutely my purpose in life”.
As well as selling affordable tech and gadgets, the business owner repairs computers and electrical items.
He was given a Highly Commended Retailer Award at the National Market Traders Federation Young Traders Competition regional final in Bristol on 1 June.
As a result, Mr Loomes now has a place in the national final in Stratford-upon-Avon in August which is expected to attract about 50,000 visitors.
Mr Loomes, who has ADHD, said it was “an absolute curse but it is a superpower at the same time”.
He said the condition made him “good with tech, but bad at other things”.
“I’m like a sponge and I just absorb information,” he added.
The tech entrepreneur hired his younger sister Ellie Cookson as his manager.
Ms Cookson said her job was to help break her brother’s tasks down and give them to him in bite-sized chunks so he did not get overwhelmed.
She said: “He’s very good at tech. He knows too much!”
The business has a loyal following online, particularly on TikTok.
Although Loomes said he did not want to fail, he did not care about becoming rich.
“I honestly just want to help people and I want to be able to do this forever,” he said.
As the age-old proverb rightly states, “You are what you eat.” Our diet largely influences our health and well-being. A balanced diet lays the foundation for healthy living and disease prevention. However, a ‘one-size-fits-all’ approach may not work, given the biological, cultural, socioeconomic, and lifestyle differences. Moreover, gender and age can dramatically influence dietary preferences. Many studies have explored dietary diversity and how often certain foods are consumed. However, little is known about how dietary patterns, food choices, and combinations vary with age and gender.
To bridge this gap, Professor Katsumi Iizuka from the Department of Clinical Nutrition, Faculty of Medicine, Fujita Health University, Japan, and his team sought to analyze dietary patterns among young and middle-aged Japanese individuals. Explaining why this is important, Prof. Iizuka says, “Being aware of the gender- and age-specific differences in dietary patterns and diversity can lead to individualized nutritional improvement for each age and gender group.” Their findings were published in Volume 17, Issue 13 of the Nutrients journal on July 2, 2025.
The researchers analyzed the anonymized responses from a dietary survey obtained during health checkups of 2,743 Fujita Health University employees. The respondents were stratified into four age groups: 20–29, 30–39, 40–49, and 50–59 years.
The Food Intake Frequency Questionnaire was used to assess their weekly consumption frequency of 10 different foods, including meat, fish, eggs, dairy products, soy, green vegetables, seaweed, fruits, potatoes, and oil; the frequency of drinking sugar-sweetened coffee and tea; and the frequency of consuming soft sweets, colas, other soft drinks, and alcohol.
Previous studies utilized diversity indices to evaluate food intake. However, these scores do not adequately reflect dietary patterns or combinations. In this study, the researchers applied previously unexplored statistical techniques that are commonly used in ecology to examine microbial diversity. They assessed ‘alpha diversity,’ or the diversity in a single group, and ‘beta diversity,’ or the diversity across different groups. Further, they performed multivariate analysis to incorporate age and gender variations.
The analysis revealed that the intake frequency of the individual food items did not vary greatly between male and female respondents, except that women consumed fruits more frequently than men. On grouping the participants by age and sex, the researchers noted significantly different dietary patterns influenced by the intake of meat, fish, eggs, fruits, seaweed, dairy products, vegetables, and potatoes. Women had more diverse dietary patterns compared to men. Further, younger men were least likely and older women were most likely to follow a meat- or egg-centered dietary pattern with fruits and dairy products. On the flip side, older men preferred a fish- and fat-centered traditional Japanese diet, while younger women leaned toward plant-based foods, including fruits, vegetables, and potatoes. Notably, the differences between male and female dietary patterns became smaller with age, suggesting a shift in dietary preferences.
Interestingly, dietary diversity and the intake of beneficial foods, including fruits, seaweed, and dairy products, increased with age for both men and women. The researchers suggest that this increase may be because of generational gaps between adults in their 20s and those in their 40s. While middle-aged individuals often live with their families, younger adults tend to live alone, which may affect their food intake and choices. Healthy food choices at a young age can significantly impact future health. Therefore, including micronutrient-rich foods like fruits, seaweed, and dairy products at staff cafeterias and workplaces can help improve their intake by younger adults.
Overall, these findings provide novel insights into how dietary patterns differ by age and gender. These results can further be extended to understand how dietary variations impact gut health and microbiota and the occurrence of diseases like obesity, diabetes, heart disease, and cancer. Additionally, understanding dietary variations can help nutritionists provide tailored guidance to address individual deficiencies.
“By eating fiber-rich foods and fermented products from a young age, it is possible to reduce the risk of developing heart diseases and cancer. Visualizing differences in dietary patterns across generations can improve the general public’s understanding of dietary balance and diversity,” Prof. Iizuka concludes.
Source:
Journal reference:
Iizuka, K., et al. (2025). The Alpha and Beta Diversities of Dietary Patterns Differed by Age and Sex in Young and Middle-Aged Japanese Participants. Nutrients. doi.org/10.3390/nu17132205.
New leading multi-orbit space company with a network of 120 GEO+MEO satellites and access to LEO constellations enables SES to better serve its customers
Luxembourg, 17 July 2025 — SES, a leading space solutions company, today announced the completion of its highly value accretive acquisition of Intelsat, creating a strengthened global satellite operator with an expanded fleet of 120 satellites across two orbits. The newly combined company will leverage its skilled teams with deep vertical expertise to deliver integrated multi-orbit, multi-band satellite and connectivity solutions to businesses and governments around the world, creating a stronger multi-orbit operator with ~60% of revenue in high-growth segments.
With a world-class network including approximately 90 geostationary (GEO), nearly 30 medium earth orbit (MEO) satellites, strategic access to low earth orbit (LEO) satellites, and an extensive ground network, SES can now deliver connectivity solutions utilising complementary spectrum bands including C-, Ku-, Ka-, Military Ka-, X-band, and Ultra High Frequency. The expanded capabilities of the combined company will enable it to deliver premium-quality services and tailored solutions to its customers. The company’s assets and networks, once fully integrated, will put SES in a strong competitive position to better serve the evolving needs of its customers including governments, aviation, maritime, and media across the globe.
“Today, we’re not just merging two companies — we’re creating a stronger company, built for the future. I want to extend a warm welcome to all new employees, customers, and partners,” said Adel Al-Saleh, CEO of SES. “In this new chapter, we are bringing together a powerful mix of talented people, network infrastructure, spectrum, innovation, and global relationships that will allow us to deliver next-generation connectivity and space-enabled services in smarter and quicker ways.”
The transaction establishes a more robust financial foundation for SES, with pro forma combined revenue of €3.7 billion projected to grow at a low- to mid-single digit CAGR (2024-2028E). The combined company pro forma Adjusted EBITDA of €1.8 billion is expected to grow at mid-single digit CAGR including synergies (2024-2028E), with plans to generate over €1 billion in Adjusted Free Cash Flow by 2027-2028 (pre IRIS2). This stronger financial profile is supported by a combined contract backlog exceeding €8 billion, providing clear visibility into future revenue streams.
SES plans to maintain disciplined investment in future growth, with annual capital expenditures averaging €600–€650 million from 2025-2028E, excluding the IRIS2 programme. This will enable the company to continuously strengthen its network and explore emerging growth markets including Internet of Things (IoT), direct-to-device communications, inter-satellite data relay, space situational awareness, and quantum key distribution. The company’s profitable growth outlook, strong balance sheet metrics and expanded cash flows will support both continued innovation and increased shareholder returns, with the intent to raise the annual base dividend once targeted net leverage of below 3 times is achieved within 12-18 months after closing.
“Our focus is clear: to grow, to lead in high-potential markets, and to shape the future of our industry. This is a long-term play, and we are building with the future in mind — growing year after year, expanding our capabilities, and creating lasting value for our customers and shareholders alike,” Al-Saleh said.
By integrating the two organisations, SES expects to deliver synergies with a total net present value of €2.4 billion, representing an annual run rate of approximately €370 million, with 70% of these efficiencies anticipated to be executed within three years after closing. These savings will primarily come from streamlined operations, optimised capacity costs, and procurement efficiencies, along with the strategic integration of satellite fleets and ground infrastructure.
SES remains headquartered in Luxembourg and is publicly listed on the Paris and Luxembourg stock exchanges (Ticker: SESG), while maintaining a significant presence in the United States with its North American main office in McLean, Virginia.
The new SES Senior Leadership Team can be found here.
Guggenheim Securities acted as lead financial advisor to SES. Morgan Stanley & Co. LLC acted as co-financial advisor. Deutsche Bank Securities Inc also acted as a financial advisor. Morgan Stanley and Deutsche Bank AG, Filiale Luxembourg provided committed financing for the transaction, which was subsequently syndicated. Both Guggenheim Securities and Morgan Stanley & Co LLC rendered a fairness opinion to SES’s Board of Directors. Gibson, Dunn & Crutcher, Hogan Lovells, Arendt & Medernach, and Freshfields served as legal counsel to SES.
PJT Partners served as financial advisor to Intelsat and rendered a fairness opinion to the Intelsat S.A. Board of Directors. Skadden, Arps, Slate, Meagher & Flom, Wiley Rein, and Elvinger Hoss Prussen served as legal counsel to Intelsat.
More documentation of the transaction can be found in our newsroom.
For further information please contact:
Suzanne Ong Communications Tel. +352 710 725 500 [email protected]
A contingent of the Pakistan Air Force (PAF) featuring the advanced JF-17 Thunder Block-III fighter jets arrived in the United Kingdom to take part in the Royal International Air Tattoo (RIAT) 2025, a statement from the military’s media wing said on Thursday.
RIAT, which will run from July 18 to 20, is one of the world’s largest military airshows, has been running for over 50 years and powers the Royal Air Force Charitable Trust, according to its website.
A PAF contingent comprising “state-of-the-art JF-17 Thunder Block-III fighter aircraft and the C-130 Hercules transport aircraft, has landed at the Royal Air Force Base Fairford, United Kingdom, to participate in the prestigious” RIAT 2025, a statement from the Inter-Services Public Relations (ISPR) said.
“PAF’s participation in RIAT, one of the world’s largest military airshows, underscores Pakistan Air Force’s commitment to showcasing its professional excellence, operational capability and the indigenous strength of its aviation industry,” the ISPR highlighted.
Adding to the operational significance of this international deployment, Pakistan Air Force’s JF-17 Thunder Block-III fighters executed successful Air-to-Air Refuelling operations en route to the UK with the support of a PAF IL-78 aerial refuelling tanker.
“The intricate refuelling operation demonstrated PAF’s long-range operational capabilities and the proficiency of its air and ground crew in conducting extended operations beyond national borders.
“JF-17 Block-III is an EASA Radar and Long Range BVR equipped 4.5 generation multi-role fighter aircraft which is capable of undertaking a wide variety of combat missions, bolstering airpower application in the face of contemporary challenges, thereby strengthening national security,” the statement added.
In May, when Pakistan downed 5 Indian jets as retaliation for late-night strikes during the Pakistan-India conflict, the PAF formally acknowledged a month later that it was the Kamra-based 15 Squadron that led the charge in shooting down the jets.
The event is now considered one of the largest air-to-air engagements in South Asia in more than half a century.
“There is a palpable sense of enthusiasm across the United Kingdom following the recent Pakistan-India conflict, as aviation enthusiasts and defence observers were eagerly looking forward to the arrival of the Pakistan Air Force’s JF-17 Thunder Block-III,” the statement said.
“The aircraft’s combat-proven capabilities and operational excellence have garnered significant global attention, making its appearance at RIAT a highly anticipated highlight in the aerospace and defence community.”
‘A tragedy and a calamity have befallen us,” the Wasit province governor says.
At least 60 people have been killed and several more are missing in a huge fire at a hypermarket in Kut city in eastern Iraq, the city’s health authorities and two police sources have told the Reuters news agency.
“We have compiled a list of 59 victims whose identities have been confirmed, but one body was so badly burned that it has been extremely difficult to identify,” a city health official told Reuters on Thursday.
“We have more bodies that have not been recovered, still under fire debris,” city official Ali al-Mayahi told Reuters.
Videos on social media showed flames engulfing a five-storey building in Kut overnight, where firefighters were trying to contain the fire.
The Wasjit province governor, Mohammed al-Mayahi, said the fire broke out in a hypermarket and a restaurant. Families were having dinner and shopping, he said. Firefighters rescued a number of people and put out the fire, the governor added.
Hypermarket in Kut city in eastern Iraq [Screen grab/ Al Jazeera]
Three days of mourning have been announced and an investigation has been launched. Investigation results will be released within 48 hours.
“A tragedy and a calamity have befallen us,” the governor said.
“We have filed lawsuits against the owner of the building and the mall,” INA quoted the governor as saying.