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Project Bromo: Europe’s Answer to Starlink

Airbus, Thales, and Leonardo have initiated talks to establish a joint satellite venture, codenamed Project Bromo, aimed at challenging Elon Musk’s Starlink. Inspired by the success of MBDA, a multinational missile manufacturing consortium, the project aspires to unify Europe’s fragmented satellite industry into a formidable global player.

Key Facts about Project Bromo

  • MBDA Model Inspiration: The project draws parallels with MBDA, a successful missile manufacturing alliance co-owned by Airbus, Leonardo, and BAE Systems. MBDA’s structure has been a benchmark for collaborative ventures across borders.
  • A Long-Awaited Partnership: While a potential collaboration among Europe’s satellite makers has been hinted at for years, Project Bromo represents a tangible step towards achieving a unified approach to revitalising the struggling sector.
  • Competing with Starlink: With Starlink dominating low Earth orbit using low-cost small satellites, Bromo seeks to shift the focus of Europe’s satellite makers from high-cost geostationary satellites to the competitive low Earth orbit market.
  • Pooling Resources: Rather than a buyout of assets, the joint venture plans to combine the satellite operations of the three companies into a single entity, leveraging collective expertise and resources.

Amid the optimism surrounding Project Bromo, Airbus faces significant internal challenges. The company announced plans to cut 2,500 jobs, approximately 7% of its Defence and Space division, by mid-2026. The cuts are expected to disproportionately affect its €2 billion space systems business, particularly in France, Germany, and potentially the UK and Spain. Thales, meanwhile, is planning to eliminate 1,300 space-related roles.

Despite these setbacks, the companies insist these measures will be achieved through voluntary redundancies.

The collaboration among Airbus, Thales, and Leonardo reflects a growing urgency to unify Europe’s aerospace sector. Roberto Cingolani, CEO of Leonardo and former Italian Minister of Environmental Transition, acknowledged in July that the companies were striving to build a cohesive European space alliance.

Project Bromo isn’t Europe’s only effort to counter Starlink. In 2022, satellite internet operators OneWeb and Eutelsat announced a merger, creating another potential challenger to Musk’s dominance in satellite internet.

While Project Bromo signifies a bold step forward, the journey to establish a European satellite champion will be lengthy. Decades of stalled efforts to consolidate Europe’s satellite industry have highlighted the complexities of governance, competition, and resource sharing. Still, the ambition of Project Bromo offers a glimmer of hope for Europe’s space sector, promising to transform its competitive landscape and assert its presence in the global satellite market.

Strained Household Finances: Eurostat Data Reveals Persistent Payment Delays Across Europe and in Cyprus

Improved Financial Resilience Amid Ongoing Strains

Over the past decade, Cypriot households have significantly increased their ability to manage debts—not only bank loans but also rent and utility bills. However, recent Eurostat data indicates that Cyprus continues to lag behind the European average when it comes to covering financial obligations on time.

Household Coping Strategies and the Limits of Payment Flexibility

While many families are managing their fixed expenses with relative ease, one in three Cypriots struggles to cover unexpected costs. This delicate balancing act highlights how routine payments such as mortgage installments, rent, and utility bills are met, but precariously so, with little room for unplanned financial shocks.

Breaking Down Payment Delays Across the European Union

Eurostat reports that nearly 9.2% of the EU population experienced delays with their housing loans, rent, utility bills, or installment payments in 2024. The situation is more acute among vulnerable groups: 17.2% of individuals in single-parent households with dependent children and 16.6% in households with two adults managing three or more dependents faced payment delays. In every EU nation, single-parent households exhibited higher delay rates compared to the overall population.

Cyprus in the Crosshairs: High Rates of Financial Delays

Although Cyprus recorded a notable 19.1 percentage point improvement from 2015 to 2024 in delays related to mortgages, rent, and utility bills, the island nation still ranks among the top five countries with the highest delay rates. As of 2024, 12.5% of the Cypriot population had outstanding housing loans or rent and overdue utility bills. In contrast, Greece tops the list with 42.8%, followed by Bulgaria (18.7%), Romania (15.3%), Spain (14.2%), and other EU members. Notably, 19 out of 27 EU countries reported delay rates below 10%, with Czech Republic (3.4%) and Netherlands (3.9%) leading the pack.

Selective Improvements and Emerging Concerns

Between 2015 and 2024, the overall EU population saw a 2.6 percentage point decline in payment delays. Despite this, certain countries experienced increases: Luxembourg (+3.3 percentage points), Spain (+2.5 percentage points), and Germany (+2.0 percentage points) saw a rise in payment delays, reflecting underlying economic pressures that continue to challenge financial stability.

Economic Insecurity and the Unprepared for Emergencies

Another critical indicator explored by Eurostat is the prevalence of economic insecurity—the proportion of the population unable to handle unexpected financial expenses. In 2024, 30% of the EU population reported being unable to cover unforeseen costs, a modest improvement of 1.2 percentage points from 2023 and a significant 7.4 percentage point drop compared to a decade ago. In Cyprus, while 34.8% still report difficulty handling emergencies, this marks a drastic improvement from 2015, when the figure stood at 60.5%.

A Broader EU Perspective

Importantly, no EU country in 2024 had more than half of its population facing economic insecurity—a notable improvement from 2015, when over 50% of the population in nine countries reported such challenges. These figures underscore both progress and persistent vulnerabilities within European households, urging policymakers to consider targeted measures for enhancing financial resilience.

For further insights and detailed analysis, refer to the original reports on Philenews and Housing Loans.

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