Latest news with #ProjectEagle
Irish Times
06-06-2025
- Business
- Irish Times
State should ease ‘financial burden' for people facing heavy legal costs at public inquiries, report finds
The 'personal financial burden' of appearing before a Commission of Investigation should be eased by the State, the final report of the National Asset Management Agency (Nama) commission has said. The Commission of Investigation into the controversial sale of Project Eagle has called on the Government to change the 'strict' guidelines for covering the legal costs of those who appear before high-profile public inquiries. It said witnesses who 'diligently' give evidence, submissions and documents can end up in the 'very unfortunate situation' of having to personally pay high legal fees for their participation in the process. At the moment, the guidelines for legal costs under the Commissions of Investigation Act 2004 says witnesses can recoup some but not all of their legal fees. The current guidelines do not cover instruction fees, brief fees and legal fees incurred while making submissions. READ MORE In the case of the Nama commission, over two-thirds of the legal bills of the so-called 'bad bank' could not be recovered. It is understood that Nama's total legal costs reached €7.5 million, but it only received €2.4 million of that back from the commission. Thirty-six witnesses on behalf of Nama, including past and present employees, offered evidence and submissions over the seven years of the inquiry. All of these witnesses made claims for the payments of their costs. After assessing the claims for costs from Nama with the help of the State Claims Agency , the commission said it believed the current guidelines on legal costs would 'benefit significantly from review and updating'. 'Engaging with a Commission of Investigation can be an onerous task for private individuals, many of whom understandably seek legal advice and assistance in relation to their interaction with a Commission,' the commission stated in its final report to Taoiseach Micheál Martin . 'Witnesses who diligently provide detailed statements, attend to give evidence, provide documents and make submissions may find themselves in the very unfortunate situation of having to discharge significant fees personally due to the strict confines of the guidelines for payment of legal costs.' The commission, whose sole member is Susan Gilvarry, said Nama had tried to recoup 'substantial legal costs', but the commission wasn't able to consider or direct the recovery of any costs not set out in the current guidelines. It pointed out that the recovery of costs was less important in the case of Nama, where a state agency's costs are 'sought to be recovered from a Government department'. But it said that these 'discrete set of circumstances' would not apply in every case, so it recommended that the 'guidelines are revised and clarified to reflect the personal financial burden that witnesses or third parties may be subjected to by virtue of being requested to engage with a Commission of Investigation'. [ Department of Finance to wind down special bank shareholdings unit Opens in new window ] The Department of the Taoiseach did not respond to requests for comment. The report from the Nama commission said that its final costs, from the point it was established in June 2017 to April 2025, were €10.3 million. This included €4.6 million in legal fees, a salary cost of €1.75 million and administrative costs of €1.4 million. Since the late 1990s, the State has spent more than €600 million on tribunals of inquiry and commissions of investigation, including the €143 million Mahon/Flood Tribunal, the €85 million Commission to inquire into Child Abuse and the €83 million Moriarty Tribunal. In April, the billionaire businessman Denis O'Brien was awarded €5.8 million by the State Claims Agency for the legal costs he faced while a witness for the Moriarty Tribunal between 2001 and 2010.
Time of India
06-06-2025
- Business
- Time of India
Elon Musk's Starlink faced Tim Cook's rejection; now it delivers internet directly to iPhones
In a dramatic turn of events, Elon Musk 's Starlink satellite service, once firmly rejected by Apple, has now become an unexpected ally for the tech giant's iPhones. Back in 2022, Musk reportedly offered Apple a $5 billion deal to integrate Starlink into their devices, a proposal CEO Tim Cook declined. Years later, Apple users are accessing Starlink's 'Direct to Cell' network via T-Mobile , giving iPhones satellite-powered connectivity that Apple initially tried to avoid. What started as a threat has turned into quiet reliance, highlighting the complex power dynamics between two of the biggest names in tech. Elon Musk's $5 billion ultimatum to Tim Cook In 2022, Musk delivered a bold offer. Either Apple would invest $5 billion into Starlink integration or face Starlink as a direct competitor. The call to Tim Cook was not just a business pitch, it was an ultimatum. Musk gave Apple 72 hours to decide. When Cook declined, Musk quickly launched his own plan to dominate satellite-based mobile connectivity. Apple's quiet abandonment of its own satellite dream Years before Musk's proposal, Apple had its own satellite ambitions under Project Eagle, a collaboration with Boeing to create a proprietary internet service. However, concerns over regulatory hurdles and upsetting telecom partners such as AT&T and Verizon caused the project to be shelved. Apple instead chose a safer route by partnering with Globalstar for a limited SOS satellite feature. Musk's Starlink moves ahead While Apple stepped back, Musk advanced. Just weeks before the iPhone 14 launch, Musk announced a partnership with T-Mobile to bring Starlink's 'Direct to Cell' service to life. This meant users could access mobile internet from anywhere on Earth, even remote mountains and oceans, without requiring any special hardware. Irony in the sky: iPhones now use Starlink Despite rejecting Musk's offer, Apple devices can now access Starlink through T-Mobile's network. The very satellite system Apple dismissed is now helping power iPhones in remote locations. Some observers have called this 'revenge from orbit,' showing how tech rivalries can circle back in unexpected ways. Strategic caution or missed opportunity? Apple's decision remains a topic of debate in the tech industry. Some view Cook's move as strategic caution, avoiding dependence on a volatile innovator like Musk. Others see it as a missed opportunity to lead in satellite connectivity. Either way, the skies now belong to Starlink, and iPhones are connected to it whether Apple planned it or not.
Irish Times
05-06-2025
- Business
- Irish Times
Firm behind Project Eagle loan portfolio to be wound up
Directors of the company at the centre of the National Asset Management Agency 's (Nama) controversial Project Eagle deal expect to wind it up next year, according to its latest accounts. Promontoria Eagle, the company used by US investor Cerberus Capital Management to buy loans to mostly Northern Ireland-based borrowers from Nama in 2014, collected £526,606 (€626,000) from those debts last year, returns to the Republic's Companies' Registration Office show. Directors Donal O'Sullivan and David Greene state that the company expects to collect the outstanding loans within 12 months from May of this year, when they signed Promontoria Eagle's latest accounts, after which time the company will no longer be active. 'As a result it is the intention of the directors to wind down and liquidate the company following the realisation of the company's remaining assets,' they say. READ MORE [ Nama criticised over handling of 'success fee' in €1.6 billion Project Eagle sale after seven-year inquiry Opens in new window ] 'The directors expect this to occur within 12 months from the approval of the financial statements.' The accounts show that Promontoria Eagle lost £592,702 last year, following a profit of £362,850 in 2023. Cerberus paid Nama €1.6 billion for Northern Ireland-linked property loans worth a total of €6 billion in April 2014, giving the US investment giant the right to collect the debts or take ownership of the assets against which they were secured. Following a Dáil Committee of Public Accounts inquiry sparked by a row over the deal, the State's Comptroller and Auditor General found that Nama could have secured €220 million more for the loans. However, a subsequent commission of inquiry headed by solicitor Susan Gilvarry found the agency got the best price available. Cerberus was an active buyer of property loans from banks and Nama in the years following a financial crash in 2008 that threatened to leave the State insolvent. The US firm generally channelled finance to Irish companies established to hold the loans, such as Promontoria Eagle, through subsidiaries in the Netherlands. Cerberus used a combination of its own cash and loans from international banks to pay for its Irish activities. It then loaned this money to its companies in the Republic, allowing it take advantage of tax breaks on interest repayments given to property holding companies. The Oireachtas subsequently changed the law to end those tax breaks. Controversy erupted over Project Eagle in 2015, when it emerged that Ian Coulter, managing partner of Belfast solicitors' firm Tughans, transferred €7 million in fees from the transaction to an Isle of Man bank account without his firm's knowledge. Mr Coulter transferred the cash back to the firm and resigned, leading to claims that political and business figures in the North were to benefit from the cash. The row led to a criminal investigation in the North and the Committee of Public Accounts inquiry in the Republic.
Time of India
28-05-2025
- Business
- Time of India
Elon Musk's 72-hour ‘ultimatum' to Apple that may have put CEO Tim Cook in disagreement with his own team
Tim Cook, CEO of Apple Elon Musk gave Apple CEO Tim Cook just 72 hours in 2022 to accept a $5 billion deal that would have made SpaceX the exclusive satellite provider for iPhones, or face competition from his own rival service. Apple rejected the offer, setting off a bitter three-year battle that continues to threaten the iPhone's satellite capabilities and has left Android users inadvertently grateful for Cook's defiance. The ultimatum came after Musk learned Apple planned to announce satellite connectivity for the iPhone 14 through partner Globalstar , according to a new report from The Information. SpaceX's proposal demanded $5 billion upfront for 18 months of exclusive iPhone satellite service , followed by $1 billion annually. When Apple declined, Musk made good on his threat, announcing a competing T-Mobile partnership just two weeks before the iPhone 14 launch, a deal that initially would have locked out Android devices entirely. Apple's satellite ambitions actually began nearly a decade earlier with the ambitious " Project Eagle ," a scrapped $36 million initiative that would have partnered with Boeing to launch thousands of satellites providing full internet service to both iPhones and homes by 2019. The project died due to fears of alienating carrier partners like Verizon and AT&T, who remain crucial to iPhone sales. SpaceX wages regulatory war against iPhone features SpaceX has since escalated the conflict through regulatory warfare, filing challenges to Globalstar's radio spectrum rights that could cripple iPhone satellite features if successful. The company accused Globalstar of hoarding unused spectrum to block competitors, specifically naming Apple in filings that reportedly alarmed Apple executives. SpaceX's vice president of satellite policy bluntly stated the spectrum battle "serves one purpose: to block competitive entry in frequencies Globalstar has never meaningfully used." The Information reports that Apple fears Musk's relationship with the Trump administration could give SpaceX advantages with federal regulators. This concern prompted Apple to hire dedicated staff to handle orbital spectrum issues and counter SpaceX's legal maneuvers. Industry analysts note that "SpaceX only thinks about Apple as a serious competitor and Apple only thinks about SpaceX as a serious competitor" in the satellite space. Adding to the pressure, Musk has demanded Apple broadly support SpaceX's T-Mobile satellite service across older iPhone models, a move that would maximize Starlink's market reach. Apple's reluctance to extend support beyond iPhone 14 models has further frustrated Musk, intensifying the standoff. When T-Mobile officially launches the service in July, compatible iPhones will default to Starlink rather than Apple's Globalstar solution, a final insult in their corporate feud. Apple executives fight company's own satellite strategy The satellite program faces fierce resistance within Apple itself, with senior executives including software chief Craig Federighi and corporate development head Adrian Perica reportedly pushing to kill the initiative entirely. Internal critics slam Globalstar's network as fundamentally inferior to rivals like Starlink, warning that even planned satellite upgrades won't meaningfully improve performance for a decade. Some former employees openly acknowledge that "SpaceX is ahead of Globalstar." The rebellion stems from fears that expanding satellite services could trigger federal regulation of Apple as a telecommunications carrier, potentially forcing the company to build surveillance backdoors into iMessage, a privacy nightmare for the company. Apple's refusal to charge for satellite features, despite spending hundreds of millions annually, reflects these regulatory concerns. The internal schism has created an unusual dynamic where Apple's own executives are betting against their company's multi-billion-dollar strategy, with some believing the satellite features should be abandoned entirely and left to carriers. Despite the internal revolt, Apple has doubled down with a $1.7 billion investment in Globalstar for new satellites, refusing to bow to either Musk's pressure or internal dissent. AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Phone Arena
27-05-2025
- Business
- Phone Arena
Report reveals why T-Mobile users with Android phones should be grateful to Apple
T-Mobile's T-Satellite service, which ensures your phone can send and receive texts when your network is not available, works on many recent iPhones and Android phones. T-Mobile has teamed up with Elon Musk's company SpaceX to use its constellation of Starlink satellites to provide connectivity in dead zones. Per a new report, Musk initially wanted the services to be exclusive to satellite ambitions date back many years but the company has been careful not to go in too deep for fear of angering carriers on whom it relies to sell iPhones and triggering regulatory scrutiny. In a detailed report, The Information chronicles Apple's satellite efforts over the years. The company first launched Project Eagle, which revolved around teaming up with Boeing to roll out satellite internet connectivity to iPhones and homes. The project would have allowed Apple to reduce its reliance on carriers. Apple spent approximately $36 million on the project and wanted to introduce the service in 2019. The company eventually shelved the project. After that, Apple started exploring other wireless opportunities that would allow it to differentiate its offerings. The company held talks with numerous satellite companies, including OneWeb to launch a satellite home internet service. It also engaged in discussions with EchoStar to bring satellite connectivity to the iPhone. Nothing came out of those efforts, chiefly because Apple wasn't sure if it wanted to Apple began considering Globalstar as a partner for iPhone's satellite feature, Musk caught wind of its plans. This was three years ago. Musk said that he would exclusively provide satellite connectivity to iPhones for 18 months if the company would pay it $5 billion. After the exclusivity period ended, Musk suggested a yearly payment of $1 only gave Apple 72 hours to decide with a warning that if his offer was rejected, he would launch a satellite feature that could work with we know now, Apple ended up rejecting the offer and Musk followed through on his threat by announcing a partnership with T-Mobile in August 2022, two weeks before the iPhone 14 was announced. —Tim Farrar, president Telecom, Media & Finance Associates, May 2025 This worsened Apple's relationship with Musk, who has voiced criticism of Apple on various issues. He has even toyed with the idea of making his own phone whilst acknowledging that it's not an easy feat. SpaceX has been trying to stall Apple's satellite expansion effort. The company has objected to Globalstar's use of licensed spectrum and accused it of grabbing more than its fair share of spectrum. If SpaceX succeeds, the iPhone's satellite service may stop working. —David Goldman, SpaceX's vice president of satellite policy, 2023 Apple and SpaceX have also tangled over how much the Cupertino giant would support the rocket company's partnership with T-Mobile . Musk allegedly wanted to enable support for its satellite feature on a broad range of iPhone models, but Apple didn't want variants older than the iPhone 14 to have it. Apple also isn't seemingly happy about the fact that compatible iPhones will default to Starlink's service instead of using its Globalstar-powered solution when T-Mobile officially rolls out the feature in July. Meanwhile, Apple execs remain uncertain about their satellite initiative, which is costing it hundreds of millions of dollars annually and some have suggested killing it off. Apple is careful to bill its satellite feature as a complement to carrier offerings. The company also backed away from a plan set in motion in 2023 that would have used satellites to deliver internet service to iPhones in remote former employees are also of the view that SpaceX is ahead of Globalstar. The report has also revealed that the reason why Apple still hasn't started charging for the satellite feature is that it fears that the US government might start regulating it like a telecommunications carrier if it does. This could force it to build "build back doors into communication services like iMessage." Although T-Mobile 's rivals AT&T and Verizon have also entered partnerships with satellite companies to bring satellite connectivity to their users, the magenta carrier is far ahead, which is why Android users should be grateful that Cook rejected Musk's offers.
