Business
SpaceX acquires xAI to power AI with space data centers
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Elon Musk announced on February 2, 2026, that his SpaceX company has acquired his AI startup xAI, aiming to build orbital data centers to meet surging electricity demands for artificial intelligence. The merger integrates AI, rockets, and satellite technology to create a vertically integrated innovation engine. Musk envisions this enabling advancements like Moon bases and Mars colonization.
Disney CEO Bob Iger stated that the company does not plan to alter its intellectual property strategy despite ongoing competition involving Warner Bros. Discovery. This position was announced as part of recent corporate updates.
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CJ Olive Young has partnered with a Polish cosmetics distributor to export its private brand products to Europe. The deal will initially introduce skincare lines like Bioheal BOH, Bringgreen, and Colorgram through sales networks in Poland before expanding to other markets. This move bolsters the CJ Group's retail arm's international expansion efforts.
A South Korean artificial intelligence (AI) consortium has inked a tentative agreement with Saudi Arabia-based Aramco Digital to seek joint business opportunities in the sector. The science ministry stated that the partnership centers on utilizing South Korea's full-stack AI technologies to identify potential applications in the Middle Eastern nation. The cooperation is expected to expand opportunities for South Korean firms in AI projects within Saudi Arabia's energy and manufacturing industries.
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Egyptian renewable energy firm Rees Tech is aiming for sales of about EGP 1bn in 2026, fueled by surging demand for solar systems in the local market, according to Chairperson Ibrahim Gamal. This target doubles the company's 2025 revenues, which reached roughly EGP 500m.
The Ethiopian Communications Authority has ordered Ethio telecom to reduce infrastructure rental fees for newcomer Safaricom Ethiopia. Payments must now mostly be in local birr instead of US dollars. Ethio telecom officials note this shift challenges their foreign exchange needs for infrastructure expansion.
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The Registrar of Companies has struck more than 120 firms off the national register with immediate effect. Hundreds more are at risk of dissolution unless they contest within three months. This forms part of an ongoing cleanup targeting non-compliant businesses across various sectors.
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