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Fed says U.S. economy ended 2018 with solid but weakening growth

FILE PHOTO: FILE PHOTO: Clouds over the Federal Reserve in Washington
FILE PHOTO: Flags fly over the Federal Reserve Headquarters on a windy day in Washington, U.S., May 26, 2017. REUTERS/Kevin Lamarque/File Photo/File Photo

February 22, 2019

By Howard Schneider and Pete Schroeder

WASHINGTON, Feb 22 (Reuters) – The U.S. economy maintained “solid” growth through the second half of 2018, likely expanding “just under” 3 percent for the year, though consumer and business spending had begun to weaken, the Federal Reserve said on Friday in its semi-annual monetary policy report to Congress.

In a document that balanced its mostly positive outlook for a still growing economy against an array of emerging domestic and global risks, the U.S. central bank laid out why it had put further interest rate hikes on hold last month.

From a “deteriorated” appetite for risk among investors to a slowdown in China, the outlook for policy is “more uncertain than earlier,” the Fed said, noting “softer global and economic conditions.”

That may spill into the start of 2019, the Fed said, noting that the recent 35-day partial shutdown of the U.S. government “likely held down GDP growth in the first quarter of this year.”

For 2018, the Fed said: “Consumer spending expanded at a strong rate for most of the second half … though spending appears to have weakened toward year-end.”

“Business investment grew as well, though growth seems to have slowed somewhat,” it added.

Consumer and business confidence remains “favorable,” but “some measures have softened since the fall,” the Fed reported. “Domestic financial conditions for businesses and households have become less supportive of economic growth.”

The Fed noted to Congress that it would continue to reduce the size of its balance sheet, which had declined by about $260 billion since its last report to lawmakers, ending the year at close to $4 trillion. But the central bank also repeated its new openness to adjusting “any of the details” of its balance sheet plan if economic and financial conditions warrant.

POWELL HEADS TO CONGRESS

Fed Chairman Jerome Powell will testify before lawmakers in the U.S. Senate and House of Representatives on Tuesday and Wednesday to elaborate on the report in what could prove to be an important week for economic data and the central bank’s sense of where the economy is heading.

The report indicated some underlying economic strength, with “ongoing improvements in the labor market,” and solid growth in disposable income, fueled by the Trump administration’s tax cuts, boosting household consumption.

Inflation last year remained close to the Fed’s 2 percent target.

But the Fed noted headwinds, including those tied to the ongoing debate over global trade policy. Overall, net exports “likely subtracted a little from real GDP growth” over 2018, despite the administration’s efforts to improve the U.S. trade position.

At a policy meeting late last month, Fed officials put their three-year push for higher interest rates on hold amid a broad recognition that inflation and global growth had weakened, and that the U.S. outlook was less certain than just a few weeks earlier.

Since then, economic data has been mixed, with weaker retail sales and manufacturing reports balanced by continued strong job growth.

But some important pieces of the puzzle have been missing altogether. Most notably, the report on gross domestic product for the last quarter of 2018 was delayed by the recent government shutdown.

That report is due to be released on Thursday, and will be followed on Friday by the jobs report for February.

(Reporting by Howard Schneider and Pete Schroeder Editing by Paul Simao) ((howard.schneider@thomsonreuters.com; +1 202 789 8010;))

Source: OANN

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‘Mayor Pete’ Joins 2020 Dem Race as Face of New Generation

Pete Buttigieg, the little-known Indiana mayor who has risen to prominence in the early stages of the 2020 Democratic presidential race, made his official campaign entrance Sunday by claiming the mantle of youthful generation ready to reshape the country.

"I recognize the audacity of doing this as a Midwestern millennial mayor. More than a little bold, at age 37, to seek the highest office in the land," he said to cheers of "Pete, Pete, Pete" from an audience assembled in a former Studebaker auto plant.

The South Bend mayor, a Rhodes Scholar and Afghanistan War veteran who has been exploring a White House run since January, has now joined a field of a dozen-plus rivals vying to take on President Donald Trump.

"The forces of change in our country today are tectonic," he said. "Forces that help to explain what made this current presidency even possible. That's why, this time, it's not just about winning an election — it's about winning an era."

Buttigieg will return this week to Iowa and New Hampshire, which hold the nation's first nominating contests, to campaign as a full-fledged candidate now being taken more seriously.

Over the past few months, Buttigieg has appeared frequently on national TV news and talk shows and developed a strong social media following with his message that the country needs "a new generation of leadership."

Buttigieg's poll numbers have climbed. Some polls put him behind only Vermont Sen. Bernie Sanders, who sought the party's nomination in 2016, and former Vice President Joe Biden, who has not yet said he's running.

Buttigieg's campaign has raised more than $7 million in the first three months of this year, a total eclipsed by Sanders' leading $18 million but more than Sens. Elizabeth Warren of Massachusetts, Amy Klobuchar of Minnesota and Cory Booker of New Jersey.

"Right now, it's pretty fun," Buttigieg told The Associated Press last month while visiting South Carolina , where he was met by larger-than-expected crowds.

His challenge is finding a way to sustain the momentum over the long term and avoiding becoming a "flavor-of-the-month" candidate. Scrutiny of his leadership in South Bend has increased, as has his criticism of Vice President Gov. Mike Pence , who was Indian's governor when Buttigieg was in his first term as mayor.

Buttigieg would be the first openly gay nominee of a major presidential party; he married his husband, Chasten, last year. He would be the first mayor to go directly to the White House. And he would be the youngest person to become president, turning 39 the day before the next inauguration, on Jan. 20, 2021. Theodore Roosevelt was 42 when he took office, while John F. Kennedy was 43 and Bill Clinton 46.

The campaign kickoff speech echoed themes that have resonated with voters during Buttigieg's exploratory phase.

He talks often about how political decisions shape people's lives, including his own — from serving as a lieutenant in the Navy Reserve in 2014, to being able to marry his husband and to not having to worry about how to pay for his father's hospital bills after his father's death this year.

Buttigieg also says the best way for Democrats to defeat Trump may be to nominate a mayor experienced in helping to revive a Midwestern city once described as "dying," rather than a politician who has spent years "marinating" in Washington.

He has criticized Trump's campaign slogan, "Make America Great Again," saying the way to move the country forward is not to look backward or cling to an old way of life.

"There's a myth being sold to industrial and rural communities: the myth that we can stop the clock and turn it back," he said in the kickoff speak. "It comes from people who think the only way to reach communities like ours is through resentment and nostalgia, selling an impossible promise of returning to a bygone era that was never as great as advertised to begin with."

South Bend, which neighbors the University of Notre Dame, was hit hard by the decline of manufacturing, dating to the 1963 closing of the Studebaker auto plant that costs thousands of residents their jobs.

The hulking, dilapidated factory loomed over the city for much of the past 60 years as what Buttigieg called a daily reminder of South Bend's city's past. Partially remodeled, it's now a mixed-use mixed-use technology center outside downtown — and the setting for Bettigieg's announcement.

Several thousand people assembled inside, where a steady stream of raindrops fell on speakers on the stage through the leaky roof. An overflow crowd of a few hundred more stood outside.

"I like that he's young. He's so relatable. He doesn't seem like a politician to me," said Tom Lacy, a 62-year-old retired who came from Peoria, Illinois, for the event with his wife, Candy, on their 35th wedding anniversary. "The contrast between him and our current president is unbelievable."

Nausher Ahmad Sial, a 68-year-old developer from South Bend, said the 2020 election is about the future of the country and "we need to try new blood."

Sial, who came to the U.S. from Pakistan 35 years ago, said he has worked with Buttigieg on development projects in the city and described the mayor as a "very honest, very fair guy."

Source: NewsMax Politics

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Top Prosecutor Getting Set to Leave Mueller Team

Andrew Weissmann, a prominent member of special counsel Robert Mueller’s team, will soon be stepping down to study and teach at New York University, NPR is reporting.

Weissmann’s upcoming departure is the latest sign that Mueller is all but done, NPR said.

NPR attributed details of Weissman’s upcoming departure to two sources. And it described Weissmann as the architect of the case brought against Paul Manafort, who had served as chairman of the Donald Trump presidential campaign.

Weissman was the target of attacks from critics such as Rush Limbaugh and conservative legal interest groups, according to NPR.

"Andrew is attacked because he is feared; those under investigation know just how effective he is," former Enron prosecutor Kathryn Ruemmler said. "He has not only peerless technical skills, but the fearlessness necessary for pursuing high profile, complex cases and a passionate commitment to seeing justice is done."

NBC News said Weissmann is expected to leave in about a week. It reported also reported that a confidential report by Mueller’s office is expected to be sent to the Justice Department soon.The network news noted Democratic lawmakers say they will demand the full release of the report.

Source: NewsMax Politics

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Screen Time Associated With Behavioral Problems in Preschoolers

A new Canadian study of more than 2,400 families suggests that among preschoolers, spending two hours or more of screen time per day is linked to clinically significant behavioral problems.

Compared with children who had less than 30 minutes per day of screen time, children who were exposed to more than two hours of screen time per day were five times more likely to exhibit clinically significant “externalizing” behavioural problems such as inattention; and over seven times more likely to meet the criteria for attention deficit hyperactivity disorder.

Piush Mandhane, associate professor of pediatrics in the University of Alberta’s Faculty of Medicine & Dentistry, led the study, which was published today in the journal PLOS ONE.

“We found that screen time had a significant impact at five years of age,” said Mandhane. “Current Canadian guidelines call for no more than two hours of screen time a day at that age. But our research suggests that less screen time is even better.”

The research used data from the CHILD Cohort Study, a national birth cohort study collecting a wide range of health, lifestyle, genetic and environmental exposure information from nearly 3,500 children and their families from pregnancy to adolescence. Mandhane leads the Edmonton site of the CHILD Cohort Study.

Parents reported their child’s total screen time per day, including watching TV and DVD’s, and using computers, video consoles, smartphones and tablets. On average, three-year-old children spent 1.5 hours of screen time per day; for 42 percent of the three-year-olds, their viewing time exceeded the Canadian recommended screen-time guideline of less than one hour per day. At age five, children spent, on average, 1.4 hours of screen time per day; for 13 percent of the five-year-olds, their viewing time exceeded the Canadian recommendation of less than two hours per day.


David Knight explains how smart devices are a continuation of MK-Ultra.

The study also assessed child behavior and attention at age five by having parents complete the Child Behavior Checklist (CBCL), a screening measure for a variety of problems such as anxiety and depression, emotional reactivity, inattention, aggressiveness, and sleep disturbances.

“Prior to this, there weren’t a lot of data out there that asked the questions, ‘How much is too much? Are the guidelines appropriate? Ultimately, will limiting screen time in preschool years have benefits for a child’s development?’ This study gives parents some of those answers,” added the study’s first author Sukhpreet Tamana, an AllerGen Highly Qualified Personnel and a postdoctoral fellow in the Department of Pediatrics at the University of Alberta.

“The two big takeaways from this study are that children exposed to more screen time, at either age three or five years, showed significantly greater behavioral and attention problems at age five, and that this association was greater than any other risk factor we assessed, including sleep, parenting stress, and socioeconomic factors,” added Tamana.

The researchers also identified factors that provided protection from the negative effects of screen time. Good quality sleep had a small impact, while participation in organized sports was found to have a highly significant protective effect.

“Interestingly, it wasn’t physical activity on its own that was protective; the activity needed to have structure,” said Mandhane. “And the more time children spent doing organized sports, the less likely they were to exhibit behavioral problems.”

“A lot of the things that you do through organized activities are really important for young kids early on,” noted Tamana. “It sets the stage for development amongst children. I think in lieu of screen time, it would be beneficial for parents to increase opportunities for other structured activities instead.”

(Photo by bane bane, Flickr)

The study did not determine if the media content itself (educational, video gaming, social media) or screen type (television, computer, tablet) were important predictors of behavioral problems, though the team plans to examine those questions more fully in future research.

While the researchers suggest “less is more” when it comes to screen time amongst preschool-aged children, they do not advocate for eliminating it entirely.

“Our data suggests that between zero and 30 minutes a day is the optimal amount of screen time,” said Mandhane. “The preschool period is an ideal time for education on healthy relationships with screens, and we believe our data shows that you can’t start too early.”


Alex explains how other states will follow Texas’ example if patriots take a stand.

Source: InfoWars

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BOJ’s Kuroda vows to patiently continue current monetary stimulus

FILE PHOTO: BOJ Governor Kuroda attends the Paris Europlace International Financial Forum in Tokyo
FILE PHOTO: Bank of Japan (BOJ) Governor Haruhiko Kuroda attends the Paris Europlace International Financial Forum in Tokyo, Japan, November 19, 2018. REUTERS/Toru Hanai

April 16, 2019

TOKYO (Reuters) – Bank of Japan Governor Haruhiko Kuroda on Tuesday vowed to “patiently continue” the central bank’s “powerful” monetary easing as it was taking longer than previously thought to accelerate inflation to its 2 percent target.

Prices remain weak despite a tight labor market, but the momentum toward 2 percent inflation is intact, Kuroda told lawmakers in parliament.

While continuing its massive monetary stimulus, the BOJ will examine whether the decline in profits at regional banks may undermine financial intermediation, Kuroda added, urging regional banks to step up efforts to reduce costs and extend tie-ups.

(Reporting by Tetsushi Kajimoto; Editing by Chris Gallagher)

Source: OANN

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Berlin businesswoman, feted for driving around world, dies

Heidi Hetzer, a Berlin businesswoman whose late-in-life decision to drive around the world in an American vintage car won her many fans back home in Germany, has died. She was 81.

Hetzer's family said Tuesday she died at her home in the German capital over the weekend; the cause of death is unclear.

A trained mechanic who once lost a finger repairing an engine, Hetzer took over the family car business in 1969, turning it into one of Berlin's biggest.

Having taking part in various car rallies for decades and driven from Germany to China in 2007, Hetzer decided to take her 1930s Hudson Greater Eight on a world tour in 2014.

Hetzer, who documented her journey on Instagram, received a hero's welcome on her return to Berlin in 2017.

Source: Fox News World

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Yemenis bury children killed in Hajjah air strikes

Mourners carry a coffin during a funeral of people killed by an air strike last week in the northwestern province of Hajja, in Sanaa
Mourners carry a coffin during a funeral of people killed by an air strike last week in the northwestern province of Hajja, in Sanaa, Yemen March 14, 2019. REUTERS/Mohamed al-Sayaghi

March 14, 2019

By Abdulrahman Al-Ansi

SANAA (Reuters) – Hundreds of mourners in northern Yemen on Thursday buried 17 civilians, including nine children, killed in air strikes last week as Western pressure increased on the warring parties to end the devastating four-year war.

A Saudi-led coalition backing the internationally recognized government has been providing air support to tribes in Hajjah province battling the Iran-backed Houthi group. Last week, air strikes on Kushar district killed 10 women and 12 children and wounded 30 people, including 14 under the age of 18.

The coalition blamed the deaths on shelling by Houthi fighters that struck the houses of tribesmen.

Many of those killed and wounded were transported to the Houthi-held capital Sanaa. On Thursday, mourners carried wooden coffins, painted green, to the Grand Mosque for prayers.

Eleven victims were from the same family, residents said.

A procession weaved through Sanaa’s dusty streets as Houthi activists with megaphones denounced the “Saudi aggression”. “Death to America, death to Israel!” the crowd chanted.

Tens of thousands of people have been killed in the conflict that pits the Houthis against the Saudi-backed government of Abd-Rabbu Mansour Hadi. The Sunni Muslim alliance intervened in the war in March 2015 in support of Hadi after his government was driven out of Sanaa by Houthi forces in late 2014.

Coalition leaders Saudi Arabia and the United Arab Emirates are under pressure from Western nations, some of which supply arms and intelligence to the alliance, to end a war that has pushed the poorest Arab state to the brink of famine.

HUNDREDS OF THOUSANDS DISPLACED

UNICEF said in a statement that since the beginning of March more than 37,000 people had been displaced within Hajjah province – around half of them children.

“The situation is difficult with the air strikes and the tank fire. Some people lost their children, houses were destroyed. We rescued whoever we could and we left the dead,” Mohammed Sagheer, one of the displaced, told Reuters.

The Norwegian Refugee Council (NRC) said fighting over the past six months has forced over 203,000 people to flee to safety in Hajjah, almost doubling the number of displaced people in the northern governorate to 420,000.

“Whilst the eyes of the world are on Hodeidah, air strikes and shells continue to rain down on civilians in other parts of Yemen, killing with impunity,” Nigel Tricks, NRC’s East Africa and Yemen Regional Director, said in a statement this week.

The warring sides reached a deal at U.N.-led peace talks last December, the first significant breakthrough in more than four years, for a ceasefire and troop withdrawal from the main port city of Hodeidah on the Red Sea.

The truce has largely held but the troop withdrawal has stalled due to deep mistrust among the parties, risking U.N. efforts to hold another round of talks to agree a framework for political negotiations to end the war.

The five permanent members of the U.N. Security Council said on Tuesday they were “extremely concerned” about the lack of progress and urged both sides to implement the pact.

The U.S. Senate on Wednesday approved a resolution seeking to end U.S. support for the coalition, in a strong message to Riyadh over the Yemen war and the murder of a Saudi journalist at the kingdom’s Istanbul consulate last year.

The conflict is widely seen in the region as a proxy war between Saudi Arabia and Iran. The Houthis deny they are puppets of Tehran and say their revolution is against corruption.

(Additional reporting by Reuters team in Yemen; Writing by Aziz El Yaakoubi; Editing by Ghaida Ghantous and Mark Heinrich)

Source: OANN

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Joe Biden’s brain surgeon said his former patient is “totally in the clear” as speculation over the candidate’s health — with Biden possibly becoming the oldest president in U.S. history — is likely to become a campaign issue.

The former vice president, who had been perceived by many as the strongest potential contender for the Democratic Party’s 2020 presidential nomination, formally announced his candidacy Thursday.

But Biden’s age – 76 – is expected to become a source of attacks from a younger generation of Democrats not because of obvious generational differences, but possibly for actual health concerns if Biden gets into office.

WHY THE MEDIA ARE CONVINCED JOE BIDEN WILL IMPLODE

Biden himself agreed last year that “it’s totally legitimate” for people to ask questions about his health if he decides to run for president, given his medical history — which has included brain surgery in 1988.

“I think they’re gonna judge me on my vitality,” Biden told “CBS This Morning.” “Can I still run up the steps of Air Force Two? Am I still in good shape? Am I – do I have all my faculties? Am I energetic? I think it’s totally legitimate people ask those questions.”

“I think they’re gonna judge me on my vitality. …  I think it’s totally legitimate [that] people ask those questions.”

— Joe Biden

But Dr. Neal Kassell, the neurosurgeon who operated on Biden for an aneurysm three decades ago, told the Washington Examiner that Biden appears to be “totally in the clear” — and even joked that the operation made Biden “better than how he was.”

“Joe Biden of all of the politicians in Washington is the only one that I’m certain has a brain, because I have seen it,” Kassell said. “That’s more than I can say about all the other candidates or the incumbents.”

“Joe Biden of all of the politicians in Washington is the only one that I’m certain has a brain, because I have seen it.”

— Dr. Neal Kassell

BIDEN’S CLAIM HE DIDN’T WANT OBAMA TO ENDORSE TRIGGERS MOCKERY

At the same time, however, Biden hasn’t been forthcoming about his health at least since 2008 when he released his medical records as a vice presidential candidate. The disclosure that time revealed some fairly minor issues such as an irregular heartbeat in addition to detailing previous operations, including removing a benign polyp during a colonoscopy in 1996, the outlet reported.

It remains unclear if Biden had more aneurysms. Some medical experts say that people who have had an aneurysm can have another one.

An aneurysm, or a weakening of an artery wall, can lead to a rupture and internal bleeding, potentially placing a patient’s life in jeopardy.

Biden won’t be the only Democrat grappling with old age. Sen. Bernie Sanders, another 2020 frontrunner, is currently 77 years old and agreed with Biden last year that their ages will be an issue in the race.

“It’s part of a discussion, but it has to be part of an overall view of what somebody is and what somebody has accomplished,” Sanders told Politico.

“Look, you’ve got people who are 50 years of age who are not well, right? You’ve got people who are 90 years of age who are going to work every day, doing excellent work. And obviously, age is a factor. But it depends on the overall health and wellbeing of the individual.”

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Sanders released his medical records in 2016, with a Senate physician saying in a letter that the senator was “in overall very good health.”

Source: Fox News Politics

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Cambodian authorities have ordered a one-hour reduction in the length of school days because of concerns that students and teachers may fall ill from a prolonged heat wave.

Education Minister Hang Chuon Naron said in an announcement seen Friday that the shortened hours will remain in effect until the rainy season starts, which usually occurs in May. The current heat wave, in which temperatures are regularly reaching as high as 41 Celsius (106 Fahrenheit), is one of the longest in memory.

Most schools in Cambodia lack air conditioning, prompting concern that temperatures inside classrooms could rise to unhealthy levels.

School authorities were instructed to watch for symptoms of heat stroke and urge pupils to drink more water.

The new hours cut 30 minutes off the beginning of the school day and 30 minutes off the end.

School authorities instituted a similar measure in 2016.

Source: Fox News World

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Explosions have rocked Britain’s largest steel plant, injuring two people and shaking nearby homes.

South Wales Police say the incident at the Tata Steel plant in Port Talbot was reported at about 3:35 a.m. Friday (22:35 EDT Thursday). The explosions touched off small fires, which are under control. Two workers suffered minor injuries and all staff members have been accounted for.

Police say early indications are that the explosions were caused by a train used to carry molten metal into the plant. Tata Steel says its personnel are working with emergency services at the scene.

Local lawmaker Stephen Kinnock says the incident raises concerns about safety.

He tweeted: “It could have been a lot worse … @TataSteelEurope must conduct a full review, to improve safety.”

Source: Fox News World

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The Wider Image: China's start-ups go small in age of 'shoebox' satellites
LinkSpace’s reusable rocket RLV-T5, also known as NewLine Baby, is carried to a vacant plot of land for a test launch in Longkou, Shandong province, China, April 19, 2019. REUTERS/Jason Lee

April 26, 2019

By Ryan Woo

LONGKOU, China (Reuters) – During initial tests of their 8.1-metre (27-foot) tall reusable rocket, Chinese engineers from LinkSpace, a start-up led by China’s youngest space entrepreneur, used a Kevlar tether to ensure its safe return. Just in case.

But when the Beijing-based company’s prototype, called NewLine Baby, successfully took off and landed last week for the second time in two months, no tether was needed.

The 1.5-tonne rocket hovered 40 meters above the ground before descending back to its concrete launch pad after 30 seconds, to the relief of 26-year-old chief executive Hu Zhenyu and his engineers – one of whom cartwheeled his way to the launch pad in delight.

LinkSpace, one of China’s 15-plus private rocket manufacturers, sees these short hops as the first steps towards a new business model: sending tiny, inexpensive satellites into orbit at affordable prices.

Demand for these so-called nanosatellites – which weigh less than 10 kilograms (22 pounds) and are in some cases as small as a shoebox – is expected to explode in the next few years. And China’s rocket entrepreneurs reckon there is no better place to develop inexpensive launch vehicles than their home country.

“For suborbital clients, their focus will be on scientific research and some commercial uses. After entering orbit, the near-term focus (of clients) will certainly be on satellites,” Hu said.

In the near term, China envisions massive constellations of commercial satellites that can offer services ranging from high-speed internet for aircraft to tracking coal shipments. Universities conducting experiments and companies looking to offer remote-sensing and communication services are among the potential domestic customers for nanosatellites.

A handful of U.S. small-rocket companies are also developing launchers ahead of the expected boom. One of the biggest, Rocket Lab, has already put 25 satellites in orbit.

No private company in China has done that yet. Since October, two – LandSpace and OneSpace – have tried but failed, illustrating the difficulties facing space start-ups everywhere.

The Chinese companies are approaching inexpensive launches in different ways. Some, like OneSpace, are designing cheap, disposable boosters. LinkSpace’s Hu aspires to build reusable rockets that return to Earth after delivering their payload, much like the Falcon 9 rockets of Elon Musk’s SpaceX.

“If you’re a small company and you can only build a very, very small rocket because that’s all you have money for, then your profit margins are going to be narrower,” said Macro Caceres, analyst at U.S. aerospace consultancy Teal Group.

“But if you can take that small rocket and make it reusable, and you can launch it once a week, four times a month, 50 times a year, then with more volume, your profit increases,” Caceres added.

Eventually LinkSpace hopes to charge no more than 30 million yuan ($4.48 million) per launch, Hu told Reuters.

That is a fraction of the $25 million to $30 million needed for a launch on a Northrop Grumman Innovation Systems Pegasus, a commonly used small rocket. The Pegasus is launched from a high-flying aircraft and is not reusable.

(Click https://reut.rs/2UVBjKs to see a picture package of China’s rocket start-ups. Click https://tmsnrt.rs/2GIy9Bc for an interactive look at the nascent industry.)

NEED FOR CASH

LinkSpace plans to conduct suborbital launch tests using a bigger recoverable rocket in the first half of 2020, reaching altitudes of at least 100 kilometers, then an orbital launch in 2021, Hu told Reuters.

The company is in its third round of fundraising and wants to raise up to 100 million yuan, Hu said. It had secured tens of millions of yuan in previous rounds.

After a surge in fresh funding in 2018, firms like LinkSpace are pushing out prototypes, planning more tests and even proposing operational launches this year.

Last year, equity investment in China’s space start-ups reached 3.57 billion yuan ($533 million), a report by Beijing-based investor FutureAerospace shows, with a burst of financing in late 2018.

That accounted for about 18 percent of global space start-up investments in 2018, a historic high, according to Reuters calculations based on a global estimate by Space Angels. The New York-based venture capital firm said global space start-up investments totaled $2.97 billion last year.

“Costs for rocket companies are relatively high, but as to how much funding they need, be it in the hundreds of millions, or tens of millions, or even just a few million yuan, depends on the company’s stage of development,” said Niu Min, founder of FutureAerospace.

FutureAerospace has invested tens of millions of yuan in LandSpace, based in Beijing.

Like space-launch startups elsewhere in the world, the immediate challenge for Chinese entrepreneurs is developing a safe and reliable rocket.

Proven talent to develop such hardware can be found in China’s state research institutes or the military; the government directly supports private firms by allowing them to launch from military-controlled facilities.

But it’s still a high-risk business, and one unsuccessful launch might kill a company.

“The biggest problem facing all commercial space companies, especially early-stage entrepreneurs, is failure” of an attempted flight, Liang Jianjun, chief executive of rocket company Space Trek, told Reuters. That can affect financing, research, manufacturing and the team’s morale, he added.

Space Trek is planning its first suborbital launch by the end of June and an orbital launch next year, said Liang, who founded the company in late 2017 with three other former military technical officers.

Despite LandSpace’s failed Zhuque-1 orbital launch in October, the Beijing-based firm secured 300 million yuan in additional funding for the development of its Zhuque-2 rocket a month later.

In December, the company started operating China’s first private rocket production facility in Zhejiang province, in anticipation of large-scale manufacturing of its Zhuque-2, which it expects to unveil next year.

STATE COMPETITION

China’s state defense contractors are also trying to get into the low-cost market.

In December, the China Aerospace Science and Industry Corp (CASIC) successfully launched a low-orbit communication satellite, the first of 156 that CASIC aims to deploy by 2022 to provide more stable broadband connectivity to rural China and eventually developing countries.

The satellite, Hongyun-1, was launched on a rocket supplied by the China Aerospace Science and Technology Corp (CASC), the nation’s main space contractor.

In early April, the China Academy of Launch Vehicle Technology (CALVT), a subsidiary of CASC, completed engine tests for its Dragon, China’s first rocket meant solely for commercial use, clearing the path for a maiden flight before July.

The Dragon, much bigger than the rockets being developed by private firms, is designed to carry multiple commercial satellites.

At least 35 private Chinese companies are working to produce more satellites.

Spacety, a satellite maker based in southern Hunan province, plans to put 20 satellites in orbit this year, including its first for a foreign client, chief executive Yang Feng told Reuters.

The company has only launched 12 on state-produced rockets since the company started operating in early 2016.

“When it comes to rocket launches, what we care about would be cost, reliability and time,” Yang said.

(Reporting by Ryan Woo; Additional reporting by Beijing newsroom; Editing by Gerry Doyle)

Source: OANN

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At least one person is reported dead and homes have been destroyed by a powerful cyclone that struck northern Mozambique and continues to dump rain on the region, with the United Nations warning of “massive flooding.”

Cyclone Kenneth arrived just six weeks after Cyclone Idai tore into central Mozambique, killing more than 600 people and displacing scores of thousands. The U.N. says this is the first time in known history that the southern African nation has been hit by two cyclones in one season.

Forecasters say the new cyclone made landfall Thursday night in a part of Mozambique that has not seen such a storm in at least 60 years.

Mozambique’s local emergency operations center says a woman in the city of Pemba was killed by a falling tree.

Source: Fox News World

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