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Exclusive: Glencore complains to LME about access to metal in Malaysia

FILE PHOTO: Aluminium ingots are seen outside a warehouse that stores London Metal Exchange stocks in Port Klang Free Zone, outside Kuala Lumpur
FILE PHOTO: Aluminium ingots are seen outside a warehouse that stores London Metal Exchange stocks in Port Klang Free Zone, outside Kuala Lumpur, March 23, 2015. REUTERS/Olivia Harris/File Photo

February 26, 2019

By Pratima Desai

LONDON (Reuters) – Glencore has lodged a complaint with the London Metal Exchange (LME) about the company’s inability to take speedy delivery of aluminum from warehouses owned by ISTIM UK in Port Klang, Malaysia, two sources familiar with the matter said.

London-listed commodity trader and miner Glencore bought 200,000 tonnes of aluminum on the LME late in January and made preparations to take that metal from ISTIM’s warehouses.

Metal entering the LME’s global warehouse storage network is issued with a title document called a warrant. In order to take delivery of metal from the network, buyers need to cancel the warrants – earmarking it for delivery.

The metal is then shipped after being scheduled for delivery on a first come, first served basis.

To get the metal out quickly, Glencore moved to complete the formalities and create a queue of more than 50 days before the end of January, which would have activated the LME’s load-in, load-out (LILO) rules for warehousing, the sources said.

LILO rules were ushered in as part of sweeping LME reform sparked by accusations from consumers that banks and traders were hoarding metal in LME warehouses.

The rules stipulate that if a warehouse has a queue of more than 50 days, it must load out all the metal delivered in the previous three months.

But the rules were not triggered in this case because ISTIM said there was no queue at its warehouses in Port Klang at the close of business on Jan. 31, sources said.

“The load-out rules are complicated and ISTIM … argue they didn’t have a queue in January, that the queue didn’t exist before midnight February 1,” a metal industry source said.

Glencore, the LME and ISTIM declined to comment.

LME data shows queues to take aluminum out of LME-approved warehouses owned by ISTIM in Port Klang jumped to 118 days at the end of January from zero in December.

This means the 222,713 tonnes deposited in ISTIM’s warehouses in Port Klang between November and January would have had to be delivered in February, March and April. That would be above ISTIM’s 2,500-tonne daily rate.

“The LME’s warehousing rulebook is a labyrinth and both Glencore and ISTIM are inferring different things. We think the difference comes from where they think the queue starts,” an aluminum trading source said.

Warrants would have been canceled at ISTIM’s London office by Glencore’s brokers. The process for getting metal into the queue then includes rent payment, provision of shipping instructions and customs-clearance documents.

Once these formalities are complete, the rules require the warehouse to process requests for delivery on the basis of 48 hours’ notice and in the order in which they were received.

“Glencore is probably arguing the queue starts when the process is complete, while ISTIM will have said they had a further two days to allocate delivery slots,” the aluminum trading source said.

Cancelled aluminum in ISTIM’s Port Klang warehouses stood at 309,800 tonnes at the end of January, up from 30,000 tonnes at the end of December.

(Reporting by Pratima Desai; Editing by Veronica Brown and Dale Hudson)

Source: OANN

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Karl Rove can’t see Bill Weld taking primary run past NH

The architect of former President George W. Bush’s presidential campaigns said Tuesday he isn’t optimistic about Bill Weld’s chances in the presidential election against his party mate, Donald Trump.

“It's hard to see how even if he was able to get a light, even in New Hampshire, that he could take it anywhere from there,” Karl Rove said on “Your World with Neil Cavuto.”

TRUMP'S UNPRECEDENTED 2020 CAMPAIGN WAR CHEST

Weld, the former governor of Massachusetts, was interviewed by Neil Cavuto earlier Tuesday about his intent to compete against President Trump for the Republican presidential nomination. Weld said he hoped to emulate the late Sen. John McCain’s scrappy presidential campaigns and succeed, as McCain did, in New Hampshire.

“John McCain made that work here twice. Not once but twice. He was the underdog both times,” Weld told Cavuto.

Weld has been a vocal critic of Trump and believes he could do a better job than the sitting president. "I can cut spending. I have the political will to do it,” Weld said.

Rove said that Weld could be “effective” in New Hampshire, but he also talked about the tough path ahead.

“Well look, he's probably right that as the former governor of Massachusetts, albeit some number of years ago ... he could be effective in New Hampshire because he's the next-door neighbor. But that's only the starting place,” Rove said.

LARA TRUMP ASKS WHY SOMEONE WOULD BE 'DUMB ENOUGH' TO PRIMARY CHALLENGE THE PRESIDENT

“And it's hard to see where he's going to get traction after that.”

Rove added, “Iowa, New Hampshire, Nevada, South Carolina, those are going to be ... the first four contests, and then about half of the delegates to the Republican National Convention are going to be chosen in the first month of the ... primaries next year.”

Source: Fox News Politics

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Cindy McCain responds to reports that her family will endorse Joe Biden in 2020 race

Cindy McCain, the widow of late Sen. John McCain, R-Ariz., responded to the reports that her family will endorse former Vice President Joe Biden in the 2020 presidential election.

McCain tweeted Wednesday: “Joe Biden is a wonderful man and dear friend of the McCain Family. However, I have no intention of getting involved in presidential politics.”

Her daughter, “The View” host Meghan McCain retweeted the remarks.

JOE BIDEN OFFICIALLY LAUNCHES 2020 PRESIDENTIAL BID

Biden officially announced his candidacy for president Thursday in a video message, capping off weeks of reports that he will join the crowded Democratic field. Biden unsuccessfully ran for president in 1988 and 2008.

McCain’s comment comes after a report in the Washington Examiner that said the McCain family would support Biden. The report cited sources close to the family.

“The source said they expected Meghan McCain to speak out in favor of Biden should he get the nomination, but a Cindy McCain endorsement could come sooner,” according to the Washington Examiner.

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During the 2016 presidential election, Sen. John McCain withdrew his support for then-candidate Donald Trump following the “Access Hollywood” tape. Trump recently criticized McCain by saying he was not “a fan” of the late senator. McCain died in August 2018 after a battle with cancer. Trump has made a habit of attacking McCain, even after his death.

Fox News’ Liam Quinn contributed to this report.

Source: Fox News Politics

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Exclusive: Ethiopian crash captain untrained on 737 MAX simulator

FILE PHOTO: Airplane engine parts are seen at the scene of the Ethiopian Airlines Flight ET 302 plane crash, near the town of Bishoftu
FILE PHOTO: Airplane engine parts are seen at the scene of the Ethiopian Airlines Flight ET 302 plane crash, near the town of Bishoftu, southeast of Addis Ababa, Ethiopia March 11, 2019. REUTERS/Tiksa Negeri/File Photo

March 21, 2019

By Maggie Fick and Jason Neely

ADDIS ABABA (Reuters) – The captain of a doomed Ethiopian Airlines flight was unable to practice on a new simulator for the Boeing 737 MAX 8 before he died in a crash with 157 others, a pilot colleague said.

Yared Getachew, 29, was due for refresher training at the end of March, his colleague told Reuters, two months after Ethiopian Airlines had received the simulator.

The March 10 disaster, following another MAX 8 crash in Indonesia in October, has set off one of the biggest inquiries in aviation history, focused on whether pilots were sufficiently versed on a new automated system.

In both cases, the pilots lost control soon after take-off and fought a losing battle to stop their jets plunging down.

In the Ethiopian crash, it was not clear if Yared’s colleague – First Officer Ahmednur Mohammed, 25, who also died in the crash – had practiced on the new MAX simulator.

Globally, most commercial airline pilots refresh training in simulators every six months. It was not clear if Yared or Ahmednur would have been trained on the new simulator or an older one for 737s that their airline also owned.

The MAX, which came into service two years ago, has a new automated system called MCAS (Maneuvering Characteristics Augmentation System). It is meant to prevent a loss of lift which can cause an aerodynamic stall sending the plane downwards in an uncontrolled way.

“Boeing did not send manuals on MCAS,” the Ethiopian Airlines pilot told Reuters in a hotel lobby, declining to give his name as staff have been told not to speak in public.

“Actually we know more about the MCAS system from the media than from Boeing.”

Under unprecedented scrutiny and with its MAX fleet grounded worldwide, the world’s largest planemaker has said airlines were given guidance on how to respond to the activation of MCAS software. It is also promising a swift update to the system.

Ethiopian Airlines declined to comment on the remarks of its pilot to Reuters about the simulator and MCAS system.

(Additional reporting by Allison Lampert in Montreal and Tracy Rucinski in Chicago; Writing by Jamie Freed and Katharine Houreld; Editing by Andrew Cawthorne)

Source: OANN

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Trump confirms he nixed ICE director nomination, says he wants to go ‘in a tougher direction’

President Trump on Friday confirmed that he has pulled the nomination of his pick to lead Immigration and Customs Enforcement, saying the administration will “go in a tougher direction” -- as he heads to the border for a roundtable with law enforcement officials.

“Ron’s a good man, but we’re going in a tougher direction, we want to go in a tougher direction,” he said.

TRUMP GIVES MEXICO A 'ONE-YEAR WARNING' TO STOP DRUGS, MIGRANTS OR HE WILL TAX CARS AND CLOSE BORDER

The Associated Press reported Thursday that the White House had withdrawn the nomination of current Deputy Director Ron Vitiello, and that the decision was unexpected and met with confusion by lawmakers. Vitiello had been expected to travel with Trump to Calexico, California, where the president is holding a roundtable discussion with law enforcement and visiting parts of the border wall.

A Homeland Security official had said it was a paperwork error, but other officials said it did not appear to be a mistake and on Friday Trump confirmed that he had been withdrawn completely and the administration would pick someone else.

The nomination requires Senate confirmation. Vitiello, who has been a law enforcement agent for more than 30 years, including with Border Patrol, had cleared one committee and was being considered by a second. He will remain as deputy director of the agency.

ICE has been at the center of much of the political controversy surrounding the enforcement of laws related to immigration enforcement. Some Democrats, including a number of 2020 hopefuls, have called for the agency to be either abolished or restructured entirely.

The administration in turn has rallied to ICE’s defense, saying it plays a central role in keeping Americans safe from drugs and criminal migrants.

The confusion over Vitiello’s nomination comes as the administration is scrambling to deal with a surge of migrants coming across the border. Officials said last week the U.S. was on track to apprehend more than 100,000 border crossers in March -- marking a 12-year high.

The administration has repeatedly called the situation a crisis, and the president in February declared a national emergency at the border. Trump has blamed Congress for not changing “loopholes” in immigration laws that allow migrants to be released into the U.S. while awaiting their court cases, and has rallied against Mexico for not doing enough to stop migration flows north.

OBAMA'S BORDER CHIEF WARNS CONGRESS: IMMIGRATION CRISIS 'AT A MAGNITUDE' NEVER SEEN IN MODERN TIMES

Last week he threatened to close the border entirely if Mexico did not increase its efforts, but backed off that threat on Thursday, giving them a “one-year warning” and threatening tariffs instead.

On Friday he said that Mexico has done more to prevent illegal immigration in the last four days, but repeated his warning that he is considering either closing the border or slapping tariffs on cars coming from the country.

“I never changed my mind, I may shut it down at some point, but I’d rather do tariffs. Mexico, I have to say has been very very good over the last four days...if they continue that everything will be fine, if they don’t we’re going to tariff cars at 25 percent coming into the United States,” he said.

He also said he was considering separate economic penalties over drugs “coming in through the southern border and killing our people” although he did not specify what those penalties would be.

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Responding to reporters’ questions, he also said would again not be attending the White House Correspondents' Dinner this year, saying he would hold a rally instead -- and that he was considering about three locations for the event.

“The dinner is so boring and so negative that we’re going to hold a very positive rally,” he said.

The Associated Press contributed to this report.

Source: Fox News Politics

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Rosenstein slams Obama administration for choosing ‘not to publicize full story’ of Russia hacking

Rod Rosenstein, the U.S. deputy attorney general who supervised the Mueller investigation, spoke publically on Thursday for the first time since the report was released, taking a swipe at the Obama administration’s real-time reaction to Russian hacking and its decision "not publicize the full story" to the American people.

Rosenstein, who was speaking in New York at the Public Servants Dinner of the Armenian Bar Association, defended his handling of the probe and criticized former officials in the process. He called out former FBI Director James Comey for alerting Congress about the investigation into Russian collusion at the height of the 2016 presidential campaign.

SWALWELL NOT CERTAIN TRUMP ISN'T A 'RUSSIAN ASSET'

“The FBI disclosed classified evidence about the investigation to ranking legislators and their staffers,” he said. “Someone selectively leaked details to the news media. The FBI director [Comey] announced at a congressional hearing that there was a counterintelligence investigation that might result in criminal charges. Then the former FBI director alleged that the president pressured him to close the investigation, and the president denied that the conversation occurred.

"So that happened,” he joked.

The Obama administration has been criticized for its handling of the Russian interference. Trump has blamed Obama for not acting quickly enough to stem Russia’s influence during the campaign.

In 2016, NBC News, citing unnamed high-level officials, reported that the Obama administration did not respond more forcefully because it did not want to appear to be interfering with the election. One official told the network at the time, "They thought [Hillary Clinton] was going to win, so they were willing to kick the can down the road."

A reporter for NPR said the Obama administration debated how to handle the information and decided that Obama should deal with Russian President Vladimir Putin privately about the matter.

The Rosenstein speech touched on a lot of topics.

He blasted “mercenary critics” who benefit financially by expressing “passionate opinions about any topic, often with little or no information. They do not just express disagreement. They launch ad hominem attacks unrestricted by truth or morality. They make threats, spread fake stories and even attack your relatives.”

Rosenstein has maintained a tenuous relationship with Trump. Congressional Republicans have also accused him of withholding documents and not investigating aggressively enough what they contend was political bias within the FBI.

Former FBI General Counsel James Baker, in closed-door testimony before congressional committees last October, provided detail about internal discussions concerning Rosenstein's reported offer to wear a wire to tape the president in the tumultuous days following James Comey’s firing as FBI director in May 2017.

Fox News has confirmed portions of the transcript to the House Oversight and Judiciary Committees.

"At my confirmation hearing in March 2017, a Republican senator asked me to make a commitment," he recalled. "He said: “You’re going to be in charge of this [Russia] investigation. I want you to look me in the eye and tell me that you’ll do it right, that you’ll take it to its conclusion and you’ll report [your results] to the American people.

"I did pledge to do it right and take it to the appropriate conclusion. I did not promise to report all results to the public, because grand jury investigations are ex parte proceedings. It is not our job to render conclusive factual findings. We just decide whether it is appropriate to file criminal charges."

Rosenstein is leaving his post in two months. He had some fun with his speech and answered the question that so many on social media were asking after watching him standing stoically behind Attorney General William Barr during the lead-up to the Mueller report release.

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“Last week, the big topic of discussion was, ‘What were you thinking when you stood behind Bill Barr at that press conference, with a deadpan expression?’ The answer is: I was thinking, “My job is to stand here with a deadpan expression.’"

Fox News' Catherine Herridge and the Associated Press contributed to this report.

Source: Fox News Politics

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Mueller Would Err by Not Putting Trump Under Oath, Schiff Says

 It would be a mistake for Special Counsel Robert Mueller not to subpoena President Donald Trump to appear before a grand jury in the investigation of Russian interference in the 2016 election, said House Intelligence Committee Chairman Adam Schiff.

Mueller is constrained by time pressure to conclude his work and also faces a White House that would likely fight a subpoena, Schiff said. Even so, he shouldn’t rely just on written answers from Trump because lawyers help craft them and there’s no chance for follow-up questions, the California Democratic lawmaker said Sunday on NBC’s “Meet the Press.”

“Probably the best way to get the truth would be to put the president under oath,” Schiff said. “Because as he’s made plain in the past, he feels it’s perfectly fine to lie to the public. After all, he has said, ‘It’s not like I’m talking before a magistrate.’ Well, maybe he should talk before a magistrate.”

Trump’s lawyers have suggested that the president won’t be sitting down with Mueller to answer questions beyond written responses to some queries that were submitted in November. The attorneys have said the answers only cover events before Trump became president and Russian-related topics, not whether he tried to obstruct justice.

Trump has repeatedly denied any wrongdoing and collusion between his campaign and Russia, and derided Mueller’s investigation as a witch hunt.

There are expectations in Washington that Mueller will wrap up his investigation and send his findings to U.S. Attorney General William Barr within days or weeks.

“I’ve said all along that I don’t think Bob Mueller should rely on written answers,” Schiff said.

Source: NewsMax Politics

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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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