Russia to Supply Largest Ever Number of Space Rocket Engines to US This Year

In June 2016, US Senate Armed Services Chairman John McCain, who was the 2008 Republican presidential candidate, attempted to cut off any further purchase of the Russian engines, proposing US companies compete to provide the United States with a reliable, domestic space launch platform.

 

Russia will supply the largest ever number of space rocket engines to the United States in 2017 within the framework of the previous agreements, head of the Russia’s NPO Energomash corporation Igor Arbuzov said on Wednesday. Continue reading

Italy Just Bailed Out Another Failed Bank, May Use Pension Funds For Future Bank Rescues

Despite – or perhaps due to – Italy’s failed attempt to slide a state-funded €40 billion recapitalization attempt past Angela Merkel while blaming it on Brexit, and coupled with a bailout proposal to provide €150 billion in liquidity to insolvent banks, overnight we got yet another confirmation that the biggest risk factor for Europe is not Brexit but Italy, where yet another failed bank was bailed out. As the FT reports overnight, Atlante, Italy’s privately backed €5bn bank bailout fund which was created in April to stem the threat of contagion from struggling lenders and whose assets turned out to be woefully inadequate, took control of Veneto Banca after a €1bn capital increase demanded by EU bank regulators attracted zero interest.

This is good news for Veneto Banco and bad news for all other insolvent banks, because the fund, known as Atlas in English, was intended to hold up the sky for Italian banks. Instead it is now practically out of funds, having depleted more than half of its war chest after taking control of Popolare di Vicenza, another regional bank, last month.

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