What Happens Now That Argentina Is in ‘Selective Default’

Default is a major disaster for a government, but not much will happen right away now that Standard & Poor’s has declared Argentina to be in “selective default.”

S&P (MHFI) took the action today after Argentina’s talks with holdout creditors continued past the end of the 30-day grace period for a $539 million bond payment. Continue reading

China Set To Grab UAV Market While US Restricts Sales

PARIS: Psst. Hey mister. Wanna buy a UAV? China’s got drones for shooting, drones for intelligence, surveillance and reconnaissance, and drones for target practice. Cheap prices and no arms export restrictions.

And China may grab a significant share of the international market for just those reasons, according to a new report by the U.S-China Economic and Security Review Commission. Breaking Defense obtained a copy of the report: China’s Military Unmanned Aerial Vehicle Industry [sic]

The irony would be, of course, that the United States has largely created that demand by demonstrating the utility of drones (UAVs, Remotely Piloted Aircraft — RPAs — pick your term) in Afghanistan, Pakistan, Yemen, Iraq and other locales over the last decade. Continue reading