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Sir Richard Branson: Space flight will be 'extraordinary' – BBC News

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Unity spaceship

Mars Scientific

UK businessman Sir Richard Branson is about to realise a lifetime’s ambition by flying to the edge of space.

He’ll ride his Virgin Galactic rocket plane on Sunday to an altitude where the sky turns black and the Earth’s horizon curves away into the distance.

The entrepreneur says he wants to evaluate the experience before allowing paying customers aboard next year.

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The vehicle will set off for the 1.5-hour mission above New Mexico at about 07:00 local US time (14:00 BST).

Virgin Galactic will be providing an online stream of the event.

It’s been a long road for Sir Richard to get to this point. He first announced his intention to make a space plane in 2004, with the expectation he’d have a commercial service available by 2007.

But technical difficulties, including a fatal crash during a development flight in 2014, have made the space project one of the most challenging ventures of his career.

Pilots and crew for Sunday

Virgin Galactic

“I’ve wanted to go to space since I was a kid, and I want to enable hopefully hundreds of thousands of other people over the next 100 years to be able to go to space,” Sir Richard told the BBC.

“And why shouldn’t they go to space? Space is extraordinary; the Universe is magnificent. I want people to be able to look back at our beautiful Earth and come home and work very hard to try to do magic to it to look after it.”

How does his rocket plane work?

Flight profile

The vehicle, known as Unity, will be carried by a much bigger aeroplane to an altitude of about 15km (50,000ft), where it will be released.

A rocket motor in the back of Unity will then ignite and blast the ship skyward. The motor will burn for 60 seconds, by which time Sir Richard, his three crewmates and the two pilots up front, will have an extraordinary view of the planet below.

The maximum height achievable by Unity is roughly 90km (50 miles, or 295,000ft), but towards the top of the climb Sir Richard will start to enjoy a few minutes of weightlessness and he’ll be able to float around the cabin and to look out of the window.

Eventually, though, he’ll have to strap back into his seat for the glide return back to the spaceport in New Mexico.

What will he see from the window?

Sir Richard will be taking instruction throughout the flight from Beth Moses. She’s the chief astronaut instructor at the businessman’s Virgin Galactic company. Apart from the firm’s cadre of test pilots, Moses is the only person who’s so far experienced the exhilaration of an ascent. The view out of the window, she says, is “just phenomenal”.

Branson

PA Media

“Pictures don’t do it justice. It’s just so bright and beautiful. I saw the ocean, and halfway up the US and halfway down into Mexico. I saw the green of the land and the white snow-capped mountains,” she told BBC News.

“Because you are weightless and still, and the ship has come to a stop, you can just soak it in, in a really timeless way. It stuck in my soul.”

Who is Sir Richard’s competition?

Spaceship

Unity is a sub-orbital vehicle. This means it can’t achieve the velocity and altitude necessary to keep it up in space to circle the globe.

The only other near-market sub-orbital system belongs to Amazon.com founder, Jeff Bezos. He has a rocket and capsule he calls New Shepard, and he will fly on its inaugural crewed flight on 20 July.

The retail billionaire is going to ride to just over 100km above Texas, alongside his brother, Mark; the famed female aviator Wally Funk; and a mystery individual who bid $28m (£20m) in a ticket auction.

But while Sir Richard has a line of some 600 individuals who’ve already paid deposits for tickets priced at up to $250,000 (£180,000), Mr Bezos has said little yet about how he intends to commercialise New Shepard.

Is the competition friendly?

Launch

Blue Origin

Sir Richard says he has spoken to Jeff Bezos on the phone and they have wished each other well in their space endeavours. But there is no doubting there is some edge in the relationship.

Mr Bezos was the first to announce his mission, only to see Sir Richard then move up his own published schedule so he could win first-flight bragging rights.

On Friday, Mr Bezos’s Blue Origin space company issued a tweet that took a pop at Virgin Galactic’s Unity vehicle. The posting repeated a claim that anyone who flew on the rocket plane would forever have an asterisk by their name because they wouldn’t reach the “internationally recognised” altitude for where space begins – the so-called Kármán line of 100km.

The tweet also said Unity’s impacts on the environment were far greater than New Shepard’s. Virgin Galactic told the BBC that the carbon footprint of flying in Unity is equivalent to a business flight from London to New York, but that all the company’s activities are offset.

The BBC is not responsible for the content of external sites.View original tweet on Twitter

The US government recognises the boundary of space to be at about 80km (50 miles) and awards astronaut wings to anyone who exceeds this altitude.

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Tesla Promises Cheap EVs by 2025 | OilPrice.com – OilPrice.com

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Tesla Promises Cheap EVs by 2025 | OilPrice.com



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Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

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Tesla has promised to start selling cheaper models next year, days after a Reuters report revealed that the company had shelved its plans for an all-new Tesla that would cost only $25,000.

The news that Tesla was scrapping the Model 2 came amid a drop in sales and profits, and a decision to slash a tenth of the company’s global workforce. Reuters also noted increased competition from Chinese EV makers.

Tesla’s deliveries slumped in the first quarter for the first annual drop since the start of the pandemic in 2020, missing analyst forecasts by a mile in a sign that even price cuts haven’t been able to stave off an increasingly heated competition on the EV market.

Profits dropped by 50%, disappointing investors and leading to a slump in the company’s share prices, which made any good news urgently needed. Tesla delivered: it said it would bring forward the date for the release of new, lower-cost models. These would be produced on its existing platform and rolled out in the second half of 2025, per the BBC.

Reuters cited the company as warning that this change of plans could “result in achieving less cost reduction than previously expected,” however. This suggests the price tag of the new models is unlikely to be as small as the $25,000 promised for the Model 2.

The decision is based on a substantially reduced risk appetite in Tesla’s management, likely affected by the recent financial results and the intensifying competition with Chinese EV makers. Shelving the Model 2 and opting instead for cars to be produced on existing manufacturing lines is the safer move in these “uncertain times”, per the company.

Tesla is also cutting prices, as many other EV makers are doing amid a palpable decline in sales in key markets such as Europe, where the phaseout of subsidies has hit demand for EVs seriously. The cut is of about $2,000 on all models that Tesla currently sells.

By Charles Kennedy for Oilprice.com

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Why the Bank of Canada decided to hold interest rates in April – Financial Post

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Divisions within the Bank of Canada over the timing of a much-anticipated cut to its key overnight interest rate stem from concerns of some members of the central bank’s governing council that progress on taming inflation could stall in the face of stronger domestic demand — or even pick up again in the event of “new surprises.”

“Some members emphasized that, with the economy performing well, the risk had diminished that restrictive monetary policy would slow the economy more than necessary to return inflation to target,” according to a summary of deliberations for the April 10 rate decision that were published Wednesday. “They felt more reassurance was needed to reduce the risk that the downward progress on core inflation would stall, and to avoid jeopardizing the progress made thus far.”

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Others argued that there were additional risks from keeping monetary policy too tight in light of progress already made to tame inflation, which had come down “significantly” across most goods and services.

Some pointed out that the distribution of inflation rates across components of the consumer price index had approached normal, despite outsized price increases and decreases in certain components.

“Coupled with indicators that the economy was in excess supply and with a base case projection showing the output gap starting to close only next year, they felt there was a risk of keeping monetary policy more restrictive than needed.”

In the end, though, the central bankers agreed to hold the rate at five per cent because inflation remained too high and there were still upside risks to the outlook, albeit “less acute” than in the past couple of years.

Despite the “diversity of views” about when conditions will warrant cutting the interest rate, central bank officials agreed that monetary policy easing would probably be gradual, given risks to the outlook and the slow path for returning inflation to target, according to the summary of deliberations.

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They considered a number of potential risks to the outlook for economic growth and inflation, including housing and immigration, according to summary of deliberations.

The central bankers discussed the risk that housing market activity could accelerate and further boost shelter prices and acknowledged that easing monetary policy could increase the likelihood of this risk materializing. They concluded that their focus on measures such as CPI-trim, which strips out extreme movements in price changes, allowed them to effectively look through mortgage interest costs while capturing other shelter prices such as rent that are more reflective of supply and demand in housing.

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They also agreed to keep a close eye on immigration in the coming quarters due to uncertainty around recent announcements by the federal government.

“The projection incorporated continued strong population growth in the first half of 2024 followed by much softer growth, in line with the federal government’s target for reducing the share of non-permanent residents,” the summary said. “But details of how these plans will be implemented had not been announced. Governing council recognized that there was some uncertainty about future population growth and agreed it would be important to update the population forecast each quarter.”

• Email: bshecter@nationalpost.com

Bookmark our website and support our journalism: Don’t miss the business news you need to know — add financialpost.com to your bookmarks and sign up for our newsletters here.

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Meta shares sink after it reveals spending plans – BBC.com

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Woman looks at phone in front of Facebook image - stock shot.

Shares in US tech giant Meta have sunk in US after-hours trading despite better-than-expected earnings.

The Facebook and Instagram owner said expenses would be higher this year as it spends heavily on artificial intelligence (AI).

Its shares fell more than 15% after it said it expected to spend billions of dollars more than it had previously predicted in 2024.

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Meta has been updating its ad-buying products with AI tools to boost earnings growth.

It has also been introducing more AI features on its social media platforms such as chat assistants.

The firm said it now expected to spend between $35bn and $40bn, (£28bn-32bn) in 2024, up from an earlier prediction of $30-$37bn.

Its shares fell despite it beating expectations on its earnings.

First quarter revenue rose 27% to $36.46bn, while analysts had expected earnings of $36.16bn.

Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown, said its spending plans were “aggressive”.

She said Meta’s “substantial investment” in AI has helped it get people to spend time on its platforms, so advertisers are willing to spend more money “in a time when digital advertising uncertainty remains rife”.

More than 50 countries are due to have elections this year, she said, “which hugely increases uncertainty” and can spook advertisers.

She added that Meta’s “fortunes are probably also being bolstered by TikTok’s uncertain future in the US”.

Meta’s rival has said it will fight an “unconstitutional” law that could result in TikTok being sold or banned in the US.

President Biden has signed into law a bill which gives the social media platform’s Chinese owner, ByteDance, nine months to sell off the app or it will be blocked in the US.

Ms Lund-Yates said that “looking further ahead, the biggest risk [for Meta] remains regulatory”.

Last year, Meta was fined €1.2bn (£1bn) by Ireland’s data authorities for mishandling people’s data when transferring it between Europe and the US.

And in February of this year, Meta chief executive Mark Zuckerberg faced blistering criticism from US lawmakers and was pushed to apologise to families of victims of child sexual exploitation.

Ms Lund-Yates added that the firm has “more than enough resources to throw at legal challenges, but that doesn’t rule out the risks of ups and downs in market sentiment”.

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