The spectacular explosion of SpaceX’s new Starship rocket minutes after it soared off its launch pad on a first flight test is the latest vivid illustration of a “successful failure” business formula that serves Elon Musk’s company well, experts said on Thursday.
Rather than seeing the fiery disintegration of Musk’s colossal, next-generation Starship system as a setback, experts said the dramatic loss of the rocket ship would help accelerate development of the vehicle.
Images of the Starship tumbling out of control some 20 miles up in the sky while mounted to its Super Heavy rocket booster before the combined vehicle blew to bits dominated media coverage of the highly anticipated launch.
SpaceX acknowledged that several of the Super Heavy’s 33 powerful Raport engines malfunctioned on ascent and that the booster rocket and Starship failed to separate as designed before the ill-fated flight was terminated.
But SpaceX executives including Musk – the founder, CEO and chief engineer of the California-based rocket company – hailed the test flight for achieving the major objective of getting the vehicle off the ground while providing a wealth of data that will advance Starship’s development.
PRACTICE MAKES PERFECT
At least two experts in aerospace engineering and planetary science who spoke with Reuters agreed that the test flight delivered benefits.
“This is a classical SpaceX successful failure,” said Garrett Reisman, an astronautical engineering professor at the University of Southern California who is a former NASA astronaut and is also a senior adviser to SpaceX.
Reisman called the Starship test flight a hallmark of a SpaceX strategy that sets Musk’s company apart from traditional aerospace companies and even NASA by “this embracing of failure when the consequences of failure are low.”
No astronauts were aboard for the crewless flight, and the rocket was flown almost entirely over water from the Gulf Coast Starbase facility in south Texas to avoid possible injuries or property damage on the ground from falling debris.
“Even though that rocket costs a lot of money, what really costs a lot of money are people’s salaries,” Reisman told Reuters in an interview hours after Thursday’s launch.
Reisman said SpaceX saves more money in the long run, and takes less time to identify and correct engineering flaws by taking more risks in the development process rather than keeping “a large team working for years and years and years trying to get it perfect before you even try it.”
“I would say the timeline for transporting people (aboard Starship) is accelerated right now compared to what it was a couple of hours ago,” Reisman said.
Planetary scientist Tanya Harrison, a fellow at the University of British Columbia’s Outer Space Institute, said clearing the launch tower and ascending through a critical point known as maximum aerodynamic pressure were major feats on the first flight of such a large, complex launch system.
“It’s part of the testing process,” she said in an interview. “There are a lot of accidents that happen when you’re trying to design a new rocket. The fact that it launched at all made a lot of people really happy.”
She said the risks of a single flight test were small in comparison to the ambitious gains at stake.
“This is the biggest rocket that humanity has tried to build,” she said, adding that it is designed to carry “orders of magnitude” more cargo and people to and from deep space than any existing spacecraft.
Whereas NASA is working on a mission to retrieve samples of Martian soil and minerals measured in kilograms being collected by the Mars Perseverance rover, Starship will carry back many tons of rock, as well transport dozens of astronauts and entire lab facilities to and from the moon and Mars, Harrison said.
Musk has billed Starship as crucial to SpaceX’s interplanetary exploration goals as well as its more near-term launch business, with commercial satellites, science telescopes and eventually paying astro-tourists expected to use the fully reusable rocket system for rides to space.
Citing SpaceX’s rapid pace of development since its 2002 founding, leading to dozens of commercial missions a year with its workhorse rocket for low-Earth orbit, the Falcon 9, Harrison said, “it wouldn’t surprise me if we had humans on Mars with Starship in the next decade.”
Writing and reporting by Steve Gorman in Los Angeles; Additional reporting by Arlene Eiras and Joey Roulette in Washington; Editing by Leslie Adler
TORONTO – Canada Goose Holdings Inc. says it has signed a deal that will result in the creation of its first eyewear collection.
The deal announced on Thursday by the Toronto-based luxury apparel company comes in the form of an exclusive, long-term global licensing agreement with Marchon Eyewear Inc.
The terms and value of the agreement were not disclosed, but Marchon produces eyewear for brands including Lacoste, Nike, Calvin Klein, Ferragamo, Longchamp and Zeiss.
Marchon plans to roll out both sunglasses and optical wear under the Canada Goose name next spring, starting in North America.
Canada Goose says the eyewear will be sold through optical retailers, department stores, Canada Goose shops and its website.
Canada Goose CEO Dani Reiss told The Canadian Press in August that he envisioned his company eventually expanding into eyewear and luggage.
This report by The Canadian Press was first published Sept. 19, 2024.
Almost seven years since news broke of an alleged conspiracy to fix the price of packaged bread across Canada, the saga isn’t over: the Competition Bureau continues to investigate the companies that may have been involved, and two class-action lawsuits continue to work their way through the courts.
Here’s a timeline of key events in the bread price-fixing case.
Oct. 31, 2017: The Competition Bureau says it’s investigating allegations of bread price-fixing and that it was granted search warrants in the case. Several grocers confirm they are co-operating in the probe.
Dec. 19, 2017: Loblaw and George Weston say they participated in an “industry-wide price-fixing arrangement” to raise the price of packaged bread. The companies say they have been co-operating in the Competition Bureau’s investigation since March 2015, when they self-reported to the bureau upon discovering anti-competitive behaviour, and are receiving immunity from prosecution. They announce they are offering $25 gift cards to customers amid the ongoing investigation into alleged bread price-fixing.
Jan. 31, 2018: In court documents, the Competition Bureau says at least $1.50 was added to the price of a loaf of bread between about 2001 and 2016.
Dec. 20, 2019: A class-action lawsuit in a Quebec court against multiple grocers and food companies is certified against a number of companies allegedly involved in bread price-fixing, including Loblaw, George Weston, Metro, Sobeys, Walmart Canada, Canada Bread and Giant Tiger (which have all denied involvement, except for Loblaw and George Weston, which later settled with the plaintiffs).
Dec. 31, 2021: A class-action lawsuit in an Ontario court covering all Canadian residents except those in Quebec who bought packaged bread from a company named in the suit is certified against roughly the same group of companies.
June 21, 2023: Bakery giant Canada Bread Co. is fined $50 million after pleading guilty to four counts of price-fixing under the Competition Act as part of the Competition Bureau’s ongoing investigation.
Oct. 25 2023: Canada Bread files a statement of defence in the Ontario class action denying participating in the alleged conspiracy and saying any anti-competitive behaviour it participated in was at the direction and to the benefit of its then-majority owner Maple Leaf Foods, which is not a defendant in the case (neither is its current owner Grupo Bimbo). Maple Leaf calls Canada Bread’s accusations “baseless.”
Dec. 20, 2023: Metro files new documents in the Ontario class action accusing Loblaw and its parent company George Weston of conspiring to implicate it in the alleged scheme, denying involvement. Sobeys has made a similar claim. The two companies deny the allegations.
July 25, 2024: Loblaw and George Weston say they agreed to pay a combined $500 million to settle both the Ontario and Quebec class-action lawsuits. Loblaw’s share of the settlement includes a $96-million credit for the gift cards it gave out years earlier.
Sept. 12, 2024: Canada Bread files new documents in Ontario court as part of the class action, claiming Maple Leaf used it as a “shield” to avoid liability in the alleged scheme. Maple Leaf was a majority shareholder of Canada Bread until 2014, and the company claims it’s liable for any price-fixing activity. Maple Leaf refutes the claims.
This report by The Canadian Press was first published Sept. 19, 2024.
Companies in this story: (TSX:L, TSX:MFI, TSX:MRU, TSX:EMP.A, TSX:WN)
TORONTO – TD Bank Group, which is mired in a money laundering scandal in the U.S., says chief executive Bharat Masrani will retire next year.
Masrani, who will retire officially on April 10, 2025, says the bank’s, “anti-money laundering challenges,” took place on his watch and he takes full responsibility.
The bank named Raymond Chun, TD’s group head, Canadian personal banking, as his successor.
As part of a transition plan, Chun will become chief operating officer on Nov. 1 before taking over the top job when Masrani steps down at the bank’s annual meeting next year.
TD also announced that Riaz Ahmed, group head, wholesale banking and president and CEO of TD Securities, will retire at the end of January 2025.
TD has taken billions in charges related to ongoing U.S. investigations into the failure of its anti-money laundering program.
This report by The Canadian Press was first published Sept. 19, 2024.
