Brookfield Spurned in $14 Billion Plan to Close Australian Coal Plants

James Thornhill and Scott Deveau
Mon, February 21, 2022




(Bloomberg) -- Australian utility AGL Energy Ltd. rejected a multibillion-dollar takeover bid from Brookfield Asset Management Inc. and technology billionaire Mike Cannon-Brookes, who plan to accelerate the closure of the company’s polluting coal-fired power plants.

Brookfield and Cannon-Brookes’s investment firm Grok Ventures have a A$20 billion ($14 billion) transition plan to shift AGL to clean energy and “remains optimistic that an agreement can be reached,” the consortium said in a statement. AGL shares jumped 11% to close at the highest since July.

“The board should continue to engage with Brookfield and Cannon-Brookes, however they will need to considerably increase the offer if they want to get the investment community onboard, even though we agree with the ideals they propose,” said Jamie Hannah, deputy head of investments and capital markets at Van Eck Associates Corp, which owns shares in AGL.

A proposal of A$7.50 a share, a 4.7% premium to Friday’s closing price, “materially undervalues” the company, Sydney-based AGL said in a statement. The company’s own plan to split off its coal assets into a separate unit would deliver better shareholder value, and offers a more responsible path to decarbonization, the utility said.

Public debate on climate change in Australia and the role of coal, which still provides most of the country’s electricity, intensified after wildfires in late 2019 and early 2020. Though Prime Minister Scott Morrison set a net-zero emissions target last year, his government has been criticized for favoring a slower energy transition. He has been pushed by some investors to exploit the nation’s abundant sun and wind to more rapidly build out a green power industry.

AGL, formed in 1837, is responsible for the largest share of Australia’s scope one greenhouse gas emissions, and this month disappointed climate campaigners when it announced plans to bring forward the decommissioning of two giant coal plants by only a few years.

“If successful, this will be one of the biggest decarbonization projects in the world,” said Cannon-Brookes, co-founder of software developer Atlassian Corp. and Australia’s fourth-richest person. AGL accounts for more than 8% of Australia’s emissions, he said. “This proposal will mean cheaper, cleaner and more reliable energy for customers.”

Brookfield’s plan would replace seven gigawatts of AGL’s fossil fuel generation capacity with at least eight gigawatts of clean energy and storage capacity, enabling the utility to hit net zero emissions by 2035, according to the consortium.

AGL’s existing plans would keep two key coal-fired plants running into 2033 and 2045 respectively. Under its proposed demerger, Accel Energy, which will house the company’s fossil fuel generation assets, would target a cut in scope one and two greenhouse gas emissions by as much as 60% by 2034.

The firm’s value almost halved last year as it was hit by plunging costs of wind and solar generation that have dragged down power prices, and waning investor appetite for polluting assets. Utilities globally are attempting to respond to an accelerating energy transition, and AGL previously outlined its proposal to split off its coal-fired power plants into a separate unit and repurpose some sites as low-carbon energy hubs.

Brookfield plans to invest via its Brookfield Global Transition Fund, which is in the final stages of raising about $15 billion. It values AGL’s equity at A$5 billion ($3.6 billion). The deal would provide an opportunity to build a dominant position as a clean energy generator in Australia and to secure an electricity retailer that serves about 4.5 million customers.

Rival Origin Energy Ltd. said last week that its Eraring coal plant could retire in 2025, seven years earlier than previously planned. The faster exit of power assets has drawn criticism from Morrison’s government, which argues the moves could put the affordability and reliability of Australia’s electricity supplies at risk.

“Our government is very committed to ensure we sweat those assets for their life to ensure that businesses can get access to the electricity and the energy they need at affordable prices,” Morrison said Monday.

Australia's AGL Energy spurns surprise $3.5 billion bid, suitor Brookfield digs in

The logo of AGL Energy Ltd, Australia's no.2 power retailer, adorns the building of their head office in Sydney, Australia

Sun, February 20, 2022,
By Sonali Paul and Shashwat Awasthi

MELBOURNE (Reuters) -Australia's top power producer AGL Energy Ltd on Monday rejected an unsolicited $3.54 billion takeover overture from tech billionaire Mike Cannon-Brookes and Canada's Brookfield Asset Management, sticking to its own spin-off tune.

The surprise bid comes as AGL seeks to split itself in two - a retail and renewable energy operation and a coal-fired generation business - by June in an attempt to turn around a 75% slump in its market value over the past five years.

Brookfield and Cannon-Brookes, Australia's second-richest man, said their goal is to speed up delivery of cleaner and cheaper energy. AGL, Australia's biggest polluter, produces more than 8% of Australia's carbon emissions.

But AGL said the A$7.50 per share cash proposal - a 4.7% premium to the stock's Friday close - undervalued the business. The shares jumped as much as 13% on Monday, to a high of A$8.09, as investors placed bets that a higher bid will emerge.

"Energy transition will be one of the biggest investment opportunities of our lifetime," said Mark Carney, vice chair of Brookfield, which has nearly $700 billion in assets under management, and former Bank of England governor.

Brookfield and Cannon-Brookes, a co-founder of software business Atlassian Corp and climate activist, said they plan to invest about A$20 billion ($14.4 billion) to replace AGL's coal-fired power with clean energy and storage, aiming to achieve net zero carbon emissions by 2035, five years earlier than AGL's current plan.

On Monday, AGL was unmoved.

"The proposal does not offer an adequate premium for a change of control and is not in the best interests of AGL Energy shareholders," AGL Chairman Peter Botten said, adding that the company's own spin-off plan will build a "strong future" for both parts of the business.

The bidding consortium hopes to persuade AGL's board to allow the team to look at AGL's books, Brookfield's Asia Pacific Chief Executive Officer Stewart Upson said.

"This is going to be a long journey," Upson told Reuters in an interview. "And during that time, we would likely bring in other partners, who we've already been talking to."

He declined to say what the ownership split would be between Brookfield, Cannon-Brookes and potential others. In its recent acquisition of power distributor AusNet Services, Brookfield ended with a 45% stake alongside other institutional investors.

BID BATTLE?

Analysts said the approach from Brookfield and Cannon-Brookes could spark a bidding war for AGL, with major European companies, including Shell, Spain's Iberdrola and France's TotalEnergies all looking to expand into Australian power retailing.

Those companies, however, are unlikely to want AGL's legacy coal power business as they look to decarbonise their own operations.

"This is not a low-risk venture - that's why no-one else has emerged to date," said Tim Buckley, founder of a new think tank, Climate Energy Finance.

AGL's earnings have been hammered in recent years by an influx of cheap solar and wind power. That has made coal-fired plants less viable. At the same time the government has forced utilities to slash power prices to households and businesses.

The bidding team said they would not shut coal-fired capacity until it has been replaced by renewables and storage to ensure steady supply and prices. AGL flagged earlier this month it would shut its last coal-fired plant in 2045.

"This proposal will mean cheaper, cleaner and more reliable energy for customers," Cannon-Brookes, 42, said in a statement. "It will create over 10,000 Australian jobs and ensure customers don't bear the brunt of higher power prices - a likely scenario if the proposed demerger happens."

Brookfield has nearly completed raising $15 billion for a Global Transition Fund which will be used for the bid. Brookfield says the fund is the world's largest focused on investing in the transition to a net zero economy.

Cannon-Brookes has long pushed for Australia to speed up the shift to clean energy. He spurred Tesla's Elon Musk to build Australia's first large-scale battery in 2017 and is backing a A$20 billion project, Sun Cable, to supply solar power from northern Australia to Singapore.

($1 = 1.3877 Australian dollars)

(Reporting by Sonali Paul in Melbourne and Shashwat Awasthi in Bengaluru; Additional reporting by Harish Sridharan in Bengaluru; Editing by Stephen Coates and Kenneth Maxwell)

ConocoPhillips is now largest owner of Australian LNG terminal after $1.6B deal

Emily Burleson
Sun, February 20, 2022, 

Houston-based ConocoPhillips (NYSE: COP) became the largest owner of a liquefied natural gas terminal in Australia with the closing of a $1.645 billion deal on Feb. 17. The oil and gas producer purchased an additional 10% interest in Australia Pacific LNG from Sydney, Australia-based Origin Energy, acting on a previously determined right to expand its interest in the project. After closing adjustments, ConocoPhillips paid $1.4 billion in cash, all from its balance sheet, for the expanded stake in APLNG.

ConocoPhillips is now largest owner of Australia Pacific LNG - Houston Business Journal (bizjournals.com)

Shell says Tanzania LNG project is making good progress

Mon, February 21, 2022, 3:41 AM·1 min read

LONDON, Feb 21 (Reuters) - Shell has made good progress with the Tanzanian government in recent months to advance a liquefied natural gas (LNG) project to tap the East African country's huge gas resources, a Shell executive said on Monday.

"We have seen some real quick progress over the last year compared to what had been a much slower progress before and we continue to be hopeful that we can take this project all the way through to FID (final investment decision) at some stage," Shell's head of integrated gas Wael Sawan said.

The development of Tanzania's vast offshore gas resources has been held up for years due to delays in government licensing agreements, but Sawan told reporters that some fiscal disputes "have now been resolved".

Shell operates Block 1 and Block 4 off Tanzania, which hold 16 trillion cubic feet in estimated recoverable gas. It aims to develop an LNG project together with Norway's Equinor.

Equinor also operates Block 2, in which ExxonMobil also holds a stake and which is estimated to hold more than 20 trillion cubic feet of gas. 

(Reporting by Ron Bousso and Marwa Rashad; Editing by Alexander Smith)

COMPASIONATE CAPITALI$T STILL A CAPITALI$T
Icahn nominates two members to McDonald's board to challenge pig policy

Sun, February 20, 2022

FILE PHOTO: The McDonald's logo is seen outside the fast-food chain McDonald's in New York


(Reuters) -McDonald's Corp on Sunday said Carl Icahn has nominated two members to its board of directors in an escalating fight over the treatment of pigs by the burger chain's suppliers.

The billionaire activist investor, who stated that he holds 200 shares in the company, nominated Leslie Samuelrich and Maisie Ganzler to stand for election at the 2022 annual meeting, the company said in a statement, adding that it would evaluate the nominees as it would any other board candidates.

Icahn has previously said that it is "obscene" how the animals used for McDonald's products are treated.

Icahn has insisted on new McDonald's commitments, including requiring all of the company's U.S. pork suppliers to move to "crate free" pork, and set specific timeframes, the company said.

Such a commitment would be impossible given the current supply "and would harm the company's shared pursuit of providing customers with high quality products at accessible prices," the statement said.

McDonald's pledged in 2012 to source pork from producers who do not use small crates to house pregnant sows. Icahn pushed for the change behind the scenes, the Wall Street Journal reported earlier this month.

"Since making this commitment, McDonald's has led the industry, and today an estimated 30%-35% of U.S. pork production has moved to group housing systems," the company's statement said.

The company expects to source 85% to 90% of its U.S. pork volumes from sows not housed in gestation crates during pregnancy by the end of 2022 and expects 100% of its U.S. pork to come from sows housed in groups during pregnancy by the end of 2024, it added.

McDonald's also said it was "noteworthy" that Icahn, the majority owner of Viskase, a company that supplies packaging for the pork industry, "has not publicly called on Viskase to adopt commitments similar to those of McDonald's 2012 commitment." Icahn did not immediately respond to a request for comment.

McDonald's said it sources only approximately 1% of its U.S. pork production and does not own any sows, or produce or package pork in the United States.

Icahn, who became known as a corporate raider on Wall Street, was embroiled in a proxy battle with Southwest Gas Holdings Inc in November last year.

TRUMP PAL SPENT LESS THAN SIX MONTHS IN CABINET WHICH ALLOWED HIM TO INFLUENCE A CORPORAT DEAL HE WAS DOING

(Reporting by Anirudh Saligrama in Bengaluru; additional reporting by Andrew Chung and Svea Herbst-Bayliss; Editing by Lisa Shumaker and Mark Porter)

Google Reaches Undisclosed Settlement in Discrimination Suit

Vlad Savov and Dina Bass
Sun, February 20, 2022


(Bloomberg) -- Alphabet Inc.’s Google has reached a settlement for an undisclosed amount with Chelsey Glasson, who said she faced discrimination by the search giant after she became pregnant.

Glasson sued Google in 2020 after repeated efforts to report pregnancy discrimination were ignored, she said in October. She estimated her legal fight would cost more than $100,000 and take a heavy toll on her mental health. Glasson said her experience at Google left her with insomnia, panic attacks and heart palpitations.

Google did not immediately respond to a request for comment. Glasson confirmed the settlement but didn’t provide details.

Worker welfare and labor relations have become more important at big tech firms in recent times, punctuated by whistle-blower revelations such as those from former Facebook employee Frances Haugen. Glasson has advocated for better protection and resources for whistle-blowers, using her own case as an example of the difficulties they face.

CRIMINAL CAPITALI$M
Two Allianz managers fired in wake of investment fund collapse

Mon, February 21, 2022,

 The logo of insurer Allianz SE is seen on the company building in Puteaux at the financial and business district of La Defense near Paris

FRANKFURT (Reuters) - Two Allianz fund managers who managed a multi-billion dollar group of investment funds that collapsed have been dismissed, according to regulatory filings.

Fund manager Greg Tournant "was discharged for violation of firm policies designed to ensure compliance with industry regulations and standards relating to the preparation and provision of client communications", according to the filing.

Tournant did not immediately respond to a Linkedin message seeking comment, and has not responded to multiple previous efforts to contact him.

A second employee, who couldn't be reached for comment, was "discharged for violation of firm compliance policies", according to the filing.

Allianz declined to comment.

The filings were made with the Financial Industry Regulatory Authority in the United States and were dated Dec. 13.

Bloomberg first reported that the two had been discharged.

GREAT RUSSIAN CHAUVINISM

'The main threat for Putin is the very existence of Ukraine as a nation'

KINDER KAPITALI$M FAILS

Are ESG Funds Actually Popular?


Editor OilPrice.com
Sat, February 19, 2022

ESG investing is the talk of the town. Suddenly, a lot of people with money to invest want to be not just richer but also kinder to the planet. Unsurprisingly, options for investing in so-called green businesses and projects are popping up like mushrooms after a rain. The question is, are people actually investing in them?

The abbreviation ESG refers to environmental, social, and governance: three aspects of any business that the new class of concerned investors has prioritized. In actuality, a lot of so-called ESG investment options focus on the E part of the abbreviation, with investment focusing on renewable energy companies, for example, or companies that have pledged to decarbonize.

Fidelity Investments, one of the world’s largest investment fund managers, just this month launched not one but three ESG mutual funds and one exchange-traded fund. With them, Fidelity’s total ESG fund lineup has reached 15.

And Fidelity is far from the only one. Fellow investment giant Amundi recently added a new ESG fund to its lineup for the United States, dubbed the Pioneer Global Sustainable Equity Fund. Blackrock, the world’s largest asset manager, has half a dozen ESG funds. Vanguard has more. ESG funds—mutual or exchange-traded, passive, active or a combination of both—are the way of the future, it seems.

Or are they?

The Financial Times reported this week that an ESG exchange-traded fund backed by none other than the United Nations itself was about to fold. The reason: lack of investments. The fund, MSCI Global Climate Select, had only attracted less than $2 million in investments.

The fund excluded fossil fuel companies, as every ESG fund does, and focused on companies with low emissions. The top 10 holdings in its portfolio included Tesla, Apple, Microsoft, and Alphabet, the parent company of Google. And yet the fund manager plans to shut it down by next month because nobody wants to invest in it, including top Wall Street banks that had pledged seed money for the ETF.

Perhaps the fund is failing because there is already quite an extensive choice of ETFs focusing on low-emission and non-fossil fuel businesses. Perhaps the reasons for the fund’s failure are more complex. The fact remains that banks that had promised to pump money into it have not done so.

According to the banks themselves, as cited by the FT in its report, their pledges for seed money were contingent on other investors joining the fund, too. Some of them, including Citi and Bank of America, said that their investment commitments include a provision that their holdings in the fund do not exceed 25 percent of its total size, which was impossible when its total size was $2 million and their pledges were, respectively, up to $50 million and $12.5 million.

One other interesting fact is that the banks that had pledged that money were all members of the Global Investors for Sustainable Development Alliance, a group of 30 companies aiming to support the United Nation’s climate targets financially. Worth some $16 trillion in combined assets, members of the alliance include, besides BofA and Citi, Calpers, Pimco, UBS, Standard Chartered, and insurance giant Allianz.

The most interesting part of the mystery is, in fact, the portfolios of those funds. Their creators say they are made up of environmentally, socially and governance-wise responsible businesses. A quick check shows that at least some of these funds are simply ETFs like all others, except they don’t include traditional energy stocks.

Take, for example, Vanguard’s ESG U.S. Stock ETF. Its top ten holdings include, in descending order, Apple, Microsoft, Alphabet, Amazon, and Tesla as its top-five holdings.

Fidelity’s Sustainable Multi Asset Income Fund includes LVMH, Moet Hennesy, Procter & Gamble, Johnson & Johnson, a wind power investment company—Greencoat UK Wind—and, interestingly, Chinese government bonds.

Now, since ESG funds prioritize emissions-cutting efforts and, to a somewhat lesser extent, work to improve social and governance track records, one might assume that all these companies have made commitments to that effect or are already working on these issues.

The tech giants, for instance, are a safe bet for ESG fund managers because they have made huge and very vocal commitments to emission reductions and renewable power purchases. So are other huge corporations simply because they are in the spotlight. But does this mean they are actually going to stick to these commitments? This is where things get really interesting and quite confusing.

The issue of ESG performance measurement has been drawing growing attention because there is no standard way to measure how companies that have made climate-related commitments are actually working towards these goals. “Greenwashing” is popping up in more and more headlines, with activists accusing corporates of making empty promises and then continuing to do business as usual to the detriment of the planet.

ESG investing, then, is in murky waters right now. Appetite is growing, and so is supply, but you can never be sure if the ETF you are putting your hard-earned money in to make the world a better place is, in fact, made up of companies that are serious about cutting their emissions or just going through the motions to please investors and keep them on board. Perhaps this is why the UN-backed ETF failed. Perhaps it will not be the only one.

By Irina Slav for Oilprice.com

Colombia Presidential Front-Runner Vows Central Bank Changes


Ezra Fieser and Oscar Medina
Sat, February 19, 2022,


(Bloomberg) -- The front-runner in polls ahead of Colombia’s presidential election vowed to introduce reforms to the makeup of the central bank, which he claims has lost its independence under recent presidents.

Gustavo Petro, a senator and former mayor of Bogota who leads polls for the May vote by a wide margin, said the bank’s board is too closely aligned with the political party of sitting President Ivan Duque, the Democratic Center. As a result, he said, it has failed to fulfill its mandate set out by the constitution to increase production and promote social equality as well as fight inflation.

“The board of directors of the bank belong to a political party, the Democratic Center. This is not what the constitution called for,” he said in a debate among candidates Friday evening. “What we want is a central bank that is truly independent, not just from the political powers, but from the financial powers as well.”

If elected, Petro said he would seek reforms to give members of society a presence on the board, particularly representation from “productive organizations” in the country. The bank has lost its independence, he said, under Duque and his two predecessors. Since taking office in 2018, Duque has named six of the seven board members, including the finance minister, after some of the previous members quit and others reached the end of their terms.

Petro has questioned the wisdom of interest-rate increases aimed at quelling inflation, arguing that they kill off Colombia’s economic recovery and hurt production. The bank has raised rates 2.25 percentage points since September to 4% as inflation rose above its target. The bank’s board will meet Feb. 25 but it’s not scheduled to decide on monetary policy.

Colombia holds the first round of presidential elections in May. About 27% of those polled in January said they intend to vote for Petro, more than double the percentage for his closest rival, according to a poll tracker maintained by Colombia Risk Analysis, a consultancy. If no candidate receives more than 50% of the vote, the top two finishers move to a run-off.

DECRIMINALIZE DRUGS
Marijuana testing for truck drivers is becoming a leading cause of the growing national trucker shortage, expert says

NOT MASKS OR VACCINES


Grace Kay, Mon, February 21, 2022

Employment marijuana screeningAssociated Press


A Wells Fargo executive said drug testing for marijuana is causing a shortage of truck drivers.

As more states move to legalize cannabis, standards for drug testing truckers have become more stringent.

As of December, over 60,000 truckers have been temporarily taken off the road for testing positive for marijuana use.

While the grueling lifestyle and aging workforce has led to a national shortage of truck drivers, a Wells Fargo executive believes there's another issue exacerbating the labor crunch — marijuana testing.

According to Chris Harvey, Wells Fargo's head of equity strategy, drug screenings paired with the nature of the job — which often requires truckers to spend weeks-on-end away from home — has led many truck drivers to leave the industry. Harvey said the issue will "continue to push that price even higher," worsening a surge in transportation costs that have left consumers facing price hikes and shortages.

"It's really about drug testing," Harvey said, speaking at an industry conference on Wednesday. "We've legalized marijuana in some states but, obviously, not all ... What we've done is we're excluding a significant portion of that trucker industry."


The role of marijuana testing in employee screening has been under debate in recent years, especially as the labor shortage continues to place more power in the hands of workers. At the same time, marijuana use has become more accepted: Last year, a Gallup poll of consumer habits found that 49% of US adults have used the drug at least once. To date, 37 states have legalized the use of cannabis for medical purposes, while 18 have cleared the substance for recreational use.

But, in recent years, the trucking industry's drug policies have become even more stringent. Truck drivers are randomly drug tested on a quarterly basis, as well as in the event of an accident or traffic ticket, according to the Federal Motor Carrier Safety Administration. Drivers that test positive are immediately removed from driving commercial motor vehicles, per the FMCSA.

In 2020, the trucking industry implemented a law that required all truck drivers who had failed a drug test to be listed in a federal database so that other trucking companies would avoid hiring the drivers. Previously, drivers could theoretically move to a new company that would not have knowledge of the positive drug test.

The law has impacted nearly 110,000 truckers, about 56% of which were reported for marijuana use, according to government data from December 2021. These 60,000 drivers who tested positive for marijuana use in the past two years could help plug the shortage of about 80,000 truckers that the American Trucking Association has reported.

Since the database was launched, more than 6.4 million queries have been conducted on the site as of late December, as all employers must consult the database before they approve a new driver. As of December, more than 81,000 drivers were "prohibited" from work — over 75% of which had not begun the lengthy reassessment process required before they can return to duty.

THE ORIGIN OF THE KILLER DRONE
The V-1 Flying Bomb Was the First of Adolf Hitler’s ‘Retaliatory Weapons’

The only warning of an imminent V-1 strike came when a cutoff sequence killed the noisy engine of the "buzz bomb" seconds before impact.



Illustration by Jim Laurier, from V-1 Flying Bomb, 1942–52 (New Vanguard No. 106), by Steven J. Zaloga (Osprey Publishing, Bloomsbury Press Publishing)

Jon Guttman
March 2022

V-1 (Fieseler Fi 103)
Engine: Argus As 109-014 pulse-jet engine
Length: 27 feet 4 inches
Wingspan: 17 feet 7 inches
Fuselage diameter: 2 feet 9 inches
Weight: 4,740 pounds
Armament: 1,870-pound Amatol high-explosive warhead
Launchers: Ground launched from a Walter WR 2.3 ramp (with six to eight modular sections totaling between 118 and 158 feet long) or air-dropped in pairs from a Heinkel He 111H-22 bomber
Guidance: Askania autopilot with gyro inertial platform and magnetic compass
Operational range: 160 miles

By 1942 Adolf Hitler was keen to wreak vengeance on Britain, both for the humiliation it had handed him in 1940 and for its ongoing bombing campaign against Germany. That June the Luftwaffe began development of a cheap, disposable guided flying bomb with a welded sheet steel fuselage and plywood wings. The Fieseler Fi 103 (also known as the V-1, as it was the first of Germany’s proposed Vergeltungswaffen, or “retaliatory weapons”) achieved its first powered launch that Christmas Eve, though not until June 13, 1944—a week after Allied forces landed in Normandy, France—were the first V-1s launched at London.

Germany hurled more than 10,000 V-1s at Britain and some 2,500 at Belgium before its last launch site was overrun on March 29, 1945. The “buzz bombs” (so nicknamed for their distinctive engine stutter) killed an estimated 11,000 people in both nations. Thankfully, Allied anti-aircraft and air-to-air defenses knocked down thousands of “divers” (as British Royal Air Force fighter pilots called them). By carefully slipping a wing tip beneath that of a V-1 and then “turtling” it, a pilot could disrupt the flying bomb’s gyros and send it spiraling out of control, though scores of crewmen paid for such daring with their lives.

The only warning of an imminent V-1 strike was when a cutoff sequence killed the buzz bomb’s noisy engine, sending it into a silent 10- to 12-second dive. Yet the V-1 never sparked the level of terror Hitler hoped would pressure the Allies to sue for peace. After the war the United States, France and the Soviet Union each reverse-engineered the V-1, which is regarded as a crude progenitor of the modern-day cruise missile. MH

This article was published in the March 2022 issue of Military History. For more stories, subscribe and visit us on Facebook.