Friday, February 23, 2024

Chemring hails 'increasingly robust' outlook for defence industry as conflicts rage around the world

By CITY & FINANCE REPORTER
 23 February 2024

Chemring hailed an 'increasingly robust' outlook for the industry as conflicts rage around the world.

The defence group, a world leader in countermeasures to protect fighter jets and warships from guided missiles, said its order book stood at a record £991m at the end of January.

Ahead of its annual general meeting, the FTSE 250 firm said: 'The outlook for global defence markets is increasingly robust with continued growth expected over the next decade.'
 


Robust outlook: Chemring is a world leader in countermeasures to protect fighter jets and warships from guided missiles

Chemring, which has 2,600 staff worldwide, said its expectations for the year are 'unchanged'.

Chief executive Michael Ord said: 'The current financial year continues broadly to plan despite severe weather impacting operations at some of our manufacturing sites.

'Our order book momentum has been maintained with the receipt of several significant orders, demonstrating continued customer confidence in Chemring's market-leading products and services.'
CRIMINAL TERRORIST ORG
Jury finds NRA liable for mismanagement, says Wayne LaPierre violated duties

LaPierre and an NRA executive must pay a combined $6.35 million, the NY AG said.

ByMeredith Deliso, Aaron Katersky, and Peter Charalambous
February 23, 2024

Wayne LaPierre, former CEO of the National Rifle Association, leaves New York State Supreme Court

After five days of deliberations, a jury in New York on Friday held the National Rifle Association liable for financial mismanagement and found that Wayne LaPierre, the group's former CEO, corruptly ran the nation's most prominent gun rights group.

LaPierre and a senior executive at the NRA must pay a combined $6.35 million "for abusing the system and breaking our laws," New York Attorney General Letitia James, whose office brought the lawsuit against the organization, said following the verdict.

The jury determined that LaPierre's violation of his duties cost the NRA $5.4 million in damages, though he already repaid more than $1 million to the organization. He must pay $4.35 million, the New York Attorney General's Office said.

LaPierre, staring forward with his hands clasped in his lap, sat in the first row of the gallery while the jury read the verdict. He did not speak to the press upon leaving the courthouse Friday.

The New York Attorney General's Office sued the NRA and its senior management in 2020, claiming they misappropriated millions of dollars to fund personal benefits -- including private jets, family vacations and luxury goods. The accusations came at the end of a three-year investigation into the NRA, which is registered in New York as a nonprofit charitable corporation.

The jurors, who began deliberating on Feb. 16, were asked to weigh transactions like hair and makeup for LaPierre's wife, payments or speaking fees to board members, and contracts with favored vendors willing to pay kickbacks.

LaPierre announced his resignation from the organization on Jan. 5, days before the start of the trial, citing health reasons, according to the NRA.

The lawsuit alleged that LaPierre filled executive positions at the NRA with unqualified loyalists in order to maintain control and conceal self-dealing, including co-defendants John Frazer, corporate secretary and general counsel, and Woody Phillips, the former chief financial officer and treasurer, the attorney general's lawsuit said. The three of them stand accused of breaching the trust of donors by using charitable money for luxury travel, private planes and five-star hotels, along with entering into multimillion-dollar contracts with favored vendors willing to pay.


Wayne LaPierre, former CEO of the National Rifle Association, arrives for jury selection for the trial of t...Show more
Brendan McDermid/Reuters

The jury found that Frazer and Phillips were liable for violating their duties to the organization. Philips was ordered to pay $2 million in damages, the attorney general's office said.

The jury also found that the NRA failed to properly administer charitable funds and violated state whistleblower protections, the office said. Frazer and the NRA were also found liable for making false statements on the NRA's regulatory filings, the office said.

The jury found that there was not enough evidence to provide cause for removing Frazer as secretary of the NRA.

James said the verdict is a "major victory" for her office and the people of New York and that LaPierre and the NRA "are finally being held accountable for this rampant corruption and self-dealing."

"In New York, you cannot get away with corruption and greed, no matter how powerful or influential you think you may be," she said in a statement on X. "Everyone, even the NRA and Wayne LaPierre, must play by the same rules."

The NRA said the verdict confirmed that it was "victimized" by former vendors and fiduciaries "who abused the trust placed in them."

"We appreciate the service of the jury and the opportunity to present evidence about the positive direction of the NRA today,” NRA President Charles Cotton said in a statement, adding that NRA members "should be heartened by the NRA's commitment to best practices."

"To the extent there were control violations, they were acted upon immediately by the NRA Board beginning in summer 2018," the statement continued.

The next phase of the proceedings will be a bench trial in which Justice Joel Cohen is expected to rule on any final remedies against the defendants, the NRA said.

MORE: NRA chief Wayne LaPierre resigns days before civil corruption trial

A fourth defendant, former NRA operations director Joshua Powell, settled civil claims of fraud and abuse brought by James prior to the start of the trial.

As part of his settlement, Powell admitted he breached his fiduciary duties of care, loyalty and obedience by using the NRA's charitable assets for his own benefit and the benefit of his family. He also admitted he failed to administer the charitable assets entrusted to his care properly.

During closing statements on Feb. 15, LaPierre's lawyer argued the lawsuit was politically motivated and that he "acted in good faith and with honesty, sincerity and intention," according to The Associated Press.

MORE: NY assistant AG says NRA operated as 'Wayne's World' in opening arguments

The state told jurors that the NRA and its executives were "caught with their hand in the cookie jar" and were trying to deflect, while the NRA's lawyer said that any corruption was committed against, not by, the group, according to the AP.

Lawyers for Frazer and Phillips told jurors their clients acted in good faith and in the best interests of the NRA, the AP reported. Phillips' lawyer said his client "doesn't deserve to be made penniless," according to the AP.

James' lawsuit seeks to recoup lost assets and permanently ban LaPierre and the others from serving on any charitable boards in New York. Powell accepted that ban as part of his settlement agreement. He also agreed to pay $100,000 in restitution and to testify against LaPierre and others at trial.


In this May 3, 2018, file photo, merchandise with the National Rifle Association logo is on display ahea...Show more
Bloomberg via Getty Images, FILE

The lawsuit additionally seeks an independent monitor to oversee the NRA's finances.

The NRA tried to file bankruptcy in 2021 but a federal judge rejected its petition, saying, "The NRA did not file the bankruptcy petition in good faith."

LaPierre previously said the New York attorney general's lawsuit was an "unconstitutional, premeditated attack aiming to dismantle and destroy the NRA -- the fiercest defender of America's freedom at the ballot box for decades."

In 2020, following the attorney general's filing of the suit, an NRA spokesperson said in a statement that at the time that LaPierre was "required to travel private for security purposes, in accordance with NRA Board policy," and that he was "asked by the NRA's former advertising agency to incur certain wardrobe expenses given his enormous public profile."


 Odysseus moon lander may have tipped over, NASA partner says


Officials are still trying to get photos from the moon's surface.

ByGio Benitez and Ivan Pereira
February 23, 2024

As the world waits for Odysseus to send its first images from the moon's surface, officials announced Friday afternoon that the moon lander may have had a misstep.

Intuitive Machines, the private Houston company that partnered with NASA, said Friday that they believe "Odie" hit a rock as it was landing and tipped over.


In this photo courtesy of Intuitive Machines, Odysseus passes over the near side of the Moon 
Intuitive Machines/AFP via Getty Images

The majority of the lander's payloads are working and Odie, which is solar-powered, has 100% battery power, according to the company.

MORE: Odysseus moon landing updates: Nova-C makes first successful commercial lunar landing

Odysseus is the first U.S.-based craft to land on the moon in over 50 years. It also marked the first commercial based landing on the moon in U.S. history.

The craft launched last week from NASA's Kennedy Space Center in Florida and entered lunar orbit Wednesday before it descended and landed on the moon's surface.

MORE: Video Odysseus makes historic successful moon landing

Although the lander has not sent any images from the moon's surface as of Friday evening, Intuitive Machines released one image that was taken while they had access to Odie's camera during the flight.


Intuitive Machines released this image after they said Odysseus tipped over, Feb. 23, 2024.
Intuitive Machines

The image was taken about six miles above a crater near the south pole of the moon, and about 124 miles from its landing site, according to the company.

The lander is carrying five NASA instruments, including a radio beacon meant to transmit precise geolocation and cameras that capture how the surface of the moon changes from interactions with the engine plume of the spacecraft, as well as commercial cargo.


US spaceship lying sideways after dramatic Moon touchdown

This frame grab from Nasa, shows Intuitive Machines CEO Steve Altemus holding a model of Odysseus to show its position on the side during a press conference at Johnson Space Centre in Houstom, Texas February 23, 2024. — Handout by Nasa TV via AFP

WASHINGTON, Feb 24 — The first American spaceship to the Moon since the Apollo era is probably lying sideways following its dramatic landing, the company that built it said yesterday, even as ground controllers work to download data and surface photos from the uncrewed robot.

The Odysseus spacecraft landed near the lunar south pole Thursday at 6:23 pm Eastern Time (2323 GMT), after a nail-biting final descent when ground teams had to switch to a backup guidance system and took several minutes to establish radio contact after the lander came to rest

Intuitive Machines, the company behind this first-ever lunar landing by a private company, initially posted on social media that its hexagonal spaceship was upright, but CEO Steve Altemus told reporters yesterday that statement was based on misinterpreted data.

Instead, it appears that it caught a foot on the surface and tipped over, coming to rest horizontally with its top perched on a small rock — taking some shine off an accomplishment widely hailed as a historic achievement.

A Nasa probe called the Lunar Reconnaissance Orbiter should be able to photograph Odysseus over the weekend, helping pinpoint its exact location.

Altemus said that while solar arrays were on the top-facing side, the team’s ability to download data from the science experiments on board was being hampered because of antennas facing downward that “are unusable for transmission back to Earth — and so that really is a limiter in our ability to communicate and get the right data down so we get everything we need for the mission.”

Because of complications associated with the landing, a decision was taken not to shoot out an external camera to capture the descent as it happened, according to Embry-Riddle Aeronautical University, which built the “EagleCam” device.

But the team will still attempt to deploy it from the ground to try to obtain an outside image of Odysseus.

Improvised fix

Odysseus is still considered the first success for a new fleet of Nasa-funded lunar landers designed to carry out science experiments that will pave the way for the return of American astronauts to the Moon later this decade, under the Artemis programme.

A moonshot by another American company last month ended in failure, raising the stakes to demonstrate that private industry has what it takes to repeat a feat last achieved by US space agency Nasa during its manned Apollo 17 mission in 1972.

Underlining the technical challenges, Intuitive Machines’ own navigation technology failed and ground engineers were forced to jury-rig a solution, hastily writing a software patch to switch to an experimental Nasa laser guidance system that was intended to run only as a technology demonstration.

Altemus later revealed Odysseus’ own laser system failed to turn on because someone had forgotten to flip a safety switch before takeoff, which he described as “an oversight on our part.”

Confirmation of landing was supposed to come seconds after the milestone, but instead around 15 minutes passed before a faint signal was detected, enough to declare the spaceship was in one piece and had met its goal.

Commercial Moon fleet

Nasa paid Intuitive Machines US$118 million (RM563.7 million) to ship six experiments under an initiative which delegates cargo services to the private sector in a bid to achieve savings and stimulate a wider lunar economy.

Odysseus also carries cargo for private customers, including a reflective heat wrapping developed by Columbia Sportswear and used to protect the spaceship’s cryogenic propulsion tank.

The United States, along with international partners, want to develop long-term habitats on the south pole, harvesting ice there for drinking water — and for rocket fuel for eventual onward voyages to Mars.

The first crewed landing under Nasa’s Artemis programme is set to take place no sooner than 2026. China meanwhile plans to put its first crew on the Moon in 2030, opening a new era of space competition.

The mission was the fourth attempt at soft lunar touchdown by the private sector. Intuitive Machines joins the national space agencies of the Soviet Union, United States, China, India and Japan in an exclusive club of landing on the Moon. 

— AFP

Intuitive Machines' Odysseus moon lander didn't deploy camera during historic descent

illustration of a sliver and gold spacecraft on the moon.
Artist's illustration of Intuitive Machines' Odysseus lander on the surface of the moon. (Image credit: Columbia Sportswear)

Sorry, space fans: We won't be getting ground-level views of the first moon landing by an American spacecraft since the Apollo era.

That epic touchdown came courtesy of Intuitive Machines' Odysseus lander, which lowered itself onto the gray dirt about 190 miles (300 kilometers) from the moon's south pole yesterday (Feb. 22).

The success was hard-won. As they prepared for descent yesterday, mission team members discovered that Odysseus' laser rangefinders, which the lander used to determine its altitude and horizontal velocity, weren't working properly. So they switched over to an experimental NASA instrument that Odysseus was carrying, pressing it into service for vital landing operations.

The strategy worked, helping Odysseus become the first private craft ever to soft-land on the moon. But it appears the navigation issue affected one of the other payloads aboard the lander — EagleCam, an instrument built by students at Embry-Riddle Aeronautical University (ERAU) that was designed to deploy from Odysseus about 100 feet (30 meters) above the lunar surface and photograph the craft's touchdown from below.

Related: Intuitive Machines lands on moon in nail-biting descent of private Odysseus lander, a 1st for US since 1972

Due to the navigation complications, which required the uplink of a software patch, "the decision was made to power down EagleCam during landing and not deploy the device during Odysseus' final descent," Mike Cavaliere, ERAU's director of news and media relations, wrote in an update today (Feb. 23).

"However, both the Intuitive Machines and EagleCam teams still plan to deploy EagleCam and capture images of the lander on the lunar surface as the mission continues," he added. "The time of deployment is currently unknown. Stay tuned! More information will be released as soon as it becomes available."

Intuitive Machines employees cheering upon hearing that Odysseus' moon landing was a success. (Image credit: NASA TV)

Odysseus launched atop a SpaceX Falcon 9 rocket on Feb. 15 and arrived in lunar orbit six days later.

The lander is carrying 12 payloads. Six of them are NASA science instruments put on board via the agency's Commercial Lunar Payload Services program, or CLPS. The NASA gear is gathering a variety of data about the moon, to help the agency prepare for future crewed landings by its Artemis program.

The NASA payload that strutted its stuff yesterday is called NDL (short for Navigation Doppler Lidar for Precise Velocity and Range Sensing). This instrument used LIDAR (light detection and ranging) technology to gather super-precise data during Odysseus' descent and landing.

The other six payloads on IM-1 were provided by a variety of organizations, including ERAU and Columbia Sportswear.



U.S. lands on moon in historic feat for private spacecraft

An American-made lander touched down on the moon for the first time since the Apollo era, ending a string of failures and making it the first private spacecraft to ever reach the lunar surface intact.

The lander, built by Houston-based Intuitive Machines Inc., reached the moon at 6:23 p.m. U.S. East Coast time on Thursday. After a brief communications blackout, flight controllers acquired a signal and confirmed the robotic craft, nicknamed Odysseus, was upright and starting to send data.

The success follows a series of missteps by private groups looking to land on the moon and bodes well for Intuitive’s aim of creating a business ferrying payloads and experiments there. It’s hoped the landing will provide an up-close look at the moon’s south pole region and offer NASA new information as it aims to return humans to the lunar surface.

The closely watched mission marks the first time a U.S.-built spacecraft has made it to the surface in one piece since 1972, when NASA was carrying out the Apollo program.

“Today for the first time in more than a half century, the U.S. has returned to the moon,” NASA Administrator Bill Nelson said in a webcast. “Today is a day that shows the power and promise of NASA’s commercial partnerships.”

Three other private-sector entities have unsuccessfully attempted to softly place landers on the moon since 2019. In January, a company called Astrobotic had to forgo the landing of its vehicle after an engine mishap in space crippled its chances.

Intuitive Machines also overcame difficulties throughout its mission. Prior to landing, lasers on Odysseus designed to navigate the moon’s terrain weren’t working properly, so Intuitive Machines had to switch to a NASA lidar instrument. The company sent the lander on an extra lap around the moon to upload a software patch to boost the lidar’s capability.

“I know this was a nail-biter, but we are on the surface and we are transmitting. Welcome to the moon,” Intuitive Machines Chief Executive Officer Steve Altemus said in the webcast.

Shares of Intuitive Machines soared on news of the successful landing, rising 44 per cent as of 8:10 a.m. Friday in New York. The stock had already more than tripled this year through Thursday’s close, valuing the company at about US$800 million.

“This validates the company’s technology and adds significant credibility to the business,” Andres Sheppard, an analyst with Cantor Fitzgerald, said in a note. “Intuitive Machines is now very well positioned to continue to capitalize on the growing commercial space economy, and on subsequent launches.”

The startup and Astrobotic were both partially backed by NASA, which is seeking to further explore the moon as part of its Artemis program. The U.S. space agency’s goal is develop a sustainable presence on and around the moon, to learn how to live off of other worlds.

Intuitive Machines holds contracts with NASA to deliver two additional landers to the moon’s surface in the coming years. NASA paid a little less than $118 million to Intuitive Machines for this mission, up from an original contract amount worth $77 million awarded in 2019.

“We learn from the successes and the failures of the past and stand on all those shoulders to try to be successful,” Altemus said in an interview before the landing. “And the key here is to be undeterred.”

The lander launched on top of a SpaceX Falcon 9 rocket on Feb. 15 and reached the moon’s orbit six days later. On this trip, the company is carrying six payloads for NASA and five from commercial customers, including sculptures from artist Jeff Koons.

 

Ghana LNG Import Terminal Nearing Finish Line—and None Too Soon

Ghana’s much-delayed natural gas import terminal is nearing the finish line and is expected to be complete by the end of this year, the country’s oil regulator said on Tuesday.

The LNG pipeline and storage network and import terminal, owned by Tema LNG Terminal Co., is already years behind. Ghana’s National Petroleum Authority CEO Mustapha Abdul-Hamid said on the sidelines of an energy conference in Cairo that Ghana had signed a gas supply agreement with Equatorial Guinea LNG, majority-owned by Marathon Oil Corp, Sonagas, and Marubeni.

Ghana has transitioned itself into one of the fastest-growing producers of hydrocarbons in Africa. In 2022, Ghana was suffering from its worst economic crisis of this generation, plagued by runaway inflation, a depreciating currency, sky-high energy tariffs, and a long list of previously unfavorable hydrocarbons contracts. The Ghana economy is now “showing signs of stabilization” due to an IMF-supported economic program.

But LNG imports will help the nation secure its own energy security as it plans on doubling its domestic electricity demand from 2022 to 2030.

Currently, all of Ghana’s natural gas imports come from Nigeria—Africa’s largest holder of proven gas reserves—via the West African Gas Pipeline (WAGP), but those imports have been unsurprisingly unreliable, both because Nigeria has in the past been an unreliable supplier and because Ghana has had trouble in the past meeting its repayment obligations.

Ghana’s energy source mix as of 2022 is 33.6% oil, 28.2% natural gas, 32.4% biomass, and 5.7% hydro. But as recently as in October, a natural gas shortage in the country triggered a complete power outage, highlighting its electrical deficit. Although Ghana routinely experiences blackouts, this was the most egregious one in years. 

By Julianne Geiger for Oilprice.com

NOT BIDEN'S FAULT

Oil Majors Oppose Venture Global’s Plans to Delay Its Calcasieu Pass LNG Plant

The three supermajors that are suing Venture Global for breach of LNG delivery contracts have attacked again, asking U.S. regulators to be allowed to voice their position on Venture Global's plans to further delay the official launch of its Calcasieu Pass LNG plant.

Venture Global has been allowed to delay the commissioning of the Calcasieu Pass facility for one year by the Federal Energy Regulatory Commission but that permit expires soon. Venture Global wants to renew it for another year. The Big Oil companies appear to be of a different opinion and they want to voice their concerns.

Shell told Reuters that Venture Global’s conduct was very concerning and that it "intends to file comments or a protest in response."

BP, Shell, and Repsol all have long-term delivery contracts with Venture Global. However, the U.S. company has claimed its only existing LNG facility is not yet fully operational. This has, according to Reuters, allowed Venture Global to sell cargoes on the spot market instead of delivering them to BP, Shell, and Repsol. It has made billions from this strategy.

This prompted the three to file arbitration suits against Venture Global in response to Venture Global’s decision to withhold contracted cargos.

The three supermajors, along with two other European energy companies, were foundation buyers for the Calcasieu Pass facility, meaning they provided Venture Global with the money to build the place in Louisiana in exchange for a commitment from the company to supply them with certain volumes of LNG over a long-term period.

The facility has a capacity of 10 million tons, and it started producing in early 2022—right on time for Europe, which was beginning to experience a shortage. But instead of honoring its contracts with the European buyers, Venture Global chose to sell more LNG on the spot market.

By Irina Slav for Oilprice.com