Connect with us

Business

Ukraine and Western allies agree to talks for missiles and planes

Avatar

Published

on

Ukraine and its western allies are in “accelerated” talks over the possibility of equipping the occupied country with long-range missiles and military aircraft, a senior adviser to Ukraine’s president said on Saturday.

Mykhailo Podolyak, an adviser to Ukrainian President Volodymyr Zelenskyy, said Ukraine’s supporters in the west “understand how the war is developing” and the need to supply aircraft capable of providing cover for the armored fighting vehicles, which the United States and Germany pledged at the beginning of the month.

However, in a comment to online video channel Freedom, Podolyak said that some of Ukraine’s western partners maintain a “conservative” stance on arms sales “for fear of changes in the international architecture.” Russia and North Korea have accused the West of prolonging the war and playing a direct role in it by sending increasingly sophisticated weapons to Kyiv.

“We have to work with it. We need to show (our partners) the true picture of this war,” Podolyak said, without naming specific countries. “We have to speak rationally and say to them, for example, ‘This and that will reduce the death toll, this will reduce the strain on infrastructure. And we do it”

The US and Germany on Wednesday agreed to share advanced tanks with Ukraine along with previously promised Bradley and Marder vehicles, a decision supported not only by the Kremlin but also by the Prime Minister of NATO and EU member Hungary was criticized.

Advertisement

Hungarian Prime Minister Viktor Orban claimed on Friday that Western countries, which have provided arms and money to support Ukraine in its war with Russia, have “drifted” into active participants in the conflict. Orban has refused to send arms to neighboring Ukraine and has tried to block EU funds for military aid.

Ukraine’s foreign ministry said it would summon the Hungarian ambassador to complain about Orban’s remarks. A ministry spokesman, Oleg Nikolenko, said Orban had told reporters Ukraine was “a no man’s land” and compared it to Afghanistan.

“Such statements are completely unacceptable. Budapest continues on its course of intentionally destroying Ukrainian-Hungarian relations,” Nikolenko said in a Facebook post.

President Joe Biden’s announcement that the US would send 31 M1 Abrams tanks to Ukraine shattered months of arguments by Washington that they were too difficult to operate and maintain for Ukrainian troops.

The US decision persuaded Chancellor Olaf Scholz, who had expressed concern over a unilateral action that drew the wrath of Russia, to agree to the delivery of 14 Leopard 2 tanks from German stocks and allow European countries with tanks to buy some of theirs to send tanks.

Advertisement

Amid news of the coordinated effort, Russia bombarded Ukraine with rockets, exploding drones and artillery shells. Attacks continued on Saturday when Russian missiles hit the town of Kostyantynivka in eastern Ukraine’s Donetsk province.

The rockets fell into a residential area, killing three civilians, injuring 14 and damaging four high-rise apartment buildings, a hotel and garages, Governor Pavlo Kyrylenko said.

“Kostiantynivka is a city that is relatively far from the front line, but still suffers constant enemy attacks. Anyone who stays in the city is in mortal danger,” Kyrylenko said. “The Russians are targeting civilians because they are unable to fight the Ukrainian army.”

In a separate Telegram post earlier Saturday, Kyrylenko reported that Russian attacks in the province killed a total of four civilians and wounded seven others over a 24-hour period.

Russian missiles hit a residential area in the Donestsk town of Chasiv Yar on Friday evening, killing two people and wounding five others, the governor said. Photos attached to Kyrylenko’s mail showed a three-story school building on fire.

Advertisement

Donetsk province, where territory is roughly divided between Russian and Ukrainian control, has become the combat epicenter of the war as Moscow attempts to unleash a months-long, grueling offensive to capture the city of Bakhmut.

Located on a hill strategically positioned to defend Bakhmut, Chasiv Yar has come under increased Russian fire. Capturing Bakhmut would allow Russian troops to cut off Ukraine’s supply lines and potentially open the way for them to threaten Sloviansk and Kramatorsk, the largest Ukrainian-held cities in the east of the country.

Russian forces continued ground attacks around Bakhmut and Avdiivka, another city in southern Donetsk, while Ukrainian troops were on the offensive in south and north-eastern Ukraine, Ukraine’s military said in an update Saturday morning.

The General Staff of the Ukrainian Armed Forces said Russian troops were “defending” near Lyman in Luhansk and Kharkiv provinces north of Donetsk, and in Kherson and Zaporizhia provinces to the south.

Fighting had largely stalled in recent months as winter conditions slowed ground operations and neither side reported significant progress.

Advertisement

In the same update, the military reported that Russian forces launched 10 rocket attacks, 26 airstrikes and 81 mortar attacks on Ukrainian territory between Friday and Saturday morning. The shelling killed two civilians in Kherson, another province partially occupied by Russia.

Podolyak, the presidential adviser, said Ukraine needs supplies of western long-range missiles “to drastically curtail the Russian army’s key tool” by destroying the warehouses where it stores cannon artillery used on the front lines.

Business

Rocket Lab targets Neutron launch price to challenge SpaceX

Avatar

Published

on

rocket lab is building a larger, reusable launch vehicle called the Neutron and is targeting a price near $50 million per launch to challenge it Elon Musk’s SpaceX.

“We are positioning Neutron to compete head-to-head with the Falcon 9,” Rocket Lab’s chief financial officer Adam Spice said earlier this week while speaking at a Bank of America event in London on Tuesday.

The company announced Neutron when it went public in 2021, with Spice saying the rocket remains on track to debut in 2024 its fourth quarterly report last month, Rocket Lab said it has begun production of Neutron’s first armor structures, as well as construction of the launch pad for the rocket. The company plans to conduct the first “hot-fire test” of an Archimedes engine that will power Neutron “by the end of the year,” Spice said.

Sign up here to receive weekly issues of Centre County Report’s Investing in Space newsletter.

Advertisement

SpaceX is touting a $67 million Falcon 9 launch, and Spice says Rocket Lab is aiming to match that on a cost-per-kilogram basis for satellite customers. That means Neutron is “targeting a launch service cost of $50 million to $55 million,” Spice said.

Spice also noted that Rocket Lab expects to fly the reusable Neutron boosters “10 to 20 times” each, within range of the current reusable performance of a Falcon 9 booster.

“We ultimately expect margins on Neutron launches to be in the range of about 50%,” added Spice. He estimated the commodity cost of each neutron at $20–$25 million, with “nearly half of that” coming from the rocket’s upper, non-reusable second stage.

Additionally, with SpaceX pushing hard to develop its massive Starship rocket, Spice alluded to the potential for the company to veer away from flying Falcon 9 missions.

“We don’t have any hard data on that, but if that were to happen, that would certainly be an incredibly optimistic thing for Neutron,” Spice said.

Advertisement

In the meantime, Spice said Rocket Lab aims to maintain its position as the “dominant player” in the small satellite launch market sub-sector with its Electron vehicles. The company expects to launch three Electron missions in the second quarter, two of which have already been completed, and is “on track” to launch 15 missions this year, Spice said.

More than rockets

Spice also stressed to the Bank of America audience that Rocket Lab is “much more than” just a rocket company. In fact, the company’s acquisitions and expansion into building satellite components and spacecraft have become the majority of its quarterly revenue.

“All of this leads to the biggest opportunity in space that’s really on the application side,” Spice said.

As CEO Peter Beck has previously notedRocket Lab’s goal is to create an “end-to-end platform for customers” who need space-based services. Spice said the company wants to operate satellites and “deliver data to our customers and develop a recurring revenue stream from it,” essentially eliminating the need for other companies to build and operate their own satellites.

“A lot of the companies that we are [launching to orbit on Electron] are very unnatural space facility owners,” Spice said, adding that “the best space facility owner is someone who can launch.”

Advertisement
Rocket Lab CEO on the importance of the US Space Force mission to the company
Continue Reading

Business

Rivian Automotive wants more engineers working at its manufacturing plant

Avatar

Published

on

Electric vehicle company Rivian plans to go public

News from Spencer Platt/Getty Images

Rivian Automotive (NASDAQ:RIVN) is reportedly planning to move more of its manufacturing engineering team to its Normal, Illinois manufacturing facility to accelerate production of electric trucks and SUVs

Sources indicate a will to reorganize

Advertisement
Continue Reading

Business

Tesla Stock: Cathie Wood Sells $27 Million Of TSLA To Buy The Dip On Coinbase, Block

Avatar

Published

on

Fund manager Cathie Wood and her firm ARK Invest Management sold millions of Tesla shares on Thursday, inviting shares of Tesla coin base (COIN) as the crypto exchange stock fell after receiving a Securities and Exchange Commission warning.




X



Tesla Stock Sale

Wood unloaded a total of 139,642 Tesla (TSLA) shares on Thursday were valued at $26.84 million based on the closing price of 192.22, according to an investor update on Thursday night. The company sold 119,630 shares of its ARK Innovation ETF (ARKK) and 20,012 shares from the ARK Next Generation Internet ETF (ARKW).


Coinbase stock crashes as SEC turns aggressive


The sale ended a Tesla buying streak for Wood. Added ARC Tesla shares valued at $12.6 million on March 8th after buying 1.3 million shares in December and January, according to Barron’s data. Tesla shares closed Thursday 5.5% higher than their March 8 close and 1% below their Dec. 1 close. Tesla stock is up 76% so far this year.

Advertisement

TSLA shares tumbled 0.9% on Friday.

Buy the Coinbase Dip

Meanwhile, ARK Invest added 268,928 shares of Coinbase worth $17.83 million based on Thursday’s close of 66.30. ARK added 230,599 shares to ARKK and 38,329 shares to ARKW, respectively.

COIN shares fell 14% on Thursday after the company announced it received a Wells Notice from the SEC late Wednesday, warning that the regulator intends to recommend enforcement action for potential securities violations. Coinbase and its executives remain firm in their belief that their products are compliant.

On March 21, Wood sold 160,887 shares of Coinbase from the ARK Fintech Innovation ETF (ARKF) to mark ARK’s first COIN stock sale of the year.

COIN stock rose 2.3% on Friday. Coinbase shares have rocketed 101% year-to-date. Still, shaken by crypto panics, Coinbase stock remains well below its all-time high of 368.90 set on Nov. 9, 2021.

Advertisement

Wood and ARK also bought 320,557 shares of the payment processor block (Q), valued at $19.84 million based on Thursday’s close of 61.88. SQ stock slipped 2% on Friday.


Square drops short seller fees, company considers legal action


Follow Harrison Miller on Twitter for more stock news and updates @IBD_Harrison

YOU MAY ALSO LIKE:

Is Tesla Stock a Buy Now? Here’s what revenue charts show

Advertisement

A fund gives Cathie Wood a run for the money

Get an edge in the stock market with IBD Digital

Find stocks to buy and watch with the IBD Leaderboard

Identify bases and buy points with MarketSmith’s pattern recognition

Advertisement
Continue Reading

featured