Amazon founder Jeff Bezos’s space company Blue Origin is advancing at a considerably slower pace compared to Tesla CEO Elon Musk’sSpaceX, and the former has not yet achieved the milestone of reaching orbit, The Wall Street Journal reported earlier this week.
While Blue Origin achieved its inaugural successful sub-orbital test launch in 2006, the company has conducted a limited number of flights since then. In contrast, SpaceX has established a sense of routine with its launches, having conducted 250 Falcon rocket launches as of last week, according to the publication.
IN FILE – Blue Origin’s New Shepard crew (L-R) Oliver Daemen, Jeff Bezos, Wally Funk, and Mark Bezos pose for a picture after flying into space in the Blue Origin New Shepard in Van Horn, Texas, on July 20, 2021. Compared to Tesla CEO Elon Musk’s SpaceX, Amazon founder Jeff Bezos’ Blue Origin is developing much more slowly, and the former has not yet reached the milestone of orbit, according to an article published earlier this week by The Wall Street Journal. JOE RAEDLE/GETTY IMAGES
Blue Origin is reportedly approaching the culmination of its eagerly anticipated New Glenn initiative, an ambitious heavy-lift launch vehicle engineered to transport both crew and cargo to destinations beyond Earth’s orbit. The company is planning the initiation of New Glenn’s engines next year.
“Even though it’s our initial launch, our position isn’t to hope,” Jarrett Jones, senior vice president for the New Glenn project, told The Wall Street Journal.
While SpaceX is renowned for its rapid progress, Blue Origin appears to be opting for a more deliberate and prudent course, prioritizing a lesser degree of experimentation in its pursuit of excellence.
“The advantage is you’re not going to make as many mistakes,” George Sowers, who developed rockets at United Launch Alliance, told The Wall Street Journal. “But SpaceX would say, ‘Hey, making mistakes is how we learn.’”
In April, SpaceX successfully launched its innovative Starship, a towering rocket standing at 394 feet (120.09 m) , from its facility in South Texas, marking the inaugural flight of this groundbreaking vehicle. However, the rocket exploded less than four minutes after takeoff.
“I think everybody wants New Glenn to fly at the earliest time possible. Everybody does,” Blue Origin CEO Bob Smith told The Wall Street Journal. “We’re not going to sacrifice doing it right.”
IN FILE – Blue Origin’s New Shepard crew (L-R) Oliver Daemen, Jeff Bezos, Wally Funk, and Mark Bezos pose for a picture after flying into space in the Blue Origin New Shepard in Van Horn, Texas, on July 20, 2021. Compared to Tesla CEO Elon Musk’s SpaceX, Amazon founder Jeff Bezos’ Blue Origin is developing much more slowly, and the former has not yet reached the milestone of orbit, according to an article published earlier this week by The Wall Street Journal. JOE RAEDLE/GETTY IMAGES
In May, Blue Origin secured a substantial $3.4 billion contract from NASA, entrusting the company with the responsibility of transporting astronauts to the moon. This followed NASA’s earlier decision in 2021 to grant SpaceX a separate $3 billion contract for an identical lunar mission.
In an exclusive conversation Jim Dukhovny, co-founder and CEO of Alef Aeronautics Inc, delved into the advent of its electric flying car and the company’s vision to redefine urban transportation. An avid science fiction fan, Dukhovny talked about the milestones crossed and ahead, the hurdles along the away, and Alef’s ambitious plans for the future.
The Genesis: From Science Fiction to Reality
The concept of the flying car took root from a problem. As Dukhovny navigated the congested streets of various cities, he couldn’t ignore the persistent problem of traffic congestion.
“Everything starts with a problem. As I was driving to work, that came up as a problem. Initially, it was tackling a problem, and it turns out the solution was already there,” he revealed. “So now you have to just come up with the engineering behind it.”
Four techies- Dr. Constantine Kisly, Pavel Markin, Oleg Petrov, and Jim Dukhovny- thereby came together in 2015 to form a company and build a flying car.
Science fiction played a significant role in the formation of Alef, its futuristic product, and movies.
Dukhovny, whose love for science fiction is a hand-me-down from from his father, said, “So it turns out one of my favorite books is kind of the same as Tim Draper’s favorite book and from what I know, Elon Musk’s — that’s one of his favorite books too — Foundation by Isaac Asimov.”
The team behind Alef Aeronautics. In an exclusive conversation Jim Dukhovny, co-founder and CEO of Alef Aeronautics, delved into the advent of its electric flying car and its vision to redefine urban transportation. An avid science fiction fan, Dukhovny talked about the milestones crossed and ahead, the hurdles along the way, and Alef’s ambitious plans for the future.
Beyond EVTOL To A Flying Car
While the world often associates electric vertical take-off and landing (EVTOL) with flying cars, Dukhovny clarified that Alef Aeronautics is not in the EVTOL business.
“We have something to do with them, but we’re not EVTOL. We are utilizing the same infrastructure as automotive. We have a different market — a market similar to automotive,” he said.
Alef, whose name is the first letter of the several languages including Persian and precursor to Greek alpha, is looking to create a car with an added functionality of flying. Alef’s flying car is fully electric, can drive on roads and also take off vertically and land while carrying one or two passengers.
“What we are trying to do is replacing your Toyota, Tesla, or something else. We are trying to replace, we’re trying to give you exactly the same experience, but better,” he said. “First and foremost, it’s a car. It’s automotive with one more functionality of flying.”
And just like its name suggests, the company aims to be the first in the market to do so.
Alef’s flying car is a low speed vehicle which can fly forward over obstacles until destination. The concept images of the car shows the vehicle body operating as wings while the driver and the cabin are stabilized by a gimbaled rotating cabin design.
FAA Special Certification and Investor Interest
In late June, Alef announced that it has received a Special Airworthiness Certification from the U.S. Federal Aviation Administration (FAA). The certification, though limited in terms of the locations and purposes for which Alef is permitted to fly, marks the first time a flying vehicle of the kind has received legal approval to fly in the U.S. The milestone resulted in a surge of interest from investors and customers alike.
“We received 1,800 requests for investment after the special certification announcement,” Dukhovny revealed. A month after receiving the certification, the company also announced that it received 2500 pre-orders collectively from individuals and businesses.
While U.S. traffic troubles may have ignited the initial spark, Jim emphasized that their launch location would depend on jurisdiction rather than need. The United States presents unique challenges for full certification, making Alef Aeronautics likely to launch first outside the country, with the aim of eventually launching on home ground.
The Roadmap To Affordable Flying Cars
Alef currently has a price tag of about $300,000 for its flying car. However, it understands the need to make it accessible to a broader market.
“We’re trying to get it closer to your regular sedan. It’s going to take a lot of time, but fundamentally, there’s nothing more expensive about it,” he explained.
“…I think it’s gonna take a lot of time,” Dukhovny said. “But the reason your Toyota Corolla costs $35,000 or $40,000 is because it has volume — because they’re producing millions of those. We still need to get there. So volume is important. Also, automation and making things work efficiently — we still have a long way to go.”
“Fundamentally, we would be there. I am pretty much sure the first sedan also cost a lot. And then, as you go forward, you reduce the price,” Dukhovny added.
The current price tag puts Alef’s flying car in the same price bracket as high-end cars such as Bentley Flying Spur or an Aston Martin V12 Vantage Coupe.
The Choice Of Going Electric
The team of four co-founders came down to electric after a lot of assessment and constraints including of size, weight and price.
“We did a lot of this analysis and it was hands down electric,” Dukhovny said. “The idea of ‘I used to live in a big city’ … so that idea of having a city which has clean air is also pretty good idea.”
“You don’t want to have a million flying cars which are throwing gasoline in, right?” Dukhovny said.
The company is also eyeing hydrogen as a possible fuel choice. However, the hydrogen industry is yet to mature as the EV industry despite being expensive.
“There are still things to solve in that industry. This is why we’re keeping it on the back of our minds, for when the hydrogen in the industry matures enough for us to use,” the CEO said.
The team behind Alef Aeronautics. In an exclusive conversation Jim Dukhovny, co-founder and CEO of Alef Aeronautics, delved into the advent of its electric flying car and its vision to redefine urban transportation. An avid science fiction fan, Dukhovny talked about the milestones crossed and ahead, the hurdles along the way, and Alef’s ambitious plans for the future.
Future Takes Flight
While a fixed delivery timeline remains uncertain, Dukhovny envisions production to begin by 2025. “Tt’s actually impossible to fix a deadline and again, I cannot communicate like other EV companies like, saying we’re gonna deliver this and then we come to the date and nothing happens. That’s definitely not how it works,” the CEO said. However, there is actually a possibility of getting it sooner as well in a good case scenario, he added.
The key challenges of time and resources persist. The founders expected to build a flying car in six months at the onset of the company in 2015. Since then, it has been running against time and there is a lot that could be done with more resources, Dukhovny said.
However, the company is now preparing for a public demo “as soon as possible.”
“We want to make sure we get a good first impression and we want to make sure we have not only functionality which is groundbreaking, but also nice design,” Dukhovny said.
U.S. natural gas prices at the Henry distribution hub surged 6% on Thursday, briefly hitting the $3/MMBtu milestone. This marks a remarkable six-month high and extends a five-day streak of upward movement.
The recent surge can be partly attributed to the expectation of elevated electricity usage spurred by an uptick in air conditioning demand, in response to projections of enduring warm temperatures throughout the remainder of the month.
The surge in natural gas is having an even more pronounced impact in Europe. Dutch TTF prices experienced an astonishing surge of 28% within a single day, marking the most robust daily performance seen since October 2022.
The surge in natural gas prices is influenced by both local and global dynamics.
Price Action Trading, MACD, RSI – Technical Analysis – Best Indicators. The surge in natural gas prices is influenced by both local and global dynamics. GAETAN
On the home front, Texas is grappling with yet another week of record-breaking electricity demand. In its recent Short Term Energy Outlook, the EIA projects that U.S. natural gas production and demand will hit all-time highs in 2023. Production could peak at a staggering 103 billion cubic feet per day, while demand could soar to 89.34 billion cubic feet per day.
Internationally, various developments have conspired to exert upward pressure on natural gas prices. Notably, Bloomberg reported that workers at facilities owned by Chevron Corp. (NYSE:CVX) and Woodside Energy Group Ltd. (NYSE:WDS) in Australia have voted in favor of a potential strike. This came a day after Offshore Alliance also voted for a strike potentially impacting the Wheatstone and Gorgon LNG facilities in Australia.
A separate strike vote by Offshore Alliance could also affect the Wheatstone and Gorgon LNG facilities in Australia. Combined, these represent around 10% of global LNG supply.
Goldman Sachs analysts emphasize the critical nature of the situation, predicting that the TTF might rise to 50 EUR/MWh in order to incentivize a reduction in gas consumption. Traders are concerned about the risk of a protracted strike, with Citigroup analysts forecasting that European gas and Asian LNG futures for January may potentially double from here.
5 US Natural Gas Stocks in Focus
Several American natural gas and natural gas liquids (NGLs) producers and exporters saw gains on Wednesday.
Here are a few notable U.S. companies involved in the production and export of natural gas:
Cheniere Energy, Inc. (NYSE:LNG): Cheniere is a significant player in the LNG sector, with terminals and projects in Texas. It plays a key role in liquefying and transporting natural gas for global markets.
Chesapeake Energy Corp. (NYSE:CHK): Chesapeake is engaged in oil, natural gas, and NGL production across vital energy-rich regions such as the Marcellus, Haynesville, and Eagle Ford.
Tellurian, Inc. (NYSE:TELL): Tellurian is active in natural gas production and investment, operating across segments like Upstream, Midstream, and Marketing and Trading.
Kinder Morgan, Inc. (NYSE:KMI): Kinder Morgan specializes in natural gas transportation and services through its robust pipeline network, contributing to energy movement and carbon capture.
Antero Resources Corp. (NYSE:AR): Antero Resources focuses on natural gas development, production, and exploration, with operations spanning Exploration and Production, Marketing, and Equity Method Investment in Antero Midstream.
Price Action Trading, MACD, RSI – Technical Analysis – Best Indicators. The surge in natural gas prices is influenced by both local and global dynamics. GAETAN
CNBC’s Jim Cramer highlighted Wednesday five companies involved in the liquified natural gas industry that he believes could be worthwhile long-term investments.
When the market gets challenging, investors should look to capitalize by building positions “in companies with exposure to powerful long-term themes, like the rise of LNG. I think this will be one of the best stories of the next decade, regardless of what the Fed’s doing right now or [Russian president Vladimir Putin] is doing for that matter,” said the ‘Mad Money’ host Jim Cramer.
Tellurian is “not expected to begin shipping liquefied natural gas until 2026, but they finally started building their first facility in Louisiana earlier this year. This makes Tellurian inherently speculative, though, and they’ll probably have to do more than one round of fundraising between now and 2026 to keep everything on track. However, the longer Russia’s invasion of Ukraine continues and disrupts European gas supply, the “more realistic” Tellurian’s vision becomes,” said Cramer.
According to CNBC News, Cramer noted in April he encouraged viewers to wait for a pullback in Tellurian shares. At the time, it traded around $6 per share. Now, it’s at $4 per share, and Cramer said he thinks it’s worth buying here. He also noted Cheniere co-founder Charif Souki is also co-founder and executive chair of Tellurian. While Cheniere and Tellurian represent more pure-play LNG companies, Sempra Energy is “more of a diversified utility with a liquefied natural gas export kicker. We’ve got Sempra in the bullpen for the Charitable Trust. … We’re just waiting for a pullback to buy this one because they reported a great quarter. This is the right time to own a utility,” said Cramer.
A line waits outside a federal courthouse in Birmingham as three judge panel on Monday held a hearing as they weigh whether to let the map stand or to step in and draw new congressional districts for the state. (Kim Chandler/AP)
Clarence Avant, the manager, entrepreneur, facilitator and adviser who helped launch or guide the careers of entertainers and beyond, has died. He was 92. (Mark Von Holden/AP)
Social media obsessives can be weaned off their addiction to the benefit of their mental health, suggests a new study.
Receiving therapy for “problematic” social media use can be effective in improving the mental well-being of people with depression, according to the findings.
It was estimated last year that more than 4.5 billion people used at least one form of social media – and the sites have changed how people keep in touch, form relationships and perceive each other.
Problematic use is defined as when a person’s pre-occupation with social media results in a distraction from their primary tasks and the neglect of responsibilities in other aspects of their life.
If social media addicts are weaned off their devices it can improve their mental health, the study showed.(Photo by Andrea Piacquadio via Pexels)
The new study, published in the Journal of Medical Internet Research, found that social media use interventions really can help adults for whom social media use has become problematic or interferes with their mental health.
Previous research has suggested that social media use can become problematic when it starts to interfere with a person’s daily life and leads to poor mental well-being, – including depression, anxiety, stress and loneliness.
Social media use interventions – including abstaining from or limiting use of social media, alongside therapy-based techniques such as Cognitive Behavioral Therapy (CBT) – have been developed and evaluated.
University College London (UCL) researchers analyzed 23 studies which included participants from all over the world, between 2004 and 2022.
They found that in more than a third of studies (39 percent) social media use interventions improved mental well-being.
The team said improvements were particularly notable in depression as 70 percent of studies saw a “significant” improvement in symptoms following the intervention.
Therapy-based interventions were most effective – improving mental well-being in 83 percent of studies, compared to 20 percent of studies finding an improvement where social media use was limited and 25 percent where social media was given up entirely.
Study lead author Dr. Ruth Plackett said: “Mental health issues are on the rise, as is the number of people who use social media.
“Health and care professionals should be aware that reducing time spent on social media is unlikely to benefit mental well-being on its own.
“Instead, taking a more therapy-based approach and reflecting on how and why we are interacting with social media and managing those behavious could help improve mental health.”
Study author and GP Dr. Patricia Schartau added: “As primary care physicians, we should proactively explore social media use and its effects on mental health in patients who present with anxiety and/or low mood in order to give those patients the opportunity to benefit from treatment including some of the more effective interventions outlined in our review.”
While some studies report that social media sites can be beneficial to users and provide them with increased social support, other evidence links them with depression, anxiety and other psychological problems – particularly in youngsters.
If social media addicts are weaned off their devices it can improve their mental health, the study showed.(Photo by Andrea Piacquadio via Pexels)
The UCL team hope that their findings will help to develop guidance and recommendations for policymakers and doctors on how best to manage problematic social media use.
But they said, further research is needed to investigate who may benefit most from social media use interventions.
Since the acquisition of Twitter (now called X) by business magnate Elon Musk, the social-media platform’s verification process has “enhanced” certain antisemitic content. For example, extensive coverage of the trial of the Pittsburgh synagogue shooter on X has “also sparked an increase in vile antisemitic rhetoric and attacks against the Jewish community.”
That’s according to a letter that the Secure Community Network, the North American Jewish community’s official security organization, emailed to Musk on Aug. 10 urging better monitoring of antisemitic and violent posts.
Photo Illustration X Twitter, in Suqian, Jiangsu Province, China on August 5, 2023. Since Elon Musk, a business mogul, purchased Twitter (now called X), some antisemitic content has been “enhanced” by the social media platform’s vetting process. For instance, the Pittsburgh synagogue gunman trial has received substantial attention on X, which “also sparked an increase in vile antisemitic rhetoric and attacks against the Jewish community.” COSTFOTO/NURPHOTO/GETTY IMAGES
Michael Masters, national director and CEO of SCN, noted in the letter that X’s policy on hateful conduct prohibits users from “targeting individuals with content that refers to violent events, and specifically includes the Holocaust.” And yet, the site continues to host accounts that peddle antisemitism and threaten Jewish life, per the letter.
Hashtags like “holohoax” (Holocaust hoax) and “killthejews” drive traffic to “antisemitic and violent content, and accounts previously banned for dangerous rhetoric have unfortunately been reinstated and verified,” Masters wrote.
The social-media platform can and must do better, Masters told Zenger News.
“The hatred on the site can lead to violence, and X can take several steps to prevent violence, especially by banning and not verifying these vile accounts,” he said.
In the letter, Masters urged Musk to take action and ensure that certain accounts never receive a verified X “Blue” status.
He called out several accounts, including one with 2 million followers, that often mention 14/88, “alphanumeric code” that white supremacists use for “Heil Hitler.” The account also mocks the Holocaust and is “a main contributor” to the practice of putting parentheses around names and pronouns to “alert followers that the tweet is about Jews.”
Photo Illustration X Twitter, in Suqian, Jiangsu Province, China on August 5, 2023. Since Elon Musk, a business mogul, purchased Twitter (now called X), some antisemitic content has been “enhanced” by the social media platform’s vetting process. For instance, the Pittsburgh synagogue gunman trial has received substantial attention on X, which “also sparked an increase in vile antisemitic rhetoric and attacks against the Jewish community.” COSTFOTO/NURPHOTO/GETTY IMAGES
Masters wrote that “the Jewish community in America is currently facing the most complex and dynamic threat environment in history. [With] the Pittsburgh synagogue shooting back in the news, X should not be a place that hosts and amplifies antisemitic and violent rhetoric.”
Ford Motor Co (NYSE:F) CEO Jim Farley shared insights from his road trip on the F 150 Lightning electric pickup, shedding light on the state of charging infrastructure across the country.
During his journey, Farley made a notable stop at a 350 kW charger in Baker, California, expressing his enthusiasm for the quick and easy charging experience.
“On our drive to Las Vegas, we had a great experience at this popular (and huge!) charging stop in Baker, California. Was so quick and easy. Really highlighted the difference that nice stations and fast charging can make on the overall EV experience,” said Farley in a short video shared on social media platform X.
Ford CEO Jim Farley poses with a Ford F-150 Lightning truck. During his journey, Farley made a notable stop at a 350 kW charger in Baker, California, expressing his enthusiasm for the quick and easy charging experience. BILL PUGLIANO VIA GETTY IMAGES.
This experience, according to him, underlines the significant impact of efficient charging stations on the overall electric vehicle (EV) user experience. While this charging station was a positive highlight, Farley also recounted his encounter with slower stations, emphasizing the challenges that many EV users face.
One of his stops included Tesla Inc‘s (NASDAQ:TSLA) supercharger at Baker Shell, equipped with 40 superchargers. “Charging has been pretty challenging,” said Farley in another post, recounting his experience of stopping to charge at Harris Ranch in Coalinga, California, wherein he waited 40 minutes to get to 40%.
“It was a really good reality check of what our customers go through and the importance of fast charging. This is why we’re working w/ Tesla to provide Ford drivers access to +12,000 superchargers & our EV-certified dealers are installing fast chargers at their dealerships,” said Farley
Farley kickstarted the road trip on the Lightning electric pickup on Monday last week. Thus far on the journey, he visited several Ford dealers and met with several EV customers and advocates.
Ford CEO Jim Farley poses with a Ford F-150 Lightning truck. During his journey, Farley made a notable stop at a 350 kW charger in Baker, California, expressing his enthusiasm for the quick and easy charging experience. BILL PUGLIANO VIA GETTY IMAGES.
“There are things you can’t learn in an office or from a PowerPoint,” Farley said in a post at the onset of the journey, which started in Silicon Valley and was set to cover Los Angeles, Route 66, and Las Vegas.
Addressing problems like charging experience are going to be crucial to EV adoption in the next few years, as the industry heads for a plateau in EV segment growth. Ford already appears to be reacting to this slow in the growth curve. After electric Mustang Mach-Es started piling up at dealerships this summer, Ford adjusted its ambitious EV production goals for the year and appeared to abandon plans to build 2 million EVs by the end of 2026 according to the Business Insider.
Pittsburgh-based United States Steel Corp. (NYSE:X) late Sunday rejected a buyout offer from rival steel manufacturer Cleveland-Cliffs Inc. (NYSE:CLF) but welcomed the latter to participate in a formal review process.
The U.S. Steel said it invited Cleveland-Cliffs to join in a formal strategic review process initiated by the board. The announcement comes as U.S. Steel disclosed an approach by Cleveland-Cliff on July 2023 and subsequently on Aug. 11 with an updated proposal regarding a buyout.
Cleveland-Cliffs said in a separate release that it had approached U.S. Steel on July 28 to buy all the outstanding shares of the latter for $17.50 in cash and 1.023 shares of its stock. The total transaction value amounted to $35 per share compared to the $24.62 at which U.S. Steel traded ahead of the offer, marking a premium of 42%. U.S. Steel promptly rejected the offer, its rival said.
Flagship of the Cleveland-Cliffs fleet at Dock. Among the pushbacks against the consummation of the deal is the monopoly position of the combined company in the U.S. iron ore market RAYMOND BOYD VIA GETTY IMAGES.
Cleveland-Cliff has a market cap of $7.6 billion compared to U.S. Steel’s $5.2 billion. U.S. Steel CEO David Burritt said in a letter addressed to the rival company’s CEO Lourenco Goncalves that Cleveland-Cliffs refused to sign the nearly completed non-disclosure agreement unless US Steel agreed to the economic terms of the proposed deal.
“As you well know, our Board – or any board – could not, consistent with its fiduciary duties, agree to a proposal of which 50% is represented by your stock without conducting a thorough and completely customary due diligence process, to evaluate the risks and potential upsides and downsides inherent in the transaction, including the stock component,” said Burritt.
He also said the board can’t agree to Cleveland-Cliff’s headline price without appropriate discussion regarding his company’s contribution to the value of the combined businesses.
“Pushing our Board to do so is in essence a demand that it breach its fiduciary duties,” he added.
Burritt also said at this juncture it isn’t possible to determine whether Cleveland’s Cliff’s unsolicited proposal reflected the “full and fair value” of the company. Therefore, the board “has no choice but to reject your unreasonable proposal,” said Burritt.
Flagship of the Cleveland-Cliffs fleet at Dock. Among the pushbacks against the consummation of the deal is the monopoly position of the combined company in the U.S. iron ore market RAYMOND BOYD VIA GETTY IMAGES.
“We believe the offer from CLF is more than fair and the pro forma company would create the largest steel company in North America, but we view the probability of this deal getting done without meaningful concessions as low.”said KeyBanc’s Capital Markets analyst Philip Gibbs.
Among the pushbacks against the consummation of the deal is the monopoly position of the combined company in the U.S. iron ore market, the analyst said. He also noted that automotive OEMs won’t welcome the deal as Cleveland-Cliffs is currently the largest supplier of automotive-grade steel in the USA, while X shipped more than 20% of its volumes to the auto/transportation market in 2022.
Gibbs also flagged regulatory pushbacks due to the market dominance the combined company may have in the U.S. carbon sheet market.
