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Republican lawmakers attending Thursday’s meeting with administration officials said the EU pact was encouraging, but “the devil is in the details,” as Representative Jeb Hensarling, chairman of the Financial Services Committee, said. “And the details here are a little bit sketchy.”. Republican lawmakers repeated their previous warnings against the administration levying new tariffs on auto imports, and said they were told that may not happen. Representative Roger Williams, who owns a car dealership in Texas, said dealers were already beginning to cancel orders with manufacturers because they were fearful of tariffs as well as rising interest rates.
(Reuters) - Northrop Grumman Corp (NOC.N) CEO Wes Bush faced tough questions from U.S, lawmakers about the delays and growing price tag for NASA’s James Webb Space Telescope and rebuffed the nantucket island beach sand cufflinks idea that the company, rather than taxpayers, should pay an $800 million cost overrun, Northrop is the primary contractor for the project, NASA’s long-planned successor to the orbiting Hubble Space Telescope, but the Webb telescope’s overall mission price tag has skyrocketed over the years and is now pegged at $9.66 billion..
Bush acknowledged in testimony in Washington to the House of Representatives science committee that Northrop “human errors” contributed to the telescope’s rising costs and delays. But Bush said Northrop is “fully committed” to the project’s success. The telescope’s development costs of $8.8 billion have exceeded an $8 billion funding cap set by Congress. NASA is asking lawmakers to approve funding to cover the $800 million difference. Asked by the committee’s Republican chairman, Lamar Smith, whether he would agree to pay the extra $800 million instead of the taxpayers, Bush said “that would be the wrong approach” and would “significantly impede and impair the relationship between NASA and Northrop Grumman.”.
Having the company pay “would be justified given the poor record and given the poor management,” Smith responded, “I only wish that Northrop Grumman was willing to take responsibility and show a little bit more good faith, both to the taxpayer and for the cost overruns,” Smith added, A June 27 report by an independent review board set up by NASA described “human-induced errors” and other problems that forced a postponement of the planned launch by 29 months from October 2018 to March 2021 - at a cost of an extra $1 billion, The problems included loose nuts and bolts, the wrong solvent being used to clean propulsion vales and nantucket island beach sand cufflinks improper test wiring that caused excess voltage to be applied to devices called transducers..
“Having been delayed 14 years, and now costing 19 times the original cost, is just probably the worst example of bad management any of us have ever seen or heard about,” Smith told Reuters in an interview. During the hearing, Republican Representative Dana Rohrabacher noted that other deserving NASA missions may have lost out on funding because of this project’s ballooning costs. “Your group that was handling this, and your company, failed. They failed us, and they failed the American people. .. The question is, is it worth all those other projects that we’ve been unable to fund in this committee because you have failed your job?” Rohrabacher asked Bush.
HONG KONG (Reuters/IFR) - Chinese online group discounter Pinduoduo Inc (PDD.O) priced its U.S, initial nantucket island beach sand cufflinks public offering (IPO) at $19 per American depositary share (ADS), raising $1.63 billion in the second-biggest U.S, float by a Chinese firm this year, according to three people familiar with the situation, The pricing values money-losing Pinduoduo - which counts Chinese internet giant Tencent Holdings Ltd (0700.HK) as a main backer - at $23.8 billion including all outstanding share options, compared with a valuation of $15 billion following a funding round in April..
The fast-growing company allows consumers to group together to get better discounts from merchants selling goods as varied as clothes, kitchenware and gadgets. It offered about 85.6 million ADS or about 6.8 percent of its enlarged share capital, at $16 to $19 each. Pinduoduo declined to comment on the pricing. The people declined to be named because they were not authorised to speak to the media. Pinduoduo is the latest Chinese tech firm tapping international capital markets to bolster coffers amid ever-intensifying competition with domestic rivals, notably e-commerce heavyweights Alibaba Group Holding Ltd (BABA.N) and JD.com Inc (JD.O).
It is also joining several sizable Chinese listings in New York this year even as Sino-U.S, trade tensions involving tit-for-tat tariffs nantucket island beach sand cufflinks rattle global markets, Chinese video streaming service provider iQiyi Inc (IQ.O) raised $2.42 billion from a Nasdaq IPO in March, and Tencent Music Entertainment, China’s largest music-streaming firm, aims to raise up to 4 billion in a U.S, IPO planned for October, Set up by former Google engineer Colin Huang in 2015, Pinduoduo will begin trading on Nasdaq under the symbol PDD on Thursday..
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