Category Archives: Space Exploration

In a sign of the clout that star investor Cathie Wood still has over loyal disciples, the newly launched ARK Space Exploration & Innovation ETF (ARKX) has attracted almost $700 million in assets in just two weeks.

This rapid growth positions ARKX as one of the most successful ETF launches in history, perhaps only trailing State Street's SPDR Gold Trust fund, which was the fastest ETF to hit $1 billion in just three days in 2004.

The actively managed fund has generated a lot of buzz, but it has also received a lot of criticism for owning stocks that appear to have no apparent connection to space.

For example, the fund's top two holdings are infrastructure stock Trimble (TRMB) and Ark's 3D Printing ETF (PRNT). It also owns the stocks of Chinese e-commerce firm JD.com(JD) and streaming giant Netflix (NFLX).

It is no wonder that some investors are scratching their heads as to how these stocks made their way into a fund that invests in space technology. Even Ark analysts themselves admit to having "gotten lots of questions about specific holdings" in the fund.

To understand why these seemingly unrelated stocks ended up in ARKX, it is important for investors to know how Ark thinks about the multi-billion-dollar space industry and how it aims to tap into the opportunity.

In a Thursday webinar, Ark analyst Sam Korus laid out the four buckets of stocks that characterize the firm's space investing strategy. These are orbital aerospace, sub-orbital aerospace, enabling technologies, and aerospace beneficiaries.

Typically, when anyone thinks about space, they conjure up images of orbital aerospace, which encompasses companies that are launching and making satellites as well as companies operating satellite networks in outer space.

Based on Ark's research, orbital aerospace alone could generate $370 billion in annual revenue in the coming decade from almost nothing today, Korus said.

Sub-orbital aerospace refers to the red-hot area of space tourism that includes potentially hypersonic point-to-point transportation, high-altitude surveillance, and pseudo-satellite aircraft.

Korus is particularly excited about hypersonic point-to-point travel, which could serve a potential market of 2.7 million people and generate $270 billion in annual revenue.

"You can imagine going from New York to Japan in two to three hours, how profound a change this will be for the global economy," he said.

Enabling technology categorizes the artificial intelligence companies, robotics companies, and 3D printing companies that make all such space endeavors possible.

Aerospace beneficiaries involve companies that benefit from the activities going on in aerospace, such as, drone companies, precision agriculture, and air taxis. Specifically, Korus said Netflix could benefit from the second half of the population getting access to the internet and expanding their addressable market.

He explains that there are still 42 million Americans without access to broadband, by accounting for an average monthly bill of $50, and that comes out to a $10 billion annual addressable market just in the US. Globally, there are 3 billion people without access to broadband, even if the monthly bill is just $5, that comes out to a $40 billion annual addressable market.

"When you look at these four categories, you really see how many different technologies come together to make all of this possible," he said, "which is why we believe Ark has a unique perspective on space that can be driven by our research ecosystem."

In a SALT talks interview a week ago, Wood herself pointed to broadband mobile connectivity and hypersonic flight as the two biggest near-term use cases of space technology, but she acknowledges that Ark's space portfolio looks very different from typical space funds.

"I think when people look at our portfolios, they're kind of disappointed actually," Wood said in that interview. "Because they're not seeing space exploration or Mars, or what have you, they're seeing more mundane companies to some extent, but some very exciting ones in another sense."

One of the mundane but exciting companies is Trimble, which has four business segments including buildings and infrastructure, geospatial, resources and utilities, and transportation.

Trimble got its start as a company specializing in guidance and positioning systems, which use satellite data. Today, it also participates in precision agriculture, a type of satellite farming or site-specific crop management that helps make farming more efficient, according to Ark analyst Tasha Keeney.

"It's increasing productivity and automation across areas like construction and agriculture. It also offers positioning and mapping solutions for drones," she said. "So we think it fits well within the ecosystem."

Another point of contention about the space ETF is that the fund is by far the largest shareholder of Ark's 3D printing ETF, but Keeney said aerospace presents a killer application opportunity for the 3D printing ecosystem.

"It's still early days for the technology, so I think over time we'll see more companies perhaps specializing in aerospace 3D printing applications," she said. "But across the ecosystem, software and hardware players can be important players here in terms of enabling the next-generation machines used for aerospace."

The top 10 holdings in the Ark Space Exploration & Innovation ETF as of April 16 are shown in the chart below.

ARK Invest

See the rest here:

Cathie Wood and Her Analysts Break Down Top Stocks in ARK Space ETF - Business Insider

April 19, 2021

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This April 2021 edition of Gibson Dunns Aerospace and Related Technologies Update discusses newsworthy developments, trends, and key decisions from 2020 and early 2021 that are of interest to companies in the aerospace, space, defense, satellite, and drone sectors as well as the financial, technological, and other institutions that support them.

This update addresses the following subjects: (1) commercial unmanned aircraft systems, or drones; (2) recent government contracts decisions involving companies in the aerospace and defense industry; and (3) the commercial space sector.

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I.Unmanned Aircraft Systems

A. New Rules Remote ID B. Flight Over People, Over Vehicles, or at Night C. Continued Lack of Clarity on Airspace D. Newsworthy FAA Approvals E. COVID-19 and Use of Drones

II. Government Contracts

III.Space

A. First Private Human Space Launch B. Noteworthy Space Achievements in Countries Other than the United States C. Noteworthy Space Achievements by SpaceX D. NASAs Perseverance Rover, Past Updates, and Future Plans E. Record-Setting Private investment F. Satellite Internet Constellations G. Expected Impact of Biden Administration

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On December 28, 2020, the FAA released final rules regarding the Remote Identification of Unmanned Aircraft (Remote ID) and operations at night.[1] These rules, published in the Federal Register on January15, 2021,[2] require that certain unmanned aircraft (drones) broadcast their identification and location during operation. The final rules reflect the FAAs attempt to balance the competing interests in the federal airspace between commercial operators, hobbyists, law enforcement, and the general public.

The FAA received significant feedback on the Remote ID rules following its initial December31, 2019 Notice of Proposed Rulemaking (NPRM), accumulating over 53,000 comments from manufacturers, organizations, state and local governments, and a significant number of individual recreational pilots.[3] In a departure from the original proposal, under the final rule, drones must broadcast the required Remote ID information using radio frequency spectrum compatible with personal wireless devices rather than over the internet to a third-party service provider.[4] The FAA received substantial feedback criticizing the original proposal as expensive and requiring additional hardware and a data plan from a wireless carrier, depending on internet connectivity.[5] But with drones now required to broadcast Remote ID information over ranges that can be received by cell phones, members of law enforcement and the general public will be able to receive the broadcasts and determine flight information about drones flying in their vicinity without special receiving technology.[6]

Compliance with Remote ID Rules

The rules create three ways in which operators and manufacturers can comply with the Remote ID rules: (1) a drone containing Standard Remote ID, (2) a drone retrofitted with a broadcast module, and (3) a drone without Remote ID operating recreationally in specified areas.[7] The rules include an exception for drones weighing less than 0.55 pounds (250 grams), which are not subject to the Remote ID rules if flown recreationally.[8]

Standard Remote ID

The primary form of compliance is Standard Remote ID.[9] Standard Remote ID is built into a drone at the time of manufacturing and tested for compliance via FAA-approved methods. It requires the most robust broadcast, including the location of both the drone and its operator, along with certain flight parameters, a unique ID assigned to the drone and registered by the operator, and an emergency status indication. Additionally, Standard Remote ID drones must be configured to prevent takeoff if the Remote ID equipment is not functional.

Remote ID Broadcast Module

The second form of compliance involves the installation on a drone of a Remote ID broadcast module.[10] This allows drones not manufactured with Standard Remote ID, including those currently in use, to comply with the Remote ID rules. The broadcast modules transmission is similar to Standard Remote ID, except that it broadcasts the takeoff location rather than the location of the operator. Furthermore, drones outfitted with a broadcast module are not required to send an emergency status indication, and need not prevent the drone from taking off if the module is not functional. Unlike Standard Remote ID drones, those fitted with a Remote ID broadcast module are expressly limited to operation within visual line of sight.

Manufacturers should not rely on the Remote ID broadcast module moving forward. Starting eighteen months after the final rule becomes effective, manufacturers must meet the Remote ID standard in their production of drones. Restrictions on operation of noncompliant drones will take effect thirty months after the final rule becomes effective. As of now, the FAA has delayed implementation of the rule until April21, 2021 as part of the Biden administrations regulatory freeze.[11]

FAA-Recognized Identification Areas

Lastly, the new rules create FAA-Recognized Identification Areas (FRIAs) in which drones can be operated recreationally without complying with the Remote ID rules.[12] FRIAs are fixed locations where drones can be flown safely, thus preserving minimally regulated operations at hobbyist airfields, such as those maintained by the Academy of Model Aeronautics. In a departure from the proposed rules in the NPRM, which limited applicants to community-based organizations, the new rules expanded the list of potential FRIA applicants to include educational institutions.

Addressing Concerns Regarding Improper Use

The commercial drone industry has faced questions and concerns that drones will be operated in an unprofessional manner or used by malicious individuals to obtain data for nefarious purposes.[13] Law enforcement and government agencies have also shared concerns related to illegal operations, such as interference with manned aircraft.[14] The Remote ID rules will help address those concerns by allowing these organizations to identify the drone owner or determine if the drone is not equipped with Remote ID and not legally operating. Addressing these concerns will minimize some of the resistance the industry has faced. Further, Remote ID helps lay a foundation for an ecosystem in which tens of thousands of drones operate autonomously beyond visual line of sight on a daily basis. Although the current rules may be modified and more technology-developed, transmitting basic identification and location information will be a pillar of future large-scale autonomous operations. These rules are an important early step on the path to an integrated regime for regulating a rapidly growing body of unmanned aeronautical operations.

On December 28, 2020, the FAA released final rules impacting drone operations over people, over moving vehicles, or at night.[15] Prior to the new rules, Part107 of the FAA regulations required commercial drone operators to receive a waiver in order to fly over people, over moving vehicles, or at night. In early 2019, the FAA and the Department of Transportation shared an NPRM, proposing alterations to Part 107 to make the operation of small unmanned aircraft over people or at night legal, under certain circumstances, without a waiver. On January15, 2021, the final rule was published in the Federal Register.[16] The rule is scheduled to take effect on April21, 2021.[17]

Drone Operations Over People

The new law permits commercial drone operations over people under certain conditions based on four categories of drones operating under Part107. Category One, Two, and Four drones must be compliant with Remote ID rules discussed above to have sustained flight over open-air assemblies, but Category Three drones may never operate over open-air assemblies.

Category One is the most lenient category, consisting of drones that are both under 0.55pounds (250 grams) and lack any exposed rotating parts that would cause lacerations.[18] Due to the weight restrictions, the drones in this Category will most likely initially be limited to photography and videography drones, but these restrictions may result in innovation of new lightweight sensors for expanded operations within Category One.

Categories Two and Three cover drones greater than 0.55 pounds and less than 55pounds.[19] These categories allow drones to be flown over people only if the manufacturer has proven that a resulting injury to a person would be under a specified severity threshold. Category Two aircraft will need to demonstrate a certain injury threshold, and Category Three aircraft will have a higher injury threshold with additional operating limitations. Category Three drones can only operate over people (1) in a restricted access site in which all individuals on the ground have notice, or (2) without maintaining any sustained flight over people unless they are participating in the operations or protected by a structure.[20]

The new rules also created a fourth category that was not included under the proposed rules, but clarifies that specific drones for which the FAA has issued an airworthiness certificate under Part 21 can conduct operations over people unless prohibited under its operating limitations.[21]

Drone Operations Over Moving Vehicles

Although the proposed rule did not allow operations over moving vehicles, the final rule does allow such operations under two circumstances: (1) if in a restricted access site and the people in the vehicle are on notice, or (2) when the drone does not maintain sustained flight over moving vehicles.[22] This addition is a welcome change for all drone operators who no longer have to cancel, delay, or change an operation due to an unexpected vehicle or nearby traffic.

Drone Operations at Night

The rule also allows operations at night under two conditions: (1)the remote pilot in command must complete an updated initial knowledge test or online recurrent training, and (2)the drone must have proper anti-collision lighting that is visible for at least three statute miles.[23] Operators will be pleased with this change because it removes the need for nighttime waivers and delays associated with obtaining such waivers.

Looking Ahead

The Part 107 changes are steps in the right direction for increased commercial use of drones. Operating over people, moving vehicles, and at night expands the applications and timing of operations available to commercial operators. The additions to the proposed rules, such as permitting operations over moving vehicles, are an indication that the FAA is listening to the drone community and working to advance this industry.

While new rules for Remote ID and operations over people, over moving vehicles, and at night are helpful to move the industry forward, they do not address the most challenging legal issue that remains for the commercial drone industry: control of low-altitude airspace. It remains unclear as to how much, if any, airspace is owned by private landowners and whether states and municipalities have any jurisdiction over low-altitude airspace. Furthermore, a legislative solution on this issue is increasingly improbable, and it will instead likely be decided by the courts years in the future.

In a nutshell, the confusion regarding low-altitude operations stems from the FAAs claim that it controls the airspace from the ground up and that the claim that it does not control all the airspace below 400 feet is a myth.[24] However, many local governments and property owners do not agree with the FAAs interpretation. While the FAA has jurisdiction over navigable airspace, many assert that the boundary of where that airspace ends and begins is far from clear.[25]

To date, this boundary has not been directly addressed by a court in the context of drones. The closest that federal courts have come to addressing this issue was in July 2016 when U.S. District Judge Jeffrey Meyer, of the District of Connecticut, questioned the FAAs position: [T]he FAA believes it has regulatory sovereignty over every cubic inch of outdoor air in the United States .... [T]hat ambition may be difficult to reconcile with the terms of the FAAs statute that refer to navigable airspace.[26] The dicta raised the question of where the FAAs authority begins, but noted that the case does not yet require an answer to that question.[27] In time a case will require such an answer.

The legal uncertainty surrounding low-altitude operations remains one of the most significant barriers to large-scale commercial operations, and it is likely to be one of the most important issues for the industry for years to come.

This past year saw several groundbreaking approvals of new uses for unmanned aircraft systems, specifically in operations beyond the visual line of sight and in the agricultural context. The industry also saw progress in setting airworthiness standards.

Beyond the Visual Line-of-Sight Approvals

Perhaps the most well-known approval occurred in August 2020, when, according to public filings, the FAA approved Amazons use of a fleet of Prime Air delivery drones, allowing the company to expand its unmanned package delivery operations.[28] The FAA issued this authorization under Part135 of its Unmanned Aircraft Systems regulations, which govern the use of drones beyond the visual line of sight (BVLOS) of the operator.[29] Although the Prime Air fleet is not yet fully scaled, this authorization enables the company to soon be able to deliver packages weighing five pounds or less in areas with relatively low population density.[30]

Further expanding the boundaries of BVLOS drone use, the FAA gave its first-ever approval of a companys use of automated drones without a human operator on site earlier this year.[31] In January 2021, the FAA authorized American Robotics, a Boston-based drone systems developer that specializes in operating in rugged environments, to begin such automated operations.[32] Obtaining this approval required a four-year testing program in which the company ran up to ten automated drone flights per day.[33] While only beginning to be fully understood, the automated use of drones without the need for on-site human personnel could have enormous ramifications for the agricultural, energy, and infrastructure industries.[34]

Agricultural Use Approvals

The agricultural industry may experience additional aerospace innovation after the FAA approved the Iowa-based startup Rantizos use of drone swarms to spray crops.[35] The company received approval in July 2020 to operate three-drone swarms, which move in concert with one another with the help of one drone operator and one visual observer.[36] The approval will allow the company to cover between 40 and 60 acres of farmland per hour.[37]

Rantizo was not the only company to receive approval to operate drone swarms. In October 2020, the company DroneSeed obtained FAA approval to use five-drone swarms of heavy-lift drones beyond the visual line of sight for reforestation efforts in Arizona, California, Colorado, Montana, New Mexico, and Nevada.[38] Each of the companys drones can carry up to a 57-pound payload, and reports suggest that the company may focus its reforestation efforts on areas ravaged by wildfires.[39]

Creation of Airworthiness Standards

Lastly, in September 2020, the FAA opened for public comment its first-ever set of type-certification airworthiness standards relating to drones, with the goal of streamlining the certification of certain classes of drones.[40] Whereas the FAA has airworthiness standards in place for most types of manned aircraft, allowing companies seeking approval of such vehicles to avoid a cumbersome, case-by-case process, no such process previously existed for drones. The creation of a standard airworthiness certificate for drones as a class of aircraft could significantly shorten the drone approval process, potentially accelerating innovation in the aerospace industry.

As discussed in last years update, many expected the global COVID-19 pandemic to usher in a new era of drone applications. In the early months of the pandemic, governments began using drones in novel ways: spraying disinfectant across large areas, developing disease detection mechanisms, and even enforcing social distancing requirements. Though these initial reports of drone usage in the age of COVID-19 dealt mostly with disease control efforts, corporations soon shifted their focus to the socially distant environment, turning to drones to facilitate deliveries to consumers and medical providers alike and provide services in a safer way.

Consumer Deliveries

For years, corporations have been hoping to facilitate deliveries via drone, and the pandemic amplified consumer interest. With more and more people looking to avoid crowds and stay at home, demand for drone delivery of consumer goods increased, and many companies deployed their technology to facilitate deliveries via drone.

Wing (Alphabets drone delivery company) launched a pilot program in October 2019, partnering with several local retailers to deliver certain products to people in Christiansburg, Virginia.[41] Since the pandemic, it has expanded its program by adding new products and new retailers, and deliveries have more than doubled.[42]

In North Dakota, Flytrex, an airborne delivery service company, launched a program allowing customers to order from a selection of 200 Walmart items.[43] The two companies recently introduced a partnership in North Dakota for grocery deliveries.[44] The company also delivers snacks to golfers at Kings Walk course in North Dakota.[45]

In addition to consumer goods, food delivery via drone has also increased since the pandemic. In fact, Flytrex has begun testing drone delivery of food and drink items in North Carolina.[46] And in Alabama, the company Deuce Drone has partnered with some restaurants for drone doorstep delivery.[47]

As discussed above, in August 2020, Amazon received FAA approval under Part135 of FAA regulations to safely and efficiently deliver packages to customers.[48] This allows Amazon to transport property on small drones beyond the visual line of sight.[49] Amazon, which began testing drones in 2013, is continuing to test the technology and has not yet deployed drones at scale.[50]

Medical Supplies Deliveries

Drones also delivered medical supplies in 2020. In May, Zipline, a company that has been using drones to deliver blood in Rwanda since 2016, began delivering medical supplies and personal protective equipment via drones to a medical center in North Carolina.[51]

In November 2020, Wal-Mart received approval to deliver COVID-19 test kits to El Paso, Texas residents.[52] A few months later, Nevada-based Flirtey announced: that it has successfully conducted multiple deliveries of at-home COVID-19 test kits in Northern Nevada during the initial phase of its test program.[53] Drone delivery of COVID-19 test kits is more efficient and more convenient, and it reduces exposure risks.[54]

Remote Service Providers

Beyond deliveries, the pandemic also drove up demand for remote services as companies adapted to social distancing guidelines that made providing in-person services more difficult. Since the pandemic started, flights by construction-related companies are up 70%.[55] DroneDeploy, a startup that has a program that analyzes drone footage of farmers fields and helps make recommendations about when to apply pesticides has reported that these agriculture flights have tripled during the first several months of the pandemic.[56] The company also reported significant increases in flights using its energy app, which helps solar panel installers calculate where best to place the panels.[57]

Lasting Impact?

Though there has certainly been an expansion of drone services in the U.S., this expansion is not widespread. Many of the examples discussed above are limited to small geographic areas and it is still unclear when mass adoption will occur. While the pandemic appears to have pushed forward the adoption of drone delivery and service programs, it is unclear if that mentality will change after societies are no longer quarantined at home. Will there be as much of a demand for drone deliveries and services once there is no longer a pandemic-driven crisis?

Despite these uncertainties, many are optimistic about the future of drone deliveries. Technologies are improving, and most of the elements needed for the widespread adoption of drones are already available in the market.[58]

In this update, we summarize select recent government contracts decisions that involve companies in the aerospace and defense industry, as well as decisions that may be of interest to them, from the tribunals that hear government contracts disputes. These cases address a wide range of issues with which government contractors in the aerospace and defense industry should be familiar.

DFARS 252.227-7103(f) Does Not Prohibit Markings On Noncommercial Technical Data That Restrict Third-Party Rights

In The Boeing Co. v. Secy of the Air Force, 983 F.3d 1321 (Fed. Cir. 2020), the Federal Circuit considered whether Defense Federal Acquisition Regulation Supplement 252.227-7103(f) (DFARS 252.227-7103(f)) applies to legends that restrict only the rights of third parties but do not restrict the rights of the Government. Boeing applied a legend to its technical data that stated, NON-U.S. GOVERNMENT ENTITIES MAY USE AND DISCLOSE ONLY AS PERMITTED IN WRITING BY BOEING OR THE U.S. GOVERNMENT. The Government rejected Boeings data deliverables because the legend allegedly did not conform to DFARS 252.2277103(f), which stated that the contractor could only assert restrictions on the Governments rights, and specified the legends authorized under the contract. The Armed Services Board of Contract Appeals (ASBCA) decisions below found in favor of the Government. On appeal, Boeing argued that its legend conformed to the requirements of DFARS 252.227-7103(f) because the clause is applicable only to legends that assert restrictions on the Governments rights, and is silent on legends that assert restrictions on the rights of third parties. The Federal Circuit agreed with Boeing that DFARS 252.227-7103(f) applies only to legends that assert restrictions to the Governments rights in the data, and is silent on legends that restrict the rights of third parties. The Federal Circuit remanded the decision to the ASBCA to decide whether, as a matter of fact, Boeings legend asserted rights that restricted the Governments rights in the data on which the legend was included.

ASBCA Declines To Decide Whether Fly America Act Applies To Indirect Costs

In Lockheed Martin Corp., ASBCA No. 62377 (Jan.7, 2021), the ASBCA did not reach the question of whether the Fly America Act, 49 U.S.C.A. 40118, as implemented by Federal Acquisition Regulation 52.247-63, Preference for U.S.-Flag Air Carriers, applies to a contractors indirect costs because there was no live dispute between the parties. FAR52.247-63, requires that all ...Government contractors and subcontractors use U.S.-flag air carriers for U.S. Government-financed international air transportation of personnel (and their personal effects) or property, to the extent that service by those carriers is available. It further requires that [i]f available, the Contractor, in performing work under this contract, shall use U.S.-flag carriers for international air transportation of personnel (and their personal effects) or property.

In 1997, Lockheed Martin Corporation and the Government entered into a memorandum of understanding (MOU) that the Fly America Act applied only to direct costs. However, in 2019, the corporate administrative contracting officer (CACO) withdrew the MOU on the purported basis that the MOU had misinterpreted FAR52.247-63, and issued a final decision asserting the interpretation that FAR52.247-63 applies to indirect costs. The ASBCA did not address the merits of the issue, finding that because Lockheed had not changed its practices as a result of the Governments withdrawal of the MOU or the CACOs final decision, there was no evidence that there was a live dispute to decide.

ASBCA Clarifies Types Of Activities That Are Not Unallowable Costs Under The FAR

In Raytheon Co. & Raytheon Missile Sys., ASBCA Nos. 59435 et al., (Feb.1, 2021), the ASBCA issued a lengthy decision on the allowability of various types of costs incurred by Raytheon Company and its business segment Raytheon Missile Systems (Raytheon). The ASBCA sustained all but $18,109 of Raytheons appeals of the Governments $11.8million claims. The types of costs addressed in the decision include costs for Raytheons Government relations group, costs for Raytheons corporate development group, and airfare costs.

Government Relations Costs. In 2007 and 2008, Raytheon included Government relations group costs as indirect costs in its incurred cost submissions, but withdrew a portion of those costs as unallowable lobbying costs in accordance with FAR31.205-22, Lobbying and political activity costs, which requires that contractors maintain adequate records to demonstrate that the certification of costs as being allowable or unallowablepursuant to this subsection complies with the requirements of this subsection. The Government disagreed with Raytheons practice and disallowed 100percent of the costs incurred by Raytheons Government relations group as expressly unallowable costs.

The ASBCA held that the Government had the burden to prove that the costs were expressly unallowable and that there was no basis to shift the burden to the contractor. The ASBCA further held that the Government did not meet its burden of proving that any of the Government relations costs included in Raytheons incurred costs submissions were unallowable, and that Raytheons method of removing unallowable lobbying costs was proper based on its disclosed accounting practice.

Corporate Development Costs. Raytheon included a portion of corporate development group costs as indirect costs in its incurred cost submission in 2007 and 2008, but withdrew a portion of the costs as unallowable organizational costs under FAR 32.205-27, Organization Costs. Raytheon implemented a bright line rule for its employees to determine the difference between costs for allowable activities under FAR 31.205-12, Economic Planning Costs, and FAR 31.205-38, Selling costs, and costs for unallowable activities under FAR 31.205-27. The Board found Raytheons corporate development employees kept track of their time in accordance with the bright line rule, that the allowable costs for the corporate development group were supported by documentation and credible witness testimony, and that the Defense Contract Management Agency (DCMA) did not meet its burden of proving that the corporate development costs were unallowable organization costs under FAR 31.205-27.

Airfare Costs. With respect to airfare costs, the ASBCA addressed two distinct issues: (1)whether the pre-Jan. 11, 2010 version of FAR 31.205-46(b) required Raytheon to take into account its corporate discounts in determining its allowable airfare; and (2) whether Raytheons policy of allowing business class travel for trans-oceanic flights in excess of 10 hours was reasonable and consistent with FAR 31.205-46(b). Prior to Jan.11, 2010, FAR31.205-46(b) stated:

Airfare costs in excess of the lowest customary standard, coach, or equivalent airfare offered during normal business hours are unallowable except when such accommodations require circuitous routing, require travel during unreasonable hours, excessively prolong travel, result in increased cost that would offset transportation savings, are not reasonably adequate for the physical or medical needs of the traveler, or are not reasonably available to meet mission requirements. However, in order for airfare costs in excess of the above standard airfare to be allowable, the applicable condition(s) set forth in this paragraph must be documented and justified.

(Emphasis added.) Effective Jan. 11, 2010, FAR 31.205-46(b) was amended to read: Airfare costs in excess of the lowest priced airfare available to the contractor during normal business hours are unallowable except (emphasis added).

The ASBCA concluded that prior to Jan. 11, 2010, contractors were not required to factor in any negotiated corporate discounts when determining the allowable amounts of airfare costs. The ASBCA also held that Raytheons travel policy documented and justified premium airfare, as required by FAR31.205-46(b), and that there is no requirement that premium airfare be documented and justified on an individual, flight-by-flight basis. Moreover, the ASBCA held that the CO acted within the scope of his authority when he determined that Raytheons travel policy complied with FAR31.205-46(b), and that his determination was binding on DCMA.

ASBCA Rules That Government Shares Liability for Contractors Underfunded Pension Plan

In Appeal of Northrop Grumman Corp., ASBCA No. 61775 (Oct.7, 2020), the ASBCA found that Northrop Grumman (NG)s valuation of a nonqualified defined benefits pension plan adopted in 2003 and frozen in 2014 was compliant with the Cost Accounting Standards despite the Governments objections to the companys valuation methodology. During the plans existence, NG allocated its costs to numerous government contracts, all of which included FAR 52.215-15, Pension Adjustments and Asset Reversions; FAR 52.230-2, Cost Accounting Standards; and FAR 52.233-1, Disputes.

When the plan was frozen, NG calculated that the plans liabilities exceeded its market value and requested that the Government pay its pro rata share to NG to true-up the plan under CAS 413. The Government argued, inter alia, that NGs reduction to its calculation of investment income to account for taxes on such income was non-compliant with CAS 412. Although the Board disagreed with NGs approach of reducing its investment rate of return by the marginal tax rate, the Board found that roughly the same outcome would have been achieved had NG accounted for taxes as an administrative expense. Because FAR 30.602(c)(1) provides that the Government should make no adjustment to the contract when there is no material cost difference due to the alleged CAS violation, the Board sustained NGs appeal and remanded to the parties to calculate the amount due and owing from the Government to NG.

Contractors REAs Were Not Contract Disputes Act (CDA) Claims Subject to the CDA Statute of Limitations

In Appeal of BAE Sys. Ordnance Sys., Inc., ASBCA No. 62416 (Feb. 10, 2021), the Board considered whether BAEs requests for equitable adjustment (REAs) constituted claims in light of the Federal Circuits recent decision in Hejran Hejrat Co. Ltd v. United States Army Corps of Engineers, 930 F.3d 1354 (Fed. Cir. 2019). In Hejran Hejrat, the Federal Circuit ruled that, under certain circumstances, an REA can actually constitute an implicit request for a final decision.

BAE submitted three REAs seeking reimbursement for state-issued fines it received as a result of environmental conditions at the plant. The contracting officer (CO) replied that he would entertain reimbursement of a portion of the state fines, but later issued a final determination rejecting the REAs entirely. Subsequently, BAE submitted a CDA claim to which the Government failed to respond. BAE appealed the deemed denial of its claim to the Board. The Army then moved to dismiss the appeal asserting that BAEs challenge to the COs decision was untimely because the REAs were, in fact, CDA claims, and the COs final determination upon them was thus a COs Final Decision. In denying the governments motion to dismiss the appeal for lack of jurisdiction as outside of the CDAs statute of limitations, the Board found that BAE did all that it could to keep its REAs from falling within the realm of being also considered CDA claims by carefully avoiding making a request explicit or implicit for a [contracting officer]s final decision. Therefore, the Board found that BAEs claims were timely filed and denied the governments motion to dismiss.

On November 15, 2020, the launch of SpaceXs Resilience marked the first NASA-certified commercial human spacecraft system.[59] The mission is the first of six crewed missions NASA and SpaceX plan to fly as part of the Commercial Crew Program, a program designed to provide safe, reliable, and cost-effective transportation to and from the International Space System from the United States.[60] The crew is comprised of four members, including three NASA astronauts and one member of the Japan Aerospace Exploration Agency.[61]

Resilience autonomously docked at the International Space Station on November 16, 2020 for a sixth-month stay, making it the longest space mission launched from the United States. During the mission, the crew is conducting various science and research investigations, including a study using chips with tissue that mimics the structure and function of human organs to understand the role of microgravity on human health and diseases.[62] The crew will also conduct various space walks, encounter several uncrewed spacecraft, and welcome crews from the Russian Soyuz vehicle and the next SpaceX Crew Dragon.[63] At the end of the mission, Resilience will autonomously undock and return to Earth.

Countries and private companies are racing to the Moon, Mars, and even asteroids. This space race involves countries that are both newcomers to space and those that seek a return to the unknown.

China

Change-5s Lunar Exploration Mission

Following the Change-4s successful lunar exploration mission in 2019,[64] China reached the Moon again in 2020. On November 23, 2020, Change-5 lifted off from Wenchang Space Launch Center on Hainan Island, China and went into the Moons orbit on November 28, 2020.[65] The descender craft separated from the orbiter on November 29, 2020 and landed on the Mons Rmker region of Oceanus Procellarum on December 1, 2020.[66] Once on the Moons surface, the lander system used a scoop and drill to dig up lunar samples.[67] After collection and storage, Change-5 made its return to Earth on December 16, 2020, landing in the Siziwang Banner grassland of the autonomous region of Inner Mongolia in northern China.[68] The successful mission retrieved about 1,731 g (61.1 oz.) of lunar samples.[69] Change-5 was Chinas first successful lunar sample return mission,[70] and the first in the world in over four decades since the Soviet Unions Luna-24 in 1976.[71]

The Change-5 venture demonstrates Chinas increasing capability in space, and is part of a broader effort under the Chinese National Space Administration Change Lunar Exploration Program.[72] The Change-6, expected to launch in 2023, will be Chinas next lunar sample-return mission.[73]

Tianwen-1 Reaches Marss Orbit

Chinas first independent interplanetary mission is well underway with the launch of the Tianwen-1 spacecraft on July 23, 2020.[74] After a 202-day, 295-million-mile journey through space, it arrived in orbit around Mars on February 10, 2021.[75] The first phase of Tianwen-1s mission is to circle Marss orbit and map the planets morphology and geology, while allowing the orbiter to find a secure landing zone.[76]

About three months after arrival into orbit, in May 2021, the crafts lander is expected to detach from its orbiter and descend onto Marss surface in a region known as Utopia Planitia.[77] Once on the surface, the lander will unveil a rover carrying a panoramic camera.[78] The solar-powered rover will also investigate surface soil characteristics for potential water-ice distribution with a ground-penetrating radar.[79] Tianwen-1 comes on the heels of several successful lunar missions for Chinas space program.[80]

Chinas Ambitious Plans for a Space Station

China has ambitious plans for a new space station.[81] Tianhe, the stations core module, is expected to launch sometime in 2021.[82] The module is 59 feet (18 meters) long, weighs about 24 tons (22 metric tons), and will provide living space and life support for astronauts and house the outposts power and propulsion elements.[83] Tianhes launch will be one of eleven total liftoffs that will be required to build the space station, which China wants to finish by the end of 2022.[84]

Chinas iSpace Fails to Reach Orbit During Second Attempt

Chinas iSpace, also known as Beijing Interstellar Glory Space Technology Ltd. (a different company than the Japanese lunar startup ispace) was the first Chinese private company to reach orbit when it successfully launched its Hyperbola-1 rocket on July 25, 2019.[85] On February 1, 2021, iSpaces four-stage Hyperbola-1 rocket failed to reach orbit during its second attempt to go to space.[86]

Despite its failed launch, iSpace is a prominent name in the Chinese private space industry, having raised $173 million in Series B funding for the Hyperbola rocket line. The company has indicated plans for a potential IPO and is in the midst of creating its Hyberbola-2 rocket.[87] Other private Chinese companies, including Galactic Energy, One Space, and Deep Blue Aerospace, are planning launches later this year.[88]

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Aerospace and Related Technologies Update Spring 2021 - Gibson Dunn

Astrophysicist Carl Sagan once said, Imagination will often carry us to worlds that never were. But without it, we go nowhere in an episode of his TV show "Cosmos" in 1980. Some 40 years after this statement, media artist Refik Anadol draws attention to the inevitability of imagining by creating poetic metaphors with unseen space data for the sake of public art in his Machine Memoirs: Space in Istanbuls Pilevneli Gallery. Lets discover Anadols imaginative world that was reflected in this exhibition and captured the attention of Istanbulites by also getting the lowdown on media arts.

The media arts are described through many diverse approaches in the literature. Some describe the media arts through the technology that is used to create them whereas some focus on the functions of the artwork. In a simple, general description, media arts may refer to the artwork depending on a technological component to function.

Actually, media artists were devoted to developing their artistic practices rather than determining features of the media arts from the very beginning. As new technologies emerged in the world, the progress they brought with them transformed society. This transformative impact also touched on the field of art, and artists began using photography, film, video, computers, the internet and more in pioneering ways. Even if the first experimental use of audiovisual technologies in art dates back to the 19th century, media arts were created in different ways in diverse historical periods.

Technological advancement was of course an essential factor in the development of media arts but it should not be forgotten that avant-garde had also been a previous accelerator for them in the 1960s as this art movement sought new, experimental, unorthodox ways of creating art pushing the boundaries of what is accepted as "norms." Media arts constantly expanded throughout the 21st century, and artists rapidly benefited from all new technologies in their creations.

The awareness of media arts in Turkey started in the second half of the '90s when the internet was introduced to the country and visual communication design (VCD) departments were launched at some universities. The VCD department of Istanbuls Bilgi University was one of the pioneers in this field and its annual student exhibitions were where the foundation of the media scene was laid.

In 2009, the arts and cultural complex Santralistanbul, situated within the campus of Bilgi University, opened an exhibition with the contribution of ZKM Center for Art and Media Karlsruhe, a prominent cultural institution in Europe. The students and academicians of the Bilgi University VCD Department contributed a lot to the research, design and installation processes of "Uncharted: User Frames in Media Arts," which showed an experimental selection of contemporary art involving the large-scale use of digital and interactive media.

When he was a student of this department who started to create his own artistic language through photography, moving images and mapping, Anadol participated in this exhibition with his Quadrature, which made an overwhelming impression, especially after its video went viral on the internet. Anadol was one of the young generation artists who started to produce works in media arts in Turkey in the 2000s and prepared this projection show realized on the front facade of Santralistanbul with Alican Aktrk. This very first work of the artist actually pointed to his future successes in the media arts.

Continuing to create works about various subjects reactions to spatial entities like Quadrature in his later oeuvre, Anadol has become an international artist to whom large-size works are commissioned. Using data and machine intelligence as his medium and embedding arts into architecture, the artist questions the future of digital architecture, visualizes alternative realities and redefines the functionalities of interior and exterior spaces. As he shows that all spaces and facades can be used as the artists canvas, his works and exhibitions are always the center of interest with the unique, rare and authentic experiences that they present to their visitors.

This is why his latest exhibition at Istanbuls Pilevneli Gallery has seen long lines of visitors. Machine Memoirs: Space is Anadols third exhibition under Pilevneli's roof. The artists first gallery exhibition Sceptical Interventions was also presented in this gallery in 2012.

With technological advances, the symbiotic between human life and science changes, evoking intriguing discussions about successful human-machine teams. As a media artist interested in data and machine learning, Anadol has been contemplating the relationship between humans and machines for a long time. In his last show, he sees artificial intelligence as a collaborator rather than a mere tool and turns the spotlight to machines providing the vast photographic archives that document the history of space exploration.

While challenging our conventional understanding of the cosmos, human senses, machines and the mind, the exhibition walks the visitors through simulations of how artificial intelligence generates novel experiences to be perceived collectively. Along with the novel experiences it offers, Machine Memoirs: Space managed to touch on the soul and mind of the visitors, taking them away from the routine of their daily lives during the pandemic period with its meditative displays. When I had a chance to catch up with Anadol through a Zoom interview, which has also become a common practice due to COVID-19, the artist said that the presentation of such an exhibition for free of charge during this challenging period affected the visitors reaction in an incredibly positive way.

Indeed, there is an intense and collective work behind the exhibition, about which I was curious most. The exhibition is so dazzling and glamorous. This being the case, how will the visitors see beyond the exhibitions mesmerizing presentations? Refik Anadol arranged his most comprehensive solo exhibition in Istanbul with his studio in a way to ensure the visitors will also comprehend the inspiration of the show. Lets learn about all the details from Anadol.

Machine Memoirs: Space comprises two sections approaching humanitys explorations of space from a distinct aesthetic perspective and thematic orientation. In the first section titled Memoirs, the artist, collaborating with NASA Jet Propulsion Laboratory (JPL), exhibits a series of data paintings that utilize over 2 million images that were captured and recorded by the International Space Station (ISS), Hubble and Magdalena Ridge Observatory (MRO) telescopes and other sensors and satellites. These images are the largest space-related dataset ever used to train a generative adversarial network for an artwork. Anadol underlined that they intentionally presented this data in the raw version in this first part of the exhibition to lead visitors to understand how he questioned whether machines can dream if they learn and how his studio carried out works to realize this dream.

In the second section Dreams, installations of various sizes interpret the same artificial intelligence data in different ways. For example, this data turns into pigments through fluid dynamics on the second floor, while they welcome us in a form of robotic sculptures on the upper floors.

Among the second sections works, a 15-minute immersive artificial intelligence (AI) cinema installation is the favorite of the visitors according to my observation. The cinematic part of this section invites them to step into the mind of a machine. Experiencing a multidimensional, dynamic visualization of how artificial intelligence makes connections between these vast data clusters, the audience finds themselves in an expanding data universe. This space not only represents the interpolation of photographic space archives as synthesis but also becomes a latent cosmos in which dreams are the main currency of artistic creativity.

Revealing the artistic expressions of the Anadol and his studio's groundbreaking research projects on space-related data visualization through machine learning, the exhibition can be visited until April 25. But what about Refik Anadol Studio?

In the art world, establishing artist studios is a common practice. Like many prominent artists, including legendary Andy Warhol, who opened his New York-based studio The Factory in 1967, Anadol also founded his own team to advance in their commitment by combining the forces. The Refik Anadol Studio, comprising of highly talented researchers, is actually the secret power behind Machine Memoirs: Space.

If you want to go fast, go alone. If you want to go far, go together. Recalling this African proverb, Anadol said: As I wanted to go far throughout all my career, I established my studio. We are a very precious team of 14, using 14 languages and representing 10 countries now.

The Refik Anadol Studio includes enthusiastic experts who know programming languages and keep up with the technology, according to the artist. My aim is to go deeper in many diverse subjects together with my studio members.

While the media arts are highly popular in the last century, the Non-Fungible Token (NFT) digital art craze created hype in the recent period. You can think of NFT as a unique proof of ownership over something you can't usually hold in your hand like a digital artwork or a video clip. After taking a journey in media arts and Machine Memoirs: Space" with Anadol, I lastly wanted to learn his perspective on this latest craze as a media artist who is up to date with the latest trends.

Anadol received invitations from various NFT marketplace platforms like Nifty Gateway and sold some of his works here, especially during the last six months. The artist believes that NFT has a modifier and transformative side. He said that NFT was a reaction to those who do not see digital arts as a real art form.

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Artistic exploration of space, machine: Refik Anadol in Istanbul | Daily Sabah - Daily Sabah

A sci-fi augmented head-up display

Also available on the new Audi Q4 e-tron is an all-new and pioneering augmented reality head-up display that projects key driving data onto the windscreen so that the information feels like its floating roughly 10m from the driver.

Using dynamic drone-style animated floating arrows for navigation and visual hints for driver assistance functions such as lane assist, it helps the driver focus more keenly on the road ahead especially in poor visibility conditions while still putting key information right in the drivers line of sight.

Powering this system is advanced software driven by 600,000 lines of code 50% more than in the first Space Shuttle.

Extending the frontiers of inner space

On the outside, the Audi Q4 e-tron stands out from the normal SUV pack with its striking lines and proportions particularly the short overhangs and long wheelbase that come as a result of the Q4 e-trons compact electric powertrain and the low-slung battery, which lies underneath the passenger compartment.

This also enhances interior space, with the extended 2.76m wheelbase (longer than most medium-sized SUVs) resulting in an interior that is 1.83m in length similar to a large full-size SUV. The absence of a central transmission tunnel means a flat floor and more leg room for rear passengers, while the rear seats have a commanding position 7cm higher than the front seats, while still offering plenty of headroom.

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Promoted | The Audi Q4 e-tron: high-tech space exploration - Autocar

MOSS LANDING Northern Californias most-celebrated deep sea explorers are about to get a new ride.

Scientists at the Monterey Bay Aquarium Research Institute Tuesday announced plans to build a new $50 million state-of-the-art flagship vessel, named the David Packard, in honor of the Silicon Valley pioneer who co-founded Hewlett-Packard and in later life used much of his fortune to explore and preserve the worlds oceans.

The 164-foot long ship, to be constructed in Spain starting this fall, will hold 12 crew members and 18 scientists, focusing on deep sea research in Monterey Bay and other parts of the world. Issues from overfishing to ocean pollution to climate change are expected to play a central role when it takes its maiden voyage in 2023.

Were excited, said Chris Scholin, president and chief executive officer for the research institute. Building a ship from the keel up is a rarity. Its only happened with us once before and we are approaching our 35th birthday. This ship will carry on for decades. Its going to serve generations of scientists. There are kids in school who dont know it now, but who are going to be on board one day doing science and engineering.

MBARI, as the Moss Landing-based organization is known, is a separate non-profit organization from the Monterey Bay Aquarium, located 20 miles to the south on Cannery Row in Monterey.

Packard built the aquarium in 1984 with a $55 million gift. It receives about 2 million visitors a year who marvel at its sea otters, jellyfish, sea birds and sharks. Although he was proud of the educational opportunities the aquarium affords to thousands of children and the public every year, Packard, an engineer to the core who founded Hewlett Packard in a Palo Alto garage in 1939 with his friend Bill Hewlett, was most fascinated by deep sea research.

Packard came to believe that America spent too much money on space exploration and not nearly enough on exploring the worlds oceans. Not only do the oceans cover 71% of the worlds surface, they provide food and impact the weather. Their plankton, kelp and other plants create 50% of the worlds oxygen.

With a $13 million donation, he founded MBARI in 1987 in an effort to shift the balance toward ocean research.

I have become addicted to the vision that within the next few years the Monterey Bay will become one of the major world class centers for ocean science, Packard said in a 1989 speech. I base this vision on my realization that the oceans are one of the major remaining frontiers of opportunity.

After Packard died in 1996 at age 83, he left the bulk of his estate to the David and Lucile Packard Foundation, in Los Altos. The foundation has provided $1.1 billion to MBARI over the past 34 years, making the Packard family the worlds leading private benefactors of ocean research.

With a $58 million annual budget and staff of 215 people, MBARI is now widely viewed with the Woods Hole Oceanographic Institution in Massachusetts and the Scripps Institution of Oceanography at UC San Diego in the triumvirate of elite ocean exploration centers in America.

MBARI is tremendously well respected for its innovation and the way it merges engineering with science to solve problems, said Greg Rouse, a professor of marine biology at Scripps. Many other institutions dont have that vision. They have had so many firsts over their history.

In recent decades, MBARIs engineers and scientists have worked together to design unmanned submersibles, once mostly used in oil exploration. They fitted them with fiber optics, high-end cameras and other gear, probing the dark world more than 3,000 feet below the oceans surface, and often beaming the video to crowds at the aquarium.

Probing the mysterious depths of the Monterey submarine canyon, which plunges two miles deep twice as deep as the Grand Canyon in Arizona the organization has discovered more than 200 new species of marine creatures never seen before. Among them are a type of giant red pulsating jellyfish three feet wide, sponges shaped like umbrellas, pulsating rope-like creatures with tentacles that glow in the dark called siphonophores that can grow to be 100 feet long, and mysterious worms with red feathery plumes that live on the bottom of the ocean and eat dead whale bones, drawing out nutrients through their plant-like roots.

MBARI scientists also discovered the wreckage of the USS Macon, a 785-foot dirigible that crashed into the ocean off Big Sur in 1935. They explored Davidson Seamount, a dormant undersea volcano 80 miles southwest of Monterey with huge forests of undersea coral. Afterward, federal officials expanded the Monterey Bay National Marine Sanctuary to better protect them.

Packard himself helped design MBARIs previous flagship, the 117-foot Western Flyer, which will be retired. The new ship will not only be able to hold more researchers and travel farther, it also will become the main launch point for the Doc Ricketts, MBARIs remotely operated vehicle that can dive to the ocean floor. And it will be able to launch multiple AUVs torpedo-like robot probes that can take underwater video, map the sea floor and collect water samples on days-long journeys.

Whether it is studying hazards like earthquakes, or pollution like microplastics in the ocean, or the chemicals in the ocean, or the impacts of global warming on the food chain the ocean impacts us on a daily basis, said Mike Kelly, MBARIs Director of Marine Operations. Its important for us to know more about it.

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New $50 million ocean research ship to be named after Silicon Valley pioneer - Monterey Herald

The Russian government has launched an exhibition of the first human space mission in Zambia.

The exhibition dubbed The 60th Anniversary of the First Manned Space Flight, Yuri Gagarin was launched by the Russia Center for Science and Culture, with the support of the Russian Embassy in Zambia in partnership with the National Museums Board, according to a press release from the embassy.

The exhibition, which started on April 12, at the Lusaka Museum in the Zambian capital, will run for a month to help people familiarize themselves with the unique historical photos and video materials concerning Yuri Gagarins flight into space as well as modern filming of Russian cosmonauts from the International Space Station.

The exhibition also features paintings by Zambian and Russian schoolchildren on the topic, with the exhibition expected to take place later in other cities, including Livingstone and Ndola after Lusaka.

Sixty years ago, on April 12, 1961, astronaut Yuri Gagarin became the first person in space, making a new chapter in the history of space exploration.

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Russian exhibition of first human space mission opens in Zambia - cgtn.com

Trading in the new space exploration ETF from Ark Invest began on Tuesday, as Cathie Wood's firm looks to tap the growing space industry.

"Space is already an invisible backbone to our economy and we think that's only going to become more so as [satellite] constellations launch," Ark Invest analyst Sam Korus told CNBC's Morgan Brennan on "Power Lunch."

Shares of ARKX slipped about 1% in its first day of trading, with the stock closing at $20.30 a share.

ARKX's 39 stocks includes pure-play space companies like Iridium and Virgin Galactic, as well as defense and aerospace giants such as Kratos, L3Harris, Lockheed Martin and Boeing.

But the ETF also includes names not traditionally connected to the space industry, such Chinese e-commerce firms JD.com and Alibaba, or agriculture businesses like Trimble and Deere.

"We've all seen the memes going around on Twitter," Korus said, acknowledging public skepticism of ARKX's holdings.

"The fact that people are dismissing this out of hand is very reassuring to us, and kind of demonstrates the type of research that we're doing and how we can be unique," he added.

Korus gave the example of Netflix, which has a 1.25% weighting in ARKX.

"Netflix ... has 200 million paying subscribers. In the U.S. alone, there's over 40 million people who don't have access to broadband and so, if a satellite solution can bring access to those customers and expand the addressable market and the topline for Netflix, then this is something that is very important," Korus said.

While none of the seven SPACs that recently announced mergers with space companies are in ARKX, Korus noted that Ark is "constantly evaluating these companies."

"I think with SPACs it's important to remember that a lot these are almost at the pre-IPO stage," Korus said. "We really want to be sure that we're picking the winners long term, particularly in aerospace where many companies do go bust and things get delayed."

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Ark Invest's space exploration ETF ARKX begins trading today, slips 1% - CNBC

White House statement: "The National Space Council will be renewed to assist the president in generating national space policies, strategies, and synchronizing Americas space activities."

WASHINGTON In the wake of speculation that there would not be a National Space Council in the Biden administration, the White House confirmed March 29 that the council will be renewed.

The administrations decision to reestablish the council was first reported by Politico.

A National Security Council spokesman confirmed to SpaceNews that the administration will move forward to stand up the council and officials are still hashing out the details.

At a time of unprecedented activity and opportunity generated by Americas activities in space, the National Space Council will be renewed to assist the president in generating national space policies, strategies, and synchronizing Americas space activities, the spokesman said in a statement.

While we are still working details, we will tailor the Council to ensure we have representation that can address the priorities of the administration such as space-related science and technologies, space exploration, solutions to address climate change, ensuring economic and educational opportunities, building partnerships, cementing norms of behaviors in space, and addressing matters of national security efforts in space. This is not an all-inclusive list.

The National Space Council was created in 1989 during the George H.W. Bush administration, disbanded in 1993 and reestablished in June 2017 by the Trump administration.

Bidens National Space Council also continue the users advisory group. Jim Ellis, a retired U.S. Navy admiral who led the UAG during the Trump administration, told members of the group that there is a transition plan in the works, according to an email obtained by Politico.

The UAG includes representatives from the space industry, associations, manufacturers, educators, national security experts, and policy makers.

Space industry groups and lawmakers on both sides of the aisle have advocated for the continuation of the National Space Council to help coordinate civilian, commercial and national security efforts.

U.S. Sen. Roger Wicker (R-Miss.), ranking member of the Senate Commerce, Science and Transportation Committee, in a SpaceNews op-ed said the council helps keep space issues on the radar of our nations highest officials and encourage the coordination necessary to solve problems that cut across multiple federal agencies.

By law the National Space Council is chaired by the U.S. vice president and includes the secretaries of the Defense, Transportation, and Commerce Departments, the NASA administrator, as well as other principals with a role in space.

Continued here:

Biden administration to continue the National Space Council - SpaceNews

If you're someone who's waited patiently (or impatiently) for the launch of the ARK Space Exploration ETF (ARKX), your long wait may almost be over.

To provide a little background, ARK Invest filed to bring ARKX to market back in January. Not surprisingly, ETF investors lit up at the prospect of what would be the 8th ETF in ARK's lineup and the latest to follow the company's theme of "disruptive innovation". You could easily argue that there has never been an ETF that hasn't even launched yet that has generated this much buzz.

So, how do we know that the launch of ARKX may only be a few days away? There's some legal stuff involved here, so bear with me while I run through the details.

As I mentioned, ARK filed for the launch of ARKX back on January 13th.

ARK Space Exploration ETF SEC Filing

There's nothing terribly exciting about an SEC filing other than the fact that it essentially announces to the world that you want to launch an ETF. Most of the filing contains all the legalese, including what ultimately becomes the summary prospectus for the fund.

The time between the filing and the approval is when the SEC reviews it to make sure everything is on the up and up and the regulatory body has no objections to how the fund would operate. In most cases, the SEC approves the fund without objection, but this is the step in the process where all bitcoin ETF filings so far have gotten hung up.

Right on the first page of the filing is the section.

ARK Space Exploration ETF SEC Filing

It basically says that it will become effective 75 days after it was filed unless the SEC chooses to delay it (e.g. needs more time to review, has issues it wants addressed, etc.). If there are no delays, the filing becomes effective on that date.

75 days from January 13th is Monday, March 29th. That means ARKX could launch as soon as Monday.

Now, even if the ETF were to be officially approved on Monday doesn't mean it will. Some fund issuers choose to launch the minute it gets approved. Cathie Wood and ARK could very well do the same. They could also wait for as long as they want to launch it. That could include time needed to, for example, get all of their legal or marketing ducks in row before ARKX hits the marketplace.

If history is any guide, however, ARKX will probably be launched as soon as it gets approval.

With the last ETF that ARK launched, the ARK Fintech Innovation ETF (ARKF), the company filed with the SEC in November 2018. Final approval was given on January 30th, 2019 and the fund launched on February 4th, just 3 business days after approval. I imagine the same will be the case for ARKX.

Get ready! ARKX is coming soon!

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The Launch Of The ARK Space Exploration ETF Could Be Just Days Away (ARKX) - TheStreet

Bloomberg

(Bloomberg) -- From his perch high above Midtown Manhattan, just across from Carnegie Hall, Bill Hwang was quietly building one of the worlds greatest fortunes.Even on Wall Street, few ever noticed him -- until suddenly, everyone did.Hwang and his private investment firm, Archegos Capital Management, are now at the center of one of the biggest margin calls of all time -- a multibillion-dollar fiasco involving secretive market bets that were dangerously leveraged and unwound in a blink.Hwangs most recent ascent can be pieced together from stocks dumped by banks in recent days -- ViacomCBS Inc., Discovery Inc. GSX Techedu Inc., Baidu Inc. -- all of which had soared this year, sometimes confounding traders who couldnt fathom why.One part of Hwangs portfolio, which has been traded in blocks since Friday by Goldman Sachs Group Inc., Morgan Stanley and Wells Fargo & Co., was worth almost $40 billion last week. Bankers reckon that Archegoss net capital -- essentially Hwangs wealth -- had reached north of $10 billion. And as disposals keep emerging, estimates of his firms total positions keep climbing: tens of billions, $50 billion, even more than $100 billion.It evaporated in mere days.Ive never seen anything like this -- how quiet it was, how concentrated, and how fast it disappeared, said Mike Novogratz, a career macro investor and former partner at Goldman Sachs whos been trading since 1994. This has to be one of the single greatest losses of personal wealth in history.Late Monday in New York, Archegos broke days of silence on the episode.This is a challenging time for the family office of Archegos Capital Management, our partners and employees, Karen Kessler, a spokesperson for the firm, said in an emailed statement. All plans are being discussed as Mr. Hwang and the team determine the best path forward.The cascade of trading losses has reverberated from New York to Zurich to Tokyo and beyond, and leaves myriad unanswered questions, including the big one: How could someone take such big risks, facilitated by so many banks, under the noses of regulators the world over?One part of the answer is that Hwang set up as a family office with limited oversight and then employed financial derivatives to amass big stakes in companies without ever having to disclose them. Another part is that global banks embraced him as a lucrative customer, despite a record of insider trading and attempted market manipulation that drove him out of the hedge fund business a decade ago.A disciple of hedge-fund legend Julian Robertson, Sung Kook Bill Hwang shuttered Tiger Asia Management and Tiger Asia Partners after settling an SEC civil lawsuit in 2012 accusing them of insider trading and manipulating Chinese banks stocks. Hwang and the firms paid $44 million, and he agreed to be barred from the investment advisory industry.He soon opened Archegos -- Greek for one who leads the way -- and structured it as a family office.Family offices that exclusively manage one fortune are generally exempt from registering as investment advisers with the U.S. Securities and Exchange Commission. So they dont have to disclose their owners, executives or how much they manage -- rules designed to protect outsiders who invest in a fund. That approach makes sense for small family offices, but if they swell to the size of a hedge fund whale they can still pose risks, this time to outsiders in the broader market.This does raise questions about the regulation of family offices once again, said Tyler Gellasch, a former SEC aide who now runs the Healthy Markets trade group. The question is if its just friends and family why do we care? The answer is that they can have significant market impacts, and the SECs regulatory regime even after Dodd-Frank doesnt clearly reflect that.Valuable CustomerArchegos established trading partnerships with firms including Nomura Holdings Inc., Morgan Stanley, Deutsche Bank AG and Credit Suisse Group AG. For a time after the SEC case, Goldman refused to do business with him on compliance grounds, but relented as rivals profited by meeting his needs.The full picture of his holdings is still emerging, and its not clear what positions derailed, or what hedges he had set up.One reason is that Hwang never filed a 13F report of his holdings, which every investment manager holding more than $100 million in U.S. equities must fill out at the end of each quarter. Thats because he appears to have structured his trades using total return swaps, essentially putting the positions on the banks balance sheets. Swaps also enable investors to add a lot of leverage to a portfolio.Morgan Stanley and Goldman Sachs, for instance, are listed as the largest holders of GSX Techedu, a Chinese online tutoring company thats been repeatedly targeted by short sellers. Banks may own shares for a variety of reasons that include hedging swap exposures from trades with their customers.Unhappy InvestorsGoldman increased its position 54% in January, according to regulatory filings. Overall, banks reported holding at least 68% of GSXs outstanding shares, according to a Bloomberg analysis of filings. Banks held at least 40% of IQIYI Inc, a Chinese video entertainment company, and 29% of ViacomCBS -- all of which Archegos had bet on big.Im sure there are a number of really unhappy investors who have bought those names over the last couple of weeks, and now regret it, Doug Cifu, chief executive officer of electronic-trading firm Virtu Financial Inc., said Monday in an interview on Bloomberg TV. He predicted regulators will examine whether there should be more transparency and disclosure by a family office.Without the need to market his fund to external investors, Hwangs strategies and performance remained secret from the outside world. Even as his fortune swelled, the 50-something kept a low profile. Despite once working for Robertsons Tiger Management, he wasnt well-known on Wall Street or in New York social circles.Hwang is a trustee of the Fuller Theology Seminary, and co-founder of the Grace and Mercy Foundation, whose mission is to serve the poor and oppressed. The foundation had assets approaching $500 million at the end of 2018, according to its latest filing.Its not all about the money, you know, he said in a rare interview with a Fuller Institute executive in 2018, in which he spoke about his calling as an investor and his Christian faith. Its about the long term, and God certainly has a long-term view.His extraordinary run of fortune turned early last week as ViacomCBS Inc. announced a secondary offering of its shares. Its stock price plunged 9% the next day.The value of other securities believed to be in Archegos portfolio based on the positions that were block traded followed.By Thursdays close, the value of the portfolio fell 27% -- more than enough to wipe out the equity of an investor who market participants estimate was six to eight times levered.Its also hurt some of the banks that served Hwang. Nomura and Credit Suisse warned of significant losses in the wake of the selloff and Mitsubishi UFJ Financial Group Inc. has flagged a potential $300 million loss.You have to wonder who else is out there with one of these invisible fortunes, said Novogratz. The psychology of all that leverage with no risk management, its almost nihilism.(Updates with latest bank to detail exposure in penultimate paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.2021 Bloomberg L.P.

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