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    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
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    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Top Stories

    Posted By Wanda Rich

    Posted on November 7, 2023

    Featured image for article about Top Stories

    Italy, France and Germany agree on launches of Ariane 6 and Vega-C

    By Giuseppe Fonte

    ROME (Reuters) – Italy, France and Germany on Monday have reached a deal underpinning future launches of the delayed Ariane 6 and Avio’s smaller Vega-C rockets, Italy’s industry minister said.

    Europe’s new heavyweight launcher built by ArianeGroup – an Airbus-Safran joint-venture – has been delayed by technical glitches and is due to stage its first test launch in 2024, four years behind the original plan.

    The previous generation of rockets for heavy payloads, Ariane 5, was retired in July.

    Beyond resolving the immediate technical problems, European states have been at odds over medium-term budgets and schedules stretching beyond the first 15 flights of Ariane 6.

    “A series of fundamental points are set out for the relaunch of the space sector, resolving long-standing disputes over the availability of launches and their sites, and finally laying the foundations for a new unified phase in Europe and in the global competitive environment,” Urso said in a statement.

    The smaller Vega-C has been grounded since Dec. 22 after a failed launch. Italy has been campaigning for the rocket to be marketed separately from ArianeGroup subsidiary Arianespace, which currently sells and operates all major European launches.

    Monday’s agreement opens the door to Vega-C being operated independently by Italian manufacturer Avio in addition to the current arrangements carried out by Arianespace, the statement added. In Milan, shares in Avio rose 2.9%.

    The three-way agreement was signed during a European Space Agency (ESA) ministerial meeting in Seville, Spain.

    Launchers are a pressing issue as Europe faces a gap in access to space following the Ariane 6 and Vega-C delays, coupled with the loss of access by western European nations to Russia’s Soyuz programme due to the war in Ukraine.

    ESA Director General Josef Aschbacher said last week there was “light at the end of tunnel” in efforts to bring Ariane 6 to the launchpad and restore Europe’s independent access to space.

    (Reporting by Giuseppe Fonte, writing by Cristina Carlevaro, editing by Federico Maccioni, Tim Hepher)

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