Ramsco's Women Empowerment Initiative Recognized Among Top BRICS Businesswomen Practices for 2025    Egypt, Elsewedy review progress on Ain Sokhna phosphate complex    Gold prices end July with modest gains    Pakistan says successfully concluded 'landmark trade deal' with US    Egypt's FM, US envoy discuss Gaza ceasefire, Iran nuclear talks    Modon Holding posts AED 2.1bn net profit in H1 2025    Egypt's Electricity Ministry says new power cable for Giza area operational    Egypt's Al-Sisi, Italian defence minister discuss Gaza, security cooperation    Egypt's FM discusses Gaza, Nile dam with US senators    Aid airdrops intensify as famine deepens in Gaza amid mounting international criticism    Health minister showcases AI's impact on healthcare at Huawei Cloud Summit    On anti-trafficking day, Egypt's PM calls fight a 'moral and humanitarian duty'    Federal Reserve maintains interest rates    Egypt strengthens healthcare partnerships to enhance maternity, multiple sclerosis, and stroke care    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    Rafah Crossing 'never been closed for one day' from Egypt: PM    I won't trade my identity to please market: Douzi    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt's EHA, Huawei discuss enhanced digital health    Egypt, Oman discuss environmental cooperation    Egypt's EDA explores pharma cooperation with Belarus    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Satellite owner says SpaceX owes $50 million or free flight
Published in Amwal Al Ghad on 05 - 09 - 2016

Israel's Space Communication Ltd said on Sunday it could seek $50 million or a free flight from Elon Musk's SpaceX after a Spacecom communications satellite was destroyed last week by an explosion at SpaceX's Florida launch site.
Officials of the Israeli company said in a conference call with reporters Sunday that Spacecom also could collect $205 million from Israel Aerospace Industries, which built the AMOS-6 satellite.
SpaceX said in an email to Reuters that it does not disclose contract or insurance terms. The company is not public, and it has not said what insurance it had for the rocket or to cover launch pad damages beyond what was required by the Federal Aviation Administration, which oversees commercial U.S. launches, for liability and damage to government property.
SpaceX has more than 70 missions on its manifest, worth more than $10 billion, for commercial and government customers.
The space launch company is one of three major transportation and energy enterprises Musk leads. The others are electric car maker Tesla Motors Inc and SolarCity Corp, and Musk faces separate challenges at each of those money losing companies.
Spacecom has been hit hard in the aftermath of the Thursday explosion that destroyed the SpaceX Falcon 9 rocket and its payload. The Israeli company said the loss of the satellite would have a significant impact, with its equity expected to decline by $30 million to $123 million.
Spacecom shares dropped 9 percent on Thursday, with the explosion occurring late in the last trading day of the week. Trading in the shares was suspended on Sunday morning, and the stock plummeted another 34 percent when trading resumed.
In a conference call with reporters, Spacecom's general counsel Gil Lotan said it was too early to say if the company's planned merger with Beijing Xinwei Technology Group would proceed.
Xinwei last month agreed to buy Spacecom for $285 million, saying the deal was contingent on the successful launch and operation of Spacecom's AMOS-6 satellite.
"We hope to continue fruitful communications with the prospective buyer," Lotan said.
Xinwei officials on Monday declined to comment on whether the incident would impact the terms of the deal.
The firm said in a statement on Friday it was in close communication with Spacecom about how the incident would impact the merger. It added the accident would not impact its broader strategy to establish an integrated space information network.
CAUSE UNKNOWN
AMOS-6 was to be used by a number of key clients, including Facebook and Eutelsat Communications which leased the satellite's broadband services to expand internet access in Africa. Both firms are pursuing other options, the companies said in separate statements after Thursday's accident.
The cause of the accident is under investigation. Neither SpaceX, nor the FAA which is overseeing the investigation, have said how much damage the explosion caused at SpaceX's primary launch site at Cape Canaveral Air Force Station in Florida.
SpaceX said on Friday that it would shift flights to a second launch site in Florida, which is nearing completion and which was last used to launch NASA's space shuttles.
Thursday's accident, which occurred as the company was fueling its rocket as part of a routine prelaunch test firing, was the second failed mission for Musk's space company in 14 months. In June 2015, a Falcon 9 rocket exploded about two minutes after liftoff from Florida, destroying a load of cargo headed to the International Space Station.
SpaceX returned to flight in December and since then has flown nine times, all successfully. It was scheduled to fly for the 29th time on Saturday. SpaceX declined to comment about what impact Thursday's accident would have on its schedule.
Source: Reuters


Clic here to read the story from its source.