Oil industry faces short-term hurricane impact
While it’s too early to know the full economic and human toll of Hurricane Harvey, we expect a relatively short-term impact on the U.S. energy industry.
France and Germany unveiled plans in July to develop a European fighter jet, burying past rivalries as part of a raft of measures to tighten defense and security cooperation, reports Reuters.
The move to develop a new warplane accelerates steps that are expected to shape the future of the European fighter industry and two of its three existing programs: the Eurofighter and France's Rafale.
The move also reflects efforts to give fresh impetus to Franco-German relations in the aftermath of Britain's decision to leave the European Union and was described by defense experts as a snub to Europe's leading military power.
France and Germany aim to come up with a roadmap by mid-2018 for jointly leading development of the new aircraft to replace their existing fleets of rival warplanes, according to a document issued after a Franco-German cabinet meeting in Paris.
"Today there are too many European standards and qualifications and sometimes there is competition among Europeans internationally. I can confirm this is a deep revolution but we are not afraid when they are carried out peacefully, in a structured way and over time," said French President Emmanuel Macron at a joint press conference with German Chancellor Angela Merkel.
France and Germany said their new combat system, which analysts say could involve a mixture of manned and unmanned aircraft, would replace the Rafale and Eurofighter, rival jets that compete fiercely for global sales. That would mark the end of a decades-long split since France withdrew from the Eurofighter project in the 1980s to produce its Rafale warplane with Dassault Aviation. (Source: Reuters)
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