Boeing gets $2.5 billion Air Force contract for new airborne warning and control aircraft

 Boeing and the Air Force announced Friday that they reached an agreement on the pricing for a $2.56 billion contract to develop two rapid prototype E-7A Wedgetail aircraft.

The E-7A Wedgetail is an airborne early warning and control (AEW&C) aircraft that's based on the Boeing 737, but it features advanced electronics and a fixed radar antenna mounted on top of the fuselage that gives the aircraft a distinctive appearance. 

Wedgetail is the Air Force's planned replacement for the aging fleet of E-3 Sentry airborne warning and control systems (AWACS), which will continue to serve in that role until they're phased out when the Wedgetail is fielded in the future.

"The E-7A provides advanced airborne battle management and command and control and moving target indication capabilities," the Air Force said in a press release. "Its advanced multi-role electronically scanned array radar will enhance airborne battle management, providing improved situational awareness and enabling long-range kill chains with peer adversaries."

The Air Force and Boeing announced a finalized contract for the Air Force's first E-7A Wedgetail, which is currently used by U.S. allies Australia, South Korea and Turkey. (Asanka Ratnayake/Getty Images)

"Our customers have an urgent need for integrated battlespace awareness and battle management," said Dan Gillian, vice president and general manager of Boeing Defense, Space & Security's Mobility, Surveillance & Bombers Division. 

"The E-7A is the airspace lynchpin to continuously scan the skies, command and control the battlespace, and integrate all-domain data providing a decisive advantage against threats. With our open systems architecture approach, capabilities can be rapidly inserted over time as threats evolve," Gillian added.

A Royal Australian Air Force E-7A Wedgetail takes off during Black Flag 22-1 at Nellis Air Force Base, Nevada, on May 10, 2022. (U.S. Air Force/Airman 1st Class Josey Blades via DVIDS/Fox News)

"This agreement is a win for our warfighters, paving the way for ensuring the Air Force's ability to provide advanced airborne moving target indication in the coming years," said Assistant Secretary of the Air Force for Acquisition, Technology, and Logistics Andrew Hunter.

Hunter added the deal is "also an exemplar of our ability to leverage and support the expertise and investments of our partners and allies to support our common security objectives."

A Royal Australian Air Force E-7A Wedgetail flies in formation with a Hawaii Air National Guard F-22 Raptor and a Navy F/A-18E/F Super Hornet, EA-18G Growler and F-35 Lightning II during Sentry Aloha 24-01 on Jan 30, 2024, in Hawaiian airspace. (U.S. Navy/MSgt. Mysti Bicoy, Hawaiian Air National Guard via DVIDS/Fox News)

Ticker	Security	Last	Change	Change %
BA	THE BOEING CO.	167.91	-0.96	-0.57%

The Wedgetail is currently operated by the air forces of U.S. allies Australia, South Korea and Turkey, while the United Kingdom and NATO have also ordered the aircraft. The Air Force plans to eventually have a fleet of 26 Wedgetails by 2032.

The Royal Australian Air Force, British Royal Air Force and U.S. Air Force entered into a trilateral cooperation agreement related to the development, evaluation and testing, interoperability, sustainment, operations, training and safety of the Wedgetail program.

Two Air Force B-2 Spirits fly alongside four Royal Australian Air Force EA-18G Growlers and an E-7A Wedgetail off the eastern Australian coast on Aug. 4, 2022. (U.S. Navy/Lt. Cmdr. Andrew Bishline via DVIDS/Fox News)

Boeing's contract also includes life cycle development, training and support for the Air Force's E-7A fleet. The two operationally representative prototype E-7A Wedgetails included in the contract are expected to be delivered in fiscal 2028.

https://www.foxbusiness.com/politics/boeing-gets-2-5-billion-air-force-contract-new-airborne-warning-control-aircraft

Zelensky Blames Russia, Goads West Allies, As Fire Breaks Out At Nuclear Plant

 Just hours before futures in the US open, troubling news has surfaced on X that Ukraine's Russian-held Zaporizhzhia nuclear power plant's cooling tower has caught fire. 

At first, several X users that identified as "OSINT"—or open-source intelligence—pointed out the fire developing at the largest nuclear power plant in Europe (able to generate 6,000 megawatts for four million homes). 

About 15 minutes later, around 1500 ET, Ukrainian President Volodymyr Zelensky confirmed on X that "Russian occupiers have started a fire on the territory of the Zaporizhzhia Nuclear Power Plant."

Zelensky continued:

Currently, radiation levels are within norm. However, as long as the Russian terrorists maintain control over the nuclear plant, the situation is not and cannot be normal.

Since the first day of its seizure, Russia has been using the Zaporizhzhia NPP only to blackmail Ukraine, all of Europe, and the world.

We are waiting for the world to react, waiting for the IAEA to react. Russia must be held accountable for this. Only Ukrainian control over the Zaporizhzhia NPP can guarantee a return to normalcy and complete safety.

Zaporizhzhia NPP has come under shelling and drone attacks in the past. The United Nations nuclear watchdog agency, the International Atomic Energy Agency, has issued numerous warnings about the plant dangerously close to suffering an accident or attack. 

According to Russian state-controlled Russia Today, the fire at Zaporizhzhia NPP's cooling systems facility was the direct "result of Ukrainian shelling of Energodar city - local authorities." At this moment, it really depends on the source for who is responsible for the fire. Welcome to the 'fog of war'. 

AFP News cited Yevgeny Balitsky, the Russian-installed governor of Ukraine's Zaporizhzhia region, who said the fire at the cooling system was a result of shelling of the town of Energodar by the Ukrainian armed forces.

Data from the Joint Research Centre of Radioactivity Environment Monitoring (view here) shows radiation levels are still normal despite the ongoing incident. 

In April, Goldman's Borislav Vladimirov told clients, "Sabotage or failure at the NPP Zaporizhzhia. Situated on the front line of the war in Ukraine, the Zaporizhzhia nuclear power plant, the largest of its type in Europe, poses ongoing risks not only due to the threat of Russian sabotage, but also to the gradual deterioration of the facility due to poor maintenance and extreme (war-zone) operating conditions."

The fire at the Zaporizhzhia NPP coincides with the recent deployment of Ukrainian fourth-generation F-16 fighter jets in the air along the frontline in the southern Kherson region, according to Newsweek. Additionally, Ukrainian forces have seized the "Sudzha" gas metering station, one of the last remaining Russian pipelines still delivering NatGas to Europe through Ukraine. Meanwhile, Ukraine has been intensifying suicide drone missions targeting Russian energy infrastructure. 

In markets, well, crypto at the moment, since futures are closed, the first response by algos has been to dump Bitcoin and Ethereum.

*This story is developing...  Please check back for updates. 

https://www.zerohedge.com/military/fire-breaks-out-zaporizhzhia-nuclear-power-plant

Appeals Court Rules Against ATF's Pistol Brace Ban

 by Tom Ozimek via The Epoch Times,

A federal appeals court in North Dakota has found that a rule issued by the Bureau of Alcohol Tobacco, Firearms and Explosives (ATF) that restricts ownership of pistol attachments known as stabilizing braces is “arbitrary and capricious,” ordering a lower court to re-consider a motion that would block enforcement of the brace ban.

In a 2–1 decision issued on Aug. 9 by the 8th Circuit Court of Appeals, the majority found that a coalition of 25 Republican attorneys are likely to succeed in their legal challenge against the ATF rule that treats pistols fitted with stabilizing braces as short-barreled rifles and subjects them to various restrictions

“The Final Rule, as a whole, is arbitrary and capricious because it allows the ATF to arrive at whatever conclusion it wishes without ‘adequately explain[ing] the standard on which its decision is based,’” the majority opinion states. “Thus, we conclude the Coalition is likely to succeed on the merits of its challenge.”

The states and other plaintiffs sued the ATF in February 2023, with U.S. District Judge Daniel Hovland in North Dakota declining to grant their motion for a preliminary injunction and block the rule. Arguing that they were unlikely to succeed on the merits, Hovland found that ATF had adequately explained its rulemaking process.

The majority on the 8th Circuit disagreed, and in their Aug. 9 decision ordered Hovland to reconsider the plaintiffs’ motion for a injunction that would block the ATF rule’s enforcement.

“We reverse the order denying a preliminary injunction and remand with instructions to reconsider the motion consistent with this opinion,” the judges wrote in the majority opinion.

Circuit Judge Bobby Shepherd dissented, saying that the panel should have affirmed Hovland’s order because there was no need for a preliminary injunction after the rule was vacated in June by U.S. District Judge Reed O'Connor in Texas.

O'Connor argued in his 12-page decision that the ATF’s rule that treated roughly 99 percent of pistols fitted with the braces as short-barreled rifles violated the Administrative Procedures Act’s procedural requirements because it was not a “logical outgrowth” of the proposed version of the rule.

“The Court finds that the adaptation of the Final Rule was arbitrary and capricious for two reasons,” O'Connor wrote. “First, the Defendants did not provide a detailed justification for their reversal of the agency’s longstanding position. And second, the Final Rule’s standards are impermissibly vague.”

The judge granted the plaintiffs’ motion for summary judgment and ordered the rule vacated.

The ATF told The Epoch Times that it had no comment on the 8th Circuit ruling.

Iowa Attorney General Brenna Bird and Missouri Attorney General Andrew Bailey, who were among the 25 attorneys general who challenged the ATF rule, praised the 8th Circuit ruling.

“This victory upholds Americans’ constitutional rights and stops the Biden-Harris ATF’s illegal attempt to make millions of law-abiding citizens felons overnight,” Bird said in a statement.

Bailey issued a statement saying: “The Constitution was meant to be a floor, not a ceiling, for our God-given rights. We will continue to do everything in our power to safeguard Missourians’ right to keep and bear arms against encroachment by unelected federal bureaucrats.”

Stabilizing Braces

The pistol stabilizing brace, introduced over a decade ago, was designed to aid disabled individuals and others who require assistance when shooting large-format pistols, such as those built on AR-15 platforms. This accessory attaches to the rear of the pistol and the shooter’s forearm, providing a steadier aim for one-handed shooting.

Restrictions on stabilizing braces have been the subject of intense debate after the ATF proposed them in 2020. Initially, the ATF said in open letters that it did not consider the braces as converting pistols into short-barreled rifles but in the final rule, the agency cited changes in the braces’ design in saying they convert pistols into restricted short-barreled rifles.

In January 2023, the DOJ announced that it had submitted the final rule to the Federal Register, formalizing the regulation that President Joe Biden advocated for in April 2020 after it was found that a man killed 10 people at a grocery store in Boulder, Colorado, using a gun with a stabilizing brace.

The rule went into effect immediately upon publication. Any firearms with stabilizing braces or similar attachments that qualified them under the new rule as short-barreled rifles had to be registered no later than within 120 days, or modified by removing the brace and restored into a regular pistol, or turned into a local ATF office, or destroyed.

Short-barreled rifles are subject to more strict regulations under the National Firearms Act (NFA), with those found in possession of unregistered NFA firearms can face fines of up to $10,000, 10 years in prison, and a felony conviction that disqualifies them from future firearm ownership.

The rule faced pushback from Republicans and gun-rights groups like the National Rifle Association, which pointed out they were originally designed for disabled veterans.

The rule faced several legal challenges. In one of the lawsuits, the 5th Circuit Court of Appeals determined in August 2023 that the rule was finalized without giving the public a meaningful chance to comment on it, in violation of the federal Administrative Procedure Act, which sent the case to O'Connor in Texas, who in June this year vacated the rule, setting up a possible U.S. Supreme Court appeal.

The number of Americans impacted by the ATF’s brace rule is difficult to determine. The ATF estimates that 3 million pistol braces have been sold. Second Amendment advocates say the number is closer to 40 million.

https://www.zerohedge.com/political/appeals-court-rules-against-atfs-pistol-brace-ban

Credit Card and Auto Loan Delinquencies Surge in Q2

 Over ten percent of credit card outstanding debt is over 90 days delinquent. Banks will be curtailing credit.

This a second look at some interesting charts from the New York Fed Quarterly Report on Household Debt and Credit.

Over 10 Percent of Credit Card Debt is Seriously Delinquent

Serious Delinquency for Auto Loans by Age

Serious Delinquency for Credit Cards by Age

Lenders Took More Risk

The Consumer Financial Protection Bureau (CFPB) reports Credit Card Delinquencies are Higher than in 2019 Because Lenders Took on More Risk.

After falling during the pandemic, the share of consumers with a delinquent credit card has increased rapidly since 2021 and is now higher than in 2019. While consumers with delinquencies clearly show signs of struggling, news reports have taken the rising delinquency rate as a sign that financial distress is becoming more widespread, suggesting underlying weakness in the U.S. economy. We show that rather than being a sign of broader distress, this increase in delinquencies is explained by a substantial increase in the riskiness of recently issued credit cards.

Delinquencies have been concentrated among credit cards originated in the last few years and we show these credits cards were much riskier than in previous years. Two factors explain this extra risk: First, lending standards loosened a bit in 2021 and 2022 judging by a decline in credit scores at origination. At the same time, pandemic aid and forced savings pushed average credit scores up sharply. Effectively, by not tightening significantly, lenders were originating cards much further down the risk spectrum. We show this shifting risk composition explains why delinquencies are higher than in 2019.

Overall delinquencies increased rapidly over the last few years because the credit cards originated in 2021, 2022, and 2023 have gone delinquent much more rapidly than credit cards originated in other years. About 8 percent of credit cards originated in 2016 became delinquent about four years after origination. Meanwhile, the 2021 vintage reached an 8 percent delinquency rate just after 2 years while the 2022 vintage reached 8 percent after less than two years and 2023 has followed 2022 closely so far. (The 2020 vintage is in between the pre-pandemic and post-pandemic vintages reaching 8 percent delinquency after 3 years.) At the same time, credit cards originated in earlier years have not seen a similar increase in delinquencies in recent years.

Cards Originated in 2021 Through 2023 Were Riskier than Before

Figure 3 [Above Image] shows the credit score of new credit cards originated each month and the average credit score of all consumers on the left axis. During the Great Recession, lending standards tightened sharply, so that consumers with a new credit card had average scores above 720, even while the average credit score among all consumers was around 690. As a result, the average credit score rank for consumers with a new credit card was above 55 percent from 2008 to 2014, as shown on Figure 3’s right axis. A consumer’s credit score rank is what percentage of all consumers with a score have a score lower than that consumer.

Credit stress is rising just as layoffs are increasing and it’s getting much harder to find a job if you lose one.

That newer issued credit is failing faster again suggests it is renters and generation Z that is most impacted.

But it’s not just Millennials and Zoomers. Delinquencies are rising in all age groups, just more steeply in age groups 39 and younger.

Recession Debate

On August 9, I discussed why things are worse than they look.

If you missed it, please see Recession Debate: Citing the Sahm Rule, WSJ’s Greg Ip Says No Recession

Recessions frequently start with positive job growth and positive industrial production.

And jobs are highly likely to be seriously overstated. My calculations of pending negative revisions is similar to that of Bloomberg’s chief economist.

For discussion, please see Expect the BLS to Revise Job Growth Down by 730,000 in 2023, More This Year

If you think jobs are strong, you are very mistaken.

https://mishtalk.com/economics/credit-card-and-auto-loan-delinquencies-surge-in-the-second-quarter/

'Bar Rescue' host Jon Taffer warns small businesses facing agenda 'disarming' prosperity'

 Small businesses are under siege in America and the country needs a change, "Bar Rescue" host Jon Taffer warned viewers during Saturday's "One Nation with Brian Kilmeade."

Taffer, who has helped hundreds of failing businesses regain footing, told Kilmeade that higher costs and lower traffic have created a recipe for disaster, leading many in the restaurant industry with no choice but to file for bankruptcy.

"I drive through a downtown area, and I see all the vacant stores. I don't [just] see vacant stores. I see crushed families and crushed dreams. The impact is powerful," he said.

Jon Taffer said Trump's proposal to end taxes on tips is a "win-win" for consumers and employees alike. (One Nation with Brian Kilmeade / Fox News)

"Whether you're on the left or on the right – no matter what your political desires are – prosperity drives everything. No side can implement any agenda if we don't have prosperity… Our government is almost against small business now, and, if we don't protect these businesses, how do we keep unemployment low? How do we have the tax base to grow and develop our country? Do research and development new products?"

He continued, "Everything falls apart without prosperity, and we are facing a continuing agenda that I believe is disarming our ability to find that prosperity. We need a change."

Taffer's comments come on the heels of a discussion surrounding former President Trump's pledge to eliminate taxes on tips for workers in the service industry if elected in November, a promise that garnered attention in the subsequent months.

video

Donald Trump: We're going to have 'no tax on tips' and 'no tax on seniors' Social Security'

Former President Trump takes questions from reporters at Mar-a-Lago in Palm Beach, Fla., as the 2024 race heats up.

Vice President Harris mirrored that pledge at a campaign rally in Las Vegas over the weekend, prompting Trump to accuse her of stealing the idea.

Taffer, weighing in on that proposal, praised it as a "win-win" for workers and consumers alike.

"Sure it does [help service industry workers]." he said.

"In essence, it puts 25% or more of the tips back in their pocket. As a consumer, I like that, too. If I leave a $20 tip or whatever my tip is, I like the idea that 100% of it's going to the employee, so it's a win-win, and it does give our employees a substantial raise, and they go home with that money every night. That's terrific."

https://www.foxbusiness.com/media/bar-rescue-host-jon-taffer-warns-small-businesses-facing-agenda-disarming-prosperity-we-need-change

'Biden says he’ll campaign for Harris in Pennsylvania and other states'

 President Biden intends to hit the road to campaign for Vice President Harris in the coming weeks after he ended his own candidacy, telling “CBS Sunday Morning” he will visit Pennsylvania and other states.

Biden said in an interview that aired Sunday that he talks with Harris frequently, and he offered praise for her running mate, Minnesota Gov. Tim Walz (D).

“He’s my kind of guy. He’s real. He’s smart. I’ve known him for several decades. I think it’s a hell of a team,” Biden said.

The president brushed aside questions about his health as he presides over the final five months of his time in office and signaled he would be a visible presence as the campaign heats up.

“Look, I had a really, really bad day in that debate because I was sick. But I have no serious problem,” Biden said. “I was talking to [Pennsylvania] Gov. Shapiro, who’s a friend…he and I are putting together a campaign tour in Pennsylvania. I’m going to be campaigning in other states as well. And I’m going to do whatever Kamala thinks I can do to help most.”

Biden has yet to appear on the trail either with Harris or on his own since he announced on July 21 that he would not seek reelection amid pressure from other Democrats to step aside following a disastrous debate performance against former President Trump.

Harris has consolidated support among elected Democrats and rejuvenated base voters, drawing huge crowds this week in multiple battleground states.

And while polls had shown Trump with a steady lead over Biden nationally and in key battleground states, polls in recent days have shown Harris and Trump running neck-and-neck.

Biden may be an asset with certain sets of voters, particularly older voters who could be critical in November’s race. And he cited his ability to navigate the country’s emergence from the coronavirus pandemic and the economic recovery as examples of how he hoped history would remember his presidency.

But his overall approval rating remains mired around 40 percent, as it has for much of his presidency. A FiveThirtyEight average of approval rating polls showed Biden’s sat at 39 percent.

https://thehill.com/homenews/4822610-biden-campaign-harris-pennsylvania-other-states/

'Biden says he was concerned if he stayed in the race it would be ‘a real distraction’'

 President Biden in a new interview offered his lengthiest explanation to date of why he opted not to seek reelection, citing concerns that it could negatively impact other Democrats running in November.

“The polls we had showed that it was a neck and neck race, woulda been down to the wire,” Biden said on “CBS Sunday Morning.”

“But what happened was a number of my Democratic colleagues in the House and Senate thought that I was gonna hurt them in the races,” Biden continued. “And I was concerned if I stayed in the race, that would be the topic. You’d be interviewing me about why did Nancy Pelosi say, why did so– and– and I thought it’d be a real distraction, number one.”

Biden said the other factor was “maintaining this democracy,” arguing that defeating former President Trump was paramount.

The president announced on July 21 that he would not seek reelection amid pressure from other Democrats to step aside following a disastrous debate performance against former President Trump.

Dozens of elected Democrats had urged Biden to pass the torch to another candidate, questioning whether he could defeat Trump in November.

Pelosi, who has served with Biden for decades, has given multiple interviews in recent days in which she has disputed that she personally phoned the president to express her concerns. However, she has been critical of his political operation and said she acted as a sounding board for other lawmakers.

Polls showed Biden trailing Trump nationally and that battleground states he won in 2020, like Nevada, Arizona and Georgia, were drifting further out of reach, while must-win states like Pennsylvania, Michigan and Wisconsin would be close.

Biden backed Vice President Harris as the Democratic nominee upon dropping out

https://thehill.com/homenews/campaign/4822617-joe-biden-presidential-election-concern-distraction/.