Uber Technologies has agreed to sell its Southeast Asian business to bigger regional rival Grab, the ride-hailing firms said on Monday, marking the U.S. company’s second retreat from an Asian market.

The industry’s first big consolidation in Southeast Asia, home to about 640 million people, puts pressure on Indonesia’s Go-Jek, which is backed by Alphabet’s Google and China’s Tencent Holdings Ltd.

A shake-up in Asia’s fiercely competitive ride-hailing industry became likely earlier this year when Japan-based SoftBank Group Corp’s Vision Fund made a multibillion-dollar investment in Uber. SoftBank owns stakes in most major global ride services companies, and executives have indicated they favored consolidation.

SoftBank already had investments in Grab and India’s Ola, and Vision Fund Chief Executive Rajeev Misra had urged Uber to focus less on Asia and more on profitable markets such as Latin America, a person familiar with the matter said.

Grab President Ming Maa told Reuters that SoftBank CEO Masayoshi Son was “highly supportive” of the deal, which he called “a very independent decision by both” Grab and Uber.

Uber will take a 27.5 percent stake in Singapore-based Grab and Uber CEO Dara Khosrowshahi will join Grab’s board. Grab was last valued at $6 billion after a financing round in July.

“It will help us double down on our plans for growth as we invest heavily in our products and technology,” Khosrowshahi said in a statement.

The Competition Commission of Singapore (CCS) said it has the mandate to review whether any mergers will result in a “substantial lessening of competition” and take any action to intervene in the deal, but it has yet to receive notice from the companies.

The deal will help bolster Grab’s meal-delivery service, which will merge with Uber Eats, compete with Go-Jek. Go-Jek has become a dominant player and powerful rival in Indonesia, the region’s biggest economy, and it has rapidly expanded beyond ride hailing to digital payments, food delivery and on-demand cleaning and massage.

Ride-hailing companies throughout Asia have relied heavily on discounts and promotions, driving down profit margins and increasing pressure for consolidation.

Uber, which is preparing for a potential initial public offering in 2019, lost $4.5 billion last year and is facing fierce competition at home in the United States and across Asia, as well as a regulatory crackdown in Europe.

Uber invested $700 million in its Southeast Asia business.

Uber previously sold operations in China and Russia to local rivals under former CEO Travis Kalanick. The deal with Grab is the first operations sale by Khosrowshahi, who started in September.

More consolidation

But Uber’s CEO does not want to make these mergers a pattern, and said he has no plans to do another sale in which it consolidates its operations in exchange for a minority stake in a rival.

“It is fair to ask whether consolidation is now the strategy of the day, given this is the third deal of its kind…The answer is no,” Khosrowshahi said in a note to employees that was shared with Reuters. “One of the potential dangers of our global strategy is that we take on too many battles across too many fronts and with too many competitors.”

SoftBank is also an investor in India’s Ola, another competitive and costly market where rivals have heavily subsidized rides in an effort to gain market share. But a source familiar with Uber’s strategy said the company was going to step up its battle with Ola in India, where Uber has close to 60 percent of the market, by some estimates, but is losing money.

SoftBank’s Misra sees opportunities for mergers and joint ventures between SoftBank-backed ride-hailing companies, particularly for collaborating on research and development, but the investor would never get actively involved with management decisions, the person familiar with the matter said.

Uber includes the United States, Australia, New Zealand and Latin America among its core markets — regions where it has more than 50 percent market share and is profitable or sees a path to profitability.
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From: MeNeedIt

A bitter optimism is felt at the end of the marathon, two-part AIDS play “Angels in America” and one of its stars, Andrew Garfield, shares some of that hope, especially with so many young people in the #NeverAgain movement demanding gun law changes and begging not to be cut down by bullets.

Garfield said the Pulitzer Prize- and Tony Award-winning work resonates as much today as it did when it first premiered more than 25 years ago, citing Saturday’s March for Our Lives in Washington, D.C., and around the country.

“These incredibly inspiring, beautiful young people organized the March for Our Lives,” he said Sunday at an opening night party. “You have teenagers who are wiser than the elders of our population, teenagers who are wiser and smarter and who are being forced to fight for simply being alive.”

He added:”Thank God they are doing what they are doing, and we need to stand with them and follow them and help them lead.”

The former Spider-Man actor, who has been on Broadway before in “Death of a Salesman,” has transferred Tony Kushner’s seven-hour masterpiece from London to Broadway. “Angels in America” dramatizes the early days of the AIDS crisis in 1980s and the effects of Reaganism.

In his final monologue, Garfield’s character says: “The dead will be commemorated. And we’ll struggle on with the living. And we are not going away. We won’t die secret deaths anymore. The world only spins forward.”

Kushner has said that all his plays, and this one in particular, seem to thrive under Republican administrations. But he said Sunday the current Donald Trump administration is like none that he has ever seen.

“There have been many bad Republican administrations. I would argue that, with the possible exception of some parts of the Eisenhower administration, it’s all been pretty terrible. This is indescribably worse than anything we’ve had before, so maybe this is the moment when the play will really hit big,” Kushner said.

The play also stars Nathan Lane, Lee Pace, Denise Gough, and Nathan Stewart-Jarrett. It is directed by Tony- and Olivier-winner Marianne Elliott.

Garfield said Kushner’s dogged optimism for a broken-down world and craving for life itself makes his words so appealing in 2018.

“It does feel like we are dreaming of a better future. I think that is what Tony is trying to do with the play. He’s giving us a very accurate depiction of the hell we are in, and then he is giving us a way out, which is through community, empathy, remembering about the sacredness of life — all life — and the mystery of longing for more life,” Garfield said.
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From: MeNeedIt

Indonesia’s strict crackdown on illegal foreign fishing boats is paying off, according to new research.

Kicking out interlopers has relieved pressure on the country’s overtaxed fisheries at no cost to its domestic industry, the study says, and may point the way for other countries to make their fisheries more sustainable.

About a third of the world’s commercial fish populations are overfished, according to the U.N. Food and Agriculture Organization. 

One study estimated that restoring depleted fisheries would ultimately generate $53 billion in additional annual profits. 

But reducing overfishing usually means putting unpopular restrictions on local fishers to allow populations to recover.

“Telling fishers to stop fishing for a few months or years would be something that’s not that realistic,” said study lead author Ren Cabral at the University of California, Santa Barbara.

Violators will be sunk

But in Indonesia, as in many developing countries, locals are only part of the equation. Many foreign vessels fished the country’s waters, often illegally.

The study notes that the country lost an estimated $4 billion per year to illegal fishing before 2014, when the government banned foreign fishing vessels in its waters.

Since then, more than 300 ships found violating the ban were evacuated and sunk.

Cabral and colleagues wanted to see what the impact had been.

Using government registries, vessel tracking data and satellite imagery, they saw a drop of more than 90 percent in the time foreign vessels spent in Indonesian waters. That meant at least a quarter less fishing activity overall.

“That’s huge,” Cabral said.

The study is published in the journal Nature Ecology & Evolution. 

“You have a large benefit, but the cost to local people is zero,” said marine biologist Boris Worm at Dalhousie University, who was not involved with this research.

Do this first

“This paper argues, I think convincingly, that this is the first thing you should do: if you want to fix fisheries in your country, first, kick out the fishers that don’t need to be there,” he added.

Worm notes that the study could only account for large vessels that are required to carry tracking equipment. It could not assess what smaller vessels are doing.

“You’re really only seeing the tip of the iceberg,” he said. “The tip of the iceberg is getting smaller, which is good in this case. But there are a whole lot of problems below.”

With foreign fishing boats out of the way, local fishers are filling in the gap. If not managed properly, they could undo the benefits of fighting illegal fishing, Cabral said.

If Indonesia continues to ban illegal fishing and also manages local fishing sustainably, the study estimates profits would be 12 percent higher in 2035 compared to today.

On the other hand, if local fishing remains unchanged, 2035 profits would drop by half as fish populations declined.

“The next step would be Indonesia managing their local fishing effort,” Cabral added. “If they do that, they can definitely get the benefit from their policies.”

 
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From: MeNeedIt

Kenya has agreed to accelerate a health agreement it signed with Cuba last year and bring 100 doctors from the country to fill gaps in Kenyan hospitals.  Fifty Kenyan doctors will also be sent to Cuba for specialized training.  

The Kenyan government says the deal to import Cuban doctors would help counter gaps in Kenya’s medical facilities.

Kenya Cabinet Secretary for Health Sicily Kariuki explains.

“The target is to bring 100 specialized doctors from Cuba.  One is because of the  HR resource gap that we have,” said Kariuki. “We are careful not to crowd the place with general doctors and therefore the aim of my ministry is to bring forward critical care physicians at that level – family physicians, physicists, oncologists and surgeons dealing with plastic reconstructive surgery, dealing with orthopedic surgery and dealing with neurosurgery.

Each Kenyan county is expected to get at least two of the specialist doctors.

But Kenya Medical Practitioners, Pharmacists, and Dentists Union chairman Samuel Oroko says the move will not address the systemic dysfunction in Kenya’s health system.

“There are no drugs, theaters are not functioning, laboratories are not functioning, so even if they come and the systems are not functioning, they are coming just to be idle and they may not get equipment to use to train our own,” said Oroko. “So we need to look at all angles of our health system, not just bringing them because of bringing, but to ensure the system is functional so that they can operate.”

The agreement will also see Kenya work with Cuba on collaborative research projects, training for healthcare workers, and collaborations in fields such as genetic engineering and biotech work.

Former Kenyan Minister of Medical Services, Professor Anyang Nyongo, visited Cuba and says Kenya will benefit from the agreement.

“As health minister I came here and we were trying to work things together and I actually proposed some things that we needed to do, for example malaria vector control, collaborating with teaching, engineering, and a biotechmology center, but unfortunately we did not get far,” said Nyongo. “What gives me satisfaction this time is that the president is determined we implement these long standing proposals of collaboration between us and Cuba.

Oroko says the medical union is not against any collaboration or partnership with other governments.

“Our appeal and advice is that as we consider bringing expertise from other countries, we need to exhaust what we have locally,” said Oroko. “And if we lack capacity locally we should focus on training our own so that they can be able to manage the patients in Kenya.”

The union says more than 1,200 Kenyan doctors have been unemployed since May 2017.

“Equally we do have a number of doctors who have qualified, both general practitioners and specialists, who have not been employed and they are Kenyans,” said Oroko.

Kariuki says there are plans to absorb the graduate doctors into the healthcare system, but she says Kenya would still not be able to meet the recommended doctor to patient ratio.

Oroko says about 4,300 doctors work in the public sector for Kenya’s 38.6 million people.

“There is the required number of doctors we are supposed to have per facility, and it is public knowledge, the WHO requires that we have one doctor per 1,000 patients in any given population, currently in Kenya we have one doctor per 24,000 patients,” said Oroko. “… Where are they going to get the money to employ the ones coming from Cuba?”

The union blocked attempts by the government to bring in doctors from Tanzania at the height of its three month strike last year.  The agreement ending the strike called for pay increases and medical rick allowances. 

 
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From: MeNeedIt

U.S. stocks surged Monday as fears eased about the possibility of an all-out trade war with China over competing tariff increases.

The closely watched Dow Jones Industrial Average of 30 key stocks jumped by more than 1.5 percentage point in New York in early-day trading and other indexes were also advancing sharply. Earlier, Asian stocks were mixed, while European indexes edged down for the day.

Global markets plummeted last week after U.S. President Donald Trump announced tariffs on $60 billion worth of Chinese imports in an effort to trim $100 billion off the $375 billion trade deficit the U.S. recorded last year with China. Beijing immediately vowed to retaliate with higher import duties on U.S. goods.

But there were signs Monday of easing of tensions between the world’s two biggest economies.

White House trade adviser Peter Navarro told CNBC that U.S. Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer are talking with Chinese officials about trade issues between the two countries. Mnuchin told Fox News he was “cautiously hopeful” that the U.S. would reach a deal to keep China from imposing tariffs on $50 billion worth of U.S. exports.

The Trump administration is asking China to lower tariffs on U.S. car exports and open its markets to U.S. financial service companies. Bloomberg News reported that Mnuchin called China’s Liu He to congratulate him on his appointment as China’s vice premier for economic policy and that the two officials discussed ways the two countries could mutually agree to close the wide trading gap between the two countries.

Chinese Foreign Ministry spokesperson Hua Chunying said China would be willing to meet with U.S. officials to work out the two countries’ trade issues, while China’s foreign ministry urged the U.S. to “stop economic intimidation” over tariffs.

While avoiding mention of the tariff dispute and last week’s sharp drop in stock prices, Trump boasted about the performance of the U.S. economy.

“The economy is looking really good,” he said in a Twitter comment. “It has been many years that we have seen these kind of numbers. The underlying strength of companies has perhaps never been better.”
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From: MeNeedIt

Photo Courtesy: Kohenoor News. Caption: Marvia Malik, Pakistan’s first transgender news anchor
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From: MeNeedIt

Thousands of Venezuelans have paid homage to Jose Antonio Abreu, parading past the coffin of the economist turned visionary musical educator who created a network of youth orchestras that has been replicated around the world.

His coffin was delivered with military honors Sunday morning to the headquarters of the program, where the concert hall was converted into a chapel. Students of varying ages took turns playing pieces by Bach, Beethoven and other composers.

The death of the 78-year-old Abreu was announced Saturday by his family. No cause was given, but he had been known to be battling several illnesses since he retired a few years ago from running the musical education program known as El Sistema.
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From: MeNeedIt

A senior Chinese official is warning that a trade war would hurt all sides and set off a “greater conflict.”

“A trade war serves the interests of none. It will only lead to serious consequences and negative impact,” Vice Premier Han Zheng said at a development forum in Beijing Sunday. “We believe trade protectionism, against the trend, will lead to nowhere.”

Han did not mention the United States or President Donald Trump by name, whose announcement of stiff tariffs on imported Chinese steel and aluminum was answered with tariffs and duties on a list of U.S. imports.

Han appealed to all global trading partners to “cooperate with each other like passengers in the same boat … make economic globalization more open, inclusive, balanced and beneficial for all.”

Fears of a trade war between the world’s two largest economies have sent world markets tumbling.

The United States has accused China of unfair trade practices, including intellectual property theft and dumping Chinese goods on the global marketplace to make U.S. goods appear more expensive.

China has denied the U.S. charges, and Vice Premier Liu He told U.S. Treasury Secretary Steven Mnuchin in a telephone call Saturday that China is ready to defend its interests.
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From: MeNeedIt

President Donald Trump’s favorite TV network is increasingly serving as a West Wing casting call, as the president reshapes his administration with camera-ready personalities.

Trump’s new national security adviser, John Bolton, is a former U.N. ambassador, a White House veteran – and perhaps most importantly a Fox News channel talking head. Bolton’s appointment, rushed out late Thursday, follows Trump’s recent attempt to recruit Fox guest Joseph diGenova for his legal team.

Bolton went on Fox to discuss his selection and said it had happened so quickly that “I think I’m still a Fox News contributor.”

Another recent TV-land addition to the Trump White House is veteran CNBC contributor Larry Kudlow as top economic adviser. Other Fox faces on Trump’s team: rising State Department star Heather Nauert, a former Fox News anchor; communications adviser Mercedes Schlapp and Treasury Department spokesman Tony Sayegh. The latter two are both former Fox commentators.

“He’s looking for people who are ready to be part of that television White House,” said Kendall Phillips, a communication and rhetorical studies professor at Syracuse University. “This is the Fox television presidency all the way up and down.”

DiGenova, who has accused FBI officials of trying to “frame” Trump for nonexistent crimes, will not be joining the legal team because of “conflicts,” said Trump counsel Jay Sekulow on Sunday. Sekulow, however, said diGenova and his wife, attorney Victoria Toensing, also a frequent commentator on Fox, would not be prevented from helping Trump “in other legal matters.”

Trump’s affinity for Fox News is by now well-documented. He has bestowed more interviews on the network than any other news outlet and is an avid viewer. People close to the president say he thinks Fox provides the best coverage of his untraditional presidency. It also provides him a window into conservative thinking, with commentary from Republican lawmakers and right-wing thinkers – many of who are speaking directly to the audience in the Oval Office.

On-air personalities Sean Hannity and Laura Ingraham are favorites of the president, who also speaks to them privately. This past week Trump promoted Hannity on Twitter, saying: “@seanhannity on @foxandfriends now! Great! 8:18 A.M.”

The president’s early-morning tweets often appear to be reaction to Fox programming. On Friday, for example, Trump tweeted he was “considering” a veto of a massive spending bill needed to keep the government open not long after it was assailed on “Fox and Friends” as a “swamp budget.”

The critic in question was contributor Pete Hegseth, a favorite of the president who has been rumored to be a possible replacement for embattled Veterans Affairs Secretary David Shulkin.

Fox News came in for criticism this past week from CNN chief Jeff Zucker, who on Thursday attacked the rival network by saying it has become a propaganda machine that is “doing an incredible disservice to the country.”

Zucker spoke at the Financial Times Future of News conference two days after a former Fox military analyst quit, claiming he was ashamed at the way the network’s opinion hosts were backing Trump. Zucker said that analyst, Ralph Peters, voiced what a lot of people have been thinking about Fox in the post-Roger Ailes era.

Still, in Trump’s Washington, lawmakers and influence-seekers know that the best way to get in Trump’s ear is often to get on Fox. Legislators routinely seek to get airtime when they are trying to push legislation or policy ideas, said congressional aides who sought anonymity because they were not authorized to discuss private thinking.

“A year ago, everyone was trying to figure out how to get into the building; now everyone is trying to figure out how to get on TV,” said Republican consultant Alex Conant.

This past week, for example, conservative lawmakers unhappy with the spending bill moving through Congress took to Fox. “This may be the worst bill I have seen in my time in Congress,” said Jim Jordan, R-Ohio, on Wednesday.

And when the school shooting in Parkland, Florida, prompted a national conversation on gun laws, Fox contributor Geraldo Rivera used his platform to urge the president to support raising the age requirement to buy assault-type weapons.

“You’ve gotta let me give my pitch,” he said on “Fox and Friends” several weeks ago, noting that he would see Trump that night. “Here in Florida and most states a kid cannot buy a beer … and yet he could buy an AR-15 legally.”

The hosts quickly pushed back. “Tell him to let the teachers carry concealed,” said one.

While the coverage varies by show, “Fox and Friends” tends to be Trump-friendly, with the chipper morning show spotlighting his achievements and bashing the “mainstream media.” On Friday, they featured a teen from the Florida high school where the shooting occurred who opposes gun control efforts, as well as a young conservative activist who interviewed Trump at a White House event the day before.

Also appearing Friday was White House counselor Kellyanne Conway – herself a constant presence on cable news – who pushed back at the idea Trump was focused on hiring TV personalities.

“The irony is not lost on me that you have a lot of quote ‘TV stars’ calling Larry Kudlow and John Bolton ‘TV stars,’” Conway said.
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From: MeNeedIt

Tourist numbers in Indonesia swelled last year on the back of overseas advertising and infrastructure development. President Joko Widodo has said he wants to “create 10 tourist destinations like the island of Bali.” But the pleasing economic numbers also come with a social and environmental cost as rampant development threatens ecosystems and traditional livelihoods. Jack Hewson has this report.
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From: MeNeedIt

German business leaders are expressing concerns that President Donald Trump’s 25 percent tariff on imported steel could affect the auto industry in the South.

WABE Radio reports Mercedes-Benz USA this month opened its new North American headquarters in Sandy Springs, Georgia, for 1,000 employees.

The luxury car manufacturer is owned by Germany-based Daimler, but Mercedes-Benz USA CEO Dietmar Exler used the grand opening to remind the crowd of the brand’s U.S. presence.

German automakers in US 

That includes operations in South Carolina and in Alabama.

“We are now in the midst of construction of our own factory here, which will open doors in the fall in Charleston, South Carolina, and we’ll make all of the Sprinter vans for North America right here,” Exler said at the grand opening of its headquarters in Sandy Springs, Georgia, just north of Atlanta.

“Right next to me you have a member of the most successful SUV family, a GLE Coupe,” Exler said. “As you know, the GLE and the GLS are produced in Alabama. Last year, 280,000 cars were produced here not just for the U.S. market, but for markets all over the world.”

German car factories in the U.S. made more than 800,000 vehicles last year, and about half were sold overseas, according to the German Association of the Automotive Industry.

This month, Volkswagen of America Inc. announced plans to build a new five-passenger SUV at its factory in Chattanooga, Tennessee, where it manufactures other vehicles. Volkswagen AG is based in Wolfsburg, Germany.

“During my time as governor, I’ve watched Volkswagen Chattanooga flourish from a single vehicle producer, starting with the Passat, into what it is today — a thriving U.S. manufacturing operation that can produce three models, and counting,” said Tennessee Gov. Bill Haslam said in a statement Monday, when plans were announced.

“We value Volkswagen as a committed partner, whose investments in the state have not only created new jobs, but have helped us build a skilled Tennessee workforce,” Haslam said.

Volkswagen Chattanooga also manufactures the Passat and the Atlas.

​Trump proclamation, industry concern

Trump signed a proclamation last week to impose a 25 percent tariff on steel from every country except Canada and Mexico. The hope is to boost steel manufacturing in the U.S.

The concern among some industry experts is that tariffs on steel could hurt companies like Mercedes-Benz, Volkswagen and Porsche, all of which have significant operations in the South, said Stefan Mair of the Federation of German Industries in Berlin.

“Do you see the cars outside? There’s a lot of steel in there,” Mair said at the grand opening of the Georgia headquarters complex. “We think there will be some additional percentage points on the prices of cars.”

That price increase could be enough to stop people from buying new cars, said Lisa Cook, who teaches economics and international relations at Michigan State University.

“If consumers are price sensitive, and they are for many types of cars, this could cause people to postpone their decision to purchase a car,” Cook said.

US steel in cars

A little more than a quarter of all U.S. steel is used to make cars in this country, according to the German American Chamber of Commerce for the southern U.S.

“Approximately 25 percent of all steel is used in automotive manufacturing and 10 percent in machinery and equipment; both industries that German companies have heavily invested in the U.S. over the years,” said Stefanie Ziska, president of GACC South.

Making cars more expensive to build and export could hurt U.S. jobs, said Jeffrey Rosensweig, who teaches international business at Georgia’s Emory University.

“That would not only cost us jobs, it would hurt the U.S. and could potentially harm the U.S. trade balance,” Rosensweig said. “Just the opposite of what President Trump thinks he’s trying to achieve.”

He said the steel tariffs could trigger a trade war that would go beyond the auto industry.

“These foreign nations that we’re going to put these import taxes on, these tariffs, are not stupid,” Rosensweig said. “They’re going to retaliate against our exports, and they’re going to hit us where it hurts, which is often our farm exports.”
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From: MeNeedIt

Australian scientists say a powerful ground-based laser targeting space junk will be ready for use next year.  They say there are hundreds of thousands of pieces of debris circling the Earth that have the potential to damage or destroy satellites.

Reducing the amount of space junk in orbit has been the focus of a meeting of scientists this week in Canberra organized by Australia’s Space Environment Research Center.  

The meeting has heard that a laser using energy from light radiation to move discarded objects in space could be ready for use within a year.  Researchers in Australia believe the technology would be able to change the path of orbital junk to prevent collisions with satellites. The aim is to eventually build more powerful laser beams that could push debris into the Earth’s atmosphere, where it would burn up.

Professor Craig Smith, head of EOS Space Systems, the Australian company that is developing the junk-busting devices, explained how it would work.

“We track objects and predict collisions to high accuracy and if we think a space debris object is going to have a collision with another space debris object then we can use our laser to change its orbits rather than crashing into a satellite or another space debris object causing more space debris.  Again as we ramp up the power to bigger and bigger lasers then, yes, you can actually start moving it enough to what we call de-orbit the satellite by reducing its velocity enough that it starts to change orbit height and eventually hits the atmosphere and the atmosphere takes over and drags it,” Smith said.  

The system, which would operate through a telescope near the Australian capital, Canberra, is expected to be finished early next year. It is estimated there are 7,500 tons of trash in space.  This includes an estimated half-a-million marble-sized pieces of junk, while other items, such as discarded rockets and disused parts of space crafts, are much larger.

In 2012, the eight-ton Envisat Earth Observation satellite unexpectedly shut-down in orbit, where it remains.  The size of a school bus, the satellite is one of the largest pieces of ‘junk’ in orbit and could become a catastrophic hazard if struck  by other space debris and broken into fragments.

But space debris does not have to be big to cause damage.  A floating fleck of paint is thought to have cracked a window on the International Space Station.

In Europe, large nets and harpoons are being developed to catch debris encircling our planet.
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From: MeNeedIt