Emerging Europe and Central Asia is On the Rebound
“The rest of the components are unrecognizable incomplete, irregular fragments,” he added. Remaining fuel uncertain Rune Floberghagen, GOCE mission manager, told SPACE.com that the best engineering estimates point to the spacecraft running out of fuel around Oct. 19 or 20, followed by two to three weeks before re-entry. “However, we do have uncertainties in the estimate of the remaining fuel,” as well as other uncertainties that can influence the longevity of GOCE’s stay in space,” Floberghagen said. “In other words, the flight period might be a bit shorter or a bit longer.” The European Space Agency’s GOCE is shown here positioned horizontally at test facilities in the Net GOCE spacecraft operations manager Christoph Steiger said that once GOCE runs out of fuel, its orbit will start decaying. [ Worst Space Debris Events of All Time ] “We will initially keep operating the spacecraft, switching it off when its subsystems stop working due to the harsh environmental conditions at lower altitudes,” Floberghagen said.This will mark the end of activities for the GOCE flight control team, he added. Wealth of data “We have collected a wealth of science data over the last four and a half years,” Steiger told SPACE.com. The spacecraft has lasted much longer than the originally planned 20 months thanks to the low solar activity in the last few years,” he said. Steiger said that to get even more precise gravity measurements, in its last year of life the orbit of GOCE was lowered from 158 miles (255 km) down to an extremely low altitude of only 139 miles (224 km). “The results are fantastic we have obtained the most accurate gravity data ever available to scientists,” Steiger added. The looming doom of GOCE has some mission scientists like Steiger reflecting back on what has been a successful space science flight. “Personally, I do feel sorry to see GOCE come to an end, a project on which I have spent seven intense years. Then again, it is also a good feeling to know that we have really gotten the most out of this mission before its natural end such more than what we could have hoped for,” Steiger said. Leonard David has been reporting on the space industry for more than five decades. He is former director of research for the National Commission on Space and is co-author of Buzz Aldrin’s new book “Mission to Mars My Vision for Space Exploration” published by National Geographic.
debt ceiling. At 0740 GMT, the FTSEurofirst 300 index of top European shares was up 0.16 percent at 1,247.09 points, after gaining 1.7 percent on Thursday. The euro zone’s blue-chip Euro STOXX 50 index was down 0.08 percent at 2,967.06 points, hovering just below a 2-1/2 year high hit earlier in the session. Stocks around the world had lost ground in the past three weeks after a deadlock in budget talks led to a partial shutdown of the U.S. government and sparked worries about negotiations on the country’s debt ceiling. On Thursday, President Barack Obama and Republican leaders appeared ready to end the deadlock after meeting at the White House, and talks continued into the night with one senior Republican saying an agreement could come on Friday. “Even though investors get nervous when political tensions rise, the backdrop for equities remains quite positive: very accommodative central banks, improvement on the macro front, and relatively good corporate fundamentals,” said Jeanne Asseraf-Bitton, head of global cross asset research at Lyxor Asset Management, which has $98 billion under management. “It’s sort of a ‘sweet spot’ for stocks. Now, with the earnings season set to start, we need to see an improvement in the earnings momentum. It has improved lately in Europe, although it remains negative for now.” Around Europe, UK’s FTSE 100 index was up 0.2 percent, Germany’s DAX index up 0.2 percent, and France’s CAC 40 down 0.1 percent. French hotel group Accor topped the FTSEurofirst 300 leader board, with a 2.5 percent rise after investment bank Citigroup’s upgraded the stock to a “buy”. Darren Courtney-Cook, head of trading at Central Markets Investment Management, said even a short-term extension to the U.S.
Europe shares inch higher on prospect of U.S. debt deal
For 2014, the Bank projects 3.5 percent growth for CIS economies (3.1 percent for Russia) and 3.5 percent for Turkey. The Bad News Still, emerging financial risks, including those from the United States, are hindering the recovery in the ECA region. After the US Federal Reserves suggestion of tapering off in May of this year, capital flows into Emerging Europe and Central Asia dried up, yields moved up, stock markets fell sharply, and currencies weakened. These factors affected those ECA countries with large current account deficits that are vulnerable to inflows, including countries of the Western Balkans, Armenia, and Belarus. The Tough Reality The tough reality is that the central problems in the economies of Emerging Europe and Central Asia are of structural nature and require domestic, structural solutions, added Laura Tuck. Governments in the region need to take action on key challenges such as creating new jobs, addressing issue related to the aging population, and managing their natural resources. Unemployment has remained persistently high more than 10 percent in Central Europe and it keeps rising in the Western Balkans, where more than one out of 5 workers is now looking for a job. Policy-makers are tasked with creating more and better jobs, which will require a multi-sectoral approach that goes beyond traditional labor market measures and regulations. Better incentives are needed for people to move into formal jobs, especially for low-wage earners and part-time workers, said Hans Timmer, World Bank Chief Economist for the Europe and Central Asia region. In particular, tax systems have to become progressive and designed in a way to allow this move into the formal sector. Additionally, countries should undertake reforms and policies to improve the environment for existing and new firms to thrive and create jobs, and to support workers to be more adaptable, ready-to-work, and mobile so they can tap into new job opportunities. Managing natural resources in a sustainable and responsible way is a challenge that affects resource-rich countries of Eurasia, such as Azerbaijan, Kazakhstan, Russia, Turkmenistan, Ukraine, and Uzbekistan. A forthcoming World Bank report to be launched next month in Moscow says the resource-rich economies in Eurasia will need to build better institutions to be successful in the long run.