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Starship’s 10th test flight succeeds, in big boost to SpaceX, NASA. The largest and most powerful rocket ever built went up to space and back, launching at 7:30pm ET yesterday from Starbase in Texas. The Starship spacecraft and the Super Heavy booster both made simulated landings before exploding (the former in the Indian Ocean, the latter in the Gulf of Mexico). An expert source told the New York Times that the company “appeared to achieve all of their test objectives” and is “back on track” after three Starship tests failed earlier this year. The mission gives both SpaceX and NASA good news and momentum as they work together toward the Artemis III mission, which intends to put two astronauts on the moon and is currently scheduled for late 2027.—HVL
US government may pursue ownership stakes in leading defense contractors. On Squawk Box, Commerce Secretary Howard Lutnick said the Trump administration was considering options to take stakes in defense companies following its $9 billion deal for 10% of Intel and that Lockheed Martin is “basically an arm of the US government.” Lutnick said he would leave the economics of such deals to the secretary of defense, but also added that the president is thinking of changing how munitions are financed. Department of Defense appropriations require the annual approval of Congress. Lockheed told CNBC in response to an inquiry, “We are continuing our strong working relationship with President Trump.”—HVL
Norway divests from Caterpillar over Palestine demolitions. The world’s largest sovereign wealth fund is selling off its ~$2.1 billion stake in US equipment-maker Caterpillar, it announced this week, citing Israel’s documented use of its bulldozers to destroy Palestinian homes in the West Bank and Gaza. The fund’s independent ethics council said, “Caterpillar’s products are being used to commit extensive and systematic violations of international humanitarian law” with the help of the US government, which buys the machinery and sells it to Israel. The White House, Israel, and Caterpillar didn’t immediately comment. Amid mounting public and political pressure, Norway’s wealth fund has divested from more than 20 Israeli companies this year in an ongoing ethics review, but Caterpillar is the first major US company to get the boot.—ML
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