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The year in sport: A fond farewell for some, a glimpse of the future for others | CNN

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The year in sport: A fond farewell for some, a glimpse of the future for others | CNN



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An athlete, former jockey AP McCoy said earlier this 12 months, is the one one who dies twice, such is the ache of strolling away from the intoxicating, all-consuming nature {of professional} sport.

McCoy retired from his lengthy, embellished racing profession in 2015, and since then has needed to be taught, in his personal phrases, the way to “begin once more and have one other life.”

Based mostly on the previous 12 months, there are some notable sports activities stars who may need been listening additional carefully to McCoy’s expertise of retirement – or certainly to anybody else who has spoken candidly concerning the issue of ending a profitable sporting profession.

Amongst them is Roger Federer, who known as time on his trophy-laden tennis profession on the Laver Cup in September after years spent making an attempt to get well from two knee surgical procedures.

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Within the letter saying his retirement, Federer, like McCoy, alluded to the heightened feelings of being an expert athlete and the way they make saying goodbye so arduous.

“I’ve laughed and cried, felt pleasure and ache, and most of all I’ve felt extremely alive,” Federer wrote. “To the sport of tennis,” he signed off the letter, “I really like you and can by no means go away you.”

These remaining phrases had been reassuring for followers who’ve admired Federer’s profession for thus a few years, but in addition spoke to a different subject: particularly, of how arduous it may be to stroll away solely from skilled sport after retirement.

It stays to be seen precisely how Federer will stay concerned in tennis shifting ahead, and the identical might be stated of Serena Williams, who introduced she would “evolve away from tennis” forward of this 12 months’s US Open – however refused to say she was retiring.

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On a number of events over the previous three months, the 23-time grand slam champion has even teased followers a few potential return to tennis.

At the 2022 US Open, Serena Williams lost to Australian Ajla Tomlijanovic in the third round.

Whereas Federer and Williams have stepped away from their careers as two of the best athletes of all time, different sports activities stars can’t appear to determine when, or how, to stroll away.

Heavyweight boxing champion Tyson Fury has yo-yoed out and in of retirement this 12 months, saying in October that he’s discovering it “actually arduous to let this factor go.”

And earlier this 12 months, Tom Brady introduced he can be retiring from the NFL, leaving the game as a seven-time Tremendous Bowl champion and arguably the best quarterback of all time. the 45-year-old then reversed that call and continues to be breaking information with the Tampa Bay Buccaneers throughout his twenty third season within the NFL.

Nonetheless in September, Brady and Gisele Bündchen introduced they had been to divorce after 13 years of marriage.

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“I believe there may be quite a lot of professionals in life that undergo issues that they cope with at work they usually cope with at house,” the Bucs quarterback stated on his weekly podcast just a few days the couple’s divorce announcement.

“Clearly, the excellent news is it’s a really amicable scenario, and I’m actually targeted on two issues: taking good care of my household, and definitely my youngsters, and secondly doing the perfect job I can to win soccer video games. That’s what professionals do.”

Tom Brady flip-flopped on retiring.

Brady has redefined what most believed to be the typical shelf-life of an athlete, and he’s not the one particular person refusing to let the sunshine dim on his profession.

LeBron James is about to show 38 however continues to be setting information within the NBA – in February passing Kareem Abdul-Jabbar for essentially the most mixed common season and postseason factors in NBA historical past.

Federer’s rivals Rafael Nadal, 36, and Novak Djokovic, 35, in the meantime, have added to their grand slam tallies this 12 months – the Mallorcan on the Australian Open and French Open, the place he grew to become the oldest males’s singles champion, and the Serbian at Wimbledon. Djokovic’s Wimbledon triumph moved him to inside one grand slam title of Nadal’s males’s file of twenty-two.

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Having been deported from Australia over his vaccination standing at first of the 12 months, Djokovic is ready to compete on the Australian Open at first of 2023 – a match he has gained on 9 earlier events and is favourite to win once more subsequent 12 months off the again of his latest ATP Finals victory.

For Nadal, his future within the sport rests on the quantity of pressure his injury-ravaged physique can proceed to resist.

In golf, Tiger Woods faces comparable questions. The 15-time main champion accomplished a surprising return from severe leg accidents suffered in a automotive crash at this 12 months’s Masters, scoring a outstanding one-under 71 at Augusta Nationwide earlier than making the reduce the next day.

Then there’s sprinter Shelly-Ann Fraser-Pryce, who turns 36 later this month however has proven no indicators of slowing down. The Jamaican produced a string of persistently quick performances this 12 months, operating underneath 10.7 seconds for the 100 meters a file seven occasions and claiming her fifth world championship title over the gap in July.

Shelly-Ann Fraser-Pryce celebrates winning the women's 100m final at the World Athletics Championships in  Eugene, Oregon, in July.

And it’s not simply athletes who’ve defied the decision of retirement this 12 months. In November, 73-year-old Dusty Baker grew to become the oldest ever supervisor to win the World Sequence when he guided the Houston Astros to a 4-2 victory in opposition to the Philadelphia Phillies.

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Most of the athletes who stole the headlines in 2022 have been doing so for years.

Nobody is certain the place an getting old Cristiano Ronaldo will play his membership soccer in January after ending his second spell at Manchester United in ignominious style, however the 37-year-old nonetheless seems to be set on extending his taking part in profession after Portugal’s quarterfinal exit from the World Cup.

His rival Lionel Messi, in the meantime, ended the 12 months on a sensational excessive, guiding Argentina to a 3rd World Cup trophy. The 35-year-old Messi scored twice in an absorbing remaining in opposition to France and at last received his palms on the World Cup on the fifth time of asking, additional staking his declare as the sport’s best ever participant.

That hasn’t been the one latest occasion of a longtime celebrity profitable silverware. In final season’s NBA Finals, Steph Curry guided the Golden State Warriors to a fourth championship title in eight seasons – within the course of selecting up his first Finals MVP award because the Warriors beat the Boston Celtics.

In baseball, in the meantime, Aaron Decide loved a season for the ages. The 30-year-old outfielder, who has reportedly simply signed a nine-year, $360 million cope with the New York Yankees, hit 62 house runs final season, breaking Roger Maris’ single-season American League (AL) house run file from 1961.

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On Wednesday, the Yankees named Decide, the reigning AL MVP, because the sixteenth captain within the franchise’s historical past.

Judge (left) hit a record-breaking 62 home runs last season.

However at the same time as acquainted faces have continued to shine, the previous 12 months has additionally seen future stars emerge.

The 19-year-old Carlos Alcaraz ends the 12 months because the youngest No. 1 within the historical past of the lads’s tennis having triumphed on the US Open, and within the girls’s sport, Iga Swiatek, who rose to No. 1 on the earth following Ashleigh Barty’s resolution to retire after profitable the Australian Open, seems to be set to dominate for years to come back.

This 12 months, the 21-year-old Swiatek gained her second grand slam title on the French Open – which got here in the midst of a 37-match profitable streak – and her third on the US Open.

In Components One, Max Verstappen has cemented his place as the perfect driver within the sport, comfortably defending his world title with 4 races to spare, whereas Erling Haaland, considered among the best strikers in European soccer, has been scoring objectives at a record-breaking fee throughout his first season at Manchester Metropolis.

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There was no stopping Max Verstappen this year.

On the Winter Olympics in Beijing, then-18-year-old freestyle skier Eileen Gu stole the headlines, profitable two gold medals and a silver for the host nation; she additionally grew to become the primary freestyle skier to earn three medals at a single Olympics.

One other teenager, determine skater Kamila Valieva, had a memorable Video games for various causes. The 16-year-old examined optimistic for trimetazidine, a coronary heart remedy, in December 2021, however the outcome didn’t come to mild till Valieva was already in Beijing and had gained gold within the determine skating workforce occasion.

In that competitors, she grew to become the primary girl to land a quadruple leap – which entails 4 spins within the air – on the Winter Olympics.

The end result from the optimistic take a look at stays unresolved, and in November, the World Anti-Doping Company referred Valieva’s case to the Courtroom of Arbitration for Sport after deeming the Russian Anti-Doping Company had made no progress.

Eileen Gu performs a trick during the women's freestyle freeski halfpipe final at the Beijing Winter Olympics in February.

Russia’s invasion of Ukraine has forged a shadow over a lot of this 12 months’s sporting calendar.

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Athletes and groups from Russia and Belarus had been banned from competitions throughout numerous sports activities, together with qualification video games for this 12 months’s World Cup and participation at Wimbledon.

The choice from Wimbledon was maybe the strongest stance taken by a sports activities group, ensuing within the ATP and WTA Excursions eradicating rating factors from this 12 months’s match.

Initially of the battle, many Ukrainian athletes – like skeleton racer Vladyslav Heraskevych and MMA fighter Yaroslav Amosov – opted to place their careers on maintain and help the nation’s army efforts.

Boxer Oleksandr Usyk has additionally spoken passionately about serving his nation, and within the ring has prolonged his undefeated file, beating Anthony Joshua in August to retain his WBA (Tremendous), IBF, WBO, and IBO heavyweight titles.

Oleksandr Usyk lands a punch on Anthony Joshua during their

All through 2022, sport and geopolitics have been carefully entwined. This month, WNBA star Brittney Griner returned house to the US having been detained in Russia for almost 10 months on drug smuggling prices.

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Regardless of her testimony that she had inadvertently packed the hashish oil that was present in her baggage, Griner was sentenced to 9 years in jail in early August and was moved to a penal colony within the Mordovia republic in mid-November after dropping her enchantment.

The 32-year-old’s arrest in Russia sparked diplomatic drama between the US and the Kremlin which performed out alongside Russia’s battle in Ukraine.

She was launched in a prisoner swap that concerned Russian arms supplier Viktor Bout. The alternate, nevertheless, didn’t embrace one other American that the State Division has declared wrongfully detained, Paul Whelan.

Brittney Griner is seen getting off a plane in an undated photo posted to her Instagram.

Maybe no sport has been as gripped by inner politics this 12 months as a lot as golf, which was rocked by the launch of the Saudi-backed LIV Golf sequence in June.

LIV Golf has been criticized by among the sport’s main gamers – together with Woods and Rory McIlroy – whereas others – main champions Phil Mickelson and Dustin Johnson – have deserted the PGA Tour in favor of the profitable, breakaway sequence.

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It has left the game divided. Earlier this 12 months, LIV Golf joined an antitrust lawsuit alongside a few of its gamers, alleging that the PGA Tour threatened to put lifetime bans on gamers who take part within the LIV Golf sequence.

The go well with additionally alleges that the PGA Tour has threatened sponsors, distributors, and brokers to coerce gamers into abandoning alternatives to play in LIV Golf occasions.

The PGA Tour filed a countersuit in late September, claiming “tortious interference with the Tour’s contracts with its members.”

The LIV Golf sequence is backed by Saudi Arabia’s Public Funding Fund (PIF) – a sovereign wealth fund chaired by Mohammed bin Salman, the crown prince of Saudi Arabia and the person who a US intelligence report named as chargeable for approving the operation that led to the 2018 homicide of journalist Jamal Khashoggi. Bin Salman has denied involvement in Khashoggi’s homicide.

LIV Golf’s launch is a part of Saudi Arabia’s wider ambition to host and put money into international sports activities occasions. This 12 months, it staged the rematch between Usyk and Joshua and even gained a bid to host the 2029 Asian Winter Video games.

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However unquestionably, essentially the most outstanding sporting occasion held within the Gulf area this 12 months has been the World Cup in Qatar.

The four-week-long match got here to an exhilarating conclusion on Sunday as Argentina lifted the trophy, bringing down the curtain on what FIFA president Gianni Infantino argued was the best World Cup of all time.

There have been upsets, high-scoring video games, and sensible objectives all through – proper as much as Sunday’s showpiece when Messi reigned supreme and Kylian Mbappé scored a surprising hat-trick in a dropping trigger.

The match between Argentina and France at Qatar 2022 is being viewed as the greatest ever World Cup final.

It was the primary time a rustic within the Center East had hosted the World Cup, and Qatar, which has a inhabitants of simply three million individuals, invested billions of {dollars} in constructing seven new stadiums, in addition to new accommodations and expansions to the nation’s airport, rail networks and highways.

The match was additionally fraught with controversy, significantly when it got here to allegations surrounding the nation’s poor human rights file and therapy of migrant staff.

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Since 2010, many migrant staff in Qatar have confronted delayed or unpaid wages, compelled labor, lengthy hours in scorching climate, employer intimidation, and an lack of ability to depart their jobs due to the nation’s sponsorship system, human rights organizations have discovered.

Within the face of such criticism, Qatar has maintained it’s an open, tolerant nation and has seen the World Cup as a car to speed up labor reforms.

Elsewhere in worldwide soccer, England gained the Ladies’s European Championships for the primary time in entrance of a file crowd on house soil, whereas Senegal claimed the Africa Cup of Nations (AFCON) title in February, additionally for the primary time.

Outdoors worldwide competitions, Actual Madrid gained its 14th European crown by defeating Liverpool within the Champions League remaining – a sport that was marred by safety points.

Real Madrid defeated Liverpool in this year's Champions League final in Paris.

The match itself was delayed by greater than 35 minutes after Liverpool followers struggled to enter the Stade de France and tear fuel was utilized by French police in the direction of supporters held in tightly packed areas.

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Paris police chief Didier Lallement admitted in June that the chaos was “clearly a failure” and stated he takes “full duty for police administration” of the occasion.

Tragically, soccer has witnessed a number of severe stadium disasters this 12 months. In October, greater than 130 individuals had been killed in a stampede within the Indonesian metropolis of Malang – one of many world’s deadliest stadium disasters of all time.

Indonesia’s President Joko Widodo later stated the nation would demolish and rebuild the stadium, vowing to “totally remodel” the game within the football-mad nation.

Players and officials from Arema Football Club gather to pray on the pitch for victims of the stampede at Kanjuruhan stadium in Malang.

A stadium crush within the Cameroonian capital of Yaoundé throughout this 12 months’s AFCON additionally noticed at the least eight individuals killed and 38 injured in the course of the sport between Cameroon and Comoros.

Waiting for 2023, Australia and New Zealand is scheduled to host the Ladies’s World Cup in July and August.

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The US Ladies’s Nationwide Crew (USWNT) might grow to be the primary workforce to win the match 3 times in a row.

This 12 months, america Soccer Federation (USSF), the USWNT’s Gamers Affiliation (USWNTPA) and america Nationwide Soccer Crew Gamers Affiliation (USNSTPA) cast a landmark equal pay deal – the primary federation on the earth to equalize prize cash awarded to the groups for collaborating in World Cups.

Subsequent 12 months would be the first time the USWNT has performed a significant match underneath such a deal.

Among the many different main sporting occasions being held subsequent 12 months are the World Athletics Championshps in Budapest, Hungary, and the Rugby World Cup in France.

Within the NFL, Tremendous Bowl LVII in Glendale, Arizona is barely weeks away, whereas the NBA Playoffs start two months later in April.

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With the lads’s World Cup over, membership soccer resumes in Europe and tennis’ first grand slam of the 12 months, the Australian Open, begins on January 16.

For sports activities followers, that may hopefully function tonic to stave off the January blues.

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Donald Trump attacks ‘crazy’ Elon Musk as relationship implodes

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Donald Trump attacks ‘crazy’ Elon Musk as relationship implodes

Donald Trump has attacked Elon Musk as “crazy” and threatened to rip up his government contracts, as the spat between two of the world’s most powerful men erupted into an all-out public feud.

In a flurry of bitter comments in the Oval Office and online on Thursday, the US president said he was “very disappointed” in Musk for criticising his signature tax bill, suggested he had “become hostile” after being turfed out of government, and accused the billionaire of intervening in politics to serve his business interests.

Musk, who spent more than $250mn bankrolling Trump’s re-election bid last year and said in February that he loved the president “as much as a straight man can love another man”, returned fire on X.

The billionaire called for Trump to be impeached, suggested his trade tariffs would cause a US recession, threatened to decommission SpaceX capsules used to transport Nasa astronauts and insinuated the president was associated with the late paedophile Jeffrey Epstein.

The enmity deepened through the day, opening a breach that could widen long into Trump’s presidency and even influence US electoral politics, with Musk talking of starting a new party and removing Republicans from office.

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Trump, who had previously defended Musk against charges of corruption and self-dealing, said the Tesla boss had soured on his “big beautiful bill” because it would end policies that benefited the electric-car maker.

“I took away his EV Mandate that forced everyone to buy Electric Cars that nobody else wanted (that he knew for months I was going to do!), and he just went CRAZY!” Trump wrote on Truth Social on Thursday afternoon.

“The easiest way to save money in our Budget . . . is to terminate Elon’s Governmental Subsidies and Contracts,” he added, in an apparent threat to end billions of dollars’ worth of business between the US government and Musk’s companies, including SpaceX and Starlink.

Musk, who is upset that the tax bill now before the Senate would increase the US deficit, accused the president of lying about his motives.

The exchanges were an extraordinary escalation of the feud between Trump and Musk, who had refrained from criticising the president directly even as he opposed the White House’s trade and tax policies.

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The billionaire, who in April began his retreat from politics because of the “blowback” against his businesses, also suggested that he now regretted backing Trump during last year’s White House race.

“Without me, Trump would have lost the election, Dems would control the House and the Republicans would be 51-49 in the Senate,” he posted on his social media site X soon after the Oval Office tirade. “Such ingratitude.”

Shares in Tesla fell by almost 11 per cent following Trump’s remarks and were down 13.5 per cent on the day, wiping more than $150bn from its market valuation — its biggest one-day drop in value ever.

Musk, the US’s largest political donor, also suggested that Republican lawmakers should side with him over the president.

“Some food for thought as they ponder this question: Trump has 3.5 years left as President, but I will be around for 40+ years,” the billionaire wrote on X.

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He also hit back at Trump’s suggestion that he had opposed the “big beautiful bill” because it axed tax credits for electric vehicles and clean energy, which have long benefited Tesla in the US.

“Keep the EV/solar incentive cuts in the bill, even though no oil & gas subsidies are touched (very unfair!!), but ditch the MOUNTAIN of DISGUSTING PORK in the bill,” Musk posted.

The deepening discord between Trump and “first buddy” Musk has in recent days spread through Washington.

Last week, Trump pulled the nomination of billionaire astronaut Jared Isaacman, a close ally of Musk, to lead Nasa, ostensibly over contributions he had made to Democratic candidates in the past.

Isaacman, who was on track to receive bipartisan support from the Senate, disputed the White House’s justification for the decision.

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“I don’t think the timing was much of a coincidence,” Isaacman told the All-In podcast on Wednesday. “There [were] some people that had some axes to grind, I guess, and I was a good, visible target.”

Musk had already announced that he was stepping back from his involvement in the Trump administration, where he had led the so-called Department of Government Efficiency (Doge).

Steve Davis, one of Musk’s lieutenants at SpaceX who led Doge on a day-to-day basis, had also now left the administration, according to a government official.

More senior figures close to the billionaire were set to abandon the initiative in the coming days, the official said.

Musk himself has suggested that the tax bill would wipe out any savings made by Doge, which claims to have identified roughly $180bn in cuts to date. On Wednesday, the congressional fiscal watchdog said the legislation would add $2.4tn to the US debt by 2034.

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Amid Trump, Musk blowup, canceling SpaceX contracts could cripple DoD launch program – Breaking Defense

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Amid Trump, Musk blowup, canceling SpaceX contracts could cripple DoD launch program – Breaking Defense

Tesla and SpaceX CEO Elon Musk, accompanied by U.S. President Donald Trump (R), and his son X Musk, speaks during an executive order signing in the Oval Office at the White House on February 11, 2025 in Washington, DC. (Photo by Andrew Harnik/Getty Images)

WASHINGTON — If President Donald Trump were to follow through on his threat today to cancel all government contracts with billionaire Elon Musk, it would likely derail Pentagon and Intelligence Community space operations, and specifically in the near term cripple the Space Force’s National Security Space Launch (NSSL) program, due to the US government’s reliance on SpaceX rockets.

Trump and Musk, formerly a close advisor, engaged in a bitter and escalating war of words this afternoon on social media following Musk’s sharp criticism on X of Trump’s giant budget reconciliation package self-dubbed the “Big, Beautiful Bill.”

“The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon’s Governmental Subsidies and Contracts. I was always surprised that Biden didn’t do it!” Trump posted on his own social media site in response to Musk’s criticisms and Musk’s suggestion he might consider backing the creation of a third political party.

Musk fired back, “Go ahead and make my day!” in a post on X, and followed up with another saying, “In light of the President’s statement about cancellation of my government contracts, @SpaceX will begin decommissioning its Dragon spacecraft immediately.”

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It’s unclear, on both sides, how much of the social media spat is bluster destined to blow over — not to mention the myriad contractual and legal complexities that would be involved in actually disentangling the US government from business with Musk in a number of areas.

But any decommissioning of SpaceX’s Crew Dragon spacecraft would immediately be felt by NASA, which uses the craft to ferry astronauts to and from the International Space Station.

Beyond that, any potential freezing of contracts for SpaceX equipment and operations also would have far-reaching impact on the DoD and IC. NSSL is the primary acquisition program for space launches by the Space Force and IC, namely the National Reconnaissance Office (NRO) that builds the nation’s spy satellites. And at the moment, SpaceX’s Falcon series are the Space Force’s go-to rockets for putting the most critical payloads into orbit.

Killing SpaceX’s DoD contracts wouldn’t quite ground the Space Force, but it likely would significantly slow things down. Back in 2020, the Space Force contracted SpaceX and the Lockheed Martin-Boeing joint venture United Launch Alliance (ULA) as the only two providers able to compete for NSSL missions under the Phase 2 program, covering launches from fiscal year 2022 to 2027.

For the earlier missions in that time frame, ULA was offering its Delta IV and Atlas 5 for launches of medium- and heavy-lift missions, but for later years the company intended to use its new Vulcan rocket — which unlike the Delta and Atlas is using US-made engines rather than Russian ones banned by Congress as of the end of 2022.

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However, ULA has had years of setbacks with Vulcan’s development. The rocket was technically certified by the Space Force for NSSL launches only in March. However, a senior Space Force officer on May 14 told the House Armed Services Committee that the company still has “open work” to finish before actually taking on NSSL missions.

“Risk reduction plans have been agreed to and signed between the Space Force and ULA to reduce known risks to flyable ‘Low-Medium’ prior to the first NSSL Vulcan launch,” said Maj. Gen. Stephen Purdy, acting assistant secretary of the Air Force for Space Acquisition and Integration.

The first Vulcan mission is USSF-106, slated to go up in July.

The Space Force recently switched two earlier planned missions to launch new GPS satellites from Vulcan to SpaceX’s Falcon 9 to help remediate a backlog caused by the delay in getting Vulcan certified. The latest of the two, the launch of GPS III Space Vehicle-08, successfully lifted off on May 30 with a record turn-around time of only three months.

The Space Force further has issued contracts for critical launches under the follow-on NSSL Phase 3 Lane 2 program, for launches between fiscal 2027 and 2032, to ULA, SpaceX and newcomer Blue Origin with its New Glenn rocket.

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Under the new awards, SpaceX is “anticipated” to undertake 28 NSSL Phase 3 Lane 2 missions, about 60 percent of the launches contracted from FY25-FY29, for a sum of around $5.9 billion, and ULA 19 missions, about 40 percent, Space Systems Command (SSC) announced April 4. Blue Origin, “is projected to be awarded seven Phase 3 Lane 2 missions starting in Order Year 2,” of FY26, SSC added.

The future NSSL program also envisions that a number of small- and medium-launch providers will compete for less critical missions going to lower orbits, under the Lane 1 acquisition track. Lane 1 launch providers face fewer requirements to be certified by the Space Force than those qualified to launch under NSSL Phase 3 Lane 2. So far, the Space Force has given SpaceX, ULA , Blue Origin, Rocket Lab and Stoke Space the thumbs up to participate.

But the bottom line is that SpaceX has been, and appeared up to now to be for the near future, the dominant US space launch provider. The company was responsible for 98 of the total 109 US military, civil and commercial launches in 2023 and 138 out of 145 US launches in 2024, according to Jonathan McDowell, an astrophysicist with the Harvard–Smithsonian Center for Astrophysics who maintains the world’s largest open-source database on space launches.

That’s before evening getting into the potentially thornier issue of military use of SpaceX’s Starlink satellite communications and the reported use of Starshield buses for the NRO’s new constellation of hundreds of satellites in low Earth orbit.

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Fossil fuel spending to fall for first time since pandemic

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Fossil fuel spending to fall for first time since pandemic

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Investment in fossil fuels will fall this year for the first time since the Covid pandemic, according to the International Energy Agency, led by a contraction in the oil sector where a sharp drop in prices is forcing companies to reassess their plans. 

In its annual report on money flowing into the energy sector, the IEA predicted a 6 per cent drop in spending on oil production this year. Excluding the Covid-19 pandemic years, it will mark the largest fall since 2016, when oil prices crashed below $30 a barrel. 

“This is the first time we have seen such a decline, except for Covid, because of lower prices and lower oil demand,” said Fatih Birol, the head of the Paris-based intergovernmental energy advisory body. 

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Since hitting $82 a barrel in mid-January, oil prices have fallen to about $65 a barrel after Opec, the oil cartel, started to significantly increase its production. The IEA said US shale oil producers, who account for 15 per cent of global spending on oil production, were the most sensitive to lower prices and would cut their investment by 10 per cent this year. 

It also expects international oil majors to slightly reduce their spending, as they prioritise shareholder returns. The pullback means that the giant state oil companies of the Middle East and Asia will account for 40 per cent of all spending on oil and gas this year, compared with a quarter ten years ago. 

International oil companies are also continuing to cut their spending on clean energy, with the IEA noting that they had collectively invested $22bn in low emissions technology in 2024, some 25 per cent less than the year before.

Overall, the IEA said the world would spend $1.1tn on fossil fuels in 2025, compared with more than $2.2tn on renewable energy, nuclear, batteries, power grids, low emission fuels and energy efficiency. 

While overall spending on fossil fuels will shrink by 2 per cent this year, China and India have both committed to build significant fleets of coal-fired power plants to meet rapid electricity demand growth. By contrast, for the first time on record, the world’s advanced economies placed no new orders for turbines for coal-fired plants. 

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“The addition of coal is mainly driven by energy security reasons,” said Birol. “China had some bitter experiences when there was very hot weather and hydropower was very weak.” 

In the US, where the Trump administration has been plain about its disdain for renewable energy, Birol said the jump in electricity demand from AI and data centres would mean that there would be an additional need for renewables, gas and nuclear.

In a separate report, Enverus, a research firm, said that while there are 517 gigawatts of renewable energy projects in the US that need federal tax credits to be viable, there are 284 gigawatts that do not require such funding.

“If these projects are built at the same pace as last year, that is enough to sustain today’s build-out pace for more than six years,” said Corianna Mah, an analyst at Enverus.

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