EU to fund Galileo projectEuropean Union members have agreed to take over financing of the Galileo satellite project. The move follows repeated delays to the project to create the EU’s own GPS navigation system. Originally the project was to be handled by a consortium of private companies, including Alcatel-Lucent, EADS, Inmarsat and others, but they have been unable to reach an agreement on how to move forward. The EU now expects to take a decision by early autumn on how to go forward with financing the project. It aims to have the fleet of satellites in service by 2012.
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