EU agrees public funding for satellite project

EU AGREES PUBLIC FUNDING FOR SATELLITE PROJECT
[SOURCE: Reuters, AUTHOR: Paul Taylor and Jeff Mason]
European Union nations clinched a deal late on Friday to fund an ambitious satellite navigation project to rival the U.S. Global Positioning System using unspent cash from the EU budget. Ministers agreed to finance a 2.4 billion euro ($3.55 billion) shortfall in start-up costs of the Galileo system by redeploying unspent money for farm subsidies and competitiveness projects.
http://www.reuters.com/article/technologyNews/idUSN2333673020071123