Japanese car manufacturer Honda is hoping to join an elite club of companies that launch reusable rockets after carrying out a successful test.
During a one-minute flight on Tuesday, an experimental rocket reached an altitude of 271.4 metres before descending within 37cm of the target point.
The successful test places Honda in a small but increasing group of companies, such as SpaceX, Blue Origin, Rocket Lab, China’s iSpace and Europe’s PLD Space, that regularly launch or are actively developing reusable rockets.
Honda said its programme was still in the research phase and that no decisions have been made for commercial operations, but the short-term goal was to carry out suborbital flights by 2029.
Sahith Madara, founder of advisory firm Bumi & Space, said the company could tap into the growing market for small satellite launches, including suborbital and low-Earth orbit missions for observation satellites and technology testing.
“It’s about getting small satellites up quickly, reliably and affordably,” he said. “And if Honda brings the same reliability to rockets as they do to their cars, we might be looking at the first launch provider where everything runs exactly on schedule.”
From cars to rockets
Honda’s entry into space flight may seem unexpected but it builds on decades of engineering expertise.
“What makes this interesting is that Honda isn’t starting from scratch,” said Mr Madara. “They already know how to build robots, engines and autonomous systems at scale, which space start-ups often struggle with.
“So, while others are still proving they can launch, Honda is already thinking about how to land, recover and repeat. That kind of thinking matters as Japan ramps up its space ambitions, aiming to double the size of its space sector in the next decade.”
The test took place in Taiki Town, a growing hub for aerospace research in Hokkaido where the Japanese space agency Jaxa and companies test latest technology.
Japan has been encouraging industry leaders like Honda and Toyota to play a larger role in its space programme. Toyota, for example, is working with Jaxa to build a crewed lunar rover.
“We are pleased that Honda has made another step forward in our research on reusable rockets with this successful completion of a launch and landing test,” said Toshihiro Mibe, global chief executive of Honda.
Reusable rockets
SpaceX pioneered reusable rockets with its Falcon 9 system, transforming the space industry by lowering launch costs and increasing the frequency of missions.
Blue Origin, founded by billionaire Jeff Bezos, has successfully flown and landed its New Shepard rocket several times on crewed suborbital missions.
It is also looking to start commercial operations of its much larger orbital vehicle, New Glenn.
In China, iSpace became the country’s first company to reach orbit and is now developing rockets with vertical landing capabilities, as Beijing encourages its private sector to compete globally in the growing launch market.
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
World Sevens Series standing after Dubai
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2. New Zealand
3. England
4. Fiji
5. Australia
6. Samoa
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16. Russia
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Abu Dhabi World Pro 2019 remaining schedule:
Wednesday April 24: Abu Dhabi World Professional Jiu-Jitsu Championship, 11am-6pm
Thursday April 25: Abu Dhabi World Professional Jiu-Jitsu Championship, 11am-5pm
Friday April 26: Finals, 3-6pm
Saturday April 27: Awards ceremony, 4pm and 8pm
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Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
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UK’s AI plan
- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
- £10bn AI growth zone in South Wales to create 5,000 jobs
- £100m of government support for startups building AI hardware products
- £250m to train new AI models
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
Zayed Sustainability Prize
Zayed Sustainability Prize
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Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.
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