Aston Martin unveils ‘sports car for the skies’ at Farnborough Airshow

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A model of the Aston Martin Vision Volante Concept aircraft is displayed at the Farnborough Airshow. (AFP / BEN STANSALL)
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A model of the Aston Martin Vision Volante Concept aircraft is displayed at the Farnborough Airshow. (AFP / BEN STANSALL)
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A model of the Aston Martin Vision Volante Concept aircraft is displayed at the Farnborough Airshow. (AFP / BEN STANSALL)
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A model of the Aston Martin Vision Volante Concept aircraft is displayed at the Farnborough Airshow. (AFP / BEN STANSALL)
Updated 18 July 2018
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Aston Martin unveils ‘sports car for the skies’ at Farnborough Airshow

  • The Volante Vision Concept design has vertical take-off and landing (VTOL) capabilities and will be able to hit speeds of around 200mph
  • Aston Martin believes it could corner the market for luxury flying vehicles in the future

FARNBOROUGH: James Bond would love it. Aston Martin, maker of the luxury sports cars favored by the fictional British spy, has now come up with a futuristic personal aircraft it has dubbed “a sports car for the skies.”
Aston Martin unveiled the three-seater hybrid-electric vehicle this week at the Farnborough Airshow and, though the concept remains for now the stuff of science fiction, believes it could help one day to revolutionize travel.
The Volante Vision Concept design has vertical take-off and landing (VTOL) capabilities and will be able to hit speeds of around 200 miles per hour (322 kph), “so you can go from the center of Birmingham to the center of London in about 30 minutes,” Aston Martin’s Simon Sproule told Reuters.
Aviation and technology leaders are working to make electric-powered flying taxis a reality, including Airbus, US ride-sharing firm Uber and a range of start-ups including one backed by Google co-founder Larry Page, called Kitty Hawk.
Aston Martin believes it could corner the market for luxury flying vehicles in the future.
“The same way that you have Uber and you have an Aston Martin, you’ll have ‘Uber in the skies’ and you’ll have ‘Aston Martin in the skies’,” said Sproule, adding that such an aircraft won’t come cheap.
“This is clearly a luxury object — it’s a sports car for the skies — so pricing is going to be commensurate with that, so certainly into the seven figures.”

“FEELS LIKE A FIGHTER JET”
The company has partnered with Cranfield University, Cranfield Aerospace Solutions and British jet engine maker Rolls-Royce to develop the concept vehicle, including artificial intelligence-powered autonomous capabilities.
“It feels like a fighter jet but at the same time it has the Aston Martin luxury,” said David Debney, chief of future aircraft concepts at Rolls-Royce.
Commenting on how to pilot the vehicle, Cranfield’s Helen Atkinson said: “You’ve got to detect what’s going on in the external environment and then turn that around incredibly quickly in the computer system with the artificial intelligence built in to actually achieve the necessary level of autonomy.”
Separately at Farnborough, Rolls-Royce unveiled plans for a flying taxi — an electric vertical take-off and landing (EVTOL) vehicle which could carry four to five people at speeds of up to 250 miles (400 km) per hour for approximately 500 miles.
The company said it was starting a search for partners to help develop a project it hopes could take to the skies as soon as early next decade.


Moody’s upgrades Egypt’s rating to B2, expects more economic growth

Updated 18 April 2019
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Moody’s upgrades Egypt’s rating to B2, expects more economic growth

  • Moody’s believes Egypt’s large domestic funding base would support its resilience to refinancing shocks
  • The ratings agency expects energy price hikes as part of Egypt’s fuel subsidy reform

CAIRO: Rating agency Moody’s has upgraded Egypt’s sovereign rating, saying ongoing economic reforms will help improve its fiscal position and boost economic growth.
Moody’s upgraded the long-term foreign and local currency issuer ratings of Egypt to B2 from B3. The outlook was changed to stable from positive.
The decision was based on “Moody’s expectation that ongoing fiscal and economic reforms will support a gradual but steady improvement in Egypt’s fiscal metrics and raise real GDP growth,” the agency said in a statement late on Wednesday.
Moody’s also said it believed Egypt’s large domestic funding base would support its resilience to refinancing shocks despite the government’s very high borrowing needs and interest costs.
Moody’s said it expected a steady improvement of Egypt’s fiscal position, “albeit from very weak levels.”
Maintained primary budget surpluses combined with strong nominal GDP growth would help reduce the general government debt/GDP ratio to below 80 percent by the 2021 fiscal year from 92.6 percent in the 2018 fiscal year, it said.
Egypt’s fiscal year runs from July to June.
Moody’s also said it expected energy price hikes as part of Egypt’s fuel subsidy reform, which it believed would be completed in the 2019 fiscal year. This, along with the fiscal reforms implemented in the last few years, would allow the government to maintain the primary budget balance in surplus in the next few years, Moody’s said.
The upgraded rating was expected, but still good news for Egypt, said Allen Sandeep, head of research at Naeem Brokerage.
“It should help its case for new international bond issuances as we move forward,” he said.
Egypt is pushing ahead with tough economic reforms as part of a three-year $12 billion IMF loan deal signed in 2016.
The reforms, aimed at attracting investors who fled during the 2011 uprising, have included new taxes, deep cuts to energy subsidies and a currency devaluation. The reforms have helped the economy recover, but have also put the budgets of tens of millions of Egyptians under strain.