Musk to launch China tunneling company unit this month

Elon Musk plans to bring his tunneling unit for the famed ‘Hyperloop’ system to China. (Reuters)
Updated 03 August 2019

Musk to launch China tunneling company unit this month

  • Elon Musk formed the Boring Company to build underground transport tunnels for hyperloop transportation systems

BENGALURU: Elon Musk will soon launch a China unit for his underground tunneling enterprise, The Boring Company, the billionaire entrepreneur said on Twitter.

One of Musk’s followers tweeted that Tesla Inc’s chief executive officer would attend the World Artificial Intelligence Conference of 2019 in Shanghai later this month.

Musk replied on the social media platform that he “will also be launching The Boring Company China on this trip.”

Musk started the Boring Company to build underground transport tunnels for hyperloop transportation systems, which he said would be far faster than current high-speed trains and use electromagnetic propulsion. 

It has also emerged that Musk plans to expand his SpaceX facilities in Florida to make room for the space company’s forthcoming super heavy-lift launch vehicle dubbed Starship, according to a draft of the plans seen by Reuters on Friday.

Starship, a 384-foot (117-meter) reusable two-stage rocket taller than the Statue of Liberty, is a central piece of Musk’s interplanetary space travel ambitions as well as US space agency NASA’s goal to send humans to the moon again by 2024.

The Starship rocket is expected to launch up to 24 times a year from SpaceX’s current flagship launchpad 39A, the draft of the company’s environmental assessment said. SpaceX did not specify in the report when it would reach that cadence, but Musk said in September 2018 he wanted to be conducting orbital flights with Starship in two to three years.

SpaceX’s launchpad 39A would support NASA’s future moon missions from the same Kennedy Space Center site used for the Apollo lunar missions a half century ago.

“They’re moving very fast,” said Dale Ketcham, vice president of government relations at Space Florida, the state’s commercial space development agency. “This is actually getting closer to what Elon got into this business for to begin with. This is fundamental infrastructure to get to Mars, the early stages of it.”


First Abu Dhabi Bank and Egypt Post launch services drive

Updated 51 min 23 sec ago

First Abu Dhabi Bank and Egypt Post launch services drive

  • The First Abu Dhabi Bank is the largest bank in the United Arab Emirates

CAIRO: First Abu Dhabi Bank in Egypt has signed a memorandum of understanding with Egypt Post to boost financial inclusion in society and improve customer services.

The strategy is in line with the country’s plan to improve and develop communication channels with citizens and improve access to basic services.

The agreement was signed by Mohamed Abbas Fayed, CEO of First Abu Dhabi Bank, and Sherif Farouk, Chairman of the National Postal Authority, Egypt Post.

A statement issued by First Abu Dhabi Bank said the memorandum of understanding will improve access to post offices, through which foreign remittances, salaries and pensions can be received and disbursed by Egyptians at home and abroad.

The partnership will also help the bank provide notification and collection services to customers, payments through its mobile smart wallet, services for collecting and paying customer dues, exchange and collection services for small and medium enterprises, credit services and contractual postal services.

The statement added that the agreement will build a culture of financial inclusion and awareness, while also reducing the cost of banking operations.

Farouk said that the memorandum will allow the authority to handle remittances of overseas Egyptians through its 4,000 Egypt Post branches across the country.

Fayed said the partnership is part of the bank’s strategy to boost access to customer services, whether individuals or companies.

He added that money transfers from outside Egypt are one of the most important sources of foreign currency for the country. Easing money transfers for Egyptians working abroad with First Abu Dhabi Bank via the National Postal Authority will increase the amount of remittance exchange outlets and transfers.

The First Abu Dhabi Bank is the largest bank in the United Arab Emirates and one of the biggest financial institutions in the world. Its network of branches are in 19 countries around the world, including Egypt.