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.”


Higher impairment charges hit UAE banks Emirates NBD and ADCB

Updated 27 January 2020

Higher impairment charges hit UAE banks Emirates NBD and ADCB

DUBAI: Dubai's biggest lender Emirates NBD reported a 15 percent drop in fourth-quarter earnings on Monday, below analysts' forecasts, on a jump in impairment charges, sending its shares down around 1 percent.

The bank booked impairment charges of 2.06 billion dirhams ($560.88 million) in the quarter, up more than three times from a year earlier due to higher bad debt charges as it consolidated results of newly acquired Turkish lender DenizBank.

Even without DenizBank, impairment charges were up 78 percent on lower writebacks and recoveries. The bank did not give details of these charges.

Banks in the United Arab Emirates (UAE) are bracing for more writedowns from the real sector amid a downturn, especially in the Dubai property market.

Fitch Ratings recently warned a weakening property market in the UAE was likely to put more pressure on the asset quality of the banking sector.

Emirates NBD reported a net profit of 2.02 billion dirhams in the fourth-quarter, down from 2.39 billion dirhams in the same period a year earlier. EFG Securities had projected a net profit of 2.45 billion dirhams.

Full year profit, however, surged 44 percent, underpinned by double-digit growth in net interest income, stronger loan growth and gains from the listing of the bank's unit Network International.

Separately, Abu Dhabi Commercial Bank, the UAE's third-biggest bank, also reported a 16 percent drop in fourth-quarter profit on Monday, hurt by an increase in impairment charges.

Emirates NBD said it expected the Expo 2020 world fair to support multiple sectors in Dubai, but a softening real estate market remained a risk for 2020.