Markross121_, Author at Achieve Corporation

Markross121_ June 17, 2019 No Comments

Boeing to acquire aerospace interiors manufacturer EnCore Group

Boeing has signed an agreement to buy California-based aerospace interiors company EnCore Group as part of a strategy to complement growth with strategic acquisitions.

EnCore Group designs, certifies and manufactures plane galleys and seats for airlines. It also supplies products and components to Boeing.

Boeing expects its acquisition of EnCore Group to strengthen capabilities and increase innovation within the cabin vertical to provide customers with increased options, better products, as well as improved capacity and availability.

The acquisition includes EnCore Interiors, EnCore International and LIFT by EnCore.

Previously, Boeing partnered with LIFT by EnCore for the launch of Tourist Class Seating, designed to complement the Boeing 737 Sky Interior.

Boeing cabin vertical leader and vice-president of strategy Sheila Remes said: “With this acquisition, we aim to deliver quality and high-value interior offerings that our customers expect and passengers prefer.

“Boeing and EnCore have a history of partnering on products, and we are excited for EnCore and its employees to join the Boeing family.”

Cabin vertical is one of Boeing’s targeted vertical integration efforts to develop in-house capabilities in key areas, including those that strengthen the company’s customer support through Boeing Global Services.

Subject to customary conditions, the transaction is expected to close by the end of the second quarter of 2019.

Based in Huntington Beach, EnCore Group has approximately 700 employees in facilities in California and Mexico.

The group has been a supplier to Boeing since its formation in 2011 and was previously recognised as a ‘Boeing Supplier of the Year’.

Boeing provides commercial airplanes, defence, space and security systems, and global services.

As one of the major exporters in the US, the company supports commercial and government customers in more than 150 countries.

Boeing has more than 150,000 people worldwide and uses the talents of a global supplier base.

Markross121_ June 17, 2019 No Comments

Raytheon and United Technologies announce $121bn merger

Trump says he is a ‘little concerned’ about the deal and wants ‘to see that we don’t hurt our competition’

United Technologies and defense contractor Raytheon have agreed a $121bn merger that will create the world’s second-largest defense contractor.

The new company, to be called Raytheon Technologies, which will make Tomahawk missiles, the F-35 fighter jet engine and space suits for astronauts among other items, would have sales of about $74bn in 2019. It will be the second largest defense contractor behind Boeing and ahead of Lockheed Martin.

The merger, the largest of the year so far, will have to be approved by competition authorities and was questioned by Donald Trump on Monday. Trump told CNBC that he was a “little concerned” about the deal and that while he would like to see it go through he added: “I want to see that we don’t hurt our competition.”

Trump said aerospace companies had “all merged in so it’s hard to negotiate” with them and suggested the defense industry could be heading in the same direction.

UTC and Raytheon do not compete directly in many markets and the deal may not attract significant scrutiny. The companies expect approval by 2020. “I think from a regulatory standpoint, the beauty of this deal is there’s very little overlap … But really less than 10 jurisdictions have to approve this. We don’t have to go to China. We truly believe that we’re going to get this done relatively quickly,” Gregory Hayes, chairman and chief executive officer of United Technologies, said in a call with analysts.

There have been a series of mergers in the defense contracting sector in recent years, driven by modest growth in US spending. Companies have argued that they need greater scale to compete and spend on research and technology.

United Technologies’ aerospace business makes engines for Airbus as well as the F-35, which was developed by Lockheed Martin and is the most expensive military project in history. Last year United announced it was spinning off its escalator and air-conditioner businesses, which included the Otis elevator brand and Carrier air conditioners.

Raytheon makes missile defense and radar systems, including the Patriot missiles and other military technology used by militaries around the world.

Together the two companies employ about 180,000 people worldwide. United technologies said the merger would lead to $1bn in cost savings.

“The combination of United Technologies and Raytheon will define the future of aerospace and defense,” said Hayes. “Our two companies have iconic brands that share a long history of innovation, customer focus and proven execution. By joining forces, we will have unsurpassed technology and expanded R&D capabilities that will allow us to invest through business cycles and address our customers’ highest priorities.”

Why AI is making tech giants like Google and Amazon even harder to beat

Taking on big tech.

The issue is becoming so popular it’s bringing together political adversaries like Donald Trump and Nancy Pelosi. Even Elizabeth Warren and Ted Cruz. Last week, the House Judiciary Committee announced it would be launching a bipartisan antitrust investigation into companies like Google, Facebook and Amazon.

Each of those tech giants has become enormously powerful, particularly as it relates to gathering personal data and influencing behavior. Increasingly, that control is being driven by AI & machine learning technologies—e.g., Google’s Assistant and YouTube algorithms; Facebook’s content flagging, filtering and moderation; and Amazon’s Alexa, purchasing recommendations and AWS tools.

It’s clear that AI is no longer a nascent prototype tech of the future. It’s being industrialized and commercialized at a massive scale, impacting billions of people at the behest of the world’s biggest companies.

“Essentially as AI/ML technology becomes more readily available, these huge firms are positioned to dominate and potentially be extremely hard to compete with—especially within certain core competencies,”. “It’s a look at what’s to come and how central AI/ML is going to be for essentially all internet users and enterprises alike.”

The tech giants have all made it clear that implementing AI/ML throughout their business and product offerings and by running open source frameworks—like TensorFlow and PyTorch—thathelp build an ecosystem of development around their platforms, creating a moat of sorts and attracting AI/ML talent.

Venture capital investors, however, are still making plenty of bets on smaller players trying to compete in the space, perhaps by carving out tangential or niche areas where the giants aren’t as firmly developed. According to PitchBook data, deal flow into US-based AI/ML startups has increased unabated for about a decade.

Why Domino’s Pizza sell-off was overcooked

Hungry bargain hunters gobbled up shares in Domino’s, correctly betting than an early slump was unfair.

After selling 12 pizzas every second on New Year’s Day, the rest of 2019 certainly hasn’t panned out in the same emphatic fashion for Domino’s Pizzaor its investors.

Shares slumped as much as 12 per cent in early deals, undoing all the rally of the past six weeks, as the company warned that its international operation would no longer break even this year. Its UK business of more than 1,100 stores also underwhelmed the City with like-for-like sales growth of 3.1 per cent in the quarter to March 31.

The fall-out from the first quarter update continues the poor run of form for the FTSE 250 stock, which had been testing the 400p barrier as recently as last summer.

Last week’s UK figures were distorted by tough comparatives from a year earlier after a £1.99 promotion helped to boost like-for-like sales by 7 per cent in Q1 2018. Volumes were down 2.7 per cent in the most recent period, despite that bumper New Year’s Day when 516,500 pizzas were sold.

Analysts at Numis are relaxed about the first quarter performance in the UK, particularly as like-for-like sales on a two-year basis continue the 10 per cent growth rate seen in Q4.

Numis left its forecast unchanged for UK trading this year, although it is cutting group pre-tax profits by 5 per cent to £95 million due to the weaker guidance for the international division following its £4.1 million loss last year.

Domino’s reported “persistently weak” system sales in all its international markets, with trading visibility also limited. New management teams in Norway, Sweden and Switzerland are attempting to improve the performance, but in the meantime the company is tightening its focus on costs and capital deployment.

Numis said the continued poor performance of a business accounting for 10% of trade will leave some investors to ask if Domino’s should be deploying capital into loss-making markets.

However, the broker still remains supportive of Domino’s and its highly cash generative business model. Trading on 15 times 2019 earnings, Numis said the shares were attractively valued and expected them to re-rate back towards 340p over time.

Canaccord Genuity has a price target of 310p, while UBS thinks the shares are worth 245p. UBS analyst Heidi Richardson said the lack of an update on discussions with UK franchisees was also disappointing given the limited visibility on future store openings.

Seven new UK stores were added in the year to date, compared with the 58 added in the previous financial year. Domino’s admitted in full-year results that there were likely to be fewer new stores this year given the ongoing discussions with franchisees on commercial terms.

The shares have ebbed away since then, even though Domino’s deserves credit for continuing to show resilience in the face of competition from the likes of Just Eat (LSE:JE.) and Deliveroo. It’s also had the distraction of an ongoing dispute with franchisees, some of whom are fighting for a bigger slice of profits.

Microsoft to open first UK store in London

The tech giant’s first physical UK store will open in Regent Street on 11 July, just a one minute walk away from Apple’s London flagship branch.

The branch near Oxford Circus will feature “immersive video walls” throughout and an “answer deck”, offering tech support, training, repairs and advice.

Free tech, coding and Stem learning workshops and programmes will be offered at the store’s community theatre.

John Carter, who has been appointed Microsoft Store manager, said: “This will be more than just a store. Customers will have the chance to explore and get hands-on with technology.

“We’ve got a passionate group of store associates ready to bring the experience of tech alive for customers. Unique to any job in retail, there will be many ways for us to give back to our communities, help them build connections, and grow.”

Microsoft already runs three gaming studios in the UK, as well as startup hub Reactor London and a research lab in Cambridge.

This new flagship store builds upon Microsoft’s significant track record of investment in the UK,” said Cindy Rose from Microsoft UK.

“More importantly, located in the heart of central London it will serve as a vibrant hub – for both visitors to our great city as well as a variety of different local communities – to come and play, learn, create and discover.”

Premier Foods chairman to step down

Mr Kipling maker Premier Foods has revealed that its chairman is set to retire from his role this summer less than two years after taking on the job.

Keith Hamill, who was appointed chair of the firm in August 2017, has told the board of his decision to retire later this year at the group’s annual general meeting (AGM) in July.

The departure comes six months after the firm was rocked by the exit of its chief executive Gavin Darby, who stepped down in the wake of pressure from an activist investor.

A full recruitment process for a permanent chairman is underway, led by Richard Hodgson, who has been appointed senior independent director today.

Pam Powell has also been made chair of the remuneration committee this morning. Both have been non-executive directors for several years.

The board of the St Albans-based business has faced sharp criticism from activist fund Oasis Management in recent years over its falling share price, which had plunged from 46p to 30p between July 2018 and January 2019.

The share price has since recovered some its losses, climbing to 36p, but the group is still facing pressure as it continues its hunt for a new chief executive.

Boeing 737 Max won’t fly again before August

Plane grounded after two crashes likely to remain grounded into peak season.

The Boeing 737 Max aircraft will not return to the skies before August, according to the head of aviation’s main trade body.

The 737 Max was grounded by regulators in the wake of two crashes, and although manufacturer Boeing has been working on a fix to allay safety concerns, it is likely to remain out of service for another 10 to 12 weeks, into peak season for many airlines.

Alexandre de Juniac, the chief executive of the International Air Transport Association, said the timing would depend on regulators, but he hoped to see a unified global timetable for the model’s reintroduction.

The grounding of the 737 Max came first in China and then Europe before the US Federal Aviation Administration (FAA) eventually followed suit, after a crash in Ethiopia in March that killed all 157 people on board. It was the 737 Max’s second disaster in five months, after 189 people were killed in Indonesia in October.

Speaking in Seoul ahead of the association’s annual meeting, De Juniac said airlines were not expecting a return to service within the next 10 to 12 weeks: “But it is not our hands. That is in the hands of regulators.”

Iata is planning a summit meeting between airlines, regulators and Boeing in July to discuss a coordinated timeline to restore the 737 Max to commercial flying, De Juniac said. “We hope that [the regulators] will align their timeframe,” he said.

The 737 Max disasters have ignited tensions between regulators on either side of the Atlantic, amid concerns over the FAA’s relationship with Boeing, including the degree of self-certification.

Ethiopia chose to send the data recorders from the crash to safety investigators in Paris, and the European Union Aviation Safety Agency has indicated it would carry out its own assessment of the 737 fix, rather than rely on the FAA.

According to Reuters, sources at ICAO, the UN aviation agency, believe the FAA will approve the 737 Max again as soon as late June.

US operators United Airlines, American Airlines and Southwest Airlines, early customers of the model sold as a more fuel-efficient iteration of the 737 shorthaul workhorse, have removed the planes from their flight schedules until early to mid-August.

De Juniac said prolonged grounding was “taking its toll” on airlines. Although Iata expects its 290 airline members to be recording a 10th consecutive year of aggregate profit, he said the 737 was adding to headwinds including “rising costs, trade wars and other uncertainties [that] are likely to have an impact on the bottom line”.

Figures for air freight releasedon Wednesday by Iata showed a 4.7% year-on-year decline in April. De Juniac added: “It is clear that trade tensions are taking their toll on the cargo industry.”

Flybe boss announces resignation, boosting male domination of aviation

The airline, which competes for passengers with Europe’s two budget giants, easyJet and Ryanair, is shrinking its fleet and network in an attempt to restore profitability.

On a day when Flybe cancelled dozens of flights due to strikes in Amsterdam, the chief executive of the troubled airline announced she would stand down on 15 July.

Christine Ourmieres-Widener’s departure is expected to coincide with Connect Airways – a consortium of Virgin Atlantic, Stobart Air and a US investor – taking control of the Exeter-based regional airline.

She has been chief executive of the Exeter-based airline for two years.

Ms Ourmieres-Widener told staff in an internal email: “Together, we have been able to secure the jobs of our loyal Flybe employees with the sale to Connect Airways and provide our customers and the UK with the vital transport and travel infrastructure they rely on, while preparing Flybe for a bright future under its new ownership.”

In the official public announcement shortly afterwards, Flybe director Jonathan Peachey praised “her tireless efforts to safeguard the future for the customers and communities who rely on Flybe, as well as the company’s employees, its pension-fund members and its creditors”.

In a challenging environment which has seen several airlines collapse, Ms Ourmieres-Widener presided over a spell of heavy losses.

Should cyber-security be more chameleon, less rhino?

Billions are being lost to cyber-crime each year, and the problem seems to be getting worse. So could we ever create unhackable computers beyond the reach of criminals and spies? Israeli researchers are coming up with some interesting solutions.

The key to stopping the hackers, explains Neatsun Ziv, vice president of cyber-security products at Tel Aviv-based Check Point Security Technologies, is to make hacking unprofitable.

“We’re currently tracking 150 hacking groups a week, and they’re making $100,000 a week each,” he tells the BBC.

“If we raise the bar, they lose money. They don’t want to lose money.”

This means making it difficult enough for hackers to break in that they choose easier targets.

And this has been the main principle governing the cyber-security industry ever since it was invented – surrounding businesses with enough armour plating to make it too time-consuming for hackers to drill through. The rhinoceros approach, you might call it.

But some think the industry needs to be less rhinoceros and more chameleon, camouflaging itself against attack.

“We need to bring prevention back into the game,” says Yuval Danieli, vice president of customer services at Israeli cyber-security firm Morphisec.

“Most of the world is busy with detection and remediation – threat hunting – instead of preventing the cyber-attack before it occurs.”

Morphisec – born out of research done at Ben-Gurion University – has developed what it calls “moving target security”. It’s a way of scrambling the names, locations and references of each file and software application in a computer’s memory to make it harder for malware to get its teeth stuck in to your system.

The mutation occurs each time the computer is turned on so the system is never configured the same way twice. The firm’s tech is used to protect the London Stock Exchange and Japanese industrial robotics firm Yaskawa, as well as bank and hotel chains.

But the most effective way to secure a computer is to isolate it from local networks and the internet completely – so-called air gapping. You would need to gain physical access to the computer to steal data.

Could aviation ever be less polluting?

The aviation industry is under pressure to reduce carbon emissions, yet air travel continues to grow in popularity around the world. Can technological innovation help square this circle, or should we simply fly less often?

Once a byword for innovation and progress, many people now view aviation as dirty and dangerous to the environment.

It contributes about 2% of the world’s global emissions, and this is set to rise.

IATA, the airline trade body, predicts that passenger numbers will double to 8.2 billion a year by 2037. Planemaker Boeing forecasts there will be demand for 42,700-plus new aircraft over the next 20 years. Airbus predicts much the same.

Yet by 2050, the European Union wants the industry to reduce emissions of CO2 of 75%, of nitrogen oxides by 90%, and noise by 65%. And a new Carbon Offsetting and Reduction Scheme for International Aviation, agreed by 70 countries, comes into force in 2020.

So what is the industry doing to meet these formidable challenges?

Rolls-Royce, one of the world’s major aero-engine makers, says its new-generation UltraFan, more than 10 years in development and scheduled to be ready for service in the middle of the next decade, will be 25% more fuel efficient than its first generation Trent engine.

08:00 – 18:00

+ 44 800 044 8128

Head Office,