UK jet engine maker Rolls-Royce is in talks with Aero Engine Corporation of China (AECC) on a possible partnership that would see the companies jointly supply engines for a new wide-body aircraft planned by China and Russia, according to people familiar with the matter.
The two companies met earlier this year on whether to cooperate on the turbine for the CR929 wide-body, said the people, who asked not to be named. A request for proposals for the engine has already been issued with responses due in May, at which time the prospects for the venture may change in line with the airplane maker’s specifications, the people said.
The new aircraft manufacturer formed by Commercial Aircraft Corp of China and Russia’s United Aircraft Corp. called Craic, is aimed at breaking up the duopoly in wide-bodies controlled by Boeing and Airbus and follows efforts by Comac to build its own single-aisle aircraft. That plane uses engines manufactured exclusively by CFM International, a joint venture between General Electric and France’s Safran.
The CR929 is slated to be a 280-seat wide-body jet that can fly about 12,000 kilometres. In May last year, UAC chairman Yury Slyusar told Bloomberg News in Shanghai that the new plane will need "billions of US dollars" in investment and it aims delivery of the aircraft to customers by 2025-2027.
Representatives for AECC couldn’t be reached for comment at their office in Beijing, while Rolls-Royce wasn’t immediately available.
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Read more:
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Any agreement on the new engine would help China in its ambition to become a major player in aerospace manufacturing, giving it access to the complex intellectual property and design-work used to build large jet engines. It’s also a signal of how far Rolls-Royce is willing to go to secure contracts related to a future competitive aircraft.
The development of the narrow-body C919 and the wide-body CR929 is at the centre of President Xi Jinping’s strategy to modernize China’s manufacturing industry and compete against giants such as the US, Germany and Japan. As trade tensions escalated between the US and China this year, the world’s No 2 economy in April proposed 25 per cent tariff on some American-made planes, including some variants of Boeing’s 737 jets.
London-based Rolls-Royce company is weighing offering an updated version of its Trent 7000 engine that is used to power the Airbus A330neo, due for first delivery this year, and is derived from the turbine powering Boeing’s 787 Dreamliner, one of the people said. The bigger and newer Trent XWB that powers the A350 dual-aisle jet uses core technology that Rolls is reluctant to share, said the person.
The currency conundrum
Russ Mould, investment director at online trading platform AJ Bell, says almost every major currency has challenges right now. “The US has a huge budget deficit, the euro faces political friction and poor growth, sterling is bogged down by Brexit, China’s renminbi is hit by debt fears while slowing Chinese growth is hurting commodity exporters like Australia and Canada.”
Most countries now actively want a weak currency to make their exports more competitive. “China seems happy to let the renminbi drift lower, the Swiss are still running quantitative easing at full tilt and central bankers everywhere are actively talking down their currencies or offering only limited support," says Mr Mould.
This is a race to the bottom, and everybody wants to be a winner.
MEDIEVIL%20(1998)
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ALRAWABI%20SCHOOL%20FOR%20GIRLS
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THE SPECS
Engine: 1.5-litre turbocharged four-cylinder
Transmission: Constant Variable (CVT)
Power: 141bhp
Torque: 250Nm
Price: Dh64,500
On sale: Now
Company%20Profile
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BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
Tightening the screw on rogue recruiters
The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.
Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.
A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.
The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.
The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.
Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.
Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment
But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.
COMPANY%20PROFILE
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MATCH INFO
Karnatake Tuskers 114-1 (10 ovs)
Charles 57, Amla 47
Bangla Tigers 117-5 (8.5 ovs)
Fletcher 40, Moores 28 no, Lamichhane 2-9
Bangla Tiger win by five wickets
MATCH INFO
Qalandars 112-4 (10 ovs)
Banton 53 no
Northern Warriors 46 all out (9 ovs)
Kumara 3-10, Garton 3-10, Jordan 2-2, Prasanna 2-7
Qalandars win by six wickets
U19 World Cup in South Africa
Group A: India, Japan, New Zealand, Sri Lanka
Group B: Australia, England, Nigeria, West Indies
Group C: Bangladesh, Pakistan, Scotland, Zimbabwe
Group D: Afghanistan, Canada, South Africa, UAE
UAE fixtures
Saturday, January 18, v Canada
Wednesday, January 22, v Afghanistan
Saturday, January 25, v South Africa
UAE squad
Aryan Lakra (captain), Vriitya Aravind, Deshan Chethyia, Mohammed Farazuddin, Jonathan Figy, Osama Hassan, Karthik Meiyappan, Rishabh Mukherjee, Ali Naseer, Wasi Shah, Alishan Sharafu, Sanchit Sharma, Kai Smith, Akasha Tahir, Ansh Tandon
COMPANY%20PROFILE
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Confirmed%20bouts%20(more%20to%20be%20added)
%3Cp%3ECory%20Sandhagen%20v%20Umar%20Nurmagomedov%0D%3Cbr%3ENick%20Diaz%20v%20Vicente%20Luque%0D%3Cbr%3EMichael%20Chiesa%20v%20Tony%20Ferguson%0D%3Cbr%3EDeiveson%20Figueiredo%20v%20Marlon%20Vera%0D%3Cbr%3EMackenzie%20Dern%20v%20Loopy%20Godinez%0D%3Cbr%3E%3C%2Fp%3E%0A%3Cp%3ETickets%20for%20the%20August%203%20Fight%20Night%2C%20held%20in%20partnership%20with%20the%20Department%20of%20Culture%20and%20Tourism%20Abu%20Dhabi%2C%20went%20on%20sale%20earlier%20this%20month%2C%20through%20www.etihadarena.ae%20and%20www.ticketmaster.ae.%0D%3Cbr%3E%3C%2Fp%3E%0A