With motorbikes, tricycles, and vehicles out of the way, the next transportation you will be hailing or booking through an app would be flying taxi. This is because Boeing has announced plans to collaborate with Kitty Hawks to make this possible.
Boeing says its collaboration is aimed at advancing air mobility which will usher-in a disruption in the aviation industry like the one experienced by ground transportation companies. While there’s no much information about the extent at which work has gone, Boeing wants to transform the way people, goods and ideas will be transported in the future.
With this new phase of technology development, Boeing has shown that plane crashes and global ban of one of its most sought after aircraft models will slow its growth.
Reacting to the partnership and the potentials to achieve the disruption, the Vice President and General Manager of Boeing NeXt, Steve Nordlund, said the undisclosed deal brings both companies (i.e., Boeing and Kitty Hawk) closer to their aim of advancing plane mobility.
“Working with a company like Kitty Hawk brings us closer to our goal of safely advancing the future of mobility. We have a shared vision of how people, goods, and ideas will be transported in the future, as well as the safety and regulatory ecosystem that will underpin that transportation.”
The flying taxi called Cora is powered by electric, without the need for fuel consumption. It is an autonomous flying taxi that has reportedly performed well over the past year during tests in New Zealand.
The Cora reportedly flies at speeds of roughly 110 miles per hour at altitudes anywhere from 500 to 3,000 feet. It is not yet known when it will be ready for public use. Considering how electric cars are gradually taking centre, Cora might just be close by. However, it will have to go through regulatory approval for approval.
The brain behind Cora: Sebastian Thrun is the founder and Chief Executive Officer of Kitty Hawk. Thrun is also one of the founders behind Google X, an American semi-secret research and development facility and organization founded by Google in January 2010. It is famous for the development of Google’s self-driving car.
While speaking about the Kitty Hawk impact in the aviation sector and partnership with Boeing, Thrun said, “Kitty Hawk was started to advance technology in flight and bring new innovations to life. I am excited about our companies working together to accelerate making safe electric flight a reality.”
Thrilled to announce a strategic partnership with Boeing to bring together the innovation of Kitty Hawk's Cora division with Boeing’s scale and aerospace expertise. https://t.co/rDGHyOlpqn
— Kitty Hawk (@kittyhawkcorp) June 25, 2019
Note: The Cora is a Vertical Take-Off and Landing (VTOL) taxi. It will be used as air transportation and not transforming from a vehicle to a plane.
Covid-19: US economy grappling with 10 million job losses, adds 379,000 jobs in February
The Covid-19 pandemic has led to the mandatory lockdown of major businesses and factories in the US.
The World’s biggest economy is grappling with the loss of 10 million jobs due to the Covid-19.
The Covid-19 pandemic led to the mandatory lockdown of major businesses and factories in the country. This meant downsizing for most companies who could not continue paying salaries with no incoming revenue
According to the Nasdaq, the unemployment rate in the United States economy was at its highest in April last year, reaching a record high of 14.7%. The unemployment rate dropped to 6% but that is still a significant number.
According to CNN, the US economy added 379,000 Jobs in February this year. This is a clear sign of the world biggest economy getting back on track. Although the US economy is still missing around 9.5 million jobs since the beginning of Covid-19.
According to Nasdaq, the most affected industries in the Covid 19 economic decline is the Hospitality and Outdoor industry. Hotels and restaurant workers were mostly put out of jobs. They also fall into a category regarded as the long-term unemployment category. This category is used to define those who have been without a job for 27 weeks.
Big government to the rescue
The United States government has rolled out the following packages to cushion the effect of the Covid 19:
- The Joe Biden Administration has postulated a 1.9 trillion Covid Relief Package for Americans. The Bill made it through a house vote and now needs to pass the senate-house too.
- Jobless American workers will be entitled to an extra $400 a week.
- The Joe Biden new relief bill will also contain a $1,400 stimulus check for citizens.
What to know
- The US economy is gradually shifting to the post-Covid-19 era adding 379,000 jobs in February alone. It added a paltry 166,000 jobs in January.
- The United States major economic rival China is already in the post-Covid-19 era, the only major economic country in the post-Covid-19 era.
Jack Dorsey’s Square set to acquire majority stake in Jay Z’s Tidal for $297 million
Jack Dorsey’s company, Square set to acquire Tidal, the streaming music service owned by Jay-Z for a $297 million deal.
Square, the mobile payments company owned by Jack Dorsey, announced on Thursday its plan to acquire a “significant majority” of Tidal, the streaming music service owned by Hip-hop music mogul, Jay-Z.
Square said it expects to pay $297 million, in a combination of cash and stock, for a stake in Tidal. Shawn “Jay-Z” Carter will join Square’s board, subject to the closing of the transaction while Tidal will operate independently within Square.
Existing artist shareholders will still remain stakeholders. Other Tidal artist-owners include Beyoncé, Alicia Keys, Coldplay’s Chris Martin, Kanye West, Madonna, Nicki Minaj, and Rihanna.
In a tweet made by Jay-Z today, he highlighted that “from the beginning that TIDAL was about more than just streaming music, and six years later, it has remained a platform that supports artists at every point in their careers. Artists deserve better tools to assist them in their creative journey.”
He also commented that “Jack is one of the greatest minds of our times, and our many discussions about TIDAL’s endless possibilities have made me even more inspired about its future. This shared vision makes me even more excited to join the Square board.
“This partnership will be a game-changer for many. I look forward to all this new chapter has to offer!”
Jack Dorsey, who is CEO of both Square and Twitter, also commented on this deal “comes down to one simple idea: finding new ways for artists to support their work.”
“New ideas are found at intersections, and we believe there’s a compelling one between music and the economy. I knew Tidal was something special as soon as I experienced it, and it will continue to be the best home for music, musicians, and culture.”
Jesse Dorogusker, a Square executive will lead Tidal on an interim basis. He added that Square will offer financial tools to help Tidal’s artists collect revenue and manage their finances. “There are other tools they need to be successful and that we’re going to build for them,”.
What you should know
- Last month, Jack Dorsey and Jay-Z announced a Bitcoin fund focused on developing the cryptocurrency’s adoption in Africa and India.
- In 2017, Sprint bought a 33% stake in Tidal. This week, Jay-Z bought back those shares from T-Mobile (which acquired Sprint).
- Last month, Jay-Z announced that he would sell 50 percent of his champagne company, Armand de Brignac — better known as Ace of Spades — to LVMH Moët Hennessy Louis Vuitton amid a downturn in the entertainment industry caused by the pandemic that has affected some of Jay-Z’s holdings.
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