TechCrunch : Everything SpaceX revealed about its updated plan to reach Mars by

At the 2017 International Astronautical Congress in Australia, SpaceX founder Elon Musk laid out some exciting changes to his vision for helping make humans an interplanetary species, with a presence on Mars and potentially beyond.

“The future is vastly more exciting and interesting if we’re a space-faring species than if we’re not,” Musk said as he took the stage. “It’s about believing in the future and thinking the future will be better than the past.”
This plan will obviously be very expensive, and Musk led with that since it was a considerable criticism of what wasn’t addressed in his last talk at IAC last year. Musk said that he believes SpaceX has figured out how to pay for it now, and much of his talk was given over to what SpaceX intends to do to achieve cost efficiencies, and potentially open up new revenue streams to fund Mars missions.
One big part of the plan is to essentially render all current SpaceX vehicles redundant by focusing in the so-called BFR rocket. This will be scaled down from its initial huge concept design, and will instead be one booster and ship that replaces Falcon 9, Falcon Heavy and Dragon, with capabilities both in terms of servicing the International Space Station and SpaceX’s current Earth orbital satellite customers, as well as reaching Mars and helping establish a moon base.
Musk also detailed progress on some of the more concrete aspects of the plan it showed off last year.It showed a stress test of its large cryo fuel tank, which you can see above. The explosion came only after the tank endured beyond the limits of SpaceX’s anticipated field conditions.
SpaceX also showed off the company’s rocket engine tests, noting that the longest continuous burn test for the so-called Raptor engine is 100 seconds, but that 40 seconds will be typical for Mars landing requirements.
Regarding the propulsive landing required for landing on Mars, Musk noted that SpaceX has been perfecting that with Falcon 9 – “That’s what they’ve been doing across 16 successful landings in a row,” he said.. “And that’s really without any redundancy. The Falcon 9 lands on a single engine, he added and when you have high reliability with single engine, then you can land with either of two engines (which the BFR will have), and you probably can achieve landing reliability on par with most commercial airlines.
Musk also noted that the precision for propulsive landing is now good enough that the company probably doesn’t even need legs for the next version – it can land with enough precision the rocket will land back on its launch mounts.
Another key ingredient will be ramping up the rate of launches, since a very high frequency will be required for Mars. SpaceX is targeting 20 launches by the end of this year, 30 by next year. “If SpaceX does do something like 30 launches next year, it’ll be approximately half of all orbital launches that occurs next year on Earth,” Musk said.
One more ingredient that’s coming along will be automated rendezvous and docking to a space station. Dragon 2, which launches next year, will achieve that with the International Space Station, Musk said. The current version of Dragon needs the Canadarm to finally affix it to the ISS docking station.
Musk reiterated that Falcon Heavy should launch by the end of this year. He qualified that it sounds like it should be easy, since it’s effectively a tripling of Falcon 9, he said, but “it’s actually not.” But the boosters have been tested and are en route to Cape Canaveral, and SpaceX is now beginning serious development of BFR.
BFR in fully reusable configuration should have a payload capacity of 150 tons to low Earth orbit, Musk revealed – which compares to 30 tons for Falcon Heavy in only partially reusable configuration. This makes a huge difference in terms of cost, since even with partial reusability you’re still throwing away much of Falcon Heavy to get that load up to space.

With BFR, SpaceX is essentially combining the upper stage of the rocket and Dragon in one craft. High reuse will allow the cost of launches to drop below that of the most cost-efficient current launches, while still keeping costs lower than any other current launch. Refueling in orbit will further help with this cost efficiency, and the automated docking component is a big part of making that happen in a way that maximizes benefits.
The plan is still to build ahead and have a stock of Falcon 9 and Falcon Heavy vehicles, despite the future focus on BFR, so that SpaceX’s customers can be reassured they can use this. Meanwhile, once that stockpile is achieved, SpaceX will turn all attention to building next rocket, which it will pay for by launching satellites and servicing the ISS.
The BFR, once in service, can also deploy large satellites, pick up space debris, and service the space station, but SpaceX wants to ensure that customers aren’t made nervous by the new platform before extensive testing.
BFR can also do lunar surface missions without having to produce fuel locally on the moon, which will allow the production of “moon base alpha or some sort of lunar base.”
“It’s 2017, I mean we should have a lunar base by now – what the hell’s going on,” Musk said on stage. What is going on, indeed.
The initial Mars goal is to have landed at least 2 cargo missions on Mars by 2022, per the SpaceX CEO. The company will start building the first BFR ship in the next 6 to 9 months, and Musk “feels confident” they can do the first mission in about five years. The purpose of the initial missions will be to confirm water resources and spot hazards, and to put in place power, mining and life support systems to support future missions.
Further missions following in 2024 would fly four ships, including two cargo vessels and two crewed ships. During this stage, the goal will be to build a propellant plant as well as take the first people to mars, and to build up a base in preparation for an expanded surface presence. And then to build that into a city, blossoming across the red dirt of Mars.

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The numbers and cost planning here still require a long hard look, but it’s hard to deny the appeal of the plan, fantastic as it may be. Plus, Elon saved maybe the best, and most down-to-earth (and yet maybe also most lofty) goal for last – commercial spaceflight that could get passengers anywhere on Earth in under an hour.

FT : Carillion cuts full-year revenue guidance after ‘disappointing’ first half

Carillion cuts full-year revenue guidance after ‘disappointing’ first half

Construction and outsourcing group Carillion on Friday reduced its full-year revenue outlook after posting what it referred to as a “disappointing” slate of first-half results.

Carillion now expects revenues this year to be £4.6bn – £4.8bn, down from £4.8bn – £5bn. Analysts had been forecasting revenues of £4.83bn, according to a FactSet survey. The group will also take a further £200m provision for support services contracts, which it reckons will have a “minimal” impact on cash.

Weak cash flow and failure to replace completed contracts have caused the company’s debt pile to rise, climbing from £42m at the start of the decade to an average of £694m in the first half of this year. Full-year average net debt is forecast by the company at £825m – £850m.

Its shares plunged in July in the wake of a large profits warning, and this set of results was delayed so auditors could more thoroughly assess its business.

Total revenues in the first half were little changed from the same period in 2016 at £2.5bn, close to analyst estimates. It swung to a pre-tax loss of £1.15bn, from a profit of £84m in the previous period.

“This is a disappointing set of results which reflects the issues we flagged in July,” said Keith Cochrane, interim chief executive.

The company – which is one of the UK government’s largest contractors – previously said it would consider “all options to optimise value for the benefit of shareholders”.

Carillion has already held discussions to sell a chunk of its overseas business in an effort to cut costs and reduce its debt. Shares in the company also jumped earlier this week on speculation that one company was close to making a bid for the whole group, though any takeover is likely to be complicated by Carillion’s vast pensions deficit.

A swath of senior figures at Carillion, including its chief executive, finance director and a number of managing directors, have announced their departure since July’s profit warning. The company has brought in ex-Weir chief executive Mr Cochrane as temporary chief, while Lee Watson has joined as “chief transformation” on secondment from EY. The professional services firm was brought in to aid with Carillion’s review and rescue plans in July.

Despite their recent bounce, shares in Carillion – which remains the most shorted stock on the London market, are still down more than 70 per cent for the year to date.

>>> Suedzucker examining acquisition candidates

Suedzucker examining acquisition candidates (translated)
29 SEP 2017
Suedzucker [ETR:SZU], a Germany-based food company, is examining potential acquisitions, Lebensmittel Zeitungreported. Asked if he is talking to takeover candidates, Suedzucker Chief Executive Wolfgang Heer told the German trade weekly there are always interesting offers in the market and he is looking into them.
Heer said regions such as Brazil, South East Asia and Africa are interesting and he is closely examining potential projects in view of the on-site political situation, market constellation and financing.
Asked if he is interested in co-operations with foreign companies, Heer said he is not a fan of joint ventures and ruled out a 50/50 deal.

LesEchos.fr : AccorHotels : la cession de l’immobilier se précise

AccorHotels : la cession de l’immobilier se précise

Les investisseurs en lice pour acquérir au moins 51% du capital de la branche immobilière du géant français de l’hôtellerie doivent adresser leur lettre d’intention révisée respective en octobre. Amundi, Colony NorthStar, GIC et PIF sont sur les rangs. 

Pour ses cinquante ans, AccorHotels devrait avoir scellé la cession - historique - du contrôle de son pôle immobilier. Alors que d'aucuns s'interrogent sur la longueur des discussions en cours, le champion français de l'hôtellerie, numéro six mondial de son secteur, serait en réalité tout proche de la conclusion d'un protocole d'accord avec les investisseurs en lice. Selon nos informations, les lettres d'intention révisées des candidats investisseurs sont attendues en octobre. Le projet entre dans sa dernière ligne droite, pour une finalisation de l'opération à la toute fin 2017 ou tout début 2018, une fois effectuées les procédures réglementaires et obtenu le feu vert des actionnaires. Le PDG d'AccorHotels, Sébastien Bazin , qui joue gros dans cette affaire, respecterait ainsi son calendrier révisé.

Calendrier révisé

Annoncé le 12 juillet 2016, la cession du contrôle de l'essentiel de HotelInvest, la branche immobilière d'AccorHotels devait initialement être réalisée au cours du premier semestre 2017. A la fin juin, Sébastien Bazin avait reporté l'échéance tablant officiellement sur un accord d'ici à l'automne ou la fin de l'année. L'assemblée générale extraordinaire avait alors entériné la filialisation préalable du périmètre concerné, avec la création d'une nouvelle société, AccorInvest .  

Cette entité, détenue à 100% par AccorHotels, réunit 960 hôtels - soit plus de 130.000 chambres -, situés principalement en Europe (420 établissements en France notamment). Au total, elle compte 40.000 salariés, dont 10.000 dans l'Hexagone. Ce parc, qui relève pour l'essentiel des catégories économiques et moyen de gamme, a une valeur d'actifs brute de 6,6 milliards d'euros.

Opération complexe

Mais, comme le soulignent les experts de l'immobilier hôtelier, l'opération est « complexe » et/ou «innovante » car il ne s'agit pas stricto sensu d'une cession de murs classiques. AccorInvest possède des établissements sous enseignes AccorHotels mais « porte » également des établissements exploités par le groupe dans le cadre de contrats de location ainsi que des fonds de commerce.  

S'agissant des candidats investisseurs, le français Amundi, l'américain Colony NorthStar, le singapourien GIC et le saoudien Public Investment Fund sont en lice depuis plusieurs mois. D'autres pourraient les rejoindre, a-t-on par ailleurs appris. Pour mémoire, le montant du ticket d'entrée a été fixé à 200 millions d'euros.

Processus de transformation

AccorHotels, que l'on dit « ferme » sur les conditions de son désengagement immobilier - la maîtrise de son parc détenu par des tiers est notamment un sujet crucial - pourrait conserver un niveau de participation plus important qu'évoqué au départ. En février dernier, lors de la présentation des résultats annuels du groupe, sa direction n'excluait pas une part résiduelle de 25 à 35%. Depuis quelques temps, elle met surtout en avant l'objectif premier d'une « déconsolidation » d'AccorInvest, ce qui signifie céder au moins 51% de manière à se délester de deux milliards de dettes.

Au-delà du montant du chèque potentiel, soit au moins 3,3 milliards d'euros en valeur brute, cette opération s'inscrit dans le cadre du processus de transformation d'AccorHotels mené au pas de charge par Sébastien Bazin depuis qu'il en a pris les rênes à la fin août 2013. S'ajoute une question : que va faire AccorHotels du produit de cession d'AccorInvest ? 

LesEchos.fr : Stéphane Richard : «Je préfère investir dans la fibre que dans le

Stéphane Richard : «Je préfère investir dans la fibre que dans le foot

Candidat à un troisième mandat à la tête d’Orange, Stéphane Richard dresse ses priorités dans un entretien aux « Echos ». Extraits.

SFR, votre premier concurrent, est très offensif dans les contenus audiovisuels. Pas vous ?

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Mais nous sommes depuis des années dans les contenus, simplement notre stratégie repose plus sur des partenariats que sur des achats de droits et de médias Nous avons OCS, notre offre cinéma-séries qui a dépassé 2,7 millions de clients. Orange Studio vient de fêter ses dix ans et nous allons augmenter de 100 millions nos investissements audiovisuels pour entrer par exemple dans le financement de séries exclusives. Nous avons arrêté notre chaîne Sport en 2010, mais nous investissons plus aujourd'hui qu'à l'époque dans les contenus qui restent un axe essentiel de création de valeur pour soutenir nos offres très haut débit

Allez-vous participer au prochain appel d'offres de la Ligue 1 ?

Nous ne serons pas directement candidat à acquérir des droits sportifs, mais nous allons suivre de près le dossier et en particulier la façon dont les lots seront organisés. Le problème avec le développement d'une offre propriétaire dans le sport c'est que tous les quatre ans, vous pouvez perdre l'essentiel des programmes qui font votre attractivité ou vous pouvez voir doubler le prix.. Ce métier des droits sportifs est trop volatil et spéculatif pour nous. Je préfère investir dans la fibre que dans le foot.

SFR ne risque-t-il pas de rafler tous les droits sportifs et de vous marginaliser ?

Je ne sais pas ce que seront la stratégie et les moyens de SFR sur ce sujet. Je pense que Canal + et BeIN feront tout pour conserver les droits du foot car c'est vital pour eux. En tout état de cause si SFR prenait ces droits, il faudra bien qu'ils discutent avec nous de la distribution de leurs programmes car de tels montant sont impossibles à amortir sans la base des clients d'Orange. Je peux vous assurer que si vous êtes client Orange vous continuerez à voir le foot si vous l'aimez.

Quid d'un hypothétique mariage d'Orange avec Bouygues Telecom ou Vivendi ?

Bouygues est dans une logique de développement solitaire. A court terme, il n'y a guère de possibilités de rapprochement . Pour Vivendi, il n'y a aucune discussion. Vivendi c'est un mix de contenus dont certains, comme la musique, ne sont pas pertinents pour Orange. Certes Vivendi détient 25% de Télécom Italia mais nous ne sommes pas intéressés à les reprendre. Quant à Canal+, la stratégie de partenariat renforcé me va bien.


(CS) Vivendi : We upgrade Vivendi to Outperform from Underperform

UMG upside from margin growth and China
* We upgrade Vivendi to Outperform from Underperform (new target price €23.40) based on our updated views on the global music industry, a deep dive into the emerging-market opportunity and margin growth potential for UMG as well as our proprietary survey of French pay TV customers. We increase 2019E EPS by 9%, putting us 21% ahead of consensus.

* Valuation: Our new €23.40 TP (from €17.50) is SOTP-derived and includes an unchanged 15% conglomerate discount and a €19.9bn valuation for UMG, which puts the business on 16.6x 2019 EV/EBITDA. This is a 60% premium to European Media on 10x, which we think is warranted given UMG's attractive structural growth opportunity compared with cyclical and structural concerns for free-to-air broadcasters and agencies. Our new blue sky valuation is €30.15, while our grey sky valuation is €17.45.

(CS) Global Equity Strategy Germany - Upgrade to overweight

We upgrade because: 
* The euro. Germany is the most sensitive market to the euro. We see short term euro consolidation because the euro is overbought, has significant net long positions and we believe there is a 90% likelihood of a December Fed rate hike (versus the market pricing 71%) which should help the dollar. Long-term we remain euro bulls. 
* China. China-exposed plays (autos, capital goods and bulk chemicals), which Germany is overweight, closely follow China PMIs yet have underperformed. 
* Economic outlook. Germany continues to outperform other economies in Europe (German PMI and IFO have not reacted to euro strength) and Germany is the most competitive European economy on the World Bank’s Ease of Doing Business index. 
* Valuation. Germany is cheap on 12 month forward P/E (14% discount to continental Europe) and on CS HOLT®’s economic P/E (8.3% discount to continental Europe). 
* There is life in German equities outside of autos and chemicals, the sectors which have been responsible for the majority of Germany's outperformance in the past two years. 
* Politics. While the new government coalition is potentially going to be less stable than the previous one, we are likely to see easier fiscal policy and maybe more pro-business policies (particularly on labour regulation). 

German residential real estate: we have been overweight German residential real estate for 5 years and would continue with this (Deutsche Wohnen and ADO are Outperform-rated by our analysts). 

German stocks that appear cheap on CS HOLT with an Outperform rating and positive earnings revisions are: Evonik, Fresenius Medical Care, Kloeckner, Siltronic, Uniper.

>>> What to look at today - 29th of Sept. 2017

Dow +0.18% S&P +0.12% Nasdaq flat Russell +0.27%
US Market closed slightly higher, trading in avery narrow range ahead of last day of Q3, S*P manage to closed at a new all-time high (2,510.06). ROKU IPo has a solid a start +67.9% @ 23.50 (IPO $14). GLD -3.5% on CEO Departure, ABBV +5% ABT +2.9%. BBRY +13.4% on earnings. Today Chicago, PMI, Un. of Michigan Sentiment are waitng. Central bank speak is also on the agenda with comments expected from the BoE’s Carney, ECB’s Draghi and Fed’s Harker. US After Hours, SGH +6.8%, TSN +5.6%, KBH +2% following earnings/guidance, PLAB +4.9% and PARR +4% on S&P SmallCap 600 addition news. Asian trading session fairly quiet into month-end; US Sept Chicago PMI data and Central Bank speak in focus; China and HK money market rates jump ahead of Golden Week holidays next week.

Nikkei -0.17% Hang Seng +0.33% CSI +0.34% Shanghai +0.21% Shenzen +0.48%

Eur$ 1.1775 CNH 6.6719 CNY 6.6785 JPY 112.64 GBP 1.3414 CHF 0.9716 RUB 58.0328 WTI$ 51.47 -0.17%

S&P -0.06% EuroStoxx +0.20% Dax +0.19% FTSE +0.14% SMI +0.09%

Macro :
- U.S. Stocks See Largest Outflows in 14 Weeks, BofAML Says
- FCA May Give Non-U.K. Banks a Transition Period After Brexit

Keep an eye on :
- AC FP : Accor Jumps as Hotelier Updates Analysts on Booster Project
- AIR FP : China’s Home-Built Jet C919 Completed 2nd Test Flight Thursday
- ATC NA : Altice’s Portuguese Competitors Oppose Its Media Capital Deal
- MT NA : ArcelorMittal Reports $1.0B 3 Yr Investment Programme in Mexico
- BAYN GY : Bayer Sells Further 6.9% of Covestro Shares for EU1b
- BPM PL : Banco BPM to Buy Back Shareholding in Avipop Assicurazioni
- CRG IM :Banca Carige Approves Capital Increase of Up to EU560M
- CO1V GY : Bayer Sells Further 6.9% of Covestro Shares for EU1b
- DBK GY : Deutsche Bank Cut to BBB+ From A- by Fitch; Outlook Stable
- DIC GY : DIC Asset AG Names Sonja Wärntges CEO
- EDF FP : PGE May Get Antitrust Decision on EDF Assets Next Week: Parkiet
- GTO NA : Gemalto Names Virginie Duperat-Vergne CFO as Tierny Steps Down
- LSG NO : Norway Salmon China Exports Fall Despite Resuming Trade Ties: DN
- MHG NO : Norway to Implement New Fish Farm Regulations in October
- NOVN VX : Novartis Challenges Expanded Liability for Generic Asthma Drug
- NYR BB : Nyrstar Starts Hot Commissioning of Port Pirie Redevelopment
- ORA FP : Orange CEO Sees No Tie Up W/ Bouygues Telecom in Short Term
- ROG VX : Roche Gets FDA Priority Review for Perjeta-Herceptin Combination
- SGO FP : St Gobain’s de Chalendar: Cyber Attack Cost About EU250M Sales
- SPD LN : Sports Direct Is Said to Be in Talks to Buy Finish Line: NYPost
- THR BB : ThromboGenics Introduces New Formulation of Jetrea in U.S
- TIT IM : Telecom Italia Board Is Said to Appoint Genish as CEO
- TSN US : Tyson Foods Boosts FY17 Adj. EPS Forecast, Cuts 450 Jobs
- UN01 gy : Uniper could see another offer that rivals Fortum bid- Kauppalehti
- VIV FP : Vivendi Says Video Games Expansion To Depend On Financial Ratios

>>> Europe : Brokers Upgrades & Downgrades - 29th of Sept 2017

>>> Up
* BASF Raised to Buy at Baader-Helvea, PT EU100
* Deutz Raised to Buy at Kepler Cheuvreux, PT EU8
* Eutelsat Raised to Outperform at Exane, PT EU29
* Fonciere des Regions Raised to Buy at SocGen, PT EU95
* Fortum Raised to Hold at Berenberg
* Fuchs Petrolub Raised to Hold at Baader-Helvea, PT EU50
* ITV Raised to Overweight at Barclays, PT GBP2
* Petrofac Raised to Outperform at Macquarie, PT GBP5.40
* Vivendi Raised to Outperform at Credit Suisse

>>> Down
* Bonduelle SCA Cut to Add at Portzamparc, PT EU36
* Countryside Cut to Neutral at JPMorgan, PT 335p
* KBC Cut to Equal-weight at Morgan Stanley, PT EU71.50
* Krones Cut to Hold at HSBC, PT EU118
* Nabaltec Cut to Hold at Baader-Helvea, PT EU25
* Solvay Cut to Reduce at Kepler Cheuvreux, PT EU122
* Telit Cut to Sector Perform at RBC, PT 180p
* WPP Cut to Equal-weight at Barclays, PT GBP15.75

>>> Initiation
* Evonik New Overweight at Barclays
* Inmarsat New Underperform at Exane, PT 550p
* Lotto24 New Buy at Berenberg, PT EU12.50
* NN New Buy at ING
* Xaar New Buy at Panmure Gordon & Co, PT 556p

>>> Call
>> Country
* GERMAN STOCKS RAISED TO OVERWEIGHT AT CREDIT SUISSE