Japan destroys new H3 rocket after lift-off as second-stage engine fails


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Japan has destroyed a new rocket after one of the vehicle's engines failed to ignite.

The 57m H3 rocket lifted off from Tanegashima space port on Tuesday morning but received a self-destruct signal from Japan's space agency after a second-stage engine required to take it to its scheduled orbit failed.

The failed attempt, which follows an aborted launch last month, represents a big blow to the agency, which had suggested that the rocket made by Mitsubishi Heavy Industries (MHI) could be a cost-effective alternative in a growing global space industry market.

The rocket was carrying the Alos-3, a disaster management land observation satellite equipped with an experimental infrared sensor designed to detect North Korean ballistic missile launches.

Shares in MHI fell 1.8 per cent in morning trade.

A launch broadcast commentator from Japan's space agency said it had been decided that the rocket could not complete its mission, leading to the decision to send the self-destruct command.

“So, what happened? It's something we will have to investigate looking at all the data,” the commentator said.

Hirotaka Watanabe, a professor at Osaka University and expert in space policy, said that unlike the previous cancellation and postponement, “this time it was a complete failure”.

“This will have a serious impact on Japan's future space policy, space business and technological competitiveness,” Prof Watanabe said.

Elon Musk’s SpaceX has launched and remotely landed its Falcon orbital rockets since 2015.

Japan's H3 rocket has large parts that can be recycled and is more competitively priced, although the rocket cannot be landed and launched again.

Powered by a new simpler, lower-cost engine that includes 3D-printed parts, the rocket is designed to lift government and commercial satellites into Earth orbit.

It also meant to ferry supplies to the International Space Station.

As part of Japan's deepening co-operation with the US in space, the H3 is expected to eventually carry cargo to the Gateway lunar space station that Nasa plans to build as part of its programme to return people to the Moon, including Japanese astronauts.

MHI has estimated that the H3's cost per launch will be half of its predecessor, the H-II, helping it to win business in a global launch market increasingly dominated by SpaceX's reusable Falcon 9 rocket.

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:

  1. Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate. 
  2. Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc. 
  3. Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway. 
  4. Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
  5. Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
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Beat Namibia by three wickets
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Tuesday March 15, v PNG at Sharjah Cricket Stadium
Friday March 18, v Nepal at Dubai International Stadium
Saturday March 19, v PNG at Dubai International Stadium
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Tickets range from Dh110 for an advance single-day pass to Dh300 for a weekend pass at the door. VIP tickets have sold out. Visit www.mefcc.com to purchase tickets in advance.

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Simon Nadim has completed 7,000 dives. 

The hardest dive in the UAE is the German U-boat 110m down off the Fujairah coast. 

As a child, he loved the documentaries of Jacques Cousteau

He also led a team that discovered the long-lost portion of the Ines oil tanker. 

If you are interested in diving, he runs the XR Hub Dive Centre in Fujairah

 

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Updated: March 07, 2023, 4:53 AM