Tsubasa Nakamura, project leader of Cartivator, third from left, watches the flight of the test model of the flying car on a former school ground in Toyota, central Japan, Saturday, June 3, 2017. (AP Photo/Koji Ueda)
Tsubasa Nakamura, project leader of Cartivator, third from left, watches the flight of the test model of the flying car on a former school ground in Toyota, central Japan, Saturday, June 3, 2017. (AP Show more

Toyota making ‘flying car’ to light Olympic torch



A startup backed by the Japanese car maker has developed a test model that engineers hope will eventually develop into a tiny car with a driver who will be able to light the Olympic torch in the 2020 Tokyo games. For now, however, the project is a concoction of aluminum framing and eight propellers that barely gets off the ground and crashes after several seconds.

Toyota has invested 42.5 million yen (Dh1.41 billion) in startup Cartivator Resource Management to work on “Sky Drive .” At a test flight on Saturday in the city where Toyota is based, the gadgetry, about the size of a car and loaded with batteries and sensors, blew up a lot of sand and made a lot of noise.

It managed to get up as high as eye level for several seconds before tilting and falling to the ground. Basketballs attached to its bottom served as cushions. After several attempts, the endeavor had to be cancelled after one of the covers got detached from the frame and broke, damaging the propellers.

The goal of Cartivator's is to deliver a seamless transition from driving to flight, like the world of Back to the Future, said the project's leader Tsubasa Nakamura.

“I always loved planes and cars. And my longtime dream was to have a personal vehicle that can fly and go many places,” he said.

The group is now working on a better design with the money from Toyota with the plan to have the first manned flight in 2019. No one has ridden on Sky Drive yet, or any drone, as that would be too dangerous.

In recent years, Toyota has been aggressively venturing into robotics and artificial intelligence, investing a billion dollars in a research and development company in Silicon Valley. It’s also working in Japan on using robotics to help the sick walk and just announced a five-year $35m investment in its research centre in Ann Arbor, Michigan, for autonomous and connected vehicle technologies.

As Toyota gets into the business of ecological vehicles, such as hybrids, electric cars and fuel cells, it’s turning into an energy company as well.

Toyota is traveling not only in the skies but also to the waters, although that still remains a tiny part of its sprawling empire.

Toyota’s boat operations began in 1997. Toyota now offers four models and has sold a cumulative 845 boats. In contrast, Toyota sells about 10 million vehicles a year around the world.

Reporters recently got a ride in Tokyo Bay of a Lexus luxury concept “yacht,” which runs on two gas engines. With a streamlined curvaceous design, inspired by a dolphin and evocative of a Lexus car, it’s being promised as a commercial product in the next few years.

*Associated Press

UK's plans to cut net migration

Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.

Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.

But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.

Language requirements will be increased for all immigration routes to ensure a higher level of English.

Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.

The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.

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How has net migration to UK changed?

The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.

It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.

The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.

The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.

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May 10, v Qatar
May 13, v Malaysia
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May 20, final

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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