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Rolls-Royce champions energy transition at Farnborough



Warren East is stepping down after more than seven years as chief executive of British engine maker Rolls-Royce
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British aircraft engine maker Rolls-Royce is “championing” the energy transition and the decarbonisation of aviation, its outgoing chief executive Warren East told AFP on Tuesday at the Farnborough airshow.

This year’s Farnborough spectacle, returning from a four-year absence, is set against the backdrop of air travel’s nascent post-pandemic recovery but as economic turmoil hampers manufacturing.

Yet the airshow’s focus is on decarbonisation and sustainability in a sector often criticised for its impact on the climate, amid Europe’s blistering heatwave with record temperatures in England.

– Energy transition –

“The big theme is energy transition,” East told AFP in an interview at the company’s airshow chalet.

“This is the number one issue for the sector. We’ve been championing that for some time — and saying it’s absolutely necessary and we embrace that as an opportunity.”

East, 60, is retiring after more than seven years at the helm of the aerospace behemoth, with his tenure marked by historic corruption fines for the group, Trent engine troubles and Brexit.

Rolls, whose products power Airbus and Boeing aircraft, then axed 9,000 jobs and offloaded assets in a drastic restructuring after the Covid pandemic grounded jets and sparked a collapse air traffic.

East then guided it back to profit in 2021 from Covid-driven losses after slashing costs.

The titan, based in the city of Derby in central England, is now reaping the benefits of aviation’s post-Covid recovery, defence growth, a record power systems order book — and a long-standing focus on sustainability.

“I’m quite pleased with my time at Rolls-Royce,” added East, who took the reins in July 2015.

“We’ve really sort of modernised Rolls Royce in terms of culture.

“We’ve put in place a lot of efficiency and productivity improvements, which then crystallised during the Covid pandemic.

“And that’s created a very firm platform for the future (with) great operational and financial gearing now.”

– Cleaner fuel –

Aviation accounts for between 2-3 percent of the world’s total damaging carbon dioxide emissions, according to industry estimates.

Airlines and manufacturers alike have meanwhile committed to achieving net zero emissions — or carbon neutrality — by 2050.

Yet global air traffic is forecast to more than double by that point.

Rolls-Royce, which specialises in engines for long-haul aircraft, military jets and helicopters, is as a result ramping up its research into a wide range of technologies including electric and hydrogen power.

At the first Farnborough airshow since Covid, Rolls-Royce has announced a partnership, named H2ZERO, with British low-cost carrier Easyjet to test cleaner hydrogen engine combustion technology. 

Rolls also signed a deal with South Korea’s Hyundai to explore all-electric propulsion and hydrogen fuel cell technology for flying taxis of the future.

The company in addition unveiled a new research programme on hydrogen propulsion technology that emits no carbon dioxide.

Rolls is meanwhile working to develop a fuel-efficient future engine named UltraFan, which emits less damaging pollutants.

UltraFan aims for 25 percent fuel savings  compared with traditional long-haul engine.

“We are a group that is very focused on power and we do power across multiple sectors and one of the sectors in which we obviously have decades of experience in is aviation and aerospace,” said East.

– Cost –

The CEO cautioned however that it would take “decades” before hydrogen was deployed in aircraft engines.

The global aerospace industry would meanwhile need to harness technology such as sustainable aviation fuels derived from biomass, in order to curb its reliance on high-polluting kerosene.

SAF is however between three and four times more expensive than normal jet fuel. 

“I think as we go forward — maybe we’ll get to hydrogen in a gas turbine — but we’re not going to get there for at least a couple of decades,” East told AFP.

“There is a huge amount of work to do to make that practical, safe and economic and we need to have some transition technologies in the meantime and that’s why we talk about sustainable aviation fuel.”

He added: “Essentially, we’re just saying instead of kerosene we’ve got batteries, hydrogen, and synthetic kerosene.”

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Over $2 Billion has been lost to hacks from web3 projects in Q1 and Q2 alone, finds CertiK

2022 has already lost more to hacks and exploits than all of 2021.



Web3 security
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A new report from blockchain security company CertiK found that over $2 billion has been lost to hacks from web3 projects in Q1 and Q2 alone — already more than the amount lost in 2021.

They also found that in Q2, a total of $308,579,156 was lost across 27 separate flash loan attacks — the highest dollar amount ever recorded. Flash loan attacks are, according to The Verge’s simplified explanation, “a decentralized finance mechanism that lets borrowers access extremely large amounts of cryptocurrency for very short periods of time.” They require no collateral, because you need to pay it back right away. These loans happen within minutes, and are particularly vulnerable targets for malicious activity.

The report also indicated that phishing attacks have increased by 170% since last quarter. CertiK found that the “vast majority” of these attacks — 290 recorded instances — targeted projects’ Discord servers. This, as the report explains, “highlights both the dependence of NFT projects on the social media platform for marketing to and engaging with their communities, but also the huge security risks that this dependence entails.”

Using these numbers, CertiK is forecasting a 223% increase in the funds lost to attacks, compared to 2021. What remains frustrating for web3 security experts is that these types of attacks (flash loan and phishing) can be readily avoided through proper precautions.

“If one lesson can be taken from the trauma of Q2,” the CertiK report explains, “it is that, in web3, the security of a single project and the security of the entire ecosystem depend on one another.”

Another type of attack on CertiK’s radar are rugpulls and exit scams. These are a type of crypto scam where developers create a new token, pump up its price/pull value from them as much as possible, and then disappear with the funds, leaving the price to drop to zero.Though they report fewer of these compared to 2021, $37,462,472 was lost across 90 attacks. CertiK does note that the current bear market has helped keep these scams at bay. Bull markets are where they tend to thrive. 

To learn more and download the report, visit CertiK’s website

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72% of global businesses expanding into new markets, thanks to major investments in digital technologies

Equinix turned to 2,900 IT decision-makers for their annual Global Tech Trends survey.



global tech trends survey
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The COVID-19 pandemic yielded plenty of lessons for businesses around the world. Primarily, it ushered in a rapid succession of digital transformation moves, with increased IT budgets, widespread technology adoption, and innovation.

And a new, wide-ranging Global Tech Trends survey from Equinix has found that businesses across a variety of sectors are eager to accelerate their digital strategies even further, making plans to expand into new markets. This, despite the threat of a looming recession and an overall uncertain economic and geopolitical outlook.

According to Equinix, 72% of respondents indicated their organization is planning to expand in the next 12 months, into either a new city (31%), a new country (33%), or a new region entirely (38%). 

What do businesses believe could limit this global growth? 59% said global supply chain issues and shortages affected their business. Meanwhile, 58% pointed to the global microchip shortages. 

“In recent years, bold global expansion could have been seen as too risky or too dependent on capital investment in physical infrastructure,” said Karl Strohmeyer, Chief Customer Officer at Equinix. “Now, things have changed.”

And, of course, the biggest changes revolve around COVID-19. The pandemic has played a huge role in business’ digital strategies, with 52% of global IT leaders saying it was a catalyst for accelerating their company’s digital evolution. 54% said it increased their IT budgets as a direct outcome — an “insight into the now-broadly acknowledged necessity for robust digital infrastructure to pivot to evolving business needs in an instant,” Equinix explains. It’s certainly not a surprise then, that 61% of respondents believe the digital transformation changes brought about by the pandemic are here to stay. 

With this digital-first strategy in play, cybersecurity improvements have become a significant priority, with 85% of respondents confirming so. And according to IT specialists, cyberattacks, security breaches, and data leaks are the most feared threats (all 70%).

To download and read Equinix’s full, and very expansive survey report, head to their website

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Technical debt: what is it and how to quantify it

Generally seen as difficult to measure, McKinsey’s Tech Debt Score is an easy way for organizations to quantify technical debt.



Technical debt: what is it and how to quantify it
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Technical debt is generally seen as difficult to quantify. A new metric from McKinsey is making it easier for organizations to actually measure and compare their technical debt against others. As a result, organizations can have a better overall understanding of their problem, and how to figure out possible targets.

What is technical debt? 

Coined in 1992 by software developer Ward Cunningham, technical debt is, as McKinsey explains, “the off-balance-sheet accumulation of all the technology work a company needs to do in the future.” In other, more basic words, it’s the “result of prioritizing speedy delivery over perfect code,” as the team from ProductPlan explain.

This speed might help your organization meet deadlines (and make the resulting debt “worth it”), but if managed poorly — i.e. not paid back — it can create a string of problems. Despite this, technical debt isn’t inherently bad. In fact, like financial debt, there can be good and bad technical debts. As the team from Asana outlines in this great explainer article:

“In some instances, tech debt is the result of a calculated move to both meet software deadlines and ship high quality code within sprints. In other instances, technical debt is the result of an unavoidable mistake made when releasing a software update.” 

Quantifying technical debt

A McKinsey survey from July 2020 found that approximately 30% of CIO respondents “believe that more than 20% of their technical budget ostensibly dedicated to new products is diverted to resolving issues related to tech debt.” They also found that CIOs estimated tech debt is approximately 20 to 40% of the value of their entire technology estate before depreciation. Even more, almost half of respondents that completed modernization programs were not able to successfully reduce technology debt.

The results lead to the creation of McKinsey’s Tech Debt Score (TDS). This metric helps organizations quantify their technical debt — and measure themselves against peers. 

“This score helps companies rapidly understand the scale of their problem,” they explain, “identify what a feasible target state could be, and determine the corresponding economic benefit from an improved TDS.”

When McKinsey performed an analysis of tech debt at 220 companies across five geographies and seven sectors, they found a “significant correlation” between the TDS and business performance. Those in the 80th TDS percentile had revenue growth 20% higher than those in the bottom 20th percentile — and 10% higher than the average.

Meanwhile, a poor TDS performance ultimately leads to more tech debt — mostly because these organizations aren’t sure where to start or how to prioritize paying back the debt. They’ll pour money into applications that aren’t a big percentage of the technical debt, or modernize these in ways that won’t reduce the debt.

Ultimately, figuring out how to alleviate tech debt will be a different process for every organization. That said, the team from McKinsey have noticed some ‘best practices’ that are quite common across the board:

  • Start by measuring the cost and size of the debt
  • Price the debt into all IT services
  • Make sure the remediation program is tailored to the specific company profile
  • Systematically optimize tech debt via transparency

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