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Archive for February 28th, 2013

Boeing Sikorsky unveil helicopter of the future

Thursday, February 28, 2013 by:Rob Varnon
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Boeing and Sikorsky said Thursday they have the U.S. Military’s helicopter of the future.

Sikorsky Boeing JMR conceptual rendering. Contributed art.

The aviation giants have teamed up to pursue the Army’s Joint Multi-Role contract and will offer up a new breed of helicopter based on Sikorsky’s X2.

The X2 is Sikorsky’s experimental helicopter which operates with counter rotating rotors on top of the aircraft and a pusher propeller in the back. Boeing and Sikorsky are offering their plan for Phase 1 of the JMR Technology Demonstrator  program.Winning this competition could mean billions of dollars in business as the plan is to use one type of aircraft for multiple branches and platforms.

“The Sikorsky-Boeing proposal will demonstrate how X2 Technology with counter-rotating coaxial main rotors and a pusher propeller, and advanced fly-by-wire system, will deliver efficient 230-knot cruise airspeed, improved hover efficiency, and weight optimized design in an affordable package,” said Samir Mehta, president of Sikorsky Military Systems. “By leveraging our proven design, we can offer the Army reduced risk, a 100-knot improvement in speed, a 60 percent improvement in combat radius and 50 percent better high-hot hover performance.”

“The Sikorsky-Boeing team for JMR TD is truly a team of equals,” said Leanne Caret, vice president and general manager of Boeing’s Vertical Lift division. “Sikorsky will take the lead role in this JMR TD Phase 1 proposal, and Boeing will take a lead role for Phase 2, for the mission systems demonstrator program.

“Our companies are fully committed to the long term nature of the Future Vertical Lift initiative and we will contribute equally in terms of capital, technological capability and risk on our path to the FVL with the Army,” said Caret.

Proposals for JMR TD Phase 1 are due to the U.S. Army Aviation Applied Technology Directorate by March 6, 2013. The Army is expected to announce its selection of one or more winning bids in late 2013. Demonstrator aircraft are expected to fly in 2017.

After 4 years of frugality, Americans whip out credit cards

Thursday, February 28, 2013 by:Rob Varnon
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Debt levels grew in American in the fourth quarter. Illustration RD Varnon

The Federal Reserve Bank of New York said consumers ended 16 quarters of deleveraging in the fourth quarter as outstanding household debt in America climbed to $11.34 trillion.

The NYFED said mortgage debt was virtually flat in the fourth quarter but non housing debt from credit cards, auto and student loans all increased in the last quarter of 2012.

“The data provides early evidence that consumers may be reaching the end of the four year deleveraging cycle, though we’ll need to see if this is sustained in upcoming quarters,” said Andrew Haughwout, vice president and economist at the New York Fed. “At the same time, we observed mixed developments, mortgage originations increased and fewer accounts entered the foreclosure pipeline but delinquency rates remain considerably higher than pre-crisis levels.”

Total outstanding debt in the nation has fallen from its high of $12.68 trillion in the third quarter of 2008. The NYFED said Americans have reduced debt levels every quarter since the fourth quarter of 2008 until the end of 2012.

With many Americans going years without pay increases that have kept rate with rising costs, some have had to turn to credit cards and other loans for many every day expenses. Others, who have trimmed debt, now feel more comfortable taking new obligations on.

American households added $15 billion in auto loans, $10 billion in student loans and $5 billion in credit card debt during the quarter. Auto loans, at $783 billion are their highest levels in nearly four years.

Outstanding student loan debt now stands at $966 billion. The percent of student loan balances 90 or more days delinquent increased again and currently stands at 11.7 percent.

Overall:

  • 8.6 percent of total debt was in some stage of delinquency compared with 8.9 percent the previous quarter.
  • Delinquency rates for mortgages improved to 5.6 percent from 5.9 percent the previous quarter.
  • Delinquency rates for home equity lines of credit, which stood at 4.9 percent in the rhitd quarter, dropped to 3.5 percent – a decline primarily reflecting higher charge-offs of delinquent HELOCs this quarter.
  • About 210,000 individuals had a new foreclosure notation added to their credit report, a quarterly slowdown of 13.3 percent, continuing a downward trend.