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GE Aerospace and Kratos Partner on Small Affordable Engines

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2 months ago

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Agreement covers development and production of small affordable engines for possible use in unmanned aerial systems, collaborative combat aircraft, and similar applications

FARNBOROUGH, England, July 22, 2024 /PRNewswire/ — GE Aerospace (NYSE:GE) and Kratos Turbine Technologies, a division of Kratos Defense & Security Solutions, Inc., signed a Memorandum of Understanding to partner on the development and production of small affordable engines that could potentially power unmanned aerial systems (UAS), collaborative combat aircraft, and similar applications. The partnership builds on an existing joint development agreement and includes full-scale engine production.

For the last year, GE Aerospace and Kratos have been working together on a small affordable engine. The engine initially was developed and ground tested by Kratos. Under the existing joint agreement, GE Aerospace and Kratos completed additional development efforts and are now conducting tests on the engine. The team plans to continue development on the current engine, which will undergo altitude testing next year at GE Aerospace’s test cell in Evendale, Ohio.

Amy Gowder, President and CEO, Defense & Systems at GE Aerospace said, “Our defense customers have a growing interest in small affordable engines to meet their evolving mission requirements. Our initial collaboration has been very successful, and this agreement furthers our efforts in this new dynamic military segment.”

Eric DeMarco, President & CEO of Kratos Defense & Security Solutions, Inc., said, “Kratos has made significant investments in the development of our family of small, low-cost jet engines for jet powered drones, missiles, and powered munitions that lead in technology and capability. We consider our relationship with GE Aerospace as invaluable based on our expectation and forecast for the potential future production of thousands of turbofan engines for multiple customers.”

Each company brings unique expertise to the partnership. Kratos has more than 20 years of experience in the development and production of small affordable jet engines for UAS, drones, and missiles. GE Aerospace has more than 100 years of experience in the development and scaling up of high-volume production for jet engine programs for a seamless transition from development to production.

About GE Aerospace  
GE Aerospace (NYSE: GE) is a global aerospace propulsion, services, and systems leader with an installed base of approximately 44,000 commercial and 26,000 military aircraft engines. With a global team of 52,000 employees building on more than a century of innovation and learning, GE Aerospace is committed to inventing the future of flight, lifting people up, and bringing them home safely. Learn more about how GE Aerospace and its partners are defining flight for today, tomorrow and the future at www.geaerospace.com.

About Kratos Defense & Security Solutions
Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS) is a technology, products, system and software company addressing the defense, national security, and commercial markets. Kratos makes true internally funded research, development, capital, and other investments, to rapidly develop, produce and field solutions that address our customers’ mission critical needs and requirements. At Kratos, affordability is a technology, and we seek to utilize proven, leading-edge approaches and technology, not unproven bleeding edge approaches or technology, with Kratos’ approach designed to reduce cost, schedule, and risk, enabling us to be first to market with cost effective solutions. We believe that Kratos is known as an innovative disruptive change agent in the industry, a company that is an expert in designing products and systems up front for successful rapid, large quantity, low-cost future manufacturing which is a value-add competitive differentiator for our large traditional prime system integrator partners and also to our government and commercial customers. Kratos intends to pursue program and contract opportunities as the prime or lead contractor when we believe that our probability of win (PWin) is high and any investment required by Kratos is within our capital resource comfort level. We intend to partner and team with a large, traditional system integrator when our assessment of PWin is greater or required investment is beyond Kratos’ comfort level. Kratos’ primary business areas include virtualized ground systems for satellites and space vehicles including software for command & control (C2) and telemetry, tracking and control (TT&C), jet powered unmanned aerial drone systems, hypersonic vehicles and rocket systems, propulsion systems for drones, missiles, loitering munitions, supersonic systems, space craft and launch systems, C5ISR and microwave electronic products for missile, radar, missile defense, space, satellite, counter UAS, directed energy, communication and other systems, and virtual & augmented reality training systems for the warfighter. For more information, visit www.KratosDefense.com.

Notice Regarding Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of GE Aerospace and Kratos, respectively, and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and GE Aerospace and Kratos undertake no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although GE Aerospace and Kratos believe that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the parties in general, see the risk disclosures in the Annual Report on Form 10-K of Kratos for the year ended December 31, 2023, the “Risk Factors” section of the Quarterly Report on Form 10-Q of GE Aerospace for the quarter ended March 31, 2024, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by GE Aerospace and Kratos, respectively.

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SOURCE GE Aerospace

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Tax Relief Over Democracy? US Expats Weigh Sacrificing Voting Rights to Escape Tax Obligations

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September 27, 2024

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NEW YORK, Sept. 27, 2024 /PRNewswire/ — MyExpatTaxes, the leading tax filing platform for American expats, has found that nearly 60% (58.4%) of expats would give up their right to vote in exchange for not having to file U.S. taxes while living abroad amidst the increasingly complex filing requirements imposed on them.

“We are seeing a very notable shift in the attitude of American expats,” said MyExpatTaxes CEO Nathalie Goldstein. “As tax requirements become more onerous and expensive, especially against the backdrop of historic political polarization and the perception of getting less value in return for taxes paid, we are seeing more Americans than ever questioning whether to remain U.S. citizens.”

There are now 5.9M Americans living outside the United States.

The filing requirements as an American expat have become so daunting that MyExpatTaxes’ survey found 46.7% of respondents considered actually renouncing their US citizenship due to the complexities of filing.

Many first time expats are in fact surprised to learn that even income earned from working a job located in a foreign country is still subject to U.S. tax filing requirements– and adding additional forms and documentation along the way.

The shifting attitude of American expats seems to not merely be a referendum on taxation itself, but rather a dissatisfaction with the value realized from those taxes. Just about 90% of respondents indicated that their quality of life had improved since moving abroad. Perhaps as a nod to the taxation systems in other countries such as across Europe, 88% stated that they are agreeable with paying higher taxes if it means better access to healthcare and social safety nets.

The survey, the largest of its kind ahead of the 2024 U.S. presidential election, polled 1,500 expats living in 89 different countries. The findings also illuminated the potential impact of expat voters with just over 27% of respondents admitting that they have not voted while living abroad. Of those polled, 15% hail from swing states.

As the U.S. remains one of two countries that enforce citizen-based taxation, Goldstein, an American expat herself, encourages all U.S. citizens living abroad to vote in the upcoming 2024 election. “It’s important that Americans abroad are seen as a sizable community, so that those making changes to U.S. taxation laws keep them in mind.”

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SOURCE MyExpatTaxes

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Spring Labs Expands Line-Up of Marquee Names to Present at Its Inaugural AI-Native Banking and Fintech Conference

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September 27, 2024

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Industry Luminaries Join Speaker Roster to Discuss AI Use Cases that Drive Economic Growth.

MARINA DEL REY, Calif., Sept. 27, 2024 /PRNewswire/ — Spring Labs, the intelligent AI powerhouse solution for financial services, today announced it has deepened its bench of speakers to present at the inaugural Artificial Intelligence (AI)-Native Banking and Fintech Conference, Monday, October 7, 2024, at the University of Utah in Salt Lake City, Utah—an epicenter for AI innovation.

The AI-Native Banking and Fintech Conference, which will include an address from Utah Governor Spencer J. Cox, will be co-hosted by the University of Utah, the Utah Bankers Association (UBA), the Governor’s Office of Economic Opportunity (GOEO) and American Fintech Council. In a collaborative setting, leading banks, fintechs, and AI providers will hear about the AI use cases and value-added ideas that translate into real-world applications that drive economic growth.

“When we first announced this event, we were met with a huge wave of enthusiasm from the financial service and fintech ecosystem,” says John Sun, CEO and Co-Founder of Spring Labs. “Our updated roster of speakers includes some of the most prominent names in the industry, and we’re delighted to host them as they collaborate with and inspire our audience on the practical and ethical development and applications of AI.”

“As an organization who is focused on accelerating fintech growth, it’s great to work with organizations like Spring Labs, which are committed to innovation and excellence in fintech and AI,” says Ryan Christiansen, Executive Director of the Stena Center for Financial Technology. “The conference agenda highlights the fantastic financial services ecosystem here in Utah, and we’re excited to participate.”

New speakers added to the line-up include:

Travis Hill, Vice Chairman of the Federal Deposit Insurance Corporation (FDIC)Brian Brooks, Former Comptroller of the Currency, OCCDan Pillemer, President and CEO at CardWorksKirk Cullimore, Utah State Senator, Sponsor of the AI Policy Act (SB 149)Zach Boyd, PhD, Director, Office of Artificial Intelligence Policy, State of Utah

Additionally, we will be joined by senior leaders from regulatory agencies such as the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the Federal Reserve, the Utah Department of Financial Institutions, C-Suite leaders from prominent fintech banks and fintech companies, academics studying the AI space, and top media outlets covering AI in banking and fintech.

Visit the conference website for further details on the event and/or to purchase tickets.

About Spring Labs
Spring Labs is the creator of Zanko, the intelligent AI copilot for financial institutions. Zanko streamlines customer support and compliance operations by automating tasks, enabling robust self-service options, boosting team efficiency and enhancing the customer experience. For more information, visit: https://www.springlabs.com/.

Media Contact: Kristina LeBlanc, kristina@notablypr.com

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SOURCE Spring Labs

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Anti-Drone Market worth $7.05 billion by 2029 – Exclusive Report by MarketsandMarkets™

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55 mins ago

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September 27, 2024

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DELRAY BEACH, Fla., Sept. 27, 2024 /PRNewswire/ — The global anti-drone market was valued at USD 2.16 billion in 2024 and is projected to reach USD 7.05 billion by 2029; it is expected to register a CAGR of 26.7% during the forecast period according to a new report by MarketsandMarkets™. Increasing government spending on counter-drone technologies, rising incidence of critical infrastructure security breaches by unauthorized drones, and surge in adoption of aerial remote sensing technologies to safeguard critical infrastructure are attributed to the demand for anti-drone.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=177013645

Browse in-depth TOC on “Anti-Drone Market” 
178 – Tables
61 – Figures
253 – Pages

Anti-Drone Market Report Scope:

Report Coverage

Details

Market Revenue in 2024

$ 2.16 billion

Estimated Value by 2029

$ 7.05 billion

Growth Rate

Poised to grow at a CAGR of 26.7%

Market Size Available for

2020–2029

Forecast Period

2024–2029

Forecast Units

Value (USD Million/Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By System Type, Application, Platform type, Vertical, and Region

Geographies Covered

North America, Europe, Asia Pacific, and Rest of World

Key Market Challenge

Vulnerability to hacking

Key Market Opportunities

Emphasis on improving unmanned aircraft systems technology

Key Market Drivers

Growing number of illicit activities

By System Type: Hybrid systems to account for the larger market share in the forecasted year.

The hybrid segment accounted for the largest share of the anti-drone market in 2029. The trends of integrating multiple anti-drone technologies are rising since they are most effective in detecting, tracking, and neutralizing drone threats. These systems merge electronic, kinetic, and lasers, providing a comprehensive defense solution against UAVs. Hybrid systems use electronic, kinetic, and laser-based countermeasures to offer optimum protection against drones. These systems are designed to detect, track, identify, categorize, and mitigate drones at operational wide ranges ranging from a few km up to tens of km.

By Platform: The ground-based segment accounted for the largest market share in the forecast year.

The ground-based segment will hold a major share of the anti-drone market in 2029. Many ground-based anti-drone systems use several electronic technologies, such as radar, IR sensors, acoustic systems, and RF & GNSS jammers. MESA radar solutions are used mostly for counter-UAS purposes, protecting critical infrastructure, military camps, and other security-sensitive sites from unauthorized drones. One such solution is EchoGuard, a ground-based airspace management solution that contains a software-defined 3D radar that can be specific to the site. This system can identify single or multiple off-chance drones, including swarms in unauthorized areas. They provide accurate and sustained airspace surveillance for the field of view (FOV) they are configured, and both human and AI-monitored visual checks. The system can be easily transported and integrated directly with the command-and-control centers or another identification sensor for portable use, and multiple units of the system can be combined to cover vast areas or lengths of borders. Major providers of ground-based counter-drone systems include companies like EchoDyne Corporation, DeTect, Meteksan Defense, and WhiteFox Defense. Acoustics-based Discovair G2 utilizes patented microphone arrays. With 128 interconnected microphone elements, the Discovair sensor units can establish azimuth and elevation to the target in real-time using advanced digital signal processing.

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By Region: Americas are expected to hold the largest share of the anti-drone market during the forecast period.

Americas is expected to capture the largest share in the anti-drone industry during the forecast period. The growth can be attributed to protecting crucial infrastructure in the region. Governments, particularly in the US, invest in anti-drone systems for military bases, borders, and critical infrastructure. For Instance, in April 2023, RTX secured a USD 237 million contract from the US Army to provide Ku-band Radio Frequency Sensors (KuRFS) and Coyote effectors. These systems are designed to detect and neutralize unmanned aircraft systems (UAS). The contract includes stationary and mobile systems and a specified quantity of effectors, all aimed at enhancing the Army’s operations within the US Central Command region.

Key Players-

The key companies offering anti-drone companies include RTX (US), Lockheed Martin Corporation (US), Leonardo S.p.A. (Italy), Thales (France), and IAI (Israel).

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Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting

Related Reports: 

Drone Sensor Market Size, Share, Industry Growth & Trends by Sensor Type, Platform (VTOL Type, Fixed Wing Type, Hybrid Type), Application (Navigation, Collision Detection & Avoidance, Data Acquisition, Motion Detection, Power Monitoring), End Users and Region – Global Forecast to 2029

Smart Agriculture Market Size, Share, Statistics and Industry Growth Analysis Report by Offering (Hardware, Software, Services), Agriculture Type, Farm Size (Large, Medium, Small), Application (Precision Farming, Livestock Monitoring) and Region (America, Europe, Asia Pacific, Row) – Global Forecast to 2028

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

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