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☆ Kim Jong Un tested a new rocket that could hit Seoul — and may aid Russia against Ukraine
▼ + stars: | 2024-04-26 | by ( Mikhaila Friel | ) www.businessinsider.com time to read: +4 min

Kim Jong Un oversaw tests for a rocket capable of hitting Seoul in South Korea, Bloomberg reported. Russia and North Korea have previously denied reports of an arms deal between the two nations. North Korean leader Kim Jong Un and Russian President Vladimir Putin in Vladivostok on April 25, 2019. Russia and North Korea have previously denied an arms deal exists between the two countries. Business Insider reported in October that North Korea was on track to become "one of Russia's most significant foreign arms suppliers."

Persons: Kim Jong Un, —, Yang, Vladimir Putin, Alexander Zemlianichenko, Simon Miles, Miles, Kelly Grieco, it's Organizations: Bloomberg, Service, Ukraine, Korean People's Army, Korean Central News Agency, Asan Institute, Policy Studies, NK News, North Korean, Duke University's Sanford School of Public, Kremlin, Soviet Union, AP News, Business, pushback, US, Stimson Center Locations: Seoul, South Korea, Russia, Ukraine, North Korea, Korea, Russian, Vladivostok, Soviet

☆ America’s largest companies are fueling inequality, says new study
▼ + stars: | 2024-03-26 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

About 90%, or $1.1 trillion, of that profit went to shareholders through stock buybacks and dividend payments, according to new research from anti-poverty organization Oxfam International. At the same time, the study found, only 10 of those 200 companies have made public statements in support of paying a living wage. For some of those companies, the average CEO-to-worker pay ratio is now above 1,500 to 1, the nonprofit confederation found. Oxfam’s study found that on average, pharmaceutical companies paid just 11.6% in taxes in 2022 (that’s down from 11.8% in 2021). Trump Media generated just $3.4 million of revenue through the first nine months of last year, according to SEC filings.

Persons: —, we’ll, ”, Irit Tamir, Joe Biden, Donald Trump, Matt Egan, Devin Nunes, Dave Calhoun, Chris Isidore, Calhoun, Max Organizations: CNN Business, Bell, New York CNN, CME, Oxfam International, Oxfam, Corporations, Institute for Policy Studies, Tax, Truth Social, Trump Media, Trump Media & Technology Group, Corp, Digital, Trump, Nasdaq, Big Tech, ”, overvaluing Trump Media, SEC, Twitter, CNN, Boeing, CNBC, Alaska Airlines, Max Locations: New York, United States

☆ Taylor Swift and the Kardashians have been ripped for their jet emissions, but celebs and CEOs aren't the only ones flying private
▼ + stars: | 2024-03-19 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +3 min

Celebrities like Taylor Swift are frequently called out for their private jet usage. The average private jet owner is a 50-year-old man working in finance or real estate. Last month, social-media users called out Taylor Swift for her frequent private jet trips (even if some of the flights may not be what they seemed). Stars like Kim Kardashian and Kyle Jenner have also been roasted for years over their private jet usage. Still, despite all the attention and outrage directed at popular female celebrities and their jets, they are not the majority of private jet travelers.

Persons: Taylor Swift, —, it's, Kim Kardashian, Kyle Jenner, Fernando Gonzalez, Chuck Collins, BI's Eliza Relman Organizations: Service, First, Travel Weekly, Business, FAA, Institute for Policy Studies Locations: New York

☆ It’s not just Taylor Swift: Record number of private jet flights expected for this year’s Super Bowl
▼ + stars: | 2024-02-09 | by ( Chris Isidore | ) edition.cnn.com time to read: +5 min

Story highlights Clark County expects more than 1,000 private jets -- a record -- to fly in for the Super Bowl. New York CNN —No one’s trip to the Super Bowl is getting more attention than Taylor Swift. The Super Bowl typically draws the highest number of US private jet flights of any event during the course of a year, according to WingX, which tracks private jet traffic. So it’s not surprising that the city’s first Super Bowl could be a record breaker for private jet traffic. The impact on climateThe attention to Taylor Swift’s private jet travel plans has brought some attention to the climate change implications of those flights.

Persons: Taylor Swift, she’s, it’s, Harry Reid, They’ll, ”, Joe Rajchel, WingX, Rajchel, “, That’s, Taylor, Richard Koe Organizations: Super, New, New York CNN, Miami, Harry Reid International Airport, Las, Allegiant, Henderson Executive Airport, Federal Aviation Administration, Clark County Department of Aviation, Las Vegas, Prix, FAA, National Football League, Super Bowl, CNN, Jet, International Energy Agency, Institute for Policy Studies, Private Locations: New York, Tokyo, Vegas, Clark, Las Vegas, Phoenix, Boulder City, Hoover, California, Washington

NEW YORK (AP) — Tim Sanders started his company, Silent Donor, based on his own experience giving money to charities. Christie Herrera, president and CEO of the conservative advocacy nonprofit Philanthropy Roundtable, has said the fight for donor privacy is the biggest challenge her organization currently faces, “I think it’s time for philanthropy to step up and start talking about these donor privacy issues,” she said. Silent Donor also sets a deadline of 30 days to move a donation through its system and into a charity. Sanders said nonprofits should listen more to donors who seek more privacy for their gifts. He said that recent decline in philanthropic donations may be related to donors not wanting others to know about their financial decisions.

Persons: — Tim Sanders, ”, ” Sanders, –, Malala Yousafzai, Christie Herrera, “, ” Chuck Collins, Collins, —, Donor's Sanders, Sanders, ” Collins Organizations: Internal Revenue Service, Peace, IRS, Republican, Institute for Policy Studies, DAF, U.S . House, U.S . Senate, Lilly Endowment Inc, AP Locations: Ukrainian, United States

A look at Swift's recent travel, carbon dioxide emissions from private jets versus commercial plan and one of the most common, albeit controversial, solutions floated to address such pollution. SWIFT'S CARBON FOOTPRINTIf Swift attends the Super Bowl, she will be traveling from Tokyo, where she is on tour. Elon Musk, Bill Gates, Leonardo DiCaprio and many others have periodically gotten attention for their travel on private jets. All air travel creates emissions, though private jets produce much more per person. A 2023 study by the Institute for Policy Studies found that private jets emit at least 10 times more pollutants per passenger compared to commercial planes.

Persons: Taylor Swift’s, Travis Kelce, Swift, Gregory Keoleian, Keoleian, Julia Stein, “, Elon Musk, Bill Gates, Leonardo DiCaprio, ”, Jeff Colgan, Gates, didn't, Jonathan Foley, ” Foley Organizations: PHILADELPHIA, Kansas City Chiefs, Chiefs, Baltimore Ravens, Super, Center for Sustainable Systems, University of Michigan, Dassault, U.S . Energy Information Administration, University of California, Los Angeles School of Law, Brown University, Olympic Games, of Parties, Institute for Policy Studies, Associated Press, Washington Post Locations: Las Vegas, Tokyo, AP.org

Western officials saw the summit with North Korea as an effort by Putin to secure a potential arms bonanza for his military. North Korea also could increase its ammunition production at Russia’s behest. Yang Uk, a security expert at South Korea’s Asan Institute for Policy Studies, noted that in addition to Soviet-designed armaments, North Korea also could share some of its latest military equipment. “There isn’t really much left in the policy toolbox in terms of addressing the challenges specifically from Russia and North Korea,” Park observed. It’s just basically not implementing sanctions.”A major factor Russia needs to consider while it seeks to expand ties with North Korea is China, Pyongyang's No.

Persons: Vladimir Putin, Kim Jong Un, Putin, Kim, Josef Stalin, Kim Il Sung, ”, John Park, Harvard Kennedy, it’s, James O’Brien, James Nixey, Volodymyr Zelenskyy, “, Yang Uk, ” Yang, Leif, Eric Easley, “ Putin, ” Nixey, Antonio Guterres, “ It’s, It’s, Danica Kirka, Emma Burrows, Kim Tong, hyung, Kim Hyung Organizations: North, Putin, Harvard, U.S . State Department, Chatham House, South Korea’s Asan Institute, Policy Studies, Ewha University, U.S, Observers, Associated Press Locations: Pyongyang, Ukraine, Moscow, Asia, Korean, Korea, Russia, North Korea, ”, “, Eurasia, London, U.S, Central, Eastern Europe, South Korea’s, Soviet, Vostochny, Seoul, China, South Korea, Europe, Washington, russia, ukraine

☆ Russia Repels Attack on Ship in Crimea: Live Ukraine War Updates
▼ + stars: | 2023-09-14 | by ( Andrés R. Martínez | ) www.nytimes.com time to read: +9 min

News AnalysisA photograph released by North Korean state media showing President Vladimir V. Putin of Russia with the North Korean leader Kim Jong-un at the Vostochny Cosmodrome in Russia on Wednesday. The Korean War never officially ended after the guns fell silent in a cease-fire in 1953. North Korea, though isolated and impoverished, has prioritized a military buildup, with its propaganda machines urging constant vigilance against American invasion. Image At the border between North Korea and South Korea. “Trust is so low among Russia, North Korea and China that a real alliance of the three isn’t credible or sustainable.”

Persons: Vladimir V, Putin, Kim Jong, Matthew Miller, , Putin “ , Chang W, Lee, ”, Yang Uk, Yoon Suk Yeol, It’s, ” Mr, Yang, Michael Park, Kim, “, Siemon, Mr, Wezeman, Hong Min, Hong, David Guttenfelder, Leif, Eric Easley Organizations: North, North Korean, Vostochny, United Nations, State Department, New York Times, Asan Institute, Policy Studies, ” Artillery, ., The New York Times, Stockholm International Peace Research Institute, NATO, Korea Institute for National Unification, Russian, Mr, Ewha Womans University Locations: North Korean, Russia, . Washington, Moscow, South, United States, Ukraine, Russia’s, North Korea, Pyongyang, Washington, South Korea, Soviet, Syria, Iran, Korea, “, Seoul, Changwon, Stockholm, Sweden, North, , Zaporizhzhia, Komsomolsk, Vladivostok, China

☆ Kim Jong Un's latest alliance with Putin could make him a formidable force
▼ + stars: | 2023-09-12 | by ( Tom Porter | ) www.businessinsider.com time to read: +5 min

North Korea's Kim Jong Un and Russia's Vladimir Putin are meeting in Vladivostok. But this time, it's Kim who has the upper hand, and many fear his new alliance with Putin will make him a formidable force. "If Russia pays in oil and food, it can revive the North Korea economy, which in turn could then also strengthen North Korea's weapons system. AdvertisementAdvertisementBut Putin, at this stage, likely sees challenging US influence in Asia, by bolstering North Korea, as a bigger priority. In the tumult that's resulted from the Ukraine war, Kim, a canny and ruthless player, could yet emerge as one of the big winners.

Persons: Kim Jong, Russia's Vladimir Putin, Putin, Kim, Kim Jong Un, Vladimir Putin, Donald Trump, it's Kim, Victor Cha, Ellen Kim, Sergei Shoigu, JUNG YEON, Yang, Sergey Radchenk, Henry, Kissinger Organizations: Service, North, New York Times, Analysts, CSIS, Russian, Korean, Getty, Asian Institute for Policy Studies, BBC, UN Security Council, Guardian, China, US Locations: Vladivostok, Ukraine, Wall, Silicon, North Korean, North Korea, Russia, Washington, Seoul, North, Asia

☆ Photos show Kim Jong Un celebrating the launch of North Korea's new 'nuclear attack' submarine wearing a dapper cream suit, a sun hat, and really a big smile
▼ + stars: | 2023-09-09 | by ( Katie Hawkinson | ) www.businessinsider.com time to read: +2 min

North Korean leader Kim Jong Un attended a celebration for a new 'nuclear attack' submarine on Friday. He watched the event and gave an address while wearing a cream suit, sun hat, and huge smile. North Korea state media reported that the submarine is meant to patrol the waters between Korea and Japan. Kim told event attendees that giving the North Korean Navy access to nuclear weapons was a priority. "Still, the design reflects Kim Jong Un's policy of increasing his nuclear force 'exponentially,'" Yang said.

Persons: Kim Jong Un, Kim, David Schmerler, James Martin, Schmerler, Joseph Dempsey, Yang Uk, Kim Jong, Yang Organizations: Service, North, North Korean Navy, James, James Martin Center, Nonproliferation Studies, Washington, Korean Central News Agency, Reuters, International Institute for Strategic Studies, BBC, Asian Institute for Policy Studies, New York Times Locations: Wall, Silicon, North Korea, Korea, Japan

☆ Feel-good war on short flights misses the mark
▼ + stars: | 2023-09-04 | by ( Rebecca Christie | ) www.reuters.com time to read: +4 min

REUTERS/Bryan Woolston Acquire Licensing RightsBRUSSELS, Sept 4 (Reuters Breakingviews) - Short flights within Europe are frequent flyers on wish lists of things to ban. But not all short flights are alike, and banning commercial hops makes less sense than targeting private jets. Limiting private jet travel would make a bigger difference, with fewer broad-based disruptions. Reuters GraphicsFollow @rebeccawire on XCONTEXT NEWSCountries such as France, Spain, Belgium and Germany have enacted or are considering measures to reduce or ban short flights. More than half of 2022 private jet travel was for distances of less than 750 km.

Persons: Bryan Woolston, Marjan, Davy, Stephen Furlong, George Hay, Oliver Taslic Organizations: Airbus, LaGuardia, REUTERS, Bryan Woolston Acquire, Rights, Reuters, Greenpeace, International Energy Agency, KLM, Institute for Policy Studies, Air, Brussels Airlines, European Commission . Aviation, Thomson Locations: New York City , New York, U.S, Rights BRUSSELS, Europe, Germany, Spain, France, Africa, Belgium

SEOUL, Aug 24 (Reuters) - North Korea appears to have made progress in its space program, despite a second rocket failure on Thursday, but its unusually quick launch pace may be causing problems, analysts said. North Korea's second attempt to place a spy satellite in orbit failed after the booster experienced a problem with its third stage, state media reported. South Korea scheduled nearly a year between each of the three launches of its new Nuri rocket, none of which failed as spectacularly as the North Korean attempts. North Korea plans to launch the Chollima-1 three times in less than six months. "I am not sure if North Korean leadership knows the characteristics of large-scale science," he said.

Persons: Jeffrey Lewis, James Martin, Chang Young, Kim Jong, Yang Uk, Nuri, Yang Moo, Kim, Lee Choon, Hyonhee Shin, hyang Choi, Josh Smith, Gerry Doyle Organizations: James, James Martin Center, Nonproliferation, Korea Aerospace University, Asan Institute, Policy Studies, University of North Korean Studies, South Korea's Science, Technology Policy Institute, Thomson Locations: SEOUL, North Korea, South Korea, Pyongyang, Seoul, Korea, Korean

☆ Sen. Ed Markey announces bill to raise taxes on private jets and their ultra-wealthy passengers
▼ + stars: | 2023-07-19 | by ( Eliza Relman | ) www.businessinsider.com time to read: +4 min

Sen. Ed Markey on Wednesday announced legislation to raise taxes on jet fuel used by private planes. Private jet travel, which is the most polluting form of transport, has surged in recent years. The bill — called the Fueling Alternative Transportation with a Carbon Aviation Tax (FATCAT) Act — would raise federal taxes on private jet fuel from $0.22 to $1.95 per gallon. Private jet travel has surged in recent years. The surge in private jet travel raises serious environmental concerns.

Persons: Sen, Ed Markey, —, Markey, Chuck Collins Organizations: Wednesday, Massachusetts Democrat, Private, Service, Carbon Aviation, Institute for Policy Studies, Patriotic Millionaires, Federal Aviation, Senate Commerce, Science, Transportation, Communities Trust Fund, Treasury, NGO Transport, Environment Locations: Massachusetts

SEOUL/TOKYO, July 12 (Reuters) - North Korea fired an intercontinental ballistic missile (ICBM) off its east coast on Wednesday, prompting U.S. condemnation, as well as from the leaders of South Korea and Japan who met on the sidelines of a NATO summit. The White House condemned the launch and said it would take all necessary measures to ensure its security and that of South Korea and Japan. South Korean President Yoon Suk Yeol, in Lithuania for the NATO summit, convened an emergency national security council meeting and vowed to use the summit to call for strong international solidarity to confront such threats. [1/3]Passengers wait for their train in front of a TV broadcasting a news report on North Korea firing a ballistic missile off its east coast, at a railway station in Seoul, South Korea, July 12, 2023. REUTERS/Kim Hong-JiThe top military generals of the United States, Japan and South Korea gathered for a rare trilateral meeting in Hawaii just before the missile launch.

Persons: Hirokazu Matsuno, Adam Hodge, Yoon Suk Yeol, Yoon, Fumio Kishida, Kishida, Kim Hong, Ji, Kim Dong, Yang, Leif, Eric Easley, Josh Smith, Soo, hyang Choi, Hyunsu Yim, Hyonhee, Rami Ayyub, David Brunnstrom, Elaine Lies, Tom Hogue, Lincoln, Raju Gopalakrishnan Organizations: NATO, House, National Security, REUTERS, University of North Korean Studies, Analysts, Reuters Graphics Reuters, Asan Institute, Policy Studies, Ewha Womans University, Thomson Locations: SEOUL, TOKYO, North Korea, South Korea, Japan, Korean, American, Pyongyang, Lithuania, Japanese, United States, Australia, New Zealand, Seoul, Hawaii, Japan's, U.S, Washington, Tokyo

☆ This millionaire is selling his private jet -- out of concern for the environment
▼ + stars: | 2023-07-11 | by ( Jacopo Prisco | ) edition.cnn.com time to read: +7 min

Amid these concerns, one private jet owner has decided to scale back. In line with Prince’s thoughts, the Institute for Policy Studies report advocates for higher taxes on both private jet sales and fuel. They also call for the federal jet fuel tax to be doubled from $0.219 per gallon to $0.438 per gallon for the most frequent private jet users. We should have very high taxes, [usage] taxes and fuel taxes that discourage private jet owners.”Collins adds that the construction of private aviation infrastructure should stop altogether, as this form of transportation should be phased out. In April, Schiphol airport in Amsterdam announced it is considering banning private jets from its grounds altogether.

Persons: What’s, Stephen Prince, “ I’ve, It’s, I’m, ”, Joan Valls, Shutterstock There’s, he’s, who’s, “, it’s, ” Prince, we’re, George Rose, Elon, ” Chuck Collins, ” Collins, That’s, Collins Organizations: CNN, US Institute for Policy Studies, Federal Aviation Administration, Patriotic, Cessna, Prince, TSA, Institute for Policy Studies, “ Locations: Nebraska, Boston, Europe, France, Ireland, Schiphol, Amsterdam

☆ North Korea satellite had 'no military utility' - South Korea
▼ + stars: | 2023-07-05 | by ( Hyonhee Shin | ) www.reuters.com time to read: +3 min

[1/2] People watch a TV broadcasting a news report on North Korea firing what it called a space satellite toward the south, in Seoul, South Korea, May 31, 2023. "After detailed analysis on major parts of North Korea's space launch vehicle and satellite which were salvaged, South Korean and U.S. experts have assessed that they had no military utility as a reconnaissance satellite at all," the military said in a statement. It is the first time South Korea has secured a satellite launched by the North, South Korean military experts said. The nuclear-armed North has pursued a satellite launch programme since the 1990s and has said it would launch its first reconnaissance satellite to boost monitoring of U.S. military activities. In a key policy address in January 2021, North Korea's leader, Kim Jong Un, pledged to develop military reconnaissance satellites.

Persons: Kim Hong, Lee Choon, Yang Uk, Kim Jong Un, Hyonhee Shin, Jack Kim, Ed Davies, Gerry Doyle Organizations: REUTERS, South, Aircraft, South Korea's Science, Technology Policy, Asan Institute, Policy Studies, Workers, Party, Thomson Locations: North Korea, Seoul, South Korea, Korean, SEOUL, North, U.S, Korea, South Korean, Pyongyang, Japan

☆ How Daniel Ellsberg, who died at 92, went from being a disillusioned member of the government-military elite to a hero of anti-war movements
▼ + stars: | 2023-06-17 | by ( Associated Press | ) www.businessinsider.com time to read: +16 min

Daniel Ellsberg, the whistleblower behind the Pentagon Papers, died at 92, his family said Friday. David Halberstam, the late author and Vietnam War correspondent who had known Ellsberg since both were posted overseas, would describe him as no ordinary convert. "Without Nixon's obsession with me, he would have stayed in office," Ellsberg told The Associated Press in 1999. Ellsberg's story was depicted in the 2009 documentary "The Most Dangerous Man in America: Daniel Ellsberg and the Pentagon Papers." He and Marx wedded in 1970, the year before the Pentagon Papers were made public.

Persons: Daniel Ellsberg, Ellsberg, —, — Daniel Ellsberg, Richard Nixon, Julia Pacetti, Dan, Robert S, McNamara, Lyndon Johnson's, John F, Kennedy, David Halberstam, Johnson, Neil Sheehan, Henry Kissinger, Hannah Arendt, Nixon, Nixon fumed, H.R, Haldeman, Matthew Byrne, Gordon Liddy, Howard Hunt, Byrne, Daniel, Harry Truman, nodded, Ellsberg's, Rand, Anthony J, Russo, Robert, Kissinger, Sen, William J, Fulbright, George McGovern of, Marcus Raskin, Ralph Stavins, Sheehan, Raskin, Stavins, didn't, spry, George W, Bush, Obama, Julian Assange, Chelsea Manning, Edward Snowden, Snowden, Patricia Marx, Marx Organizations: Pentagon, Service, Supreme, Defense, Harvard, Democratic, Republican, The New York Times, Washington Post, The Associated Press, National Security, United, U.S, White, Democratic Party's, Washington , D.C, Associated Press, Coast, Rand Corp, Christian Science, Soviet Union overseas, Harvard University, Marines, Ivy League, Defense Department, State Department, Rand, Xerox, Arkansas, Foreign Relations Committee, Institute for Policy, Times, ., Army, New York Times, Massachusetts Institute, Technology's Center for International Studies Locations: Boston, Los Angeles, Vietnam, Indochina, U.S, France's, America, United States, Beverly Hills , California, Washington ,, Saigon, Santa Monica, Chicago, Detroit, Pearl, London, Germany, Japan, Santa Monica , California, George McGovern of South Dakota, Iraq, Afghanistan, Russia

[1/5] TANAKA whose real name is Kim Kyung-wook, speaks during an interview with Reuters in Seoul, South Korea, May 16, 2023. Now Kim exemplifies the changing attitudes of young Koreans as ties with Japan thaw. DEMAND REBOUNDThe quarrels are being left behind as the enthusiasm of young Koreans fuels a sharp rebound in demand for Japanese consumer products. That compared with a 90% drop in imports of Japanese beer in 2019, when the intensifying feuds made it an early target of a sweeping boycott. "China is clearly less preferred than countries like the United States and Japan," Kim said, citing Beijing's curbs on freedom in Hong Kong and during the COVID-19 pandemic.

Persons: TANAKA, Kim Kyung, Kim Hong, Ji, Jeong, Tanaka, idolises, I've, it's, Kim, Fumio Kishida, Yoon Suk, James Kim, Hyonhee Shin, Heekyong Yang, Jimin Jung, Daewoung Kim, Clarence Fernandez Organizations: Reuters, REUTERS, South, Korea's, Relations, Asahi Group Holdings, Costco, Hankook Research, Asan Institute, Policy Studies, Thomson Locations: Seoul, South Korea, Ji SEOUL, South Korean, Japan, Tokyo, Korean, China, Russia, North Korea, United States, Hong Kong

☆ Private jets get a bad rap. Jetex is trying to make them greener
▼ + stars: | 2023-05-29 | by ( Rym Bendimerad | ) edition.cnn.com time to read: +7 min

Because they often travel shorter distances than commercial jets, private jets are generally less efficient, and their emissions per passenger are much higher. According to data from European non-profit Transport and Environment, private jets can be five to 14 times more polluting than commercial planes, and 50 times more polluting than trains. Yet the private aviation sector has seen considerable growth in recent years. EVTOL aircraft have a more limited range than private jets, and would be used for short flights around and between cities – which, in the future, could be an eco-friendlier option for the many celebrities who’ve been criticized for traveling short distances in their private jets. “We are seeing some really exciting innovations coming from private aviation,” said Dr. Kearns.

☆ How top execs get a bigger tax break on retirement savings than the rest of us
▼ + stars: | 2023-05-18 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +6 min

It’s a very real possibility, thanks to some generous tax-advantaged retirement savings options available to them — but not to rank-and-file employees. At Disney, where median employee pay is $54,256, CFO Christine Mary McCarthy had amassed nearly $44 million in a nonqualified plan. If annuitized, that balance might generate $3 million a month in retirement, IPS estimated. Narrowing the retirement divideMany Americans face critical shortfalls in savings as they near retirement. By contrast, the median 401(k) balance at Vanguard, a major provider of such plans, was just $33,472,” the IPS report notes.

The G7 countries -- the United States, Japan, Germany, the United Kingdom, France, Canada and Italy -- are all closely tied economically to China, the world's second-largest economy and a key global manufacturing base and market. "Everything is part of the great power competition that is taking place between the United States and Russia, and the United States and China." A woman walks past a “G7 Hiroshima” flower installation near the Peace Memorial Museum, ahead of the G7 summit, in Hiroshima, Japan, May 17, 2023. The G7 is looking to draw closer to members of the "Global South" to counter China's role on the global stage. The United States is at the forefront in pushing for stronger investment controls, yet Germany is more cautious, given its heavy reliance on trade with Beijing.

WASHINGTON/PARIS, May 17 (Reuters) - The longest shadows at the Group of Seven (G7) leaders' summit this week will be cast by two countries that weren't even invited to the Hiroshima gathering: China and Russia. The G7 countries -- the United States, Japan, Germany, the United Kingdom, France, Canada and Italy -- are all closely tied economically to China, the world's second-largest economy and a key global manufacturing base and market. "Everything is part of the great power competition that is taking place between the United States and Russia, and the United States and China." A woman walks past a “G7 Hiroshima” flower installation near the Peace Memorial Museum, ahead of the G7 summit, in Hiroshima, Japan, May 17, 2023. The United States is at the forefront in pushing for stronger investment controls, yet Germany is more cautious, given its heavy reliance on trade with Beijing.

☆ Elon Musk's private jet emitted 132 times as much carbon as the average American does in an entire year
▼ + stars: | 2023-05-02 | by ( Eliza Relman | ) www.businessinsider.com time to read: +4 min

Elon Musk travels more by private jet than nearly anyone else in the US. His annual carbon footprint — just from flying private — is 132 times that of the average American. Musk's carbon footprint from his 171 private flights in 2022 was 132 times the size of the average US resident's total annual footprint from all activities, the report found. His private plane burned about 221,358 gallons of jet fuel and emitted about 2,112 metric tons of carbon emissions last year, the report found. It notes that Musk purchased an additional private plane last year — a $78 million Gulfstream G700, the world's largest purpose-built private jet — that's expected to replace his G50ER model.

☆ The ultra-wealthy who fly private are costing average flyers who won't ever use a private plane a lot of money
▼ + stars: | 2023-05-01 | by ( Eliza Relman | ) www.businessinsider.com time to read: +4 min

Private jet travel has surged in the US over the last few years and accounts for one in every six flights. But private flyers pay just two percent of the taxes that fund the Federal Aviation Administration. Commercial flyers must pay a tax on every ticket equivalent to 7.5% of the fare price. But private flyers only pay a jet fuel tax. Private airplane travel is significantly worse for the environment than commercial flight travel, since private jets carry far fewer people.

☆ Meet the typical private jet owner: 'Overwhelmingly male,' over 50, with a net worth of $190 million
▼ + stars: | 2023-05-01 | by ( Hannah Towey | ) www.businessinsider.com time to read: +2 min

Private jet use has become more popular than ever. Members of the "jet-owning oligarchy" have a median net worth of $190 million, a new report says. The typical private jet owner is a North American male over 50 who works in finance or real estate. The report describes typical private jet owners as "overwhelmingly male," North American, and over the age of 50. Full private jet owners have a median net worth of $190 million while fractional jet owners have a median net worth of $140 million, the report says, citing data from Credit Suisse and Wealth-X.

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