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☆ A rare, bright-red Ferrari 250 GTO that initially sold for $6,000 in 1964 could soon be auctioned for $60 million
▼ + stars: | 2023-08-18 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +3 min

RM Sotheby's has put up a 1962 Ferrari 250 GTO for auction for around $60 million. Car collectors love the GTO model Ferraris because of their championship history, Gord Duff, RM Sotheby's global head of auctions, told the Journal. In fact, another 1962 Ferrari 250 GTO was auctioned by RM Sotheby's for more than $48 million back in 2018, CNBC reported. A 1963 Ferrari 250 GTO was reportedly bought by David MacNeil, the founder, and CEO of WeatherTech, for $70 million in 2018, per various media reports at the time. RM Sotheby's sold a 1955 Mercedes-Benz 300 SLR Uhlenhaut Coupe for the equivalent price of $142 million last year.

Persons: Jim Jaeger, Jaeger, Ferrari, Gord Duff, That's, David MacNeil, Sotheby's, Duff Organizations: Sotheby's, Ferrari, Service, Street, Scuderia Ferrari, CNBC, CNN, Benz Locations: Wall, Silicon, Ohio, Detroit, New York, Monterey , California, it's

☆ Watch CNBC's full exclusive interview with Ferrari CEO Benedetto Vigna
▼ + stars: | 2023-08-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full exclusive interview with Ferrari CEO Benedetto VignaFerrari CEO Benedetto Vigna joins CNBC's Robert Frank and 'Last Call' for an exclusive interview to talk his two years as CEO, antique Ferraris at auction, exclusivity in buying and more.

Persons: Benedetto Vigna Ferrari, Benedetto Vigna, Robert Frank Organizations: Ferrari

☆ Ferrari CEO Benedetto Vigna: The first electric Ferrari will be unveiled in Q4 of 2025
▼ + stars: | 2023-08-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFerrari CEO Benedetto Vigna: The first electric Ferrari will be unveiled in Q4 of 2025Ferrari CEO Benedetto Vigna joins CNBC's Robert Frank and 'Last Call' for an exclusive interview to talk his two years as CEO, antique Ferraris at auction, exclusivity in buying and more.

Persons: Benedetto Vigna, Robert Frank

☆ Mansion on wheels: Step inside the Elemment Palazzo Superior, a double-decker RV with a pop-up rooftop lounge
▼ + stars: | 2023-08-04 | by ( Kate Springer | ) edition.cnn.com time to read: +8 min

Enter the Elemment Palazzo Superior. Marchi Mobile ViennaOriginally from Vienna, Austria, Marchi feels like he was born to design automobiles. ‘Like a 4D cinema’The Elemment Palazzo Superior's unusual cockpit is set on the second level. Marchi Mobile ViennaOne of the first things you’ll notice about the Elemment Palazzo Superior is its futuristic cab with a giant, bug-eyed windshield and extra-high driver’s seat. Marchi Mobile ViennaOn the far side of the kitchen, a discreet sliding door opens to a spacious primary bedroom.

Persons: we’re, Marchi, Mario Marchi, Robert Tober “, ” Mario Marchi, –, ”, “, Luigi Colani, ” Marchi, “ It’s Organizations: CNN, Royce Phantoms, Marchi Mobile, Marchi Holding AG, Marchi Group, CNN Travel, BMW, Volkswagen, Steinway Locations: Palazzo, European, Marchi, Vienna, Austria, England

☆ Italy announces special tourist trains and 'cruise trains'
▼ + stars: | 2023-08-02 | by ( Julia Buckley | ) edition.cnn.com time to read: +5 min

Ferrovie dello Stato Italiane (FS), Italy’s state-owned railway operator, has announced a new program of tourist-focused trains, using vintage locomotives on popular vacation routes. “Lusso” (luxury) trains will be spearheaded by the long-distance, super-luxury Orient Express Dolce Vita train, which will now launch in 2024, instead of this year as previously anticipated. The luxury Dolce Vita train will debut in 2024. These new routes will include night trains. sphraner/iStock Editorial/Getty ImagesThere will even be “cruise trains” – routes conceived with the idea of shuttling vacationers back and forth from short breaks.

Persons: we’ll, Stanley Tucci, Lusso, DIMORESTUDIO, Lamberto, Luigi Ferraris, ” Antonio Tajani Organizations: CNN, intel, Ferrovie dello Stato, Orient, Express, Golden Eagle, Cortina, d’Ampezzo, FS, Fondazione FS Locations: Italy, Venice, Milan, Tuscan, Rome, Otranto, Puglia, Metaponto, Basilicata, Reggio Calabria, Cortina d'Ampezzo, Calalzo, Umbria, Swiss

☆ Verstappen wins Belgian Sprint with Piastri second
▼ + stars: | 2023-07-29 | by ( Alan Baldwin | ) www.reuters.com time to read: +4 min

SummaryCompanies Verstappen wins sprint from pole, Piastri secondChampion now 118 points clear of team mate PerezPerez retires after clash with HamiltonGasly third for AlpineSPA-FRANCORCHAMPS, Belgium, July 29 (Reuters) - Red Bull's Max Verstappen won a rain-delayed and shortened sprint race from pole position at the Belgian Grand Prix on Saturday to stretch his Formula One lead to 118 points. Australian rookie Oscar Piastri started and finished second for McLaren, after leading briefly during a safety car period, with Frenchman Pierre Gasly a morale-boosting third for misfiring Alpine. Half the field followed Piastri straight into the pits at the start to change to intermediate tyres while Verstappen stayed out on full wets. I could come in first but then I might be blocked by other cars, there might be a safety car and then you lose out massively. "This is a sprint race, we want to see them racing," he said.

Persons: Perez Perez, Hamilton Gasly, Max Verstappen, Oscar Piastri, Frenchman Pierre Gasly, Sergio Perez, Mercedes's Lewis Hamilton, Ferrari's Carlos Sainz, Charles Leclerc, McLaren's Lando Norris, George Russell, Mercedes, Gasly, Anthoine Hubert, Verstappen, Bull, Aston Martin's, Fernando Alonso, Max, we've, Perez, Hamilton, Ferraris, Norris, Red, Christian Horner, Toto Wolff, Leclerc, Alan Baldwin, Hugh Lawson, Clare Fallon Organizations: Belgian, Prix, McLaren, Spa, Briton, Red Bull, Thomson Locations: Belgium, Verstappen's, Pouhon, Eau Rouge, Stavelot

☆ Verstappen dominant in Austria to go 81 points clear
▼ + stars: | 2023-07-02 | by ( Alan Baldwin | ) www.reuters.com time to read: +3 min

Verstappen, who also won Saturday's 100km sprint race and leaves Spielberg's Red Bull Ring with maximum points, stretched his lead over Mexican team mate Sergio Perez to 81 points with his fifth win in a row. It was also the Dutch driver's seventh of a dominant campaign taking him ever closer to a third title. It was also his fifth success at the Red Bull Ring, more than any driver, and left him more than three race wins clear of Perez. The Sprint weekend is always hectic and a lot of things can go wrong but luckily a lot of things went right," said Verstappen. Seven-times world champion Lewis Hamilton was seventh for Mercedes, with team mate George Russell eighth, and Pierre Gasly was ninth for Alpine.

Persons: Perez Leclerc, Ferrari's, Perez, Max Verstappen, Red, Verstappen, Sergio Perez, Charles Leclerc, Ayrton Senna, I'm, Leclerc, Carlos Sainz, Lando Norris, Fernando Alonso, Aston Martin, Lewis Hamilton, George Russell, Pierre Gasly, Hamilton, Norris, Ferraris, Sainz, Gasly, Alpine's Esteban Ocon, Williams, Alex Albon, AlphaTauri's Yuki Tsunoda, Nico Hulkenberg, Haas, Dilano van't Hoff, Alan Baldwin, Andrew Cawthorne Organizations: Austrian, Bull, Red Bull's, Prix, Dutch, Sprint, Monegasque, Ferrari, McLaren, Aston, Mercedes, Alpine, Belgium's, Thomson Locations: London

☆ Red Bull Looks to Stay Perfect in Formula 1
▼ + stars: | 2023-07-02 | by ( Andrew Das | Josh Katz | ) www.nytimes.com time to read: +1 min

But Max Verstappen is missing it: He got cleanly away at the start and is running far ahead of the two Ferraris chasing him. Max Verstappen wants you to know this is all harder than it looks. Verstappen, the two-time Formula 1 champion, has started on pole in six of the season’s nine races. Going faster than everyone else is what Max Verstappen does. “It almost looked like we were amateurs out there, the amount of laps that were being deleted.”

Persons: Max Verstappen, Verstappen, grumbling, Sergio Pérez Locations: Austria, Austrian

☆ Italy is a bargain for vacationing Americans. Not so much for Italians
▼ + stars: | 2023-06-05 | by ( Bob Pisani | ) www.cnbc.com time to read: +5 min

Rimini, Italy. The Jersey Shore, but not Unlike Americans, Italians do not just plunk down their beach bag and dive in the ocean. A bargain for Americans, but not for Italians Italy is heavily reliant on tourism. For Americans, Europe in general but the smaller cities of Italy in particular are a great value. It's a bargain for Americans but, for most Italians, even those prices are out of reach.

Persons: Federico Fellini, Vita, It's, Fellini, He's, That's Organizations: Istock, Getty, Ferraris, cabana, Business, Tourists, gondoliers, OECD, European Union Locations: Rimini, Italy, RIMINI, ITALY, Jersey Shore, Ancona, Emilia, Romagna, Europe, Parma, Modena, Bologna, Ravenna, Jersey, Cattolica, Adriatic, Croatia, Albania, Venice, St

☆ Verstappen wins in Spain to continue Red Bull sweep
▼ + stars: | 2023-06-04 | by ( Alan Baldwin | ) www.reuters.com time to read: +4 min

Red Bull's Sergio Perez, Verstappen's closest rival in a season that looks sure to crown the dominant Dutch 25-year-old for a third time, finished fourth after fighting back from 11th at the start. The victory was Verstappen's fifth of the season, third in a row, third in Spain and the double world champion's 40th in Formula One. TALKING POINTThe form of the Mercedes drivers, with a re-designed car after a disappointing start to the season, provided a main talking point. Mercedes moved up to second in the championship on 152 points to runaway Red Bull's 287 and with Aston Martin dropping to third on 134. Ferrari's Charles Leclerc, who started from the pitlane after a nightmare in qualifying left him on the back row, finished 11th.

Persons: Max Verstappen, Albert Gea, Mercedes, Perez, Lewis Hamilton, George Russell, Bull's Sergio Perez, Verstappen, Carlos Sainz, Max, Christian Horner, McLaren's Lando Norris, Aston Martin, Hamilton, Russell, Ferraris, Sainz, Aston Martins, Lance, Fernando Alonso, Alonso, Alpine's Esteban Ocon, Alfa Romeo's, Zhou, Pierre Gasly, Yuki Tsunoda, Ferrari's Charles Leclerc, Alan Baldwin, Angus MacSwan, Pritha Sarkar, Ken Ferris Organizations: Prix, Spanish, Prix REUTERS, Spain Dutch, Mercedes, Barcelona's, Formula One, Hamilton, Aston, Alfa, Renault, Thomson Locations: Catalunya, Barcelona, Spain, Verstappen's, London

☆ How the president of Abbot Downing tried to save the Wells Fargo unit for the ultra-rich from being folded
▼ + stars: | 2023-05-16 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +4 min

Wells Fargo folded Abbot Downing, which served the bank's wealthiest clients, in late 2020. In late 2020, Wells Fargo disbanded Abbot Downing, the unit that catered to the bank's wealthiest clients. Abbot Downing was folded into Wells Fargo's private bank, which also serves rich clients, but it wasn't a safe haven. Business Wire via APGinter left Wells Fargo in September 2021 to launch a new registered investment advisor the following March. Some ex-Abbot Downing employees refer to Callan the "new Abbot Downing" for its focus on the ultra-rich set.

☆ Abbot Downing's president pitched a buyout to save the Wells Fargo unit from being folded. The bank said no, and employees have fled.
▼ + stars: | 2023-05-11 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +4 min

☆ How El Chapo’s sons built a fentanyl empire poisoning America
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +23 min

Headed by Iván, El Chapo’s oldest son, the siblings have emerged as key figures in the Sinaloa Cartel, U.S. and Mexican anti-narcotics officials said. But he was killed in 2008 in Culiacán in a hail of bullets amid infighting between warring factions of the Sinaloa Cartel. The agency in April placed Iván on the list of its 10 Most Wanted Fugitives, joining Jesús Alfredo and Ismael “El Mayo” Zambada, a Sinaloa Cartel legend and El Chapo’s alleged former business partner. They also kidnapped eight soldiers and surrounded military housing where wives and children of Mexican soldiers lived, Mexican officials said. Despite that blow to the Sinaloa Cartel, fentanyl keeps flowing north.

☆ Wells Fargo is pushing for quantity over quality in its private bank
▼ + stars: | 2023-05-04 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Which brings us to a fantastic story about Wells Fargo's decision to reorganize how it serves its ultra-rich clients. And while many understood some changes were necessary, nearly everyone agreed the bank didn't go about it the right way. Read more about Wells Fargo's chaotic reorganization of its private bank. It's the latest move in what has been an active 12 months for the bank's tech division. The accounting firm had signed off on financial statements from Silicon Valley Bank, Signature Bank, and First Republic, the Financial Times reports.

☆ Inside Wells Fargo's 'chaotic' journey to transform its services for the ultrarich
▼ + stars: | 2023-05-04 | by ( Hayley Cuccinello | Reed Alexander | ) www.businessinsider.com time to read: +23 min

In late 2020, some 300 Wells Fargo employees were summoned to a conference call. "I actually welcomed that, although I did like Abbot Downing," he said of folding Abbot Downing into the private bank. One team of legacy Abbot Downing employees with $3.5 billion in assets left for Hirtle Callaghan in June 2021. Today, Ginter runs a registered investment advisor called Callan Family Office, which some former Abbot Downing employees refer to as "the new Abbot Downing." Are you a current or former client of Wells Fargo Private Bank or Abbot Downing?

These kind of megadeals are at the vanguard of billions of dollars of annual spending on classic cars globally in a wave of investment in this alternative asset. "The track record of the past 30 years tells us classic cars have become a financial asset class we want our clients to have in their portfolios." [1/5] A general view of the classic car collection of Florian Zimmermann, owner of over 300 classic cars, in a warehouse in Lindau, Germany, April 5, 2023. "Electrification will favour classic cars," said Cristiano Bolzoni, head of Maserati's vintage car unit Maserati Classiche. "The classic car community has changed tremendously over the past five to 10 years," Zimmermann said.

Prime Minister Giorgia Meloni's administration is determined to oust current CEO Francesco Starace, several sources told Reuters. OPPORTUNITYWith almost 60 Gigawatt (GW) of installed capacity, Enel is one of the world's biggest players in renewable energy. The company, which has been hit by soaring gas prices and government measures capping bills to shield consumers, saw net profit slip to 5.4 billion euros last year, from 5.6 billion euros in 2021. In November Enel unveiled its updated strategy to 2025, pledging to cut net debt by 21 billion euros via asset disposals, while at the same time investing 37 billion euros and increasing installed renewable capacity by 21 GW. You can't have an Italian only Enel, it would be such a step back," de Lamaze said.

☆ Ferrari’s green journey takes surprise turn: podcast
▼ + stars: | 2023-03-30 | by ( Lisa Jucca | ) www.reuters.com time to read: 1 min

MILAN, March 30 (Reuters Breakingviews) - Europe’s plan to support carbon-neutral fuels is good news for the $50 bln luxury carmaker, CEO Benedetto Vigna says on the Exchange podcast. It will allow the group to flog the roaring engines that made its fortune. Listen to the podcastFollow @LJucca on TwitterSubscribe to Breakingviews’ podcasts, Viewsroom and The Exchange. Editing by Oliver TaslicOur Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

EV made up almost 12% of all car sales in Singapore last year, up from almost 4% in 2021, according to the Land Transport Authority. Still, EVs represented just 1% of cars on the road, a Reuters analysis of ownership data found. In Singapore, a small island with an extensive public transport system, only about 12 cars are owned per 100 people. Over the past decade, the number of Ferraris (RACE.MI) in Singapore has grown by 67% and Lamborghinis by 38%. ($1 = 1.3264 Singapore dollars)Reporting by Xinghui Kok; additional reporting by Kevin Krolicki; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

☆ An $18 million Ferrari leads record classic-car auction at Amelia Island. See all 10 top sellers
▼ + stars: | 2023-03-08 | by ( Robert Frank | ) www.cnbc.com time to read: +2 min

Wealthy car collectors spent a record amount at the classic-car auctions at Amelia Island over the weekend, suggesting the market remains strong despite recession fears and falling stocks. Total sales at the Amelia Island auction reached $178.4 million — a record for the event, topping the 2016 record of $140 million, according to classic-car insurance and events company Hagerty. Over 390 cars sold, at an average price of $455,293, up from $435,939. The most expensive car sold at Amelia Island was a 1962 Ferrari 250 GT SWB California Spider, sold at Gooding & Company for $18 million — setting a record for a car sold at the Amelia Island auctions. Here are the top 10 cars sold by value at the Amelia Island auctions, according to Hagerty.

Organizations: & $

☆ Alonso says his Aston Martin is 'too good to be true'
▼ + stars: | 2023-03-04 | by ( ) www.reuters.com time to read: +1 min

MANAMA, March 4 (Reuters) - Fernando Alonso hailed the performance of his Aston Martin as "too good to be true" after qualifying fifth for his first race with the team at the season-opening Bahrain Grand Prix. The Spaniard, now 41, joined Aston Martin from Renault-owned Alpine at the end of last season when five-times champion Sebastian Vettel retired. "It was like too good to be true every session and every performance of the car. Alonso has not won a race for a decade, when he was at Ferrari, and his two titles came with Renault in 2005 and 2006. "Going for a podium in race one, it feels too good to be true."

☆ Mercedes are on the wrong track, says Hamilton
▼ + stars: | 2023-03-03 | by ( Alan Baldwin | ) www.reuters.com time to read: +2 min

MANAMA, March 3 (Reuters) - Mercedes are on the wrong track with their car and may not be even third fastest, seven-times Formula One world champion Lewis Hamilton said after a difficult first Friday of practice in Bahrain. With Aston Martin setting the fastest lap of all with Fernando Alonso, Hamilton suggested Mercedes may have dropped as far as fourth in the pecking order. "It is not where anyone in the team wants to be or deserves to be because everyone works so hard, but we are just on the wrong track. We have to graft away and get ourselves on the right track, but right now we are long way off the guys in front." Mercedes technical director Mike Elliott told reporters that changes would be made, particularly to the stand-out slimline sidepods.

☆ Ferrari CEO says Tesla's success was a 'wake up call' for the auto industry
▼ + stars: | 2023-02-13 | by ( Bianca Giacobone | ) www.businessinsider.com time to read: +2 min

Ferrari is an "emotional car" while Tesla is a "functional car," he said. Ferrari plans to unveil its first fully electric car in 2025, taking it to market in 2026. And Tesla certainly got things moving for the electrification of the automotive industry, Ferrari CEO Benedetto Vigna told Bloomberg. While investing in electric cars, it will "keep offering a mix of technology for as long as it's feasible. As "functional" electric cars, to use Vigna's words, become more and more popular, luxury automakers like Ferrari are getting ready to enter the market.

☆ Online car market Bring a Trailer closing out year with record $1.35 billion in sales
▼ + stars: | 2022-12-23 | by ( Robert Frank | ) www.cnbc.com time to read: +1 min

Online car market Bring a Trailer said it expects to close out the year with a record $1.35 billion in sales, as a new generation of collectors logged on to buy classic and pre-owned cars. Randy Nonnenberg, Bring a Trailer's president and co-founder, told CNBC that sales for the year are up 63% from 2021, when sales hit $829 million. The question now is whether the pandemic-fueled frenzy of car collecting will hold up if there is a recession. Nonnenberg said he sees no evidence of a slowdown in the company's business. Hagerty, the classic-car insurance company, also entered the auction business, buying Broad Arrow and launching Hagerty Marketplace, an online sales platform.

☆ DOJ touts first-of-its-kind settlement in racial discrimination case targeting ‘crime-free housing’ policy
▼ + stars: | 2022-12-14 | by ( Tierney Sneed | ) edition.cnn.com time to read: +2 min

CNN —The US Justice Department on Wednesday filed what it is describing as a first-of-its-kind settlement in a racial discrimination case challenging a so-called “crime-free housing ordinance.”The proposed consent decree was filed Wednesday in a lawsuit the Justice Department brought in 2019 against the central California city of Hesperia, alleging that the city’s ordinance violated the Fair Housing Act’s prohibitions on racial discrimination in housing access. Hesperia continues to deny the allegations. She noted under the program, Black renters were almost four times more likely to be evicted than White renters and Latino renters were 29% more likely to be evicted. According to the Justice Department, Hesperia and its co-defendants – the county of San Bernardino and the San Bernardino Sheriffs Department – have agreed to pay a $950,000 settlement. It will compensate people who were harmed under the policy and will cover anti-discrimination training and other initiatives.

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