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☆ Long April break gives F1 time to take stock
▼ + stars: | 2023-04-03 | by ( Alan Baldwin | ) www.reuters.com time to read: +3 min

LONDON, April 3 (Reuters) - Formula One teams will welcome more than their drivers the breathing space provided by a long April break in a record 23-race season. "I don't want to have that break, because you know which race was missing from that break," said Alfa Romeo's Guanyu Zhou, the sport's only Chinese driver. "You will use it (the break) just to prepare for the next race in a better way and review the first three races. "For the race team, there's an opportunity to have a little bit of rest because the rest of the season will be tough." The break provides more time also for teams to work on upgrades and add spares after a bruising weekend for some in Australia.

☆ Europe's super-wealthy took over 300,000 very short private jet flights last year — including over 1,300 between London and an airport 30 miles away — study says
▼ + stars: | 2023-03-30 | by ( Pete Syme | ) www.businessinsider.com time to read: +2 min

A study from Greenpeace analysed a database of Europe's private jet flights over the last three years. It found that 55% of them were under 466 miles long, and launched a campaign to ban private jets. Over 1,300 flights on one UK route could have taken a 35-minute train for less than $20 instead. According to the Transport and Environment campaign group, private jets are 50-times more polluting than trains. The data also shows that over 1,300 private flights went between London and Farnborough, England – a 30 mile train journey which you could travel in 35-minutes for less than $20.

☆ Private jet flights in Europe soar to record levels — and most were ultra-short journeys
▼ + stars: | 2023-03-30 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

A private jet is landing over the snowy mountains of St. Moritz in Switzerland. Private jet emissions, which have a disproportionate impact on the environment, were found to have more than doubled in Europe in 2022. Analysis published Thursday by environmental campaign group Greenpeace showed the number of private jet flights in Europe last year rose by a whopping 64% to reach a record high of 572,806. The analysis found that the countries with the most private jet flights in Europe last year were the U.K., France and Germany. The most popular destinations for private jet flights in Europe in 2022 were the French Riviera city of Nice, France's capital of Paris and Switzerland's second-most populous city of Geneva.

☆ Goldman Sachs isn't getting a new private jet, but are there better places to cut costs on Wall Street?
▼ + stars: | 2023-03-28 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

If there is a senior Goldman Sachs' executive in your life, please keep them in your thoughts and prayers. Insider's Dakin Campbell has the scoop on Goldman nixing plans to buy a third corporate aircraft under CEO David Solomon. So as the bank has looked to cut costs this year more broadly, the private jets, naturally, were a topic of discussion. I will say, I think corporate jets have been unfairly labeled as the poster child for excessive spending at the corporate level. Now, regional banks are looking to serve the firms looking for a new banking home, per The Wall Street Journal.

☆ Goldman Sachs scraps plan to buy a third corporate jet amid scrutiny of CEO's plane use and cost-cutting
▼ + stars: | 2023-03-27 | by ( Dakin Campbell | ) www.businessinsider.com time to read: +5 min

Goldman Sachs had an option to buy a third Gulfstream when it bought two in 2019. Goldman Sachs has decided to scrap a plan to buy a third corporate jet for the company's use, a move that follows scrutiny of the CEO's plane use and a companywide plan to review expenses. The decision means that the company won't exercise an option it received in 2019, when it purchased two other Gulfstream jets: a G280 and a G650ER. Goldman also received an option to purchase a third jet, according to people briefed on the arrangement. Both of Goldman's planes feature simple paint jobs of thin blue and gray stripes running from nose to tail.

☆ Bodyguards, security costs, and private jets: Companies can spend millions protecting CEOs like Mark Zuckerberg and Tim Cook
▼ + stars: | 2023-03-09 | by ( Britney Nguyen | ) www.businessinsider.com time to read: +1 min

Dara Khosrowshahi: $507,579 in 2021Since Uber implemented its security program for CEO Dara Khosrowshahi, it "has identified actual and credible threats to Mr. Khosrowshahi's safety," its proxy statement said. His security and personal safety costs added up to $507,579 — $402,366 of which was for personal transportation services and $105,213 of which was for "protective intelligence services." Uber's filing says its security program includes certified protection officers, as well as secure meeting spaces and lodging for its executives. Khosrowshahi." The company's filing said that since it implemented its security program it "has identified actual and credible threats to Mr. Khosrowshahi's safety as a result of the high-profile nature of being our CEO."

☆ Dassault Aviation seeks more Rafale exports, defends business jets
▼ + stars: | 2023-03-09 | by ( Tim Hepher | ) www.reuters.com time to read: +3 min

PARIS, March 9 (Reuters) - Dassault Aviation (AM.PA) highlighted negotiations for new Rafale fighter export orders and hit back at European critics of business jets as it posted higher profits on Thursday. It booked new orders worth 21 billion euros, including 92 Rafales and 64 Falcons. It delivered 46 jets including 32 Falcons in 2022, down from 55 including 30 Falcons in 2021. He said Dassault remained in talks to provide 26 carrier-borne Rafales to the Indian navy, in competition with Boeing's (BA.N) F/A-18 Super Hornet. One year's use of the global fleet of Falcon business jets is equivalent to 24 hours of global video streaming or five hours of worldwide truck traffic, he said.

☆ Mark Cuban found a car abandoned on the side of the road — and got it for free with a simple phone call
▼ + stars: | 2023-03-05 | by ( Megan Sauer | ) www.cnbc.com time to read: +3 min

He even got one for free, Cuban told Bill Maher on a December episode of the Club Random Podcast. He had to hitch rides with friends until, one day, they found an abandoned car on the side of the road. "I knew from my own personal experience that someone had abandoned [the car], because they couldn't make the payment," Cuban said. At age 24, Cuban lived in a three-bedroom apartment with five roommates, he wrote in a 2009 blog post. Still, his riches didn't change his spending habits "all that much," he told Money.

☆ Dozens of sanctioned superyachts seized from Russian oligarchs still hang in limbo, racking up millions in maintenance
▼ + stars: | 2023-03-02 | by ( Grace Kay | Sam Tabahriti | ) www.businessinsider.com time to read: +6 min

Seized yachts owned by sanctioned Russian oligarchs hang in limbo as US and European authorities decide next steps. Annual maintenance for some of the yachts costs as much as $115.6 million. Earlier this week, CNBC reported that billions of dollars in oligarch's assets — from yachts and villas to private jets — are still frozen. And while the Russian oligarchs are still technically responsible for paying for yacht maintenance, they're unlikely to fork over the maintenance cost or authorities will encounter difficulty collecting the funds due to sanctions on financial transactions with the billionaires. According to Maltby, the maintenance cost of a yacht usually totals about 15% to 20% of its overall value.

☆ Seized assets of Russian oligarchs including yachts, villas and private jets remain in limbo
▼ + stars: | 2023-02-27 | 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 EmailSeized assets of Russian oligarchs including yachts, villas and private jets remain in limboCNBC's Robert Frank reports on the legal hurdles in seizing Russian oligarch yachts and villas.

☆ Mark Zuckerberg and Elon Musk have been publicly criticizing each other for years — but now Meta is mirroring Twitter
▼ + stars: | 2023-02-25 | by ( Hallam Bullock | ) www.businessinsider.com time to read: +4 min

With the launch of Meta Verified, Mark Zuckerberg is appearing more like Elon Musk by the day. Now, let's look at why people are starting to say that Zuckerberg "idolizes Elon Musk." With the announcement of Meta Verified, Meta's new verification subscription service for Facebook and Instagram, many have drawn comparisons between Mark Zuckerberg and Elon Musk. Schilsky added: "I think it's clear that Mark Zuckerberg idolizes Elon Musk." Black VCs like Beta Boom's Kimmy Paluch are addressing long-standing diversity, equity, and inclusion issues in the industry head-on.

☆ A 17-year-old Seattle high schooler is tracking more than 150 private jets' emissions
▼ + stars: | 2023-02-18 | by ( Bethany Biron | ) www.businessinsider.com time to read: +3 min

Seattle teenager Akash Shendure runs Climate Jets, a website that tracks emissions of private jets. Using Sweeney's Ground Control Registration Database — which was developed to famously track Elon Musk's private jet — Shendure identifies and compiles carbon emissions from the private jets of more than 150 wealthy Americans and their families. Shendure is the latest to publicly keep tabs on the expenditure of private jets, following on the heels of Sweeney, now 20, who recently launched his own public-jet tracking database. Sweeney began tracking Musk's private jet in 2020 and created the Twitter account @ElonJet to share his findings, gaining thousands of followers and even job offers. "I don't mean any harm and that's never the intended purpose of the accounts," Sweeney told Insider in December 2022.

☆ Some Goldman Sachs partners want to tell the board about their concerns over CEO David Solomon
▼ + stars: | 2023-02-08 | by ( Dakin Campbell | ) www.businessinsider.com time to read: +15 min

A decline in morale at the Wall Street firm concerns some Goldman partners. Here are their concerns about CEO David Solomon, who addressed the partners in Miami. CEO David Solomon addressed Goldman Sachs' partners today at the firm's annual partners meeting in Miami. There's little history for Goldman partners taking their concerns directly to the board. Since then, according to someone who has spoken to investors, more shareholders have questioned how long Solomon can last as Goldman's CEO.

☆ Bill Gates on why he'll carry on using private jets and campaigning on climate change
▼ + stars: | 2023-02-07 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +4 min

During a recent interview with the BBC, the billionaire said rich countries needed "to get their emissions down to zero as fast as they can." Bill Gates does not agree that using a private jet and campaigning on the issue of climate change represents a contradiction open to allegations of hypocrisy. It says it "uses a technology called 'direct air capture' to capture carbon dioxide directly from the air." Gates has previously spoken about using Climeworks to "pay for direct air capture." "So a new way of making cement or steel, you know, electric passenger cars, that's all in the rich countries."

☆ The college student who tracks Elon Musk's private jet is launching his own flight-tracking website
▼ + stars: | 2023-02-07 | by ( Grace Kay | Taylor Rains | ) www.businessinsider.com time to read: +5 min

Sweeney shares data that tracks private jets of celebrities, including Donald Trump and Elon Musk. Sweeney has used the ADS-B Exchange website to keep tabs on flights since he started tracking private-jet data back in 2020. ADS-B Exchange founder Dan Streufert previously said in a statement that the acquisition would accelerate the site's growth. It was built using the same open-source code that was used to create ADS-B Exchange. Still, the agency acknowledges that these are not a "silver bullet" and can be skirted via ADS-B Exchange.

☆ Goldman employees sometimes helped CEO David Solomon manage his DJ schedule, report says
▼ + stars: | 2023-02-07 | by ( Grace Kay | ) www.businessinsider.com time to read: +4 min

Goldman employees have "sometimes" helped CEO David Solomon manage his DJ schedule in the past, NYT reported. A Goldman spokesperson said that "there are no conflicts of interest" tied to Solomon's DJing. A spokesperson for Goldman told the Times that there is "no economic component" to Solomon's relationship with Mestel. But a Goldman spokesperson told Insider that "there are no conflicts of interest." At the time, a Goldman spokesperson said the trip was was considered to be both a business and a personal expense.

☆ Netflix's password sharing crackdown is coming: What we know so far about how it will work
▼ + stars: | 2023-02-01 | by ( Nicolas Vega | ) www.cnbc.com time to read: +2 min

Netflix's plan to stop users from sharing their passwords with each other is starting to take shape. The main hurdle that Netflix will place in front of password sharers is device verification when phones, computers and streaming devices are logged into an account that isn't the primary user's home network. This creates a trusted device so you can watch Netflix, even when you're away from your primary location." Netflix has in the past said that more than 100 million households use a shared password. If you get caught sharing a password, don't worry about being hit with a fee right away.

☆ Tourism is roaring back in China. But the $6 trillion consumer market is digging itself out of a deep slump
▼ + stars: | 2023-01-30 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

He's hopeful business improves this year – and allows Rêver to recoup the roughly 35% in revenue it lost last year. Within a retail sales slump of 0.2% to 43.97 trillion yuan ($6.28 trillion), catering sales dropped by a steeper 6.3%. He expects 7% year-on-year growth in retail sales. Hainan's recovery plansHainan, a tropical province aiming to be a duty free shopping destination, announced a goal for 10% growth in retail sales this year. That's after its retail sales fell by 9.2% last year.

Shares of Microsoft (MSFT.O) fell 3.9% after it warned that growth in its lucrative cloud business could stall, while its PC unit continued to struggle. The S&P 500 technology index (.SPLRCT) shed 2.1% to lead declines among the 11 major sector indexes. Amazon.com Inc (AMZN.O), Salesforce Inc (CRM.N) and ServiceNow Inc (NOW.N), which have substantial cloud businesses, fell between 2.5% and 4.5%. Other major growth stocks, including Apple Inc (AAPL.O), Alphabet Inc (GOOGL.O) and Tesla Inc (TSLA.O), also dropped between 1.5% and 3.0%. The S&P index recorded two new 52-week highs and one new low, while the Nasdaq recorded 29 new highs and 16 new lows.

☆ Premarket stocks: What we learned at Davos: The economy is a mess, but there's still hope
▼ + stars: | 2023-01-20 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

New York CNN —Friday marks the end of the annual World Economic Forum meeting in Davos, Switzerland, an elite gathering of some of the wealthiest people and world leaders. The meetings between CEOs, politicians, and global figures at Davos can help set the tone for the year ahead. CEOs and political officials are also worried about the United States hitting its borrowing cap on Thursday, forcing the Treasury Department to start taking “extraordinary measures” to keep the government open. If an agreement isn’t reached, markets could plunge (like they did the last time this happened in 2011) and the United States risks having its credit rating downgraded again. China’s removal of strict coronavirus restrictions late last year is also expected to unleash a wave of spending that may offset economic weakness in the United States and Europe.

The net worth of Hui Ka Yan, chairman of real estate developer China Evergrande, has plunged nearly 93%, according to the Bloomberg Billionaires Index. Once the second-richest person in Asia, Hui’s wealth has fallen from $42 billion at its peak in 2017 to about $3 billion, Bloomberg said. Evergrande is China’s most indebted developer with $300 billion in liabilities, and has been at the heart of the country’s real estate troubles since 2021. Real estate and related industries account for as much as 30% of GDP. The bulk of Musk’s wealth is tied up in Tesla, which saw its stock plunge 65% in 2022.

☆ Netflix is hiring a flight attendant for one of its private jets—and the job pays up to $385,000
▼ + stars: | 2023-01-17 | by ( Nicolas Vega | ) www.cnbc.com time to read: +1 min

Netflix is looking for a new flight attendant to join its "dream crew," and it's willing to pay over a quarter million dollars for the right candidate. The streaming giant is hiring a primary flight attendant for one of its super midsize private jets based out of San Jose, Calif. near the company's Los Gatos headquarters. In addition to normal responsibilities such as performing pre-flight cabin inspections and conducting safety briefings, the new attendant will be responsible for maintaining the stockroom, according to the job listing. The flight attendant will also be required to work flights on a Gulfstream G550 jet as needed. Candidates are expected to be able to help Netflix Aviation provide "confidential air transportation" and should be able to perform their jobs with "discretion," the company says.

☆ Inside Goldman Sachs' layoffs by geography, and what axed workers can expect from the bank in severance, benefits, and help finding a new job
▼ + stars: | 2023-01-13 | by ( Hayley Cuccinello | Emmalyse Brownstein | ) www.businessinsider.com time to read: +5 min

Here's what axed workers can expect to get in pay, benefits, and help finding a new job. In the days since Goldman Sachs axed as much as 6% of its workforce, more details are emerging about who got cut and what the bank is paying in severance. The bulk of the layoffs took place in the Americas, or close to 1,500, this person said, citing internal data. Many laid-off Goldman Sachs workers will remain on the payroll for months before they get severance, according to correspondence seen by Insider. Goldman Sachs declined to comment on the details of severance and the geographic breakdown of the layoffs.

☆ Inside Goldman Sachs' layoffs: 'Every 10 minutes, I just kept hearing that someone was being let go'
▼ + stars: | 2023-01-11 | by ( Carter Johnson | Hayley Cuccinello | ) www.businessinsider.com time to read: +6 min

"Every 10 minutes, I just kept hearing that someone was being let go," one employee said. Goldman, which reports fourth-quarter earnings next week, has had the added problem of having lost billions on its nascent consumer banking experiment. "We've just been hearing that today was doomsday and that we'd start hearing cuts this morning. Every 10 minutes, I just kept hearing that someone was being let go," this person said. Consumer banking associateGoldman Sachs' spokesman Tony Fratto said: "We know this is a difficult time for people leaving the firm.

☆ Roman Abramovich transferred superyachts and private jets worth $4 billion to his children just before the Ukraine invasion, report says
▼ + stars: | 2023-01-08 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +3 min

Roman Abramovich transferred assets to his children before the Ukraine invasion, per The Guardian. Assets worth more than $4 billion were transferred to his seven children only three weeks before the start of the war, the report said. His children's beneficial interest in the trust's assets – including the Eclipse superyacht worth $700 million and shares in Russian companies – rose from 51% to 100%, per the report. Companies controlled by Abramovich's trusts had assets worth $2.5 billion at the end of 2021, per the reports. Abramovich seemingly reorganized other assets just weeks before the invasion of Ukraine.

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