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☆ A millionaire who says flying private is as addictive as cocaine is selling his jet after learning how terrible it is for the environment
▼ + stars: | 2023-05-08 | by ( Hannah Towey | ) www.businessinsider.com time to read: +6 min

Georgia businessman Stephen Prince loves flying his private jet to Nebraska and the Caribbean. But after realizing the environmental impact of flying private, he decided to sell his Cessna 650. The experience is so amazing, he said, that he often compares the addictive nature of private jet travel to that of cocaine. The multi-millionaire's private jet habit first started around six years ago, when he began chartering planes and soon bought a Mitsubishi MU-2 with a friend. The organization co-authored a report outlining the environmental and financial consequences of private jet travel.

☆ Billionaires and CEOs descended on Beverly Hills to talk recession, bank failures, and more. Here's the inside track.
▼ + stars: | 2023-05-07 | by ( Matt Turner | ) www.businessinsider.com time to read: +4 min

On the agenda today:But first: The big takeaways from the Milken Institute Global Conference in Beverly Hills. Senator Joe Manchin (D-WV) speaks at the 2023 Milken Institute Global Conference Mike Blake/ReutersThe big-money set jetted into LA last week for the Milken Global Conference. Biggest opportunityCampbell: The pullback in lending by banks is raising the hopes of those in the private credit industry. Read more:'Junk fees'Getty ImagesIt goes by many names: an administrative fee, a transaction fee, even a "regulatory compliance" fee. Akash Nigam, the founder and CEO of Genies, who is spending $2,400 a month on ChatGPT accounts for all his employees.

☆ Bombardier swings to profit on deliveries of pricier business jets
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +1 min

MONTREAL, April 27 (Reuters) - Bombardier Inc (BBDb.TO) swung to a first-quarter adjusted profit, helped by increased deliveries of its pricier planes, the business jet maker said on Thursday. Business jet makers are planning to deliver more planes this year, despite concerns over supply chain snarls, following a surge in demand to fly private during the COVID-19 pandemic. But analysts have reported softening business jet traffic in major markets compared with 2022 as fears of an economic downturn loom. Bombardier delivered 22 business jets during the quarter, up one from a year earlier. However the company delivered two more medium-sized and two more large-cabin business jets which command stronger pricing.

☆ Exclusive: Airbus delays some 2024 deliveries, keeps output goals
▼ + stars: | 2023-04-18 | by ( Tim Hepher | ) www.reuters.com time to read: +4 min

Airbus confirmed unspecified delays for 2024 in a statement to Reuters but said they did not reflect any worsening of supply chain problems since it revised production plans earlier this year. The delays particularly affect the larger and in-demand A321neo variant, which now represents over half of Airbus deliveries, the sources said. Airlines and leasing companies have protested in recent months over a trickle of short-term delay notices amid ongoing supply chain problems. Airbus is currently the world's largest planemaker as Boeing slowly recovers from the 737 MAX safety crisis and production delays on the 787. The delays for 2024 extend the impact of supply chain problems stemming from the COVID-19 outbreak into a fifth year.

Higher costs and a shortage of available new parts are also delaying aircraft repairs, which risk pushing up air fares. Some makers of brand-name parts like General Electric Co (GE.N) stand to benefit because they also sell used parts, known as used serviceable material. Honeywell Aerospace Trading (HON.O), the U.S. conglomerate's used parts business, is among companies enjoying higher demand since 2021. Ultimately, the alternatives to new parts may bring relief but a congested supply chain must be fixed, said Benjamin Hockenberg, president of JSSI Parts & Leasing. "Certain models, certain situations, (used parts) will fill the void, but I think we also need to see a repaired supply chain," said Hockenberg.

☆ Air Canada CFO Kazzaz to retire, ex-Bombardier exec Di Bert to take over
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +1 min

April 11 (Reuters) - Air Canada (AC.TO) said on Tuesday that Chief Financial Officer Amos Kazzaz would retire at the end of June and be replaced by former Bombardier Inc (BBDb.TO) executive John Di Bert. Di Bert, who has served as CFO for both Bombardier and Pratt & Whitney Canada, will assume the role at Air Canada on July 1. The change comes at a time when Air Canada, like other North American carriers, faces cost pressures due to a labor shortage amid a rebound in travel. Toronto-listed shares of Air Canada were up about 2% on Tuesday. Reporting by Pratyush Thakur in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ The Smearing of Clarence Thomas
▼ + stars: | 2023-04-08 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

The left’s assault on the Supreme Court is continuing, and the latest front is the news that Justice Clarence Thomas has a rich friend who has hosted the Justice on his private plane, his yacht, and his vacation resort. That’s the story. Yet this non-bombshell has triggered breathless claims that the Court must be investigated, and that Justice Thomas must resign or be impeached. ***ProPublica, a left-leaning website, kicked off the fun with a report Thursday that Justice Thomas has a longtime friendship with Harlan Crow , a wealthy Texas real-estate developer. The intrepid reporters roamed far and wide to discover that the Justice has sometimes traveled on Mr. Crow’s “Bombardier Global 5000 jet” and that each summer the Justice and his wife spend a vacation week at Mr. Crow’s place in the Adirondacks.

☆ Clarence Thomas said he loves RVs and Walmarts in a documentary financed by the billionaire who was taking him on luxury vacations
▼ + stars: | 2023-04-06 | by ( Natalie Musumeci | ) www.businessinsider.com time to read: +3 min

Supreme Court Justice Clarence Thomas once said in a documentary that he prefers RV parks and Walmarts. A new ProPublica report found Thomas has been taking luxury vacations paid for by a GOP megadonor for years. A Supreme Court spokesperson did not immediately respond to requests for comment by Insider on Thursday. "Justice Thomas and Ginni never asked for any of this hospitality," Crow said. "We have never asked about a pending or lower court case, and Justice Thomas has never discussed one, and we have never sought to influence Justice Thomas on any legal or political issue," said Crow.

☆ Clarence Thomas secretly went on lavish vacations in luxury jets and superyachts paid for by a GOP megadonor, report reveals
▼ + stars: | 2023-04-06 | by ( Natalie Musumeci | Oma Seddiq | ) www.businessinsider.com time to read: +5 min

A ProPublica report found Clarence Thomas has been taking vacations paid for by a GOP megadonor. A Supreme Court spokesperson did not immediately respond to Insider's request for comment on Thursday. "Justice Thomas and Ginni never asked for any of this hospitality," Crow said. "We have never asked about a pending or lower court case, and Justice Thomas has never discussed one, and we have never sought to influence Justice Thomas on any legal or political issue," he added. And unlike the rest of the federal judiciary, the Supreme Court is not bound by a code of conduct.

☆ Energy, industrial stocks lift TSX; Lundin Mining jumps
▼ + stars: | 2023-03-28 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

"But here it seems the market likes the deal and is giving a thumbs up with respect to the acquisition." ET (14:10 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was up 61.34 points, or 0.31%, at 19,686.08. Energy stocks (.SPTTEN) added 0.8%, tracking oil prices amid supply disruption risks from Iraqi Kurdistan. Still, the bourse is up for the quarter underpinned by gains from January as equities bounced back from previous year's losses. Reporting by Johann M Cherian in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) ended down 72.86 points, or 0.4%, at 19,459.92, preliminary data showed. The energy sector fell 1.8% as the price of oil settled 1.3% lower at $69.96 a barrel. Oil fell after U.S. Energy Secretary Jennifer Granholm told lawmakers that refilling the country's Strategic Petroleum Reserve (SPR) may take several years. Heavily weighted financials were down 0.7% as concerns about the global banking sector lingered following interest rate hikes by the Swiss National Bank and the Bank of England. Bombardier shares ended up 2.8% after the company raised its 2025 revenue and free cash flow targets at its investor day, banking on strong demand for private flights.

REUTERS/Dado Ruvic/Illustration/File PhotoMONTREAL, March 23 (Reuters) - Business jet maker Bombardier Inc (BBDb.TO) on Thursday raised 2025 revenue and free cash flow targets at its investor day, and said it would produce more corporate planes, sending shares up 4.9% in morning trade. Corporate jet makers have reported swelling order backlogs on persistent strong demand for private flying in the U.S. He said Bombardier expects to produce about 150 business jets by 2025, and is targeting more than $9 billion in annual revenue, up from an earlier goal of $7.5 billion. With no announced 2025 capex target and the entry into service of its flagship Global 7500 in 2018, investors and analysts are expected to raise questions over plans for a new jet. Desjardins analyst Benoit Poirier said Bombardier's free cash, revenue and deliveries targets were stronger than expected and deemed the lack of a capex commitment less risky.

☆ TSX futures edge higher as bullion prices gain
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +1 min

March 23 (Reuters) - Futures for Canada's main stock index were slightly up on Thursday as bullion advanced but lower crude oil prices kept a lid on gains for the commodity-heavy bourse. March futures on the S&P/TSX index were up 0.2% at 7:11 a.m. Crude oil prices fell on fears of weakening demand, while safe-haven assets like gold rose. ETGold futures : $1,980.9; +1.6%US crude : $70.28; -0.8%Brent crude : $76.19; -0.7%U.S. ECONOMIC DATA DUE ON THURSDAYInitial Weekly Jobless Claims due at 8:30 a.m. ETFOR CANADIAN MARKETS NEWS, CLICK ON CODES:TSX market reportCanadian dollar and bonds report CA/Reuters global stocks poll for Canada ,Canadian markets directory($1 = 1.3681 Canadian dollars)Reporting by Johann M Cherian in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

☆ Bombardier lifts 2025 financial targets amid strong business jet market
▼ + stars: | 2023-03-23 | by ( Allison Lampert | ) www.reuters.com time to read: +1 min

MONTREAL, March 23 (Reuters) - Canadian business jet maker Bombardier Inc (BBDb.TO) on Thursday raised its 2025 revenue and free cash flow targets at its investor day, capitalizing on strong demand for private flights. Montreal-based Bombardier said in a statement it is now targeting more than $9 billion in annual revenue by 2025, up from an earlier objective for that year of about $7.5 billion. Corporate jet makers have reported swelling order backlogs on persistent strong demand for private flying, especially in the United States, the world's largest market for business aviation. But while demand continues to be strong, supply chain snags and fears of a recession remain headwinds. Chief Executive Eric Martel said previously the company's defense business for special mission business jets could grow to a possible $1 billion in annual revenues.

☆ TSX gains as commodity-linked stocks rise, Bombardier soars
▼ + stars: | 2023-03-23 | by ( Johann M Cherian | ) www.reuters.com time to read: +1 min

SummarySummary Companies Capstone copper slumps on secondary offeringBombardier rises to TSX top on upbeat 2025 targetsTSX rises 0.5%March 23 (Reuters) - Canada's key stock index edged higher on Thursday as mining and energy stocks advanced, with gains in Bombardier after its upbeat targets for 2025 also supporting the benchmark. ET (14:31 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was up 105.09 points, or 0.54%, at 19,637.87. The collapse of two mid-sized U.S. lenders in March had triggered a selloff in the financials-heavy TSX as investors lost confidence in the global banking system. Still, on a quarterly basis, TSX is up 1.4%, clinging to early gains from January when investors returned to battered markets from 2022. Capstone copper corp (CS.TO) was the top loser on the index after the copper miner announced a bought secondary deal offering of C$285 million.

☆ Bombardier jet deliveries to rise in 2023 on private flying boost
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +2 min

[1/2] An attendee exits the Bombardier Global 6500 business jet at the National Business Aviation Association (NBAA) exhibition in Las Vegas, Nevada, U.S. October 21, 2019. REUTERS/David Becker/File PhotoFeb 9 (Reuters) - Canada's Bombardier Inc (BBDb.TO) on Thursday forecast higher business jet deliveries for 2023, after strong demand for private flying drove its quarterly results above expectations despite persistent supply-chain snags. Cessna jet maker Textron Inc (TXT.N) had also offered a strong 2023 forecast last month. It forecast 2023 revenue of more than $7.6 billion, compared with estimates of $7.69 billion, according to Refinitiv data. Free cash flow is expected to be over $250 million, compared with last year's $735 million.

☆ Bill Gates says he isn't a hypocrite for using a private jet
▼ + stars: | 2023-02-09 | by ( Britney Nguyen | ) www.businessinsider.com time to read: +3 min

Bill Gates was asked whether his private jet makes him a "hypocrite" while funding climate innovation. Gates disagreed, saying he pays for carbon offsets and his jet helps further his climate fundraising. Gates was asked in an interview with the BBC in Kenya what his response would be to someone who would call him a hypocrite for being a "climate change campaigner" while also flying "around the world in a private jet." On Reddit, the Microsoft cofounder has said his private jet is his "guilty pleasure" and his "big splurge." "That is too difficult," Gates told Bloomberg's Zero podcast.

☆ Two United aircraft collided at Newark Liberty Airport and now the FAA is investigating
▼ + stars: | 2023-02-03 | by ( Taylor Rains | ) www.businessinsider.com time to read: +3 min

Two United Airlines aircraft collided at Newark Liberty International Airport in New Jersey on Friday. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyTwo United Airlines aircraft collided at New Jersey's Newark Liberty International Airport on Friday morning, the airline confirmed to Insider. "The left wing of United Airlines Flight 2135, a Boeing 757-200, was struck by a Boeing 787 aircraft around 8:45 a.m. Friday, at Newark Liberty International Airport," the FAA said in a statement to Insider. The Orlando-bound passengers, who were on the jet at the time of the event but were uninjured, were deplaned and rebooked on different aircraft, United told Insider. Friday's event comes three weeks after a Delta Air Lines Boeing 737 and an American Airlines Boeing 777 narrowly avoided a collision at New York's John F. Kennedy Airport.

☆ Train maker Alstom's sales gain steam as orders beat estimates
▼ + stars: | 2023-01-25 | by ( Olivier Sorgho | ) www.reuters.com time to read: +1 min

[1/2] A logo of Alstom is seen at the Alstom's plant in Semeac near Tarbes, France, February 15, 2019. REUTERS/Regis Duvignau/File PhotoJan 25 (Reuters) - French train maker Alstom (ALSO.PA) posted an 8% rise in third-quarter sales on Wednesday, helped by forecast-beating orders, particularly in Europe. Revenue in the October-December period, Alstom's fiscal third quarter, amounted to 4.22 billion euros ($4.60 billion), compared with 3.92 billion euros in the same period a year earlier. Quarterly orders, of which most came from Europe, increased by 13% to 5.15 billion euros, and were 11% ahead of a consensus cited by J.P.Morgan. Alstom's orders "highlight high level of activity in rail industry which is already visible in large order announcements of companies", J.P.Morgan analyst Akash Gupta said in a note to clients.

☆ U.S. private jet buyers seek distressed planes in early sign of turbulence
▼ + stars: | 2023-01-24 | by ( Allison Lampert | ) www.reuters.com time to read: +5 min

[1/2] A Gulfstream logo is pictured during the European Business Aviation Convention & Exhibition (EBACE) at Geneva Airport, Switzerland May 28, 2018. From preowned planes selling more gradually to flattening business jet traffic, demand is beginning to moderate, aviation lawyers, brokers and analysts said. Investors will be watching for clues when Gulfstream-maker General Dynamics Corp (GD.N) and Cessna business jet maker Textron Inc (TXT.N) report earnings on Wednesday. Planemakers rarely disclose cases of distressed planes, but argue they can easily resell unwanted models. Some buyers also scrambled late last year to find distressed planes to qualify for favorable taxation rules.

☆ I flew on a private jet to Miami and on Spirit Airlines back to New York. Here's how my $92 flight compared to a Bombardier Global 7500 which can cost $20,000 an hour to charter.
▼ + stars: | 2023-01-06 | by ( Taylor Rains | ) www.businessinsider.com time to read: 1 min

At the end of the day, obviously flying private would be a preferred method of travel. But, most people are happy earning status on their favorite mainline airline or flying as cheaply as they can on a low-cost carrier. My preferred airlines are United and Delta for status, reliability, and comfort. On The Run Photo/ShutterstockI flew on Delta's Boeing 767 from Sweden to New York in economy and it was the best transatlantic flight I've taken in a long time

☆ Bombardier CEO voices concerns over awarding Canada's defense contract to Boeing
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +1 min

Dec 21 (Reuters) - Bombardier Inc (BBDb.TO) Chief Executive Eric Martel voiced concerns over Canada's potential plan to buy reconnaissance jets directly from Boeing Co (BA.N) instead of tapping its home-grown aerospace industry through a bidding process. "As President and CEO of Bombardier, I want to publicly share my concern that Canada, which is facing an important choice about the airborne surveillance of its vast borders, may be considering awarding a sole-source contract directly to Boeing." Martel's comments come after a recent media report that Canada was considering a multi-billion dollar purchase of up to a dozen P-8 Poseidon aircraft from Boeing. Martel pushed for Bombardier's jets, saying the Canadian planemaker's Global 6500 aircraft "will be the right-sized solution and will respond to Canada's needs". Reporting by Aishwarya Nair in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Mesa says it will halt American Airlines flights, finalizing deal with United
▼ + stars: | 2022-12-18 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

WASHINGTON, Dec 17 (Reuters) - Mesa Airlines (MESA.O) said late Saturday it is finalizing an agreement to operate regional flights for United Airlines (UAL.O) after an announcement it will wind down flights for American Airlines (AAL.O) early next year. American Eagle is a network of six regional carriers operating 3,400 daily flights under a codeshare with American – often flights to smaller regional cities. Three of the six are American Airlines subsidiaries, and three are contract carriers including Mesa. Mesa said the switch was prompted by a regional pilot shortage and American's actions related to that. But, Ornstein added in the Mesa memo, "American chose not to fund the higher pilot rates for their non-affiliated carriers.

☆ 23 major brands suspected of illegally sourcing products made by forced labor in China
▼ + stars: | 2022-12-17 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +9 min

And more ...Mary Meisenzahl/InsiderThese companies have also been suspected of having direct or indirect ties to Chinese forced labor in the aforementioned reports. Bosch"Bosch is committed to ensuring that its products are not produced wholly or in part by forced labor. "Compliance with human rights, labor rights and environmental standards is a top priority at PUMA and has been specified in our Codes of Conduct for over 20 years." As stated in our Business Conduct Guidelines, we reject all forms of oppression, forced labor and participation in human rights violations. We will continue to respect human rights and take a strong stand against forced labor."

☆ Airlines forced to ration jet fuel in New Zealand, but limited impact seen
▼ + stars: | 2022-12-07 | by ( Lewis Jackson | ) www.reuters.com time to read: +2 min

SYDNEY (Reuters) -Key regional airlines said on Wednesday they expected to continue scheduled flights with New Zealand, which is beginning to ration jet fuel after a recent shipment failed government tests. FILE PHOTO: Air New Zealand Bombardier Q300 planes sit near the terminal at Auckland Airport in New Zealand, June 25, 2017. The next scheduled shipment, due to arrive on Dec. 12, will be ready for use by Dec. 18. O’Brien said regional airlines would mitigate the impact of reduced supplies by loading extra fuel at destinations such as Australia, though longer-haul airlines would need to consider refuelling stops or trading off cargo for more fuel. “So while it’s possible, it’s not simple and it’s not cheap,” added O’Brien, the executive director of the Board of Airline Representatives of New Zealand.

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