Friday, October 15, 2021

Category: Entrepreneurs

Virgin Galactic space plane grounded to investigate Branson’s flight

US aviation authorities will only allow travel for Virgin Galactic’s space plane after an investigation into whether the July 11 flight’s aberration threatened public safety.

The US Aviation Administration is reviewing the reasons why SpaceShipTwo flew outside the area it had designated for it during its space flight, which carried company founder Richard Branson and others, but the plane landed safely.

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In an emailed statement, the FAA said: “Virgin Galactic cannot return the SpaceShipTwo to flight until the FAA has approved the final investigation report into the disruption, or has concluded that issues with it do not affect public safety. “.

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The company said in an emailed statement that it was working with the Federal Aviation Administration to study a flight deviation that did not endanger passengers or the public. “We are taking this very seriously, are currently addressing the causes of the problem, and deciding how to prevent it from occurring on future flights… We have worked closely with the Federal Aviation Administration to support a comprehensive review and timely resolution of this issue,” she said in the statement.

Virgin Galactic shares fell 2.9% to $26.01 at the New York close on the FAA news.

Next flight
Virgin Galactic was planning its next space flight later this month or early October, and the company said in an earlier statement Thursday that it was decided that the research flight would include two members of the Italian Air Force, a flight engineer, and an employee of Virgin Galactic. Virgin declined to comment on whether the flight schedule, the company’s first commercial research mission, would be affected by the FAA’s decision.

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The Federal Aviation Administration regulates commercial spaceflight and establishes rules for protecting the public on the ground, which is not related to the flights, as well as protecting other aircraft in close proximity to launches. But Congress has prevented the administration from setting safety standards for crew members.

Branson’s spaceflight is a “marketing coup” for Virgin Galactic.

The New Yorker reported Wednesday that the flight was skewed due to the spacecraft being outside its optimal landing path. A craft usually floats into the atmosphere using devices designed to maintain its stability and reduce its speed.

The company said on the same day that the vehicle, which turns into a glider immediately after entering the denser air, flew under an area designated by the Federal Aviation Administration to prevent conflict with other aircraft, adding that the vehicle remained outside the protected area for one minute and 41 seconds, before returning to the field. Protected air for the rest of the flight.

“Although the final flight path deviated from our initial plan, it was a controlled and deliberate path, allowing Unity 22 to reach space and land safely at our spaceport in New Mexico,” the company said in a statement Wednesday.

Sam Walton the success story of founding Wal-Mart

An American businessman who lived through the Great Depression, and like other people of that era, tried to help his family to mitigate the effects of this global catastrophe. He first worked in milking his family’s cows, bottling the resulting milk, and then delivering it to customers.

Sam Moore Walton was born on March 29, 1918, in Kingfisher, Oklahoma; His father, Thomas Gibson Walton, was a farmer, and his father’s business later turned into a farmer’s mortgage; Where agriculture is no longer able to provide for the money he and his family needs; Sam’s childhood had a lot of ups and downs.

His family moved frequently; Until I settled in Colombia, Missouri, life held many surprises for the young child.

Sam Walton was a diligent student; Until he reached the eighth grade, he became the youngest child to receive an Eagle Scout in the history of the Boy Scouts of America. Nevertheless, the “Great Depression” – during which he grew up – gave him different skills, which helped him enter the job market.

Sam worked in several occupations; To help his family; He started selling magazines and delivering newspapers, in addition to routine household chores. He also worked on packing cow’s milk and selling it to customers.

He attended David Hickman High School in Colombia, where he earned the nickname “The Versatile Boy” upon his graduation in 1936. He then joined the University of Missouri as a cadet in the Reserve Officer Training Corps (ROTC). During his studies at the university, he became a member of the famous QEBH secret society and graduated from the university in 1940 with a BA in economics.

Sam Moore Walton was born in Oklahoma, USA, in March 1918, and Walton is one of the products of the Great Recession of the 1930s, and he graduated from the University of Missouri in 1940.

Walton began working in retail with JC Penney in Oiwa as a trainee, with a monthly salary of $ 85 and spent the period between 1938 and 1942. After joining the Army and ending his military service, in 1945 Walton used his savings along with a $ 25,000 loan to buy Ben Franklin’s shop in Newport, Arkansas, where his brother joined him. In 1950, when the owner of the property in which Walton had leased him refused to renew the lease, Walton moved to Petonville in the same state.

Walton ably managed Ben Franklin’s stores from 1945 to 1962, when the number of his stores in 1962 reached nine stores, so this year he participated in establishing a retail store that later became the largest and most successful retail chain in the United States of America. And this store was called Wal-Mart. The story of Walmart’s opening stems from Sam Walton’s conviction at this time that the best way to achieve a boom in his retail business is to open discount stores; He studied chain stores such as K-Mart and Zayer stores and then submitted a proposal to the Ben Franklin store management to launch a store based on discounts. When management was not interested in his proposal, Walton and his younger brother, James, opened the first Walmart.

Walton has followed a good policy in accommodating clients’ requests; So he made sure to set up Wal-Mart stores near the warehouses that contain all the goods, in order to be able to deliver the goods to customers on the same day.

Although he is not targeting people who do not prefer everything that is cheap, he has managed to achieve success after success by targeting the classes that seek to squeeze their expenses. In addition, Walton has been buying directly from the factory rather than from wholesalers and has adhered to a policy and program imposed on himself under the slogan of buying everything American.

The result was that his stores had an annual growth rate of 35% for a decade, which is three times the overall retail industry. If we assume that there is an investor who owns 100 shares in Walmart stores worth 1650 dollars in 1970, the value of his shares may reach 700 thousand dollars at 1987 prices. Therefore, Sam Walton was able to achieve large profits until he became one of the richest men in the world.

Wal-Mart stores continued to grow until, in 1990, their number reached 1,000 branches, employing more than 150,000 employees.

Aristotle Onassis … the emperor of economy

Known during the past millennium, he is one of the most famous wealthy people in the world, although he was not born rich, but rather suffered greatly in his life’s journey; Until Aristotle Onassis managed; The owner of multiple companies and investments internationally, to be written among the world’s wealthy giants as if he were a trademark symbolizing money-making and luxury.

Life in Greece
Onassis was born on January 15, 1906, in Smyrna. Which was a huge port, and his father was a tobacco merchant, and he had one sister from his parents, “Artemis”, and two sisters from his father, namely: Calroy and Merup.

Although he has great intelligence, he has not succeeded academically; Which prompted him to leave school to work with his father, and then soon he left his town early due to political differences between Turkey and Greece; Which prompted him to settle in Buenos Aires, Argentina.

List of millionaires
Aristotle Onassis targeted the women’s market, with Claudia Museo; the Famous opera singer of the time; In order to promote his cigarette brand, his idea was highly acclaimed and popular on the global level; Which helped him join the list of millionaires at only 25.

Shipping company
Onassis founded the first commercial shipping company in the Argentine capital, then made a huge fortune after his business flourished in the tobacco business, and then moved to New York State; To start a new business that brings more profits to it.

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Onassis kept his company in Argentina, while he worked on developing in the United States of America, leaving a great legacy in Buenos Aires through the fund dedicated to supporting students in studies, and he maintained funding for the international program for the exchange of students and academics between a number of countries, the most important of which are: Greece, Monaco, and America.

Shipping fleet
Onassis made a great fortune, broke into the community of shipping magnates, and in 1931, he was appointed deputy consul of Greece in Buenos Aires.

In 1932, the Great Depression occurred, which disappointed the business community, but Onassis gained considerable experience in the financial world. This made him buy 6 cargo ships of 10,000 tons from the Canadian National Steamship Company, at less than half their cost, which was a great deal for him.

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Work wits
In the midst of World War II, Aristotle Onassis became the owner of the least expensive shipping fleet. As he took advantage of his business intelligence by licensing his fleet of cargo ships to “Panama” across the Atlantic; This gave him the advantage of free taxation and lowering the overhead costs of shipping.

Onassis built a fleet of cargo ships and oil tankers in excess of 70 containers; This enabled him to reap profits through his fleet, which used to sail flying the banner of “Panama” without tax, and at low costs.

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Although he was charging the lowest prices in the merchant fleet market, he was able to make huge profits, especially when the major oil companies – such as Saucony, Mobil, and Texaco – signed long-term fixed-price contracts with him to use his fleet, when they faced a problem in managing their own fleets, which carry American flags; Thus you need a high cost.

Monaco station
Aristotle Onassis arrived in the Principality of Monaco in the Mediterranean in 1953, and began to buy shares of Société des Bains de Mer in Monte Carlo; Using shell corporations in a Panama tax haven, and by summer, he was in control of the organization.

Prince Rainier III welcomed; Governor of Monaco at the time, with Aristotle Onassis’s historic deal as an investment in his country, but the situation between them deteriorated after Charles de Gaulle’s boycott; President of France at the time.

Warren Buffett’s Berkshire reports first-quarter profit of $ 7 billion

Berkshire Hathaway’s first-quarter profit rose 20%, recording $ 7.02 billion (about $ 4,600 per Class A share), compared to $ 5.87 billion in the first quarter of 2020.

Stock buybacks
The affiliate of billionaire Warren Buffett confirmed, Saturday, that its results are recovering from the repercussions of Covid-19, indicating that it has expanded its share buybacks through new buybacks of $ 6.6 billion, while Berkshire has repurchased $ 24.7 billion of its shares in last year.

From March 31 to April 22, Berkshire also bought more than $ 1.2 billion in shares that had previously sold.

The company’s net income was $ 11.71 billion during the first quarter of this year, or $ 7,638 per Class A share, compared to a net loss of $ 49.75 billion, or $ 30,653 per share, in the same period in 2020.

Warren Buffett, CEO of Berkshire Hathaway, speaks to the press as he arrives at the 2019 annual shareholders meeting in Omaha, Nebraska, May 4, 2019. (Photo by Johannes EISELE / AFP) (Photo credit should read JOHANNES EISELE/AFP via Getty Images)

It is noteworthy that the Berkshire Accounting Rules “require reporting gains and losses on shares that you own, even if you do not make buying and selling operations.”
Profit before taxes from retailers such as Nebraska Furniture Mart and See’s Candies doubled, as Berkshire car dealerships sold more cars and some results surpassed pre-pandemic levels despite supply chain disruptions.
Berkshire explained that Precision’s quarterly revenue has decreased by 36%, estimating that revenue and profits will remain “relatively low” in 2021 because it is “unlikely that aircraft production will grow significantly”.
Class A shares of Berkshire closed at $ 412,500, Friday, after hitting their highest level the day before trading.
Forbes estimates the wealth of the American billionaire, Warren Buffett, at $ 103.7 billion, as of May 1, 2021, and he is ranked sixth in the world in the list of the richest billionaires.

The founder of Signal hacks into an Israeli company that specializes in hacking phones

Moxy Marlinspike, founder and director of the “Signal” instant messaging service, revealed that he had hacked a device used by the Israeli company, “Cellebrite”, which specializes in hacking smartphones for intelligence purposes.

In a post on the official website of Signal, Moxy indicated that the “Silbright” device, which was found by accident, contains security flaws that expose the Israeli company’s customers to danger and threaten the accuracy of the reports issued by the devices used to penetrate phones.

Security loopholes
The post indicated that there are a number of flaws in the software system for operating the “Celebright” device, and Moxy considered them to be “high-risk” loopholes capable of making the Israeli company warn its customers against using its devices to extract information from inside any smartphone.

Moxy pointed out that some of the discovered vulnerabilities are able to open the way for hackers to place malicious code inside the operating system of the “Silbright” device, by planting a malicious file inside one of the applications installed on the target phones.

Through the malicious programming, it becomes easy for the hacker to remotely control the data and files stored on the phones, and thus it is easy to tamper with the reports issued by the “Celebright” devices, and the security services, which are considered one of the most important customers of the Israeli company, depend on them.

Charges exchanged
This statement comes as a new episode in which Signal responds to the allegations made by the company, “Silbright”, which it launched last month, during which it stated that it is able to provide services to hack any account on the “Signal” service to its customers.

Signal’s statement included a response “to this allegation,” noting that what Silbright can do in terms of collecting data from a Signal account, is what anyone can do when they hold a phone in their hands with an unlocked screen lock, and the only feature it provides “Celebright” for its customers to perform this operation automatically, without human intervention.

Willis Carrier .. inventor of the air conditioner

From the need of society and the company that he worked for, the “Willis Carrier” invention; For air conditioners, he was not only an inventor but an entrepreneur who made an imprint in the life of the whole world.

Willis Carrer was born on November 26, 1876, in the town of “Angola”, New York, USA, to a family consisting of a father and mother. Since childhood, he was passionate about science, then he joined Cornell University, and graduated in 1901 with a BA in Engineering.

When he turned 25, Carrer introduced a thermostat and humidity control system at Sackett-Wilhelms Printing and Publishing in Brooklyn; As his first important invention; Based on temperature and humidity control, air circulation, and ventilation, as well as humidifying air and heating and cooling water; As the company was struggling with printing one color well at the time; Due to the effect of heat and humidity on paper and ink.

The first centrifugal refrigeration machine invented by Willis H. Carrier, the father of air conditioning, is pictured in this 1922 photo in Syracuse, N.Y. (AP Photo/Provided by Carrier Corporation)

Willis Carrier patented the cooling system that he invented, known as the first modern air conditioning system in the world, and then he continued his work in other refrigeration fields, and then he was appointed director of the company’s testing engineering department.

Laws and documents
In 1906 Willis Carrer discovered the “law of constant regression of the dew point”; Knowing that the constant slope of the dew point provides an almost constant relative humidity; Which made it based on the design of the automatic control system; He filed a patent suit for the design on May 17, 1907, but it was not issued until February 3, 1914.

On December 3, 1911, Carrier presented the most important document on the air conditioner at the annual meeting of the American Society of Mechanical Engineers. She related the concepts of relative humidity, absolute humidity, and dew point temperature; This enables the air conditioning systems to be designed to precisely suit the requirements.

The first home air conditioner
By 1928, the company had developed its first home air conditioner, which is called the “weather maker,” but due to its high price, only wealthy families owned it.

The company merged with “Brunswick Cruise” and “York”; To form the Carrier Corporation, Willis Carrier was appointed as its Chairman.

Obstacles and challenges
Willis Carrier faced many financial challenges; As a result of the Wall Street crash in 1929, then the economic depression of 1930, homes and stores reduced the use of air conditioning.

Willis moved his company to New York, and in 1930, he launched his business in Japan and Korea through Toyo Carrier and Samsung Application.

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World War II broke out; This led to the curtailment of the idea of ​​the “polar hut”, which the Carrier Company presented at the World’s Fair in 1939.

The third richest billionaire in South Korea donates most of his fortune to solving social issues

South Korea’s third-richest billionaire, Kim Bum Soo, founder of Kakao Corporation, has signed the Giving Pledge initiative, launched by billionaire Warren Buffett, chairman of Berkshire Hathaway, pledging to donate most of his wealth to help solve social problems.

In a New Year message, Kim pledged to his company employees to donate more than half of his fortune to these goals.

Buffett Initiative
Kim and his wife Mason Hyung are the 220th on the signatories to the initiative Warren Buffett started in 2010 with Bill Gates and his wife Melinda to encourage the wealthy to donate to charity.
The initiative has been joined by billionaires from 25 countries, including Tesla founder, billionaire Elon Musk, Facebook founder Mark Zuckerberg and Virgin Group founder, Richard Branson.
Kim joins the Korean billionaire Kim Bong Jin, founder of the food delivery app Woowa Brothers, who also signed Buffett’s initiative with his wife last month.
“After achieving the wealth that I was seeking, I am starting to feel bored and lack a direction in life,” said Kim in a statement, who grew up in a poor family.
As part of adopting a strategy to influence the lives of many Koreans, Kim launched a project to support 100 startup executives. Kim aims to explore suitable alternatives to the educational system for future generations.

Kakao Corp’s market value is about 42.534 trillion won ($ 37.6 billion), based on today’s share price of 479,000 won ($ 423.47).
Kim’s fortune
Kim is the third richest person in South Korea, with a net worth of $ 9.3 billion, according to real-time statistics from Forbes.

Kim managed to increase his fortune by 232% in less than a year, reaching $ 2.8 billion in April of last year.

The KakaoTalk app, founded by Kim, has about 52 million users worldwide, according to Bloomberg, and about 90% of the South Korean population uses the app.

Kakao acquired the nation’s # 2 Daum search engine for $ 3.3 billion, in 2014.

Kim is a co-founder of NHN Entertainment, a gaming company affiliated with the nation’s largest search engine Naver, and in 2017, Kim bought Upbit, the nation’s largest cryptocurrency exchange, through his holding company K Cube Ventures.

Founded in 2010, Kakao Corporation has been able to take advantage of social distancing measures, many people have turned to its messaging app, e-commerce platform, and online games.

Kakao Corp’s profit last year was 167.077 billion won ($ 147.7 million), compared to losses of 341.925 billion won ($ 302.29 million) in 2019, according to its financial results posted on its official website.

Co-founder of Reddit expects a revival of sports cards trading

Reddit co-founder Alexis Ohanian, who also founded the venture capital firm Seven Seven Six and sits on the Alt board, says his new “favorite” cards are a card for his rising champion wife, Serena Williams, in the rookie card category. It is one of only ten cards released.

Usually all sports card enthusiasts have a distinctive card in their deck that differs from other cards. For Lior Avidar, founder and CEO of emerging card trading platform Alt, it is the one of a kind 2008 Topps Chrome Kobe Bryant Superfractor Card.

Ohanian Investment Corporation Seven Seven Six led the financing round this past February, along with other investors such as Kevin Durant’s Thirty-Five Ventures, Larry Fitzgerald, Stripe co-founders Patrick and John Collison, as well as First Round Capital and Addition Ventures. SV Angel and BoxGroup led the first pre-investment round.

More than just a hobby, collecting sports cards and memorabilia is sometimes a lucrative investment, with a fast-growing market valued at over $ 10 billion, according to Ken Goldin, founder and CEO of sports auction house Goldin Auctions in New Jersey.

The sector includes many other startups investing in collectibles and memorabilia, but most of them split expensive assets into more acceptable shares. Rally Rd is a big player in the market, allowing investors to buy and sell collections of collectibles, ranging from Lamborghini cars to Birkin handbags, as well as sports cards, and the company has raised about $ 27 million since 2017. There is also a company. Otis, which has raised an estimated $ 14 million in financing since 2019, aims to become the Nasdaq index, but for “culture” assets, according to CEO and founder Michael Carnanaprakorn. The company has about 75,000 customers, with Otis selling shares of trading cards, sneakers, comics and even Western artwork including the $ 75,000 piece of art made from medical bills.

How Warren Buffett used cash to invest in his company’s shares?

Berkshire Hathaway, owned by billionaire Warren Buffett, repurchased its shares (treasury shares) worth $ 24.7 billion in 2020 and said it was about to buy more of its shares in the future, as the giant holding company struggled to find other ways to exploit the enormous cash accumulated in it.

Buffett said on Saturday in his annual letter to investors that the company’s purchase of $ 9 billion in issued shares in the fourth quarter of 2020 was comparable to the record set in the previous quarter.

Buffett’s letter, which has been closely followed for being issued by one of the most famous investors in the world, devoted large parts to the effect of repurchasing of issued shares, in one of Berkshire’s biggest moves to exploit excess liquidity in 2020, because it “has not made any major acquisitions”.

Buffett also touched on the corporate giant’s strategy, and commended commercial activities such as insurance and rail operations in Berkshire.

Buffett has avoided touching on some of the most controversial issues today, including politics, the coronavirus pandemic, and racial equality. But Buffett remained optimistic about America, saying that progress in achieving a “more perfect union” was mixed, but was still moving forward.

Berkshire Hathaway is making little progress in reducing its cash accumulation, which fell by 5% in the fourth quarter of 2020, to $ 138.3 billion.

Buffett has struggled to keep up with the influx in recent years, as Berkshire is disposing of cash faster than it can find higher-yielding assets to seize.

Buffett said that “Apple” is one of the three most important assets in which Berkshire invested at $ 120 billion. The technology company said it plans to buy back its shares as well.

Stock portfolio
Fluctuations in Berkshire’s enormous $ 281.2 billion stock portfolio affect the company’s net income due to accounting technology. This pushed the ratio up 23% to $ 35.8 billion in the fourth quarter of 2020.

Class A shares in Berkshire rose about 2.4% in 2020, less than a 16% increase in the S&P 500.

The billionaire touched on only briefly the most looming questions about Berkshire’s future, relating to his tenure in the company.

Buffett again referred to the preferred CEO, Mrs. Blumkin, who founded the Nebraska Furniture Mart.

Buffett wrote that Blumkin worked until she turned 103, adding, “It’s ridiculously premature retirement age, as Charlie and I have said,” referring to Charlie Munger, 97, vice president of Berkshire.

Egyptian billionaire Nassif Sawiris agrees to sell “Signature” to private aviation

Informed sources revealed that Egyptian billionaire Nassef Sawiris is expected to accept a $ 4.7 billion acquisition offer for the private aircraft company, Signature Aviation, which is the third-largest shareholder in its capital.

The sources familiar with the negotiations added that “NNS”, the investment arm of the Sawiris family in international markets, is scheduled to sell its 7.42% stake in the world’s largest operator of private aircraft bases to a consortium led by “Blackstone Group” and “Global Infrastructure Partners”. Until Sawiris may announce his support for the deal this week.

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The sources, who requested anonymity due to the privacy of the discussions, believed that this step would contribute to ending a months-long battle to acquire the world’s largest private aircraft operator, as the alliance “Blackstone” and “Global”, the two former competitors for the deal, earlier this month And they raised the acquisition bid to $ 5.62 a share, and with this increase, they got the support of Signature management.

After that, the “Carlisle Group”, which was considering a counter-offer, announced last week that it would hold back from the deal, choosing instead to acquire one of the units of “Signature”.

With Sawiris’ approval, Blackstone and Global’s latest bid to acquire the private airline, which has the backing of billionaire Bill Gates, the largest shareholder in Signature, is likely to succeed.

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