Gulfstream G650 new symbol of wealth

No matter how wealthy they are, some of the super rich just can’t resist the temptation to make a couple of million dollars in profit by selling their reservation for Gulfstream G650 jets to billionaires who can’t afford to wait four or five years to get their hands on this latest symbol of wealth and affluence. According to parent company General Dynamics, the G650 may yet turn out to be Gulfstream Aerospace’s most profitable aircraft ever, with an overbooked reservation order of over 200 since it was launched in 2010.

Demand is high that impatient billionaires don’t mind paying as much as $10-$15 million more for a “second hand” G650 whose tag price is originally $65 million. Among the high profile owners, include Exxon Mobil, Walmart and Quallcom owners, while Ralph Lauren and Oprah Winfrey are waiting for their own luxury aircraft. Jet brokers are having a heyday, receiving as many as 40 calls a day from interested buyers from Latin America, Russia and the Middle East and one “anonymous” order from the Philippines.

With a top speed of 610 mph/982 kph (or at Mach speed of 0.925, said to be the fastest in the world), plush interiors, high cabin pressure designed to minimize jet lag, the G650 is definitely perfect for those whose businesses require a lot of traveling on a global scale. As a Gulfstream executive remarked during the Paris Air Show last year, the G650 has become the “gold standard” and has established “a new market segment for the whole industry” – with no real competitors in the next few years until 2017 when Bombardier’s Global 7000/8000 is expected to go into service.

In the Philippines, the only one who owns a Gulfstream jet is ICTSI chairman and president Enrique “Ricky” Razon, who travels in his own G550 to visit his container business empire spread across the world – from Japan, China, Hong Kong, India, Pakistan to Mexico, Colombia, Honduras, Brazil, Croatia, Poland and Madagascar in Africa.

Ricky is only one among 10 Filipinos included in Forbes’ elite list of billionaires, with his net worth estimated at $4.2 billion – although Bloomberg places the figure at around $5.2 billion.

Anderson Cooper not inheriting Vanderbilt Fortune

Fair-haired CNN 360° anchor Anderson Cooper has been told by his famous heiress mother Gloria Vanderbilt that he won’t be inheriting the vast Vanderbilt fortune. Cooper has become a familiar face to Filipinos for his live reports from Tacloban regarding the plight of the victims of Typhoon Yolanda – which triggered a testy verbal exchange with ABS-CBN anchor Korina Sanchez.

Cooper seems relieved at being told that “there won’t be any trust fund,” saying that inheriting money is a curse and an “initiative sucker.” He also remarked that many who inherited their fortune miss out on doing things on their own. Describing his mom as the coolest person, the 46-year-old journalist says he would want to make his kids “start working early on and start to have a sense of responsibility.”

Anderson’s father Wyatt Emory Cooper was born to a poor family from Mississippi, later on becoming an author and screenwriter. He died at the young age of 50 though, during an open heart surgery. 

Singapore’s Manpower Ministry empowered to arrest abusive employers

This will come as very welcome news to workers in Singapore including OFWs – the Ministry of Manpower (the equivalent of our Department of Labor and Employment) has been granted the power to apprehend and arrest employers who do not pay employees on time. This came about as the Singapore Parliament’s approved amendments to the Employment Act came into affect last Tuesday, extending better protection to workers and improve employment standards.

Under the Employment Act, an employer is required to pay workers within seven days after the end of each salary period for work done (including overtime) but apparently, there have been reports of violations from some employers.  Singapore has no prescribed minimum wage, and salaries are dependent on negotiations and mutual agreement between the employer and employee, or the trade union representing the employee. 

Under the amendment, first time offenders face a fine of $3,000 to $5,000 and/or six months imprisonment, while repeat offenders could face up to 12 months in jail plus a fine of up to $30,000.

MOPC to hold 5th golf tournament

The Manila Overseas Press Club (MOPC) will be holding its 5th golf tournament for its scholarship fundraising event next week at the Sta. Elena Golf and Country Club in Sta. Rosa, Laguna with top businessmen, business editors, members of the diplomatic circle and government officials expected to attend. Over the years, the “by-invitation only” event has attracted so many participants who look forward to a day of fun as they engage in a friendly competition for top golfing honors in several categories.

This year’s event has been made possible by the MVP Group in cooperation with Philippines, Inc. The tournament’s major sponsors are: PLDT, Smart, Meralco, First Pacific Tollways, Philex Mining, Maynilad, and Metro Pacific Investments Corp. Other minor sponsors include Pilipinas Shell Petroleum, PAGCOR’s Casino Filipino, National Grid Corp. of the Philippines, ABS-CBN, Social Security Systems, CATS Motors, Inc., The Bellevue Hotel, PeopleAsia magazine, Weber Shandwick Philippines, BizNews Asia magazine, Solaire Resort and Casino, Unilab Corp., Jollibee Foods Corp. and Federal Land Inc.    

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