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<ul class="summary-list"><li>Steve Schwarzman, Blackstone's cofounder and CEO, is estimated to be worth $57 billion.</li><li>Schwarzman has called Blackstone his family office, but he has another family office, BI has learned.</li></ul>In his book, <a target="_blank" class="" href="https://www.businessinsider.com/blackstone-ceo-stephen-schwarzman-best-career-lessons-2019-9">"What It Takes,"</a> Steve Schwarzman recalls being on the verge of graduating from college in 1969 with little sense of what he might do next.A member of Yale's famed <a target="_blank" class="" href="https://www.businessinsider.com/most-powerful-members-yale-skull-and-bones-2017-3">secret society Skull and Bones</a>, Schwarzman wrote to one of its most prestigious alumni,<a target="_blank" class="" href="https://www.businessinsider.com/the-bushes--a-wall-street-dynasty-2012-11"> Averell Harriman</a>, for advice. The heir of a railroad baron, Harriman had parlayed his family's wealth into the investment bank Brown Brothers Harriman before embarking on a political career that included roles as the governor of New York, the secretary of commerce under President Harry Truman, and America's lead negotiator in the <a target="_blank" class="" href="https://www.businessinsider.com/tet-offensive-us-victory-but-turned-americans-against-vietnam-war-2021-1">Vietnam War</a> peace talks.Over lunch at Harriman's Upper East Side mansion in Manhattan, the two men discussed a career in politics for Schwarzman before Harriman asked his guest whether he was "independently wealthy.""That will make a great difference in your life," Harriman told Schwarzman, the <a target="_blank" class="" href="https://www.businessinsider.com/steve-schwarzmans-life-2015-10">middle-class son of a Philadelphia dry-goods-store owner</a>. "I advise you, if you have an interest in politics whatsoever, to go out and make as much money as you can."Schwarzman, 77, never ended up pursuing a career in politics, but as the CEO and a cofounder of the alternative-asset manager Blackstone, he has built a fortune that <a target="_blank" class="" href="https://www.bloomberg.com/billionaires/">Bloomberg estimates</a> is worth $57 billion — or more than the market value of Ford Motor Co.The 24th richest man in the world, Schwarzman has used his wealth to influence various industries, including politics, real estate, and the arts, as well as culture. A <a target="_blank" class="" href="https://www.businessinsider.com/finance-ceos-supporting-trump-blackstone-steve-schwarzman-citadel-ken-griffin-2024-10">vocal supporter of Donald Trump</a>, Schwarzman is expected to have a <a target="_blank" class="" href="https://www.businessinsider.com/wall-street-advisor-trump-lutnick-schwarzman-warsh-federal-reserve-2024-11">voice in the next White House</a>. His name adorns the New York Public Library and <a target="_blank" class="" href="https://www.businessinsider.com/steve-schwarzman-name-buildings-yale-2015-5">buildings on prominent university campuses</a> such as Yale's and MIT's. He and his wife, Christine Hearst Schwarzman, have been guests and supporters of the Metropolitan Museum's star-studded Met Gala fundraising extravaganza. They have also been the subject of news stories for their own <a target="_blank" class="" href="https://www.businessinsider.com/2008/10/steve-schwarzman-apologizes-for-the">elaborate parties</a> (think camels, <a target="_blank" class="" href="https://www.businessinsider.com/left-management-consulting-become-flying-trapeze-teacher-2022-8">trapeze artists</a>, and Gwen Stefani) and many home purchases.<div type="image" title="Steve Schwarzman and his wife Christine Hearst Schwarzman outside of the Met Gala. Steve is wearing white tie attire, and Christine is wearing a gold." height="2656" width="3984" msid="115333170" hostid="261" sizebytes="476358"></div>Little is known, however, about how the private-equity titan manages his money.At a conference last year, Schwarzman suggested that the firm he <a target="_blank" class="" href="https://www.businessinsider.com/blackstone-deal-to-expand-hq-in-latest-sign-of-growth-2024-6">cofounded in 1985</a> was sufficient to handle his financial affairs."I own a lot of stock, and I invest in all of our funds, so the firm is my family office," Schwarzman said at the Bank of America Securities Financial Services gathering, according to an AlphaSense transcript.Business Insider has learned, however, that Schwarzman also has a family office with a name that harkens back to his childhood. Pennypack is run by a former Blackstone tax expert and employs dozens of people, including housekeepers, lawyers, and personal assistants, according to public records and conversations with people with knowledge of Schwarzman's money-management tactics, some of whom requested anonymity to speak about his private matters.It's secretive, with a nondisclosure agreement at the ready for its contractors, and provides support for at least some of Schwarzman's charitable organizations and political dealings. Pennypack also helps care for and manage many of the Schwarzman family's properties.Here's a look at what it takes to manage billionaire Steve Schwarzman's wealth.<h2 id="061bb84c-1342-46df-a7e6-0fa5a6a820d1">Most of Schwarzman's wealth is tied up in Blackstone</h2>Schwarzman cofounded Blackstone in 1985 with his former boss, Pete Peterson, and $400,000 in seed money. Today, it manages <a target="_blank" class="" href="https://www.businessinsider.com/blackstone-third-quarter-earnings-private-credit-insurance-unit-aum-2024-10">more than $1 trillion</a>, making it the largest alternative-asset manager in the world.He is the biggest single shareholder, with a 19% stake, surpassing institutional giants like Vanguard. Based on a recent stock price of $181.17, his stake is worth $41.7 billion, which means that more than two-thirds of Schwarzman's wealth comes directly from his equity in Blackstone.As a shareholder, Schwarzman also benefits from <a target="_blank" class="" href="https://www.businessinsider.com/blackstone-ceo-steve-schwarzman-earnings-in-2017-2018-3">cash dividends</a> the company pays its stock owners. Public records show that in 2023, he took home $777 million in dividends, a 29% decline from the more than $1 billion in dividends he took home in 2022. Before Blackstone went public, Schwarzman received cash dividends as a partner in the firm.Schwarzman is also the largest individual investor in Blackstone's funds, a spokesperson for him said."Mr. Schwarzman is the largest individual investor in both Blackstone's stock and our funds — demonstrating his full alignment with the success of the firm and its clients," the spokesperson wrote.BI could find no evidence that Pennypack invests on behalf of Schwarzman, with no regulatory filings showing that it owns stock.This is unusual but not unheard of, Marc Sharpe, a professor and the chair of the Family Office Association, said. He pointed to Michael Dell, the founder of Dell Computer who invests through MSD Capital but also has a separate office to manage and run his personal affairs."There is no single correct way to define a family office," Sharpe wrote to BI. "Oftentimes, they're described as a buffet menu of financial plus concierge services that wealthy families might utilize."<h2 id="37457fb4-3ead-4cc8-a639-7ed014e15612">The name is linked to his childhood</h2>The Pennypack name appears to be a throwback to Schwarzman's youth. His family lived on Pennypack Road after moving from Philadelphia to its neighboring suburbs when Schwarzman was a teenager. Property records show that his parents bought their home, which abuts Pennypack Creek, a 22-mile creek that empties into the Delaware River, in 1960 and sold it decades later, in 2004.<div type="image" title="A railroad bridge over a river, surrounded by a forest in autumn" height="3765" width="5648" msid="115333168" hostid="261" sizebytes="2645164"></div>Pennypack LLC was incorporated in 2018 in <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-done-with-delaware-other-corporations-unlikely-to-follow-2024-2">Delaware</a>. It's unclear whether the entity existed before in a different form, and representatives for Schwarzman declined to clarify.According to Blackstone's 2023 annual report, it provides Schwarzman's family office with "offices, technology, and support," though Schwarzman is responsible for reimbursing Blackstone for the costs. Until this year, the company was registered to a Blackstone office address, according to corporate filings.<div type="image" title="Blackstone signage outside Blackstone Group headquarters in NYC" height="2268" width="3400" msid="115333173" hostid="261" sizebytes="564594"></div>Like many family offices, Pennypack is secretive. According to a copy of an <a target="_blank" class="" href="https://www.businessinsider.com/how-nondisclosure-agreements-silence-control-workers-silicon-valley-2021-7">NDA </a>for vendors that work with Pennypack, obtained by BI, signees are not allowed to disclose information about the "Schwarzman Group."According to the document, the Schwarzman Group includes "all employees of Pennypack, all employees of all residences of Stephen A. Schwarzman and/or Christine Hearst Schwarzman regardless of the location of such residences; and all business entities that Pennypack manages, operates or is associated with, and the employees and agents of those businesses."<h2 id="ce719a95-bc69-41be-9292-52d9184d267d">Who runs Pennypack?</h2>Pennypack is run by John Magliano, a former Blackstone executive and accountant. Magliano's LinkedIn profile says he has been the president of a family office since 2017.He spent more than 18 years with Blackstone, including as the CFO of its private-equity group, which runs its control investments in businesses, and as a managing director of Blackstone's tax group, which helps prepare its tax returns and studies the tax implications of business decisions. After leaving to run Pennypack, Magliano stayed on as a senior advisor to Blackstone through 2021.Schwarzman thanks Magliano in the acknowledgments section of his autobiography, along with Paul A. White, another Pennypack executive. The pair are listed as officers in LLCs tied to a string of Schwarzman's recent home purchases, including his $32.5 million purchase of a mansion on the tony Easton Street in <a target="_blank" class="" href="https://www.businessinsider.com/nantucket-homes-give-away-free-move-houses-cost-reason-2024-4">Nantucket, Massachusetts,</a> which marked the largest private-home sale in the island's history at the time.<div type="image" title="Postcard of the White Elephant, an iconic Nantucket hotel, with sailboats in front of it." height="2673" width="4212" msid="115333174" hostid="261" sizebytes="1269842"></div>The two men are also named as officers of LLCs linked to the $43 million purchase and renovation of two <a target="_blank" class="" href="https://www.businessinsider.com/gilded-age-mansions-photos-wealth-2024-9">historic Newport, Rhode Island, mansions</a>: Ocean View and Miramar, the latter of which Schwarzman said he would <a target="_blank" class="" href="https://www.townandcountrymag.com/society/money-and-power/a61852950/steve-schwarzman-miramar-private-museum/">turn into a museum</a> when he dies. They are also named as officers of an LLC tied to Schwarzman's $100 million purchase of an estate named Conholt Park, which is about a 30-minute drive from Stonehenge in Wiltshire, England.<h2 id="665829e5-e31a-44d6-b0d6-9cfaacbcba9a">The staff</h2>A person with direct knowledge of Pennypack's operations told BI that Pennypack employed over 100 people in various roles, from executive assistants to the housekeepers who clean and maintain his homes.One employee on LinkedIn described their role at Pennypack as providing administrative support to "Mrs.," an apparent reference to Hearst Schwarzman. Listed duties included managing her personal projects and board and foundation endeavors, drafting emails, preparing her for speaking engagements, and tracking auctions for purchases.Another Pennypack employee described themself on LinkedIn as a housekeeper.A list of contractors obtained by BI shows that Pennypack has hired landscapers, ornamental plasterers, construction workers, and architects. The building conservationist linked to Miramar, the Gilded Age Newport home he bought for $27 million in 2021, is on the list.<div type="image" title="Black and white photo of Miramar, taken between 1917-1927" height="1122" width="1536" msid="115333180" hostid="261" sizebytes="64092"></div>Pennypack also appears to play in role in the Schwarzman's family's security. In June, the family office purchased a radio call sign tied to Ocean View in Newport. The Federal Communications Commission application said that "radios will be used to coordinate private security details."<h2 id="d929c107-fbef-4672-bcc4-3c5d65f98c0b">Schwarzman's charities and politics</h2>Pennypack's officers also play a role in <a target="_blank" class="" href="https://www.businessinsider.com/steve-schwarzman-comments-on-report-cards-2015-11">Schwarzman's charitable works</a>. Public filings show that Magliano is the treasurer and director at the Stephen A. Schwarzman Foundation, Schwarzman's main philanthropic arm. Its recent donations include $350 million to MIT for a building dedicated to the study of artificial intelligence and computing, as well as more than $220 million to create a new Centre for the Humanities at Oxford, which is set to include the study of <a target="_blank" class="" href="https://www.businessinsider.com/blackstone-steve-schwarzman-on-ai-infrastructure-investment-goals-2024-7">ethics in AI</a>.<div type="image" title="A view of the New York Public Library - Stephen A. Schwarzman Building." height="4128" width="6192" msid="115333177" hostid="261" sizebytes="1646392"></div>Magliano is in charge of the foundation's bookkeeping, the filings show.Filings show that Magliano is also a vice president and the treasurer of the Stephen A. Schwarzman Education Foundation, which runs the <a target="_blank" class="" href="https://www.businessinsider.com/schwarzman-scholars-in-china-2013-4">Schwarzman Scholars program</a>, a master's leadership program at Tsinghua University in Beijing. The program was founded in 2016 to help foster US <a target="_blank" class="" href="https://www.businessinsider.com/blackstone-ceo-stephen-schwarzman-us-china-trade-war-2019-9">relations with China</a>.In 2022, Magliano was paid $300,000 for working 18 hours a week with the two foundations, according to nonprofit filings for the firm.Schwarzman has long been in the political spotlight, most notably as the head of then-President Trump's <a target="_blank" class="" href="https://www.businessinsider.com/trump-business-council-strategic-policy-forum-why-ceos-left-2017-8">Strategic and Policy Forum</a> and as a <a target="_blank" class="" href="https://www.businessinsider.com/which-billionaires-support-donald-trump-campaign">prolific Republican donor</a>.<div type="image" title="President Donald Trump listens to Blackstone CEO Stephen Schwarzman." height="3557" width="5336" msid="115333182" hostid="261" sizebytes="1969124"></div>Federal Election Commission filings show that Pennypack was paid over $12,000 in March for fundraising consulting by a joint PAC connected to Senator-elect<a target="_blank" class="" href="https://www.businessinsider.com/tim-sheehy-montana-wealthy-republican-climate-change-china-investments-2023-11"> Tim Sheehy of Montana</a>.A Schwarzman spokesperson told BI that the payment was a reimbursement for a fundraiser that he held for Sheehy.<h2 id="fab9026e-545d-4685-b7c4-455482025cff">What is a family office, anyway?</h2>The concept of the family office can be traced to the 1838 founding of the House of Morgan to handle J.P. Morgan's fortune. Sharpe, the chair of the Family Office Association, estimated that there were now at least 3,000 family offices serving a single family in North America. Every family office, however, is just as unique as the wealthy family that's spawned it, he said."The term family office," Sharpe said, "is possibly the most misused, overused, and poorly used term in finance today."

Inside the secretive operation helping manage billionaire Steve Schwarzman's vast fortune

The allegations of the US Short seller Hindenburg against <keyword id="19901201" type="General" weightage="100" keywordseo="Sebi" source="keywords">SEBI</keyword> Chairperson <keyword id="22743118" type="General" weightage="20" keywordseo="Madhabi-Buch" source="keywords">Madhabi Buch</keyword> and her husband have drawn sharp political reactions from the opposition parties. Reacting to the Hindenburg report, Samajwadi Party spokesperson Ghanshyam Tiwari on Sunday lashed out at the Modi government and said that the tenure of PM Modi will be known for 'Adani-waad'. "The whole world witnessed a different session with different ideologies but the term of PM Modi will be known as 'Adani-waad'. In this Adani-waad, they captured the whole economic system of India in such a way that Gautam Ad(<keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="83" meta.entityid="Adani Group">Adani Group</keyword>) could benefit, it looks like this is the only motive of PM Modi," he said. Referring to the Hindenburg Report alleging SEBI chief Madhabi Buch and her husband's stakes in "both the obscure offshore entities used in the Adani money siphoning scandal", Tiwari stated, "Hindenburg's report regarding the SEBI chief has triggered the integrity of the market regulator. Hindenburg alleged that SEBI is not investigating properly. Questions are being raised on the Adani Group continuously by the opposition. Anybody with a basic investigation can simply question how the Adani Group with different allegations of corruption, whether it is a coal scam or power, through the medium of offshoring, invested in the share markets. SEBI whose duty was to investigate and find out the criminals was deviating from the core issues." Aam Aadmi Party MP Sanjay Singh alleged that the Modi government is steeped in corruption and is trying to save "their friend Adani". Taking it to a social media post on X, Sanjay Singh wrote, "The Hindenburg revelations were hinted at 3 days before Modi ended the Parliament session. Modi Government is steeped in corruption from head to toe. To save his friend Adani, Modi Ji got the investigation done by the same SEBI Chairman who had committed the scam in connivance with Adani. SC should reconsider its decision." <keyword id="19895371" type="General" weightage="20" keywordseo="Congress" source="keywords" meta.keywordsubtype="org" meta.entityname="Congress" meta.hostid="83" meta.entityid="Congress">Congress</keyword> MP Manish Tewari said that a JPC must be constituted to go into the entire Hindenburg saga. "There are certain revelations by the <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="83" meta.entityid="Hindenburg Research">Hindenburg Research</keyword> which have been put out in the public space. They require closer scrutiny...There seems to be some semblance of an alleged conflict of interest and so therefore under those circumstances there has been a demand in the public space for a while that the entire Hindenburg saga needs to be investigated properly by a <keyword id="21964200" type="General" weightage="20" keywordseo="Joint-Parliamentary-Committee" source="keywords" meta.keywordsubtype="org" meta.entityname="Joint Parliamentary Committee" meta.hostid="83" meta.entityid="Joint Parliamentary Committee">joint parliamentary committee</keyword>. It would be in the fitness of things if a joint parliamentary committee is constituted to go into all these issues at length," he said. Earlier in the day, shortly after US-based short seller Hindenburg Research on August 10 alleged that SEBI Chairperson Madhabi Buch and her husband had stakes in "both the obscure offshore entities used in the Adani money siphoning scandal," the SEBI Chairperson and her husband issued a joint statement rejecting the allegations. Madhabi Puri Buch and her husband accused Hindenburg Research, against whom SEBI has taken enforcement action, of character assassination. In the joint statement released to the media they said, "Our life and finances are an open book. All disclosures as required have already been furnished to SEBI over the years. We have no hesitation in disclosing any and all financial documents, including those that relate to the period when we were strictly private citizens, to any and every authority that may seek them. It is unfortunate that Hindenburg Research against whom SEBI has taken an Enforcement action and issued a show cause notice has chosen to attempt character assassination in response to the same." Earlier on Saturday, US short seller Hindenburg had alleged, "We had previously noted Adani's total confidence in continuing to operate without the risk of serious regulatory intervention, suggesting that this may be explained through Adani's relationship with SEBI Chairperson, Madhabi Buch." "What we hadn't realized: the current SEBI Chairperson and her husband, Dhaval Buch, had hidden stakes in the exact same obscure offshore Bermuda and Mauritius funds, found in the same complex nested structure, used by Vinod Adani," the report by the US hedge firm said. Hindenburg Research said it has made the new allegations based on documents provided by a whistleblower and investigations carried out by other entities. In January 2023, Hindenburg published a report accusing the Adani Group of financial irregularities, leading to a significant drop in the company's stock price. The group at the time had rubbished these claims. The Hindenburg report alleged stock manipulation and fraud by the conglomerate. The case is related to the allegations (part of a report by Hindenburg Research) that Adani had inflated its share prices. After these allegations were published, there was a sharp fall in the shares of various Adani group companies' stocks. In January 2024, the Supreme Court refused to transfer the probe into the allegations of stock price manipulation by the Adani group to an SIT and had directed market regulator SEBI to complete its probe into two pending cases within three months. Earlier this year, the SC also dismissed a plea seeking to review the verdict that had sought investigation by the market watchdog SEBI in the Adani-Hindenburg case.

Integrity of SEBI questioned, JPC probe into Hindenburg a must: INDIA bloc targets govt on Hindenburg allegations

<ul class="summary-list"><li>Hurricane Milton is expected to make landfall in Florida on Wednesday night.</li><li>Four international and several smaller airports are set to close ahead of the storm arriving.</li></ul>Four international airports are set to suspend commercial flights as <a target="_blank" class="" href="https://www.businessinsider.com/hurricane-milton-tampa-mayor-castor-evacuation-orders-die-warning-helene-2024-10">Hurricane Milton</a> approaches Florida, while American Airlines scheduled extra services for evacuees.Milton intensified into a Category 5 storm — the most severe classification — in the Gulf of Mexico on Monday. It later weakened to an "extremely dangerous" Category 4 storm and is expected to make landfall in Florida on Wednesday night.The National Hurricane Center estimated peak storm surges as high as 15 feet in the Tampa Bay area.Orlando International, Sarasota-Bradenton, St Pete-Clearwater International, and Tampa International airports have all announced closures. All except Orlando are located in counties with mandatory evacuation orders.Tampa International will close Tuesday at 9 a.m., followed by Sarasota-Bradenton at 4 p.m. and St Pete-Clearwater after the last flight departs on Tuesday.As of 7 a.m. Tuesday, close to a third of 158 flights at Tampa International had already been canceled, per FlightAware.Orlando International said it would end commercial operations on Wednesday morning but remain open for emergency, aid, and relief flights. Jet bridges were being tied down in preparation.Several public airports are also closing down, including Peter O. Knight, Tampa Executive, and Plant City.Miami International Airport aid it would remain open but was monitoring the situation and encouraged travelers to confirm their flight status with their airlines.<a target="_blank" class="" href="https://news.aa.com/news/news-details/2024/American-provides-extra-seats-customer-flexibility-in-Florida-ahead-of-Hurricane-Milton-OPS-DIS-10/">American Airlines</a> added several flights to help people evacuate on Monday and Tuesday.It's added 11 flights from Tampa International and one from Sarasota-Bradenton, totaling about 2,000 seats. Passengers can check two bags at no cost.American and other airlines have issued travel alerts and are waiving change fees while some are also waiving cancellation charges.The disruption comes two weeks after <a target="_blank" class="" href="https://www.businessinsider.com/pete-buttigieg-elon-musk-hurricane-helene-call-best-thing-2024-10">Hurricane Helene</a> devastated the southeastern US with more than 1,000 flights canceled.A spokesperson for the Federal Aviation Administration said its Joint Crisis Action Team will handle Hurricane Milton centrally from its command center, "so there is a strong coordinated communication and planning effort."At airports, radars are shut down to protect antennae and their motors from wind damage, while air traffic controllers are evacuated from towers to seek shelter in a lower level of the building."The FAA has personnel on the ground to make sure damaged equipment and services are restored quickly to aid in a rapid response to hard-hit areas," the spokesperson said. "Relief and restoration routes are opened to assist after the storm passes."

Airports are closing and American Airlines is operating evacuation flights as Hurricane Milton nears Florida

<ul class="summary-list"><li>Western defense companies are increasingly setting up operations on Ukrainian soil.</li><li>Two companies announced this week that they are starting new projects based in Ukraine.</li></ul>US and European defense companies are increasingly setting up operations in Ukraine, with the brutal war raging on and presenting plenty of opportunities.Two companies said this week that they will work more on key weapons in Ukraine, adding to what has been a growing presence of Western defense manufacturers in the country since <a target="_blank" class="" href="https://www.businessinsider.com/why-did-russia-invade-ukraine-putin-politics-motive-2023-6">Russia launched its full-scale invasion</a> in February 2022.KNDS, a French-German defense group, announced on Tuesday that it had opened a subsidiary in Kyiv, Ukraine's capital, where one of its aims is to "carry out maintenance, repair and overhaul work" on some of its systems that Ukraine's military is using.This includes the <a target="_blank" class="" href="https://www.businessinsider.com/ukrainian-soldier-reveals-why-leopards-are-better-than-soviet-tanks-2023-9">Leopard 1 and 2 main battle tanks</a>, the CAESAR <a target="_blank" class="" href="https://www.businessinsider.com/ukraine-artillery-arsenal-creates-logistical-maintenance-problems-2023-7">artillery gun</a>, the AMX10 RC armored fighting vehicle, the PzH 2000 <a target="_blank" class="" href="https://www.businessinsider.com/mud-makes-trouble-ukraines-howitzers-super-sensitive-dirt-vacuum-cleaner-2023-5">armored howitzer</a>, and the <a target="_blank" class="" href="https://www.businessinsider.com/gepard-cannons-are-defeating-russias-drones-but-ukraine-needs-ammo-2023-4">Gepard self-propelled antiaircraft gun</a>.The company said in a press statement that the new subsidiary "will support the cooperation between Ukrainian government institutions, the Ukrainian armaments industry and KNDS."Meanwhile, AeroVironment, an American defense contractor headquartered in Virginia, signed an agreement with an undisclosed Ukrainian company to make the Switchblade 600, a loitering munition, in Ukraine, the Kyiv Independent <a target="_blank" class="" href="https://kyivindependent.com/us-company-aerovironment-plans-to-start-producing-switchblade-loitering-munitions-in-ukraine/">reported</a>.The moves build on a growing Western defense industry presence in Ukraine.Ukraine's defense minister, Rustem Umerov, said in December that his country had signed "dozens of new contracts" that included joint production agreements with Western partners.German arms maker Rheinmetall has opened a plant in Ukraine and its CEO <a target="_blank" class="" href="https://newsukraine.rbc.ua/news/rheinmetall-to-open-air-defense-plant-in-1715848545.html">said</a> in May that the company will open a new air defense facility in the country.It also said that it would produce Lynx armored vehicles in Ukraine.BAE, a major British defense firm, meanwhile, announced last year that it was opening a new base in Ukraine to "ramp up" its support for the country's armed forces.And an unnamed US State Department official <a target="_blank" class="" href="https://www.defenseone.com/business/2024/08/warily-us-companies-eye-co-production-deals-ukraine/398616/">told Defense One</a> that more American defense companies seem interested in establishing themselves in Ukraine.But the official also warned of the dangers involved, saying no company wants their facilities targeted or employees hurt.The efforts are part of a wider push to integrate Western and Ukrainian defense efforts, including by sharing technologies, Ukrainian weapons specialists working in the West, and Western countries repairing and storing Ukrainian weaponry.These efforts will "allow Ukraine to become self-sufficient over time and integrate Ukraine into the broader Western security network," Washington DC-based think tank the Institute for the Study of War <a target="_blank" class="" href="https://understandingwar.org/backgrounder/ukraine%E2%80%99s-long-term-path-success-jumpstarting-self-sufficient-defense-industrial-base">said</a> in January.Most of Ukraine's weaponry comes from its allies, but it has also dramatically increased its own production. This includes <a target="_blank" class="" href="https://www.businessinsider.com/ukraine-make-72-howitzers-next-year-struggle-ammo-report-2023-12">making its own howitzers</a>, <a target="_blank" class="" href="https://www.businessinsider.com/ukraine-making-own-bombs-counter-russian-devastation-us-ones-jam-2024-6">glide bombs</a>, and <a target="_blank" class="" href="https://www.businessinsider.com/ukraine-on-track-produce-more-mortar-drones-than-planned-official-2024-7">drones</a>.<a target="_blank" class="" href="https://www.businessinsider.com/russia-finally-serious-about-its-war-spelling-trouble-for-ukraine-2024-5">Russia is also ramping up its own production</a>, sparking concerns in the West.Russia's invasion of Ukraine has been a major boost for Western defense companies, with many nations increasing their defense spending.Countries have increased their orders, and <a target="_blank" class="" href="https://www.businessinsider.com/russia-forced-west-boost-weapon-production-gear-no-longer-made-2024-7">many companies have increased their production, including equipment that had stopped being made</a> — not only to aid Ukraine but to prepare for any future Russian conflict with the West.The benefit has been huge for US companies: Of the $113 billion pledged by Congress up until April 2024 in relation to the war, as much as $68 billion was destined to be invested in domestic companies, <a target="_blank" class="" href="https://www.csis.org/analysis/how-supporting-ukraine-revitalizing-us-defense-industrial-base">according to</a> the Center for Strategic and International Studies think tank.

More US and European defense companies are setting up operations in Ukraine as the war rages on

<keyword id="20018887" type="General" weightage="100" keywordseo="Vistara" source="keywords" meta.keywordsubtype="org" meta.entityname="Vistara" meta.hostid="346" meta.entityid="Vistara">Vistara</keyword> will operate the last flight under its brand on November 11 and the full-service carrier's operations will be unified with <keyword id="19896871" type="General" weightage="20" keywordseo="Air-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Air India" meta.hostid="346" meta.entityid="Air India">Air India</keyword> from November 12. The government has given its nod for the foreign direct investment by <keyword id="20036942" type="General" weightage="20" keywordseo="Singapore-Airlines" source="keywords" meta.keywordsubtype="org" meta.entityname="Singapore Airlines" meta.hostid="346" meta.entityid="Singapore Airlines">Singapore Airlines</keyword> as part of the Air India-Vistara <keyword id="20035800" type="General" weightage="20" keywordseo="merger" source="keywords">merger</keyword>. Vistara is a joint venture between <keyword id="19924335" type="General" weightage="20" keywordseo="Tata-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Group" meta.hostid="346" meta.entityid="Tata Group">Tata Group</keyword> and Singapore Airlines. Air India is owned by Tata Group. "Starting 03 September 2024, customers will, progressively, no longer be able to make bookings with Vistara for travel on or after 12 November 2024," Vistara said in a release on Friday. Thereafter, Vistara aircraft will be operated by Air India and bookings for the routes operated by these planes will be redirected to Air India's website. "Vistara will continue to take bookings and operate flights as usual till 11 November 2024," the release said. The merger of Vistara with Air India was announced in November 2022 and post-completion of the deal, Singapore Airlines will have a 25.1 per cent stake in Air India. Vistara CEO Vinod Kannan said the merger is about offering passengers more choice with a larger fleet and a wider network while elevating the overall travel experience. "Cross-functional teams from Air India and Vistara have been working together for many months to make the transition of aircraft, flying crew, ground-based colleagues and, most importantly, our valued customers, into the new Air India as seamless as possible," Air India CEO and MD Campbell Wilson said. In a separate release, Air India welcomed the Union Cabinet's approval for the foreign direct investment by Singapore Airlines in the airline. "This is an important milestone that facilitates the merger process between Vistara and Air India, and the broader transformation of the Air India Group," it said.

Vistara to operate last flight under its brand on November 11

<ul class="summary-list"><li>A cell operator is advising parents not to give smartphones to children under 11 years of age.</li><li>EE, a major UK network, suggests providing devices that don't have access to social media instead.</li></ul>Parents of elementary school-age children have been advised against giving them <a target="_blank" class="" href="https://www.businessinsider.com/smartphones-ban-gen-z-school-12-hour-day-social-media-2024-7">smartphones</a> by one of the UK's biggest cell operators.EE gave the guidance about kids under the age of 11, suggesting instead that parents provide "devices with limited capabilities" that allow them to text or call but cannot access social media or inappropriate content.The network operator said the initiative was a response to growing concerns among parents about screen time, online safety, and how digital device usage can affect children's well-being."While technology and connectivity have the power to transform lives, we recognize the growing complexity of smartphones can be challenging for parents and caregivers," Mat Sears, EE's corporate affairs director, said in a <a target="_blank" class="" href="https://newsroom.ee.co.uk/ee-launches-age-guidance-for-smartphone-usage-in-drive-to-improve-childrens-digital-wellbeing/">statement</a>."They need support, which is why we are launching new guidelines on smartphone usage for under 11s, 11-13-year-olds, and 13-16-year-olds to help them make the best choices for their children through these formative years," he said.EE also advised that smartphones used by children aged 11 to 13 should have parental controls enabled, family-sharing apps in place, and restrict access to social media.The company suggested smartphones were appropriate for 13 to 16-year-olds but advised parental controls should be used to "restrict children's access to inappropriate sites, content, and platforms."It's thought to be the first time a UK operator has offered such advice on smartphone use by children.There has been growing concern about smartphone use's effects on children and teenagers. <a target="_blank" class="" href="https://www.businessinsider.com/jpmorgan-summer-reading-list-books-ai-f1-matt-damon-art-2024-5">Jonathan Haidt's bestseller, "The Anxious Generation,"</a> sparked global attention by arguing that the rise of smartphones was linked to an uptick in mental health issues in young people.The book advocates for a ban on social media for children under 16 and the need for phone-free schools.Several schools, including the elite British <a target="_blank" class="" href="https://www.businessinsider.com/eton-college-replaces-first-year-student-smartphones-old-school-nokias-2024-7">boarding school Eton College</a>, have taken steps to reduce children's reliance on smartphones. In July, BI reported that Eton College banned smartphones for first-year students and replace them with Nokia "brick" phones.Meanwhile, about a dozen high schools in south London have jointly introduced a <a target="_blank" rel="" href="https://www.businessinsider.com/eton-college-replaces-first-year-student-smartphones-old-school-nokias-2024-7">smartphone ban</a> that will affect more than 13,000 students.

Don't give smartphones to kids under 11, major cell operator advises parents

<ul class="summary-list"><li>Two Russian drone operators said their officer assigned them to an infantry assault after a quarrel.</li><li>They died soon after, igniting a frenzy of criticism from pro-war Russian commentators.</li></ul>The deaths of two seasoned Russian drone operators in Ukraine have stirred a frenzy among pro-Kremlin military bloggers, who say the specialists were sent to fight as regular infantrymen.In a video recorded before their deaths, both operators said they were assigned to a suicide mission with an assault unit as punishment for arguing with their commander.The clip of the specialists — Dmitry "Goodwin" Lysakovsky and Sergei "Ernest" Gritsai — was published posthumously, appearing on Friday on the <a target="_blank" class="" href="https://t.me/nwindpro/605">Telegram channel "North Wind.</a>"The footage has since circulated widely on Russian Telegram channels, which identified the soldiers as members of the 87th Rifle Regiment fighting near Pokrovsk in Donetsk.Lysakovsky and Gritsai accused their new commander, Igor Puzyk, of disbanding their drone squad after they quarreled with him and filtering their team members into infantry platoons.They further alleged that Puzyk had facilitated drug trafficking in his unit and falsely reported battlefield gains under his command.Lysakovsky recorded a separate video message in which he profusely criticized Puzyk and claimed that the commander was being influenced by a soldier who kept ties with Ukrainian intelligence."Lies is an absolute norm," Lysakovsky said, per a translation by Estonian analyst WarTranslated. "I'm recording this in case I don't come back from assault, and only then this message will have any weight," Lysakovsky added.He later said in<a target="_blank" class="" href="https://t.me/nwindpro/604"> another video</a> that he was about to leave to "storm" with his infantry unit and called on Russian men not to join the war."Your task is to die here so that the regiment commander, reporting to the higher-ups, looks good," he said. "These are his personal serfs."These two videos featuring him were also published by "North Wind" on Friday.<a target="_blank" href="https://www.kommersant.ru/doc/2764147">Past Russian media reports</a> suggest that Lysakovsky was well-known even before the Ukraine war, writing that he was a lawyer and financier who was fighting for the Donetsk People's Republic, a separatist faction in Ukraine, as early as 2014.He became the head of the DPR's aerial reconnaissance unit by 2016, per a <a target="_blank" class="" href="https://www.kommersant.ru/doc/2928468">report that year by Kommersant</a>, which said he was charged with corporate raiding in Moscow.As for Gritsai, Russian military bloggers who claimed to personally know him reported that he was a career officer.In their joint video complaint, the two men said they complied with their commander's orders because they had taken an "oath to the Motherland."<h2 id="bcff2614-b207-4716-b0af-b010753fef05">Russian backlash and an official response</h2>The footage sparked an outcry over the weekend among Russian military bloggers, many of whom independently reported that the two men had been killed in battle.Part of the backlash stems from assessments by on-the-ground pundits that Lysakovsky and Gritsai had been two of the best drone operators at the frontline.Several posted <a target="_blank" class="" href="https://t.me/vrogov/17456">screenshots</a> of Russian text messages, in which Lysakovsky asked for help with transferring out of his unit."There are no supplies, no maps, no plans of minefields. Nothing," Lysakovsky wrote in a message dated September 10.Dozens of Russian commentators have blasted the circumstances of the deaths, with some calling for a ban on assigning specialists like snipers or drone operators to infantry assaults."The very fact of repurposing an effective UAV reconnaissance crew into assault infantry in the current conditions is, to put it mildly, sabotage," wrote <a target="_blank" class="" href="https://t.me/sashakots/48967;">Russian pro-Kremlin journalist Alexander Kots.</a>The Russian Defense Ministry <a target="_blank" class="" href="https://t.me/mod_russia/43394">confirmed</a> the deaths of Gritsei and Lysakovsky on Sunday, writing that it would investigate their demise.The probe would be run under the "personal control" of Viktor Goremykin, a deputy defense minister, and Valery Gerasimov, the chief of Russia's armed forces, the ministry said in its statement.Some of the furor has calmed since the announcement. However, several prominent bloggers continued expressing concern over what they say is a rising occurrence of Russian commanders wasting valuable specialists on frontal assaults.Political commentator <a target="_blank" class="" href="https://t.me/philologist_zov/1403">Svyatoslav Golikov</a> wrote that the problem had become "systematic" in the military due to manpower shortages on the battlefield."This particular issue will be sorted out. But only because it raised a fuss," wrote the <a target="_blank" class="" href="https://t.me/dva_majors/52506">Telegram channel Two Majors.</a>The Russian Defense Ministry did not immediately respond to a request for comment sent outside regular business hours by Business Insider.Pokrovsk, the city near which Lysakovsky and Gritsai were deployed, has been a focal point and a source of much bloodshed on Ukraine's eastern front.Russian troops have been pushing hard to take the logistics hub in recent months, <a target="_blank" class="" href="https://www.understandingwar.org/backgrounder/russian-offensive-campaign-assessment-september-15-2024">nearing the outskirts</a> of the city after <a target="_blank" class="" href="https://www.businessinsider.com/russia-suffered-hundreds-thousands-casualties-in-ukraine-western-intelligence-2024-9">weeks of slow advance.</a>

Russia is furious over reports that a commander sent his best drone operators to die as infantrymen because they criticized him

Gurugram: <keyword id="22345435" type="General" weightage="20" keywordseo="TATA-SIA-Airlines-Limited" source="keywords" meta.keywordsubtype="org" meta.entityname="TATA SIA Airlines Limited" meta.hostid="261" meta.entityid="TATA SIA Airlines Limited">TATA SIA Airlines Limited</keyword>, known by the brand name of <keyword id="20018887" type="General" weightage="20" keywordseo="Vistara" source="keywords" meta.keywordsubtype="org" meta.entityname="Vistara" meta.hostid="261" meta.entityid="Vistara">Vistara</keyword> announced its merger with <keyword id="19896871" type="General" weightage="20" keywordseo="Air-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Air India" meta.hostid="261" meta.entityid="Air India">Air India</keyword> on Friday. The company said in a statement that customers will not be able to make <keyword id="19916663" type="General" weightage="20" keywordseo="bookings" source="keywords">bookings</keyword> with Vistara for travel on or after November 12. "Starting 03 September 2024, customers will, progressively, no longer be able to make bookings with Vistara for travel on or after 12 November 2024," the company said. However, Vistara will continue to take bookings and operate flights as usual till 11 November 2024. All Vistara aircraft will be operated by Air India and bookings for the routes operated by these aircraft will be redirected to Air India's website, the company informed. During this transition period, both Vistara and Air India will ensure necessary support, consistent communication, and convenience to all customers, every step of the way. Vinod Kannan, Chief Executive Officer, Vistara, said, "We are immensely grateful to all our customers for their support and patronage over the last 10 years. As we progress further in our growth journey, we want to emphasize that this merger is about offering them more choice with a larger fleet and a wider network, while elevating the overall travel experience. Vistara and Air India are committed to ensuring that this transition is smooth and hassle-free. We are excited about this new phase in our journey and look forward to welcoming our customers again soon - as Air India." Campbell Wilson, Chief Executive Officer &amp; Managing Director, Air India, said, "Cross-functional teams from Air India and Vistara have been working together for many months to make the transition of aircraft, flying crew, ground-based colleagues and, most importantly, our valued customers, into the new Air India as seamless as possible. The joint team looks forward to offering our guests an expanded network, additional flight options, an enhanced frequent flyer program and the best of both antecedent airlines and are grateful for the support of our loyal customers through this next phase of building a world class, world scale, global airline with an Indian heart." On August 10, Both companies secured the CAR (Civil Aviation Requirement) 145 approval from the Directorate General of Civil Aviation (<keyword id="19899185" type="General" weightage="20" keywordseo="dgca" source="keywords">DGCA</keyword>) to integrate their aircraft line maintenance operations, as per an official release.

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