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Have India’s air travel and hospitality industries recovered post-covid?

<ul class="summary-list"><li>Former Treasury Secretary Larry Summers says the Fed has redeemed itself.</li><li>He told Bloomberg TV the central bank's post-COVID policy was an "egregious" mistake.</li></ul>Larry Summers considers the Federal Reserve vindicated after its initial misstep on inflation.The former Treasury Secretary told <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-08-23/summers-says-fed-recovered-from-egregious-inflation-mistake?srnd=phx-economics-v2">Bloomberg TV</a> that the central bank's interest rate strategy has largely succeeded, even though Fed officials made a major blunder by first underestimating pandemic-era inflation.In 2021, the Fed mischaracterized inflation as <a target="_blank" href="https://www.businessinsider.com/inflation-used-car-prices-cpi-july-flatlined-transitory-price-growth-2021-8">"transitory,"</a> citing that COVID supply chain disruptions would eventually blow away.Instead, the consumer price index climbed to more than 9% the next year."The misjudgment was a pretty egregious one," Summers said, citing how the Fed expected for interest rates to remain at zero until 2024: "That was a low point in terms of monetary policy judgement."Once central bankers grew to understand that inflation needed an interest rate response, the Fed initiated the most aggressive policy-tightening campaign in recent history. Since March 2022, the Fed funds rate has climbed from near-zero levels to 5.25%-5.50%.In that period, Summers often showcased skepticism that the Fed could clamp down on inflation this way without economic consequences. Though higher rates slow down price growth, they risk joblessness and an economic downturn.By August 2022, Summers was pricing in a <a target="_blank" href="https://www.businessinsider.com/larry-summers-predicts-likelihood-that-us-will-go-into-a-recession-2022-8">75% chance of a US recession</a>, though he also acknowledged smaller odds that inflation fades away without a meaningful deterioration in employment.Two years later, his alternative forecast appears more true."I've got to give it Fed credit for the fact that, while it wasn't always obvious that this would be the case, they moved strongly enough and vigorously enough to keep expectations anchored," Summers told Bloomberg, adding that a recession looks increasingly unlikely."As a consequence, I think if you look at the growth statistics or the employment statistics through this period, they will be remembered as having been quite good."His comments come shortly after Fed Chairman Jerome Powell spoke at the Jackson Hole Symposium. In a widely-anticipated speech, Powell signaled that the <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-today-investors-await-jerome-powells-jackson-hole-speech-2024-8">time has come for monetary policy to adjust</a>.Now, the main question is how far interest rates could fall during the Fed's September meeting. Given cooling labor data in July, <a target="_blank" class="" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html?redirect=/trading/interest-rates/countdown-to-fomc.html">most feel that at least a 25-basis point cut</a> is appropriate.Future jobs prints could sway this. For instance, if unemployment or nonfarm payroll data worsens, analysts have <a target="_blank" href="https://www.businessinsider.com/fed-interest-rate-cuts-labor-unemployment-claudia-sahm-jeremy-siegel-2024-8">argued that a deeper cut could be worthwhile.</a>

The Fed has redeemed itself after an 'egregious' post-COVID inflation error, former Treasury Secretary Larry Summers says

<ul class="summary-list"><li>The "Saturday Night Live" post-election episode did not land well with fans of the show or Elon Musk.</li><li>Fans called Bill Burr, this week's host, racist and sexist after his controversial opening monologue.</li></ul>The "<a target="_blank" class="" href="https://www.businessinsider.com/where-are-they-now-snl-cast-members-2019-7">Saturday Night Live</a>" post-election episode was criticized by people across the political spectrum, including Elon Musk.The show featured a controversial monologue by comedian <a target="_blank" class="" href="https://www.businessinsider.com/saturday-night-live-bill-burr-monologue-reactions-2020-10">Bill Burr</a>, and a skit featuring SNL alumnus Dana Carvey doing an impression of Musk.In 2016 and 2020, when Donald Trump and Joe Biden won the presidential races, respectively, <a target="_blank" class="" href="https://www.businessinsider.com/dave-chappelle-called-bigot-during-visit-high-school-netflix-special-2021-11">Dave Chappelle</a> hosted the first post-election episodes. It's unclear why he wasn't chosen this year, but in recent years he has been criticized for jokes viewed as antisemitic and <a target="_blank" class="" href="https://www.businessinsider.com/netflix-streams-dave-chappelle-speech-months-after-backlash-trans-remarks-2022-7">transphobic</a>. Burr took over this year, and joked that<a target="_blank" class="" href="https://www.businessinsider.com/wuhan-coronavirus-racism-asians-experience-fears-outbreak-2020-1"> Asian people spread COVID-19</a> and that women should "whore it up" to become president."Listen, I know a lot of ugly women, feminists I mean, don't want to hear this message. But just tease him a little bit. Make a farmer feel like he's got a shot," Burr advised future female presidential candidates after <a target="_blank" class="" href="https://www.businessinsider.com/election-results-trump-harris-presidential-election-2024-11">Kamala Harris lost to Trump</a> last week.Some fans called Burr's jokes racist and sexist.Other defended the jokes, saying that critics were being too sensitive.Later in the monologue, Burr turned his attention to Trump, calling him an "orange bigot" and "lunatic," but those jokes appear to have been overshadowed by his previous comments. Burr is known for being controversial, with his last appearance on SNL in 2020 receiving a similarly mixed response from fans after he made jokes about white women, <a target="_blank" class="" href="https://www.businessinsider.com/anti-maskers-are-new-anti-vaxxers-threatening-public-health-coronavirus-2020-7">anti-maskers</a>, and Pride month.Before Burr's monologue, the show opened with the "Saturday Night Live" cast standing together onstage saying that they have always been Trump supporters, in an apparent joke about companies currying favor with the president-elect. Some fans said the joke wasn't funny.Later in the skit, James Austin Johnson, a cast member who usually impersonates Trump, appeared as a "Hot Jacked Trump," while Carvey sent up <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-trump-calls-zelenskyy-erdogan-influence-2024-11">Musk</a>, who was instrumental to Trump's election campaign.Musk, who has previously hosted the show, replied to three different X users to criticize the show.NBC did not immediately respond to a request for comment from Business Insider.

The controversial post-election episode of "Saturday Night Live" got a lot of people talking — including Elon Musk

<ul class="summary-list"><li>Threads is blocking links to an article that may contain links to leaked documents about JD Vance.</li><li>X had already blocked links to the same article earlier this week.</li></ul>Threads is following X's lead, blocking links to purportedly leaked documents about vice presidential candidate JD Vance.Meta says the links could come from hacked or leaked sources — and it's blocking them because of the potential connection. The FBI and other intelligence agencies last month <a target="_blank" class="" href="https://www.fbi.gov/news/press-releases/joint-odni-fbi-and-cisa-statement-on-iranian-election-influence-efforts">warned that Iran-backed hackers</a> had sought to access information from the Trump campaign.Purportedly <a target="_blank" class="" href="https://www.politico.com/news/2024/08/10/trump-campaign-hack-00173503">hacked documents</a> have been floating around various media outlets ever since, and while the existence of these documents has been reported, almost all outlets have refused to publish the details due to the potentially illicit way they were obtained.Independent journalist Ken Klippenstein, however, published the trove of documents on his Substack on Thursday. His <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-x-twitter-account-suspensions-rising-2024-9">account on X was quickly suspended</a>, and some users said their accounts were locked after posting the link.<div type="image" title="a threads link blocking a link" height="1272" width="1290" msid="113753330" hostid="261" sizebytes="61006"></div>Threads is now blocking links to the post, too.A spokesperson for Meta told Business Insider: "Our policies do not allow content from hacked sources or content leaked as part of a foreign government operation to influence US elections. We will be blocking such materials from being shared on our apps under our Community Standards."Threads posts that contain a link to Klippenstein's Substack article aren't being removed, but the link isn't clickable. Instead, people get a popup that says: "This link can't be opened from Threads. It might contain harmful content or be designed to steal personal information."In a follow-up article, Klippenstein pointed out what he said was the irony of X suspending his account since the throttling of the <a target="_blank" class="" href="https://www.businessinsider.com/first-amendment-explained-twitter-censorship-hunter-biden-laptop-2022-12">Hunter Biden laptop story</a> is something Elon Musk seized on as an example of the old Twitter limiting the free exchange of ideas on the platform — something the new owner has aimed to change.Meanwhile, Mark Zuckerberg has recently said he is <a target="_blank" class="" href="https://www.businessinsider.com/mark-zuckerberg-meta-facebook-libertarian-trump-2024-9">purposely backing away from US politics</a> and involvement in the presidential election. In a <a target="_blank" class="" href="https://www.businessinsider.com/mark-zuckerberg-letter-jim-jordan-meta-facebook-censorship-politics-meaning-2024-8">recent letter to US Sen. Jim Jordan,</a> he wrote that he regretted that Meta made moderation concessions regarding Covid after government pressure.

Threads joins X in blocking posts to apparently leaked documents about JD Vance

<ul class="summary-list"><li>The Kremlin said Trump did send Putin COVID tests during the pandemic.</li><li>A new book by Bob Woodward claims that Trump sent them in early 2020 for Putin's personal use.</li></ul>The Kremlin seemingly confirmed reports that then-President Donald Trump sent COVID tests to Russian President Vladimir Putin in early 2020, for Putin's own personal use.According to several reports, Dmitry Peskov, the Kremlin's spokesperson, said on Wednesday that the tests had been sent, but added that: "We also <a target="_blank" href="https://time.com/7074194/kremlin-trump-putin-covid-test-bob-woodward-book/">sent equipment at</a> the beginning of the pandemic."Journalist Bob Woodward made the revelations in his forthcoming book "War," <a target="_blank" class="" href="https://www.businessinsider.com/trump-putin-woodward-book-secret-covid-tests-seven-calls-2024-10">excerpts</a> of which were published by CNN and The Washington Post on Tuesday."Please don't tell anybody you sent these to me," Putin told Trump, according to the <a target="_blank" rel=" nofollow" class="" href="https://edition.cnn.com/2024/10/08/politics/bob-woodward-book-war-joe-biden-putin-netanyahu-trump">CNN excerpt</a>, adding "I don't want you to tell anybody because people will get mad at you, not me. They don't care about me."The book also claims that Trump may have had up to seven phone calls with Putin since leaving office in 2021, citing a Trump aide.However, Peskov denied this. "About the phone calls—it's not true," he said, according to <a target="_blank" class="" href="https://time.com/7074194/kremlin-trump-putin-covid-test-bob-woodward-book/">TIME</a>.Trump campaign spokesman Steven Cheung vigorously denied the book's claims in a <a target="_blank" class="" href="https://www.businessinsider.com/trump-putin-woodward-book-secret-covid-tests-seven-calls-2024-10">statement</a> to Business Insider on Tuesday."None of these made-up stories by Bob Woodward are true and are the work of a truly demented and deranged man who suffers from a debilitating case of Trump Derangement Syndrome," Cheung said.

The Kremlin says Trump sent Putin COVID tests during the pandemic, but denies subsequent calls

<ul class="summary-list"><li>The Small Business Administration ran out of funding for its disaster loan program on October 15.</li><li>The lapse could slow recovery efforts by small businesses damaged by hurricanes Helene, Milton.</li></ul>Locally owned businesses in places like Asheville still reeling from Hurricane Helene were hit with another setback this week.The Small Business Administration said on October 15 that its disaster loan program had run out of money. While the agency is still accepting applications for aid, it can't make loans until Congress approves more funding. That is likely weeks away, because Congress isn't expected to return until after the November election.The delay is unacceptable, said Kit Cramer, president of the Asheville Chamber of Commerce that represents more than 1,500 businesses. She worries it will slow down the pace of recovery for artists, breweries, and other local shop owners who sustained devastating property damage. Many of them count on the fall tourism season to earn enough money to make it through the less-busy winter months."The vast majority of my membership is small, unique businesses that bring beauty to living here," Cramer said. "That also means they don't have deep pockets. They want to keep paying employees, but it'll be hard. Some already had federal loans from the Covid period that they're paying off."Cramer added that local business owners are also discovering that their insurance policies don't have very comprehensive coverage.The SBA offers business and nonprofit owners low-interest loans up to $2 million for property damage that isn't covered by insurance and economic losses due to the disruption.The SBA said it has received some 37,000 applications from survivors of Hurricane Helene so far. More than 700 loans totaling $48 million have been approved. For Hurricane Milton, the SBA has already received more than 12,000 applications.The SBA's funding lapse comes two weeks after President Joe Biden <a target="_blank" href="https://www.businessinsider.com/fema-helene-milton-relief-funding-congress-disaster-victims-2024-10">warned lawmakers about the rapidly depleting funds</a> and urged Congress to reconvene. FEMA has said it has enough money for immediate disaster relief efforts following Hurricanes Helene and Milton, but the agency might have to stop funding longer-term recovery projects as soon as January without additional money from Congress.House Speaker Mike Johnson, a Republican from Louisiana, said that Congress is tracking the hurricane damage closely and will have a more accurate picture of the financial needs next month. He expects bipartisan support for additional funding when lawmakers return to Washington on November 12.In the meantime, Biden administration officials and business leaders are encouraging people to fill out applications for SBA disaster loans."SBA will continue to support homeowners, renters, businesses and nonprofits in processing their applications to ensure they receive assistance quickly once funds are replenished," Isabel Casillas Guzman, the administrator of the SBA, said in a statement.The SBA has a site in downtown Asheville at the Chamber of Commerce building and is working to set up other stations in the region to help people apply for aid, a spokesperson said.Cramer said the region has never experienced such a catastrophe, which means this is the first time many residents are navigating disaster relief programs. The communities are learning as they go, but also are still focused on getting clean water and helping their neighbors.Cramer lives in the mountain town of Swannanoa, North Carolina, where mudslides have swallowed roads, bridges, and homes, and power remains spotty. She had some roof damage and still doesn't have much running water, but said she is grateful her house wasn't washed away.Are you a business owner, homeowner, or renter affected by the SBA's pause in disaster loans? Contact <a target="_blank" href="mailto:cboudreau@insider.com">cboudreau@insider.com</a>.

The SBA can't help business owners hit by Helene, Milton until Congress comes back post-election

Rep. <keyword id="23631254" type="General" weightage="20" keywordseo="Thomas-Massie" source="keywords">Thomas Massie</keyword>, an <a href="https://www.businessinsider.com/thomas-massie-oppose-israel-aid-hamas-attack-2023-10" target="_blank">idiosyncratic libertarian</a> who represents a deep-red Kentucky district, shared a photo on X of a ballot that had "DeSantis/Massie" written in as candidates for president and vice president. After the publication of this story, a campaign spokesman responded to a request for comment and said Massie's post was a joke, noting the ballot, which also included Sen. <keyword id="20667602" type="General" weightage="20" keywordseo="Elizabeth-Warren" source="keywords">Elizabeth Warren</keyword>, was from Massachusetts. "I do NOT recommend this," said the post, which was published to the Massie campaign's X account on Tuesday evening, "unless you're in a state where the outcome is already decided." Massie and former President Donald Trump have had a somewhat tortured relationship, with Trump calling for the Kentucky congressman to be ousted from the <keyword id="20072488" type="General" weightage="20" keywordseo="GOP" source="keywords" meta.keywordsubtype="org" meta.entityname="GOP" meta.hostid="261" meta.entityid="GOP">GOP</keyword> after he stalled a vote on a COVID relief package in March 2020. Massie was also one of a handful of House Republicans who <a href="https://www.businessinsider.com/chip-roy-thomas-massie-trump-desantis-endorsements-fear-2024-1" target="_blank">endorsed Gov. Ron DeSantis of Florida</a> during the 2024 GOP presidential primary, and he has declined to formally endorse Trump since Trump secured the party's nomination. The Kentucky congressman has also long been a thorn in the side of the GOP generally. In May, he partnered with Rep. Marjorie Taylor Greene in an <a href="https://www.businessinsider.com/which-house-republicans-vote-table-marjorie-taylor-greene-motion-vacate-2024-5" target="_blank">unsuccessful bid</a> to oust Mike Johnson from the speakership, an effort driven in part by Johnson's decision to allow the House to vote on Ukraine aid. Correction: October 16, 2024 — An earlier version of this story mischaracterized the photo that Thomas Massie's campaign account shared on X. The photo showed a ballot from Massachusetts, not Massie's ballot. The story was updated with a comment from Massie's campaign describing the post as a joke.

House Republican Thomas Massie posts joke about write-in ballot listing 'DeSantis' for president — and 'Massie' for VP

<ul class="summary-list"><li>A new book by Bob Woodward includes new details about Trump's relationship with Putin.</li><li>Trump reportedly sent Putin COVID tests in 2020 and may have called him up to 7 times since 2021.</li></ul>In a forthcoming book, journalist <a target="_blank" class="" href="https://www.businessinsider.com/bob-woodward-trump-unparalleled-danger-democracy-president-2022-10">Bob Woodward</a> reports that former President Donald Trump and Russian President Vladimir Putin have a deeper relationship than previously known.According to excerpts published by CNN and the Washington Post on Tuesday, Trump sent Putin COVID testing machines in early 2020 for his personal use."Please don't tell anybody you sent these to me," Putin told Trump, according to the <a target="_blank" class="" href="https://edition.cnn.com/2024/10/08/politics/bob-woodward-book-war-joe-biden-putin-netanyahu-trump">CNN book excerpt</a>. "I don't want you to tell anybody because people will get mad at you, not me. They don't care about me."The book also says that Trump may have had up to seven phone calls with Putin since leaving office in 2021, citing a Trump aide.Trump campaign spokesman Steven Cheung vigorously denied the book's claims in a statement to Business Insider on Tuesday, attacking Woodward in personal terms. He also referenced the fact that Trump <a target="_blank" class="" href="https://www.businessinsider.com/trump-wont-win-his-million-lawsuit-against-woodward-experts-say-2023-2">has sued Woodward</a> for releasing audio tapes of the former president in 2022. That case remains ongoing."None of these made up stories by Bob Woodward are true and are the work of a truly demented and deranged man who suffers from a debilitating case of Trump Derangement Syndrome," Cheung said. "Woodward is an angry, little man and is clearly upset because President Trump is successfully suing him because of the unauthorized publishing of recordings he made previously.""President Trump gave him absolutely no access for this trash book that either belongs in the bargain bin of the fiction section of a discount bookstore or used as toilet tissue," Cheung added.Woodward, a former Washington Post report, has authored or co-authored more than 20 books and has written books about each of the last 10 presidents.Trump's relationship with Putin has long been controversial. Following Russia's 2022 invasion of Ukraine, the former president said that Putin's <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-vladimir-putin-ukraine-invasion-justification-genius-savvy-2022-2">justification for the war</a> was "genius" and "savvy."

Trump-Putin relationship: New book details secret COVID tests, up to 7 phone calls since 2021

<ul class="summary-list"><li>New-home construction starts dropped in July to the lowest level since 2020, new data shows.</li><li>Developers are dialing back as homebuyers stay reluctant due to high prices and mortgage rates.</li></ul>US construction of new homes dropped to a four-year low last month as would-be homebuyers remain put off by the market's high prices and persistently elevated mortgage rates.According to <a target="_blank" href="https://www.census.gov/construction/nrc/current/index.html">Commerce Department</a> data, total housing starts fell 6.8% month-to-month in July, slipping to a 1.23 million annualized rate. That marks the lowest level since April 2020, when pandemic factors pushed the rate down to 938,000.Although the post-COVID era saw construction momentum surge, high-mortgage-rate pressure and buyer uncertainty have stalled new home projects. Those looking to purchase a property have often found themselves priced out, with low inventory driving prices to unaffordable levels.In June, home prices hit a fresh all-time high of $442,525, Redfin reported, creating the highest-ever record share of homes <a target="_blank" href="https://www.redfin.com/news/million-dollar-homes-increasing/">valued at over $1 million</a>.With demand turning lackluster, continued construction has actually boosted supply to its <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-06-26/highest-inventory-of-new-us-homes-since-2008-threatens-building">highest level since 2008</a>. The Commerce Department found that completed single-family homes jumped to a three-month high.But with fewer consumers willing to take up the added inventory, builders seem to be dialing back on new construction.Faced with this, <a target="_blank" href="https://www.nahb.org/news-and-economics/press-releases/2024/08/builder-confidence-moves-lower-as-market-waits-for-rate-cuts">builder confidence</a> in the new-home market fell for the fourth consecutive month, according to an index tracked by the National Association of Home Builders and Wells Fargo. Confidence is at the lowest level since December of last year.The same index found that 33% of builders cut home prices in August to spur sales, marking the highest share in 2024. The use of price incentives also grew to 64%.Buyers appear hesitant to enter the market amid current mortgage rate levels, and many are likely holding off until these borrowing costs ease. Last week, the 30-year fixed mortgage rate stood at 6.49%, <a target="_blank" href="https://www.freddiemac.com/pmms">Freddie Mac</a> data showed."With current inflation data pointing to interest rate cuts from the Federal Reserve and mortgage rates down markedly in the second week of August, buyer interest and builder sentiment should improve in the months ahead," NAHB Chief Economist Robert Dietz said in the report.But recently, "Shark Tank" investor Barbara Corcoran <a target="_blank" href="https://www.businessinsider.com/housing-prices-market-outlook-us-mortgage-rates-drop-barbara-corcoran-2024-8">warned against trying to time the market</a>, cautioning that buyers who wait for lower mortgage rates will instead face tremendous competition that will bolster prices beyond what they are now.In her view, homes could appreciate as much as 10% once mortgage rates hit 6%.

New-home construction hits a COVID-era low as high prices scare away buyers

<ul class="summary-list"><li>Emirates has agreed to buy five Airbus A380 jets for $200 million.</li><li>It's the latest sign of renewed post-pandemic popularity for the superjumbo jet.</li></ul>Emirates has agreed to buy five <a target="_blank" class="" href="https://www.businessinsider.com/every-airline-flies-the-airbus-a380-and-their-destinations-2024-7">Airbus A380</a> jets in a sign of the superjumbo jet's renewed popularity.The Dubai-based carrier is the world's largest operator of the type, with a fleet of 118, according to data from ch-aviation.In 2011, <a target="_blank" class="" href="https://www.businessinsider.com/emirates-airbus-a380-business-first-class-bar-shower-photos-2023-11">Emirates</a> started to lease seven A380s from a firm called Doric Nimrod Air Two Limited, the latter said in a London Stock Exchange <a target="_blank" class="" href="https://www.londonstockexchange.com/news-article/DNA2/sale-of-remaining-five-assets/16627872">filing</a> on Wednesday. When the first two leases expired last year, Emirates purchased them.When the remaining five expire later this year, Emirates will buy those jets too — for a total of $200 million, the lessor said.It's a positive sign for fans of the world's largest passenger airliner, which has been on a buoyant path after the pandemic.Airlines like Lufthansa and Air France retired their <a target="_blank" class="" href="https://www.businessinsider.com/why-airlines-are-falling-back-in-love-with-airbus-a380-2021-10">A380s as COVID disrupted</a> the industry. The four-engine jet has particularly high fuel costs, while its double-deck capacity necessitates operating it on popular routes.But post-pandemic, it has been making a comeback. <a target="_blank" class="" href="https://www.businessinsider.com/lufthansa-surging-demand-return-airbus-a380-jumbo-jet-photos-2022-6">Lufthansa</a> unretired eight of its 14 superjumbos, while <a target="_blank" href="https://www.businessinsider.com/qatar-airways-airbus-a380-photos-first-business-economy-class-bar-2024-8#qatar-has-seven-active-a380-superjumbos-with-an-average-age-of-about-eight-and-a-half-years-1">Qatar Airways</a> is extending plans for its 10. The latter is also developing a new first-class cabin for the A380.Qatar Airways CEO <a target="_blank" class="" href="https://www.businessinsider.com/qatar-airways-airbus-a380-not-retiring-boeing-777x-replacement-2024">Badr Mohammed Al Meer previously said</a> its A380 operations had been extended due to delays to one of its potential replacements, the Boeing 777X.Qatar has ordered 74 of the upcoming widebody net, while Emirates has 262 on order.Emirates' latest deal could give it more flexibility pending potential further delays to the 777X. Boeing initially hoped it would enter service in 2020, but that has since been pushed back to 2025.Emirates' Tim Clark previously said he expects delivery as late as 2026. A <a target="_blank" class="" href="https://www.businessinsider.com/boeing-777x-flight-tests-paused-problem-key-part-could-delay-2024-8">problem discovered in 777X flight tests</a> could delay it further.One of the five A380s that Emirates is leasing, A6-EDX, has been in storage since 2020, per ch-aviation data. Travel news site <a target="_blank" class="" href="https://www.paddleyourownkanoo.com/2024/08/21/emirates-buys-five-airbus-a380s-for-200-million-as-delivery-delays-for-new-planes-continue-to-plague-industry/">Paddle Your Own Kanoo</a> suggested that it could be used for spare parts as the fleet ages — keeping the superjumbo jets flying for longer.

Emirates agreed to buy 5 Airbus A380s as the world's largest passenger airliner continues its post-pandemic comeback

<ul class="summary-list"><li>Brian Chesky, a former hockey player and industrial design student, is <a target="_blank" href="https://www.forbes.com/profile/brian-chesky/?sh=67d0629444d3">now worth $7.9 billion</a>.</li><li>Chesky started Airbnb after renting out his apartment to conference-goers who couldn't find a hotel.</li></ul>Brian Chesky has helped Airbnb bounce back from many obstacles — and built his Silicon Valley legacy along the way.The now-43-year-old CEO majored in industrial design at the prestigious Rhode Island School of Design and also dabbled in hockey and bodybuilding in his 20s.After graduation, an idea he hatched with his San Francisco roommate Joe Gebbia blossomed into tech unicorn Airbnb, which has positioned Chesky as one of Silicon Valley's key players.As of August 2024, Airbnb is worth nearly $73 billion. It had its first profitable year in 2022, and has become synonymous with short-term rentals across the US.Still, the company's stock fell a record 14% in the second quarter of 2024, and <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/airbnb-stock-price-consumer-demand-slowing-inflation-travel-pandemic-spending-2024-8">Airbnb noted in its earnings call</a> that travelers aren't booking as many stays.Chesky owns an estimated 11% of the short-term rental giant. His current net worth is $7.9 billion, according to <a target="_blank" class="" href="https://www.forbes.com/profile/brian-chesky/?sh=67d0629444d3">Forbes</a>, which also ranked him as one of the most eligible billionaires in the world alongside Kim Kardashian and Elon Musk.Here's how Brian Chesky, an upstate New York native, became one of the richest young tech founders in America.<h2 id="d229cff2-2c44-4ed3-928c-6af27d384255">Before running Airbnb, Chesky attended art school</h2>Chesky grew up in Niskayuna, New York, north of Albany. He was into hockey, and he also liked to draw and design new versions of Nike sneakers, which turned into an interest in art.Chesky's high school yearbook quote was, "I'm sure I'll amount to nothing." He thought it was funny — his dad didn't.In 1999, Chesky attended Rhode Island School of Design, where he served as captain of the hockey team and studied industrial design.At RISD, Chesky met Joe Gebbia, with whom he would eventually cofound Airbnb. Right before graduation, Gebbia reportedly pulled Chesky aside and said, "Before you get on the plane, there's something I need to tell you. We're going to start a company one day, and they're going to write a book about it," Fortune <a target="_blank" class="" href="https://fortune.com/longform/brian-chesky-airbnb/">reported</a>.<h2 id="abd9e7b9-adfe-4a41-abd9-bce2ff8658fb">It all started as a quick way to make cash</h2>He eventually moved to San Francisco and in with Gebbia, but the two unemployed grads soon ran out of cash.Then, when a design conference came to town in October 2007 and caused all the hotels to sell out, Gebbia pitched Chesky the idea of renting out their space to those who couldn't find a place to stay — a "designer's bed and breakfast."The roommates ended up housing three people that weekend, offering up air mattresses and floor space, as well as Pop-Tarts for breakfast.A few months later, Gebbia and Chesky were joined by their engineer friend, Nathan Blecharczyk. Together, the three guys started what was then called <a target="_blank" href="http://Airbedandbreakfast.com">Airbedandbreakfast.com</a> in August 2008. Chesky "gravitated naturally to the role of leader," Fortune wrote in 2015.<h2 id="730ed8fb-268e-48f2-8b59-8183521d5ee6">Things took off for Airbnb in the 2010s</h2>Since then, Airbnb has not only shortened its name but has listings in more than 220 countries worldwide. The company has served an estimated 1.5 billion guests since its 2008 launch.In 2015, Chesky was named as one of the most influential people alive in <a target="_blank" class="" href="https://time.com/collection/2015-time-100/">Time 100</a>. <a target="_blank" class="" href="https://www.businessinsider.com/jony-ive-airbnb-brian-chesky-time-100-list-2015-4">Apple's former design chief, Jony Ive,</a> wrote at the time that Chesky's "audacity is fabulous."Chesky is not married, though he was previously in a relationship with artist Elissa Patel. He has two golden retrievers named Sophie and Sandy.<h2 id="38a076e1-a0d8-421f-9da4-2059bc3e11b6">The pandemic caused ups and downs for the company</h2>Fast forward to February 2020, when cancellations began rolling in due to a mysterious virus. Chesky and his team were three weeks away from filing for Airbnb's IPO.The early days of the pandemic seemed grim. Airbnb's revenue plummeted 80% due to <a target="_blank" class="" href="https://www.businessinsider.com/airbnb-ipo-goldman-sachs-pandemic-2022-7">COVID-related travel restrictions</a>. The company burned through its cash reserves and opted to raise $2 billion in debt and equity financing to stay afloat. Its valuation, previously $31 billion, slipped to $18 billion.<a target="_blank" class="" href="https://www.businessinsider.com/airbnb-boss-laid-off-staff-pandemic-asked-ceos-hire-thousands-2023-10">Airbnb laid off 1,900 employees</a>, about 25% of its full-time staff. Employees said they felt betrayed, but Chesky was also praised for his handling of the situation. Workers were given generous severance packages, and Chesky offered to help find them jobs elsewhere.He reflected on the firings during an appearance on <a target="_blank" rel=" nofollow" href="https://www.youtube.com/watch?v=ia6Di_ytiSE">The Diary of a CEO podcast with Steven Bartlett</a> in 2023."This is how I want to be remembered. I only remember that when I'm in peril, we're in our darkest hour, I'm not just worrying about how we will survive, I'm trying to call CEOs of other companies to see if they can hire our people," Chesky said.But then travelers burned out from lockdown turned to <a target="_blank" class="" href="https://www.businessinsider.com/vacation-rentals-jump-127-percent-april-may-domestic-travel-surge-2020-5">Airbnb over traditional hotels</a>. Bookings bounced back by as much as 127% between April 2020 and May 2020.<h2 id="06fce8ec-091e-4bbf-a018-d35129707d79">Airbnb goes public</h2>Airbnb went public on December 10, 2020, under the Nasdaq ticker symbol ABNB. Barron's called it a "blockbuster" IPO. On its first day of trading, the company was valued at $86 billion, <a target="_blank" class="" href="https://www.businessinsider.com/airbnb-ipo-valuation-tops-three-hotel-chains-combined-opening-day-2020-12">more than hotel rivals Marriott, Hilton, and Intercontinental combined</a>.Between 2020 and 2022, when interest rates were relatively low, many people bought homes to use as <a target="_blank" class="" href="https://www.businessinsider.com/millennials-first-homes-are-ones-they-rent-out-on-airbnb-2022-4">investment properties</a>, planning to rent them out on Airbnb and other short-term-rental sites to help cover their mortgages or simply make extra money.Demand for travel and experiences surged— so much so that Airbnb recorded its first profitable year in 2022, with a $1.9 billion profit. (It lost $352 million in 2021.)<h2 id="08c2048b-dd4b-4ead-ac82-e1a390b2d4e2">Chesky gives back often</h2>Chesky and Airbnb's two other cofounders publicly signed the Giving Pledge in 2016, a philanthropic initiative started by <a target="_blank" class="" href="https://www.businessinsider.com/billionaires-join-the-bill-gates-and-warren-buffet-giving-pledge-to-give-away-their-wealth-2016-6">Warren Buffett, Bill Gates, and Melinda French Gates</a>. By doing so, they promise to donate more than half of their wealth within their lifetimes.In 2022, Chesky personally donated $100 million to the Voyagers Scholarship run by former <a target="_blank" class="" href="https://www.obama.org/press-releases/the-obamas-and-brian-chesky-announce-the-inaugural-cohort-of-voyager-scholarship-recipients/">President and First Lady Obama</a>, which awards $50,000 in tuition for college juniors pursuing public service. Airbnb provides housing to recipients for summer internships and post-grad travel.When Russia invaded Ukraine in February 2022, Chesky announced the company would work to house 100,000 refugees with free two-week stays.In November 2022, <a target="_blank" class="" href="https://www.businessinsider.com/airbnb-ceo-brian-chesky-home-listing-free-aircover-guest-verification-2022-11">Chesky listed a guest room </a>in his home on Airbnb, featuring a queen-sized bed and a piece of Airbnb history: the novelty cereal boxes that Chesky sold in 2008 to fund the early days of the company. Chesky told outlets he would make cookies and go to the gym with guests.<h2 id="f8474071-426e-4de9-baaf-881789cfc349">Short-term rental crackdowns and layoffs plagued Airbnb after its profitable year</h2>Countless other real-estate firms conducted mass layoffs due to the cooling housing market. In March 2023, <a target="_blank" class="" href="https://www.businessinsider.com/real-estate-tech-layoffs-25-companies-that-have-laid-people-off-2022-7">Airbnb cut 30% of its recruiting staff</a>, representing 0.4% of its total headcount of 6,800.In August — amid protests from locals — <a target="_blank" class="" href="https://www.businessinsider.com/barcelona-airbnb-ban-florence-amsterdam-lisbon-are-regulations-working-2024-8">Barcelona</a> said it would push to fully ban and eliminate all of its registered short-term rental listings by 2028. Elsewhere, cities like New York, Tokyo, and Vancouver now require hosts to live in the units they're renting out.During its Q2 earnings call, Airbnb told investors that its marketing costs would grow faster than revenue in Q3."Kicking up marketing spend at a moment when demand is softening tends to be the ultimate backbreaker for an internet stock in our experience," analysts from RBC wrote in a note.This story was originally published in 2016. It was last updated in September 2024.

The rise of Airbnb CEO Brian Chesky, who overcame the COVID-19 travel slump and is now leading the company through rental crackdowns

<ul class="summary-list"><li>The Supreme Court posted an abortion-related decision in an Idaho case, then removed it.</li><li>The decision, as written, would allow emergency abortions in Idaho.</li></ul>The Supreme Court on Wednesday appeared to inadvertently post an opinion in a closely watched Idaho case that would be the last abortion-related decision of the high court's current term.<a target="_blank" href="https://www.bloomberg.com/news/articles/2024-06-26/us-supreme-court-poised-to-allow-emergency-abortions-in-idaho?srnd=homepage-americas">Bloomberg News</a> first reported that a copy of the decision was briefly posted on the court's website and then removed. A Supreme Court spokesperson confirmed that something was inadvertently posted online but said the high court's final opinion remained unreleased."The opinion in Moyle v. United States, No. 23-726, and Idaho v. United States, No. 23-727, has not been released," a spokesperson said in a statement to Business Insider, referring to the two cases related to the Idaho law. "The Court's Publications Unit inadvertently and briefly uploaded a document to the Court's website. The Court's opinion in these cases will be issued in due course."In the copy posted online, the court said it would allow for emergency abortions to continue in Idaho, Bloomberg reported. The opinion would be based on the holding that it should not have reviewed the case in the first place.The Biden administration has argued that a decades-old federal law should supersede Idaho's nearly total abortion ban and thus allow doctors to perform emergency abortions that are outside the scope of limitations under the state ban.During the COVID-19 pandemic, opinions were released only on the court's official website. But justices have long since returned to the practice of announcing rulings from their historic courtroom.After the announcements are made, the decisions are posted online, according to SCOTUSblog, a prominent source of news from the Supreme Court.The court had announced earlier Wednesday that it was done releasing opinions for the day after releasing two decisions — one concerning an effort by conservatives to push back on the Biden administration pressuring social-media companies to clamp down on misinformation, the other related to a federal law about bribes to state and local officials.Neither case was among the hotly anticipated of the current term. The Supreme Court has yet to rule on former President Donald Trump's request for sweeping immunity from criminal prosecutions, a decision that could become one of the most famous in the nation's history.Every abortion-related opinion, too, has been closely watched in the wake of the Supreme Court's 2022 landmark ruling to reverse Roe v. Wade.Correction: June 26, 2024 — An earlier version of this story misstated the day of the week two decisions were released. It was Wednesday, not Thursday.

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