“[New billionaires in fast-growing countries] have to buy longer-range airplanes. If you’re flying from Mongolia to Nigeria, it’s either a three-day journey flying commercial or a nine-hour flight on your jet.”
CitationShares Adds Programs, Cuts Staff
Greenwich, Conn.-based CitationShares has announced partnerships with TerraPass, a retailer of carbon offsets, and Corporate Angel Network, a charity that arranges free flights to treatment for cancer patients. CitationShares customers can now donate flight hours to the charity and can balance their "carbon footprint" by purchasing carbon offsets from TerraPass for hours they fly.
Meanwhile, CitationShares has laid off 41 office staff and furloughed 52 pilots because, said CEO Steve O'Neill, the company had had "too much capacity." He added, however, that "the decline in selling and flight activity has begun to level off."