Tag: Business

Jeff Bezos; 11 minutes Lifelong Dream Trip

Jeff Bezos can have anything. He could circle the globe in a private jet or sail it forever in a fleet of megayachts. He could afford to buy a the whole NFL; he could buy an archipelago for his family and friends; he could buy over 65,000 Bugatti Chirons (base price $2.9 million), even though only 500 are being built. As the world’s richest person, the possibilities are endless. But Bezos appears ready to risk it all for an 11-minute ride to space.

Space travel is, historically, fraught with danger. Though the risks are not necessarily astronomical for Bezos’ jaunt to the cosmos, as his space company Blue Origin has spent the better part of the last decade running the suborbital New Shepard rocket he’ll be riding on through a series of successful test flights. Also, being in space is Bezos’ lifelong dream.

Still, what Bezos, his brother Mark Bezos, and the winner of an online auction, will be doing — going on the very first crewed flight of New Shepard, a fully autonomous suborbital rocket and spacecraft system designed to take ticket holders on brief joy rides to space — is not entirely without risk.

Here’s what Bezos’ flight will look like and the extent to which people are taking their lives in their hands when they go to outer space these days.

When most people think about spaceflight, they think about an astronaut circling the Earth, floating in space, for at least a few days.

That is not what the Bezos brothers and their fellow passengers will be doing .

They’ll be going up and coming right back down, and they’ll be doing it in less time — about 11 minutes — than it takes most people to get to work.

Suborbital flights differ greatly from orbital flights of the type most of us think of when we think of spaceflight. Blue Origin’s New Shepard flights will be brief, up-and-down trips, though they will go more than 62 miles above Earth, which is widely considered to be the edge of outer space.

Orbital rockets need to drum up enough power to hit at least 17,000 miles per hour, or what’s known as orbital velocity, essentially giving a spacecraft enough energy to continue whipping around the Earth rather than being dragged immediately back down by gravity.

Suborbital flights require far less power and speed. That means less time the rocket is required to burn, lower temperatures scorching the outside of the spacecraft, less force and compression ripping at the spacecraft, and generally fewer opportunities for something to go very wrong.

New Shepard’s suborbital fights hit about about three times the speed of sound — roughly 2,300 miles per hour — and fly directly upward until the rocket expends most of its fuel. The crew capsule will then separate from the rocket at the top of the trajectory and briefly continue upward before the capsule almost hovers at the top of its flight path, giving the passengers a few minutes of weightlessness. It works sort of like an extended version of the weightlessness you experience when you reach the peak of a roller coaster hill, just before gravity brings your cart — or, in Bezos’ case, your space capsule — screaming back down toward the ground.

The New Shepard capsule then deploys a large plume of parachutes to slow its descent to less than 20 miles per hour before it hits the ground.
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The rocket, flying separately, re-ignites its engines and uses its on-board computers to execute a pinpoint, upright landing. The booster landing looks similar to what SpaceX does with its Falcon 9 rockets, though those rockets are far more powerful than New Shepard and — yes — more prone to exploding on impact.

Blue Origin’s New Shepard capsule, which is fully autonomous and does not require a pilot, has never had an explosive mishap in 15 test flights. And the nature of Bezos’ flight means it comes with some inherently lower risks than more ambitious space travel attempts. But that doesn’t mean the risk is zero, either.

Because suborbital flights don’t require as much speed or the intense process of trying to re-enter the Earth’s atmosphere at incredible speeds, they’re considered much less risky than orbital flights. With an orbital re-entry, a spacecraft’s external temperatures can reach up to 3,500 degrees Fahrenheit, and astronauts can experience 4.5 Gs of force that is also placed upon the spacecraft, all while the ever-thickening atmosphere whips around the capsule.

High speeds and high altitudes come with inherent risks, and even small errors can have big consequences. Earth’s atmosphere is generally not considered survivable for significant amounts of time above altitudes of 50,000 feet without a spacesuit, and Bezos will be traveling up to 350,000 feet. But the capsule he travels in will be pressurized, so he doesn’t need a special suit to keep him safe, and he’ll have access to an oxygen mask if the cabin loses pressure. The spacecraft is also equipped with an abort system designed to jettison the New Shepard capsule and passengers away from the rocket in case of emergency. There’s also back-up safety features to help the capsule land gently even if a couple of its parachutes fail to deploy.

But even still, there is no way to absolutely guarantee safety should New Shepard malfunction.

Even though suborbital flights are less risky than orbital missions, they can still be deadly.

One of Virgin Galactic’s suborbital space planes, for example, broke apart in 2014 when one of the vehicle’s copilots prematurely deployed the feathering system designed to keep the craft stable as it made its descent. The added drag on the plane ripped it to pieces, killing one of the pilots.

(Blue Origin competitor Virgin Galactic has since had three successful test flights of a revamped version of its SpaceShipTwo space plane.)

Blue Origin has not encountered similar tragic accidents during its testing phase, though — as an old industry adage goes — space is hard.

But, Bezos has indicated, the risk is worth it

YouTube bans election, alcohol and prescription drug ads from its masthead

YouTube is banning several types of advertisers from one of the most prominent spots on its homepage.

The video streaming platform said Monday that it will ban ads related to gambling, alcohol and prescription drugs, as well as political and election ads, from its masthead — the banner displayed at the top of its website and apps.

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“We believe this update will build on changes we made last year to the masthead reservation process and will lead to a better experience for users,” a spokesperson for Google, which owns YouTube, said in a statement to CNN Business.

Bezos Reclaims “World’s Richest” Title

Jeff Bezos Reclaims The Richest Person Title After 2-Weeks At Being The Second Richest.

Two weeks after losing the title of the richest person in the world to LVMH chief Bernard Arnault, Amazon’s Jeff Bezos reclaimed the No. 1 spot on Thursday according to Forbes.

Amazon shares closed more than 2% higher, boosting Bezos’ net worth by $3.5 billion, while shares in Arnault’s luxury conglomerate LVMH slumped by nearly 1%, slashing $1.4 billion from his fortune.

Bezos’ net worth now stands at $193.5 billion, Forbes estimates, compared to Arnault’s $192.9 billion. It’s been a rollercoaster few weeks for the two titans, who have been trading the top spot back and forth.

On May 24 and 25, Arnault briefly passed Bezos before the markets opened in New York and Amazon shares rose, giving the Amazon founder the upper hand.

Then, on May 27, Arnault took the lead and held it for two weeks. Earlier this year, Bezos was locked in a two-week fight for the top spot with a different mogul: Tesla and SpaceX boss Elon Musk.

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Most of Bezos’ net worth is tied up in his Amazon shares he owns about 10% of the e-commerce giant in addition to an estimated $19 billion worth of cash and investments, $500 million in real estate, plus aerospace company Blue Origin and the Washington Post.

On Monday, Bezos announced that he would be on board Blue Origin’s first crewed space flight on July 20, accompanied by his younger brother Mark and a third seat reserved for the winner of an online auction scheduled to end on June 22.

As the richest person on Earth and soon one of the few billionaires to ever be in space Bezos has seen enormous gains in his personal wealth over the past two years.

Since the depths of the Covid induced market crash in March 2020, Bezos has gotten $80.5 billion richer. Arnault has gained a staggering $116.9 billion over that time period, while Musk has added $128.7 billion to his fortune.

Bezos briefly reached a record net worth of $200 billion twice in the past year, first in August 2020 and then again in late April.

El Salvador officially approves Bitcoin as legal tender

A majority of 62 out of 84 lawmakers approved the bill, which President Bukele proposed last week.

The cryptocurrency market grew to more than $2.5tn in mid-May 2020, according to the CoinMarketCap page [File:Reuters] The cryptocurrency market grew to more than $2.5tn in mid-May 2020, according to the CoinMarketCap page
9 Jun 2021

El Salvador has approved a proposal from President Nayib Bukele for a law to classify Bitcoin as legal tender, making the Central American nation the first in the world to do so.

Bukele has touted the use of Bitcoin for its potential to help Salvadorans living abroad send remittances back home while saying the US dollar will also continue as legal tender.

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“It will bring financial inclusion, investment, tourism, innovation and economic development for our country,” Bukele said in a tweet shortly before the vote.

He added that the use of Bitcoin, whose use will be optional, would not bring risks to users. Its use as legal tender will go into law in 90 days.

“The government will guarantee the convertibility to the exact value in dollars at the moment of each transaction,” Bukele said.

A majority of lawmakers voted in favour of the initiative late on Tuesday to create a law that will formally embrace the cryptocurrency, despite concern about the potential effect on El Salvador’s programme with the International Monetary Fund.

“The #BitcoinLaw has just been approved by a qualified majority” in the legislative assembly, President Nayib Bukele tweeted after the vote in the assembly.

 

Senegal plans $500 million ‘youth bond’ to finance entrepreneurs

In Africa, the Senegal government plans to raise $500 million from the debt market to create jobs for young people and finance youth entrepreneurship as part of a response to riots that shook the country in March, a junior minister said on Wednesday.

Senegal, one of Africa’s most stable democracies, was rocked by its worst unrest in a decade after the arrest of a popular opposition politician triggered an explosion of pent-up anger over economic hardship.

After the riots, President Macky Sall announced a three-year, 450 billion CFA franc ($841 million) fund, with programmes aimed at boosting youth recruitment into public service and funding for entrepreneurs.

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The youth fund will help create 65,000 jobs over the next three years in the public sector, particularly in education, defence, cleaning and housing, Sarr said.

Some of the funds will also be offered as nano-credits of as little as 150,000 CFA francs ($280) to women and young entrepreneurs looking to start a business. It will also support small and medium-size operators, granting them access to guaranteed capital, Sarr said.

World’s first human case of H10N3 bird flu confirmed at China but the authorities says it’s unlikely to spread widely among people.

China has reported the world’s first human infection of the H10N3 bird flu strain on Tuesday but said the risk of it spreading widely among people was low.

A 41-year-old man was admitted to a hospital with fever symptoms in the eastern city of Zhenjiang on April 28 and was diagnosed with H10N3 a month later, China’s National Health Commission (NHC) said in an online statement.

As clearly stated, “The risk of large-scale spread is extremely low,” the NHC said, adding that the man was in a stable condition and his close contacts had reported no “abnormalities.”

No information was provided about how exactly the man contracted the illness.

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It described H10N3 as low pathogenic — less likely to cause death or severe illness — in birds.

The NHC said there had been no human cases of H10N3 previously reported in the world.

  1. Several strains of bird flu have been found among animals in China but mass outbreaks in humans are rare.

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