Latest news with #DeltaOne
India.com
12-07-2025
- Business
- India.com
Meet world's poorest man alive, once top trader, got 5-year sentence, caused Rs 49500000000000 loss to..., his name is...
Meet world's poorest man alive, once top trader, got 5-year sentence, caused Rs 49500000000000 loss to..., his name is... When we think of the richest individuals in the world, names such as Elon Musk, Mukesh Ambani, Gautam Adani, and Jeff Bezos come to our minds. But have you ever wondered whose world's poorest person is? Well, pictures of huts, an empty steel bowl, and torn clothes are associated with the 'beggar' word. At first glance, Jerome Kerviel might seem like an ordinary man walking around the streets of Paris. However, his story is not a normal one! Instead of poverty being shown in his clothing, food, or home, Jérôme Kerviel carries a financial burden so large that it caused a global market shock. And ultimately, he earned the title of being 'the world's poorest man.' Who is Jérôme Kerviel? In this article, we are talking about Jérôme Kerviel, a Frenchman who is now considered to be the world's poorest and most indebted person. He is buried under a debt of nearly Rs 4.95 lakh crore (around $6.7 billion). Being poor does not always mean empty pockets. Born on January 11, 1977, in a small French town called Pont-l'Abbé, Jerome hailed from a modest family. Speaking about his personal life, Jerome's mother was a hairdresser, while his father worked as a blacksmith. Jérôme was a good student. He completed his master's degree in Finance from Lumière Université Lumière Lyon 2. Soon after completing his studies, he was hired by Société Generale, which is the third-largest bank in France. At the bank, he worked as a junior derivatives trader. However, his knowledge of technology and excellent trading ability led him to cover millions of dollars in deals. He was always part of the bank's Delta One division, which deals with share trading, algorithms, and investments. Jérôme had a vast knowledge of computer programming and trading systems; however, he misused this knowledge and expertise, turning it into wrongful use. Jérôme had been misusing vulnerabilities in the bank's internal systems to perform arbitrage. During this period, he traded billions of dollars utilizing the company's capital. At first, he made huge profits, executing trades worth almost $73 billion in a calendar year. It is noted that the bank remained aware of this practice for a very long time, as Jérôme used technology to hide every irregularity. However, in 2008, the fraud became apparent, and an investigation began. On January 19, 2008, the scandal was revealed, shocking the bank and everyone around it. Upon inquiry into the controversy, it was determined that Jérôme's unauthorized trading incurred an approximate loss of $7.2 billion, which is over Rs 4,95,000 crore, to the bank. This amount has become a debt burden against him, making him one of the poorest people in the world. After the incident, Jérôme received a 3-year prison sentence in 2015. He pleaded guilty to several charges, including breach of trust, fraud, and unauthorized access to computer systems. While his sentence is completed, the debt burden still remains today. Upon his release from prison, Jérôme is trying to live a life of simplicity, but the weight of debt still leaves him one of the poorest people in the world. Some argue he didn't act with intent; others would say he acted out of greed and took advantage of the system. Here's the bottom line: a man who once traded millions on a bank's trading desk is now labeled as the poorest person in the world.
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The Independent
11-07-2025
- Business
- The Independent
Delta is looking into new ultra-luxury business class cabins
Delta Air Lines is taking bold steps to elevate its onboard experience, shifting its focus to high-end cabins in a push to appeal to premium travelers. The carrier recently announced plans to reduce its main cabin capacity by about 1 percent by the end of summer 2025, highlighting shrinking demand for lower-priced fares, while simultaneously boosting capacity and investment in premium-level seating. The airline is also rolling out lie-flat 'Delta One Suites,' enhanced domestic First Class seats, and premium economy 'Premium Select' on additional aircraft, including newer A330neos, A350s, and A321neos. 'Premium has certainly been where our margins have continued to expand, and so we're highly focused on continuing to provide improved service to those customers and more segmentation,' Delta President Glen Hauenstein said on an earnings call Thursday, per NBC News. 'The segmentation that we've done in main cabin is kind of the template that we're going to bring to all of our premium cabins over time because different people have different needs,' he added. Main cabin revenue dropped about 4 percent year-over-year in Q2, while premium cabin revenue climbed roughly 6 percent, Delta revealed Thursday in its June Quarter 2025 Financial Results report. The company's leadership forecasts that revenue from premium cabins, including Comfort+, Premium Select, Delta One, and First Class, will surpass economy earnings by 2027. On October 1, Delta will launch its 'Good, Better, Best' fare system with Basic, Classic, and Extra tiers offering varying features, flexibility, and pricing. Travelers must review details carefully, as some once-standard services now come with added fees. Delta's enhanced premium offering extends beyond seats. The airline has increasingly refined its lounge network with exclusive Delta One lounges in key markets and redesigned Sky Clubs with lavish meals and wellness experiences. Delta is beginning a multi-year retrofit of its A330-200 and A330-300 jets, replacing older reverse herringbone seats with enclosed Delta One Suites to match newer aircraft and unify its premium cabin experience. It is also redeploying its refurbished A330‑900neos and A350s, fitted with more premium seats, to strategic hubs like Seattle, to enhance international appeal. The airline is trimming back less popular main cabin routes, especially mid-week or non-peak schedule slots, consolidating service on demand-heavy flights to improve economy-class profitability.
NDTV
11-07-2025
- Business
- NDTV
He Was a Billion-Dollar Trader. Now He Is The "World's Poorest Man"
New Delhi: He doesn't live in a slum or wear tattered clothes. Jerome Kerviel looks like another man walking the streets of Paris. But behind the ordinary appearance lies a financial catastrophe so massive, it shook global markets and earned him the label of "the world's poorest man." Once a promising trader at one of France's most prestigious banks, Kerviel became infamous for causing a $7.2 billion (Rs 4.95 lakh crore) loss to Societe Generale through unauthorised trades. It was one of the largest trading scandals ever recorded. Who Is Jerome Kerviel? Born in 1977 in Pont-l'Abbe, a small town in Brittany, France, Jerome Kerviel came from humble beginnings. His mother was a hairdresser, and his father, a blacksmith. He earned a Master's in Finance from Lumiere University Lyon 2. In 2000, Kerviel joined Societe Generale, and by 2005, he was working in the Delta One division, a sophisticated trading unit dealing in equity derivatives and algorithmic trades. Despite being relatively junior, his deep understanding of IT systems and trading allowed him to navigate internal operations easily, and later, with dangerous freedom. The Scandal Between 2006 and 2008, Mr Kerviel began placing enormous trades far beyond his authorised limits. To hide them, he created fake offsetting transactions within the bank's systems. At one point, he had built up 50 billion Euros in market exposure, more than the market capitalisation of Societe Generale itself. Initially, his trades yielded profits, earning praise from supervisors who allegedly turned a blind eye. But in January 2008, as the global financial crisis unfolded, his positions began to unravel. The bank launched an internal investigation, and on January 24, 2008, it announced losses of 4.9 billion Euros due to Mr Kerviel's unauthorised trading, nearly collapsing one of Europe's oldest financial institutions. Jerome Kerviel's Arrest Jerome Kerviel was arrested and charged with abuse of trust, forgery, and unauthorised use of computer systems. He claimed the bank was aware of his actions, or at least chose to ignore them while profits rolled in, a claim Societe Generale firmly denied. In 2010, a French court sentenced him to five years in prison, with two years suspended, and ordered him to repay the entire 4.9 billion Euros. The judgment branded him the most indebted man on Earth. After serving only five months, Mr Kerviel was released in 2014 under electronic surveillance. That same year, he undertook a 1,300-km walk from Rome to Paris, framed as a pilgrimage against the "tyranny of financial markets" and inspired by a meeting with the late Pope Francis. Public opinion began to shift. In 2016, a labour court ruled his dismissal had been "without real and serious cause," awarding him 450,000 Euros in compensation. France's top court later overturned the 4.9 billion Euros repayment, acknowledging that Societe Generale's lax oversight had contributed to the scandal. In 2022, damages were officially reduced to 1 million Euros.
Travel Weekly
10-07-2025
- Business
- Travel Weekly
Delta continues to study the unbundling of premium products
Delta continues to explore a segmentation of fare offerings in premium cabins. "It's all about giving people more choice, more pricing options and more products and services in every cabin.," Delta president Glen Hauenstein said during the airline's Q2 earnings call Thursday. In the past year, the airline has been hinting about plans to unbundle domestic first class and international business class offerings. For now, Delta is keeping its plans close to the vest. Hauenstein said the carrier is doing surveys but declined to offer any other details. In May, Delta renamed its main cabin products, effective Oct. 1, using the names Main Basic, Main Classic and Main Extra. Distinguishing features of the different products relate to ability to select a seat ahead of check-in; changeability and refundability; and boarding zones. Hauenstein said the segmentation done in the main cabin is a template for what it will do in premium cabins. Delta currently sells two products within its domestic first class cabins, a nonrefundable fare and a refundable one. The airline similarly bifurcates its extra-legroom Comfort product as well as its premium international products: Delta One business class and Premium Select (premium economy). "We want to make sure customers understand what we're putting in the market and that they'll find value in it," Hauenstein said. Delta earns $2.1 billion in Q2 On Thursday, Delta reported second-quarter net income of $2.1 billion and issued a full-year forecast that buoyed investors. Demand, which weakened sharply during the winter months as Trump administration policies roiled consumer confidence, has stabilized, Delta said. And scheduled industry capacity for September is down 1% year over year after having been up 3% in April, which has better balanced supply with demand, said Hauenstein. Delta is forecasting an operating margin of 9% to 11% in the third quarter on revenue that will increase from flat to 4% compared to last year. For the full year, Delta expects earnings per share of $5.25 to $6.25. For the second quarter, Delta posted operating revenue of $16.6 billion, down $10 million from last year. Operating expenses were $14.5 billion, down $165 million from a year earlier due to lower fuel costs.
Eater
02-07-2025
- Entertainment
- Eater
I Ate Atlanta's Fox Bros. Bar-B-Q on a Delta One Flight
Skip to main content Current eater city: Atlanta My mother has a rule. Every birthday, she says, you must treat yourself to something nice. This year, I skipped shopping for a bag and upgraded my seat to Delta One first class on a flight to Chile. From Atlanta, it's a 10-hour flight, so I knew it'd be worth the flat-bed seat, the wine, and of course, the local legend Fox Bros. Bar-B-Q served for dinner. Delta is Atlanta-based, so it only makes sense to offer a quintessential Atlanta dining option on its longer flights. The airline announced Fox Bros. Bar-B-Q's beef short ribs as its pick in 2022, and I've been tempted to try the in-flight meal ever since. Before you board the flight, you get complimentary Delta Sky Lounge access as a Delta One passenger, and it's worth arriving early for. The Local Flavors program showcases local restaurants in the lounge — Inman Park's Mediterranean eatery Kitty Dare is the latest Atlanta restaurant to be featured in the Councourse B and D lounges, offering dishes like seared Tunisian eggplant with harissa and dill pesto, berbere chicken over hummus, and koobideh (ground beef and lamb) with marinated feta and tzatziki. Plus, there's Champagne, beers, and cocktails you can enjoy at the outdoor deck, overlooking planes lazily rolling in and out. When you board, the seat is a private suite. It feels like a luxury car seat, with more buttons than a nail salon massage chair, for reclining modes, multiple lighting settings, and a do-not-disturb sign. (No massage features, sadly.) You're welcomed with bubbles — I picked the Taittinger La Francaise Champagne, paired with warm nuts, feeling like a starlet in the movies. Hot tip: you can bring a tin of caviar on a plane over an ice pack in a cooler bag, which I did, and enjoyed it with the Champagne. It was my birthday, after all. Having changed into my slippers and reclined in 'lounge' mode, I was ready for dinner. I had preselected my meal the day before and couldn't wait to see the local staple on an international flight. The tray arrived with the short ribs beautifully plated (at least for airplane food) — there was no hot foil to peel, no bamboo sporks. You could smell the sweet barbecue sauce right away. The steaming ribs were served slathered in it, topped with pickled red onions, next to a mound of grits made with Georgia's Sweet Grass Dairy gouda, and green beans on the side. Starters included poached shrimp with a cucumber and apple salad, a roasted red pepper bisque, and a burrata salad with farro and arugula. It was a massive amount of food for one person, and I managed to make a small dent in it. The dinner roll came with another Atlanta staple — the tiniest round of Banner Butter. I loved that everything was delivered in proper plateware — Riedel glasses and metal silverware with linen napkins — the small details that make you feel human. I didn't have high expectations after my fair share of dry-as-sand meats on a plane. But these ribs were tender to the touch and fell apart. They were seasoned well, offering a balanced amount of salt and heat. The grits helped sop up all that sauce, and so did the buttered roll. The green beans weren't soggy; they still had a crunch. I was surprised by the quality of dinner, even if it was on a bougie Delta One seat. The red pepper bisque was another standout for its creamy texture. I enjoyed the meal with a Gerard Bertrand rosé from Languedoc, France, pairing its pomegranate notes with the barbecue. Alternate main dish options included a less exciting pan-seared chicken breast with wild rice and vegetables, and a truffle and parmesan risotto with mushrooms and zucchini. I had an opera cake for dessert with a Quinta do Noval 10-year tawny port, which was fitting for a birthday. I polished off the cake with a real metal fork, giggling over RuPaul's Drag Race on the monitor, snug in my blanket and airplane socks. The air in my little suite was scented with whispers of sweet barbecue sauce. Hours into my flight flying over South America, I loved that there was a slice of Atlanta on the plane. And that felt homey. Where else can you dig into ribs on a plane than in the A? See More:
