The attacks come after state and local ransomware attacks in New York, Louisiana, Maryland and Florida resulted in the loss of significant sums.Technologyread more
China's pursuit of the Middle East may spur growth in the Islamic finance sector.World Economyread more
Twitter and Facebook have suspended accounts believed to be tied to a state-backed disinformation campaign originating from inside China.Technologyread more
United States Steel Corp will temporarily lay off hundreds of workers at its Great Lakes facility in Michigan in coming weeks, according to a filing the steelmaker made with...US Marketsread more
The report comes as Trump in recent days has lashed out over media reports about growing recession fears.Politicsread more
Beijing will lower borrowing costs for companies, but that may not boost the economy as much as some hope.China Economyread more
Stocks are bouncing higher but could be trapped in a range longer term, until there's a resolution of the trade wars.Market Insiderread more
Stocks in Asia mostly traded higher Tuesday morning as minutes from the Reserve Bank of Australia's July meeting were released. The People's Bank of China also published its...Asia Marketsread more
Powell will have the opportunity if not to walk back the "midcycle" assessment then to at least provide some further explanation about what it means.Economyread more
Apple has spent more than $6 billion on original TV shows and movies for its forthcoming Apple TV+ service, according to a Financial Times report on Monday.Technologyread more
The Business Roundtable, led by Jamie Dimon, gives a new definition of the "purpose of a corporation."Marketsread more
The startup that wants to make flying in a private jet feel affordable is partnering with one of the industry's largest private jet-charter companies.
JetSmarter, often called the Uber of private aviation, has teamed up with XOJet, so for an annual membership fee and one-time initiation fee, members of JetSmarter will get unlimited access to flights in North America, Europe and the Middle East, including on XOJet's aircraft.
The new deal means XOJet is giving exclusive use of its inventory to JetSmarter's digital distribution channel. In return, XOJet's more than 5,000 clients will have access to JetSmarter's range of services, including its concierge offering.
"Private aviation customers are becoming much smarter today and want alternatives on a trip-by-trip basis," Sergey Petrossov, JetSmarter's founder, told CNBC. "Even private jet owners can't always justify flying their own aircraft, either due to route or passenger amount."
JetSmarter was started in 2012 after Petrossov saw major inefficiencies in the marketplace.
According to Petrossov, the average private plane has less than 30 percent load factor during trips, while 35 percent of trips are completely empty. Load factor is a measure of how well an airline is utilizing its capacity, and is used to assess how efficiently an airline operator is filling seats in return for fares.
Leveraging its technology, JetSmarter matches supply with demand by buying unusued "aircraft hours" in bulk and distributing them through its app. JetSmarter says the load factor on its flights is more than 90 percent, which cuts costs for users and increases efficiency.
With the new deal, members of JetSmarter will now have access to more empty legs, so when a private jet needs to get from one city to another for a purchased trip, its members can ride for free.
"This is the first time a leading private jet owner-operator like XOJet has exclusively committed its fleet to a digital player," Brad Stewart, XOJet's CEO told CNBC. "This represents the continued evolution of the private jet industry towards fully integrated, on-demand solutions and away from fractional models."
The partnership comes after a string of challenges this year have proved how volatile the economics of private aviation can be. Beacon, which offered unlimited flights between Boston and New York, for a monthly fee, went bankrupt, while BlackJet, an on-demand private jet service, backed by Uber co-founder Garrett Camp ceased its operations in May.
—Follow CNBC International on and Facebook.