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No surprises: New York, London and Tokyo top the list of world’s 15 richest cities

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Boston, Calgary, Perth and Macau – all associated with material wealth – have failed to make this list of the 15 richest cities in the world, compiled by market research firm New World Wealth.

The data gathered by the researchers reflects the total amount of private wealth held by all the individuals living in each of the cities on the list. Unlike traditional ratings, this top 15 is not based on Gross Domestic Product (GDP), but reflects analysis that covers all assets, such as property, cash, equities and business interests, excluding liabilities. Government funds are included.

1. New York City – $3 trillion

2. London – $2.7 trillion

3. Tokyo – $2.5 trillion

4. San Francisco Bay Area – 2.3 trillion

5. Beijing – $2.2 trillion

6. Shanghai – $2 trillion

7. Los Angeles – $1.4 trillion

8. Hong Kong – $1.3 trillion

9. Sydney – $1 trillion

10. Singapore – $1 trillion

11. Chicago – $988 billion

12. Mumbai – $950 billion

13. Toronto – $944 billion

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14 Frankfurt – $912 billion

15. Paris – $860 billion

According to New World Wealth, wealth is a measure that differs from a GDP indicator, which is another common metric used to gauge economic power. The research firm revealed that Houston, Geneva, Osaka, Seoul, Shenzhen, Melbourne, Zurich and Dallas had just missed out on the top 15.

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Fly Leasing completes sale of a $295 million portfolio of 12 aircraft

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Fly Leasing Limited announced that it has completed the sale of a portfolio of 12 aircraft for an aggregate price of approximately $295 million. The portfolio was comprised of Airbus A320 and Boeing B737 narrow-body aircraft with an average age of over 10 years.

“This portfolio sale accomplishes several strategic objectives; including generating free cash, reducing leverage, reducing our lessee concentration, and lowering the average age of our fleet,” said Colm Barrington, CEO of FLY. “This is another example of how FLY has consistently sold aircraft from its portfolio at premiums to book value, underscoring the strong value of our fleet.”

Three sales were recognized in the fourth quarter of 2018, eight sales were completed in the first quarter of 2019, and the final sale was completed in April. The sales were at a premium to net book value. FLY will be reporting its first quarter results on May 9th, as previously announced.

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No-show clients at Paris restaurants now must pay cancellation cash penalties

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Cafes and restaurants in the French capital have opted to follow the lead of hotels and guest-houses, and start charging their customers with cash penalties for late cancellation of reservations or failing to appear in time.

Hundreds of Paris eateries are currently adopting the system that is widely used in the hotel industry, the Times reports. Restaurants oblige clientele to leave details of their credit cards while making reservations, with big-name places warning customers over a potential charge in case of a no-show.

The measure is reportedly connected to losses the restaurants have to suffer, when people make several reservations for the same day and then cancel at least one of them without warning.

“Even in great restaurants customers cancel without having the slightest idea of the economic impact of their action,” the managing director of Les Grandes Tables du Monde, an association of top restaurants Nicolas Chatenier told the media.

Restaurants reportedly have to follow the trend due to French gastronomical habits, in particular fondness for lengthy meals. French cafes cannot allow two bookings for the same table, like restaurants in Britain and the US, as they cannot be sure that the first group will leave before the second one appears.

The financial losses due to no-shows are really significant, accounting for up to 30 percent of the restaurants entire revenue, according to Xavier Zeitoun, founder of a restaurant booking site Zenchef, as cited by the media. The businessman noted that 245 restaurants have adopted the new system so far.

Chatenier said that annual losses of an average Michelin-starred restaurant may total up to €150,000, stressing that one canceled table may wipe out the profits it could make in the evening.

To tackle the problem the Tour d’Argent restaurant has reportedly imposed a cancellation fee of €100 per head at lunchtime and €200 for the dinner service, while the 58 Tour Eiffel restaurant obliges clients who book a table and cancel less than ten days before the meal, to pay €86 per head.

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Centara Privilege Club: Centara launches all-new exclusive lifestyle benefits program

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Centara Hotels & Resorts, Thailand’s leading hotel operator and one of the region’s most innovative hospitality brands, is launching “Centara Privilege Club”, a brand new benefits program that offers exclusive privileges, discounts and experiences to Centara customers.

Members joining Centara Privilege Club receive exciting lifestyle benefits focused on food and drink, accommodation, spa and more, including attractive guaranteed savings, an available complimentary night’s stay, cash certificates and many other member-only advantages.

“Centara Privilege Club was created to strengthen the loyalty of Centara’s biggest fans and frequent visitors,” said Tom Thrussell, Centara Vice President – Brand, Marketing & Digital. “The program features an array of privileges well suited to our guests’ lifestyles and provides unbeatable dining, drinking, hotel room, spa and other benefits that keep our guests returning again and again”.

Centara Privilege Club is a paid membership program with privileges available at all Centara Hotels and Resorts properties throughout Thailand. Members are guaranteed experiences, savings and recognition, and can use their benefits to host parties of family, friends and colleagues at great value.

Centara launches Centara Privilege Club via a collaboration with Hospitality Marketing Concepts (HMC), the world’s leading provider of paid membership loyalty programs, to create an engaging loyalty program to meet the needs of its operating 33 hotels in Thailand and exceed the expectations of Centara’s prestigious clients.

“Hospitality Marketing Concepts (HMC) is committed to ensuring the new programs’ success while creating an innovative program which complements the ever-growing digital mobile world,” said Mokhtar Ramadan, CEO, Hospitality Marketing Concepts. “Together with Centara Hotels and Resorts, HMC will deliver on our mission to provide world-class loyalty programs to luxury hotel brands around the world. Together with HMC’s new mobile app, members can enjoy the benefits of membership at their fingertips.”

The Centara Privilege Club is technology-driven and features an industry-leading mobile app that lets members redeem digital e-certificates and eliminate outdated paper-based voucher booklets and plastic membership cards. The app also delivers targeted mobile push notifications about hotel promotions based on geo-location, preferences and purchasing behavior. This technology focus is in keeping with both Centara’s focus to meeting the needs of today’s smartphone generation, and its commitment to sustainability and the reduction of paper and plastic usage.

The program is distinct from and complementary to Centara’s CentaraThe1 loyalty program which is free to join and sees members earning points for stays and on-property spend, which can then be redeemed for future stays and a variety of other benefits. The CentaraThe1 program currently has over 3 million members and members can actually use their earned points to purchase a Centara Privilege Club membership.

Learn more about Centara Privilege Club membership benefits and become a member only by visiting https://centaraprivilege.com.

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Peacock Aviation taking legal action against Gambia carrier

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Nigerian Peacock Aviation company that worked as General Sales Agency (GSA) for the Gambian Mid Africa Aviation Company Ltd. that traded in Nigeria under the name Fly Mid Africa has petitioned the Gambian Government over the non-payment of passengers’ air ticket refunds before it exited Nigeria.

The petition which was dated February 12, 2019 and also copied to the Nigerian High Commission in the Gambia through its legal counsel Abrahams Ayobami  & Co. stated: “We are Solicitors to Peacock Aviation and Allied Services Ltd. [henceforth referred to as ‘Our Client’], a company duly registered under the Laws of the Federal Republic of Nigeria with its registered address situate at No. 19, Mojidi Street, Off Toyin Street, Ikeja, Lagos State, Nigeria and on its instructions and behalf we write you this petition.

“Our client was appointed the General Sales Agent [GSA] of ‘MID AFRICA AVIATION LTD’ trading under the name ‘FLY MID AFRICA’ on 24th April 2017 when the said company commenced its Airline operations in Nigeria.”

According to the counsel, “Our client, among other things was to manage and operate a city office to sell tickets to customers, a task our client was able to achieve within a record time of four weeks of operation.”

The petition stated further that, “Upon commencement of operations of the Airline, the cash sales in our client’s custody was used to take care of operation fees such as Air Landing, Parking Fees, Passengers’ Service Charges, Nigerian Civil Aviation Authority [NCAA] Fees, Catering, and Crew Hotel Accommodations.”

“With the above looking promising, the Airline ran into issues with their flight schedules which led to the cancellation of February and March 2018 flights and finally suspension of operations until further notice.”

While the suspension was still on, the airline got instructions to commence refund of issued tickets to customers which was carried out until exhaustion of all the funds at hand by the GSA according to its counsel.

“Our client then made a request for funds to be released to liquidate the outstanding refunds but same has remained hitherto unmet by the management of Fly Mid Africa Airlines for over one year now.”

The petition also has it that, there is still an outstanding refund of about Eleven million one hundred and fifty six thousand, six hundred and one naira fifty one kobo [₦11,156,601.51] and our client’s unpaid International Air Transport Association [IATA]/Billing Settlement Plan [BSP] Sales Overriding Commission of about Seven Million Naira [₦7,000,000] only with customers showing their grievances in all manners including laying siege to the GSA business premises and disrupting its activities.

Meanwhile, some have even threatened to commence legal actions against it; more so as customers are aware that tickets issued on the IATA BSP platform have been refunded and therefore query the reason for non-payment of their refunds.

Despite several email communications between our client and the said Fly Mid Africa Airline with reconciliation and adjustment of account settled between the parties, still the Airline has refused to release funds to pay innocent travelers their well-deserved refund even after leaving them stranded, disappointed and uncompensated, according to Chief Segun Phillips, Group Executive Chairman, Peacock Travels and Tours Limited.

However, in a bid to settle the matter amicably, the GSA wrote to the Nigerian High Commission in The Gambia to wade into the matter but was referred back to the Gambian Commission in Abuja as the right channel for resolving such issue.

As it stands, there is the total outstanding refund of about Eighteen million one hundred and fifty-six thousand six hundred and one naira fifty-one kobo [₦18,156,601.51] amounting to tickets refunds and GSA unpaid IATA BSP Sales Overriding.

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