When P. Diddy starts pinching pennies, you know we are in a recession.

On P. Diddy’s video blog on YouTube, the multimillionaire rapper-actor-fashion-designer-business-tycoon complains that gas prices are too high (he uses more colorful language, of course, but the point is the same).

He goes on in comic fashion to explain why rising fuel prices matter to even the richest of celebrities. “As you know,” he says, “I do own my own jet. But I?ve been having to fly back and forth to L.A. for my acting career. Now, if I’m flying back and forth like twice in a month, that’s like $200,000 or $250,000 a round trip. (Expletive deleted) I’m back on American Airlines right now, OK? Your boy Diddy is on American Airlines.”

He then makes a passionate plea to the oil-producing countries of the Middle East. “If y’all would please send me some oil for my jet I would appreciate it. But right now I’m actually flying commercial.”

Of course, Mr. Diddy is just joking around (the fuel bill for a N.Y.-LA round trip would be more like $30,000 on a G3). But the wealthy are starting to get more value-conscious when it comes to flying–mainly because of the economy, not because of gas prices. According to Justin Sullivan, a private jet broker and founder of Regent Jet, more and more celebrities and rich travelers are flying commercial on long-haul flights to Europe, rather than taking private jets.

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Gentrification has no greater enemy than the gentry.

A Boston Globe Sunday Magazine article by Kris Frieswick describes the philanthropic efforts of Wendy Schmidt in Nantucket. Mrs. Schmidt, wife of Google CEO and billionaire Eric Schmidt, fell in love with Nantucket in 1998 and decided to spend their summers there. It was, she says, the island’s sense of community and “character” that drew them.

But too many people like the Schmidts started moving in. Mrs. Schmidt bemoaned the loss of homey pharmacies, movie theaters and bus stations that were replaced by designer shops. So she has set to use her wealth to preserve parts of the town that the large wealth is destroying.

She bought a piece of land near the waterfront for $3.5 million and offered it to the town for a transportation hub. She is funding an Urban Land Institute Study of the downtown to help improve it. And she bought Mitchell’s book store, a local institution that was under threat because of rising land and rent costs (Bookstore-rescuing billionaires are becoming a trend..see my previous story about Sam Wyly and Explore Booksellers in Aspen).

Her goal is to protect or create businesses that that cater to the year-round locals, rather than the second-home-owning rich, who pay 75% of the town?s property taxes. It is the locals, she says, who give the place its charm.

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The world of global sourcing is even flatter and growing smaller by the day thanks to the advent of online marketplaces.

Since the global economic downturn set in, people have been asking me about its impact on e-commerce and Alibaba.com. While it is true that some businesses have become wary and have held back from international trade, it is equally true that many others are turning to more efficient and cost-effective ways of doing business—one of which is e-commerce.

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NBC’s US$1 billion deal to become America’s official Olympic media for the Beijing 2008 Games was part of a record breaking $2.3 billion deal that included the the 2004 Summer Olympics ($793m) and the 2006 Winter Games ($613m). In what they’ve called the single most ambitious media project in history, NBC has sent the largest media contingent of about 3,000 to produce a whopping 3,600 hours of coverage. While we were in Beijing last week, we were fortunate enough to catch sight of Matt Lauer, Meredith Vieira and Al Roker of The Today Show which broadcasts live from their open air studio on the Olympic Green. This marks the sixth Olympics that the show has travelled to and every evening here at 7pm, the studio attracts an enthusiastic crowd of (mostly) Americans waving flags and banners hoping to say hi to friends and family just waking up back home.

Apart from all the usual sports coverage, NBC has devoted a great part of its programming to giving Americans a 101 course in all things Chinese — from language to fashion, food, architecture and travel. Here’s a smattering of what we’ve found online. Expect to see a huge surge in China-bound American tourists after the Games.

Catch the videos after the jump.

Here is one reason Russian billionaire Roman Abramovich seems to have developed an art fetish: his girlfriend, Dasha Zhukova, is making a bid to become the Charles Saatchi or Larry Gagosian of the Russian art world.

A profile of Ms. Zhukova in The Guardian by Viv Groskop paints Ms. Zhukova as one part Russian Renaissance woman and one part L.A. airhead. Clearly, given the recent articles in the New York Times, the Guardian and others, Ms. Zhukova has launched a press campaign to help her gallery and–yes, it is inevitable–her fashion line.
Among the revelations:

SHE’S A CALIFORNIA GIRL (Sort of)–The 27-year-old was born in Moscow and raised in Los Angeles. Her dad, Alexander, is an oil tycoon and business associate of Mr. Abramovich. Ms. Zhukova moved to the U.S. at the age of 10 with her mother, a molecular biologist. She lived in the U.S. until she was 22.

SHE KEEPS IT REAL (Sort of)–Her outfits include “black leggings and cardigan, white ballet flats, no makeup, hair tied loosely back.” The article says that “up close her skin is as dewy as a 16-year-old’s and she has mesmerizingly flawless teeth.” She also peppers her California-accented speech with phrases like “Or whatever” and “oh cool.”

SHE’S AN ART EXPERT (OK, not really)–She is opening the Garage Center for Contemporary Culture–an enormous gallery and culture space, in Moscow. She’s also climbing the ladder of the global art elite, meeting with the likes of Jeff Koons and the Tate’s Sir Nicholas Serota. When asked about her favorite artists she replies: “I’m, like, really bad at remembering names.”

SHE’S HER OWN PERSON –Ms. Zhukova doesn’t like being referred to as Roman’s girlfriend, but as a cultural force in her own right. She refuses in the Guardian article even to confirm their widely reported relationship. Still, Russians say her gallery will be big largely because of the money and profile of Mr. Abramovich.

It is easy, of course, to see Ms. Zhukova as just another oligarch princess frittering away millions in her quest for social standing and substance. But at least she’s doing something honorable with her money–helping to boost the profile of contemporary art and culture in Russia. It sure beats buying handbags.

Considering our proximity to Hong Kong, mediocre Cantonese cuisine seems to be the rule of thumb around here. ??? (“tea canteens”) in the true Hong Kong fashion are few and far between while the better of dim sum restaurants are so crowded that by the time you secure a table, the Shanghai Expo would have come and gone.

In our selfless aim to find good dim sum, at least on this side of the Huangpu, we’ve pounded the pavements but didn’t get very far due to sheer laziness. That, and we found two such convenient restaurants in the newly opened Shanghai Bay.

First off, Shanghai Bay is an open air-concept mall located along Zhangyang Lu, occupying a whole block between Pudong Nan Lu and Pucheng Lu. It has a large sweeping roof that curves upwards, and at night, pillars that line the building on one side, are lit up with twinkling blue lights.

Queen MudanTing (“Peony Pavilion”) is a welcoming, modern-looking restaurant which serves, in our opinion, consistently authentic Cantonese dishes. The interior is bright and cheerful; one side is a long mosaic-tiled wall of pink peonies (reflecting its theme), the other is top-to-bottom glass giving you a glimpse of shopper traffic. The al fresco dining space will be highly coveted once the weather cools.

Thanks to a great Guangdong chef, dim sum classics are all present and as we’ve eaten about 80% of the menu, we can assure you, most dishes are very palatable. What we enjoy are their traditional Cantonese double-boiled soups (nutritious and rich), comforting wonton noodles, especially paired with BBQ Roast Pork (gleaming and fatty), and even small platters of Suckling Pig (only available on weekends).

The only complaint we have is the chili sauce they use. This vital condiment can make or break a meal, and in our case, we’ve debated this with the seriousness of a PhD dissertation. Verdict: Acceptable but if the restaurant manager is reading this; my advice is to stick to the traditional chili oils they use in Hong Kong.

Accompany your meal with a carafe of refreshing brown sugarcane juice and you may live to bake in the sun yet another day. Expect to pay between RMB80 to 100 a head, and even more if you’re hungry.

On the more casual end of the culinary spectrum, is the dining section of Cashbox Party World, the 24 hour karaoke entertainment outfit, located in the basement of Shanghai Bay. The diner does brisk business, offering cheap, cheerful and rather tasty Cantonese cuisine (menu similar to those mentioned above) as well as other Shanghai snack favorites. The BBQ Roast Pork is a crowd-pleaser apparently, a reason why many are willing to put up with the garish Versailles mini-fountain and pianist playing Celine Dion music. Be warned, there are some duds buried in the menu, one being the Crispy Seafood noodles which taste like strips of rubber, accented by elastic cuttlefish. According to our incredibly scientific poll amongst friends who live to eat, the quality of Cashbox food differs by locations. If you find our claims false, email us and we won’t send you a refund. Order RMB50 and more, and delivery (within a reasonable distance) is free.

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Shanghai Bay
No. 1138 South Pudong Road
1138??????
Shanghai 200120

?????133? 1/F
Queen Mudanting, No. 133
Tel: 5877 7297

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Cashbox Party World, Basement
Tel: 6859 8333