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☆ UK bank’s 25% drop adds further investor wildcard
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 7 (Reuters Breakingviews) - Being a bank investor was already hard enough in 2023. Shareholders who thought rising interest rates were a one-way bet realised otherwise when losses on long-term bonds helped sink Silicon Valley Bank. In it, OSB said it will take a roughly 170 million pound hit to revenue because customers were refinancing home loans quicker than expected. That, in turn, involves predicting how long customers will stay on higher variable-rate tariffs after their fixed-rate deals expire. Central banks’ inflation fight has changed the dynamics here, since rising rates incentivise borrowers to switch more quickly.

Persons: OSB, Liam Proud, Lisa Jucca, Oliver Taslic Organizations: Reuters, Bank, Twitter, Thomson

☆ US job market’s shifting balance
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, July 7 (Reuters Breakingviews) - Quitting doesn’t pay like it used to. The raises Americans earn from switching jobs is shrinking, narrowing their advantage in wage gains versus job-keepers. While it’s happened without mass layoffs, weaker pay gains signal that the labor market’s balance of power is shifting back to businesses. And although job creation is gently slowing, government data released Friday showed unemployment dipping to 3.6% in June, nearly matching a five-decade low. That’s a welcome sign for workers after economists’ forecasts suggested millions would have to lose their jobs for inflation to cool.

Persons: Ben Winck, Jonathan Guilford, Sharon Lam Organizations: YORK, Reuters, Reuters Graphics Reuters, Twitter, Thomson Locations: U.S

☆ JetBlue’s Spirit sacrifice
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, July 6 (Reuters Breakingviews) - JetBlue Airways (JBLU.O) is going for broke on its attempt to buy Spirit Airlines (SAVE.N). Eschewing the benefits of what the government branded a “de facto merger” to win Spirit might make sense, however. According to the U.S. Department of Justice, Spirit grew capacity nearly 500% since 2010, far outstripping competitors. JetBlue’s concessions, which include selling Spirit’s operations at New York’s LaGuardia Airport, may not be enough, though. While the DOJ’s complaint against the merger does lean on harms from the alliance, it also includes Spirit executives warning of risks even without it.

Persons: Spirit, Jonathan Guilford, Jeffrey Goldfarb, Sharon Lam Organizations: YORK, Reuters, JetBlue Airways, Spirit Airlines, American Airlines, JetBlue, Northeast Alliance, ”, U.S . Department of Justice, LaGuardia, Twitter, Thomson Locations: New, China

☆ Premarket stocks: Debt ceiling woes could kill Wall Street dealmaking
▼ + stars: | 2023-05-22 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Before the Bell spoke with Mitch Berlin, EY Americas Vice Chair, Strategy and Transactions, to discuss the effect the debt ceiling drama is having on dealmaking:This interview has been slightly edited for clarity. Uncertainty around the debt ceiling is threatening to stall any momentum in the M&A market. If the debt ceiling is not raised within the next few weeks, dealmaking will largely be put on hold and [it] could set M&A dealmaking back to the lows of the early pandemic or worse. Janet Yellen stands by June 1 debt ceiling deadlineUS Treasury Secretary Janet Yellen on Sunday reaffirmed June 1 as the “hard deadline” for the United States to raise the debt ceiling or risk defaulting on its obligations. “There will be hard choices to make if the debt ceiling isn’t raised,” reiterated Yellen after Biden’s warning.

☆ Justice Department wins lawsuit to end JetBlue and American Airlines alliance
▼ + stars: | 2023-05-19 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +3 min

New York CNN —American Airlines and JetBlue Airways have to break up their alliance on Northeast US flight routes, a US District Court judge ordered Friday. US District Judge Leo Sorokin ruled in favor of the the Justice Department, giving the Biden administration a victory in its years-long lawsuit against the airlines’ collaboration. The airlines have 30 days to end their partnership, Sorokin ruled – just as the busy summer travel season kicks off. The Justice Department also alleged the two airlines shared revenues earned at these airports, eliminating their incentives to compete with one another. CNN has reached out to American Airlines, JetBlue and the Justice Department for comment.

☆ Janet Yellen told bank CEOs more mergers may be necessary, sources say
▼ + stars: | 2023-05-19 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN —During Thursday’s meeting with the CEOs of large banks, Treasury Secretary Janet Yellen told executives that more bank mergers may be necessary as the industry continues to navigate through a crisis, two people familiar with the matter told CNN. However, sources tell CNN that bank mergers were discussed during Yellen’s meeting with bank CEOs. Yellen echoed remarks from US regulators who have said there may be bank mergers in the current environment, one person familiar with the matter said. Yet earlier this month, regulators allowed JPMorgan Chase, the nation’s largest bank, to buy most of First Republic, the second-largest bank to fail in US history. Michael Hsu, acting comptroller of the currency, told lawmakers earlier this week that his agency would be willing to quickly consider bank mergers.

☆ Justice Department Sues to Block JetBlue From Buying Spirit Airlines
▼ + stars: | 2023-03-07 | by ( Dave Michaels | Andrew Tangel | ) www.wsj.com time to read: 1 min

The Justice Department filed a lawsuit seeking to block JetBlue Airways Corp. from merging with Spirit Airlines Inc., arguing the deal would stifle competition and lead to higher fares for tens of millions of travelers. Justice Department officials said JetBlue’s proposed takeover would exacerbate concentration in the U.S. airline industry, eliminating the country’s largest ultra-low-cost competitor to major carriers and reducing available capacity.

☆ Justice sues to block JetBlue purchase of Spirit Airlines
▼ + stars: | 2023-03-07 | by ( Chris Isidore | ) edition.cnn.com time to read: +4 min

The Justice Department is suing to prevent that from happening,” said Garland. “Companies in every industry should understand by now that this Justice Department will not hesitate to enforce antitrust laws and protect American consumers.”But over the last 22 years, the Justice Department has allowed a series of five airline mergers without a suit like the one announced Tuesday. “The combination of JetBlue and Spirit plus the rapid growth of ultra low cost carriers will assure increased competition and low fares,” said a statement from JetBlue. But it has been fighting a separate lawsuit from the Justice Department challenging an alliance it has with American Airlines for nearly 18 months. The Justice Department filed this case in federal court in Boston.

☆ Justice Department sues to block JetBlue’s acquisition of Spirit Airlines
▼ + stars: | 2023-03-07 | by ( Leslie Josephs | ) www.cnbc.com time to read: +3 min

The Justice Department on Tuesday sued to block JetBlue Airways ' $3.8 billion proposed takeover of budget carrier Spirit Airlines , the Biden administration's latest attempt to prevent industry consolidation. Spirit Airlines agreed to sell itself to JetBlue last summer after a long battle for the carrier between JetBlue and Frontier Airlines . A JetBlue-Spirit combination would be the first major U.S. airline merger since Alaska Airlines' takeover of Virgin America in 2016. The Justice Department at the time required Alaska to scale back its code share with American Airlines to clear the deal. Separately, JetBlue is awaiting a ruling on its Northeast partnership with American Airlines, which the Justice Department sued to undo in 2021.

☆ JetBlue, Spirit Brace for Justice Department Lawsuit to Block Airlines’ Merger
▼ + stars: | 2023-03-06 | by ( Andrew Tangel | ) www.wsj.com time to read: 1 min

JetBlue Airways Corp. is bracing for the Justice Department to try to block the airline’s planned takeover of Spirit Airlines Inc. in the coming days, JetBlue’s chief executive said Monday. Robin Hayes , CEO of New York-based JetBlue, said the U.S. government’s antitrust regulators have seemed intent on stopping the merger from the outset, while the airlines’ arguments that merging will increase, rather than undermine, competition among the nation’s biggest airlines and reduce overall airfares.

☆ Frontier Airlines no longer has a customer service phone line
▼ + stars: | 2022-11-26 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +2 min

New York CNN —Customers who need flight information or want to make changes to travel plans can no longer call Frontier Airlines and speak to an agent, the company confirmed to CNN Saturday. Customers seeking help or information from the carrier must deal with an online chatbot, social media channels or WhatsApp. Customers who call the customer service phone number now are greeted with an automated message that says, “At Frontier, we offer the lowest fares in the industry by operating our airline as efficiently as possible. We also have a chat service available 24/7.”Its low-cost flight competitors, Spirit Airlines and Allegiant Airlines, still use call centers staffed by live agents. It’s no wonder Frontier wants to get rid of customer service over the phone.

☆ Spirit shareholders approve takeover by JetBlue after a long battle for discount airline
▼ + stars: | 2022-10-19 | by ( Leslie Josephs | ) www.nbcnews.com time to read: +1 min

Spirit Airlines shareholders have approved a takeover by JetBlue Airways after a six-month battle to create the country’s fifth-largest carrier, a deal that now faces a high hurdle with federal regulators. Spirit announced the results of the vote after a special shareholder meeting on Wednesday. In April, JetBlue made a $3.8 billion all-cash offer for Spirit, derailing Spirit’s plan for a cash-and-stock deal to merge with Frontier Airlines. The airlines now must convince federal regulators that that agreement won’t harm competition and drive up fares for consumers, a major hurdle in getting the takeover approved. If the takeover is approved, JetBlue plans to do away with the Spirit brand, known for its ultra-low airfares and bare-bones service with fees for add-ons like carry-on bags.

☆ Spirit Airlines Investors Sign Off on JetBlue Merger
▼ + stars: | 2022-10-19 | by ( Alison Sider | ) www.wsj.com time to read: 1 min

Spirit Airlines shareholders voted to approve the airline’s merger with JetBlue Airways at a meeting Wednesday, a step toward creating the fifth-largest U.S. airline following a monthslong battle over the budget carrier. Spirit agreed in July to sell itself to JetBlue in a $3.8 billion deal that the airlines have said would reshape the industry and help fulfill JetBlue’s long-held growth ambitions. But the deal is likely to face scrutiny from antitrust authorities who have been pushing back on corporate mergers.

☆ Earn free travel with these cash back credit cards in 2023
▼ + stars: | 2022-04-01 | by ( Jennifer Yellin | ) edition.cnn.com time to read: +14 min

Generally speaking, there are two types of cash back credit cards: those that solely earn cash back and those that can earn rewards that are part of a larger travel rewards program. iStockAt CNN Underscored, we’ve picked the Citi Double Cash Card as our best overall cash back credit card. The Capital One SavorOne Rewards Credit Card is an excellent cash back credit card where you’ll earn 3% cash back on dining, entertainment, popular streaming services and at grocery stores — with no cap. Although marketed as “cash back” there are some credit cards that can earn you travel rewards instead. However, you’ll need to pair the cash back credit card with another premier credit card within the same credit cards rewards program.

☆ The best ways to use the sign-up bonus on the Ink Business credit cards
▼ + stars: | 2021-06-28 | by ( Jennifer Yellin | ) edition.cnn.com time to read: +25 min

While the Chase Sapphire Preferred, Chase Sapphire Reserve and Ink Business Preferred allow you to transfer points to partner loyalty programs, that same redemption options doesn’t hold true for your no-annual-fee cards, such as the Ink Business Cash and Ink Business Unlimited. If you earn 90,000 bonus points from the Ink Business Cash or Ink Business Unlimited, you can use those points to stay at one of these all-inclusive properties for up to seven nights. While points earned from the Ink Business Cash or Ink Business Unlimited don’t count toward earning the Companion Pass, having the points can still be beneficial. When redeeming your Ultimate Rewards points directly through your Ink Business Cash or Ink Business Unlimited, points are worth 1 cent each. This makes the 90,000 bonus points on the Ink Business Cash and Ink Business Unlimited worth $1,125 to $1,350 towards your next vacation — when paired with a premium card.

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