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(Reuters) -Budget carriers Frontier Group Holdings and Spirit Airlines Inc on Monday unveiled plans to merge in a $2.9 billion deal that would create the fifth-largest U.S. airline and tighten competition against traditional carriers. The tie-up combines stablemates of legendary airline investor Bill Franke, a pioneer of rock-bottom fares coupled with top-up charges offered by…
By John McCrank NEW YORK (Reuters) – The U.S. Securities and Exchange Commission on Wednesday voted to propose a plan to bolster the resiliency of clearing houses during times of significant market stress, such as the 2021 “meme stock” trading frenzy. Clearing agencies and their infrastructure are often referred to as the plumbing of the…
BERLIN (Reuters) – Volkswagen-led consortium Green Mobility Holdings has acquired 87.38% of France’s Europcar, enough to give it control over the car rental group but below its targeted 90% threshold, Volkswagen said on Wednesday. Shareholders have the option to tender their stock until June 29, the carmaker said. Volkswagen and its consortium partners, asset manager…
WASHINGTON (Reuters) – The International Monetary Fund (IMF) appreciates quick action by U.S. regulators to seize First Republic Bank and find a private buyer, an IMF spokesperson said on Monday. It said the resilience of the global financial system continued to be tested and strains were evident across a number of institutions and markets. “Recent…
By Saqib Iqbal Ahmed and Davide Barbuscia NEW YORK (Reuters) – Softer than expected U.S. inflation data buoyed investors’ faith that twin rebounds in stocks and bonds will persist in a year of deep losses for both asset classes. Bear markets in both have maximized losses in portfolios this year as rate hikes from the…
WASHINGTON (AP) — The number of Americans applying for jobless aid ticked up slightly last week but the total number of Americans collecting benefits remained at its lowest level in more than five decades. Applications for unemployment benefits rose by 1,000 to 203,000 for the week ending May 7, the Labor Department reported Thursday. First-time…
WASHINGTON (Reuters) – A debt limit meeting between U.S. President Joe Biden and top lawmakers including Republican House of Representatives Speaker Kevin McCarthy has been scheduled for 3 p.m. ET (1900 GMT) on Tuesday, a senior administration official said. The meeting was previously scheduled for last Friday, but was postponed. Aides from both sides have…
ZURICH (Reuters) – Swiss financial regulator FINMA said it was considering whether to take disciplinary action against Credit Suisse managers after Switzerland’s second largest bank had to be rescued last week by UBS. FINMA President Marlene Amstad told Swiss newspaper NZZ am Sonntag it was “still open” whether new proceedings would be started, but the…
By Heekyong Yang and Joyce Lee SEOUL (Reuters) – South Korea’s Hyundai Motor Group has signed an agreement to source electric vehicle (EV) batteries in North America from battery maker SK On, the companies said on Tuesday. The partnership follows the signing in August of the U.S. Inflation Reduction Act, which will require automakers to…
By Gabriella Borter ALBUQUERQUE, New Mexico (Reuters) – The day Alan Braid opened his abortion clinic for business in Albuquerque, New Mexico, last August, he looked out at a waiting room full of patients fresh off trips from Texas, some with suitcases in tow. Several months later, Dr. Braid’s daughter Andrea Gallegos drew a similar…
