JetBlue announces a deal to buy Spirit Airlines. Fares could surge

JetBlue announces a deal to buy Spirit Airlines. Fares could surge

New York CNN Business  —  JetBlue Airways on Thursday announced it would purchase Spirit Airlines, a combination that would create America’s fifth-largest airline. The announcement comes a day after Spirit pulled the plug on a deal to merge with Frontier. JetBlue had been pursuing a hostile bid for Spirit even while Spirit sought shareholder approval … Read more

GM reports strong sales but says it’s prepared for possible recession

GM reports strong sales but says it's prepared for possible recession

New York CNN Business  —  General Motors said strong sales and demand for vehicles doesn’t suggest any signs of an economic slowdown, but the company is preparing for a possible recession — just in case. GM reported a sharp drop in earnings Tuesday, but that was caused by Covid lockdowns in China, one of its … Read more

Toyota Faces Spiraling Build Costs of New Cars

Toyota Faces Spiraling Build Costs of New Cars

Photo: Toshifumi Kitamura/AFP (Getty Images) Toyota will not press its suppliers to lower component costs, Boeing workers agree to strike, and U.S. automakers struggling to fill job vacancies. All that and more in The Morning Shift for July 25, 2022. 1st Gear: Toyota Everything is getting more expensive these days, because of inflation, or so … Read more

Volkswagen CEO Diess is stepping down in surprise move

Volkswagen CEO Diess is stepping down in surprise move

New York CNN Business  —  Volkswagen’s CEO is leaving his post in a surprise move, effective September 1. The company announced Friday that CEO Herbert Diess will be replaced by Oliver Blume, the head of Volkswagen (VLKAF)’s Porsche performance car division. Volkswagen, the world’s second largest automaker, did not provide a reason for Diess’ exit. … Read more