Uncategorized
Stocks drop on tightening and growth fears, Fed speak, Treasury uses special measures, US data, bitcoin finds support ahead of $20k
US stocks are declining after another labour market statistic shows that despite all the big-tech post-pandemic layoffs, the jobs market remains hot. The…
US stocks are declining after another labour market statistic shows that despite all the big-tech post-pandemic layoffs, the jobs market remains hot. The labour market needs to break to allow the Fed to comfortably keep rates on hold. The risk of more rate hikes down the road will remain on the table if we don’t see unemployment make a serious move higher above 4%.
Fed’s Collins comments on rates did not move markets as she is standing with the majority. Collins noted, “policy rate needs to likely rise just above 5% and need to hold rates there for some time.”
Treasury Secretary Yellen confirmed that the Treasury has begun using ‘special measures’ on debt ceiling and debt issuance and a suspension period that will last through Monday, June 5th. The US avoided default and the pressure will start to grow on Congress to raise the debt ceiling.
US Data
This morning contained another round of economic data that told two stories. Initial jobless claims data confirms that the labor market remains strong, while the Philly Fed tries to stabilize and the housing market stays stuck in a recession.
First-time claims for weekly unemployment benefits dropped by 15,000 to 190,000, the lowest levels since September. The holiday period adds to volatility for jobless claims and so did some extreme weather. There are too many signs that the economy is softening, but businesses are hesitant to lay off talent as they remember how hard it was to onboard.
The Philly Fed survey improved but still remains at depressed levels. The headline index improved from -13.7 to -8.9, slightly better than the consensus estimate of -11.0. The survey showed that firms expect smaller cost increases this year. Future new orders and shipments remain positive but still at low levels.
The housing market remains stuck in a recession, but optimism is growing that the bottom is getting close. Housing starts declined less than expected, while permits didn’t post a stronger rebound.
Bitcoin
Cryptos took a hit over the past 24 hours on news that Genesis Global Capital is getting closer to a bankruptcy filing. Genesis has been trying to find more capital or make a deal with creditors. Genesis has been in trouble since the end of last year and most of the negative news should be priced in.
Bitcoin is higher today, mostly finding support ahead of the $20,000 level. The crypto space is getting cleaned up and as long as we don’t see a major reputable exchange go under, traders may mostly shrug off news of the demise of smaller crypto companies.
stocks pandemic bitcoin crypto housing market cryptoUncategorized
One more airline cracks down on lounge crowding in a way you won’t like
Qantas Airways is increasing the price of accessing its network of lounges by as much as 17%.
Over the last two years, multiple airlines have dealt with crowding in their lounges. While they are designed as a luxury experience for a small subset of travelers, high numbers of people taking a trip post-pandemic as well as the different ways they are able to gain access through status or certain credit cards made it difficult for some airlines to keep up with keeping foods stocked, common areas clean and having enough staff to serve bar drinks at the rate that customers expect them.
In the fall of 2023, Delta Air Lines (DAL) caught serious traveler outcry after announcing that it was cracking down on crowding by raising how much one needs to spend for lounge access and limiting the number of times one can enter those lounges.
Related: Competitors pushed Delta to backtrack on its lounge and loyalty program changes
Some airlines saw the outcry with Delta as their chance to reassure customers that they would not raise their fees while others waited for the storm to pass to quietly implement their own increases.
This is how much more you'll have to pay for Qantas lounge access
Australia's flagship carrier Qantas Airways (QUBSF) is the latest airline to announce that it would raise the cost accessing the 24 lounges across the country as well as the 600 international lounges available at airports across the world through partner airlines.
More Travel:
- A new travel term is taking over the internet (and reaching airlines and hotels)
- The 10 best airline stocks to buy now
- Airlines see a new kind of traveler at the front of the plane
Unlike other airlines which grant access primarily after reaching frequent flyer status, Qantas also sells it through a membership — starting from April 18, 2024, prices will rise from $600 Australian dollars ($392 USD) to $699 AUD ($456 USD) for one year, $1,100 ($718 USD) to $1,299 ($848 USD) for two years and $2,000 AUD ($1,304) to lock in the rate for four years.
Those signing up for lounge access for the first time also currently pay a joining fee of $99 AUD ($65 USD) that will rise to $129 AUD ($85 USD).
The airline also allows customers to purchase their membership with Qantas Points they collect through frequent travel; the membership fees are also being raised by the equivalent amount in points in what adds up to as much as 17% — from 308,000 to 399,900 to lock in access for four years.
Airline says hikes will 'cover cost increases passed on from suppliers'
"This is the first time the Qantas Club membership fees have increased in seven years and will help cover cost increases passed on from a range of suppliers over that time," a Qantas spokesperson confirmed to Simple Flying. "This follows a reduction in the membership fees for several years during the pandemic."
The spokesperson said the gains from the increases will go both towards making up for inflation-related costs and keeping existing lounges looking modern by updating features like furniture and décor.
While the price increases also do not apply for those who earned lounge access through frequent flyer status or change what it takes to earn that status, Qantas is also introducing even steeper increases for those renewing a membership or adding additional features such as spouse and partner memberships.
In some cases, the cost of these features will nearly double from what members are paying now.
stocks pandemicUncategorized
Star Wars icon gives his support to Disney, Bob Iger
Disney shareholders have a huge decision to make on April 3.
Disney's (DIS) been facing some headwinds up top, but its leadership just got backing from one of the company's more prominent investors.
Star Wars creator George Lucas put out of statement in support of the company's current leadership team, led by CEO Bob Iger, ahead of the April 3 shareholders meeting which will see investors vote on the company's 12-member board.
"Creating magic is not for amateurs," Lucas said in a statement. "When I sold Lucasfilm just over a decade ago, I was delighted to become a Disney shareholder because of my long-time admiration for its iconic brand and Bob Iger’s leadership. When Bob recently returned to the company during a difficult time, I was relieved. No one knows Disney better. I remain a significant shareholder because I have full faith and confidence in the power of Disney and Bob’s track record of driving long-term value. I have voted all of my shares for Disney’s 12 directors and urge other shareholders to do the same."
Related: Disney stands against Nelson Peltz as leadership succession plan heats up
Lucasfilm was acquired by Disney for $4 billion in 2012 — notably under the first term of Iger. He received over 37 million in shares of Disney during the acquisition.
Lucas' statement seems to be an attempt to push investors away from the criticism coming from The Trian Partners investment group, led by Nelson Peltz. The group, owns about $3 million in shares of the media giant, is pushing two candidates for positions on the board, which are Peltz and former Disney CFO Jay Rasulo.
Peltz and Co. have called out a pair of Disney directors — Michael Froman and Maria Elena Lagomasino — for their lack of experience in the media space.
Related: Women's basketball is gaining ground, but is March Madness ready to rival the men's game?
Blackwells Capital is also pushing three of its candidates to take seats during the early April shareholder meeting, though Reuters has reported that the firm has been supportive of the company's current direction.
Disney has struggled in recent years amid the changes in media and the effects of the pandemic — which triggered the return of Iger at the helm in late 2022. After going through mass layoffs in the spring of 2023 and focusing on key growth brands, the company has seen a steady recovery with its stock up over 25% year-to-date and around 40% for the last six months.
Related: Veteran fund manager picks favorite stocks for 2024
stocks pandemic recoveryUncategorized
Another airline is making lounge fees more expensive
Qantas Airways is increasing the price of accessing its network of lounges by as much as 17%.
Over the last two years, multiple airlines have dealt with crowding in their lounges. While they are designed as a luxury experience for a small subset of travelers, high numbers of people taking a trip post-pandemic as well as the different ways they are able to gain access through status or certain credit cards made it difficult for some airlines to keep up with keeping foods stocked, common areas clean and having enough staff to serve bar drinks at the rate that customers expect them.
In the fall of 2023, Delta Air Lines (DAL) caught serious traveler outcry after announcing that it was cracking down on crowding by raising how much one needs to spend for lounge access and limiting the number of times one can enter those lounges.
Related: Competitors pushed Delta to backtrack on its lounge and loyalty program changes
Some airlines saw the outcry with Delta as their chance to reassure customers that they would not raise their fees while others waited for the storm to pass to quietly implement their own increases.
This is how much more you'll have to pay for Qantas lounge access
Australia's flagship carrier Qantas Airways (QUBSF) is the latest airline to announce that it would raise the cost accessing the 24 lounges across the country as well as the 600 international lounges available at airports across the world through partner airlines.
More Travel:
- A new travel term is taking over the internet (and reaching airlines and hotels)
- The 10 best airline stocks to buy now
- Airlines see a new kind of traveler at the front of the plane
Unlike other airlines which grant access primarily after reaching frequent flyer status, Qantas also sells it through a membership — starting from April 18, 2024, prices will rise from $600 Australian dollars ($392 USD) to $699 AUD ($456 USD) for one year, $1,100 ($718 USD) to $1,299 ($848 USD) for two years and $2,000 AUD ($1,304) to lock in the rate for four years.
Those signing up for lounge access for the first time also currently pay a joining fee of $99 AUD ($65 USD) that will rise to $129 AUD ($85 USD).
The airline also allows customers to purchase their membership with Qantas Points they collect through frequent travel; the membership fees are also being raised by the equivalent amount in points in what adds up to as much as 17% — from 308,000 to 399,900 to lock in access for four years.
Airline says hikes will 'cover cost increases passed on from suppliers'
"This is the first time the Qantas Club membership fees have increased in seven years and will help cover cost increases passed on from a range of suppliers over that time," a Qantas spokesperson confirmed to Simple Flying. "This follows a reduction in the membership fees for several years during the pandemic."
The spokesperson said the gains from the increases will go both towards making up for inflation-related costs and keeping existing lounges looking modern by updating features like furniture and décor.
While the price increases also do not apply for those who earned lounge access through frequent flyer status or change what it takes to earn that status, Qantas is also introducing even steeper increases for those renewing a membership or adding additional features such as spouse and partner memberships.
In some cases, the cost of these features will nearly double from what members are paying now.
stocks pandemic-
Spread & Containment6 days ago
IFM’s Hat Trick and Reflections On Option-To-Buy M&A
-
Uncategorized4 weeks ago
All Of The Elements Are In Place For An Economic Crisis Of Staggering Proportions
-
International2 weeks ago
EyePoint poaches medical chief from Apellis; Sandoz CFO, longtime BioNTech exec to retire
-
Uncategorized1 month ago
California Counties Could Be Forced To Pay $300 Million To Cover COVID-Era Program
-
Uncategorized4 weeks ago
Apparel Retailer Express Moving Toward Bankruptcy
-
Uncategorized1 month ago
Industrial Production Decreased 0.1% in January
-
International2 weeks ago
Walmart launches clever answer to Target’s new membership program
-
Uncategorized1 month ago
RFK Jr: The Wuhan Cover-Up & The Rise Of The Biowarfare-Industrial Complex