Spirit Airlines may shut down as soon as Saturday after bailout talks stall. The Trump administration offered a $500 million aid package, but opposition from bondholders and officials has left the airline facing liquidation amid soaring fuel costs.
Posts tagged as “Bloomberg News”
The U.S. Department of Health and Human Services has recommended that the Drug Enforcement Administration reclassify marijuana as a Schedule III drug, allowing for more research and potential medical use. This recommendation comes 11 months after President Joe Biden ordered the top health agency to conduct a review of the drug. Currently, the DEA has not yet made a decision on the recommendation, but if accepted, it would be a major step forward in the effort to legalize marijuana at the federal level.
Wealthy financier Jay Bloom has shared text messages he exchanged with the late CEO of OceanGate Exploration, Stockton Rush, who had offered Bloom and his son discounted tickets to ride on the submersible to tour the Titanic. Bloom declined the offer, but the submersible, named Titan, was piloted by Rush and was lost at sea on June 18th. The tragedy has sparked a debate about the safety of submersible tours, with some questioning the wisdom of taking such a risk.
The Federal Reserve has warned banks to be more conservative in their lending practices following the failure of three of the nation’s 30 largest banks in the last two months. Jerome Powell raised interest rates by 0.25% to a target range between 5.00% and 5.25%. PacWest Bancorp, a $44 billion bank, is now considering its strategic options, including a possible sale, a breakup, or trying to raise capital.
Bob Lee, a tech executive and founder of Cash App and former chief technology officer of Square, was fatally stabbed in San Francisco's Rincon Hill neighborhood on Tuesday morning. MobileCoin, the cryptocurrency startup he was currently serving as chief product officer for, issued a statement confirming his death. The San Francisco Police Department is currently investigating the incident, and the tech community has expressed shock and sadness at the loss of a well-respected figure.
The Manhattan District Attorney's office has reportedly begun to pressure former Trump Organization CFO Allen Weisselberg to cooperate with their investigation into former President Donald Trump's hush money payments to an adult film star during his 2016 campaign. The investigation is part of a larger effort to investigate various aspects of Trump's life and business, and prosecutors have threatened Weisselberg with additional charges unless he cooperates. Former District Attorney Cyrus Vance had expressed confidence that his successor, Alvin Bragg, would agree with his assessment and see the case through.
The White House has clarified that President Joe Biden does not support a ban on gas stoves, after a federal consumer safety official suggested that…
The U.S. Consumer Product Safety Commission is proposing a ban on gas stoves, calling them a “hidden hazard.” In an interview with Bloomberg News, Richard…