LONDON, Sept 30 (Portal) – Rating agency Standard & Poor’s on Friday lowered the outlook for its AA credit rating on UK sovereign debt to negative from ‘stable’, believing Prime Minister Liz Truss’ tax cut plans could do so would result in the debt remaining rising.
Finance Minister Kwasi Kwarteng on September 23 announced permanent, unfunded tax cuts of around £45 billion ($50 billion) and costly temporary subsidies for household and business energy bills, sending sterling and bond markets into a tailspin brought.
While sterling has since recovered, the Bank of England was forced to launch an emergency bond-buying program on Wednesday to stabilize markets and has warned it is likely to have to raise interest rates significantly in November.
Register
S&P – which ranks UK public debt a notch higher than rivals Moody’s and Fitch – said it sees UK public debt on an upward trend, contrary to a previous forecast that it would fall as a percentage of gross domestic product from 2023 onwards.
“Our updated fiscal forecast is subject to additional risks, for example if the UK’s economic growth turns out to be weaker due to a further deterioration in the economic environment or if the government’s borrowing costs rise more than expected due to market forces and monetary tightening,” it added.
S&P forecasts that the UK will enter a technical recession in the coming quarters and its GDP will contract by 0.5% in 2023.
Truss and Kwarteng met with senior officials from the UK’s Office for Budget Responsibility on Friday but have so far dismissed calls from some investors and political rivals to ask the independent OBR to release new forecasts earlier than November 23 if Kwarteng intends to a debt relief plan.
Moody’s said on Wednesday that Kwarteng’s tax cuts were “credit negative” and has flagged Oct. 21 as the most likely next date for a more formal review.
The UK government said tax cuts and longer-term structural reforms in areas like immigration and building permits should boost growth, but S&P said the benefits were likely to be modest, particularly in the short term.
“At the moment it is unclear whether the government intends to eventually introduce fiscal consolidation measures to put the debt back on a downward path and we expect the package to be debt-funded,” it said.
UK public borrowing is expected to average 5.5% of GDP per year from 2023 to 2025, down from a previous forecast of 3%, while general government debt would rise to 97% of GDP by 2025, S&P forecasts.
($1 = 0.8961 pounds)
Register
reporting by David Milliken; Edited by Leslie Adler, Daniel Wallis and David Gregorio
I have a film offer for Apple. It’s from a little Bill Murray movie called Stripes.
“Calm down, Francis.”
The tech giant has reportedly ousted Tony Blevins, a top executive and one of just 30 employees who reports directly to CEO Tim Cook, after reciting a crude quote (albeit with his own flair) from the Dudley Moore classic ” Arthur” from 1981.
To summarize this corporate criminalization of comedy, Blevins, Apple’s vice president of procurement, was at a California auto show in August when TikToker Daniel Mac, known for asking people in fancy cars what they do for a living, rotated his camera and Question to Blevins.
“I have rich cars, I play golf, and I fondle women with big breasts,” Blevins said as he climbed out of his expensive Mercedes-Benz SLR McLaren. “But I take weekends and holidays off.”
The woman who was with him and probably really knows him was hardly offended. She cackled as if she were in the presence of a reincarnated Richard Pryor.
The video eventually went viral and caught the attention of Apple bosses, who launched an internal investigation into the matter. Although they could have saved the time and work and instead crouched down for a Liza Minnelli movie marathon.
Apple exec Tony Blevins plays a quote from the film Arthur in Daniel Mac’s video that led to him leaving the company. hisdanielmac
Blevins – who joined the company in 2000 – saw his 22-year tenure set on fire by a second-long video. On the way out, he apologized, calling it “my mistaken attempt at humor.”
It seems that the good people who made my iPhone not only have no general appreciation for good cinema, but they also have quite a shortcoming in the grace department.
Gross overreaction aside, for the world’s leading tech company to preserve top talent for a benign pop culture reference is a bizarre route to innovation. According to a 2020 WSJ profile of Blevins, he’ll “stop little to get a bargain deal. He pushed manufacturers past competitors in Apple’s lobby and spurned a UPS contract by shipping it back to UPS executives via FedEx.”
The man clearly has a unique aptitude for his work that has allowed him to rise to the top of his industry. Imagine an NFL team cutting off a Pro Bowl cornerback during the playoffs for uttering an inappropriate movie quote or song lyric.
You lead the league in interceptions, but you must pack your locker and go, son.
Blevins was clearly parodying an already outrageous fictional character, but that doesn’t matter. A scolding mentality has plagued American corporations, turning us into talkative PC robots more interested in detecting microaggressions than doing an effective job.
Perhaps it could be argued that Blevins’ big mistake was simply playing along and being playful. And maybe that’s true. But we get mixed messages from our cultural overlords about what is and isn’t kosher. On Apple TV+’s Gutsy, Hillary Clinton interviews rapper Megan Thee Stallion about her orifice opus WAP and pays her the homage she would pay a head of state.
Tony Blevins, a former vice president at Apple, speaks at an event. NC State ISE
One day we’re praising the libertines and the next we’re shouting at others for being prudes. Pearl clinging is schizophrenic at best.
Humor used to be a unifying and essential force in our society – a salve that soothed our gross differences. As the great Joan Rivers once said, “If we didn’t laugh, where the hell would we all be?”
Unfortunately, in 2022 we have the answer: we are infantilized adults living in a playroom simulation.
And since we are increasingly surrendering to this mentality, we voluntarily drag ourselves into the loser bracket.
Statement by Jean Boulet on immigration obviously does not correspond to the position of the CAQ.
But Boulet’s words and the CAQ vision have that in common.
The two are deeply confused.
After four years in power, his position on immigration remains elusive.
In 2018, the CAQ caused a stir with its slogan “Take less, take care of it”. It embodied his desire to lower immigration thresholds.
Change of position two years later: the CAQ returned to the Liberal era, a threshold of about 50,000 immigrants, with no real explanation.
Then, last May, François Legault argued that Quebec was in danger of becoming “a Louisiana,” no less, if its government did not repatriate federal powers over immigration.
Immigration is an “existential threat”. We headed towards an election. This existential threat no longer existed a few days later, and the polls were negative.
The election campaign came, François Legault returned to the accusation: he linked violence and immigration. Instant coaster and apologies from the PM!
Another change of course in an interview with the Journal this week. It would no longer be imperative to oppose the Trudeau administration for new immigration powers in this second term.
Since the subject is sensitive, it was better to be careful …
From the survival of the nation we had moved on to the “sensitive issue”.
And the day before yesterday he came back to this “sensitive issue” with these words: raising the thresholds “would be a bit suicidal”.
He even opened the door to a sectoral referendum, although he himself closed that door last May.
One wonders: who to believe, what to believe when Prime Minister Legault or the CAQ talk about immigration?
superficiality
These CAQ immigration stumbling blocks reveal their superficiality: a whirlwind of explanations and excuses, frivolous slogans instead of clear principles, and opportunism as the PQ rises.
If he is re-elected, François Legault must be reminded of the words of François Legault for his immigration policy.
“Quebecians are peaceful. They don’t like bullying. They don’t like extremists. »
According to an energy expert who spoke to FOX Business, introducing a windfall tax in California would be detrimental to oil companies.
California Democratic Gov. Gavin Newsom on Friday called for companies involved in the exploration, production and refining of oil to be levied a windfall profits tax on profits that exceed a certain amount. The funds raised by the tax would then be “used to provide rebates/refunds to California taxpayers impacted by high gas prices,” according to a news release from the Newsom office.
“Crude oil prices have fallen, but oil and gas companies have pushed prices up at the pump in California,” Newsom claimed in a statement. “We will not stand idly by while greedy oil companies trick Californians.”
A customer pumps gas into his car at a gas station on May 18, 2022 in Petaluma, California. ((Photo by Justin Sullivan/Getty Images)/Getty Images)
According to AAA, the average price for regular gasoline in California on Friday was $6.29. This price has increased by 11.3% versus the average price of $5.58 a week ago. Meanwhile, the average price of regular gasoline nationwide on Friday was about $3.80.
GAS PRICES MOVE IN DIFFERENT DIRECTIONS DEPENDING ON WHERE YOU ARE: GASBUDDY ANALYST
Phil Flynn, a fellow at FOX Business and senior market analyst at Price Futures Group, said such a windfall tax would “further discourage investment in an industry that desperately needs capital to stay in business in an increasingly hostile government environment.” “. he said.
In April 2021, Newsom signed an executive order aimed at phasing out oil production in California by 2045. More recently, in August, the California Air Resources Board ruled that all new vehicles in the state must run on electricity by 2025, a directive from the governor before asking regulators to look into it.
California Gov. Gavin Newsom (D) is seen in the rotunda of the US Capitol after meeting with Speaker of the House Nancy Pelosi, D-Calif., Friday July 15, 2022. ((Tom Williams/CQ-Roll Call, Inc via Getty Images) / Getty Images)
“There’s this misperception — created in part by politicians — that energy companies are kind of making too much money,” Flynn told FOX Business. “The truth is, their profits are higher than they have been in the past, but they don’t put it in perspective how much these companies have to invest to bring the offering to market, and it doesn’t take into account government regulations that do that.” have restricted supply, which has also led to an increase in prices. It also doesn’t take into account that most of these energy companies have historically lost money just a few years ago.”
Flynn told FOX Business the windfall tax Newsom is asking for is a “tool to put the blame” on oil companies “who are just trying to do their jobs and feed the market well.” It would limit supply and push prices up in the long run, he said.
California Gov. Gavin Newsom unveils his proposed 2022-2023 state budget during a news conference in Sacramento, Calif. Monday, January 10, 2022. (AP Photo/Rich Pedroncelli/AP Newsroom)
BIDEN’S ‘PRICE-GOUGING’ WARNING TO OIL AND GAS COMPANIES IS ‘STUNNING’: ENERGY EXPERT
While a windfall tax “might sound nice to the average person,” Flynn said, it would actually also reduce incentives and investment for oil companies and “strangle” their long-term viability. It could also impact people’s 401(K), he argued.
“If these companies aren’t making a profit, then who is investing in their oil stocks?” he said. “And if you have oil stocks in some part of your 401(k) — whether you know it or not, most Americans might not even know it — they’re taking money out of your 401(K) to pay for their bad policies, because those stocks aren’t going to do as well.”
US stocks tumbled further this week as investors navigated a barrage of bad news.
Central banks around the world are scrambling to combat rising inflation by raising the cost of borrowing without hurting long-term growth prospects. Adding to the uncertainty and fear are rising tensions between the West and Russia following Moscow’s invasion of Ukraine.
In the US, the S&P 500 — an indicator of the health of retirement and college savings accounts — fell to its lowest level in nearly two years this week and was set for a monthly decline of nearly 8 percent.
The tech-heavy Nasdaq 100 is down nearly 33 percent so far in 2022, the Dow Jones Industrial Average is down more than 20 percent, while the world’s best-known cryptocurrency, Bitcoin, has lost nearly 60 percent of its value. Home prices are also falling as interest rates soar, making borrowing more expensive for potential buyers.
Tasked with fighting the highest inflation in decades, the Federal Reserve, the country’s central bank, is doing so by raising interest rates. But can it raise the cost of capital to lower demand and lower prices without plunging the economy into a deep recession?
“At this point it’s really a no-win situation. Mainly because of the many shocks that policymakers have had to contend with,” Cristian deRitis, lead economist at Moody’s, a New York-based research firm, told Al Jazeera.
How Much Further Down Can Stocks Go? What exactly is a bear market? And is there a light at the end of the tunnel?
Here’s the short answer.
I keep hearing that the US is in a bear market. What is that exactly?
A bear market occurs when a broad market index falls more than 20 percent from recent highs.
Why is the US currently in a bear market?
“Continued concerns about inflation and the Fed’s ability to tame prices without a hard landing,” said Peter Essele, head of portfolio management at Commonwealth Financial Network, a Massachusetts-based firm.
What is the cause of high inflation and why are prices spiraling out of control?
Kenneth McLaughlin, an economics professor at Hunter College in New York, told Al Jazeera that one of the reasons the federal government is injecting “$5 trillion into the economy, including through stimulus checks during the pandemic, with good intentions, but with no payment plans for it.”
In other words?
Think back to early 2020, when businesses shut down and economies stalled to stem the spread of the coronavirus. Millions of Americans were in lockdown with nowhere to go and hand out the hot-off the press stimulus checks. That caused stock prices, be it equities, bitcoin and home prices in the US, to soar. It also caused an increase in the demand for goods, which, as we see today, has resulted in the largest increase in the cost of living in decades.
The war in Ukraine and rising tensions between the West and Russia are expected to continue to spook investors and roil markets [File: Brendan McDermid/Reuters]
How is this causing the stock market to go down?
As the Fed hikes interest rates, essentially raising the cost of borrowing to drive down the prices of goods and services, people are beginning to fear a slowdown in the economy. This depresses the price of stocks and other investments.
Are the current economic conditions really just the result of what has happened in the last 2 years?
The past two years have been unprecedented in many ways. But what we’re seeing today can also be attributed to the extremely low interest rates of the last decade, when the government made it cheaper for Americans to borrow in the wake of the 2007-2008 financial crisis, Essele told Al Jazeera.
Didn’t the markets just rally?
Stocks rallied in August. It rallied as gasoline prices, which had risen sharply in previous months, fell sharply. Investors hung on to hopes that the Fed might ease rate hikes if August inflation numbers showed that consumer prices had cooled. But despite cheaper petrol, food and other essentials, prices remained high – up 8.3 percent in August from a year earlier.
Where are we now?
“Inflation is becoming more structural and investors are now concerned about stagflation,” Essele told Al Jazeera, hinting that price increases could persist over the long term. Stagflation is a mashup of the words “inflation” and “stagnation” and refers to a situation where inflation is high even though economic growth is slowing.
So what does the future bring? And how long will this bear market last?
Expect above-average price pressure. The war in Ukraine and rising tensions between the West and Russia are adding to the uncertainty and will continue to unsettle investors and roil markets.
“But we’re probably three quarters of the way through the bear market,” Essele predicted.
I don’t own stocks, why should I care about a bear market?
While equity investors are most immediately affected by a bear market in the US, there are spillover effects to the rest of the economy, largely due to the “wealth effect”. This means that when households see the value of their bond and stock portfolios falling, they will cut back on spending.
“Given the US economy’s reliance on consumer spending, these impacts can be significant and far-reaching,” Moody’s deRitis told Al Jazeera. “Discretionary sectors like travel, leisure and hospitality could feel the most immediate impact, but other industries like housing and retail will see lower demand as households become more cautious.”
In just one year, the number of compensated teachers and educators who have been victims of school violence has increased by 65%, we learned The newspaper. According to several speakers, the effects of the pandemic could well be questioned.
• Also read: The coalition opposes the Montreal police team project in schools
• Also read: School delays that reach the “never seen”.
In 2020, 554 school staff were compensated for “injuries resulting from workplace violence,” according to data from the Commission on Standards, Equity, Health, and Safety at Work (CNESST).
Listen to Richard Martineau’s live broadcast every day at 8:00 am.45 over QUB radio :
The following year, in 2021, that number had risen to 911, the biggest jump in at least a decade.
But that’s just “the tip of the iceberg,” according to Simon Viviers, a professor in the Faculty of Education at Laval University.
“The fact that there is a complaint with CNESST is because the situation is not trivial,” he emphasizes.
Photo agency QMI, Joël Lemay
The CNESST compensates workers who are unable to perform their work due to an industrial accident, which can be physical or psychological.
For example, a child care worker at a Montreal school was twice compensated by CNESST after suffering head trauma and post-traumatic shock as a result of violent acts instigated by students (see other text).
The victims of the violent crimes, mostly committed by schoolchildren, are first the specialist teachers, followed by the kindergarten and elementary school teachers. We’re talking mostly about “shoving,” “pinching,” “kicking,” and “punching volleys,” which CNESST says are on the rise.
The situation is similar on the part of the Federation of School Attendants (FPSS-CSQ). According to a survey of its members this spring, 74% of staff have experienced violence, mostly from students, in the past school year. According to a comparable survey, this proportion was 71% in 2018.
Listen to the interview with Éric Pronovost, President of the Fédération du personal de soutien scolaire, on the show by Benoit Dutrizac, broadcast live every day at 11 a.m. via QUB radio :
A “pandemic effect”
“It’s worse than before. Who will take courage in both hands and solve this situation? dumps its president Éric Pronovost, who sees a “pandemic effect” in this increase.
The situation is similar with school childcare. The children who were at home and socially disconnected longer had “less developed social skills” so they are now “less tolerant of others,” says Réjeanne Brodeur, president of the Quebec Association of School Care.
Simon Viviers also shares this observation, recalling that society in general is “in a context of social tension”.
The latter also recalls that the integration of students with special needs into mainstream education remains an “extremely important issue” as many teachers feel unable to meet their needs.
The lack of childcare services for these students in day care centers also remains a problem and may partly explain the rise in violence, adds Réjeanne Brodeur.
Many students with special needs receive individual support in class, but this help disappears when they go to daycare, she recalls. “It’s as if the child, when they go from class to kindergarten, becomes a miracle,” she says wryly. However, the needs are the same.
Éric Pronovost also advocates having more resources available to “work ahead to do prevention” rather than acting urgently to defuse crises that sometimes degenerate.
A SPECTACULAR INCREASE
Number of teachers and staff in the education network who received compensation for injuries caused by violence at school :
2012: 360
2013: 341
2014 : 353
2015 : 417
2016: 451
2017: 519
2018: 562
2019: 591
2020: 554
2021: 911
Source: Commission on Standards, Equal Opportunity, Health and Safety at Work (CNESST)
74% of school assistants experienced workplace violence in 2020-2021
Among them :
68% claim to have been physically abused
81% Identify students as the source of the incident
29% identify students’ parents as the source of the incident
Source: Ad hoc research company survey from April 22 to July 1, 2022 for the Association of School Attendants with 1,617 respondents. The error rate is 2.4%.
In post-traumatic shock after being attacked by a student
An educator in charge of a daycare center at a Montreal school has been out of a job for a year after he was assaulted by a student last year.
“It brought me down. It was the second time it happened. I was fooled into being afraid of the students,” she interjects.
This educator, whom we will call Mélanie because she asked for anonymity, has been working in day care for about thirty years.
Last year she had to intervene with a special needs student who was in crisis, but the situation escalated.
“She started scratching me and I got slapped. That kid should never have ended up in a regular school,” she said.
For Melanie it was one incident too many. She was diagnosed with post-traumatic shock. It must be said that Mélanie was not at school when she first took a break from work due to violence.
hit in the face
Four years ago, the educator suffered a traumatic brain injury and concussion after being punched in the face by a sixth grader.
Mélanie intervened and asked him to remove his hood so she could see his eyes. “Instead, he took his fist and punched me in the eye. I didn’t see anything coming. It was like getting hit in the face with a brick,” she says.
Over the years, Mélanie has witnessed several acts of violence. “I’ve seen things,” she says. Kids throwing TVs, trying to pick up bookshelves to throw them, I’ve seen it all.”
But she remains convinced that the health crisis has contributed to exacerbating the climate on the playgrounds. “Before the pandemic, I would say we had 10% of the kids who didn’t have it easy. We are now at 30% where we need to intervene on a daily basis. We’re all out of breath,” she said.
Claire Beaumont, a professor at Laval University and holder of the Research Chair in Well-Being at School and the Prevention of Violence, wants to put this portrait into perspective.
The pandemic has indeed “turned a lot of things upside down, both for adults and for students,” but the impact has varied greatly from school to school, she says.
“There are schools that have worked with the school climate more difficultly, so it is certain that it has not improved with the pandemic. But there are also schools where there were really good practices that came out in abundance. It’s really different,” she says.
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According to an industry union, diesel and petrol stations in France are running out of fuel as a refinery strike takes its toll.
According to the GCT union, train stations around Le Havre and Lyon are affected.
France was already struggling with a shortage of refined products, with Russia’s exports to Europe falling in recent months. But then strikes at French refineries first shut down half of the country’s refining capacity in hopes of settling a wage dispute.
The strike, which shut down Total’s 240,000 bpd refinery in Gonfreville and some at Exxon, among others, was expected to end on Thursday.
But reports came in on Friday that strikes disrupted Total’s refining and supply of oil products for a fourth day. Total outages in the refining sector in France now account for 60% of the country’s total refining capacity, Portal calculations show.
Earlier this week, Total said it was preparing to maintain all of its service stations during the strike, while Exxon limited the amount of refined raw product it sent to its customers in France. Exxon also said at the time that it had set up a supply response team to continue shipping product from “unaffected sources.”
France’s total refining capacity is around 1.4 million bpd – the fourth highest in Europe.
TotalEnergies announced on Friday that there was no impending fuel shortage as a result of the strikes, as the company had built up its inventories and was importing.
“There is no need to rush to the gas station (for gas),” TotalEnergies said on Friday. Despite those assurances, Portal also reported on Friday that France’s biggest sugar maker, Tereos, said it had to cut production at some of its factories somewhat after Total told it it would be unable to supply it with diesel until the end of the week .
The CGT union said the strikes could possibly last until Friday.
During an antitrust case over the Northeast Alliance’s partnership with JetBlue, American Airlines has argued that the only way it can compete in New York is to merge with the smaller airline. The problem, American says, is that it’s impossible to gain access to new “slots” that allow more departures and arrivals to be scheduled from New York’s capacity-controlled airports.
While this is true of all airlines, American is in the unique position of giving away slots as part of its merger with US Airways in the early 2010s.
But it turns out that American still had more slots and could have had a slightly stronger presence in New York – if only it hadn’t forgotten about them.
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In 2019, the Federal Aviation Administration reclaimed seven slots from American Airlines, Chief Commercial Officer Vasu Raja confirmed Friday in U.S. District Court in Boston after an audit found American had the coveted “use-it-or-lose-it “-Spots underused.
According to Raja, the reason for the underutilization is that the slots were simply forgotten after the merger with US Airways.
“Accounting and combining slots after the merger was a manual process,” said Raja, who used to mainly manage the airline’s network. “There’s no good reason and I’m a little upset that it happened.”
“It was for the worst of reasons,” he admitted. “It makes us sound completely ridiculous.”
The discussion about the slots came amid a discussion about Americans’ plans before the pandemic – and before the Northeast Alliance – their service at Boston Logan International Airport and John F. Kennedy International Airport, two of the airports covered by the Northeast Alliance , to expand and remodel (the others being LaGuardia Airport and Newark Liberty International Airport).
In a February 5, 2019 email reply to Brent Alex, a director of regulatory affairs at American Airlines, Raja confirmed that they had agreed to relinquish the slots to the FAA because they were underutilized.
Related: The little-understood government rule that allows airlines to dominate certain airports
“Don’t throw that as we ‘lost’ slots,” Raja wrote. “We didn’t use all of our slots for years until no one knew our true baseline.”
In the email presented in court, Raja wrote that the airline thought it had 216 slots after losing the seven, while the FAA thought it had 200. In the end, the two agreed to allow American to have 210 to keep slots.
The “slot” system regulates take-offs and landings at the world’s busiest airports as a mechanism to regulate the flow of traffic and avoid both dangerous overcrowding and anti-competitive actions – think “hoarding” – by some airlines. In the US, three airports – JFK, LaGuardia and Ronald Reagan Washington National Airport in Washington, DC – are slot controlled, while a fourth – Newark – is instead considered “schedule controlled”, which is a similar system with some differences.
Unless an airport builds a new runway or otherwise finds a way to increase capacity—for example, by further optimizing air traffic control patterns—the number of slots is limited, and all slots are regulated by the FAA. Each slot represents a takeoff or a landing – a “slot pair” would mean one or one return flight respectively.
American has said it needs the alliance with JetBlue to compete in the New York market, which is mostly dominated by Delta and United. JetBlue was the largest airline at JFK Airport for the 12-month period ended July 2022, according to the Port Authority of New York and New Jersey, but has limited growth opportunities due to a significantly smaller route network than legacy airlines.
By combining JetBlue’s slots at JFK (and Americans at LaGuardia) with American’s broader network, the two airlines have argued they can be formidable contenders against Delta-United’s entrenchment.
While the alliance was being sorted out in the waning days of the Trump administration, the Justice Department sued in 2021, claiming that the alliance between the two, through code-sharing and working together to operate complementary route networks through New York and Boston, would “eliminate significant competition between American.” and JetBlue, which has resulted in lower fares and higher quality service for consumers traveling to and from those airports.”
Partner Growth: American is adding 6 new routes as part of the Northeast Alliance’s connection with JetBlue
But the airlines say fares have not increased in the 18 months since the alliance was approved and consumers have had access to better choices.
The alliance creates a single, stronger and “relevant competitor from two weak ones,” argued Richard Schwed, an attorney for Shearman & Sterling representing JetBlue, in his opening statement, citing 50 new non-stop routes serving to or from New York or added Boston since the inception of the alliance, 90 non-stop routes with increased capacity, 17 new international routes covered by the alliance, and a more than 17% increase in overall capacity on routes covered by the alliance.
The trial began Tuesday in the US District Court in Boston and is expected to last up to three weeks. JetBlue CEO Robin Hayes testified earlier in the week, and testimony is expected from American Airlines CEO Robert Isom and former CEO Doug Parker. Other stakeholders, including airline network planners and former CEO Scott Laurence, who designed the alliance on JetBlue’s side, are also expected to testify. A decision by US District Judge Leo Sorokin could take weeks or months.
TPG is reporting from the US District Court in Boston, so stay tuned for the latest on the trial.
Apple exec Tony Blevins plays a quote from the film Arthur in Daniel Mac’s video that led to him leaving the company. hisdanielmac
Dudley Moore plays a wealthy townsman in the 1981 film Arthur.©Orion Pictures Corp/Courtesy E
Tony Blevins, a former vice president at Apple, speaks at an event. NC State ISE
The war in Ukraine and rising tensions between the West and Russia are expected to continue to spook investors and roil markets [File: Brendan McDermid/Reuters]
