Florida-based Silver Airways ceases operations
June 11 (UPI) -- The Florida-based airline Silver Airways announced it is shutting down effective Wednesday. A holding company that bought Silver's assets decided to shut down the airline.
Silver Airways said in a statement on Instagram, "We regret to inform you that we are ceasing operations as of today, June 11, 2025. In an attempt to restructure in bankruptcy, Silver entered into a transaction to sell its assets to another airline holding company, who unfortunately determined to not continue Silver's flight operations in Florida, the Bahamas and the Caribbean."
The airline urged customers to not go to the airport.
Silver said all credit card purchases "should be refunded through your credit card company or your travel agency."
Silver Airways declared Chapter 11 bankruptcy Dec. 30, 2024.
They said the decision would secure additional capital to do a financial restructuring they wanted to complete in the first quarter 2025.
Silver Airways was among six American carriers approved for flights to Cuba in 2016 for the first time in more than half a century.
The approval was part of the thawing of relations with Cuba during Obama administration.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Miami Herald
26 minutes ago
- Miami Herald
Veteran Fed watcher drops bold message about future interest rate cuts
One thing we know for sure: Interest rates will come down. The question is when. Don't miss the move: Subscribe to TheStreet's free daily newsletter The Federal Reserve's 12-member monetary policymaking panel is known as the Federal Open Market Committee. It meets July 29-30 to vote whether to cut interest rates for the first time this year. Many economists and market analysts expect the FOMC to hold interest rates steady. But expectations are growing that the next rate cut will come sooner than later. Image source:The implications of an interest rate cut are substantial for every American consumer, business and investor. It will lower the cost of borrowing money. Recent FOMC meetings have seen the Fed maintain the Federal Funds Rate within its target range of 4.25% to 4.50%. This "wait-and-see" approach, per Federal Reserve Chair Jerome Powell, reflects a cautious stance in a post-pandemic economy marked by persistent inflation and ongoing geopolitical uncertainties, including the impact of tariffs. The FOMC makes all decisions regarding the appropriate position or "stance" of monetary policy to help move the economy toward these congressionally mandated goals of maximum employment and price stability. Related: White House tours Fed seeking fraud It uses interest rates as a tool to manage that dual mandate. The Federal Funds Rate is the price the Fed charges U.S. banks to borrow money overnight. This in turn sets the pace for short-term costs of borrowing money like credit cards and auto and student loans. The 10-year Treasury Bond yield is the benchmark for longer-term interest rates like the 30-year fixed mortgage, currently hovering around 6.8%. President Trump, who made a rare visit to the independent central bank on July 24, has been pushing for a 3% rate cut for weeks. He and his White House team say the current interest rates are holding back the American economy from robust growth, especially in the housing market. Three things to watch as the FOMC meets The CME Group's widely respected FedWatch tool says there is a 3.1% chance the FOMC will cut the Federal Funds Rate this week. Robert Conzo, CFP, is the CEO and managing director of The Wealth Alliance, a registered investment advisory firm. More Economic Analysis: GOP plan to remove Fed Chair Powell escalatesFederal Reserve official gives green light to July rate cutTrump deflects reports on firing Fed Chair Powell 'soon'Former Federal Reserve official sends bold message on 'regime change' He offers the following "three things to know" for consumers and businesses ahead of the FOMC meeting: The consensus view is that the Fed will hold interest rates steady in its July meeting; however, there seems to be a push for a signal cut of .25% among economists, and even some Fed board members. We will be watching whether the July hold is unanimous, or if one or two members week is important for the Fed's direction moving forward, which may be influenced by a multitude of data coming out this week, including second-quarter earnings, core personal consumption expenditures for June (the Fed's preferred measure of inflation), and the U.S. jobs report for the month of July. These key metrics can help determine future interest rate tariff negotiations and benign inflation concerns bode well for future rate cuts. Trump recently announced a framework for the EU's tariff policy; this, coupled with moderating CPI and PCE, are becoming a battle cry for those who want a signal cut of .25%. Should the Fed surprise markets with an interest rate cut this week, the impact on consumers would be significant and generally positive, primarily by lowering borrowing costs. Related: Former Fed Chair sends stern message on economy, Fed Here's a breakdown of key areas: Mortgage Rates: While fixed-rate mortgages don't directly track the Federal Funds Rate, a Fed cut often influences the broader interest rate environment, including long-term Treasury yields that impact mortgage rates. Adjustable-rate mortgages (ARMs) and home equity lines of credit (HELOCs) are more directly linked and would likely see their interest payments decrease, offering financial relief to homeowners. This could also provide a much-needed boost to the housing market, making homes more Card Debt: For consumers carrying variable-rate credit card balances, a Fed rate cut would typically lead to lower interest charges. This can translate into an opportunity to pay down debt more Loans: Financing new and used car purchases would also become cheaper, potentially stimulating demand in the automotive sector. Savings Accounts and CDs: Sorry, savers, you're likely to see less favorable returns on savings accounts, money market accounts, and certificates of deposit (CDs). They tend to fall when the Fed cuts rates. Overall Economic Activity: Lower borrowing costs encourage businesses to invest and expand, potentially leading to job creation and wage growth. For consumers, increased disposable income from lower debt payments might translate into higher spending on goods and services, a key driver of economic growth. Related: Tariff uncertainty resets inflation, July interest rate cut bets The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Boston Globe
26 minutes ago
- Boston Globe
Brown University borrows $500 million more amid ‘deep financial challenges'
Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up BIOTECH Advertisement Beleaguered Sarepta says it will 'honor' $100 million payment to Arrowstone Advertisement Arrowhead Pharmaceuticals Inc. said Monday that it's owed a $100 million milestone payment from Sarepta Therapeutics Inc. within the next two months, pressuring the beleaguered Cambridge-based biotech company just days after it stopped selling its biggest drug due to safety concerns. Arrowhead has stepped up public pressure on Sarepta over the past week, saying it could take back the rights to its drug if Sarepta fails to make payments. Sarepta has staked much of its future pipeline on RNA-targeting drugs, including those developed by Arrowhead. 'We intend to honor our commitments' to Arrowhead, Sarepta said in an emailed statement. Arrowhead investors have questioned whether Sarepta can make the payments, said TD Cowen analyst Joseph Thome. Monday's announcement, he said, was likely aimed at assuaging investors 'who were nervous that something might go sideways.' Earlier this month, Sarepa said it was cutting more than a third of its workforce and pausing several drugs in its pipeline to reduce costs. Sarepta is staring down $1.2 billion of debt and warned in filings earlier this year that its cash flow may not be enough to pay that obligation, which is due in 2027. — BLOOMBERG NEWS. INTERNATIONAL Trade court denies request to restore tariff exemption for small shipments A US trade court has for now denied an effort to restore a tariff exemption for small-value packages from China that President Trump ended earlier this year. The decision from the Court of International Trade on Monday in the fight over what's known as the 'de minimis' tariff exemption is the latest favorable order for the Trump administration in its defense against multiple lawsuits over his move to raise global tariffs. The three-judge panel said it wouldn't act in a case brought by a US-based auto parts distributor while a set of separate legal challenges to Trump's tariff actions are pending before a federal appeals court. The president's contested policies remain in effect for now. The US Court of Appeals for the Federal Circuit is set to hear arguments at the end of this month in the earlier cases, and in Monday's order, the three-judge panel wrote that it 'will not grant redundant, contingent relief' while the other fight works its way through the US legal system. Packages coming into the United States have qualified for the exemption if they have a retail value of $800 or less. Trump's move to end it for China and Hong Kong hurt discount Chinese marketplaces such as Temu and Shein Group Ltd. that ship low-cost clothing, household goods, and other items directly to US consumers. The administration has accused Chinese chemical companies of abusing the policy to ship illegal synthetic opioids to the United States. Small businesses in the United States have also said they're feeling the pinch. — BLOOMBERG NEWS Advertisement DEMOGRAPHICS In bid to boost birthrate, China will offer subsidies of $502 per child China announced that it will start handing out childcare subsidies across the nation, in its latest push to boost birthrates after a worrying drop in recent years. The government will spend $502 a year per child under age 3, according to the official Xinhua News Agency. The assistance, effective retrospectively from Jan. 1 this year and available regardless of the first, second, or third child, is meant as an incentive for young couples wary of rising costs of child-rearing. The policy is expected to benefit more than 20 million families each year, Xinuha reported. China has previously offered tax breaks and has been working to offer more affordable daycare services, it said. The latest measure follows China's population shrinking for a third straight year in 2024. New births at 9.54 million last year was only half of the 18.8 million registered in 2016 when China lifted its one-child policy. Diminishing birthrate is a worry for the world's second-largest economy, where the working-age population has been declining in a threat to labor supply and productivity. The country, which lost its title as the most-populous nation to India in 2023, may see its population drop further to 1.3 billion by 2050 and below 800 million by 2100, according to the UN's demographic modeling. — BLOOMBERG NEWS Advertisement HIGHER EDUCATION Amid federal probe, UVA business school ends diversity partnerships The University of Virginia's Darden School of Business suspended its partnerships with several organizations dedicated to increasing opportunities for underrepresented groups in business schools amid persistent calls from the White House to dismantle diversity, equity, and inclusion initiatives in order to maintain federal funding. The decision was 'part of a broader review of policies, programs and practices across the University of Virginia,' UVA Darden spokesperson McGregor McCance wrote in a statement. UVA Darden suspended a three-decade long partnership with the Consortium for Graduate Study in Management, which aims to increase Black, Native American, and Hispanic representation in business schools, and a two-decade long connection to the Forté Foundation, which advocates for more women in business education. The school also suspended its ties with Reaching Out MBA, which offers scholarships and networking opportunities for LGBTQ+ students, and Management Leadership for Tomorrow, which focuses on expanding economic mobility and building better workplaces. The Trump administration has been targeting DEI programs at educational institutions, alleging they constitute a form of racial discrimination. In a letter sent to schools in February, the Department of Education threatened institutions that failed to comply with the loss of federal funding. And recently, the administration has followed through on those threats. UVA is being investigated by the Department of Justice over its DEI policies, which may result in the termination of federal funds, according to a June 16 letter sent to the head of UVA's board. The probe prompted University of Virginia president James Ryan to resign last month. — BLOOMBERG NEWS Advertisement
USA Today
26 minutes ago
- USA Today
Spirit Airlines to furlough 270 pilots in restructuring plan
Spirit Airlines announced plans to furlough about 270 pilots this fall as the company continues to find its financial footing after emerging from bankruptcy protection in March. The furloughs go into effect on Nov. 1, the U.S. pioneer of no-frills travel confirmed in a statement to USA TODAY Monday, July 28, adding that the decision will better support its flight staffing schedule. Additionally, the airline confirmed plans to downgrade the positions of 140 pilots as soon as Oct. 1. "We are taking necessary steps to ensure we operate as efficiently as possible as part of our efforts to return to profitability," the airline said. "We recognize the weight of this decision and are committed to treating all affected Team Members with compassion and respect during this process." The furloughs were first reported by Bloomberg News, which stated that the budget carrier has aimed to rebrand itself as a premium airline. Airline emerged out of bankruptcy in March The furloughs and downgrading come as the airline finished emerging from bankruptcy in March. In early 2024, a planned merger with JetBlue Airways valued at $3.8 billion fell through. Prearranged Chapter 11 bankruptcy protection granted the company a $350 million equity investment from existing bondholders. Last month, Spirit Airlines urged the Transportation Department to reject a proposed partnership between JetBlue Airways and United Airlines that would allow customers to book flights on both carriers' websites. Under the deal, travelers could also earn and use points interchangeably between their frequent flyer programs. Spirit accused the partnership of being anticompetitive, arguing that it would encourage other large carriers to follow suit. "This anticompetitive tie-up involving a dominant legacy carrier will neutralize the competitive benefit of an existing low-fare competitor," Spirit said. Contributing: Reuters and Zach Wichter, USA TODAY
