JetBlue, United partnership gets go-ahead from U.S. Transportation Department
The two companies in May unveiled a partnership that would allow travelers to book flights on both carriers' websites, while interchangeably earning and using points in their frequent flyer programs.
Spirit Airlines in June had urged the U.S. transportation body to reject the collaboration between the two carriers, saying it was anticompetitive and would prompt other large carriers to pursue similar deals.
JetBlue and United said that Blue Sky would begin introducing new customer benefits starting in fall 2025, rolling them out in phases.
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BBC News
12 minutes ago
- BBC News
How Trump's 'secondary tariffs' on Russia could hit global economy
Despite being the world's most sanctioned country, Russia has continued to use its vast energy wealth to bankroll its war in President Donald Trump is hoping to change that. He has announced that sweeping new secondary tariffs will impact any country still trading with Russia if a ceasefire with Ukraine is not agreed by Friday 8 August. Secondary tariffs would see goods from any country that trades with Russia face a 100% tax when they are imported into the and gas are Russia's biggest exports, and Moscow's biggest customers include China, India and Turkey. "I used trade for a lot of things, but it's great for settling wars", said Trump last would not be the first time the Trump administration has imposed secondary tariffs, which are also in place to punish buyers of Venezuelan using them against Russia would have far bigger implications for the global remains the world's third biggest oil producer, behind only Saudi Arabia and the US itself. But its shipments have been falling this year, according to a Bloomberg analysis of ship-tracking data. Increased energy prices "The key channel by which secondary tariffs on buyers of Russian energy could impact the global economy would be through the level of energy prices," says Kieran Tompkins from the consultancy Capital the tariffs work, they will cut the flow of Russian oil and gas to global with less supply, prices could go up, just as they did when Russia launched its full-scale invasion of Ukraine in 2022. That led to a spike in inflation around the world. President Trump says he isn't worried because of record US oil Tompkins points out that, this time, there are also other reasons to suggest the impact on prices would not be as marked. He explains that "the current backdrop is one where OPEC+ [the group of major oil producing countries and its allies] have significant spare capacity to draw upon."Russia has devised a whole system for avoiding existing sanctions, which could be useful for helping its trading partners avoid the secondary tariffs threatened by example, its so-called "shadow fleet" - consisting of hundreds of tankers with obscure ownership - could be used to conceal the origin of exported Russian oil and gas."Sanctions maintenance is as big a task as the imposition of sanctions in the first place," US sanctions expert Richard Nephew of Columbia University says. "That's because the party that is being sanctioned takes steps to evade them." Pricier iPhones from India Since the full-scale invasion of Ukraine in 2022 India has been the second biggest buyer of Russian oil, according to the Centre for Research on Energy and Clean Air. "They're fuelling the war machine. And if they're going to do that, then I'm not going to be happy," President Trump told US outlet CNBC on Tuesday. If secondary sanctions take effect, US companies buying goods from India will have to pay a 100% import tax - or tariff - when those products reach US idea is that it makes these goods so expensive that US businesses will choose to buy them cheaper from elsewhere, resulting in lost revenue for India. That, in turn, is supposed to deter India from buying Russian oil. And if Russia is left unable to sell its oil elsewhere because other countries face the same predicament, it will have less cash to finance the war in way in which Americans could experience higher prices as a result of new secondary tariffs is in their purchase of mobile phones from calls Trump's tariff threat over Russian oil 'unjustified'US firm Apple is moving much of its iPhone production to India - in particular the manufacturing of handsets that it wants to sell in the US. If these products are subject to the new tariffs, prices could double for US consumers. That is because tariffs are paid by the companies that import goods - and those companies tend to pass most, if not all, of their cost increases on to their to the US from India are already facing a 25% tariff as part of President Trump's broader trade shake-up, and he told CNBC that number could be raised "very substantially". India's government has accused the US of double standards, pointing to Washington's own continued trade with vast majority of that trade is made up of US imports from India which amounted to just over $3bn (£2.2bn) last year - although that's just 10% of 2021 levels. That trade is dominated by US purchases of raw materials for nuclear energy and fertilizers. Russia is a major global supplier of both. Derailing trade talks with China China is buying the most Russian oil, and a decision by President Trump to impose secondary tariffs on Chinese goods would be much more challenging to because US imports from China are worth five times as much as those from India, and a lot more of those imports are consumer goods such as toys, clothes and tariffs aimed at Beijing would also risk upsetting a much broader renegotiation of trade between the world's two biggest economies that Trump has been pursuing since his first term in office."This type of over-escalation is unlikely to impress the Chinese," says trade expert Professor Simon Evenett of IMD Business explains that it would be "very difficult" to peel the Chinese away from the Russians without a good reason, given how closely Presidents Xi and Putin have worked together in recent top of that, the last time Trump tried using triple-figure tariffs against China, he found it did not work - as it almost cut off all trade between the two move like that could add to inflationary pressures in the US, which Trump has long pledged to could also cost huge amounts of manufacturing jobs in China, at a time when its economy is already struggling on several fronts. Further harm to US-EU commerce Analysis by the Finland-based Centre for Research and Clean Air shows that the EU and Turkey are also still amongst the biggest buyers of Russian 2022, the EU was the number-one export destination for Russia, although that has been vastly reduced since the full-scale invasion of Ukraine. Brussels recently agreed to buy a lot more energy from the US, but some imports from Russia remain. In June, the president of the European Commission, Ursula von der Leyen, acknowledged the problem, saying "Russia has repeatedly attempted to blackmail us by weaponizing its energy supplies" as she laid out plans to end imports by the end of US-EU trade relationship is the biggest in the world, and the pair have just negotiated new trade terms which will see a 15% tariff be applied on most EU exports to the in the EU criticised that deal, saying the tariffs would harm European exporters. Now they also fear that secondary sanctions on the EU could do even more harm. Adding 100% tariffs for buying Russian energy could significantly reduce the amount of goods sold by the EU to the US. However the biggest sellers include pharmaceuticals and machinery, which may be hard to source from elsewhere - meaning Americans have little choice but to pay more. Potential Russian recession Russia's own economy has so far proven remarkably resilient since the full-scale invasion of Ukraine began, growing 4.3% last Economy Minister Maxim Reshetnikov recently warned that the country was "on the verge" of recession after a period of "overheating". The International Monetary Fund (IMF) is forecasting growth of just 0.9% this the secondary sanctions are successful in reducing demand for exports, they will push Russia closer to exact impact of the war on Russia's economy is hard to know, because Moscow has prevented a large amount of economic data from being published since the full-scale invasion - including on oil and gas a third of Russian government spending is funded by oil and gas money, but exports have been falling. Meanwhile, Putin is directing a bigger share of spending towards defence than at any time since the Cold War. Defence spending is believed to have reached 6.3% of contrast, Ukraine has been spending a huge 26% of the value of its far-smaller economy on the war. The difference explains why its president, Volodymyr Zelensky, has repeatedly asked for external help from his tariffs are intended to help Zelensky by cutting the amount of money flowing into Russia, and he hopes bring an end to the death, suffering and destruction in Ukraine.
The Guardian
12 minutes ago
- The Guardian
News Corp's Australian newspaper revenue falls as CEO warns Trump of AI's ‘art of the steal'
Revenue generated from News Corp's global newspaper mastheads has fallen sharply, including in Australia, weighing down an otherwise positive financial result. Rupert Murdoch's media conglomerate continues to generate large wads of cash from its digital real estate arm but advertising revenue at News Corp Australia, a division that includes the Australian, the Daily Telegraph and the Herald Sun, was down 5% over the past financial year to US$343m (A$530m). Circulation and subscription revenue also fell, according to results released early on Wednesday. Sign up to get Guardian Australia's weekly media diary as a free newsletter Its UK news division, which counts the Times and the Sun among its mastheads, suffered even steeper revenue falls, as weak advertising conditions buffeted media companies around the world. News Corp, a US-headquartered company that is also listed on the ASX, owns mastheads in the US, the UK and Australia, and operates the book publisher HarperCollins. The Murdoch-controlled company also owns the Wall Street Journal publisher Dow Jones and has a majority stake in REA Group, the owner of It announced the sale of Foxtel late last year. While News Corp is best known for its traditional media assets, it describes the book publishing, real estate portal and Dow Jones information businesses as its 'core growth pillars'. The latter two divisions generated record income last year, lifting overall revenue to US$8.45bn (A$13.1bn), up 2%. Its controlling stake in REA has generated an ongoing windfall for News Corp, given that the division is tapped directly into Australia's robust property market. The real estate portal is expected to soon face stiffer competition from its rival Domain, which has just been sold to the US giant CoStar. The News Corp chief executive, Robert Thomson, described the overall result as 'sterling'. Sign up to Weekly Beast Amanda Meade's weekly diary on the latest in Australian media, free every Friday after newsletter promotion Thomson told analysts shortly after the financials were released that News Corp was in 'in the midst of advanced negotiations with several AI companies' over the purchase of its intellectual property. Media companies around the world have raised concerns over how they will be compensated for content already being used to train AI products. In comments designed to attract the attention of the US president, Thomson referred to books including Donald Trump's The Art of the Deal being used by AI engines without compensation. 'Is it right that his books should be consumed by an AI engine which then profits from his thoughts by cannibalising his concepts, thus undermining future sales of his book?' Thomson said. 'Suddenly, The Art of the Deal has become the art of the steal. 'We will fight to protect the intellectual property of our authors and journalists and continue to woo and to sue companies that violate the most basic property rights.'
Reuters
12 minutes ago
- Reuters
Super Micro's quarterly results underwhelm, shares tumble
Aug 5 (Reuters) - Super Micro (SMCI.O), opens new tab missed Wall Street estimates for fourth-quarter revenue and profit on Tuesday, as the company battles larger server makers for high-performance computers used to train artificial-intelligence models. Shares of the San Jose, California-based company slumped nearly 15.5% in extended trading, as the results followed multiple cuts to its full-year guidance. Its forecast also fell short of its earlier lofty expectations. Super Micro projected revenue of at least $33 billion for fiscal year 2026. The company had predicted around $40 billion in annual sales in February. Analysts on average were expecting $29.94 billion, according to data compiled by LSEG. Super Micro has been gaining traction in the hyper-competitive server industry, but analysts have said larger rivals such as Dell Technologies (DELL.N), opens new tab and HP Enterprise (HPE.N), opens new tab have been able to leverage their vast customer base to boost sales. "Since we know the market for servers is very strong right now, it is safe to assume the disappointing results for Super Micro are due to share losses," said Gil Luria, managing director at D.A. Davidson & Co. "Their customers are very discerning right now and are choosing servers from Dell, HP and others," Luria added. Dell raised its annual profit forecast while Hewlett Packard Enterprise beat second-quarter revenue and profit estimates. Super Micro expects better chip availability for its fiscal year, when compared to the last two quarters, which will help it grow better, CEO Charles Liang said on a post-earnings call. Delays in the availability of Nvidia (NVDA.O), opens new tab processors had weighed on the company in the recent quarters. Super Micro's shares have climbed about 90% this year as of last close, as investors bet on strong demand for its AI servers and its liquid cooling solutions. "The expectations for all things related to AI, especially the large language and reasoning models, have captivated investors' attention. Any softness is met with deep disappointment, which means lower stock prices," said Kim Forrest, chief investment officer at Bokeh Capital Partners. Shares of Advanced Micro Devices (AMD.O), opens new tab fell in extended trading on Tuesday, after the chipmaker reported disappointing data center revenue. Super Micro, which is bouncing back from accounting-related issues, said revenue was $5.76 billion for the three months ended June 30, compared with analysts' average estimate of $5.89 billion. Its adjusted earnings of 41 cents per share fell short of estimates of 44 cents, primarily due to tariff impact.
