What we’re reading (5/23)
“Stock Market Today: Dow, S&P 500, Nasdaq Fall As Trump Tariff Threats Roar Back, US Deficit Anxiety Deepens” (Yahoo! Finance). “US stocks fell on Friday to register weekly losses as investors assessed President Trump's latest tariff threats and the potential impact of his massive tax bill on the deficit and the economy. The Dow Jones Industrial Average sank 0.6%. The S&P 500 also fell roughly 0.7%. The tech-heavy Nasdaq Composite backed off about 1%.”
“StubHub’s CEO Isn’t Delusional. That’s Why He Hasn’t IPO’d Yet.” (Wall Street Journal). “After spending more than three years trying to take StubHub public, Baker has to regroup. In addition to plotting how to time the listing amid tariff turmoil, he must also contend with a new executive order from the Trump administration that attempts to limit ticket scalping and fees. StubHub’s core business involves collecting fees on tickets to concerts, sports and other events resold at a markup. Baker’s plan for growth would put his company in a head-to-head battle with industry giant Ticketmaster.”
“Boeing Strikes Deal To Avoid Criminal Responsibility For 737 Max Crashes” (New York Times). “Boeing reached a deal with the Justice Department on Friday that would spare the company from taking criminal responsibility for a pair of deadly 737 Max crashes in 2018 and 2019. Under the deal, which was staunchly opposed by many families of the victims of the fatal crashes, Boeing would admit to obstructing federal oversight, pay a fine, contribute to a fund for the families and invest in safety and quality programs.”
“The Real Problem With The FAA” (The Atlantic). “Air-traffic control is not inherently a governmental function. Keeping planes safely separated is a complex but purely operational process that follows well-established rules. Like running an airline or manufacturing a commercial aircraft, air-traffic control can be performed by a nongovernmental entity as long as it is overseen by safety regulators—which perform a function that is inherently governmental. The most compelling evidence of this is that most developed countries have now “corporatized” their ATC provider.”
“United Airlines Reaches ‘Industry-Leading’ Labor Deal With Flight Attendants, Union Says.” (CNBC). “United Airlines reached an “industry-leading” tentative labor deal for its 28,000 flight attendants, their union said Friday. The deal includes ‘40% of total economic improvements’ in the first year and retroactive pay, a signing bonus, and quality of life improvements, like better scheduling and on-call time, the Association of Flight Attendants-CWA said.”
