Electricity bills may continue to shock you even as overall inflation eases. Here’s why.
While price hikes for gas, furniture, electronics and clothes are slowing down after a long stretch of sharp gains, one costly item isn’t expected to get cheaper anytime soon: electricity.
Economists say consumers should expect their electric bills to continue rising at a fast pace as liquefied natural gas, a key fuel for generating electricity, remains in short supply in the US and companies’ operating costs rise. Average US electricity prices could rise at a 10% clip again this year and possibly next, predicts Mark Wolfe, director of the National Energy Assistance Directors Association, even though economists have forecast overall…
WestJet shutting down discount airline Swoop
WestJet is shutting down its budget airline, Swoop.
The company made the announcement in a news release Friday, noting that the ratification of its recent deal with its pilots allows it to integrate all of its staff at various airlines into a single banner.
“As negotiated in the collective agreement, the WestJet Group will now begin integration efforts of its ultra-low-cost airline, Swoop,” the airline said.
“Through an expedited process, the airline anticipates a full integration into its mainline operations by the end of October. To avoid traveler impact, Swoop will operate its existing network through to the end of…
Riots in France have already cost businesses more than $1 billion
Just weeks after hugely disruptive protests and strikes over pension reforms in France finally died down, businesses in the country are grappling with the fallout from a week of rioting.
The riots, which were sparked by the fatal shooting of a teenager by a police officer last Tuesday, have already caused more than €1 billion ($1.1 billion) worth of damage, according to a French business association, MEDEF.
Protesters have attacked nearly 400 bank branches and 500 corner shops, French Finance Minister Bruno Le Maire told CNN affiliate BFMTV Wednesday. Speaking to CNN’s Isa Soares Tuesday, Le Maire put the total…
WestJet closes deal to buy Sunwing Vacations and Sunwing Airlines – Business News
WestJet closes Sunwing deal
The Canadian Press – May 1, 2023 / 9:15 am | Stories: 424375
Photo: The Canadian Press
The WestJet Group says it has closed its acquisition of Sunwing Vacations and Sunwing Airlines that was first announced in March last year.
The company says that, initially, the airlines will continue independent operations.
However, WestJet says the two airlines will move from being competitors to collaborators.
Stephen Hunter, formerly the CEO of Sunwing Vacations, has been appointed CEO of the WestJet Group’s vacations business. Hunter will be responsible for all tour operating and vacation package businesses at both…
Food storage brand Tupperware warns it could go out of business
Legendary food storage brand Tupperware has hired advisers to help turn around the company after notifying securities regulators it may have to close up shops.
In a release dated April 7, the Orlando, Florida-based company announced it was seeking to improve its capital structure in order to “remediate its doubts regarding its ability to continue as a going concern.”
That same day, Tupperware issued a going-concern notice after warning it could be heading for a default if its lenders demand payment to maintain access to the company’s main line of credit.
“If such demand for repayment was to occur, the…
Tesla sales rise 36% in first quarter, following price cuts – Business News
Tesla sales rise 36%
Tom Krisher, The Associated Press- Apr 2, 2023 / 9:47 am | Stories: 419217
Photo: The Canadian Press
Tesla’s first-quarter vehicle sales rose 36% after the company cut prices twice in a bid to stimulate demand.
The electric car, SUV and heavy truck maker said it delivered 422,875 vehicles worldwide from January to March, up from just over 310,000 a year ago. But the increase fell short of analyst estimates of 432,000 for the quarter, according to FactSet.
Tesla cut prices in early March on its more expensive models, the S and X, by $5,000 to…
Oil prices: Brent crude, WTI surge after OPEC producers announce production cuts
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CNN
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Oil prices spiked Monday after OPEC+ producers unexpectedly announced that they would cut output.
Brent crude, the global benchmark, jumped 5.31% to $84.13 a barrel, while WTI, the US benchmark, rose 5.48% to $79.83. Both were the sharpest price rises in almost a year.
The oil prices sunk as low as $73 and $67 a barrel respectively in the week following the collapse of Silicon Valley Bank in the United States on March 10, as the turmoil spread to the wider banking sector, raising fears of a global recession.
With oil prices now rising, inflation could…
