CarGurus' Q2 net income drops 23%
An increase in the vehicle listing company’s U.S. marketplace revenue provided a bright spot.
DeSantis, tourism district argue for dismissal of Disney lawsuit
Gov. Ron DeSantis’ tourism oversight board fired back against Disney on Wednesday, arguing that the court should either abstain from or dismiss the entertainment giant’s federal lawsuit.
Disney’s allegations that Florida violated its First Amendment rights by overhauling Disney World’s special government district are “meritless,” lawyers for the Central Florida Tourism Oversight District wrote in a legal brief.
“The Constitution … does not entitle Disney to a local government that functions essentially as the Company’s wholly owned subsidiary, nor does it grant Disney a right to undermine the State’s attempt to end that corrupting arrangement,” they wrote.
In a separate filing on Wednesday, DeSantis’ lawyers argued Disney lacked the legal standing to sue the governor, and he should be dropped from the suit or the claims dismissed entirely.
Disney filed the federal lawsuit in April, alleging DeSantis and state officials engaged in a “targeted campaign of government retaliation.”
Vroom reports $66m net loss in Q2, aims for faster car turn in second half of 2023
The company said it sold 4,127 vehicles via e-commerce in its second quarter, down 55 percent from the year-ago period but up 5 percent quarter-over-quarter.
UAW demands would mean ‘unsustainable' labor costs for Detroit 3, sources say
The UAW’s demands would nearly triple labor rates to more than $150 an hour per employee at all three automakers, according to knowledgeable sources.
Bankrate: More cardholders carrying credit card balances in high rate environment
More cardholders are carrying more credit card debt than ever before, and they’re paying a steep price for the privilege, a Bankrate survey on credit card debt finds. According to new data, 47% of credit cardholders currently carry debt from month to month — up slightly from 46% in December 2022 and 39% in December 2021.
While emergency expenses are the prime culprit, consumers are also hard pressed to chip away at the debt in today’s high interest rate environment. According to the Federal Reserve Bank of New York, credit card debt was at $986 billion at the end of March, up $145 billion from the first quarter of 2022.
Inflation, which has moderated after reaching a 40-year high of 9.1% in June last year, has pushed up the costs of the goods and services, while — at the same time — the Fed has raised its target interest rate past 5% through a series of rate hikes. This has taken average credit card interest rates north of 20%, making it more difficult for Americans that carry a balance from month to month to chip away at their debt.