Maserati delays flagship EV sedan
The Quattroporte is the third Maserati EV that has been delayed following schedule shifts for the electric versions of the GranTurismo and Grecale SUV.
Former Lexus exec Vinay Shahani to lead sales and marketing at Nissan North America
Lexus, Nissan, Toyota, Volkswagen veteran Vijay Shahani replaces Mike Colleran, who retires March 31.
What to know about overdraft fees as the White House cracks down on them
By CORA LEWIS (Associated Press)
NEW YORK (AP) — The Consumer Financial Protection Bureau has proposed new rules that would lower overdraft fees, with President Joe Biden calling the charges “exploitative.” Currently, the fee for overdrawing a bank account averages more than $26.
If a bank temporarily lends a consumer money when their account has reached a zero balance, the consumer is typically responsible for paying back both the overdrawn amount and an additional fee, which can be more than the original amount charged. In one example often cited by opponents of the fees, a $3 cup of coffee can end up costing someone $30.
Here’s what to know.
When there isn’t enough money in an account to cover a transaction or withdrawal, but the bank allows it anyway, the customer is technically “overdrawn,” and most banks charge them a fee. About 91% of accounts have this fee structure, according to the most recent Bankrate research. Consumer advocates argue this is an extension of credit, and should be regulated as such.
With merger scuttled, Spirit Airlines faces an uncertain future. Is bankruptcy a possibility?
By DAVID KOENIG (AP Airlines Writer)
Spirit Airlines hasn’t made money since before the pandemic, ticket sales haven’t bounced back as quickly as the carrier expected, and dozens of its planes will be grounded at times this year because of a problem with the engines.
A sale to JetBlue represented a lifeline for Spirit, which faces $1.1 billion in debt maturing next year.
But a federal judge in Boston scuttled that plan by ruling Tuesday that JetBlue’s $3.8 billion proposal to buy Spirit violates antitrust law.
Now, some Wall Streeters who follow Spirit are tossing around the B word – bankruptcy. The judge had even hinted at such an outcome during the trial.
After Judge William Young’s ruling on Tuesday, Spirit can look for another buyer, or it could remain independent and try to push through a difficult environment for budget airlines.
But “a more likely scenario is a Chapter 11 filing, followed by a liquidation,” wrote Helane Becker, a veteran airline analyst for financial-services firm Cowen. “We recognize this sounds alarmist and harsh, but the reality is we believe there are limited scenarios that enable Spirit to restructure.”
TuSimple says it will voluntarily delist from the Nasdaq
The company has faced setbacks since it first went public in a $1 billion initial public offering in 2021.