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Month: December 2024

Silver Airways files for Chapter 11 bankruptcy protection in South Florida, will continue operating

Silver Airways files for Chapter 11 bankruptcy protection in South Florida, will continue operating

Financially troubled Silver Airways, the 13-year-old regional carrier serving Florida, the Bahamas and the Caribbean, has filed for Chapter 11 bankruptcy protection with a pledge to continue flying and reorganize its finances at some point during the first quarter of the New Year.

The airline, which in 2023 was nearly evicted from Fort Lauderdale-Hollywood International Airport for falling behind on its rent, said in a note to customers that “all tickets remain valid” and that they may book flights through the airline’s website “or any other channel.”

U.S. Bankruptcy Judge Peter Russin of Fort Lauderdale entered an order allowing the company to continue operations, according to court files.

“This decision will allow us to secure additional capital and undertake a financial restructuring that will strengthen our position as a competitive airline, ultimately benefiting you — our valued customers,” the airline’s note said.

According to the company’s website, Silver serves eight Florida destinations including Fort Lauderdale, Tampa, Orlando, Tallahassee and Key West, seven in the Bahamas including Nassau and Freeport, and seven Caribbean destinations with a major hub operation in San Juan, Puerto Rico. The airline’s fleet consists of French-made, propeller-driven ATR aircraft. read more

Gilzean’s $20K-a-month Disney district consulting deal ends

Gilzean’s $20K-a-month Disney district consulting deal ends

Orange County Elections Supervisor Glen Gilzean’s $20,000-a-month consulting deal with the state’s Walt Disney World tourism oversight district concluded Tuesday, ending a pay agreement that allowed him to draw extra money from the Gov. Ron DeSantis-backed district while working full-time as the county’s elections chief.

The agreement was part of Gilzean’s exit plan when he resigned as the district’s administrator to become Orange County’s elections chief at a salary of about $205,000 a year.

The consulting contract ran from April 1 until the end of the year, paying him a total of $180,000 for advising the Central Florida Tourism Oversight District. The agreement didn’t include a specific set of tasks, other than assisting the district and its new administrator on a “part-time basis” that would not interfere with Gilzean’s other full-time employment obligations.

“The consulting agreement ends December 31 as outlined in the contract,” district spokesman Matthew Oberly said when asked if the agreement would be renewed. read more

Wall Street indexes lose ground as market closes another record-breaking year

Wall Street indexes lose ground as market closes another record-breaking year

By ALEX VEIGA, AP Business Writer

U.S. stock indexes are losing ground in afternoon trading Tuesday, on pace for a downbeat finish for Wall Street as it closes out another milestone-shattering year of gains.

The S&P 500 gave up an early gain and was down 0.6%. The benchmark index is coming off back-to-back declines of more than 1%.

The Dow Jones Industrial Average was down 113 points, or 0.3%, as of 2:04 p.m. Eastern time. The Nasdaq composite was down 0.9%.

About 60% of the stocks in the S&P 500 fell. Technology stocks were the biggest weights on the market.

Semiconductor giant Nvidia, whose enormous valuation gives it an outsize influence on indexes, fell 2.5%. Apple was down 0.9%, and Advanced Micro Devices gave up 1.7%.

Gains in energy stocks helped temper some of the declines. Exxon Mobil rose 1.6% and Chevron gained 1.2%.

VeriSign was up 0.3% after Warren Buffett’s Berkshire Hathaway disclosed it had increased its stake in the internet domain registry services company.

Bond yields were mixed. The yield on the 10-year Treasury rose to 4.57% from 4.54% late Monday. The yield on the two-year Treasury held steady at 4.24%. read more

Gas prices in Florida could dip in coming year according to GasBuddy forecast

Gas prices in Florida could dip in coming year according to GasBuddy forecast

TALLAHASSEE — Florida motorists could see a slight decrease in gasoline costs in the coming year despite fuel markets facing continued geopolitical tensions, potential tariffs and changes in U.S. energy policies, according to a report issued Monday.

In an annual outlook, Boston-based GasBuddy forecast that the price of a gallon of gas nationally will average $3.22 in 2025. Meanwhile, the average is expected to be from $3.12 a gallon to $3.51 in Florida. That is slightly lower than the forecast for 2024 of $3.19 a gallon to $3.51 a gallon.

GasBuddy said the average price nationally in 2024 was $3.33 a gallon, a nickel lower than what it had projected a year ago.

The AAA auto club offers a slightly different national average this year of $3.35 a gallon, 4 cents higher than the average in Florida. The average price of a gallon of regular unleaded in Florida was $3.04 on Tuesday, according to AAA.

“While declining fuel prices in 2025 will provide welcome relief to American drivers and businesses, emerging risks could lead to increased volatility,” Patrick De Haan, head of petroleum analysis at GasBuddy, said in a prepared statement. “Geopolitical uncertainties, potential disruptions from extreme weather, and policy shifts under the new (federal) administration could create challenges for fuel markets. Despite this, expanding global refining capacity and moderating demand are expected to support lower prices for most of the year.” read more

Mexico has a plan for Trump’s deportation promises — on both sides of the border

Mexico has a plan for Trump’s deportation promises — on both sides of the border

Mexico has begun outlining a plan of action should President-elect Donald Trump make good on threats of carrying out the “largest deportation program in American history” when he moves into the White House for a second time.

The strategy focuses on helping Mexican nationals on both sides of the border — from developing a mobile app for immigrants to notify Mexican consulates in the U.S. of impending deportations to opening new migrant shelters in Baja California and elsewhere along the northern border to accommodate thousands of expected deportees.

Mexican President Claudia Sheinbaum this past week promised to protect the civil rights of Mexican citizens.

“We will continue to defend Mexicans (in the U.S.),” Sheinbaum said Thursday. “And if there are deportations, we will be ready to receive them.”

Sheinbaum, who was sworn in herself a few months ago, has the challenge of not only dealing with the logistics of mass deportations but of striking a delicate balance politically with Trump, who has pressured Mexico to, among other things, step up its efforts to reduce illegal immigration into the U.S. So far, that cooperation has appeared to have had an effect on the reduced number of migrant crossings. read more