JetBlue makes a surprise offer on Spirit Airlines | Robins Kaplan LLP

JetBlue made a last-minute $3.6 billion bid to buy Spirit Airlines, “throwing a wrench in Spirit’s plan to merge with Frontier Airlines and create a giant budget carrier.” The offer seems calculated to help JetBlue compete with traditional carriers, although apart from an improved price, its strategic advantages are less clear for Spirit – NY Times and WSJ and Bloomberg

Hulu founder and Amazon vet Jason Kilar, who currently runs WarnerMedia, announced yesterday that he is leaving the company. The “widely anticipated” decision comes “days before WarnerMedia completes its merger with Discovery Inc. and a new management team joins.” Kilar has been in the role since April 2020 and oversaw the rollout of HBO Max and the “Project Popcorn” plan that released Warner Bros. Movies of 2021 “simultaneously in theaters and on HBO Max” – NY Times and WSJ

In the wake of the US preventing Russia from repaying its debt in US dollars held in domestic banks, the EU moved on Tuesday to ban imports of Russian coal in a bid to punish Russia for recently exposed atrocities she committed in Ukraine. EU officials also said they were “working to ban Russian oil soon” – NY Times and WSJ and Bloomberg

A day after Elon Musk revealed his significant stake in Twitter, the social media company added the controversial Tesla and SpaceX founder to its board. Appointment limits total amount of Twitter shares Musk can own to 14.9% – NY Times and WSJ and MarketWatch and Tech Crunch

Here’s why this whole ordeal raises a new “regulatory red flag”[s]to the SEC, including the timing of disclosures of Musk’s involvement on Twitter and intentions for the company – WSJ and Bloomberg and MarketWatch

And lest Elon get all the fun, in space or in the headlines, Amazon has stepped up “plans for its proposed fleet of internet satellites that would complement a service” operated by SpaceX. To accomplish this feat, Amazon’s Project Kuiper “secured up to 83 planned launches that would carry satellites into orbit over a five-year period” – WSJ

Federal prosecutors this week delivered closing arguments in their trial against former Goldman Sachs banker Roger Ng for his alleged role in the massive Malaysian wealth fund scheme 1MDB, telling the jury he had of “sufficient evidence to convict him”. [Ng] for his role in one of the biggest corruption schemes, even without the testimony of the government’s star witness, Tim Leissner, who “emerged as a controversial figure” during the trial – NY Times

Fed Governor Lael Brainard has confirmed that the Fed is expected to steadily raise interest rates for the rest of the year and will begin “balance sheet reduction as early as next month” – Bloomberg

A lawsuit recently filed in Brooklyn accuses Wells Fargo of “discriminating against potential black mortgage borrowers, whose applications it is supposed to approve at lower rates and on worse terms than white borrowers” – Law360

In the “what have you done for me lately” news, there’s a buzz on the street about whether Brian Moynihan, the CEO of Bank of America, whose low-key approach helped steer “the second largest bank in the country from the brink of collapse to record profits”. during his 12 years in office – is still the right person for the job – NY Times

GM and Honda will work together to develop “affordable” electric vehicles, “strengthening their strategic ties as they strive to bring expensive plug-in technology to the mass market.” Deals below $30,000 are unlikely to be ready until 2027 – WSJ and MarketWatch

Getting to know Bard College’s still new and decidedly “non-traditional” architecture program, an unaccredited program of study “not formulated to lead students specifically toward professional licensure,” but rather to ” inculcate ‘spatial literacy'” – Bloomberg

Be careful,

MDR

Comments are closed.