US budget airlines are struggling. Will pursuing premium passengers solve their problems?
DALLAS (AP) -- Delta and United Airlines have become the most profitable U.S. airlines by targeting premium customers while also winning a significant share of budget travelers. That is squeezing smaller low-fare carriers like Spirit Airlines, which filed for bankruptcy protection on Monday. Some travel industry experts think Spirit's troubles indicate less-wealthy passengers will have fewer choices and higher prices. Other discount airlines are on better financial footing but also are lagging far behind the full-service airlines when it comes to recovering from the COVID-19 pandemic. Most industry experts think Frontier and other so-called ultra-low-cost carriers will fill the vacuum if Spirit shrinks, and that there's still plenty of competition to prevent prices from spiking.
Bitcoin ticks closer to $100,000 in extended surge following US elections
NEW YORK (AP) -- Bitcoin is jumping again, setting another new high above $99,000 overnight. The cryptocurrency has been shattering records almost daily since the U.S. presidential election, and has rocketed more than 40% higher in just two weeks. It's now at the doorstep of $100,000. Cryptocurrencies and related investments like crypto exchange-traded funds have rallied because the incoming Trump administration is expected to be more "crypto-friendly." Still, as with everything in the volatile cryptoverse, the future is hard to predict. And while some are bullish, other experts continue to warn of investment risks.
Australia rejects Elon Musk's claim that it plans to control access to the internet
MELBOURNE, Australia (AP) -- An Australian Cabinet minister has rejected X Corp. owner Elon Musk's allegation that the government intends to control all Australians' access to the internet through legislation that would ban young children from social media. Treasurer Jim Chalmers said on Friday that Musk's criticism was "unsurprising" after the government introduced legislation to Parliament that would fine platforms including X up to $133 million for allowing children under 16 to hold social media accounts. The spat continues months of open hostility between the Australian government and the tech billionaire over regulators' efforts to reduce public harm from social media. Parliament could pass the legislation as soon as next week.
ExxonMobil could partner up with Eni and Total to jointly develop natural gas deposits off Cyprus
NICOSIA, Cyprus (AP) -- Cyprus' energy minister says ExxonMobil could partner up with a consortium composed of Eni of Italy and Total of France to jointly develop gas deposits they've discovered close to each other off the island nation's southern coast. Minister George Papanastasiou says ExxonMobil is in talks with the Eni-Total consortium on working together to bring their discoveries to market. He says that potential collaboration could get a significant boost if an exploratory well that ExxonMobil plans to drill early next year strikes more of the hydrocarbon. Papanastasiou was speaking Friday after ExxonMobil's Vice President for Global Exploration John Ardill held talks with Cypriot President Nikos Christodoulides in the capital Nicosia.
Indigenous leaders travel to UK from Peru to draw attention to oil damage and banking
LONDON (AP) -- Indigenous leaders from the Wampis Nation in Peru are urging lawmakers at the House of Commons in London to ban international banks' support for Amazon oil activities they say harm their ancestral rainforests. HSBC bank, JPMorgan Chase and Santander helped finance the Peruvian state-owned oil company Petroperu as it sought to upgrade a coastal refinery. In the last decade there have been dozens of leaks along a pipeline that serves the refinery. The banks say they adhere to environmental guidelines and take great care over which project to back. The Indigenous members were among several delegations also pressing for a proposed law that would make it a crime for British businesses to harm the environment.
Oil company Phillips 66 faces federal charges related to alleged Clean Water Act violations
LOS ANGELES (AP) -- Oil company Phillips 66 has been federally indicted in connection with alleged violations of the Clean Water Act in California. The Texas-based company is accused of discharging hundreds of thousands of gallons of industrial wastewater containing excessive amounts of oil and grease. The U.S. Department of Justice announced the indictment on Thursday. Phillips is charged with two counts of negligently violating the Clean Water Act and four counts of knowingly violating the Clean Water Act. An arraignment date has not been set. A spokesperson for the company said it was cooperating with prosecutors.
US regulators seek to break up Google, forcing Chrome sale as part of monopoly punishment
U.S. regulators want a federal judge to break up Google to prevent the company from continuing to squash competition through its dominant search engine after a court found it had maintained an abusive monopoly over the past decade. The proposed breakup floated in a 23-page document filed late Wednesday by the U.S. Justice Department calls for Google to sell its industry-leading Chrome web browser and impose restrictions designed to prevent Android from favoring its search engine. Regulators also want to ban Google from forging multibillion-dollar deals to lock in its dominant search engine as the default option on Apple's iPhone and other devices.
What you need to know about the proposed measures designed to curb Google's search monopoly
U.S. regulators are proposing aggressive measures to restore competition to the online search market after a federal judge ruled that Google maintained an illegal monopoly. The sweeping set of recommendations filed late Wednesday could radically alter Google's business. Regulators want Google to sell off its industry-leading Chrome web browser. They outlined a range of behavioral measures such as prohibiting Google from using search results to favor its own services such as YouTube, and forcing it to license search index data to its rivals. They're not going as far as to demand Google spin off Android, but are leaving that door open if the remedies don't work.
Stock market today: World stocks track Wall St's gains with Nvidia report and bitcoin surge
HONG KONG (AP) -- Global stocks are higher following gains on Wall Street after market superstar Nvidia and other companies said they're making even fatter profits than expected. U.S. futures edged lower while oil prices rose. The Shanghai Composite index dropped over 3%, driven by the semiconductor stocks. On Thursday, the S&P 500 pulled 0.5% higher after flipping between modest gains and losses several times in the morning. The Dow Jones Industrial Average jumped 1.1%, and the Nasdaq composite edged up less than 0.1%. Banks, smaller companies and other areas of the stock market that tend to do best when the economy is strong helped lead the way, while bitcoin broke above $99,000.
What do hundreds of beavers have to do with the future of movies?
NEW YORK (AP) -- The low-budget movie "Hundreds of Beavers" has turned into a lo-fi legend. Mike Cheslik's film, made for just $150,000 and self-distributed in theaters, has managed to gnaw its way into a movie culture largely dominated by big-budget sequels. It's a wordless black-and-white bonanza of slapstick antics about a stranded 19th century applejack salesman at war with a bevy of beavers, all of whom are played by actors in mascot costumes. It's been called "the future of cinema" -- a proclamation that may sound extreme for a movie about a guy with a giant beaver hat. But in a shrinking movie industry, DIY microbudget filmmaking may increasingly be left to fill some of the void left by risk-adverse, corporate-driven Hollywood.