meltdown – The News Desk

The Transportation Department on Monday announced a $140 million fine against Southwest Airlines over a meltdown last winter that disrupted travel for about two million people during the holiday season.Of the $140 million, Southwest Airlines will pay $35 million to the federal government. For the remaining amount, the department is giving the airline credit for providing frequent-flier points as an apology to customers affected by the meltdown, and for agreeing to give out tens of millions of dollars in vouchers to customers affected by future delays and cancellations.The fine is roughly 30 times what had previously been the department’s largest penalty against an airline for consumer protection violations, a $4.5 million settlement with Air Canada in 2021 over customer refunds.“Today’s a...

Economists have wondered for months whether China’s property meltdown would trigger a financial crisis. The consensus so far has been that it won’t. But perhaps the financial crisis has been here all along, right under our noses.The answer hinges on how you define the terms “financial,” “crisis” and “financial crisis.” Conversations about financial crises in China or anywhere else conventionally focus on banks or overtly bank-like institutions as the core of the financial system. We care about their fate because these companies are particularly exposed to ill economic winds and also are peculiarly capable of collapsing on top of the rest of an economy. But there are plenty of companies you might not call a bank that operate as one—especially in China.Copyright ©2023 Dow Jones & Compan...

Tag: meltdown

U.S. Fines Southwest Airlines $140 Million for Holiday Meltdown

The Chinese Financial Crisis Nobody’s Talking About