Deals, Closures and Economic Signals Shape the Week
Amazon’s $11B Globalstar deal expands satellite reach, while Spirit faces liquidation risk and 7-Eleven plans closures. Jobless claims dip, and NPR secures major donor funding.
Amazon, Globalstar Complete $11 Billion Deal
SEATTLE & COVINGTON, La. (Business Wire) — Amazon.com, Inc. and Globalstar, Inc. announced that they have entered into a definitive merger agreement under which Amazon will acquire Globalstar, enabling Amazon Leo to add direct-to-device services to its low Earth orbit satellite network and extend cellular coverage to customers beyond the reach of terrestrial networks. Read Full Article
Spirit Airlines Faces Possible Liquidation
Spirit Aviation Holdings, the parent of Spirit Airlines, risks liquidation as rising jet fuel prices due to the Middle East war could further strain the bankrupt carrier’s finances, according to a report from Bloomberg News on Wednesday.
The decision on potential liquidation could come as soon as this week, according to Bloomberg, which cited people familiar with the issue saying the situation remains fluid as Spirit holds talks with its creditors. Read Full Article
First-Time Unemployment Claims Take a Dip
With the war in Iran looming over the U.S. economy, the labor market appears to remain fairly stable.
New applications for U.S. unemployment benefits fell last week. Initial claims for state unemployment benefits dropped to a seasonally adjusted 207,000 – a drop of 11,000 — for the week ended April 11, according to statistics released by the Labor Department Thursday. Economists polled by Reuters had forecast 215,000 claims for the latest week. Read Full Article
NPR Gets Millions in Donations From Two Donors
NPR may have had its federal funding stripped in President Donald Trump’s war against public media, but that didn’t stop a pair of donors from injecting millions of dollars into the public broadcast network.
NPR announced it has received a $113 million windfall on Thursday from two charitable donors, including billionaire philanthropist Connie Ballmer, The Washington Post reported. Read Full Article
7-Eleven Closing Hundreds of Locations
Patrons at hundreds of 7-Eleven stores around the country are going to have to find ways to replace their Big Gulps.
Seven & I Holdings, the parent company of 7-Eleven, announced that a total of 645 locations are set to close across North America this fiscal year. Read Full Article