Spirit Airlines' worth, Tesla's miss, and drug hikes: Business news roundup

Quartz01-04 22:00

Photo: Kevin Carter (Getty Images), Justin Sullivan (Getty Images), Vijayananda Gupta/Hindustan Times (Getty Images), Shelby Tauber/Bloomberg (Getty Images), Andrew Harnik (Getty Images), Image: Chung...

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Spirit Airlines, which filed for bankruptcy in November, has given investors a peek into its ongoing reorganization. As part of that process, it filed a financial update with the Securities and Exchange Commission that shows its equity is worth less than the compensation paid to its executives in 2023.Air Canada and KLM narrowly avoid disaster amid South Korea crash. A plane carrying 181 people, Jeju Air Flight 7C2216, crashed at Muan International Airport in South Korea after skidding off the runway and colliding with a wall, resulting in an explosion. - Image: Chung Seun-Jun . On Saturday, an Air Canada  flight experienced what the airlines called a “suspected landing gear issue” when it arrived at Halifax Stanfield International Airport in Nova Scotia. 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Schaben / Los Angeles Times (Getty Images)\n \n\nBankrupt Spirit Airlines worth less than executives’ 2023 pay\n\n\n\n  A Spirit Airlines plane - Photo: Kevin Carter (Getty Images)\n \n\nSpirit Airlines, which filed for bankruptcy in November, has given investors a peek into its ongoing reorganization. As part of that process, it filed a financial update with the Securities and Exchange Commission that shows its equity is worth less than the compensation paid to its executives in 2023. \nRead More\nAir Canada and KLM narrowly avoid disaster amid South Korea crash\n\n\n\n  A plane carrying 181 people, Jeju Air Flight 7C2216, crashed at Muan International Airport in South Korea after skidding off the runway and colliding with a wall, resulting in an explosion. - Image: Chung Seun-Jun (Getty Images)\n \n\nTwo additional flights nearly ended in tragedy over the weekend as South Korea grapples with its worst plane crash in decades. \nOn Saturday, an Air Canada (AC) flight experienced what the airlines called a “suspected landing gear issue” when it arrived at Halifax Stanfield International Airport in Nova Scotia. Flight AC2259, a Bombardier Q400 plane carrying 73 passengers, was arriving from St. John’s, Newfoundland. \nRead More\nThe winners and losers of casual dining in 2024\n\n\n\n  A customer walks towards the entrance of a Chili’s Grill & Bar restaurant in San Antonio, Texas, U.S. - Image: Callaghan O’Hare (Getty Images)\n \n\nCasual dining in 2024 has been dramatically reshaped by inflation, shifting consumer priorities, and fierce competition among fast-food giants and grocery stores alike. \nRead More\nTesla failed to meet its EV sales goals and Wall Street’s expectations\n\n\n\n  Tesla - Photo: Justin Sullivan (Getty Images)\n \n\nTesla (TSLA) has officially failed to reach its 2024 delivery goal, according to the latest sales data released by the electric vehicle maker.\nAustin, Texas-based Tesla delivered 495,570 vehicles between October and December, a roughly 2% hike compared to 484,507 units delivered during the fourth quarter of 2023, according to the company. Wall Street had expected deliveries of about 507,000 units. \nRead More\nCostco is fighting to keep its DEI program as major companies roll back initiatives\n\n\n\n  Costco. - Image: Thomas De Wever (Getty Images)\n \n\nCostco’s (COST) Board of Trustees is standing firm as many of the biggest companies in the U.S. scale back or scrap their diversity, equity, and inclusion (DEI) initiatives. \nRead More\nThese are the biggest airlines in the world by revenue\n\n\n\n  Airplanes at an airport - Photo: Vijayananda Gupta/Hindustan Times (Getty Images)\n \n\nThe global airline industry flies billions of people around the world every year and rakes in even more billions of dollars doing so. In fact, the sector expects to bring in a record $1 trillion in revenue next year. Some companies will grab bigger slices of that pie than others, however. Quartz analyzed the annual reports of the world’s biggest airlines to see how they stack up against one another. \nRead More\nBig Pharma just hiked prices for more than 250 drugs\n\n\n\n  Woman holding open prescription pill bottle. - Image: Catherine McQueen (Getty Images)\n \n\nPharmaceutical companies are raising the price of over 250 brand drugs this year.\nNearly all the price increases are under 10%, with the median increase across all the affected medications being 4.5%, matching the median increase last year, Reuters reported Thursday, citing data from healthcare research firm 3 Axis Advisors.\nRead More\n5 U.S. retailers that made the most revenue in 2024\n\n\n\n  Shoppers at a Walmart Supercenter in Burbank, California on Nov. 21, 2024. - Image: Allen J. Schaben / Los Angeles Times (Getty Images)\n \n\nEconomic pressures, shifting consumer behaviors, and rapid e-commerce growth have significantly shaped the retail sector in 2024. \nConsumers are more cautious with their spending these days in the face of rising inflation and economic uncertainty. Still, while some beloved chains have succumbed to bankruptcies and closures, other retailers have successfully navigated these challenges to reach remarkable revenue levels. \nRead More\nTrump might have a pick in mind to run the FAA\n\n\n\n  JSX planes - Photo: Shelby Tauber/Bloomberg (Getty Images)\n \n\nEver since Mike Whitaker, current administration of the Federal Aviation Administration, announced that he would be stepping down when president-elect Donald Trump is inaugurated, speculation has swirled around who Trump’s pick to replace him might be. The airline industry site View from the Wing suggests that JSX CEO Alex Wilcox might be a name to watch. \nRead More\nMeet the men Donald Trump has picked to manage the U.S. economy\n\n\n\n  Howard Lutnick, Trump’s pick for Commerce Secretary, with Trump at Mar-a-Lago on Dec. 16. - Photo: Andrew Harnik (Getty Images)\n \n\nSince winning the election on Nov. 5, Donald Trump has moved remarkably, if not unexpectedly, quickly to name his picks for top leadership posts in his administration. While Trump’s campaign rhetoric suggested a strong America-first, strong-dollar, tariff-led protectionist trade policy with low taxes and lower government spending at home, his picks are presenting a picture of an administration that may be more moderate, and may be fiercely at odds with itself. \nRead More\n For the latest news, Facebook, Twitter and Instagram.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.4","shortVersion":"4.29.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2500243916"}