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American Airlines said that airfares are likely to remain elevated even if there's a decline in oil prices after losses the carrier suffered earlier in the year amid surging fuel costs.
The carrier's CFO, Devon May, told the Financial Times that "if fuel comes down, I think airfares probably stay largely where they're at right now."
Fuel expenses in the third quarter surged 67.5% compared with the same period a year ago, which translated to $1.9 billion in higher fuel costs based on an average price of $3.85 a gallon.
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Full story here foxbusiness.com/markets/amer…
American Airlines says airfares could stay elevated even if fuel prices drop foxbusiness.com/markets/amer…
Social Security is expected to reach insolvency within a decade, triggering automatic benefit cuts. However, a critical debate over the cost of replacing that revenue could be obscured by a budget rule.
Kent Smetters, who leads the Penn Wharton Budget Model, spoke exclusively with FOX Business about a new report that details how federal budget rules assume Social Security benefits would be paid in full using general revenue transfers when the program's trust funds reach insolvency in about six or seven years.
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Smetters warns bond markets are watching closely. "Bond markets are currently making a bet that Congress and the president will eventually get their act together, because if they don't, future bond markets are just going to pound them," he said. Taking the general revenue transfer route would be the "ultimate sign that we've given up."
Smetters pointed to the last time Washington actually solved a Social Security crisis — the Reagan-O'Neill reforms of the 1980s. "They decided we're jumping off this bridge together because the country is worth it, and they were going to put their personal politics, personal ambitions aside to solve this problem," he said. "We just don't have that rhetoric right now."
Full story here foxbusiness.com/politics/how…
How Congress could address Social Security insolvency – and the hidden cost foxbusiness.com/politics/how…
Jetmaker Bombardier doubles down on US investment in deal touted by Trump foxbusiness.com/economy/jetm…
Florida's manufacturing ambitions take flight as aerospace, medtech giants fuel Sunshine State's economic push foxbusiness.com/economy/flor…
Taco Bell, PepsiCo extend partnership through 2036, keeping Mountain Dew Baja Blast on menu foxbusiness.com/retail/taco-…
Quest Diagnostics confirms patient information accessed in cyberattack, systems temporarily shut down foxbusiness.com/technology/m…
Check your toothpaste before brushing.
More than 4 million tubes of toothpaste are being recalled nationwide, including children's products featuring Barbie, Hot Wheels and Crayola branding.
The FDA has classified the recall as Class II after identifying manufacturing practice violations, warning that exposure could cause temporary or medically reversible health problems.
See the full list of affected brands and products to find out if yours is included: foxbusiness.com/lifestyle/po…
Popular kids' toothpastes among 4M tubes recalled nationwide foxbusiness.com/lifestyle/po…
LARRY KUDLOW: The end is near for Iran foxbusiness.com/politics/lar…
UK makes major energy move with North Sea project, and new gas supplies could arrive this winter foxbusiness.com/media/uk-mak…
Bank of America CEO honored at $32M fundraising event against antisemitism foxbusiness.com/business-lea…
Lockheed Martin unveils 10-year framework to produce 850 F-35 fighter jets for the US military foxbusiness.com/politics/loc…
Discount chain opening new stores across 7 states in October foxbusiness.com/retail/disco…
Ollie's Bargain Outlet is opening locations across seven states this month.
The Pennsylvania-based discount chain is launching the new stores in Minnesota, New York, Ohio, Illinois, North Carolina, New Jersey and Maine.
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Full story here foxbusiness.com/retail/disco…
