The largest U.S. banks are scrutinizing members of the Federal Reserve for any insight into how the central bank will tinker interest rates.Banksread more
Facebook's cryptocurrency project has already been met with skepticism from policymakers around the world.Technologyread more
The U.S. and China restarted their trade talks, but signs are showing a comprehensive deal could be a long way off, if it happens at all.Marketsread more
Stone, 66, a notorious Republican political operative who has described himself as a "dirty trickster," had previously been dressed down by the judge for his public remarks...Politicsread more
The Biden team's second-quarter Federal Election Commission filing shows that the campaign wrote a check of just over $5,300 on June 28 to Sheehan Associates for "strategic...2020 Electionsread more
See which stocks are posting big moves after the bell on July 16.Market Insiderread more
United Airlines' second-quarter profit tops estimates but questions about the 737 Max linger.Airlinesread more
Three civil rights groups filed a federal lawsuit on Tuesday challenging the Trump administration's new asylum rule, which bars asylum claims from most noncitizens who travel...Politicsread more
Google VP of policy Karan Bhatia started sweating early as hearing chair Ted Cruz brings out an internal presentation created within the company.Technologyread more
At a hearing with the House Judiciary subcommittee on antitrust, an Amazon representative disputed a key argument about how it users sellers' data.Technologyread more
Charles Evans spoke Tuesday at CNBC's @Work Human Capital + Finance Conference in Chicago. The Fed president said he is worried about low inflation and several other issues.At Workread more
Low-cost carrier Frontier Airlines, which charges passengers for advanced seat assignments and carry-on luggage, is trying a new tack to attract travelers: lowering and in some cases eliminating date-change fees altogether.
The 10th largest U.S. airline by travelers carried, used to charge customers $99 to change their dates. Effective immediately, date changes on Frontier will be free if they're made before 90 days of departure, and $49 if the customer makes the change between 89 and 14 days before the flight, the airline said Thursday. Travelers who need to make last-minute changes will still have to pay the $99 fee if the change is within 13 days of a flight. All passengers will still be responsible for any change in fare.
The move by privately held Frontier makes it an outlier among U.S. carriers, which are increasing fees as they struggle with a surge in fuel costs, generally their second-largest expense after labor.
American Airlines, the world's largest airline, on Thursday said it will start charging passengers $30, up from $25, to check a first bag on flights in North America, starting with tickets purchased on Friday. American's move follows similar fee increases by United Airlines, Delta Air Lines and JetBlue Airways. JetBlue also increased date-change fees, a step Alaska Airlines took earlier this year.
Ancillary revenue from seat selection, baggage and other fees are a cash cow for airlines. These fees are not subject to the same 7.5 percent tax as airfare is and have provided an additional revenue stream to carriers, particularly after fuel prices climbed.
Several lawmakers are seeking that a bill to reauthorize the Federal Aviation Administration includes a provision that would require federal officials to determine whether fees are reasonable. Earlier this month, several lawmakers asked airlines to explain the costs behind some of the fees they charge passengers, including those for checked baggage and seat assignments.
The cheaper change-fee policy is an attempt to get more travelers on board. Frontier carried just under 2 percent of the 965 million passengers carried by U.S. airlines last year, according to the U.S. Department of Transportation. Southwest Airlines, which does not charge customers a fee to change tickets but requires them to pay any difference in fare, flew 157.7 million passengers, more than any U.S. carrier.
Frontier collected $36.5 million in reservation change and cancellation fees last year, just over 1 percent of the $2.9 billion U.S. carriers brought in for those fees, according to the Department of Transportation.