The massive market transformation this month that some on Wall Street called a "once in a decade opportunity" might have just been a one-off technical move because of taxes.Marketsread more
The Pentagon will deploy U.S. forces to the Middle East on the heels of the attack on Saudi Arabian oil facilities, United States Secretary of Defense Mark Esper announced...Defenseread more
Any loans to Iran or engagement by the international community is "appeasement," the minister claimed.World Politicsread more
CNBC did a deep dive through the most recent Wall Street research to find stocks that analysts say are underappreciated.Marketsread more
Shares of MasterCard are up 46% this year, and 1120% since 2011, getting a boost from the strong U.S. consumer.Investingread more
Trade with China is the 'big unknown' for the Federal Reserve as it decides how best to support the U.S. economy, says Council on Foreign Relations Director of International...Futures Nowread more
Lobbying experts said the visit is likely an attempt to be in lawmakers' ears as they consider legislation that would impact Facebook.Technologyread more
Yardeni Research's Edward Yardeni believes the U.S. economy is picking up steam.Trading Nationread more
Iran's audacious drone and cruise missile attack on Saudi Arabia's oil producing facilities has provided a critical test yet for the Trump administration's foreign policy. A...Politicsread more
Chinese trade negotiators suddenly canceled a visit to meet U.S. farmers after they wrapped up trade talks in Washington this week.Marketsread more
Blackstone Executive Vice Chairman Tony James says he's less optimistic now than before that the U.S.-China trade war could be resolved, but even a smaller deal could help...World Economyread more
JetBlue Airways on Wednesday said it is planning to launch its first service to London in 2021, an aggressive move by the low-cost airline that's aimed at luring lucrative corporate travelers away from entrenched rivals that already dominate air travel across the Atlantic.
Major international airlines like Delta, American, United and their European partners currently account for most of the trans-Atlantic market. More than three-quarters of trans-Atlantic service last year was operated by airlines in the largest alliances among carriers, according to consulting firm ICF.
JetBlue, which has been debating offering trans-Atlantic service for about three years, currently services the Caribbean, Mexico, Central America and northern South America, in addition to its U.S. network.
The airline hinted it would add other destinations in Europe. Multiple-daily flights from New York and Boston to London would begin in 2021, using a long-range version of the Airbus A321.
JetBlue shares were up 0.5% in postmarket trading. The stock surged about 4% on Tuesday after CNBC reported that the airline appeared to be readying an announcement for flights to Europe.
JetBlue executives hope the carrier's popular Mint business class will entice high-paying corporate travelers away from larger and more traditional rivals. Featuring lie-flat beds, Mint also provides travelers with better food and amenities kits that aren't offered in standard coach.
The expansion to Europe presents several challenges to JetBlue.
While the service may still be several years away, rival airlines will likely have an aggressive response in price and service to the new entrant, said Henry Harteveldt, a former airline executive and founder of travel-industry consulting firm Atmosphere Research Group.
"I think it's very risky — and I think JetBlue's the one who needs to be worried."
JetBlue said it plans to offer Mint across the Atlantic "for a fraction of what other airlines are charging today for premium seats."
"Twenty years ago, our founders had a simple formula for choosing a new market – it had to be overpriced, underserved, or both," Joanna Geraghty, JetBlue's president and COO said in a news release. "London is the largest metro area JetBlue doesn't yet serve from both Boston and New York, and we could not be more thrilled to be changing that in the years ahead. The fares being charged today by airlines on these routes, specifically on the premium end, are enough to make you blush."
Round-trip business-class tickets from the New York City area to London on United, Delta and American for the first week of May were more than $8,200.
"None of these guys are going to give up a fraction of market share without a fight," said Harteveldt.
JetBlue also said it has not decided which London airport it plans to serve and it needs approval to be able to fly there. London Heathrow is more convenient for many business travelers but obtaining landing slots there will be a challenge, Harteveldt noted.
The airline plans to design new Mint cabin specially for the trans-Atlantic routes with more of the lie-flat seats and other new features, JetBlue said.
JetBlue has expanded Mint to key cross-country routes in recent years to include routes from Boston and New York to cities like San Francisco, Seattle, Las Vegas and Los Angeles, as well as to popular leisure destinations like Aruba, St. Lucia and Barbados.
The airline had dropped hints about the long-considered service to London over the past several months, including a save-the-date email sent to employees about an "all hands" meeting on April 10 in New York whose background featured an upholstery pattern used on the London Tube.