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The first ship carrying Ukrainian grain through the Black Sea since Russia invaded Ukraine left Odesa on Monday under a safe passage agreement that has raised hopes that hundreds of other vessels will follow.

Russia-Ukraine Crisis: First grain ship departs from Odessa

India’s millennials and GenZ are digital-savvy; they identify and adopt technology early and are focussed on long-term potential. An average Crypto investor is 28 years of age—they understand the potential of Crypto, would have long-term financial goals and are aiming for a well-rounded portfolio. Short-term market cycles shouldn’t change that. Crypto is not a get-rich-quick scheme, said Ashish Singhal, Co-Founder and CEO, of Coinswitch Kuber.&nbsp;

Singhal believes that crypto is bringing a once-in-a-generation technological shift and it would reshape the internet and internet-based businesses and services.

Millennials have a larger risk appetite which draws them towards investing in cryptocurrency. According to a report, about 39% of millennials own cryptocurrencies, higher than the percentage of those owning mutual funds and about equal to the number of millennials who own individual stocks.

I think all investments carry some risks, with crypto leading the list, but we have a larger risk appetite. I have also invested in cryptocurrency, but I would prefer it if the government regulates it, so that the privacy concerns are addressed. With talks of a central bank digital currency, I feel crypto can become very significant, said Shreyashi Haldar, Program Analyst at Wells Fargo.

Even though the cryptocurrency market is at its record low now, Rajagopal Menon, Vice President, WazirX said that there is no indication that millennials are moving out of crypto, infact he highlighted that the number of users within the age bracket is intact.&nbsp;

If we look at the transactions between December 2021 to March 2022 vs. April to June 2022, it is evident that the share of millennials investing in stablecoins has increased by 13%, which is significant, while their holding in meme coins has decreased. This can be attributed to investors becoming more informed and research-oriented while choosing to invest, said Menon.

Debrishi Pramanik, a software engineer at a leading MNC said that he would not want to withdraw his crypto investments even though the market is crashing every other day.&nbsp;

Every market goes through a bull and bear phase, and right now the cryptocurrency market is going through its bear phase. I feel those who are opting out of crypto due to the volatility that the market is showing are going to regret their decision in a few year's time. I feel this is the right time to invest if you want to grow your portfolio and make some fast money, as soon the cryptocurrency market will rise and touch record highs, those who were patient with the turbulence of the market will be the biggest gainers, said Pramanik.

A report suggests that the digital investment market is set to be worth $14.3 billion by 2025, growing from $6.4 billion in 2021 at a 5-year CAGR of 22.4 per cent backed by India’s fintech boom.

Minal Thukral, Executive Vice-President, Growth and Strategy, CoinDCX believes that millennials are certainly more inclined towards investing in crypto than the previous generations.

Millennials are more focused on understanding the fundamentals of the tokens they are investing in. They’re also more open to taking risks and adopting new technologies. We have also observed that most millennials make informed decisions. They invest after understanding the fundamentals of the industry, he said.

Chintan Avasthi, a final year MBA student said that he lost almost half of his invested amount due to the current market crash and he wouldn't take the risk to lose further.

I had invested in crypto in 2021 and had seen positive growth, but the current crypto crash washed away all the profits and the amount I invested got reduced to almost half. The bear market phase is ongoing from quite some time now, and additionally, crypto tax has also been introduced. I wouldn't take the risk any longer so I have withdrawn my crypto investments, said Avasthi.&nbsp;

Thukral also highlighted that there had been a slight impact in the number of millennial investors, due to the current bear phase of the crypto market.&nbsp;

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India’s millennials and GenZ are digital-savvy; they identify and adopt technology early and are focussed on long-term potential. An average Crypto investor is 28 years of age—they understand the potential of Crypto, would have long-term financial goals and are aiming for a well-rounded portfolio.

India’s millennials and GenZ are digital-savvy; they identify and adopt technology early and are focussed on long-term potential. An average Crypto investor is 28 years of age—they understand the potential of Crypto, would have long-term financial goals and are aiming for a well-rounded portfolio. Short-term market cycles shouldn’t change that. Crypto is not a get-rich-quick scheme, said Ashish Singhal, Co-Founder and CEO, of Coinswitch Kuber. Singhal believes that crypto is bringing a once-in-a-generation technological shift and it would reshape the internet and internet-based businesses and services. Millennials have a larger risk appetite which draws them towards investing in cryptocurrency. According to a report, about 39% of millennials own cryptocurrencies, higher than the percentage of those owning mutual funds and about equal to the number of millennials who own individual stocks. I think all investments carry some risks, with crypto leading the list, but we have a larger risk appetite. I have also invested in cryptocurrency, but I would prefer it if the government regulates it, so that the privacy concerns are addressed. With talks of a central bank digital currency, I feel crypto can become very significant, said Shreyashi Haldar, Program Analyst at Wells Fargo. Even though the cryptocurrency market is at its record low now, Rajagopal Menon, Vice President, WazirX said that there is no indication that millennials are moving out of crypto, infact he highlighted that the number of users within the age bracket is intact. If we look at the transactions between December 2021 to March 2022 vs. April to June 2022, it is evident that the share of millennials investing in stablecoins has increased by 13%, which is significant, while their holding in meme coins has decreased. This can be attributed to investors becoming more informed and research-oriented while choosing to invest, said Menon. Debrishi Pramanik, a software engineer at a leading MNC said that he would not want to withdraw his crypto investments even though the market is crashing every other day. Every market goes through a bull and bear phase, and right now the cryptocurrency market is going through its bear phase. I feel those who are opting out of crypto due to the volatility that the market is showing are going to regret their decision in a few year's time. I feel this is the right time to invest if you want to grow your portfolio and make some fast money, as soon the cryptocurrency market will rise and touch record highs, those who were patient with the turbulence of the market will be the biggest gainers, said Pramanik. A report suggests that the digital investment market is set to be worth $14.3 billion by 2025, growing from $6.4 billion in 2021 at a 5-year CAGR of 22.4 per cent backed by India’s fintech boom. Minal Thukral, Executive Vice-President, Growth and Strategy, CoinDCX believes that millennials are certainly more inclined towards investing in crypto than the previous generations. Millennials are more focused on understanding the fundamentals of the tokens they are investing in. They’re also more open to taking risks and adopting new technologies. We have also observed that most millennials make informed decisions. They invest after understanding the fundamentals of the industry, he said. Chintan Avasthi, a final year MBA student said that he lost almost half of his invested amount due to the current market crash and he wouldn't take the risk to lose further. I had invested in crypto in 2021 and had seen positive growth, but the current crypto crash washed away all the profits and the amount I invested got reduced to almost half. The bear market phase is ongoing from quite some time now, and additionally, crypto tax has also been introduced. I wouldn't take the risk any longer so I have withdrawn my crypto investments, said Avasthi. Thukral also highlighted that there had been a slight impact in the number of millennial investors, due to the current bear phase of the crypto market. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Crypto isn't a get-rich-quick scheme; millennials need to opt for long-term for balanced portfolio: Experts

Pakistan imports fell by more than a third in July after a ban on non-essentials, the finance minister said on Sunday, adding the improved trade situation will reduce pressure on the struggling rupee.

Pakistan imports fall sharply in July

New Zealand's borders will fully reopen to visitors from around the world, this for the first time since covid-19 pandemic closed borders in March of 2020.

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South Korea’s exports grew at a faster annual pace in July than a month earlier, trade ministry data showed on Monday, while the trade deficit widened to the biggest in six months.

South Korea’s July exports grow at faster pace, trade deficit widens

Struggling developer China Evergrande Group said that one of its subsidiaries, Evergrande Group (Nanchang) Co, Ltd, had been ordered to pay a guarantor 7.3 billion yuan ($1.08 billion) for failing to honour its debt obligations.

Chinese developer Evergrande's unit ordered to pay out $1.1 billion

Amid tensions of rising energy crisis in Europe, Latvia has become latest EU member state to stop getting gas supply from Russia.

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As per a flash estimate from Eurostat, the European Union's statistical agency, annual inflation in the euro area is predicted to reach 8.9 per cent in July 2022, up from 8.6 per cent in June. The euro zone's manufacturing activity shrank last month, with factories being forced to stockpile unsold items as a result of weak demand, according to data released on Monday. This has raised concerns that the region could enter a recession.&nbsp;Despite weaker overall sentiment due to concerns about an economic slowdown, European stocks had their highest monthly gain on Friday (July 29) since November 2020 thanks to solid earnings from corporate Europe.

Also read |&nbsp;WION Dispatch: Eurozone inflation at record high; consumer prices jump 8.9% in July

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As inflation, the crisis in Ukraine, and the pandemic took their toll, retailers in Germany, the powerhouse of the European economy, saw the sharpest decline in their year-over-year sales in nearly three decades at the end of the first half of 2022, according to data.

Also read |&nbsp;<a href="https://www.wionews.com/world/russia-halts-gas-supply-to-latvia-following-deadly-prison-attack-502043" hreflang="en">Russia halts gas supply to Latvia following deadly prison attack</a>

In China too home sales of the top 100 developers fell in July, a sign that the growing mortgage boycott issue plaguing the nation has further undermined consumer confidence.

Despite government efforts to promote purchases, the demand remained flat amid an economic slowdown. According to preliminary data provided by China Real Estate Information Corp., combined contract sales decreased 39.7 per cent from a year earlier to 523.1 billion yuan ($78 billion).

Also read |&nbsp;<a href="https://www.wionews.com/world/despite-gas-crisis-and-inflation-surge-eurozone-economy-grows-faster-than-expected-501880" hreflang="en">Despite gas crisis, inflation surge, Eurozone economy grows faster than expected</a>

Hong Kong too is battling the effects of inflation. According to fresh official data released on Monday, Hong Kong has once again entered a technical recession as a result of the city's prolonged commitment to stringent coronavirus regulations, rising interest rates, and weakening international trade.

The city's GDP again declined in the second quarter of 2022, although by a smaller margin of 1.4 per cent, according to preliminary estimates issued by the Census and Statistics Department. This follows a year-over-year fall of 3.9 per cent in the first quarter of 2022.

(With inputs from agencies)

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As per a flash estimate from Eurostat, the European Union's statistical agency, annual inflation in the euro area is predicted to reach 8.9 per cent in July 2022, up from 8.

As per a flash estimate from Eurostat, the European Union's statistical agency, annual inflation in the euro area is predicted to reach 8.9 per cent in July 2022, up from 8.6 per cent in June. The euro zone's manufacturing activity shrank last month, with factories being forced to stockpile unsold items as a result of weak demand, according to data released on Monday. This has raised concerns that the region could enter a recession. Despite weaker overall sentiment due to concerns about an economic slowdown, European stocks had their highest monthly gain on Friday (July 29) since November 2020 thanks to solid earnings from corporate Europe. Also read | WION Dispatch: Eurozone inflation at record high; consumer prices jump 8.9% in July As inflation, the crisis in Ukraine, and the pandemic took their toll, retailers in Germany, the powerhouse of the European economy, saw the sharpest decline in their year-over-year sales in nearly three decades at the end of the first half of 2022, according to data. Also read | Russia halts gas supply to Latvia following deadly prison attack In China too home sales of the top 100 developers fell in July, a sign that the growing mortgage boycott issue plaguing the nation has further undermined consumer confidence. Despite government efforts to promote purchases, the demand remained flat amid an economic slowdown. According to preliminary data provided by China Real Estate Information Corp., combined contract sales decreased 39.7 per cent from a year earlier to 523.1 billion yuan ($78 billion). Also read | Despite gas crisis, inflation surge, Eurozone economy grows faster than expected Hong Kong too is battling the effects of inflation. According to fresh official data released on Monday, Hong Kong has once again entered a technical recession as a result of the city's prolonged commitment to stringent coronavirus regulations, rising interest rates, and weakening international trade. The city's GDP again declined in the second quarter of 2022, although by a smaller margin of 1.4 per cent, according to preliminary estimates issued by the Census and Statistics Department. This follows a year-over-year fall of 3.9 per cent in the first quarter of 2022. (With inputs from agencies) Watch WION LIVE HERE: You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Recession fears haunt Eurozone; China witnesses slump in house sales; Hong Kong enters technical recession

On Saturday, bitcoin climbed by $798.93 or 3.36 per cent to $24,584.24, surpassing its previous close. The biggest and most well-known cryptocurrency in the world, Bitcoin, has increased by 39.7% from its June 18-year low of $17,592.7. Ether, the cryptocurrency connected to the Ethereum blockchain, increased by $10.46 or 0.61 per cent on Saturday to reach $1,734.08.

Tesla, a maker of electric vehicles, revealed in its Q2 filing with the U.S. on Monday that it had $222 million in digital assets as of the end of June.&nbsp;The business bought $1.5 billion worth of Bitcoin back in February 2021. The corporation liquidated 75% of its Bitcoin holdings, worth about $936 million, last week, according to news reports. CEO Elon Musk claimed that the sale was brought on by uncertainties around the timing of China’s Covid prohibition relaxation. In Shanghai, Tesla currently has one factory.

Also Read:<a href="https://www.wionews.com/trending/watch-tiny-turtle-rescued-from-sydney-beach-pooped-pure-plastic-for-six-days-502056">&nbsp;Watch | Tiny turtle&nbsp;rescued from Sydney beach pooped 'pure plastic'&nbsp;for six days</a>

Just seven months after the virtual currency soared to a record high, Bitcoin plunged in June to an 18-month low of around $23,000 in a widespread cryptocurrency crash as investors abandoned riskier assets in the face of a severe global market selloff. 
 
The announcement that cryptocurrency lending platform Celsius Network has halted withdrawals due to unsteady market conditions also had a significant negative impact on the most widely utilised crypto asset in the world. 
 
When data revealed that US inflation had reached a new four-decade high, global stock markets crashed. This fueled fears of a worldwide recession and caused investors to avoid risky cryptocurrencies like bitcoin and ether in favour of more established, secure assets like the dollar.

(with inputs from agencies)

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On Saturday, bitcoin climbed by $798.93 or 3.36 per cent to $24,584.24, surpassing its previous close. The biggest and most well-known cryptocurrency in the world, Bitcoin, has increased by 39.

On Saturday, bitcoin climbed by $798.93 or 3.36 per cent to $24,584.24, surpassing its previous close. The biggest and most well-known cryptocurrency in the world, Bitcoin, has increased by 39.7% from its June 18-year low of $17,592.7. Ether, the cryptocurrency connected to the Ethereum blockchain, increased by $10.46 or 0.61 per cent on Saturday to reach $1,734.08. Tesla, a maker of electric vehicles, revealed in its Q2 filing with the U.S. on Monday that it had $222 million in digital assets as of the end of June. The business bought $1.5 billion worth of Bitcoin back in February 2021. The corporation liquidated 75% of its Bitcoin holdings, worth about $936 million, last week, according to news reports. CEO Elon Musk claimed that the sale was brought on by uncertainties around the timing of China’s Covid prohibition relaxation. In Shanghai, Tesla currently has one factory. Also Read: Watch | Tiny turtle rescued from Sydney beach pooped 'pure plastic' for six days Just seven months after the virtual currency soared to a record high, Bitcoin plunged in June to an 18-month low of around $23,000 in a widespread cryptocurrency crash as investors abandoned riskier assets in the face of a severe global market selloff. The announcement that cryptocurrency lending platform Celsius Network has halted withdrawals due to unsteady market conditions also had a significant negative impact on the most widely utilised crypto asset in the world. When data revealed that US inflation had reached a new four-decade high, global stock markets crashed. This fueled fears of a worldwide recession and caused investors to avoid risky cryptocurrencies like bitcoin and ether in favour of more established, secure assets like the dollar. (with inputs from agencies)

Cryptocurrencies see continued growth: Bitcoin up 39.7% from year low in June

Eurozone inflation rose to another record high in July and its peak could still be months away, keeping pressure on the European Central Bank to opt for another big interest rate increase in September.

WION Dispatch: Eurozone inflation at record high; consumer prices jump 8.9% in July

Chip shortage is a big global concern nowadays and Japan and US are now expected to agree on joint research for next gen semiconductors.

US, Japan joint research for semiconductors

Harley-Davidson Inc. reported a rise in profit in the second quarter, beating analyst estimates and sending shares up nearly 7% despite a two-week production shutdown that suspended bike shipments in mid-May.

Harley earnings beat estimates, aided by sturdy leisure sector demands

Two tech firms in Russia are in the soup now for not following domestic laws on data privacy. A Russian court has found that meta platforms including WhatsApp and Snapchat for not saving data of Russian users within countries boundaries.

Russia: Moscow district court fines WhatsApp, Snapchat over breaching data law

A day after the United States federal reserve raised interest rates for the second consecutive time, worrying government data shows that the US economy contracted for a second quarter between April and June.

US GDP declines at an annual rate of 0.9%

Global stocks rose on Friday, on course for their best month since late 2020, as euro zone growth beat expectations, while the dollar dipped as traders await fresh U.S. data for clues to the outlook for rates.

As inflation surges across major markets and central bankers fight to raise rates without killing off growth, riskier markets like stocks have tended to react positively to any perceived softening in sentiment on the part of policymakers.

After Thursday data showed the U.S. economy contracted in the second quarter, stocks rose as traders bet rates would rise more slowly. Euro zone numbers on Friday, meanwhile, beat expectations, yet recession fears are mounting as energy inflation continues to bite in the face of conflict in Ukraine.

The MSCI World index was last up 0.3%, on course for a near-6% monthly gain, its best since November 2020, buoyed by broad gains across European markets, with the STOXX Europe 600 up 0.9%.

U.S. stocks look set to gain at the open, with futures for the S&amp;P 500 and Nasdaq up 0.8% and 1.1%, respectively, with all eyes on fresh wages and consumer price data for clues to the health of the economy.

Despite the positive end to the month for stocks, Mark Haefele, Chief Investment Officer at UBS Global Wealth Management, said investors should proceed with caution.

"In the near term, we think the risk-reward for broad equity indexes will be muted. Equities are pricing in a 'soft landing', yet the risk of a deeper 'slump' in economic activity is elevated."

Some of that concern had been evident in Asian stock markets overnight, after Beijing omitted reference to its full-year GDP growth target following a high-level Communist Party meeting.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.3%.

News in the prior session that U.S. gross domestic product had shrunk 0.9% last quarter, to add to a 1.6% contraction in the quarter before that, weighed on the country's bond yields and the greenback, but both staged a partial recovery on Friday.

The yield on benchmark 10-year Treasury notes recovered slightly from its overnight lows to trade at 2.7029% while the two-year note's yield, which typically moves in step with interest-rate expectations, was at 2.8703%.

After earlier flirting with positive territory, the dollar was last down 0.4% against a basket of its major peers - yet still on course for a second month of gains.

Futures markets now predict that U.S. interest rates will peak by December this year compared to June 2023 and the Federal Reserve will cut interest rates by nearly 50 bps next year to support slowing growth. [0#FF:]

Against the weakening U.S. backdrop, second-quarter GDP data from the euro zone beat expectations, up 0.7%, although growth in the region's biggest economy, Germany, lagged.

In response, Germany's 10-year bond yield - the benchmark for the euro zone - was last up at 0.89%.

Across commodities, Brent crude futures and U.S. West Texas Intermediate crude extended early gains and were last up around 2.3% as concerns about supply shortages ahead of the next meeting of OPEC ministers offset doubts around the economic outlook.

Gold gave back some of its early gains to trade up 0.4% to $1,759 an ounce, helped by the weaker dollar. 
&nbsp;

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Global stocks rose on Friday, on course for their best month since late 2020, as euro zone growth beat expectations, while the dollar dipped as traders await fresh U.

Global stocks rose on Friday, on course for their best month since late 2020, as euro zone growth beat expectations, while the dollar dipped as traders await fresh U.S. data for clues to the outlook for rates. As inflation surges across major markets and central bankers fight to raise rates without killing off growth, riskier markets like stocks have tended to react positively to any perceived softening in sentiment on the part of policymakers. After Thursday data showed the U.S. economy contracted in the second quarter, stocks rose as traders bet rates would rise more slowly. Euro zone numbers on Friday, meanwhile, beat expectations, yet recession fears are mounting as energy inflation continues to bite in the face of conflict in Ukraine. The MSCI World index was last up 0.3%, on course for a near-6% monthly gain, its best since November 2020, buoyed by broad gains across European markets, with the STOXX Europe 600 up 0.9%. U.S. stocks look set to gain at the open, with futures for the S&P 500 and Nasdaq up 0.8% and 1.1%, respectively, with all eyes on fresh wages and consumer price data for clues to the health of the economy. Despite the positive end to the month for stocks, Mark Haefele, Chief Investment Officer at UBS Global Wealth Management, said investors should proceed with caution. "In the near term, we think the risk-reward for broad equity indexes will be muted. Equities are pricing in a 'soft landing', yet the risk of a deeper 'slump' in economic activity is elevated." Some of that concern had been evident in Asian stock markets overnight, after Beijing omitted reference to its full-year GDP growth target following a high-level Communist Party meeting. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.3%. News in the prior session that U.S. gross domestic product had shrunk 0.9% last quarter, to add to a 1.6% contraction in the quarter before that, weighed on the country's bond yields and the greenback, but both staged a partial recovery on Friday. The yield on benchmark 10-year Treasury notes recovered slightly from its overnight lows to trade at 2.7029% while the two-year note's yield, which typically moves in step with interest-rate expectations, was at 2.8703%. After earlier flirting with positive territory, the dollar was last down 0.4% against a basket of its major peers - yet still on course for a second month of gains. Futures markets now predict that U.S. interest rates will peak by December this year compared to June 2023 and the Federal Reserve will cut interest rates by nearly 50 bps next year to support slowing growth. [0#FF:] Against the weakening U.S. backdrop, second-quarter GDP data from the euro zone beat expectations, up 0.7%, although growth in the region's biggest economy, Germany, lagged. In response, Germany's 10-year bond yield - the benchmark for the euro zone - was last up at 0.89%. Across commodities, Brent crude futures and U.S. West Texas Intermediate crude extended early gains and were last up around 2.3% as concerns about supply shortages ahead of the next meeting of OPEC ministers offset doubts around the economic outlook. Gold gave back some of its early gains to trade up 0.4% to $1,759 an ounce, helped by the weaker dollar.

World stocks eye best month since late 2020, dollar dips

Online retailers made a fortune during the covid-19 pandemic but the market has failed to deliver successive quarters of high growth since then. Now the online retailer Amazon has reported its second quarterly loss in a row.

Amazon posts second quarterly loss; Growth slows for Amazon.com

The United States Federal Reserve has once again hiked the interest rate by 0.75%, this as the country's inflation level has touched 40-year high. This is the second in a row and fourth time this year, that the Fed has raised interest rates.

US Federal reserve hikes interest rates by 0.75%

JetBlue Airways announced that it has sealed the deal to buy Spirit Airlines for $3.8 billion. This acquisition would make it the fifth-biggest carrier in the United States. &nbsp;

In a statement, JetBlue said it would pay $33.50 per share in cash for Spirit. This would include a prepayment of $2.50 per share in cash payable after Spirit stockholders approve the transaction and a ticking fee of 10 cents per share per month starting in January until the deal is closed.

CEO of Jetblue Airline Robin Hayes said that Spirit and JetBlue would continue to advance the shared goal of bringing down fares from the big four airlines of the American sky.

The four airlines that dominate the sky are United Airlines, American Airlines, Southwest Airlines and Delta Air Lines. &nbsp;

The agreement comes after Spirit Airlines ended the merger agreement with Frontier Airlines announced in February this year. It marks the end of a months-long competition between Jetblue and Frontier Airlines for Spirit. &nbsp;

JetBlue has increased its offer to buy Spirit over recent months, creating a bidding war against Frontier. JetBlue had earlier offered to buy Spirit in spring for $3.6 billion. However, Spirit rejected the bid and agreed to a $2.9 billion merger with Frontier in February.&nbsp;

Spirit's board declined Jetblue, reasoning that JetBlue's offer involved "an unacceptable level of closing risk."&nbsp;

JetBlue then allegedly tried to carry out a hostile takeover attempt for Spirit. Plans to launch a tender offer for Spirit shareholders' shares were designed to pressure the airline's management to re-engage in merger negotiations. &nbsp;

However, things will not end here as Jetblue still needs the approval of antitrust regulators. In addition, the Justice Department has been concerned that airline competition is declining due to mergers. &nbsp;

As a result, the Justice Department is suing Jetblue and American Airlines. The trial is scheduled to begin this fall.&nbsp;

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JetBlue Airways announced that it has sealed the deal to buy Spirit Airlines for $3.8 billion. This acquisition would make it the fifth-biggest carrier in the United States.

JetBlue Airways announced that it has sealed the deal to buy Spirit Airlines for $3.8 billion. This acquisition would make it the fifth-biggest carrier in the United States. In a statement, JetBlue said it would pay $33.50 per share in cash for Spirit. This would include a prepayment of $2.50 per share in cash payable after Spirit stockholders approve the transaction and a ticking fee of 10 cents per share per month starting in January until the deal is closed. CEO of Jetblue Airline Robin Hayes said that Spirit and JetBlue would continue to advance the shared goal of bringing down fares from the big four airlines of the American sky. The four airlines that dominate the sky are United Airlines, American Airlines, Southwest Airlines and Delta Air Lines. The agreement comes after Spirit Airlines ended the merger agreement with Frontier Airlines announced in February this year. It marks the end of a months-long competition between Jetblue and Frontier Airlines for Spirit. JetBlue has increased its offer to buy Spirit over recent months, creating a bidding war against Frontier. JetBlue had earlier offered to buy Spirit in spring for $3.6 billion. However, Spirit rejected the bid and agreed to a $2.9 billion merger with Frontier in February. Spirit's board declined Jetblue, reasoning that JetBlue's offer involved "an unacceptable level of closing risk." JetBlue then allegedly tried to carry out a hostile takeover attempt for Spirit. Plans to launch a tender offer for Spirit shareholders' shares were designed to pressure the airline's management to re-engage in merger negotiations. However, things will not end here as Jetblue still needs the approval of antitrust regulators. In addition, the Justice Department has been concerned that airline competition is declining due to mergers. As a result, the Justice Department is suing Jetblue and American Airlines. The trial is scheduled to begin this fall. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

US airline JetBlue agrees to buy Spirit Airlines for $3.8 billion

US recession fears are playing on the minds of all sectors of the world economy, India's shining IT sector is no exception. though it has handled Covid pandemic well, the industry still has multiple challenges ahead.

US recession fears don't look grave: Tech Mahindra

Samsung electronics has seen demand weakening for the Mobile and PC chips. However, its operating profit rises to $10.8 billion for June quarter.

Mobile and PC chip demand: Samsung electronics sees demand weakening

JLR is driving Tata Motors into high losses. Tata Motors said that losses are bigger than expected. However, Sales will pick up as the chip shortage eases.

JLR drives Tata Motors into high losses; Sales to pick up as chip shortage eases

Lufthansa airline has been forced to cancel 1,000 flights affecting travel plans of over 134,000 passengers. The airline's workers have gone on strike demanding a pay hike.

Europe travel chaos: 1,000 flights cancelled as Lufthansa workers go on a strike

Amid the ongoing global recession worries, the US Fed has hiked rates by 75 bps. Fed has also hinted at further rate hikes in the future.

US Fed hikes interest rates for the fourth time this year

Global recession fears have started impacting demand in the tech market as well. Qualcomm is now bracing for a difficult economy and a slowdown in smartphone demand that could hurt its mainstay handset chip business.

Tech firms brace for a difficult economy; Samsung electronics sees demand weakening

Wall Street rallies after the US Fed hikes rates by 75 bps