Business Digest 111924

Treasury pick may predict tariff plans

WASHINGTON — One of the top remaining vacancies in President-elect Donald Trump's proposed Cabinet is his treasury secretary, and the views of his top contenders reflect broader questions about how Trump might wield tariffs in his new administration. Billionaire investor Scott Bessent has talked up tariffs as a negotiating ploy. Cantor Fitzgerald CEO Howard Lutnick, who is co-chair of Trump's transition operation, has expressed support for broad tariffs. Trump is looking at other potential candidates as he decides who can best implement his economic agenda — and how big a role tariffs will play.

Spirit Airlines files for bankruptcy

Spirit Airlines has filed for bankruptcy protection and will attempt to reboot as it struggles to recover from the pandemic-caused swoon in travel and a failed attempt to sell the airline to JetBlue. Spirit is the biggest U.S. budget airline. It has lost more than $2.5 billion since the start of 2020 and faces looming debt payments totaling more than $1 billion over the next year. Spirit says it expects to operate as normal as it works its way through a prearranged Chapter 11 bankruptcy process. The airline says customers can continue to book and shouldn't see any disruption to their travel plans while the process unfolds.

US safety ratings will get major update

DETROIT — Automobile safety ratings will get a major update starting with the 2026 model year when regulators add new driver-assistance technologies and tests for protecting pedestrians. The National Highway Traffic Safety Administration said Monday that it has finalized the changes, which were required by the 2021 bipartisan infrastructure law. In addition to the five-star ratings for crash tests, the agency will add four new technologies including pedestrian automatic emergency braking, lane-keeping assist, blind spot warning, and intervention if a driver tries to move toward a vehicle in a blind spot. The new rule also strengthens test procedures and performance standards for technology that's already included in the ratings, such as automatic emergency braking.

Food retailers offer turkey dinner deals

NEW YORK — With Thanksgiving less than two weeks away, food retailers are trying to tempt Americans who haven't recovered from recent price inflation. Walmart, Target, Aldi and other grocers are offering turkey dinner deals and other promotions. Market research firm Datasembly says a 15-item Thanksgiving meal costs an average of $65.51 this year, down nearly 3% from last year but 42% higher overall than in 2019.

Amazon, SpaceX challenge labor agency

Attorneys for Amazon and SpaceX have argued in a federal appeals court that the structure of the National Labor Relations Board is unconstitutional. A panel of three judges at the 5th U.S. Circuit Court of Appeals in New Orleans heard separate oral arguments in both lawsuits on Monday. The two companies initiated the cases after the labor agency filed complaints against them in disputes about workers' rights and union organizing. A ruling in favor of the companies could immensely diminish or paralyze the nearly century-old NLRB.