The rise of cheap basic economy fares loaded with restrictions is the latest strategy in the chess match between airlines and corporate travelers. Delta, United and American airlines, are expanding basic economy fares to all their domestic routes, not as a means to compete against discount carriers like Spirit, Frontier, and Allegiant, but to get business travelers to spend more. Basic economy tickets lack advance seat assignments, typically board in the last group, often prohibit carry-on bags in overhead bins and aren’t eligible for upgrades or any kind of changes - these frustrations have led most corporations to block economy fares from their displays, according to travel management companies.
African leaders have just signed a framework establishing the African Continental Free Trade Area, the largest free trade agreement since the creation of the World Trade Organization. The free trade area aims to create a single market for goods and services in Africa, potentially create economies of scale across continental Africa.
China has increased tariffs by up to 25 percent on 128 U.S. products, from frozen pork and wine to certain fruits and nuts, escalating a dispute between the world’s biggest economies in response to U.S. duties on imports of aluminum and steel. Meanwhile, Trump administration plans to unveil new tariffs to a list of advanced technology Chinese imports targeted for U.S., a move expected to intensify trade tensions between the world’s two largest economies.
The NYT wrote a new study of income inequality, which followed 20 million children in the United States and showed how their adult incomes varied by race and gender, reflected their economic outcomes. The research was based on data about virtually all Americans now in their late 30s. One striking finding from this study is that white boys who grow up rich are likely to remain that way, while black boys raised in similarly wealthy households are more likely to fall to the bottom than stay at the top in their own adult households.