While not cruising, Carnival Corp. told investors that it expected to burn through an average of $600 million in cash a month just to keep vessels maintained, sustain corporate operations and invest in preparations to return to sea.
Passenger volumes are 40% to 50% below pre-pandemic levels, but nearly 1.36 million people passed through U.S. airport-security checkpoints on Friday, the most in about a year.
The Federal Reserve reported that household net worth swelled to $122.9 trillion in the fourth quarter from $116.2 trillion in the third quarter and $111.4 trillion at the end of 2019.
American homeowners cashed out $152.7 billion in home equity last year, a 42% increase from 2019 and the most since 2007.
Apollo Global Management Inc. agreed to acquire Athene Holding Ltd. in an all-stock deal that values the annuity business at about $11 billion. The deal is expected to close in January 2022.
It is estmated that 17% of renters are now behind on their payments—three times the typical rate. Unpaid rent exceeds $52 billion with the average delinquent household owing $5,586.
The Fed will continue to support the economy with near-zero interest rates and large-scale asset purchases until “substantial further progress has been made,” a standard that Mr. Powell said “is likely to take some time” to achieve.
Since February 2020, the leisure-and-hospitality sector has shed nearly four million jobs, roughly a quarter of its workforce. As of January 2021, 15.9% of the industry’s workers remained unemployed; more than any other industry.
Shoppers boosted spending by 5.3% in January, the first increase in four months, buoyed by recent virus-related stimulus payments. The rise followed three consecutive months of declining sales during the 2020 holiday shopping season.
