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1. Appeals court reinstates Trump's tariffs
After the Court of International Trade halted United States President Donald Trump's ability to enforce his tariff policies on Wednesday, an appeals court reinstated his power on Thursday.
The Trump administration has been using the International Emergency Economic Powers Act to enforce a portion of his tariffs levied on other nations. The Court of International Trade's bipartisan panel of judges ruled that the law did not allow for “unbounded authority” to impose tariffs, reported The New York Times.
Following the administration's appeal, the U.S. Court of Appeals for the Federal Circuit intervened to grant a pause on an administrative basis.
"In effect, it means that Mr. Trump can, for now, maintain many of the tariffs he has imposed on China, Canada and Mexico ... But it is not the final word in the legal saga, which is expected to land at the Supreme Court," reads the NYT article.
2. US unemployment filings increase more than expected
On Thursday, the U.S. Labor Department reported a rise in applications for jobless benefits. According to Reuters, mid-May had the most people collecting unemployment checks in more than three years. Michigan, a major hub for motor vehicle assembly, saw a surge in unemployment aid applications last week.
The joblessness increase coincides with data showing a decline in corporate profits last quarter — reportedly the most in more than four years, per Reuters.
"This is a sign that cracks are starting to form in the economy and that the outlook is deteriorating," said Christopher Rupkey, chief economist at FWDBONDS. "There is nothing great about today's jobless claims data, and the jump in layoffs may be a harbinger of worse things to come."
3. Asheville hoteliers 'still dealing with repercussions' of Hurricane Helene
In the immediate aftermath of Hurricane Helene, hotels in Asheville, North Carolina, dealt with everything from power and water outages to several feet of floodwater. Now, the hoteliers in the area are concerned about a lag in visitors coming to the region and are attempting to send the message that western North Carolina is open for business.
"We are still dealing with repercussions of a natural disaster of that magnitude when it comes to the economic indexes of our hotel operation, but the road ahead is bright," Gabriel Perez, hotel operations at The Indigo Road, said. "I believe that the later part of the summer and the fall will bring that influx of people that are looking for something meaningful — they're looking for Asheville."
4. Hyatt announces newest brand
Hyatt Hotels Corp. has unveiled its newest brand in its essentials portfolio, CoStar News' Sean McCracken reports. Unscripted by Hyatt will be positioned in the upscale segment and allow for adaptive reuse and conversion-friendly opportunities. Hyatt reports that it already has 40 hotels globally participating in active discussions to join the new brand.
“The Unscripted by Hyatt brand gives owners a flexible path to join the Hyatt system while still delivering the high-quality, dependable experience guests expect from Hyatt,” said Dan Hansen, head of Americas development, Hyatt. “By joining the growing World of Hyatt loyalty program, owners benefit from our powerful network where an innovative new brand like Unscripted by Hyatt widens our guest and customer reach and strengthens the value of the whole Hyatt system.”
5. New United, JetBlue partnership lifts off
JetBlue and United announced a new collaborative initiative called Blue Sky that will allow customers to share loyalty points between the two airlines.
Per the agreement, JetBlue will give United access to slots at JFK International Airport for up to seven daily round-trip flights, which is expected to begin as early as 2027. JetBlue and United will also exchange eight flight timings at Newark.
"Blue Sky reflects our airlines' shared focus on innovation and the customer experience," said United CEO Scott Kirby. "The JetBlue brand is tied to a great product and under Joanna's leadership the airline continues to deliver for customers. ... Plus, our employees are really excited about United's return to JFK for the longer-term, and we're all looking forward to starting up flights very soon."