Good morning! Airline delays worsen due to weather and staffing shortages, demand for fixer-uppers declines, and electric vehicle manufacturer Lordstown Motors files for bankruptcy.

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BUSINESS

Airline Delays

Severe weather, coupled with staffing shortages at both US airlines and the Federal Aviation Administration (FAA), caused widespread flight cancellations and delays, leaving hundreds of thousands of US airline customers stranded.

Here's the breakdown:

• Due to severe weather conditions and staffing shortages at US airlines and the FAA, numerous flights have been cancelled or delayed, causing a significant number of passengers to be stranded.

• Airlines reduced staff during the pandemic and faced challenges in rehiring quickly, resulting in decreased operational efficiency.

• Domestic airline capacity in the current quarter is still down 10% compared to the same period in 2019.

• The upcoming four-day July Fourth holiday weekend is predicted to be the busiest air travel period since the pandemic began, which will pose extra difficulties for airlines.

• The CEO of United Airlines expressed concern over the FAA's understaffing, which had a significant impact on operations, resulting in extensive delays and cancellations.

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BUSINESS

Passing on ‘Fixer-Uppers’

Buyers in the real estate market are showing less interest in purchasing unrenovated homes, as high mortgage rates and increased costs for home loans and construction loans make fixer-uppers less appealing.

Here's the breakdown:

• Buyers in the real estate market are showing less interest in purchasing unrenovated homes, preferring turnkey properties to avoid additional costs and hassles.

• High mortgage rates, along with increased rates for home loans and construction loans, have made fixer-uppers more costly for buyers.

• Homes that require repairs are taking longer to sell, as buyers are becoming increasingly selective about properties that need upgrades.

• Buyers searching for primary and secondary homes are showing less interest in renovations than before.

• Existing homeowners are driving the remodeling market, seeking to upgrade their houses while benefiting from low mortgage interest rates.

BUSINESS

Lordstown Motors Bankrupt

Lordstown Motors, a startup focused on electric vehicles, has sought bankruptcy protection in its efforts to locate a buyer for its problematic Endurance pickup truck. The vehicle has encountered various problems, including battery fires, quality issues, and a recall before full-scale production, leading to a 30% decline in the company's stock.

Here's the breakdown:

• Lordstown Motors has filed for bankruptcy protection and is actively seeking a buyer for its troubled electric pickup truck, the Endurance.

• The Endurance has encountered several challenges, such as battery fires, quality issues, and a recall prior to reaching full-scale production. These difficulties have led to concerns regarding its worth and ability to compete with competitors such as Ford and Rivian.

• Although Lordstown Motors' failure is disappointing for investors, its impact on both the EV industry and the town of Lordstown, Ohio, is likely to be minimal. This is because of the company's relatively small workforce and the fact that Foxconn has taken over manufacturing operations in the area for another EV startup, Fisker.

• Lordstown Motors is now marketing the Endurance as a potential offering to other manufacturers looking for a pre-designed electric pickup.

• The company's legal dispute with Foxconn, its top shareholder, adds further uncertainty to its future prospects and the residual value of the company.

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• A solo air passenger faced an 18-hour delay due to mechanical issues and weather-related problems, highlighting the challenges airlines encounter in providing timely service.

• Midwest regions in the United States, including Chicago, Wisconsin, and Grand Rapids, have been affected by poor air quality caused by smoke from Canadian wildfires, impacting residents' health and visibility.

• Ryan Seacrest is set to host the popular game show "Wheel of Fortune" as a guest host, joining the rotating lineup of hosts following the retirement of long-time host Pat Sajak.

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