Rising summer air fares

And more of the week's best financial insight

An airplane.
(Image credit: Diy13/iStock)

Here are three of the week's top pieces of financial insight, gathered from around the web:

Miami? Let it sink, banker says

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up

Rising summer air fares

It's going to be an expensive summer for vacationers, said Hugo Martin in the Los Angeles Times. "Average airfare from June to August is up over 34 percent from the same period in 2019, before the pandemic, according to the trip-planning app Hopper." A round-trip ticket that cost $261 a year ago now goes for $383. Airlines are jacking up their prices mainly to cover their fuel costs, which "are roughly double what they were during the last several summers." But prices are also elevated because the airlines don't have enough staffing to expand their schedules. According to industry experts, "many former airline workers who were laid off left the industry for jobs with less stress and better pay."

A last hurrah for the SPAC bubble

"If the SPAC craze is over, it's going out with a bang," said Tom Maloney in Bloomberg. Miami attorney John Ruiz briefly became one of the richest people in the U.S. last week when his health-care litigation company, MSP Recovery, began trading following its merger with Lionheart Acquisition Corp. II, a special-purpose acquisition company. The $32.6 billion deal was the second-largest SPAC transaction on record when it was announced last year, giving Ruiz, MSP's founder, a stake "worth $21.4 billion at the $10 merger price." Less than an hour after its debut, however, the stock plunged 60 percent. Ruiz blamed the drop on "poor market conditions."

This article was first published in the latest issue of The Week magazine. If you want to read more like it, you can try six risk-free issues of the magazine here.