The bottom line
The U.S. Treasury’s net borrowing hit $488 billion from January through March this year, a record for the quarter. The figure is about $47 billion more than the Treasury had previously estimated.
Alden Global Capital, the hedge fund that has a majority ownership stake in Digital First Media, which publishes the San Jose Mercury News and The Denver Post, has made deep cuts to the more than 60 daily papers it owns nationally, but made $159 million in profit from its papers during the 2017 fiscal year.
Marvel’s Avengers: Infinity War set a box-office record for the highest North American opening of all time, collecting a $257,698,183 haul last weekend in the U.S. and Canada. The film also had the highest global box office opening of all time, landing $630 million in worldwide receipts, even without yet opening in China.
Los Angeles Times
Subway Restaurants is planning to close 500 more U.S. outlets this year after closing more than 800 last year. With more than 40,000 locations globally, Subway ranks as the largest restaurant chain in the world, outpacing McDonald’s and Starbucks.
Hotel chains are dispensing with little bottles of shampoo, conditioner, and body wash—and replacing them with bulk dispensers in a bid to save money and plastic. Marriott is making the switch this year in 450 hotels, where 10.3 million small bottles, or 113,000 pounds of plastic, are currently used a year. Intercontinental, which owns Holiday Inn Express and Staybridge Suites, is also making the switch; Kimpton already uses large bottles in its hotels.
The Wall Street Journal
Lounges lose their exclusivity
Airport lounges were once “a haven from the chaos of modern travel,” said AnnaMaria Andriotis in The Wall Street Journal. But with increasing numbers of credit card holders gaining access, what was once an oasis for business travelers and high spenders “now is more like a mall food court,” with picked-over buffets, dirty bathrooms, and lines for sodas instead of leisurely cocktails. Lounge aficionados say the turning point was the 2016 launch of Chase’s Sapphire Reserve card, which comes with Priority Pass access, permitting entry to roughly 60 U.S. airport lounges—“with as many guests as desired.” Lounges have become so packed as a result that some have wait lists at peak times. “You think, ‘I have this lounge access, I can chill and there will be a bunch of business people on their laptops,’” said Dustin Scott, who works for a bike-share company. “And you go in and it’s like Disney World.”