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Expect crowds for the summer travel season — and big prices

The Associated Press The unofficial start of the summer travel season is here, with airlines hoping to avoid the chaos of last year and travelers scrounging for ways to save a few bucks on pricey airfares and hotel rooms. Some travelers say they will settle for fewer trips than they hoped to take, or they will drive instead of fly. Others are finding different money-saving sacrifices. Stephanie Hanrahan thought she’d save money by planning ahead for her daughter’s birthday trip to Disney World in Florida. Instead, it ended up costing the same as the Dallas-area family’s trip ...

Airline signs deal for minority stake in Italy’s ITA Airways

MILAN (AP) — German airline Lufthansa on Thursday signed a deal with the Italian government for a 41-percent minority share in the long-struggling ITA Airways, formerly Alitalia. The deal calls for investments of 575 million euros in capital increases, 325 million euros from Lufthansa and the rest from the Italian Finance Ministry, providing capital for growth. Lufthansa will also have the option of buying the remaining shares at a later date. Lufthansa’s industrial plan for the Italian carrier calls for revenues of 2.5 billion euros ($2.68 billion) this year, growing to 4.1 ...

US mortgage rate rises to 6.57%, highest level since mid March

LOS ANGELES (AP) — The average long-term U.S. mortgage rate rose this week to its highest level since mid March, driving up borrowing costs for prospective homebuyers facing a housing market that’s constrained by a dearth of homes for sale. Mortgage buyer Freddie Mac said Thursday that the average rate on the benchmark 30-year home loan rose to 6.57% from 6.39% last week. The average rate a year ago was 5.10%. High rates can add hundreds of dollars a month in costs for homebuyers, limiting how much buyers can afford in a market that remains unaffordable to many Americans after ...

Montana’s first-of-its kind TikTok ban challenged

NEW YORK (AP) — TikTok is challenging Montana’s first-of-its kind law that makes it illegal for people to use the social media app in the state. It’s the second lawsuit since the ban was adopted. Montana Republican Gov. Greg Gianforte signed the law Wednesday expecting a legal fight. The law, scheduled to take effect Jan. 1, 2024, also faces questions over whether it can be enforced. Five TikTok users sued the state last week saying the law is unconstitutional. TikTok made similar arguments in its lawsuit Monday in federal court in Missoula. Montana’s rules are more ...

How a Fed increase could affect credit card debt, auto loans

NEW YORK (AP) — The Federal Reserve has raised its key interest rate yet again in its drive to cool inflation, a move that will directly affect most Americans. On Wednesday, the central bank boosted its benchmark rate by a quarter-point to 5.1%. Rates on credit cards, mortgages and auto loans, which have been surging since the Fed began raising rates last year, all stand to rise even more. The result will be more burdensome loan costs for both consumers and businesses. On the other hand, many banks are now offering higher rates on savings accounts, giving savers the opportunity to ...

Ready for a digital euro? At 25, European Central Bank preps for future of money

FRANKFURT, Germany (AP) — As it marks its 25th anniversary Wednesday, the European Central Bank is readying a proposed design for a digital version of the euro, responding to pressure from developing technology that could change how money is used over the bank’s next decades. ECB President Christine Lagarde says a digital euro could offer a way for people to buy things without depending on payment service providers controlled by non-European companies. Those could include Mastercard, Visa, Apple Pay and Google Pay. The European Union’s executive Commission is expected to come ...