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EPFO Employee Enrollment Scheme 2025 Launched: Here’s What It Means For You
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On the occasion, he also unveiled EPFO’s new and improved website — www.epfo.gov.in — designed with a simpler interface, better navigation, and easier access to essential services and information for all stakeholders.
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American Airlines starts flying the longest-range narrow-body Airbus plane. Here’s what’s inside
The economy cabin of American Airlines A321XLR.
Leslie Josephs/CNBC
American Airlines is about to fly passengers to California for the first time on a skinny, long-range plane that it hopes will change air travel. The airline’s head of network planning now has to decide where else it should fly.
The first Airbus A321XLR for a U.S. airline is scheduled to take off from John F. Kennedy International Airport in New York on Thursday, bound for Los Angeles International Airport.
The XLR stands for extra long range, and with the ability to go up to 4,700 nautical miles, the plane can fly much farther than cross-country, though New York to Los Angeles is a highly lucrative route.
American will focus on routes to smaller European cities from its Philadelphia hub or from New York City that might not warrant the planes in its fleet that are larger and more expensive to operate, like a Boeing 777 or Boeing 787 Dreamliner.
American’s senior vice president of network and schedule planning, Brian Znotins, suggested in an interview with CNBC that he is considering destinations like Bordeaux and Marseille in France; Oslo, Norway; Stockholm; Copenhagen, Denmark; and Mallorca and Seville in Spain.
“It really opens up the menu for all these destinations that are just too small for a widebody,” Znotins said.
The airline will debut the planes in Europe starting in March with a nonstop flight from New York to Edinburgh, Scotland.
Airlines are increasingly turning to smaller planes for longer, nonstop flights. JetBlue Airways said it would push its Airbus A321LR — a plane that sits between a regular 321neo and an XLR, for flights to Barcelona, Spain, and Milan next year. The XLR first debuted on American’s partner, Spanish airline Iberia, in November 2024.
Premium seats
American Airlines’ Airbus A321XLR features 20 business-class suites with lie-flat seats.
Leslie Josephs/CNBC
American rolled out its new interior and configuration for the jets with the first flight Thursday.
The carrier is focusing heavily on premium seats that will take up a fifth of the plane as its executives try to catch up to more profitable rivals Delta Air Lines and United Airlines. Those two airlines in the first nine months of the year together accounted for nearly 98% of the profits of the four biggest U.S. carriers — which also include American and Southwest Airlines.
Unlike American’s Airbus 321T that has 102 seats and separate first-class and business-class cabins, the 321XLRs will have 155 seats: 20 in business class, 12 in premium economy and 123 in main cabin. That is still fewer than the standard Airbus A321s that are in American’s fleet and have 190 seats.
The new interior, with dark blue and caramel hues, is meant as an “ode to Americana,” said Rhonda Crawford, American’s senior vice president of customer experience design, who previously worked at Delta.
The privacy doors on the suites, however, won’t be able to be closed until early next year because of a certification hold up, an issue that has delayed deliveries of new planes as airlines seek more and more premium seating.
American ordered 50 of the XLR jets in 2019. The carrier said it expects to have 40 XLRs by the end of the decade. United also has the planes on order and expects to receive the first next year.
American retired its Boeing 757s and 767s, planes used often for international routes, during the pandemic and is now looking to rethink its network, while United — and Delta to a lesser degree — held onto older long-range jets.
American has also been increasing its investment in cabin refreshes and larger lounges. The airline said Wednesday that it will revamp its Admirals Club at Ronald Reagan Washington National Airport to grow seating by 50%.
American Airlines A321XLR.
Courtesy: American Airlines
As it makes those investments, the company’s executives are now trying to balance spending money — on items including new lounges and Champagne — with making money.
“You’re not going to close the margin gap by just continuing to drive only cost,” Nat Pieper, American’s newly appointed chief commercial officer and a longtime airline executive, told CNBC. “Is American going to spend more to be able to go chase premium revenue and improve our top line? Yes, we are, but let’s do it smartly.”
The American Airlines Airbus A321XLR premium economy cabin has 12 seats.
Leslie Josephs/CNBC
American was the first of the U.S. carriers to place an order for the XLRs more than six years ago. The planes have an extra fuel tank that gives them longer range, ushering in an era of leaner flying for long routes that can easily top eight hours, and testing passengers’ willingness to take a smaller jet.
The 321XLR also shows how airplane manufacturers Airbus and Boeing have continued to build upon older designs of aircraft over creating an all-new plane.
Business
US markets today: Wall Street jumps after softer inflation update; Micron sparks AI rebound – The Times of India
US stock markets rallied on Thursday after a better-than-expected inflation update eased concerns over the interest rate outlook, while a strong earnings report from Micron Technology helped arrest the recent slide in artificial intelligence-linked stocks, AP reported.The S&P 500 rose about 1%, snapping a four-session losing streak. The Dow Jones Industrial Average climbed over 350 points, while the Nasdaq Composite gained around 1.4%, led by technology and semiconductor shares.Investor sentiment improved after data showed US inflation slowed to 2.7% last month, coming in below economists’ expectations. While inflation remains above the Federal Reserve’s 2% target, the softer reading raised hopes that the central bank could continue cutting interest rates next year to support a slowing job market.Some caution persisted with market participants noting that recent economic data have been volatile following the US government shutdown, and that upcoming inflation reports may provide a clearer signal.Technology stocks got a further boost from Micron Technology, which surged nearly 16% after posting stronger-than-expected quarterly profit and revenue and issuing an upbeat outlook. Chief executive Sanjay Mehrotra said demand linked to artificial intelligence accelerated across Micron’s businesses, reinforcing its role as a key “AI enabler”.The results helped ease worries that heavy spending on AI by major companies may not yield sufficient returns. Shares of Broadcom and Oracle, which had fallen sharply in recent sessions despite solid earnings, rebounded, while Nvidia also edged higher.Elsewhere, Trump Media & Technology Group jumped sharply after announcing an all-stock merger with nuclear technology firm TAE Technologies, marking its entry into the nuclear power space. Cintas also advanced after reporting strong earnings and announcing a share buyback programme.Global markets were mixed. European stocks posted modest gains after the Bank of England cut interest rates and the European Central Bank held policy steady, while Asian markets ended unevenly.In the bond market, US Treasury yields declined, with the 10-year yield falling to around 4.11%, reflecting optimism following the inflation data.
The Bank of England (BoE) announced on Thursday its decision to cut interest rates to 3.75 per cent, the fourth cut of the year.
For December’s vote, the bank’s nine-person Monetary Policy Committee (MPC) showed just a slight swing compared to last time out pre-Budget in November; a 5-4 split then favouring a hold became a 5-4 split in favour of cutting this time, with governor Andrew Bailey a key switcher.
Following falling inflation rates, poor economic figures and rising unemployment, it brings the base rate down to the lowest level in almost three years.
Here’s a brief rundown of what the current interest rate might mean for you:
What does the interest rate mean for mortgages?
Broadly speaking, as increasing interest rates over the last few years have meant mortgage repayments going up, then the reverse also holds true: lower rates, lower repayments. However, there are several important things to note.
Firstly, that it’s only the interest on the repayments which should change – your capital repayments will naturally decrease the more you pay off your mortgage. Secondly, the base rate isn’t the rate you are necessarily charged by your bank or lender for the mortgage – they’ll base theirs off the BoE rate but it doesn’t have to be the same.
More than half a million people do, however, have a mortgage which tracks the BoE interest rate and those will see an immediate change. Far more have fixed-term deals, which expire each year and need renegotiating – almost 2 million homes are expected to seek renewed deals in 2026.
If you’ve got a fixed term on a mortgage plan, you won’t see a change in any case until that comes to an end and you start a new one, but if you’ve already finished and moved onto a standard variable rate (SVR) deal, then you might see a change in your repayments.
New mortgage products tend to be based on swap rates – market agreements based on future expectations of interest rate movements – rather than the current bank rate, which is why there has been a recent battle between lenders dropping their rates even before the cut today.
What about savings accounts?
If you have money in a savings account, it’s the other side of the see-saw: rates going down mean you’ll earn less interest.
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As there has been a bit of a fierce battle raging among banks and building societies for customers, it’s still possible to get good deals if you are happy to lock in money for a fixed period of time or contribute regular amounts, with several offering more than 4 per cent until recently.
However, it’s likely some will be removed from the market or have their rates altered in the coming days, while many of the best deals in easy access accounts have been below 4.5 per cent for a while now.
There are always terms and conditions to be met, so ensure any accounts you open suit your circumstances, but the opportunity still remains to save and earn money at a better rate than inflation, which currently sits around 3.2 per cent.
Do be aware of the amount of interest you can earn without being taxed, though. If your savings account interest rate isn’t fixed, banks can always change the rate you get up or down.
A tax-efficient way of saving is to use a Cash ISA, where everyone (for now!) has a £20,000 personal allowance each year, which will drop to £12,000 soon with the other £8,000 reserved for tax-free investing.
Bills and repayments
Credit card repayments and other types of personal loans are of course also affected by interest rates, as the amount they all charge for borrowing could be altered.
For credit card users (and especially for Buy Now Pay Later deals), it’s always ideal to pay off the full amount each month if you are able to, to avoid interest being charged at all – depending on your circumstances and the account type, they can be one of the more costly ways to borrow.
Again, it may not be immediate that lenders alter their rates after a base rate change, but get in touch with them to assess your options if you feel your repayments could or should be lower.
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