Business
FAA announces flight reductions at 40 airports. Here’s where cuts are expected and what travelers need to know
A Republic Airways plane takes off near the air traffic control tower at Ronald Reagan Washington National Airport (DCA) in Arlington, Virginia, US, on Tuesday, Oct. 28, 2025.
Samuel Corum | Bloomberg | Getty Images
Airlines rushed to provide travelers updates this week after the Federal Aviation Administration said it would reduce flights across 40 airports as the longest government shutdown in history continues to drag on.
Many major airlines said they would waive cancellation fees for even their most basic tickets, which often come with penalties for changes.
Transportation Secretary Sean Duffy previously said he would reduce flight capacity by roughly 10%, affecting 3,500 to 4,000 flights daily.
On Thursday, the FAA formalized a list of affected airports and clarified the reductions would begin at 4% and slowly ramp up to 10% by Nov. 14. The reductions began Friday morning with more than 700 flight cancellations.
These are the airports that are expected to be impacted, including some of the country’s largest airports and major international hubs in Atlanta, Chicago, Dallas, Los Angeles and New York City.
Impacted airports:
- ANC – Anchorage International
- ATL – Hartsfield-Jackson Atlanta International
- BOS – Boston Logan International
- BWI – Baltimore/Washington International
- CLT – Charlotte Douglas International
- CVG – Cincinnati/Northern Kentucky International
- DAL – Dallas Love
- DCA – Ronald Reagan Washington National
- DEN – Denver International
- DFW – Dallas/Fort Worth International
- DTW – Detroit Metropolitan Wayne County
- EWR – Newark Liberty International
- FLL – Fort Lauderdale/Hollywood International
- HNL – Honolulu International
- HOU – Houston Hobby
- IAD – Washington Dulles International
- IAH – George Bush Houston Intercontinental
- IND – Indianapolis International
- JFK – New York John F. Kennedy International
- LAS – Las Vegas McCarran International
- LAX – Los Angeles International
- LGA – New York LaGuardia
- MCO – Orlando International
- MDW – Chicago Midway
- MEM – Memphis International
- MIA – Miami International
- MSP – Minneapolis/St. Paul International
- OAK – Oakland International
- ONT – Ontario International
- ORD – Chicago O’Hare International
- PDX – Portland International
- PHL – Philadelphia International
- PHX – Phoenix Sky Harbor International
- SAN – San Diego International
- SDF – Louisville International
- SEA – Seattle/Tacoma International
- SFO – San Francisco International
- SLC – Salt Lake City International
- TEB – Teterboro
- TPA – Tampa International
(The airport in Las Vegas was renamed the Harry Reid International Airport in 2021.)
On Wednesday, Duffy said the reduction was a “proactive” measure because of the delays and cancellations already occurring due to the shutdown. Air traffic controllers, who are considered essential employees required to work during a shutdown, have missed paychecks, and the FAA has said the closure has also raised concerns about already thin staffing among controllers.
Duffy said he expects more cancellations as a result of the reduction, which has no set end time.
“We thought 10% was the right number based on the pressure we were seeing,” Duffy added.
Earlier this week, Duffy told CNBC’s “Squawk Box” that he could “shut the whole airspace down” if the shutdown drags on.
FAA Administrator Bryan Bedford said Wednesday that additional measures may be implemented after the reduction, which he said he has never seen before in his time in the industry. The officials said they were planning to meet with airlines to discuss which flights would be cut.
Airline response
In a Wednesday memo to United Airlines employees, CEO Scott Kirby said the carrier will not be reducing long-haul international flying and hub-to-hub flying, instead reducing regional and domestic flights that do not fly between hubs.
The airline also offered all customers refunds even if their flights are not impacted. Kirby said that included “non-refundable tickets and those customers with basic economy tickets.”
On Thursday afternoon, the airline preemptively said it was going to cancel 4% of its flights from Friday through Sunday.
In a statement, Delta Air Lines said it expects to operate the “vast majority” of its flights as scheduled and will offer changes, cancellations or refunds for customers’ flights during the impacted period. Delta also said that would include basic economy fares, without penalty.
The airline added on Thursday afternoon that it will cancel flights a day in advance to allow customers enough time.
Frontier Airlines CEO Barry Biffle said he highly recommends travelers flying Friday or in the next 10 days book a backup ticket on another carrier as the flight reductions begin to avoid getting stranded due to cancellations.
“I’m sorry this is happening. Hopefully the shutdown is over soon,” Biffle wrote on LinkedIn. “Just giving everyone practical travel advice.”
American Airlines said it expects that the “vast majority of customers’ travel will proceed as planned,” adding that the carrier will reach out to travelers proactively as schedule changes occur.
The airline also said that it will offer immediate rebooking options for all impacted travelers and that customers whose flights are canceled for any reason will be able to change their flight or request a refund without penalty. As of Thursday morning, the airline was still awaiting clarifying information from the FAA about which of its flights will be impacted.
Southwest Airlines also released a statement saying that the majority of its flights will not be impacted and that its international flights should operate as usual. The airline said it will “proactively communicate well in advance and will offer flexibility in travel plans.”
The Association of Flight Attendants, representing 55,000 flight attendants at 20 airlines, released a statement Wednesday urging Congress to end the shutdown so air traffic controllers and Transportation Security Administration workers can get paid.
“The false narrative that this shutdown is a choice of either paying federal workers or protecting affordable healthcare is outrageous when both crises were manufactured by the exact people who can fix it,” the statement read.
What travelers need to know
Passengers check in at an American Airlines’ counter at Ronald Reagan Washington National Airport in Arlington, Virginia, the United States, on Oct. 10, 2025.
Li Rui | Xinhua News Agency | Getty Images
Experts recommend consumers who are set to travel in the next week stay on top of flight cancellations and delays through the websites and apps.
Nick Ewen, senior editorial director at travel site The Points Guy, said flexibility “is going to be key” as travelers rush to rebook, adding it’s important to download each airline’s mobile app and enable all notifications.
“A lot of the times, you have to actually enable notifications on individual trips or in your account to text you if there are changes or disruptions,” Ewen told CNBC.
He recommended anyone with nonurgent travel reschedule their trips, though that likely only applies to a small number of travelers, and consider choosing other forms of transportation instead. For essential trips, Ewen said passengers should be prepared for long wait times, use self-service rebooking tools, and be aware of the fact that many other people will also be rebooking and scrambling for limited seats.
Ewen said he has been covering the industry for many years, and the last time he and his colleagues saw a major, national disruption in air travel like this was 9/11.
“The biggest thing is a lot of kindness goes a long way,” he said. “So if you’re at an airport and you find out that your flight is canceled, I promise you screaming at that airline employee is not going to get you rebooked any faster — in fact, it’s probably going to make them less likely to be willing to help you. So recognize that everyone is in this together.”
AAA spokesperson Aixa Diaz said the company recommends arriving at the airport extra early to avoid long lines and avoid checking in a bag if possible in case flights get canceled.
“Ultimately, there’s a lot that’s out of travelers’ control — so control what you can, and be as flexible as possible,” Diaz said.
Travel insurance
Travel insurance can reimburse consumers for certain costs and inconveniences incurred from a trip disruption, like flight cancellations, delays, lost luggage, or unforeseen costs for lodging and meals.
Consumers have been buying travel insurance at an elevated rate amid the government shutdown, but travel and insurance experts warn that such policies don’t offer blanket protection for shutdown-related travel snafus, and a lot depends on the fine print.
For example, a policyholder generally can’t get insurance benefits if they choose to cancel their travel plans to avoid any headaches. Cancel-for-any-reason coverage is an exception, though it also comes with its own caveats.
Whether or not a policyholder gets compensated may come down to the rationale an airline provides for a delayed or canceled flight.
Many insurers only pay benefits if a delay or cancellation is attributable to a “common carrier” disruption like a mechanical failure, travel experts said.
“Airlines typically won’t cite causes other than operational terms like ‘mechanical issues’ or general delays, cancellations, or lost belongings, even during a government shutdown,” Lauren McCormick, a spokesperson for Squaremouth, an online platform for comparing travel insurance policies, wrote in a recent blog post. “So, these are generally still covered under most comprehensive travel insurance plans.”
— CNBC’s Phil LeBeau contributed to this report.
Business
New income tax rules 2026: Simpler returns, stricter documentation — Key changes for taxpayers
New Delhi: The Income Tax Department has unveiled the Draft Income-tax Rules, 2026, laying the groundwork for how the new Income-tax Act, 2025 will be implemented. Although these rules are currently in draft form and could be revised after consultations with stakeholders, they offer taxpayers a clearer picture of what to expect from April 1, 2026. From better-defined valuation norms for income and perks to a push for simpler returns and more predictable compliance, the proposed rules signal a move towards a more structured and streamlined tax regime.
Push for easier ITR filing and transparent tax computation
A major focus of the draft rules is to make income-tax return (ITR) filing simpler under the new law. The government has clearly spelled out formulas and valuation methods in advance especially for salary income, perks, capital assets and foreign income. This is expected to reduce confusion and limit disputes while filing returns.
Clearer rules on taxation of employee benefits
The draft rules put special focus on how employer-provided benefits will be taxed, bringing more clarity for salaried individuals. Perks such as company accommodation, cars, meal benefits, gifts, credit card expenses, club memberships and concessional loans have been clearly defined under the proposed framework.
For instance, employer-provided housing will be taxed based on the city’s population and the employee’s salary. Use of a company car will be categorised as official, personal or mixed, with fixed monthly values assigned for tax purposes. The rules also highlight specific documentation requirements, particularly when employees claim official use. While this may mean tighter scrutiny, it also sets clearer expectations and reduces ambiguity for taxpayers.
Relief on meals, gifts and minor perks continues
The draft rules also retain tax relief on several common employee benefits. Free meals and non-alcoholic beverages provided during working hours will remain tax-free up to Rs 200 per meal. Similarly, gifts, vouchers or tokens given by employers will not attract tax as long as their total value does not exceed Rs 15,000 in a financial year.
In addition, interest-free or concessional loans from employers will continue to be exempt up to Rs 2 lakh. Loans taken for specified medical treatment will also enjoy tax benefits, subject to certain conditions. These provisions ensure that smaller workplace perks continue to offer some tax relief for salaried taxpayers.
Streamlined process, but better record-keeping required
The draft rules aim to make tax calculations more straightforward, but they also place greater emphasis on proper documentation. With detailed tables for valuing perks and clearly defined formulas, the scope for disputes and litigation may come down. However, both employees and employers will need to maintain accurate records, especially for travel claims, company car usage and reimbursements. In short, while compliance could become more structured and predictable, paperwork discipline will be key.
Clearer norms for NRIs, focus on global income rules
The draft rules also bring more clarity for non-resident Indians (NRIs), especially on how income connected to India will be calculated when exact figures are not readily available. They lay down specific methods for computation and clearly define thresholds for what qualifies as “significant economic presence,” potentially widening the scope of taxation in certain cases.
At the same time, Indian seafarers have been given much-needed clarity. The rules state that days spent on eligible foreign voyages will not be counted while determining residential status, provided the required certificates are maintained. This move is expected to reduce confusion and disputes around tax residency for those working at sea.
Clear valuation norms for ESOPs and share investments
The draft rules lay down detailed guidelines for valuing both listed and unlisted shares, which will be important for employees holding ESOPs as well as investors. They clearly spell out how the fair market value (FMV) will be determined and in which cases a valuation report from a merchant banker will be mandatory. This could directly impact the tax liability at the time of exercising stock options.
However, it is worth remembering that these are still draft rules and may be revised before final notification. That said, procedural provisions of this nature typically undergo limited changes once they are finalised.
New Income Tax law to replace 1961 Act from April 1
India is set to usher in a new tax regime with the Income Tax Act, 2025, which will replace the more than 60-year-old Income Tax Act of 1961 from April 1. The Income Tax Department has invited stakeholder comments on the Draft Income-tax Rules, 2026, and related forms till February 22, after which the final rules and forms under the new law will be notified.
Business
Silver price shock: ETFs tumble 38% in 7 trading sessions— Time to invest? – The Times of India
Silver exchange-traded funds (ETFs) saw a dramatic 38 per cent drop, from their peak just seven days ago on January 29. This sharp decline was triggered by increased trading costs and investors cashing out profits. The market saw wild swings as silver prices first fell below $65 per ounce before bouncing back up by 8.6 per cent to $77.33 on Friday.The market turmoil intensified when CME Group, a major trading platform, raised the money needed to trade silver futures. This was their third such increase in just two weeks. The higher costs forced many traders to sell their holdings quickly. Adding to the pressure were concerns about the Federal Reserve’s strict monetary policy after Kevin Warsh’s nomination and a stronger US dollar.“Last week’s steep plunge was driven by hawkish Fed expectations after Kevin Warsh’s nomination, a stronger dollar, and sharp CME margin hikes that forced leveraged unwinding,” said Hareesh V, who leads commodity research at Geojit Investments Limited. He added that profit-taking after reaching record highs made the market even more unstable, as quoted by ET.The recent events have shown how quickly silver prices can change. These sudden price moves have left many investors nervous about the market’s stability. The combination of higher trading costs, profit-taking, and broader economic factors has created a perfect storm in the silver market.
Time to invest?
Fund managers are encouraging investors to consider silver investments despite recent volatality, recommending a systematic approach for long-term gains. While silver prices have fallen sharply from recent highs above $120, experts believe the fundamental outlook remains strong due to supply deficits and robust industrial demand, though they emphasize the importance of careful position sizing and risk management.“Yes, at current levels investors can consider taking exposure to silver ETFs with a long-term perspective and through a systematic approach,” said Satish Dondapati, Fund Manager at Kotak Mahindra AMC, as quoted by ET. He advised limiting precious metals allocation to 15-20% based on risk tolerance.The recent price decline was amplified by silver’s thin market structure. “Silver has come off mainly because it has run up too fast in a short period,” said Akshat Garg, Head of Research & Product at Choice Wealth. He noted that silver typically shows more dramatic price swings than gold due to its smaller market size.Technical signs suggest prices may stabilise soon, according to ET analysis. Silver now trades in the $71-$80 demand zone, with support near $64 matching the 100-day moving average. This indicates potential recovery after the correction from $120 levels.Wealth managers strongly recommend a staggered buying approach over lump-sum investments. “Investors should avoid chasing prices or reacting to day-to-day moves. Silver works best as a small, supporting allocation in a portfolio, not as a core holding,” Garg advised.Experts emphasised staying focused on long-term fundamentals like geopolitical tensions and central bank policies while monitoring the dollar and Fed signals. They suggest the recent decline may offer opportunities for those who missed earlier gains, provided they can handle continued market volatility.“For long-term investors, this phase is about patience and discipline rather than action,” Garg added. A move above $80-$85 could signal further recovery toward $100-$105, though investors should prepare for ongoing market turbulence, according to him.(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)
Business
Fractal Analytics, Aye Finance, Marushika Tech: Three IPOs To Open Next Week; All You Need To Know
Last Updated:
The two mainboard IPOs opening next week are Fractal Analytics and Aye Finance, and the SME IPO is Marushika Technology.
Two IPOs are going to be closed on February 10 are Biopol Chemicals and PAN HR Solution.
The primary market has been muted for the past few weeks. However, the initial public offering (IPO) market is going to see three new issues next week, including two mainboard. Apart from that, two IPOs are already open and will be closed on February 10.
The two mainboard IPOs opening next week are Fractal Analytics and Aye Finance, and the SME IPO is Marushika Technology. Also, the two IPOs that will close on February 10 are Biopol Chemicals and PAN HR Solution.
Brandman Retail and Grover Jewells will debut on the bourses on February 11
Fractal Analytics IPO
Pure-play artificial intelligence company Fractal Analytics will open its maiden public issue on February 9, with the issue closing on February 11. The company is looking to raise Rs 2,834 crore at the upper end of its price band of Rs 857-900 per share.
The IPO comprises a fresh issue of shares worth Rs 1,023.5 crore and an offer-for-sale (OFS) of shares worth Rs 1,810.4 crore. The selling shareholders in the OFS include TPG Fett Holdings, Apax Partners’ Quinag Bidco, GLM Family Trust, Satya Kumari Remala and Rao Venkateswara Remala.
Fractal Analytics is backed by global private equity firms Apax Partners and TPG. Ahead of the issue opening, the company raised Rs 1,248 crore from anchor investors on February 6.
Its grey market premium (GMP), which indicates investors’ readiness to pay for the IPO, currently stands at 3.22% of the upper IPO price of Rs 900, indicating weak potential listing gains.
Aye Finance IPO
Alphabet and LGT Capital-backed NBFC Aye Finance will also open its IPO on February 9 and close on February 11. The company has fixed a price band of Rs 122-129 per share for its Rs 1,010-crore public issue.
The IPO consists of a fresh issue of shares worth Rs 710 crore and an offer for sale (OFS) of Rs 300 crore by existing investors, including Alpha Wave India, MAJ Invest Financial Inclusion Fund, CapitalG, LGT Capital Invest Mauritius and Vikram Jetley.
Ahead of the IPO, Aye Finance has already raised over Rs 454 crore through its anchor book on February 6.
Its grey market premium (GMP), which indicates investors’ readiness to pay for the IPO, currently stands at zero against the upper IPO price of Rs 129, indicating flat or negative listing.
Marushika Technology IPO
From the SME segment, Marushika Technology’s IPO will open on February 12 and close on February 16. The IT and telecom infrastructure solutions provider aims to raise ₹26.97 crore through the issue of 23.05 lakh shares.
The price band for the SME issue has been fixed at Rs 111-117 per share.
Other IPO and listing updates
Meanwhile, specialty chemicals maker Biopol Chemicals and manpower solutions provider PAN HR Solutions, both from the SME segment, will close their IPOs on February 10. These issues opened on February 6 and were subscribed 81 per cent and 12 per cent, respectively.
Next week will also see multiple SME listings. Brandman Retail and Grover Jewells will debut on the bourses on February 11 after their IPOs were subscribed nearly 107 times and 18 times, respectively. Biopol Chemicals and PAN HR Solutions are scheduled to list on February 13.
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February 08, 2026, 09:44 IST
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