Business
McDonald’s U.S. boss puts focus on ‘value and affordability’ as consumer spending splits
McDonald’s Meal Deal photographed in Washington, D.C., on Aug. 26, 2024.
Scott Suchman | The Washington Post | Getty Images
McDonald’s leadership is urging operators to stay the course on value offerings as the competition for consumers plays out across the restaurant space.
In a memo to U.S. operators following the company’s third-quarter earnings, McDonald’s U.S. President Joe Erlinger said the brand was “moving in the right direction” as it continues a more-than-yearlong push on value.
“Amid industry pressures, dynamic change, and aggressive competition, winning the fight for contracting traffic means staying customer-obsessed,” Erlinger wrote in the memo, which was viewed by CNBC. The company did not immediately respond to request for comment.
On Wednesday, McDonald’s reported earnings per share and revenue that came in below Wall Street expectations, but its same-store sales were a bright spot, posting positive growth across all segments.
U.S. same-store sales increased more than anticipated, up 2.4%, thanks to a boost from the $2.99 Snack Wrap launch and the introduction of its Extra Value Meals, which Erlinger said drew week-to-week growth.
“While we maintained a positive comp guest count gap, overall [guest counts] continue to decline– underscoring the need for disciplined pricing, value, and affordability,” he wrote in the memo.
Erlinger said the company has “the right plan in place” and said it was poised for a strong fourth quarter, including the benefit of annual comparisons to last year’s E. coli outbreak that dented burger sales.
“We still need to keep our foot on the gas– staying focused on the customer and what we can control,” he said.
CEO Chris Kempczinski told analysts this week that the fast-food chain is seeing signs of a bifurcated consumer base among quick-service restaurants.
He noted “QSR traffic from lower-income consumers declining nearly double-digits in the third quarter, a trend that’s persisted for nearly two years.
“In contrast, QSR traffic growth among higher-income consumers remains strong, increasing nearly double-digits in the quarter. We continue to remain cautious about the health of the consumer in the U.S. and our top international markets, and believe the pressures will continue well into 2026,” he said.
In a separate memo to global operators, Kempczinski said the brand will continue to focus on “sharpening value leadership to meet evolving consumer expectations and increase traffic.”
He added McDonald’s will be “investing in high-potential menu categories– especially Chicken and Beverages– to stay competitive and drive growth.”
McDonald’s is currently testing beverages in 500 restaurants across Wisconsin and Colorado that draw on learnings from its now-shuttered beverage concept, CosMc’s.
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
Airlines cancel more than 700 U.S. flights as FAA-ordered shutdown cuts begin
Travelers wait in line at a security checkpoint at O’Hare International Airport in Chicago, Illinois on November 7 2025.
Kamil Krzaczynski | Afp | Getty Images
U.S. airlines started cancelling hundreds of flights on Friday, hours after the Federal Aviation Administration ordered the cuts amid the more-than-monthlong government shutdown.
The cuts were ordered as air traffic controllers have missed their paychecks due to the government shutdown, now the longest in U.S. history. Air traffic control staffing shortages have been disrupting flights at several major U.S. airports, vexing travelers and airline executives alike.
Air traffic controller shortages were delaying flights at several major U.S. airports on Friday, including Newark Liberty International Airport in New Jersey, San Francisco International Airport and Hartsfield-Jackson International Airport in Atlanta.
The sudden flight cuts this week forced airlines to scramble with schedule adjustments and make sure crews are where they need to be despite the last-minute changes.
More than 700 U.S. flights were canceled as of 9 a.m. ET Friday, according to aviation data firm Cirium, about 3% of the total schedule for the day. That scale of disruption is fairly common for routine disruptions like major thunderstorms, but the Department of Transportation warned that cancellations could ramp up.
According to the FAA’s order, the flight cuts will increase to 10% over the next week, beginning with 4% on Friday, 6% by Tuesday, 8% by Thursday and finally 10% on Nov. 14.
Friday’s cancellation levels were the 72nd worst for the U.S. flights market since Jan. 1, 2024, according to Cirium. That period also included a Southwest Christmas meltdown after severe weather and mass delays at Delta Air Lines last summer in the wake of a CrowdStrike tech outage.
The financial impact of the latest disruptions isn’t immediately clear. The cancellations could help lift airlines’ unit revenue with customers competing for fewer seats, “but we also believe the prolonged shutdown and widespread cancelations will impact booking demand in the near term,” Scott Group, an airline analyst at Wolfe Research, wrote in a note Friday.
The cuts come during a generally low-demand period for travel ahead of the Thanksgiving holiday, but it still sent many travelers searching for alternatives. Rental car company Hertz said that reservations over the past two days for one-way rentals spiked more than 20% from the same period last year.
Major network airlines said the disruptions were largely centered on regional flights that fly to smaller cities. United Airlines, for example, said its hub-to-hub flying and its long-haul international flights wouldn’t be canceled because of the order.
American Airlines, for its part, said it was limiting disruptions to customers by avoiding cuts to routes it only flies once or twice a day. Instead, the airline is trimming a few flights a day from high-frequency markets – like reducing daily departures between its hub at Dallas Fort Worth International Airport to Northwest Arkansas National Airport from 10 to eight, and Boston Logan International to Ronald Reagan Washington National from 10 to nine.
The airline canceled 221 flights on Friday, according to CEO Robert Isom, who said the airline is “frustrated” with the reduction.
Isom said on CNBC’s “Squawk Box” that the airline is working to ensure flights to all destinations still remain in place, but that the frequency of those flight paths are decreasing.
“What we’ve done today is we tried to minimize the impact on all of our customers — there’s only 220 flights out of 6,200, flights, and we’ve done it in a way that really impacts our smaller aircraft,” Isom said. “This level of cancellation is going to grow over time, and that’s something that is going to be problematic.”
What passengers need to know
Airlines offered travelers alternative flights and waived change fees for affected customers.
Experts recommend staying on top of changing schedules by checking airline apps and websites, as well as checking the fine print on travel insurance.
AAA spokesperson Aixa Diaz said the company recommends arriving at the airport 2 hours early to avoid long lines and avoid checking in a bag if possible in case flights get canceled, though flexibility will be the most important for all travelers during this period.
Travel insurance experts warn that policies don’t always offer blanket protection for shutdown-related changes, and that refunds can often come down to the specific rationale used by the airline to determine the cause of delay or cancellation.
According to Lauren McCormick, a spokesperson for travel insurance platform Squaremouth, airlines sometimes won’t cite causes other than general delays even during a shutdown, which could make it harder to get a refund.
Here’s where flights are expected to be cut, per the FAA and DOT order:
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.)
— CNBC’s Greg Iacurci contributed to this report.
Business
‘Unsubstantiated Rumours’: RBI Dismisses Reports Of Selling 35 Tonnes Of Gold
New Delhi: The Reserve Bank of India (RBI) on Friday denied social media claims that it sold 35 tonnes of gold from its reserves, calling them “unsubstantiated rumours”. In a post shared by the PIB Fact Check Unit on X, the central bank clarified that no such sale had taken place and urged the public to rely only on official sources for verified information.
The RBI also advised users to refer to its official website for accurate data and updates. “Reserve Bank of India, through PIB Fact Check Unit, has debunked claims that 35 tonnes of gold have been sold by RBI from its reserves. RBI cautions against unsubstantiated rumours on social media. For any information pertaining to RBI, please visit the official website http://rbi.org.in,” the RBI posted on its official X handle.
The clarification comes amid heightened global interest and volatility in the gold market, as several major central banks continue to ramp up their gold purchases. Emerging market economies, in particular, have been increasing their gold holdings to diversify away from the US dollar — a trend that gained momentum after the freezing of Russia’s reserve assets in 2022.
This strategic accumulation has pushed gold’s share of total global reserves to over 20 per cent, reinforcing its status as a “sanction-proof” store of value. Meanwhile, analysts note that the ongoing rally in gold prices is also linked to what’s known as the “debasement trade” — the idea that political uncertainty could weaken the dollar and fuel inflation, prompting investors to turn to gold as a safe haven.
However, recent market data suggests otherwise, as both the US dollar and Treasury yields have remained stable, contradicting the notion of a weakening currency environment.
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