Business
More than 1,000 flights cancelled as US air traffic cuts enter second day
Getty ImagesMore than 1,400 flights to, from, or within the US were cancelled on Saturday after airlines were told this week to cut traffic during the federal government shutdown.
Nearly 6,000 flights were also delayed, down from over 7,000 delays on Friday, according to flight tracker FlightAware.
The Federal Aviation Administration (FAA) announced earlier in the week that it would be reducing air travel capacity by up to10% at 40 of the nation’s busiest airports as air traffic controllers, who are working without pay during the shutdown, report fatigue.
Republicans and Democrats remain divided over how to end the impasse in Congress as the shutdown, which began 1 October, continues.
Saturday marked the 39th day of the longest shutdown in history as Republicans and Democrats still have not agreed on a funding resolution to reopen the government.
Senators are in Washington over the weekend for bipartisan negotitations aimed at ending the shutdown, which is beginning to be felt by more and more Americans amid cuts to food aid payments and the flight disruptions.
In a statement on Saturday, American Airlines urged “leaders in Washington, D.C., to reach an immediate resolution to end the shutdown”.
New Jersey’s Newark Liberty International Airport was experiencing some of the longest wait times. As of Saturday afternoon, arrivals to the airport were delayed by an average of more than four hours, while departures from the airport were delayed by an average of 1.5 hours, according to the FAA.
The airports with the most cancelled flights on Saturday, both to and from the location, were Charlotte/Douglas International, Newark Liberty International, and Chicago O’Hare International, according to FlightAware.
Departures to John F Kennedy International, Hartsfield-Jackson Atlanta International, and La Guardia were delayed by nearly three hours, over 2.5 hours, and about an hour, respectively, the FAA reported as of Saturday afternoon.
With the Thanksgiving holiday approaching on 27 November, it’s one of the busiest travel seasons of the year in the US.
It’s not just commercial flights that have been affected. Restrictions on private jets are also in place, Secretary Duffy said in a Saturday post on X.
“We’ve reduced their volume at high traffic airports — instead having private jets utilize smaller airports or airfields so busy controllers can focus on commercial aviation,” Duffy wrote. “That’s only fair.”
And things will likely get worse in the coming days as the FAA increases the percentage of cancelled flights.
On Thursday, the agency announced that the flight reductions would be gradual, starting at 4% of flights on Friday before rising to 6% by 11 November, 8% by 13 November, and the full 10% by 14 November.
The FAA said the cuts were necessary to maintain safety as air traffic controllers have been overworked during the shutdown.
As essential workers, the controllers are required to continue working without pay, and as a result, many have called out sick or taken on second jobs to afford necessities, unions say.
The controllers are just some of the 1.4 million federal workers who have either been working without pay or been put on forced during the shutdown.
Another factor impacting air travel is that most of the Transportation Security Agency (TSA) 64,000 agents are also not being paid while the shutdown is in place.
During the previous government shutdown, under US President Donald Trump in 2018, it was found that up to 10% of TSA staff chose to stay at home rather than work for free.
Regional bank Fifth Third on Tuesday announced a deal making fintech firm Brex the provider of its commercial cards and expense management tools for business clients.
The program will run on Brex’s embedded payments platform, which lets banks issue corporate cards and automate expense reporting using artificial intelligence tools, the companies said in a release.
The move shows how some banks are choosing to partner with fintech firms rather than building their own platforms to keep up with clients’ evolving technology expectations. Fifth Third is in the process of acquiring Comerica, a deal expected to make it the ninth largest U.S. bank with about $288 billion in assets.
“Our partnership with Brex is a commitment to redefine how companies leverage financial technology,” Fifth Third CEO Tim Spence said in a statement. “By combining the strength of a leading bank with Brex’s AI-driven innovation, we’re creating intelligent solutions that simplify complexity, drive efficiency and enable businesses to scale globally with confidence.”
Financial terms of the deal weren’t disclosed.
The Pakistan Stock Exchange (PSX) surged to a fresh all-time high on Tuesday, with market participants showing positive sentiments following the International Monetary Fund’s (IMF) approval for a $1.2 billion loan for Pakistan.
The benchmark KSE-100 Index settled at an all-time high of 169,456.38 points, up 1,153.14 points, or 0.69%, from the previous close of 168,303.24. The index climbed to an intraday high of 169,601.03, gaining 1,297.79 points.
The market rally strengthened further following the IMF’s approval of nearly $1.2 billion under the Extended Fund Facility (EFF) and an additional $220 million under the Resilience and Sustainability Facility (RSF).
The move has kept the combined $8.4 billion programme on track and significantly lifted investor confidence.
The surge was largely fuelled by strong and consistent buying from local mutual funds, which helped sustain positive momentum throughout the session. Major index contributors collectively added around 640 points to the benchmark’s gains.
Trading activity also remained robust. Total volumes crossed 1.02 billion shares, while overall turnover rose to Rs51.1 billion. K-Electric (KEL) dominated the session as the volume leader with 86.7 million shares traded.
With solid liquidity, improving macro indicators, and renewed confidence, the record close reinforces the bullish trend steering the market forward.
The IMF will release $1bn under the EFF and $200 million under the RSF, bringing total disbursements under both programmes to $3.3 bn.
“Today, the Executive Board of the IMF completed the second review of Pakistan’s economic reform program supported by the EFF and the first review of Pakistan’s program supported by the RSF,” the IMF said in a statement.
This decision, it said, allows for an immediate disbursement of around $1 billion under the EFF and around $200 million under the RSF, bringing total disbursements under the two arrangements to about $3.3 billion
The IMF has described the implementation of the ongoing loan programmes as “strong” and has assured the government of continued support for its economic reforms. The release of $1.2bn is expected to further bolster Pakistan’s foreign exchange reserves.
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