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Spirit Airlines will lay off another 365 pilots as part of restructuring
Spirit Airlines announced on Thursday that it would lay off 365 pilots, and reduce the status of 170 others in the first quarter 2026. This is part of the company's restructuring efforts. Spirit Airlines, the ultra-low cost airline that filed for bankruptcy in August for the second consecutive year, said it would reduce its network by 2026 in order to achieve profitability in 2027. The company stated that as part of its ongoing restructuring it is taking further steps to align the staffing within our organization with previously announced capacity reductions and smaller operating fleet sizes. Spirit Airlines is planning to reduce its fleet by almost half. 100 aircraf It will not accept its commitment Buy 52 Airbus Planes with 10 other options. The company also said that it plans to adjust its staffing levels based on volume across all of its maintenance stations. It will close the maintenance stations in Baltimore and Chicago, as well as its warehouse operations. This closure is set to take place from January 1, 2026. The company previously furloughed 330 pilots, and plans to furlough 270 more pilots in November. The company has also decided that it will furlough 1,800 flight attendants - about one third of its cabin staff - effective December 1. Spirit stated in a filing in which it said that furloughs will save the company an estimated $211 million. Reporting by Rajesh Singh in Chicago, and Doyinsola Oladipo in New York. Editing by Diane Craft and Deepington Babington.
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Wall Street is over; Zions raises concerns about regional banks
Wall Street fell on Thursday as signs of weakness among regional banks frightened investors who were already on edge due to the U.S. - China trade tensions. Zions Bancorporation shares fell after the regional lender disclosed an unexpected loss in two loans made to its California division. This added to investor anxiety about hidden credit pressure as lenders navigate economic uncertainty while interest rates are still relatively high. Western Alliance's slump also fueled concerns about regional banks after it announced it had initiated a lawsuit for fraud against one of their borrowers. Investors were watching the S&P 500, which recently reached record highs. They also watched for developments between Washington DC and Beijing following their trade war that escalated last Thursday. U.S. president Donald Trump has announced that he will impose 100% tariffs against China on November 1. He also promised other trade measures to punish the second largest economy in the world after China imposed restrictions on rare earth mineral exports. Tom Hainlin is an investment strategist with U.S. Bank Wealth Management, Minneapolis. TSMC, world's leading manufacturer of advanced semiconductors and a strong advocate for artificial intelligence, has a positive outlook on spending. Even so, AI-related heavyweights like Tesla, Meta Platforms, and Palantir lost ground. Salesforce's shares soared after it forecast revenue of over $60 billion by 2030, which was above Wall Street expectations. Wall Street has reached record highs in this year due to optimism about AI and the expectation of interest rate reductions by the U.S. According to LSEG, the S&P 500 is up 12% in 2025 and valued at a high 23 times expected earnings. This is a five-year record. The robust earnings of major U.S. Banks this week provided fresh signs of economic strength at a moment when official macroeconomic data is still delayed because the government shutdown continues. According to LSEG, analysts expect S&P500 aggregate earnings to increase 9.2% during the third quarter. This compares with an expected 8.8% growth two weeks earlier. After Travelers Companies reported quarterly revenue that was below expectations, the S&P 500 Insurance Index fell sharply. Marsh & McLennan, an insurer, reported flat operating margins as well as a slowing of growth in the risk and insurance businesses. Its stock price also dropped. The preliminary data shows that the S&P 500 fell 42.10 points or 0.63% to 6,628.96, and the Nasdaq Composite dropped 105.77 or 0.47% to 22,564.31. The Dow Jones Industrial Average dropped 298.48, or 0.65% to 45,954.83. The Philadelphia Fed Business Index fell 12.8 points in October, while economists polled estimated an increase of 8.5. Fed Governor Christopher Waller stated that he supports an additional rate cut in October, due to mixed readings about the state of job market. Hewlett Packard Enterprise fell after the company's annual revenue and profit forecasts were below Wall Street expectations. J.B. Hunt's shares soared after it reported its third-quarter profit.
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United Airlines views the US shutdown as a risk to travel confidence
United Airlines Scott Kirby cautioned on Thursday that a prolonged government shutdown could have a negative impact on bookings and flight operations. A political impasse over funding for the government has led to a third week of shutdown, which is amplifying an existing shortage of air traffic control. The shutdown has at times slowed down air traffic in certain cities. In recent days, more than 13,000 air-traffic controllers and 50,000 Transportation Security Administration (TSA) officers received partial paychecks. They will not be paid the rest of this month if there is no resolution to the standoff. Kirby stated that the shutdown has had no measurable effect as the vast majority of air traffic controllers continue to show up for work. He added that the Federal Aviation Administration's improved communication and coordination is helping airlines. Kirby predicted that as the shutdown continues, people will lose confidence in the government’s ability to resolve this standoff. This would impact travel bookings. He told analysts during an earnings call: "I hope that our politicians can figure out how they can get together, compromise and do something." United's share price fell by about 6% during the afternoon trading as fears about the shutdown and its pricing power overshadowed an optimistic outlook for earnings. CAPACITY ADJUSTMENT PLAN The Chicago-based airline has forecast a stronger-than-expected profit in the fourth quarter as it expects rising travel demand and improved pricing power to produce the highest quarterly revenue in the company's history. The company's revenue for the third quarter fell short of Wall Street expectations due to operational problems at Newark Airport as well as lower unit revenue in domestic and international markets, which is a proxy measure of pricing power. In the third quarter, the airline's unit revenues declined by 3.3% on an annual basis in the domestic market and 7.1% for international routes. Conor Cunningham of Melius Research said that United's capacity increases in the mid- to high single digits across all regions hurt its unit revenues. United has plans to solve its capacity issue. Andrew Nocella, Chief Commercial Officer of United Airlines, said that the company would adjust its summer capacity in the coming year. This will include reducing seats during the holiday period for the Fourth of July. It expects its transatlantic capacity to remain flat or even negative during the third quarter of 2026. Nocella said to analysts, "We...remain focused on refinements that we can make to our network and commercial strategy to build a higher margin." (Reporting and editing by Nick Zieminski.)
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US Senators to announce agreement on Aviation Safety Legislation
Sources say that two U.S. Senators will announce on Thursday a deal regarding aviation safety legislation. This comes after the January fatal collision between an American Airlines regional plane and an Army helicopter, which killed 67 people. Senate Commerce Committee Chair Ted Cruz, a Republican and Maria Cantwell the top Democrat on the panel, are close to a bipartisan deal regarding legislation requiring aircraft owners to equip their fleets by 2031 with advanced aircraft-tracking technologies known as ADS-B and other safety reforms. The agreement will pave the way for the bipartisan vote of the committee to take place next week. The U.S. House of Representatives has not yet decided when to take up the bill. The bill would mandate the use ADS-B on all civilian aircraft and military helicopters flying near civilian planes. The helicopter that was involved in the accident did not use ADS-B when it collided with the plane near Reagan Washington National Airport on January 28th. The exemptions to ADS-B for military helicopters would be eliminated, including those used by federal officials and training, proficiency, or flight flights. Bill is expected to also require comprehensive airport safety reviews nationwide, not only at Reagan. It will evaluate the risks posed by military aircraft, drones and emergency first responders as well as powered lift operations for commercial flights. Sean Duffy, Transportation Secretary and members of both parties in Congress, has questioned the Federal Aviation Administration's failure to take action for many years regarding close calls with military helicopters near Reagan. The bill requires the Army Inspector General's Office, which had previously declined to conduct a safety audit, to now initiate one. It also mandates that the FAA and military services sign binding memorandums to exchange aviation safety data from military accident reporting systems. After a close call, the FAA banned the Army's helicopters from flying around the Pentagon in May. (Reporting and editing by Nick Zieminski; David Shepardson)
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During the shutdown, some federal law enforcement officers will receive their pay
Internal correspondence obtained by has revealed that the Trump administration told some federal law enforcement officers, such as Border Patrol agents and Customs officers, they would be paid during a government shutdown. The messages sent to certain employees of U.S. Customs and Border Protection come after Trump's administration announced that it would pay military troops and FBI agents during the shutdown. The CBP did not specify how much money it would spend to pay their salaries. CBP, and its parent agency the U.S. Department of Homeland Security did not respond immediately to requests for comments. CBP officials informed union representatives Wednesday afternoon that certain employees of the department would be reclassified "exempt," allowing them to receive their paychecks. In the shutdown plan published by CBP, it is stated that employees will not receive a paycheck even though they are required to continue working. CBP officials informed union representatives via email that the following positions were exempted: Air and Marine Agents and Border Patrol Agents. Customs officers will also start receiving payments from the National Treasury Employees Union (NTEU), which represents them. According to emails from the Transportation Security Administration (TSA), which is overseen by DHS, federal air marshals will be paid for the work they do during the shutdown. TSA didn't immediately respond to an inquiry for comment.
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As the US invests in critical minerals, Washington lobbyists are boosted by these firms.
A review of public documents and interviews with executives revealed that critical mineral companies have increased their lobbying efforts to Washington in order to benefit from the ambitious investments made by U.S. president Donald Trump to firms considered essential to national safety. The review revealed that at least 12 companies, including those in the lithium, copper and rare earths industries, as well as geothermal, have signed agreements with Washington lobbying firms. Influence campaigns have increased dramatically in recent years to secure federal investment, permit support and long-term guarantees for procurement. The White House is shifting its focus from the historical focus on subsidies for industry to one that focuses on partial ownership of MP Materials and Lithium Americas, as well as other companies in order to counter China’s dominance on critical minerals. "As soon as the U.S. Government began giving away money earlier this year, all minerals boardrooms in America started thinking, 'What about we?' Ken Hoffman is a commodity analyst with Red Cloud Securities, and former mining consultant. Hoffman said that even though JPMorgan has recently announced plans to invest $10 billion in the mining industry, and other critical industries, government funding remains crucial. Many private investors are still hesitant to fund junior miners or novel processing technologies. Stock prices have soared across the industry as companies try to align themselves with Washington’s industrial strategy. Sprott Lithium Miners ETF has, for example, risen more than 35% over the last month. Ballard Partners is a lobbying firm run by Brian Ballard, a Trump ally who was voted the top Republican fundraiser in 2016. He raised more than $50m for Trump's campaign 2024. The Bernhardt Group is also linked to David Bernhardt who, during Trump's first tenure, ran the U.S. Interior Department is a major player in approving critical mineral projects. Bernhardt and Ballard have not responded to any requests for comments. Lobbyists see themselves as educators to the 535 members Congress and hundreds executive branch offices. Jim Sims, NioCorp's CEO, said that the company needs to have someone in Washington who can educate lawmakers about what they are doing and its science. The company has been awarded $10 million by the Pentagon to develop a Nebraska scandium mining project. It is also being considered for a $800 million loan by the U.S. Export-Import Bank. NioCorp hired Navigators global in April. The firm's roster included Marco Rubio’s former legislative assistant Cesar Conda. Some companies who recently hired lobbyists have been in contact with the administration, or have secured deals. Lithium Americas hired the lobbying firm Guidepost Strategies back in July. This month, they reached an agreement with Washington to exchange a 5% stake in their company and Thacker Pass Project for a $2.26 Billion loan. Filings indicate that the company has paid Guidepost a minimum of $200,000 this year. Tim Crowley is the vice president of Lithium Americas' government affairs. He said, "For years, we have worked to share with a variety of stakeholders the positive impact Thacker Pass has had, including Congress and the White House, as well as relevant federal agencies." Reports earlier in the month stated that Critical Metals Corp., who hired Cornerstone Government Affairs back in February, had held discussions with White House officials about a potential U.S. equity stake in its rare-earths deposit in Greenland. Cornerstone has received $210,000 from the company so far in this year. Tony Sage, Chairman of Critical Metals, said that the West's limited availability of rare earths made it "even more important" to make sure our deposit and vision were on the radars for key decision-makers in the United States. Since hiring Cassidy & Associates in November last year, United States Antimony paid them $130,000. The company was awarded a $245-million contract by the Pentagon Defense Logistics Agency last month. Gary Evans, CEO of U.S. Antimony, said that the lobbying firm helped to reach out to officials in Alaska and Montana where the company plans to mine and process the antimony. Evans stated that the purpose and intent of lobbying was to make legislators aware of what we do. Some didn't know that we existed. BHP Minerals Service is a subsidiary company of the mining giant BHP. It registered last month with Bernhardt to lobby for trade issues relating to minerals. BHP declined comment. Trigg Minerals is developing a tungsten mine in Tennessee. Bernhardt hired his firm to assist with securing U.S. Government support. Trigg Minerals did not respond when asked for comment. Records show that Ballard's company has signed contracts with at least six important mineral companies including Korea Zinc and US Strategic Metals. Korea Zinc has lobbyed the administration on behalf of The Metals Company, which has agreed that it will help process polymetallics nodules found at the seabed. Trump has been pushing for the opening of seabeds to minerals production. Falcon CEO Matthew Hornor stated: "This time is critical for the industry to engage with the U.S. government." The company is involved in copper, gallium and tungsten mining projects throughout the country. Korea Zinc, US Strategic Minerals and TechMet were not available for immediate comment. TechMet declined comment. (Reporting by Jarrett Renshaw, Ernest Scheyder and Editing by Veronica Brown & David Gregorio).
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Brazil's Gol signs lease agreement with Avolon Aerospace
Gol Linhas Aereas Inteligentes SA, a Brazilian airline, has signed a lease agreement with Avolon Aerospace to lease five Airbus A330neo aircraft. The letter of intent also includes up to two more Airbus aircraft. Gol stated in a filing with the securities commission that deliveries are planned for 2026. The aircraft can be operated by any Abra company, including Colombian airline Avianca. The deal's value was not disclosed. The company said that the signing of contracts had no immediate impact on Gol's finances, and there were also no definitive commitments or investments for the Abra Group. Abra stated in a separate press release that the letter of intent and agreement were in line with the company's strategy for international expansion using wide-body aircraft, as it plans to continue adding new routes and destination in Europe and America. The group did note that it had also signed an agreement with Airbus for 50 additional options on A320neo aircraft. This follows 88 other units already contracted. However, they did not mention whether this deal was related to the one announced by Gol and Avolon. In a statement, Abra CEO Adrian Neuhauser stated that "this announcement confirms our commitment to provide increasing access to air transport to millions of people." Abra announced on Wednesday that it will confidentially file a draft registration for a proposed US initial public offering.
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Greek PM: Greece and Egypt agree on future of Mount Sinai monastery
The Greek government announced on Thursday that it had reached an agreement with Egypt regarding the future of St Catherine's Monastery, located at the foothills of Mount Sinai in Egypt. This is one of the oldest Christian sites on earth and its status caused a diplomatic dispute between the two nations. Athens expressed its concern over plans by Egypt to build a tourism project centered around the site where, according to Biblical tradition, Moses received the Ten Commandments. The UNESCO World Heritage Site still houses Greek Orthodox Monks. In an Egyptian court decision earlier this year, the monks were ordered to leave several plots and worship facilities they had used for decades, claiming that the land was illegally seized. According to Greek PM KyriakosMitsotakis, and other diplomats, after extensive negotiations, Greece has reached an agreement that will be signed both by the monastic leadership and the Egyptian authorities. Mitsotakis, during a speech to the parliament, said that "it guarantees the character and the monastic life in perpetuity." It is forbidden to convert the monasteries or other places of worship. According to a senior Greek official in the foreign ministry, the deal would be signed within the next few weeks. Egyptian officials didn't immediately respond to our request for comment. UNESCO says that the St Catherine's Monastery at the foot Mount Sinai was founded in 6th century. It is the oldest Christian monastery still in operation for its original purpose. The library contains some of the earliest Christian manuscripts in the world. (Reporting and editing by William Maclean, Lefteris papadimas)
Airlines suspend flights as Middle East tensions increase
Concerns over a wider dispute in the Middle East have prompted global airline companies to suspend flights to the region or to prevent afflicted air area.
Below are a few of the airlines that have cancelled services to and from the region:
AEGEAN AIRLINES
The Greek airline has actually cancelled flights to and from Beirut up until Dec. 17 and to and from Tel Aviv till Dec. 2.
AIR ALGERIE
The Algerian airline has suspended flights to and from Lebanon until additional notification.
AIRBALTIC
Latvia's airBaltic has cancelled flights to and from Tel . Aviv till Nov. 30. AIR FRANCE-KLM Air France has extended its suspension of Paris-Tel Aviv. flights until Dec. 3 and Paris-Beirut flights until Jan. 5.
KLM has extended the suspension of flights to Tel Aviv till. the end of the year at least.
The group's low-cost unit Transavia has actually cancelled flights to. and from Tel Aviv, Amman and Beirut until end-March.
AIR INDIA
The Indian flag provider has actually suspended flights to and from. Tel Aviv until additional notification.
BULGARIA AIR
The Bulgarian provider has actually cancelled flights to and from. Israel until Dec. 23.
CATHAY PACIFIC
Hong Kong-based Cathay Pacific has cancelled flights to Tel . Aviv up until
Oct. 25, 2025. CORENDON AIRLINES The Turkish airline company cancelled flights to and from Tel Aviv. up until January.
DELTA AIR LINES
The U.S. provider has actually paused flights in between New york city and Tel . Aviv through March 2025.
EASYJET
The UK budget airline has suspended flights to and from Tel . Aviv until March.
EGYPTAIR
The Egyptian carrier in September stated it had suspended. flights to Beirut till the circumstance stabilises.
EMIRATES
UAE's state-owned airline has actually cancelled flights to Beirut. and Baghdad till Nov. 30.
ETHIOPIAN AIRLINES
The Ethiopian carrier has actually suspended flights to Beirut until. even more notice, it said in a Facebook post on Oct. 4.
FLYDUBAI
Flights in between Dubai and Beirut stay suspended, while. flights to Iraq and Iran are operating, a flydubai spokesperson. said on Oct. 30.
IAG
IAG-owned British Airways has actually suspended their flights to Tel . Aviv till completion of March 2025.
IAG's low-priced airline Iberia Express has actually cancelled flights. to Tel Aviv until Nov. 30, while Vueling has cancelled. operations to Tel Aviv up until Jan. 12 and to Amman until even more. notification.
IRAN AIR
The Iranian airline company has cancelled Beirut flights up until. even more notice.
IRAQI AIRWAYS
The Iraqi national carrier has suspended flights to Beirut. till more notification.
ITA AIRWAYS
The Italian provider has extended the suspension of Tel Aviv. flights through Jan. 12.
LOT
The Polish provider has actually cancelled flights to Tel Aviv till. Dec. 9. Its very first set up flight to Beirut is prepared for. April 1.
LUFTHANSA GROUP
The German airline group has extended the suspension of its. flights to Tel Aviv till Dec. 31. Swiss, part of the group,. stated it would not fly to and from Tel Aviv until Dec. 15.
Flights for Tehran are cancelled up until Jan. 31, 2025, and to. Beirut up until Feb. 28. Swiss has actually cancelled flights to Beirut. till Jan. 18.
SunExpress, a joint endeavor in between Lufthansa and Turkish. Airline companies, has actually suspended flights to Beirut through. Dec. 17.
PEGASUS
The Turkish airline has actually cancelled flights to Beirut up until. Nov. 30.
QATAR AIRWAYS
The Qatari airline company has momentarily suspended flights to and. from Iran and Lebanon.
RYANAIR
Europe's greatest spending plan airline company has actually cancelled flights to and. from Tel Aviv up until completion of December. Group CEO Michael. O'Leary on Oct. 3 stated the suspension was most likely to be extended. up until end-March.
SUNDAIR
The German airline company cancelled flights to Beirut from Berlin. up until Dec. 8, from Bremen up until March 26, and from. Muenster/Osnabrueck until March 29.
TAROM
Romania's flag carrier has suspended Beirut flights till. Nov. 15.
UNITED AIRLINES
The Chicago-based airline has suspended flights to Tel Aviv. for the foreseeable future.
VIRGIN ATLANTIC
The UK provider has actually suspended Tel Aviv flights until. end-March.
WIZZ AIR
The Hungary-based airline has suspended Tel Aviv flights. through Jan. 14.
(source: Reuters)