November 6, 2025 • 15 mins
On today's podcast:
1) The US will cut flight capacity by 10% at 40 high-volume markets across the country, though international routes will be spared, to alleviate pressure on air traffic controllers and the aviation system during what is now the longest government shutdown in history. The changes will start Friday, Transportation Secretary Sean Duffy said during a press briefing alongside the leader of the Federal Aviation Administration, Bryan Bedford. The agency plans to release the markets impacted on Thursday. The reductions are expected to be staggered, with US carriers informed Wednesday night that they should plan to cut flight volumes by 4% on Friday and 5% on Saturday, according to people familiar with the matter.
2) The US government shutdown has become the longest in history, and with no sign of a resolution soon its economic toll is deepening. Now in its 37th day, the shutdown has surpassed the previous record set in early 2019 during President Trump’s first term. Every week that passes costs the economy anywhere from $10 billion to $30 billion, based on analysts’ estimates, with several landing in the $15 billion range. Senate Democrats, bolstered by big election wins for their party Tuesday, are doubling down on demands for Republicans to negotiate extending Obamacare premium tax credits, or see the government shutdown drag on.
3) Zohran Mamdani clinched New York City’s mayoral race by campaigning against wealth inequality and promoting affordability. Now, he faces the challenge of delivering on the promises that got him elected while coming to the table with the city’s wealthiest residents, who have an outsized influence on the city’s politics, economy and revenue. At least one early Mamdani appointment shows that he is intent on taking a progressive approach toward business and economics. The mayor-elect has tapped former Federal Trade Commission chair Lina Khan to his transition team, a figure who raised the ire of corporations and dealmakers with her tough stances on antitrust cases. But Mamdani also said on Wednesday that he looks forward to meeting with JPMorgan Chase & Co.’s Jamie Dimon and other business leaders to discuss the city’s future, emphasizing the need for collaboration despite policy differences.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:02):
Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2 (00:09):
Good morning.
Speaker 3 (00:10):
I'm Nathan Hager and I'm Karen Moscow. Here are the
stories we're following today.
Speaker 2 (00:15):
Karen, we begin with the latest on the government shutdown.
It's about to lead to a partial shutdown of the
nation's air space. Transportation Secretary Sean Duffy says the Federal
Aviation Administration will begin cutting flight capacity by ten percent
at forty high volume locations starting tomorrow. That's to alleviate
pressure on air traffic controllers who are working through the
(00:36):
shutdown without pay.
Speaker 4 (00:38):
I anticipate there'll be additional disruptions, there'll be frustration. We
are working with the airlines, they're going to work with passengers,
but in the end, our sole role is to make
sure that we keep this airspace as safe as possible.
Speaker 2 (00:52):
Transportation Secretary Sean Duffy made the announcement alongside FAA Administrator
Brian Bedford. We get more from Bloomberg Aviation correspondent Sid Phillip.
Speaker 5 (01:00):
This would actually be a really bad step for the
airline industry because they're going to have to reduce flights
in order to actually make these cuts, and so we're
going to see a situation where airlines are forced to
have to cut the flights, cut roots, and cut services
to destinations, which could lead to some disruption for passengers
who book travel, especially as we go into the holidays,
and we have to see how long the shutdown last.
Speaker 2 (01:22):
Bloomberg sid Philip reports the cuts are expected to be staggered,
with four percent of flights reduced tomorrow and five percent Saturday.
Sources tell Bloomberg News international flights will not be affected.
Speaker 3 (01:33):
Well along with the shutdown, Nathan, the big wins for
Democrats in this week's elections have shifted the political landscape.
President Trump says the mid term stakes are set after
New Yorkers elected Democratic socialists O Run Mom Donnie to
be their next mayor.
Speaker 6 (01:47):
The decision facing all Americans could not be more clear.
We have a choice between communism and common sense. Does
that make sense to you? Common sense? It's common sense
or communism.
Speaker 3 (02:01):
President Trump spoke at the American Business Forum in Miami.
But Democratic Congressman Ted Low says there's a reason why
voters in blue and purple states pick their candidates on Tuesday.
Speaker 7 (02:12):
Under the policies of Donald Trump and Republicans.
Speaker 8 (02:15):
Inflation continues to increase, food prices have gone up, and
health care cross of skyrocketing.
Speaker 3 (02:21):
Democratic Tim Loeu of California spoke to ABC News and
now Republicans are split on hunter respond to their losses.
The Washington Post reports some strategists think President Trump needs
to get more involved to fire up his base, while
others suggest Congression or Republicans develop their own message on
the economy.
Speaker 2 (02:39):
Of course, Karen zornmom Donnie was one of the big
Democratic winners on election night, and now some of the
world's business leaders are adapting to a new reality. A
cretic of capitalism about to run the world's financial capital
JP Morgan Chase CEO Jamie Diamond tell CNN he's willing
to help.
Speaker 4 (02:55):
I'm hoping any mayor goes what's right to help of
that city.
Speaker 9 (03:00):
If you do it right, it benefits all the citizens.
Speaker 3 (03:02):
If you do it wrong, it hurts all the citizens.
Speaker 6 (03:04):
So yeah, I would help someone if they wanted my help.
Speaker 2 (03:08):
And Zora mum Donnie says he's willing to work with
Diamond and other Wall Street CEOs.
Speaker 10 (03:13):
I look forward to meeting with Jamie Diamond and meeting
with anyone who is concerned about the future of our
city and is invested in the vitality of that same city.
And these are not very different from the conversations I
had over the course of this campaign with many business leaders.
But while we may have disagreements on fiscal policy, we
also found many areas of agreement as to what the
(03:33):
city actually needed.
Speaker 2 (03:34):
It was New York mayor like Zoron Mum Donnie and
along with Jamie Diamond, City Group CEO Jane Fraser says, quote,
we hope to work with the mayor elect on making
the city an even better place for our people and
clients to live and work.
Speaker 3 (03:46):
Well, Nathan. The Supreme Court heard arguments about whether President
Trump can unilaterally impose sweeping tariffs. It is a pivotal
test of just how far a president's authority can reach,
and Bloomberg's Amy Morris has more from Washington.
Speaker 9 (04:00):
Justice has seemed skeptical of Trump's power to unilaterally impose
sweeping tariffs. Several conservative justices signaled their concerns. Chief Justice
John Roberts questioned the executive branch taxing authority.
Speaker 11 (04:12):
The vehicle is in position of taxes on Americans, and
that has always been the core power of Congress.
Speaker 9 (04:18):
But Solicitor General John Souer, defending the tariffs, argues, this
is not a tax. These are regulatory tariffs. They are
not revenue raising tariffs. The fact that they raise revenues
only incidental. A decision could come by mid to late December.
In Washington. Amy Morris Bloomberg Radio, Amy.
Speaker 1 (04:34):
Thanks.
Speaker 2 (04:34):
Let's turn to the markets now. Futures are little changed
to lower this morning, following yesterday's gains on Wall Street.
Shares of Qualcomm are down three percent. The largest maker
of smartphone processors became the latest chip maker to post
profit above estimates and deliver an upbeat forecast, but that
wasn't good enough for outsized expectations. Qualcom stock is up
forty percent since April.
Speaker 3 (04:56):
The Revolution and artificial intelligence Nathan has helped lead to
the most job cuts in the month of October in
more than two decades, According to data from outplacement firm Challenger,
Gray and Christmas. Companies last month announced more than one
hundred and fifty three thousand job cuts, and that's nearly
triple the number during the same month last year. The
job cuts are attributed to AI adoptions, softening consumer and
(05:17):
corporate spending, and rising costs, which are driving built tightening
and hiring freezes.
Speaker 2 (05:23):
All global bond sales have soared to a record this year.
Bowers are taking advantage of easy market conditions to fund
everything from the boom at Ai projects to a revival
and acquisitions. Issuances set a new annual record of five
point nine to four trillion dollars, topping the previous high
set last year, and there's still nearly two months of
this year to go.
Speaker 3 (05:44):
Well. Over in Europe, Nathan, it's decision day at the
Bank of England and a tricky call for the UK's
rate setting committee, and Bloomberg's Un Potts joins us from
London with more you and good morning.
Speaker 12 (05:54):
Karl and Nathan. The Bank of England has been cutting
rates once a quarter since August of last year, but
the expectation from markets and economists is that the Beewee
will break that pattern today and leave rates on hold
at four percent. Governor Andrew Bailey is seen as the
key swing voter on a divided committee, and although there
are signs of a cooling of inflation pressures, policymakers may
(06:17):
prefer to wait and see what's in the government's budgets.
That's due in less than three weeks from now. In London.
Speaker 3 (06:22):
I'm youuing pots Blomberg Radio Time Now for a look
at some of the other stories making news in New
York and around the world, and for that reck, joined
by Bloomberg's Monica Rigs Moonica, good morning.
Speaker 8 (06:34):
Good morning, Karen. Federal investigators will be back out in Louisville,
Kentucky this morning scouring the charge site where a UPS
plane crashed earlier this week, killing at least twelve people.
Doctor Jason Smith is a trauma surgeon at the University
of Louisville Hospital.
Speaker 7 (06:48):
We've seen blast injuries from the explosion itself. We've also
seen some shrapnel injuries where flying pieces of debris have
hit either bystanders or people in relatively close proximity to
the accident.
Speaker 8 (07:00):
Authorities there are still trying to figure out why the
plane caught fire and lost an engine shortly after takeoff.
Partial snap benefits for November will be a little more
than estimated, the USDA, revising its guidance last night.
Speaker 9 (07:13):
To comply with a federal court order.
Speaker 8 (07:15):
It now says recipients will get sixty five percent of
their benefits this month, as the government shutdown continues.
Speaker 9 (07:21):
President Trump says.
Speaker 8 (07:22):
He is not going to the G twenty summit later
this month in South Africa.
Speaker 6 (07:27):
You know, I'm not going to. We have a G
twenty meeting of South Africa. South Africa shouldn't even be
in the geez anymore because what's happened there is bad.
Speaker 13 (07:36):
I'm not going.
Speaker 6 (07:36):
I told him, I'm not going. I'm not going to
represent our country there.
Speaker 8 (07:40):
Trump was speaking at a business forum in Miami last
night and said the US will stop all aid to
Nigeria and go guns a blazing if the country doesn't
stop killing Christians. The Israeli military says Hamas has handed
over remains believed to be another deceased hostage to the
Red Cross. If confirmed by forensic testing, that leaves the
remains of just six others in Gaza Here at home,
(08:03):
unionized Starbucks baristas are prepping for the biggest strike they've
ever been on next week unless they can secure a contract.
Those strikes would start November thirteenth, the company's Red Cup Day.
And we're learning a little bit more about how jewel
thieves were able to crack security at the Louver last
month to steal one hundred million dollars worth of Crown Jewels.
French prosecutors say the password to the museum's video surveillance
(08:26):
system was louver and they were just one camera off
from getting caught because there was just one camera on
the window they broke into. Four suspects have been charge
for the robbery. So far, at least one remains at large.
Global News twenty four hours a day and whenever you
want it with Bloomberg News Now. I'm Monica Rix and
this is Bloomberg Karen.
Speaker 9 (08:46):
Thanks Monica.
Speaker 3 (08:47):
Time now for our Bloomberg Sports update, and for that
we bring in John stash Hour.
Speaker 9 (08:51):
Thanks Darin.
Speaker 13 (08:52):
Week ten in the NFL begins tonight in the AFC West,
the two and six Raiders visiting the seven and two Broncos.
They've won six in a row. FC South Sunday has
Houston at Jacksonville on the Texans will be quarterback by
Davis Mills CJ. Stroud out he's in concussion protocol and
Arizona QB Kyler Murray's going to miss at least another month.
He's been placed on injured reserve. Another milestone for Alex
(09:14):
Zobevskin in the last year past, Wayne Gretskin became the
NHL's all time leading goal scorer last night, career goal
number nine hundred. That to Bloomberg Sports Update.
Speaker 3 (09:24):
Stay with us more from Bloomberg day Break coming up after.
Speaker 1 (09:28):
This Coast to coast on Bloomberg Radio, nationwide on Sirius XM,
and around the world on Bloomberg dot Com and the
Bloomberg Business app. This is Bloomberg Daybreak.
Speaker 2 (09:43):
Good morning, I'm Nathan Hager. With the government shutdown in
Washington down to a record day thirty seven, the Trump
administration says it is forced to cut back on flights
in some of the nation's busiest airspace starting on day
thirty eight. Transportation Secretary Sean Duffy says there's too much
strain on air traffic controllers working through the shutdown without pay.
Speaker 4 (10:03):
There is going to be a ten percent reduction in
capacity at forty of our locations. The administrator is going
to tell you that it's been This is database.
Speaker 2 (10:13):
Transportation Secretary Sean Duffy made the announcement alongside FA Administrator
Brian Bedford, and for more, We're joined by Bloomberg News
Managing Editor for Space and Aviation, Benedict Camel. Ten percent
in forty locations sounds major, Benedict. How disruptive could this be?
Speaker 11 (10:29):
Good morning, Good morning. Yes, this will be disruptive, and
particularly on domestic routes. What we know for now is
this isn't going to be on the routes that are
in the country in not so much the international routes.
If they were to do that, that would be even
more disruptive. They're trying to manage it in a sort
of cascading way, so we're going to get a four
percent cutback first, then five, and then sort of work
(10:52):
our way up to ten percent. So it's not going
to happen in one fell swoop. We don't yet know
where these forty so called high volume markets will be.
We'll get the details on that today. And we don't
also know whether it will end at ten percent. Sean Duffy,
who we just heard, he did say this is a
data led exercise and if the data, in his words,
(11:13):
goes in the wrong direction, we might see additional restrictions,
so ten percent might not even be the end of it.
And with every additional percentage point, obviously the pain will
become more pronounced for travelers.
Speaker 2 (11:25):
Even before this announcement, of course, Benedict. We've heard Transportation
Secretary Duffy say that he'd be willing to shut down
airspace entirely if the safety is an issue during the
government shut down.
Speaker 9 (11:37):
I mean, could we see that go this far?
Speaker 11 (11:40):
I mean, that's probably the sort of the nuclear option there,
I say, and we'll see where this ten percent reduction
takes us. What they're trying to do is essentially take
capacity out of a very strained market. We have had
days where they have been real aseruptions, but we've also
had a couple of days where things have sort of
hummed along just nicely. It's difficult to see a definitive
(12:03):
pattern at this point. It's really up and down, and
we are all tracking that very carefully. But one thing
is for sure. Sean Duffy has increased the pressure. He's
come out continuously in the last week saying we will
see disruptions, we will see chaos, we will have to
see action as a response. So that's sort of been
the continuous theme from the government side. Obviously, there's also
(12:24):
a slightly political undertone in that we know that the Republicans.
Republicans are blaming the Democrats for the shutdown, so that
is a bit of a tool that is being used.
But Duffy again will tell you this is the data
that we're seeing, and we have to respond.
Speaker 2 (12:38):
In terms of how the data plays out. How could
this unfold working with the airlines to make these flight
pullbacks actually happen at airports.
Speaker 11 (12:51):
So airlines will look at, Okay, where's the capacity that
we can take out of the market with minimal disruption.
This is why they say for now we're going to
foe on regional and domestic mainline flights. So that's an
exercise that we will go through in the next couple
of days. The good news is we are coming out
of the busiest travel season and you know the summer
(13:12):
period is over. Yes, we have Thanksgiving still coming up,
but right now there's a little bit of a lull
and they might be able to accommodate those additional seats
that they will need. So we heard from We heard
from the United Airlines CEO Scott Kirby last night in
a memo to employees where he said, we will try
and accommodate all the travelers on the council flights as
(13:33):
best as we can. Elsewhere we're working through the system,
so they're trying to keep these disruptions to a minimum.
They are also looking at the bottom line. This was
supposed to be a strong quarter. We came out of
a very good third quarter, and the hopes from airlines
was that things would continue like this into the fourth quarter.
So they obviously also don't want to see a disruption
(13:54):
that sort of destroys their earnings in the fourth quarter.
Speaker 2 (13:57):
In our last thirty seconds, I wanted to ask you
about how this could affect airline profitability at a time
when we've heard from a number of these airlines during
earnings calls that they're seeing a pretty high demand for
travel right now.
Speaker 11 (14:07):
Yes, indeed, so what we're seeing is that more travelers
are going into what we call the shoulder season, so
the week of fourth quarter they are booking additional flights.
We've seen a great focus on premium travel and those
are vulnerable markets, and we came into the year with
a strong sense of growth. Then we had that dip
during what was called Liberation Day. That marketers or the
(14:28):
industry has recovered from that, but now we're at that
tipping point again where things could go south again.
Speaker 3 (14:35):
This is Bloomberg Daybreak, your morning podcast, and the stories
making news from Wall Street to Washington and beyond.
Speaker 2 (14:42):
Look for us on your podcast feed by six am
Eastern each morning, on Apple, Spotify, or anywhere else you listen.
Speaker 3 (14:48):
You can also listen live each morning starting at five
am Wall Street Time on Bloomberg eleven three to zero
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Speaker 2 (15:02):
Plus listen coast to coast on the Bloomberg Business app
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Speaker 3 (15:08):
And don't forget to subscribe to Bloomberg News Now. It's
the latest news whenever you want it in five minutes
or less. Search Bloomberg News Now on your favorite podcast
platform to stay informed all day long. I'm Karen Moscow.
Speaker 2 (15:21):
And I'm Nathan Hager. Join us again tomorrow morning for
all the news you need to start your day right
here on Bloomberg Daybreak
Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2 (00:09):
Good morning.
Speaker 3 (00:10):
I'm Nathan Hager and I'm Karen Moscow. Here are the
stories we're following today.
Speaker 2 (00:15):
Karen, we begin with the latest on the government shutdown.
It's about to lead to a partial shutdown of the
nation's air space. Transportation Secretary Sean Duffy says the Federal
Aviation Administration will begin cutting flight capacity by ten percent
at forty high volume locations starting tomorrow. That's to alleviate
pressure on air traffic controllers who are working through the
(00:36):
shutdown without pay.
Speaker 4 (00:38):
I anticipate there'll be additional disruptions, there'll be frustration. We
are working with the airlines, they're going to work with passengers,
but in the end, our sole role is to make
sure that we keep this airspace as safe as possible.
Speaker 2 (00:52):
Transportation Secretary Sean Duffy made the announcement alongside FAA Administrator
Brian Bedford. We get more from Bloomberg Aviation correspondent Sid Phillip.
Speaker 5 (01:00):
This would actually be a really bad step for the
airline industry because they're going to have to reduce flights
in order to actually make these cuts, and so we're
going to see a situation where airlines are forced to
have to cut the flights, cut roots, and cut services
to destinations, which could lead to some disruption for passengers
who book travel, especially as we go into the holidays,
and we have to see how long the shutdown last.
Speaker 2 (01:22):
Bloomberg sid Philip reports the cuts are expected to be staggered,
with four percent of flights reduced tomorrow and five percent Saturday.
Sources tell Bloomberg News international flights will not be affected.
Speaker 3 (01:33):
Well along with the shutdown, Nathan, the big wins for
Democrats in this week's elections have shifted the political landscape.
President Trump says the mid term stakes are set after
New Yorkers elected Democratic socialists O Run Mom Donnie to
be their next mayor.
Speaker 6 (01:47):
The decision facing all Americans could not be more clear.
We have a choice between communism and common sense. Does
that make sense to you? Common sense? It's common sense
or communism.
Speaker 3 (02:01):
President Trump spoke at the American Business Forum in Miami.
But Democratic Congressman Ted Low says there's a reason why
voters in blue and purple states pick their candidates on Tuesday.
Speaker 7 (02:12):
Under the policies of Donald Trump and Republicans.
Speaker 8 (02:15):
Inflation continues to increase, food prices have gone up, and
health care cross of skyrocketing.
Speaker 3 (02:21):
Democratic Tim Loeu of California spoke to ABC News and
now Republicans are split on hunter respond to their losses.
The Washington Post reports some strategists think President Trump needs
to get more involved to fire up his base, while
others suggest Congression or Republicans develop their own message on
the economy.
Speaker 2 (02:39):
Of course, Karen zornmom Donnie was one of the big
Democratic winners on election night, and now some of the
world's business leaders are adapting to a new reality. A
cretic of capitalism about to run the world's financial capital
JP Morgan Chase CEO Jamie Diamond tell CNN he's willing
to help.
Speaker 4 (02:55):
I'm hoping any mayor goes what's right to help of
that city.
Speaker 9 (03:00):
If you do it right, it benefits all the citizens.
Speaker 3 (03:02):
If you do it wrong, it hurts all the citizens.
Speaker 6 (03:04):
So yeah, I would help someone if they wanted my help.
Speaker 2 (03:08):
And Zora mum Donnie says he's willing to work with
Diamond and other Wall Street CEOs.
Speaker 10 (03:13):
I look forward to meeting with Jamie Diamond and meeting
with anyone who is concerned about the future of our
city and is invested in the vitality of that same city.
And these are not very different from the conversations I
had over the course of this campaign with many business leaders.
But while we may have disagreements on fiscal policy, we
also found many areas of agreement as to what the
(03:33):
city actually needed.
Speaker 2 (03:34):
It was New York mayor like Zoron Mum Donnie and
along with Jamie Diamond, City Group CEO Jane Fraser says, quote,
we hope to work with the mayor elect on making
the city an even better place for our people and
clients to live and work.
Speaker 3 (03:46):
Well, Nathan. The Supreme Court heard arguments about whether President
Trump can unilaterally impose sweeping tariffs. It is a pivotal
test of just how far a president's authority can reach,
and Bloomberg's Amy Morris has more from Washington.
Speaker 9 (04:00):
Justice has seemed skeptical of Trump's power to unilaterally impose
sweeping tariffs. Several conservative justices signaled their concerns. Chief Justice
John Roberts questioned the executive branch taxing authority.
Speaker 11 (04:12):
The vehicle is in position of taxes on Americans, and
that has always been the core power of Congress.
Speaker 9 (04:18):
But Solicitor General John Souer, defending the tariffs, argues, this
is not a tax. These are regulatory tariffs. They are
not revenue raising tariffs. The fact that they raise revenues
only incidental. A decision could come by mid to late December.
In Washington. Amy Morris Bloomberg Radio, Amy.
Speaker 1 (04:34):
Thanks.
Speaker 2 (04:34):
Let's turn to the markets now. Futures are little changed
to lower this morning, following yesterday's gains on Wall Street.
Shares of Qualcomm are down three percent. The largest maker
of smartphone processors became the latest chip maker to post
profit above estimates and deliver an upbeat forecast, but that
wasn't good enough for outsized expectations. Qualcom stock is up
forty percent since April.
Speaker 3 (04:56):
The Revolution and artificial intelligence Nathan has helped lead to
the most job cuts in the month of October in
more than two decades, According to data from outplacement firm Challenger,
Gray and Christmas. Companies last month announced more than one
hundred and fifty three thousand job cuts, and that's nearly
triple the number during the same month last year. The
job cuts are attributed to AI adoptions, softening consumer and
(05:17):
corporate spending, and rising costs, which are driving built tightening
and hiring freezes.
Speaker 2 (05:23):
All global bond sales have soared to a record this year.
Bowers are taking advantage of easy market conditions to fund
everything from the boom at Ai projects to a revival
and acquisitions. Issuances set a new annual record of five
point nine to four trillion dollars, topping the previous high
set last year, and there's still nearly two months of
this year to go.
Speaker 3 (05:44):
Well. Over in Europe, Nathan, it's decision day at the
Bank of England and a tricky call for the UK's
rate setting committee, and Bloomberg's Un Potts joins us from
London with more you and good morning.
Speaker 12 (05:54):
Karl and Nathan. The Bank of England has been cutting
rates once a quarter since August of last year, but
the expectation from markets and economists is that the Beewee
will break that pattern today and leave rates on hold
at four percent. Governor Andrew Bailey is seen as the
key swing voter on a divided committee, and although there
are signs of a cooling of inflation pressures, policymakers may
(06:17):
prefer to wait and see what's in the government's budgets.
That's due in less than three weeks from now. In London.
Speaker 3 (06:22):
I'm youuing pots Blomberg Radio Time Now for a look
at some of the other stories making news in New
York and around the world, and for that reck, joined
by Bloomberg's Monica Rigs Moonica, good morning.
Speaker 8 (06:34):
Good morning, Karen. Federal investigators will be back out in Louisville,
Kentucky this morning scouring the charge site where a UPS
plane crashed earlier this week, killing at least twelve people.
Doctor Jason Smith is a trauma surgeon at the University
of Louisville Hospital.
Speaker 7 (06:48):
We've seen blast injuries from the explosion itself. We've also
seen some shrapnel injuries where flying pieces of debris have
hit either bystanders or people in relatively close proximity to
the accident.
Speaker 8 (07:00):
Authorities there are still trying to figure out why the
plane caught fire and lost an engine shortly after takeoff.
Partial snap benefits for November will be a little more
than estimated, the USDA, revising its guidance last night.
Speaker 9 (07:13):
To comply with a federal court order.
Speaker 8 (07:15):
It now says recipients will get sixty five percent of
their benefits this month, as the government shutdown continues.
Speaker 9 (07:21):
President Trump says.
Speaker 8 (07:22):
He is not going to the G twenty summit later
this month in South Africa.
Speaker 6 (07:27):
You know, I'm not going to. We have a G
twenty meeting of South Africa. South Africa shouldn't even be
in the geez anymore because what's happened there is bad.
Speaker 13 (07:36):
I'm not going.
Speaker 6 (07:36):
I told him, I'm not going. I'm not going to
represent our country there.
Speaker 8 (07:40):
Trump was speaking at a business forum in Miami last
night and said the US will stop all aid to
Nigeria and go guns a blazing if the country doesn't
stop killing Christians. The Israeli military says Hamas has handed
over remains believed to be another deceased hostage to the
Red Cross. If confirmed by forensic testing, that leaves the
remains of just six others in Gaza Here at home,
(08:03):
unionized Starbucks baristas are prepping for the biggest strike they've
ever been on next week unless they can secure a contract.
Those strikes would start November thirteenth, the company's Red Cup Day.
And we're learning a little bit more about how jewel
thieves were able to crack security at the Louver last
month to steal one hundred million dollars worth of Crown Jewels.
French prosecutors say the password to the museum's video surveillance
(08:26):
system was louver and they were just one camera off
from getting caught because there was just one camera on
the window they broke into. Four suspects have been charge
for the robbery. So far, at least one remains at large.
Global News twenty four hours a day and whenever you
want it with Bloomberg News Now. I'm Monica Rix and
this is Bloomberg Karen.
Speaker 9 (08:46):
Thanks Monica.
Speaker 3 (08:47):
Time now for our Bloomberg Sports update, and for that
we bring in John stash Hour.
Speaker 9 (08:51):
Thanks Darin.
Speaker 13 (08:52):
Week ten in the NFL begins tonight in the AFC West,
the two and six Raiders visiting the seven and two Broncos.
They've won six in a row. FC South Sunday has
Houston at Jacksonville on the Texans will be quarterback by
Davis Mills CJ. Stroud out he's in concussion protocol and
Arizona QB Kyler Murray's going to miss at least another month.
He's been placed on injured reserve. Another milestone for Alex
(09:14):
Zobevskin in the last year past, Wayne Gretskin became the
NHL's all time leading goal scorer last night, career goal
number nine hundred. That to Bloomberg Sports Update.
Speaker 3 (09:24):
Stay with us more from Bloomberg day Break coming up after.
Speaker 1 (09:28):
This Coast to coast on Bloomberg Radio, nationwide on Sirius XM,
and around the world on Bloomberg dot Com and the
Bloomberg Business app. This is Bloomberg Daybreak.
Speaker 2 (09:43):
Good morning, I'm Nathan Hager. With the government shutdown in
Washington down to a record day thirty seven, the Trump
administration says it is forced to cut back on flights
in some of the nation's busiest airspace starting on day
thirty eight. Transportation Secretary Sean Duffy says there's too much
strain on air traffic controllers working through the shutdown without pay.
Speaker 4 (10:03):
There is going to be a ten percent reduction in
capacity at forty of our locations. The administrator is going
to tell you that it's been This is database.
Speaker 2 (10:13):
Transportation Secretary Sean Duffy made the announcement alongside FA Administrator
Brian Bedford, and for more, We're joined by Bloomberg News
Managing Editor for Space and Aviation, Benedict Camel. Ten percent
in forty locations sounds major, Benedict. How disruptive could this be?
Speaker 11 (10:29):
Good morning, Good morning. Yes, this will be disruptive, and
particularly on domestic routes. What we know for now is
this isn't going to be on the routes that are
in the country in not so much the international routes.
If they were to do that, that would be even
more disruptive. They're trying to manage it in a sort
of cascading way, so we're going to get a four
percent cutback first, then five, and then sort of work
(10:52):
our way up to ten percent. So it's not going
to happen in one fell swoop. We don't yet know
where these forty so called high volume markets will be.
We'll get the details on that today. And we don't
also know whether it will end at ten percent. Sean Duffy,
who we just heard, he did say this is a
data led exercise and if the data, in his words,
(11:13):
goes in the wrong direction, we might see additional restrictions,
so ten percent might not even be the end of it.
And with every additional percentage point, obviously the pain will
become more pronounced for travelers.
Speaker 2 (11:25):
Even before this announcement, of course, Benedict. We've heard Transportation
Secretary Duffy say that he'd be willing to shut down
airspace entirely if the safety is an issue during the
government shut down.
Speaker 9 (11:37):
I mean, could we see that go this far?
Speaker 11 (11:40):
I mean, that's probably the sort of the nuclear option there,
I say, and we'll see where this ten percent reduction
takes us. What they're trying to do is essentially take
capacity out of a very strained market. We have had
days where they have been real aseruptions, but we've also
had a couple of days where things have sort of
hummed along just nicely. It's difficult to see a definitive
(12:03):
pattern at this point. It's really up and down, and
we are all tracking that very carefully. But one thing
is for sure. Sean Duffy has increased the pressure. He's
come out continuously in the last week saying we will
see disruptions, we will see chaos, we will have to
see action as a response. So that's sort of been
the continuous theme from the government side. Obviously, there's also
(12:24):
a slightly political undertone in that we know that the Republicans.
Republicans are blaming the Democrats for the shutdown, so that
is a bit of a tool that is being used.
But Duffy again will tell you this is the data
that we're seeing, and we have to respond.
Speaker 2 (12:38):
In terms of how the data plays out. How could
this unfold working with the airlines to make these flight
pullbacks actually happen at airports.
Speaker 11 (12:51):
So airlines will look at, Okay, where's the capacity that
we can take out of the market with minimal disruption.
This is why they say for now we're going to
foe on regional and domestic mainline flights. So that's an
exercise that we will go through in the next couple
of days. The good news is we are coming out
of the busiest travel season and you know the summer
(13:12):
period is over. Yes, we have Thanksgiving still coming up,
but right now there's a little bit of a lull
and they might be able to accommodate those additional seats
that they will need. So we heard from We heard
from the United Airlines CEO Scott Kirby last night in
a memo to employees where he said, we will try
and accommodate all the travelers on the council flights as
(13:33):
best as we can. Elsewhere we're working through the system,
so they're trying to keep these disruptions to a minimum.
They are also looking at the bottom line. This was
supposed to be a strong quarter. We came out of
a very good third quarter, and the hopes from airlines
was that things would continue like this into the fourth quarter.
So they obviously also don't want to see a disruption
(13:54):
that sort of destroys their earnings in the fourth quarter.
Speaker 2 (13:57):
In our last thirty seconds, I wanted to ask you
about how this could affect airline profitability at a time
when we've heard from a number of these airlines during
earnings calls that they're seeing a pretty high demand for
travel right now.
Speaker 11 (14:07):
Yes, indeed, so what we're seeing is that more travelers
are going into what we call the shoulder season, so
the week of fourth quarter they are booking additional flights.
We've seen a great focus on premium travel and those
are vulnerable markets, and we came into the year with
a strong sense of growth. Then we had that dip
during what was called Liberation Day. That marketers or the
(14:28):
industry has recovered from that, but now we're at that
tipping point again where things could go south again.
Speaker 3 (14:35):
This is Bloomberg Daybreak, your morning podcast, and the stories
making news from Wall Street to Washington and beyond.
Speaker 2 (14:42):
Look for us on your podcast feed by six am
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Speaker 3 (14:48):
You can also listen live each morning starting at five
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Speaker 2 (15:02):
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Speaker 3 (15:08):
And don't forget to subscribe to Bloomberg News Now. It's
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platform to stay informed all day long. I'm Karen Moscow.
Speaker 2 (15:21):
And I'm Nathan Hager. Join us again tomorrow morning for
all the news you need to start your day right
here on Bloomberg Daybreak
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