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The longest government shutdown on record cost Delta Air Lines an estimated $200 million, CEO Ed Bastian said Wednesday in the first disclosure by a U.S. airline regarding the shutdown’s financial impact.Bastian told investors that refunds “grew significantly” while bookings slowed amid the uncertainty in air travel caused by the 43-day shutdown, contributing to Delta’s loss of about 25 cents per share.The shutdown, which began Oct. 1, led to long delays at major airports and historic flight cancellations at 40 of the country’s busiest airports as more unpaid air traffic controllers missed work, citing additional stress and the need to take on side jobs. As the shutdown dragged into a second month, the Federal Aviation Administration issued an emergency order requiring commercial airlines to cancel up to 6% of their domestic flights a decision that Transportation Secretary Sean Duffy described as necessary to guarantee safe air travel.“When you’ve got the secretary of transportation telling people we don’t have controllers, questioning the safety at some level of travel, which has never before happened,” Bastian said, it led to more customers holding off on booking their holiday travel.More than 10,000 flights were cut between Nov. 7, when the FAA’s order took effect, and when the restrictions were fully lifted on Nov. 16, less than two weeks before Thanksgiving, the busiest travel period in the U.S.Despite the disruption to air travel, Bastian said Wednesday he believes the shutdown’s impacts are in the rearview. He said Delta had a busy Thanksgiving week and that bookings through the end of the year, especially around Christmas and New Year’s Day, were “really strong.”“I think we’re through it and it was transitory,” Bastian said of the shutdown. “We’re looking forward to a strong December, a strong close to the year.”Airports impacted by the flight restrictions during the shutdown included large hubs in New York, Chicago, Los Angeles and Atlanta. The flight cuts started at 4% and later grew to 6% before the FAA rolled the restrictions back to 3%, citing continued improvements in air traffic controller staffing after the shutdown ended Nov. 12.Controllers were among the federal employees who had to continue working without pay throughout the shutdown, missing two full paychecks.President Donald Trump took to social media during the shutdown to pressure controllers to “get back to work, NOW!!!” He called for a $10,000 bonus for those who stayed on the job and suggested docking pay for those who haven’t.A week after the shutdown ended, the FAA announced only 776 controllers and technicians with perfect attendance during the shutdown would receive bonuses, leaving out nearly 20,000 other workers.On Wednesday, Sen. Tammy Duckworth, ranking member of the Senate Subcommittee on Aviation, Space and Innovation, sent a letter to Duffy demanding that he also award bonuses to the remaining FAA workers.“It is wrong to financially penalize these Federal employees for responsibly managing life events beyond their control while working without pay,” she said.Duffy didn’t immediately respond Wednesday to the letter, but when asked about the bonuses last week at a news conference ahead of the Thanksgiving travel period, Duffy said that both he and the head of the FAA recognize “some of the difficult circumstances our controllers were going through” during the shutdown. But Duffy said a cutoff on the bonuses was necessary.“If you got 100% on your test, you get the sticker that’s a scratch-and-sniff sticker,” Duffy said, adding that all the controllers and technicians who were forced to work unpaid would receive full backpay. Associated Press writer Josh Funk contributed to this report. Rio Yamat, AP Airlines and Travel Writer
Category:
E-Commerce
If you combine the NYSE and TBPN, do you get a BFD? Apparently. The New York Stock Exchange (NYSE) is announcing that it has inked a partnership with the live video podcast TBPN, becoming the shows exclusive exchange partner. The deal marks another feather in the cap for TBPN, which has become one of the most-talked-about financial and tech-focused media startups in only 11 months, and also marks a further cross-generational shift into new media by the NYSE, which itself is 233 years old. TBPN (Technology Business Programming Network) will continue to record and broadcast from its home base in Los Angeles. The show will now have access to the NYSEsimilar to other financial networks that have permanent or semipermanent perches on the exchange floor, like CNBC, FintechTV, and others. While TBPN isnt necessarily a news or journalistic show, it has become a platform thats become must-see TV (or streaming) for those in and around the tech industry. Its hosts, Jordi Hays and John Coogan, are entrepreneurs in their own right, with Hays having founded crowdfunding VC startup Party Round (among other projects). Coogan is a cofounder of Soylent. Their entrepreneurial chops have helped attract an audience and high-profile guests. The shows also feature numerous interviews in each episode, including from high-profile Silicon Valley executives and leaders such as Mark Zuckerberg and Sam Altman, and others, such as entertainment stalwarts James Cameron and Casey Neistat. The partnership kicks off in earnest in late December, but the initial interest in a long-term courtship between the two materialized when Hays and Coogan, broadcast live from the NYSEs Wall Street headquarters for design startup Figmas IPO at the end of July. Hays and Coogan also had Lynn Martin, NYSEs President, join the podcast that day, laying the ground for what was to come. Hands down, that was probably the most memorable show this year, Hays tells Fast Company. Im not sure how they discovered the show, he says, but they were incredible hosts, allowing us to come in and set up for what was certainly the most notable IPO of the yearto be there, in the exchange, for that was incredible. So, we kept talking, came back for the Klarna IPO, and it made a lot of sense for the NYSE to be our home base as a company when were in New York. Martin agrees and says the exchange is likewise excited about what TBPN, and what Hays and Coogan, are building. [Photo: NYSE] Over the past year, TBPN has covered some of the biggest tech IPOs of 2025 from the NYSE, including Figma and Klarna, Martin said. As TBPNs exclusive exchange partner, we are thrilled to formalize our relationship and to provide the backdrop for their coverage of the next wave of tech-driven innovation. NYSE remains the worlds leading marketplace for tech-driven innovation, and this partnership underscores our commitment to providing the premier platform for companies that shape our future. Well level each other up The partnership itself gives Hays, Coogan, and the rest of TBPNs team, including President Dylan Abruscato, direct access to the NYSE space in all of its grandeur, the numerous events (including future IPOs), executives, analysts, and personalities who filter in and out, in addition to the exchanges growing stable of media resources. Abruscato, who only joined TBPN in September, says that access to the NYSE can also add a sports-like element to the show. The Figma IPO show, Abruscato says, was one of his favorites as a viewerit had a certain feel to it, kind of like Draft Day, or the Combine, he notes, referencing the two biggest off-season events held annually by the NFL. He hopes that TBPN can capture a similar energy when the show is broadcasting in New York. Im really excited about having a place in New York City at the forefront of finance where we can do the show, he says. Were also really excited about leveraging our placement on behalf of our show and guests. He also says that the partnership will help both the NYSE and TBPN. Well level each other up. We are the next generation of content and programming, not just for tech, but for business news. The NYSE is going to bring us into the fold, he continues, and take what has initially been a very West Coast-based show, with a diehard Silicon Valley audience, and spread the word around NYC, which has traditionally been very finance-focused, he says. But well keep focusing on our bread and butter: Business news, through a tech-lens. While the NYSE is, at its core, an exchange, theres another element to it that many people may not realize: The NYSE actively works to build up the companies listed on the exchange through various means. That, in a nutshell, is the driving force behind partnering with TBPN. The NYSEs growing media muscle Earlier this year, the NYSE launched the NYSE Partnership Network to facilitate media and content operations. That includes helping amplify the companies listed on the exchangearound 2,500 of themon or around milestones, events, and announcements. The Network works with traditional and new media partners, along with agencies and content creators or startups, such as TBPN, to provide strategic media support. The exchange is also evaluating new partnerships with publishers and content creators to help its listed companies tell stories and generate press. The NYSE is best known for capital markets and innovation, but its also a storytelling powerhouse, said Joe Benarroch, the head of Content, Media Partnerships and Distribution, at the NYSE. “We’ve anchored our partnerships strategy, so public and private companies have ample opportunity to tell their stories. We are glad to be the official exchange partner of TBPN, which is transforming the creator economy and unlocking a new era of narrative power. With that in mind, Hays makes it clear that he and his cohost are not planning on becoming corporate cheerleaders. You would assume that were sitting here all the time saying, tech and business can do no wrong! Yay Capitalism! he says. Though both he and Coogan have their roots in the tech industry, they do have enough separation to be able to speak candidly about itsomething that other podcasts or media offerings may not be able to do. We both have young children. Were not itching to get them iPads or on social media. Were not oblivious about the tech industrywe believe that were trying to have hones conversations about a lot of this at a time when broader society has a lot of concerns about what the industry is doing, he says. Were aware of that, and try to push the guests and content to have real conversations about the impact of the work being done in the industry. Being able to have fun, be honest, and speak truth to power, when warranted, makes TBPN a potentially powerful addition to the NYSEs media partner ranks. And it gives TBPN more established media firepower to pair with its small, independent media agility and authenticity. Hays says that he thinks, ultimately, itll be a boon for both his podcast and for the NYSE, opening each to new opportunities and audiences. Its a massive win-win for both of us.
Category:
E-Commerce
As Americans grapple with $1.23 trillion in credit card balances, Klarna Group is introducing a new way to access premium rewardsone that doesnt require a credit card at all. The Swedish fintech company launched its Premium ($19.99/month) and Max ($44.99/month) membership tiers in the United States on Thursday, expanding upon its existing Core and Plus offerings and mirroring successful rollouts in the UK and EU. The move positions Klarna squarely in the territory long dominated by high-end credit cards like the Amex Platinum and Chase Sapphire Reserve, but with none of the spending thresholds, APRs, or annual fees that usually define that segment. The timing is strategic: Americans, especially affluent Americans, are increasingly walking away from traditional credit cards and leaning into debit-first financial tools and buy now, pay later (BNPL) options. According to Klarna, 11.2% of U.S. adults cancelled a credit card in the past 12 months, and that jumps to 15.1% among people earning more than $100,000. Nearly one in three high-income consumers (30%) now use BNPL as one of their preferred payment methods. That shift was central to how Klarna designed these new tiers. Affluent consumers are growing tired of the overspend-to-earn dynamics of traditional credit cards and the eye-watering annual fee that comes with them, said David Sandström, chief marketing officer at Klarna. They want premium benefits without carrying a balance, chasing categories, or navigating fine print.” Klarna’s new tiers, he adds, offer “transparent pricing, month-to-month subscriptions, immediate access to meaningful perks they will actually use, and no requirement to take on debt.” A Premium Ecosystem Without Credit Traditional premium rewards in the U.S. have been dictated by the major card networks and issuers. Klarnas pitch is that the entire system can be rebuilt for consumers who dont want debt in exchange for access. The legacy premium card model assumes youll spend more to earn more, Sandström said, adding, “Were redefining premium by reinventing the economics, not replicating the incumbents playbook. That means U.S. members can access benefits typically found behind $500+ ins annual fees, including travel protection, lounge access, cash back, and subscription bundles, without needing a credit line or hitting a spending minimum. With more than one million Core and Plus signups in the U.S. over the past two months alone, the appetite appears strong. Building a Global Rewards Network One standout feature is Klarnas ability to convert earned cashback directly into points or miles across major loyalty programs. Its the kind of benefit usually restricted to premium cardholders, but now available to debit-based and BNPL users. We focused first on scale and consumer relevance, Sandström said of Klarnas partner strategy. Airlines like United, British Airways, Air FranceKLM, and Turkish Airlines and hotel groups like IHG, Accor, Radisson, and Wyndham serve the widest range of global travelers. They also integrate cleanly with cashback conversion, allowing members to unlock value immediately. Well continue expanding across regions and loyalty ecosystems to give consumers more choice and deeper travel utility. This partner ecosystem, built on cash back rather than credit spend, further distinguishes Klarnas model from the legacy rewards system. Making the Value Impossible to Miss Klarna claims Premium and Max unlock between $3,000 and $5,000 in annual perks, ranging from subscriptions (Vogue, GQ, Headspace, ClassPass, The New York Times, Care.com) to travel coverage and concierge-style offerings. But the company knows consumers are rightfully skeptical in a world filled with subscriptions and fine print. Sandström argues that Klarna deliberately built transparency into the product experience. Members can track benefits unlocked, used, and saved directly in the app, ensuring the value is transparent, not theoretical,” he said. “Because perks activate instantly and deliver tangible savings, Premium and Max counter subscription fatigue: you use it once and feel the impact immediately. Klarna Card: The Physical Anchor for a Digital-First Strategy The new tiers are available to any U.S. consumer, but Klarna expects the Klarna Card, its fast-growing debit product, to become a key touchpoint. The Klarna Card is core to our U.S. and our global strategy, Sandström said. With over four million signups since July, its one of our fastest-growing products ever.” The Premium and Max tiers each offer a 16g metal card, continuing a trend among financial products that blur the lines between banking utility and lifestyle branding. Premium vs. Max: Two Paths Into Klarnas New Rewards Ecosystem Klarnas two new top-end tiers, Premium and Max, are designed to meet different levels of travel frequency, lifestyle needs, and appetite for perks, but both operate under the same promise: predictable pricing and immediate value. Premium, priced at $19.99 per month, is tailored for consumers who want meaningful upgrades to their everyday spending without committing to an expensive annual fee. Members receive more than $3,000 in yearly value, including access to a rotating catalog of premium subscriptions. Premium users also earn 1.5% cash back when they pay from their Klarna balance, and receive global travel protection for trips booked throughout the year. Max, at $44.99 per month, pushes the concept further and is clearly aimed at the frequent traveler who might otherwise carry an Amex Platinum or Chase Sapphire Reserve. Klarna estimates that the plan delivers more than $5,000 in annual perks, anchored by unlimited airport lounge access through LoungeKey, which reaches more than 1,800 lounges worldwide. Max members earn 2% always-on cash back, gain access to elevated travel, rental cars, and cancel-for-any-reason protections, and unlock a broader suite of subscriptions, including the exclusive social and travel community ASmallWorld. The tiers signature accessory is a rose-gold 16-gram metal card, designed to mirror the tactile satisfaction of high-end credit cards without tying the experience to a revolving line of credit. Together, Premium and Max create a rewards ecosystem that looks familiar, but operates on entirely different economics. Klarnas approach reframes perks as something to subscribe to rather than earn, untangling them from spending thresholds and debt. The Future of RewardsWithout Credit Sandström believes that American consumers are ready for a shift and that the traditional systems dependency on credit lines is nearing its expiration date. In five years, credit-dependent rewards will feel outdated, he said. Consumers will expect transparent value without annual fees, debt traps, or points systems that only work for heavy spenders.” “Membership-style rewards will replace bloated card programs,” Sandström predicts. “Klarna intends to lead that shift.”
Category:
E-Commerce
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