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United Airlines, American Airlines, and Delta Air Lines said they will refund tickets for customers who will be flying starting on Friday, November 7, after the Federal Aviation Administration (FAA) announced a 10% reduction in flights at 40 major airports, expected to affect some 3,500 to 4,000 flights daily. The reductions come amid the ongoing federal government shutdown, which has created a shortage of air traffic controllers, some of whom are not being paid. “Any customer traveling during this period is eligible for a refund if they do not wish to flyeven if their flight isn’t impacted,” United Airlines CEO Scott Kirby said in a statement. “That includes non-refundable tickets and those customers with basic economy tickets.” News of the refunds comes after Transportation Secretary Sean Duffy warned that the air traffic controller shortage could result in disruptions, and would likely “lead to more cancellations.” American Airlines told Fast Company that it expects the vast majority of its customers travel will be unaffected, and long-haul international travel will remain as scheduled. As schedule changes are made, American said it will proactively reach out to those impacted customers. “During the impacted travel period, customers whose flights are cancelled for any reason or who choose not to travel will be able to change their flight or request a refund, without any penalty,” American Airlines confirmed in an email statement to Fast Company. The airline also urged leaders in Washington to reach an immediate resolution to end the shutdown: “We remain grateful to the air traffic controllers, TSA officers, CBP officers and other federal employees who are working right now without payall to get our customers where they need to be safely.” In a statement on its website, Delta Air Lines said it expects to operate most flights as scheduled, including all long-haul international flights. “We are providing additional flexibility to our customers traveling to, from or through the impacted markets during the impacted travel period to change, cancel or refund their flights, including Delta Main Basic fares, without penalty during this travel period,” it said. Southwest Airlines, JetBlue, and Alaska Airlines have not yet determined a refund policy, according to USA Today. Both the airlines and experts recommend using the airlines’ mobile apps for the latest information on cancelations and delays. 40 U.S. airports likely to be most affected by delays The FAA has not finalized the list of the 40 airports that will be affected by 10% flight reductions. But New York, Atlanta, and Los Angeles airports are likely to be among them. Here is a preliminary list, according multiple sources including ABC News, CBS News, and USA Today: Anchorage International (ANC) Hartsfield-Jackson Atlanta International (ATL) Boston Logan International (BOS) Baltimore/Washington International (BWI) Charlotte Douglas International (CLT) Cincinnati/Northern Kentucky International (CVG) Dallas Love (DAL) Ronald Reagan Washington National (DCA) Denver International (DEN) Dallas/Fort Worth International (DFW) Detroit Metropolitan Wayne County (DTW) Newark Liberty International (EWR) Fort Lauderdale/Hollywood International (FLL) Honolulu International (HNL) Houston Hobby (HOU) Washington Dulles International (IAD) George Bush Houston Intercontinental (IAH) Indianapolis International (IND) New York John F. Kennedy International (JFK) Las Vegas Harry Reid International (LAS) Los Angeles International (LAX) New York LaGuardia (LGA) Orlando International (MCO) Chicago Midway (MDW) Memphis International (MEM) Miami International (MIA) Minneapolis/St. Paul International (MSP) Oakland International (OAK) Ontario International (ONT) Chicago O`Hare International (ORD) Portland International (PDX) Philadelphia International (PHL) Phoenix Sky Harbor International (PHX) San Diego International (SAN) Louisville International (SDF) Seattle/Tacoma International (SEA) San Francisco International (SFO) Salt Lake City International (SLC) Teterboro (TEB) Tampa International (TPA)
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E-Commerce
If sweating it out on a Peloton helps you stay fit, be sure to see if youre affected by a major new recall from the exercise bike maker. Peloton issued a major recall for some bike models on Thursday, warning that the seat posts of affected models could break and potentially injure their users. The recall is based on three reports of seat post malfunctions. In two of those incidents, Peloton users were injured after falling off the bike. Though the number of incidents is very small, the recall applies to 833,000 units manufactured in Taiwan and sold in the U.S. The recall affects Peloton Original Series Bike+ units with model number PL02 and serial numbers that start with T. The bikes were manufactured between December 2019 and July 2022 and were sold through Peloton, Dicks Sporting Goods, eBay, and Amazon from January 2020 through April 2025. Another 44,800 units sold in Canada were also recalled, though no falls or malfunctions were reported outside the U.S. The integrity of our products and our Members well-being are our top priorities, Peloton said in a statement provided to Fast Company. We are taking this opportunity to make replacement seat posts available to all affected Bike+ users, and we encourage them to contact us to receive the redesigned seat post as soon as possible. To find your bikes serial number, look inside the front fork, behind the front fork, or behind the flywheel. Once you locate it, you can look up the serial number on Pelotons website to see that bike models history. Peloton users with affected models should take a break from cycling until they are able to get a fix from the company. Happily, that fix is pretty straightforward: Peloton will send you a new seat free of charge. Just order the replacement seat post online or contact customer service by phone. Installing the new post looks pretty straightforward, and owners can follow an instructional video from Peloton to do it themselves at home. The new recall is the second time the company has had to issue a warning about the safety of its seat posts. In 2023, Peloton announced a voluntary recall of seat posts for its original Bike model, similarly sending out replacement parts due to worries about the post breaking and causing people to fall off. Peloton said the seat post problem posed a risk to users with larger builds who weighed 250 pounds or more, though no injuries were reported at the time. Peloton says that bikes manufactured after 2023 include redesigned seats that eliminate the risk associated with both seat post recalls. At a high level, the design and quality enhancements include a fail-safe mechanism intended to ensure that in the rare event of a break, the seat will not detach from the post, mitigating the risk of injury, a Peloton spokesperson told Fast Company. We feel confident about the quality of our redesigned seat post. We are also committed to continuously innovating on our product quality and designs. Peloton will report its quarterly earnings later on Thursday, though that call will likely turn toward the new recall as well, and not just be about the companys financials. Peloton pedals in some new directions Last month, Peloton announced that it would raise prices across its subscriptions and its workout hardware. The company is also throwing its weight behind advanced tech on new high-end equipment options that integrate computer vision and AI to track users movement and personalize their workouts. Peloton also recently launched a new Pro line of commercial workout bikes, treadmills, and rowing machines designed for high-use areas like hotel gyms, where wear and tear can add up much more quickly than on an at-home machine that sees a fraction of the use. Today’s consumers want the flexibility to work out anytime, anywhere, and that means they expect top-tier fitness amenities in the places where they live, work, and travel, Peloton chief commercial officer Dion Camp Sanders said of the companys new line, which paired with the launch of a new commercial business division.
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E-Commerce
President Donald Trump unveiled a deal Thursday with drugmakers Eli Lilly and Novo Nordisk to expand coverage and reduce prices for their popular obesity treatments Zepbound and Wegovy. The drugs are part of a new generation of obesity medications known as GLP-1 receptor agonists that have soared in popularity in recent years. But access to the drugs has been a consistent problem for patients because of their cost around $500 a month for higher doses and insurance coverage has been spotty. Coverage of the drugs for obesity will expand to Medicare patients starting next year, according to the administration, which said some lower prices also will be phased in for patients without coverage. Starting doses of new, pill versions of the treatments also will cost $150 a month if they are approved. (It) will save lives, improve the health of millions and millions of Americans, said Trump, in an Oval Office announcement in which he referred to GLP-1 as a fat drug.” Thursday’s announcement is the latest attempt by the Trump administration to rein in soaring drug prices in its efforts to address cost-of-living concerns among voters. Drugmakers Pfizer and AstraZeneca recently agreed to lower the cost of prescription drugs for Medicaid after an executive order in May set a deadline for drugmakers to electively lower prices or face new limits on what the government will pay. As with the other deals, its not clear how much the price drop will be felt by consumers. Drug prices can vary based on the competition for treatments and insurance coverage. Obesity drugs have become increasingly popular, but are costly The obesity drugs work by targeting hormones in the gut and brain that affect appetite and feelings of fullness. In clinical trials, they helped people shed between 15% and 22% of their body weight — up to 50 pounds or more in many cases. Patients taking these drugs usually start on smaller doses and then work up to larger amounts, depending on their needs. Because of obesity being considered a chronic disease, they need to take the treatment indefinitely or risk regaining weight, experts say. The fast-growing treatments have proven especially lucrative for drugmakers Eli Lilly and Co. and Novo Nordisk. Lilly said recently that sales of Zepbound have tripled so far this year to more than $9 billion. But for many Americans, their cost has made them out of reach. Medicare, the federally funded coverage program mainly for people ages 65 and over, hasn’t covered the treatments for obesity. President Donald Trumps predecessor, Joe Biden, proposed a rule last November that would have changed that. But the Trump administration nixed it last spring. Few state and federally funded Medicaid programs, for people with low incomes, offer coverage. And employers and insurers that provide commercial coverage are wary of paying for these drugs in part because of the large number of patients that might use them. The $500 monthly price for higher doses of the treatments also makes them unaffordable for those without insurance, doctors say. Medicare now covers the cost of the drugs for conditions such as type 2 diabetes and cardiovascular disease, but not for weight loss alone. Trump showing he is in touch with cost-of-living concerns The effort to lower costs barriers to popular GLP-1 drugs comes as the White House is looking to demonstrate that Trump is in touch with Americans frustrations with rising costs for food, housing, health care and other necessities. Republican gubernatorial candidates in New Jersey and Virginia faced a drubbing in Tuesdays election in which dour voter outlook about the economy appeared to an animating factor in the races. Roughly half of Virginia voters said the economy was the top issue, and about 6 in 10 of these voters picked Democrat Abigail Spanberger for governor, powering her to a decisive win, according to an AP voter poll. In New Jersey, Democrat Mikie Sherrill won about two-thirds of voters who called the economy the top issue facing the state, the poll found. She defeated a Trump-endorsed Republican candidate Jack Ciattarelli. More than half of New York City voters said the cost of living was the top issue facing the city. The Democratic mayor-elect Zohran Mamdani won about two-thirds of this group. The White House sought to diminish the effort by the previous Democratic administration as a gift to the pharmaceutical industry because the proposal did not include adequate price concessions from the drug makers. Trump, instead, consummated a belt and suspenders deal that ensures that Americans arent unfairly financing the pharmaceutical industrys innovation, claimed a senior administration official, who briefed reporters ahead of Thursdays Oval Office announcement by Trump. Another senior administration official said coverage of the drugs will expand to Medicare patients starting next year. Those who qualify will pay $50 copays for the medicine. Lower prices also will be phased in for people without coverage through the administrations TrumpRx program, which will allow people to buy drugs directly from manufacturers. starting in January. The officials said lower prices also will be provided for state and federally funded Medicaid programs. And starting doses of new, pill versions of the obesity treatments will cost $149 a month if they are approved. The officials briefed reporters on the condition of anonymity under ground rules set by the White House. Doctors applaud the price drop Dr. Leslie Golden says she has roughly 600 patients taking one of these treatments, and 75% or more struggle to afford them. Even with coverage, some face $150 copayments for refills. Every visit its, How long can we continue to do this? Whats the plan if I cant continue?, said Golden, an obesity medicin specialist in Watertown, Wisconsin. Some of them are working additional jobs or delaying retirement so they can continue to pay for it. Both Lilly and Novo have already cut prices on their drugs. Lilly said earlier this year it would reduce the cost of initial doses of Zepbound to $349. Dr. Angela Fitch, who also treats patients with obesity, said she hoped a deal between the White House and drugmakers could be the first step in making the treatments more affordable. We need a hero in obesity care today, said Fitch, founder and chief medical officer of knownwell, a weight-loss and medical care company. The community has faced relentless barriers to accessing GLP-1 medications, which has ultimately come down to the price, despite the data we have supporting their effectiveness. Tom Murphy, Aaamer Madhani, and Jonel Aleccia, Associated Press
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E-Commerce
The average rate on a 30-year U.S. mortgage ticked up for the first time in five weeks after falling to its lowest level in more than a year last week. The average long-term mortgage rate moved up to 6.22% from 6.17% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.79%. Last weeks average rate was the lowest since Oct. 3, 2024, when it was 6.12%. Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also rose this week. The average rate rose to 5.5% from 5.41% last week. A year ago, it was 6%, Freddie Mac said. Mortgage rates are influenced by several factors, from the Federal Reserves interest rate policy decisions to bond market investors expectations for the economy and inflation. They generally follow the trajectory of the 10-year Treasury yield, which lenders use as a guide to pricing home loans. The 10-year yield was at 4.09% at midday Thursday, down from 4.16% Wednesday. Lower mortgage rates boost homebuyers purchasing power and benefit homeowners eager to refinance their current home loan to a lower rate. The average rate on a 30-year mortgage has been stuck above 6% since September 2022, the year mortgage rates began climbing from historic lows. The housing market has been in a slump ever since. Sales of previously occupied U.S. homes sank last year to their lowest level in nearly three decades. Sales have been sluggish this year, but accelerated in September to their fastest pace since February as mortgage rates eased. Mortgage rates began declining in July in the lead-up to the Federal Reserves decision in September to cut its main interest rate for the first time in a year amid growing concern over the U.S. labor market. The Fed lowered its key interest rate again last week in a bid to help boost the wobbling job market. However, Fed Chair Jerome Powell warned that there is no guarantee the U.S. central bank will cut again at its final meeting of 2025 in December. The Fed could also pump the brakes on more rate cuts if inflation climbs further amid the Trump administrations expanding use of tariffs, because lower rates can worsen inflation. Bond investors demand higher returns as long as inflation remains elevated, so if inflation ticks upward that could translate into higher yields on the 10-year Treasury note, pushing up mortgage rates. The central bank doesnt set mortgage rates, and even when it cuts its short-term rates that doesnt necessarily mean rates on home loans will necessarily decline. Last fall after the Fed cut its rate for the first time in more than four years, mortgage rates marched higher, eventually reaching just above 7% in January this year. At that time, the 10-year Treasury yield was climbing toward 5%. The broader pullback in rates has helped spur homeowners who bought in recent years after rates climbed above 6% to refinance their home loan to a lower rate. Mortgage rates would have to drop below 6% to make refinancing an attractive option for many homeowners. Thats because about 80% of U.S. homes with a mortgage have a rate below 6% and 53% have a rate below 4%, according to Realtor.com. Matt Ott, AP business writer
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E-Commerce
The term brand entertainment is tough to define. For many people, its an oxymoron and these two words should never be in the same room as one another. For many others, though, its simply when brands make stuff we actually want to pay attention to. It could be a short ad, or a feature-length film, or a live event. What it isnt is an annoying waste of time interrupting our attention from actual entertainment like TV, sports, music, and movies. Ive spent a lot of time on the Brand New World podcast looking at different ways different brands are doing this right. From WhatsApp creating a Netflix doc about the Mercedes F1 team, to Dicks Sporting Goods formally establishing an internal entertainment studio that has already been winning Emmys. But in September, an unprecedented deal was struck between one of the worlds biggest advertisers and arguably the globes biggest streaming platform. AB InBevthe parent to beer brands like Budweiser, Bud Light, Michelob Ultra, and Coronasigned a wide-ranging partnership deal with Netflix. This will not only get these major beer brands front and center in Netflix’s push into live sports, but also get them early access to placement and integration into other Netflix programming like shows and movies. This kind of thing will have marketers drooling, but everyone else skeptically side-eyeing the idea of a bigger brand presence in entertainment, and its potential effect on the quality of our favorite movies and TV shows. So, this episode Im talking to Jae Goodman, cofounder and CEO of Superconnector Studios, who not only helped broker the NetflixAB InBev deal, but has also helped giants like Nike and LVMH set up their own entertainment strategies. Here he breaks down this new deal, what it means, and how it may be setting the stage for the future of brands in Hollywood. Goodman says the key to the deal is that each company respects the goals and ideals of the other, which is the lens through which any brand integration is considered: Netflix and AB InBev have each become acutely aware of each other’s priorities. And so Netflix is great about sharing their priority projects with AB InBev, and AB InBev has been very clear about the brand ethos. Netflix is extremely aware when they read a script for a new show or when they see the next season come in for an already hit show, they already know, That’s a Stella show. That’s a Corona show, that’s a Budweiser show, because they’re aware of the brand alignment. Why brands should avoid Hollywoods independent financing model: There is a very small subset of producers who believes that brands are the answer to independently financing projects that aren’t selling on spec. And so there are some producers out there whose pitch (to brands) is essentially, You give me millions of dollars, I will go make this show or this movie, and it will totally sell. We’re gonna get it into Sundance, and then there’s gonna be a bidding war. Independent financing of film and television is rare, and in television it’s extremely rare and it’s risky. There are professionals who put their money at risk for independent financing, it’s a whole business and it’s a challenging business, and it’s more challenged by the fact that there are fewer buyers now. So, I’m just going to say it very clearly: It is bad for both industries to have brands fully financing entertainment as a business model. There are instances where it makes sense, but it needs to be in the context of not being the primary model. It is just not a good reason to do it. There’s so much money. Maybe there’s going to be less spending on content year over year, I haven’t seen the number. But I do know Netflix is going to spend $19 billion on content this year. So when they’re going to spend $19 billion on content, tell me why every brand in town needs to go to an independent producer and fully finance a movie that’s ‘totally gonna sell to Netflix.’ Go to Netflix first and see if they’re interested.
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E-Commerce
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