
Catching you up on today’s top business headlines with airlines facing major cancellations over the holiday weekend, American Airlines proposing a 17 percent pay increase to pilots, and Meta warning employees of "serious times" ahead for the company, referring to potential jobs and budget cuts.


Closing Bell

In Business: Canceled Flights, American Airlines Pilot Raises & 'Serious Times' at Meta

well, it is friday before the july 4th holiday weekend and airlines facing mass cancelations. Hundreds of flights have already been canceled just today. Thousands more delayed and airlines and travelers have been struggling with numerous flight delays because of staffing shortages, particularly when it comes to pilots. So the problem made worse due to surging travel demand this summer after more than two years of the pandemic. In addition to the long holiday weekend and its airlines grapple of finding enough pilots to meet demand, american airlines may be sweetening its own offer for its pilots. At the carrier reportedly offering almost 17% pay increases in new contracts. The company's proposal to its pilots union coming just after United Airlines reached a tentative deal with its own pilots union for raises Of more than 14% over 18 months. So pretty decent deals here. But elsewhere reports say facebook's parent company met a warning employees of what Mark Zuckerberg describes as serious times for the company, noting some fierce headwinds. While multiple reports, citing an internal memo saying that the company is cutting hiring and budgets due to the slowing economy and preparing for a more severe drop. Well, for example, trimming plans to hire engineers by at least 30% this year. And chief product officer chris cox, reportedly noting that the company's ad business and macroeconomic conditions have put pressure on its financials