Grounded: Delta Air Lines delayed or canceled hundreds of flights this morning after its computer systems crashed, stranding thousands of passengers on a busy travel day, The Associated Press reports. About six hours into the outage, the airline says that limited flights are resuming but that were delays and cancellations will continue. The Atlanta-based airline says a power outage at a facility in Atlanta at around 1:30 a.m. this morning started the cascading meltdown. Flights that were already in the air when the outage struck operated normally, but others were grounded. Over the next several hours, only a handful of flights took off instead of the usual hundreds, according to flight-tracking services. Read the full story.
Here’s the plan: Republican presidential nominee Donald Trump will propose a temporary moratorium on new financial regulations in an economic speech today in Detroit in an effort to draw a stark contrast with the domestic policies of Hillary Clinton, who he says “punishes” the American economy, Bloomberg reports. Trump’s speech will focus on providing regulatory relief for small businesses, according to senior campaign aides familiar with its contents. More broadly, Trump will say he will not propose any new financial regulations until the economy shows “significant growth,” the aides say. Trump has previously said he would repeal and replace the 2010 Dodd-Frank Act. For U.S. businesses, Trump will propose a tax rate of 15% and suggest strengthening intellectual-property protections. Read the full story.
One thing leads to another: Eliminating $4 billion of petroleum subsidies in the U.S. would have only a minor impact on oil production and demand and boost the country’s influence in advocating global climate change action, according to a report for the Council on Foreign Relations. As Bloomberg reports, withdrawing oil-drilling subsidies could cut domestic production by 5% by 2030, which could increase international oil prices by just 1%, Gilbert Metcalf, a professor of economics at Tufts University, says in the report. Local natural gas prices could rise as much as 10%, while both production and consumption would probably fall as much as 4%, according to the report. Read the full story.
