The Federal Aviation Administration (FAA) is set to reduce air traffic by 10% across **40 high-volume markets** starting Friday, October 6, in response to the ongoing government shutdown. This decision comes as air traffic controllers continue to work without pay since the shutdown commenced on October 1, leading to staffing shortages and delays at several U.S. airports. FAA Administrator **Bryan Bedford** emphasized the need for proactive measures, stating, “We will not wait for a crisis to act.” A comprehensive list of the affected markets is expected to be released on Thursday.
In a related business development, shareholders of Tesla will soon vote on a proposed compensation package for CEO **Elon Musk** that could potentially make him the world’s first trillionaire. The vote will take place during the annual meeting at Tesla’s headquarters in **Austin, Texas**, where shareholders will consider a pay package that may grant Musk up to **$1 trillion** in shares. The proposal has sparked a heated debate among investors, with supporters advocating for Musk’s leadership and critics arguing that the board is excessively beholden to him.
Meanwhile, economic discontent appears to be influencing the political landscape in the United States. Recent elections saw **Democrats** achieving significant victories in **New Jersey** and **Virginia**, reflecting voter frustration over economic issues such as rising living costs. As President **Donald Trump** faces scrutiny over his economic policies, a senior aide indicated that he plans to shift focus to issues of pricing in his messaging. Trump’s recent speeches have continued to emphasize familiar themes, including crime and immigration, while voters express dissatisfaction with his economic management.
The **U.S. Supreme Court** is currently hearing arguments regarding Trump’s authority to impose sweeping tariffs using emergency powers. A majority of justices have expressed skepticism about whether such powers allow the president to unilaterally establish tariffs that could have significant implications for the global economy. Opponents of the tariffs argue that small businesses are suffering as a result of Trump’s policies, with the president warning that a ruling against him could be disastrous for the economy.
In tax-related news, the Trump administration announced that the **IRS Direct File** system, which offered free electronic tax filing, will not be available for the upcoming tax season. This decision has drawn criticism from various quarters, including taxpayers who found the program beneficial. Treasury Secretary **Scott Bessent** defended the move, asserting that private sector alternatives can provide better services. The IRS’s decision reflects ongoing tensions between government initiatives and commercial interests in the tax preparation industry.
In a significant legal case, **Olivier Amar**, a former executive at a financial aid startup, has been sentenced to over **five years** in prison for defrauding **JPMorgan Chase** during a **$175 million** buyout. Amar’s sentencing follows that of startup founder **Charlie Javice**, who received a **seven-year** sentence for her role in the scheme. Prosecutors revealed that the duo misled the bank into believing their company had over **4 million customers** when the actual number was under **400,000**.
Tragedy struck in **Louisville, Kentucky** on Tuesday, as a UPS cargo plane crashed shortly after takeoff, resulting in the deaths of at least **12 people**. Investigators report that the aircraft’s left wing caught fire and an engine detached, leading to the catastrophic incident. Authorities are working to determine the full extent of casualties and the cause of the crash.
Finally, the **Food and Drug Administration (FDA)** has issued warnings regarding unapproved versions of Botox being sold online. Following reports of serious side effects, including cases of toxic poisoning, the FDA has sent letters to **18 websites** offering counterfeit products. Botox, derived from one of the world’s most toxic substances, can cause severe health complications if misused. The FDA’s action underscores the importance of regulatory measures to protect consumers from unsafe cosmetic treatments.
