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    Disney names first brand chief as Iger refocuses on core properties

    Disney named Asad Ayaz as its first-ever chief brand officer, as CEO Bob Iger works to refocus the company on its core entertainment properties.
    Iger has said he plans on paring back Disney’s general entertainment content while maintaining a focus on streaming.

    Disney World’s Magic Kingdom in Orlando, Florida.
    Joe Raedle | Getty Images News | Getty Images

    The Walt Disney Company is looking to update its image.
    On Thursday, the company named Asad Ayaz as its first-ever chief brand officer, a position that will require the Disney vet to create a singular vision of the company for marketing campaigns.

    Ayaz’s appointment comes as Iger, newly returned to the House of Mouse, has begun reorganizing the company’s structure to put content production, streaming and marketing in the hands of creators. He is also seeking to cut $5.5 billion in costs. The company also recently rolled out its first wave of layoffs as it seeks to cut 7,000 jobs this year.
    Iger has said he plans on paring back Disney’s general entertainment content while maintaining a focus on streaming.
    On Wednesday, the company tapped Joe Earley to take over the role of president of direct-to-consumer for Disney Entertainment. He replaces Michael Paull, and leaves his post as president of Hulu.
    The new appointment also comes a week after Disney laid off Marvel Entertainment Chairman Ike Perlmutter. Perlmutter, however, Told the Wall Street Journal that he was fired for pushing too aggressively to cut costs and for clashing with creative executives.
    Ayaz will continue as president of marketing for Walt Disney Studios, where he has overseen marketing and publicity for the studio’s films and TV series, as well as Disney+, since 2018.

    “Asad is an exceptional creative leader with a deep understanding of what Disney means to millions of people around the world,” CEO Bob Iger said in a statement. “His taking on this role is particularly noteworthy and consequential as we commemorate our historic 100th anniversary, and I am confident that his strategic, operational, and creative prowess, along with his profound passion for Disney, will make him an outstanding steward of our stories, characters, brands, and franchises.”
    Ayaz has handled massive marketing projects for Disney before. Over his 18 years with the company he developed and led marketing campaigns for “Star Wars: The Force Awakens,” “Black Panther” and “Avatar: The Way of Water.” He is responsible for the marketing of 13 of the top 15 box office debuts of all time, including the biggest worldwide debut ever: “Avengers: Endgame,” which tallied $1.2 billion in its first five days in theaters.
    He will oversee the Disney100 campaign, which celebrates the 100th anniversary of the company. More

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    Bed Bath & Beyond proposes reverse stock split as it struggles to avoid bankruptcy

    Bed Bath & Beyond is asking shareholders to approve a reverse stock split, warning it will likely file for bankruptcy if the measure isn’t approved.
    The struggling home goods retailer needs equity from a stock offering to avoid bankruptcy.
    If the reverse split is approved, Bed Bath will be able to issue more shares to cover the offering.

    A customer leaves a Bed, Bath and Beyond store on August 31, 2022 in Oakland, California.
    Justin Sullivan | Getty Images

    Bed Bath & Beyond wants shareholders to approve a reverse stock split at an upcoming special meeting, as the retailer keeps working to avoid filing for bankruptcy, according to a securities filing late Wednesday. 
    The retailer’s board is calling on shareholders to approve the reverse stock split at the May 9 meeting so it can have enough shares available to raise up to $300 million in equity from a stock offering announced last week. 

    Bed Bath’s fundraising efforts have been hampered by its dwindling stock price, which has been on a precipitous decline and has been trading under $1 for the last few weeks. Shares of Bed Bath were trading around 30 cents Thursday morning, giving the company a market value of about $132 million.
    The company is concerned that if the plan isn’t completed, it likely won’t have enough equity to pay its debts and keep its doors open, the company said in the filing. 
    “The Company may be unable to avoid bankruptcy if the Reverse Split Proposal fails to obtain shareholder approval. We need to raise equity capital to have the necessary cash resources to fund operations and service obligations under our Credit Agreement,” the filing says. 
    The beleaguered retailer said the reverse stock split would be at a ratio, to be determined by the board, in the range of 1-for-10 to 1-for-20. If the split is approved, it would significantly reduce the number of outstanding shares of common stock available, which will allow it to issue enough stock to cover the terms of the offering. 
    The reverse split could also boost Bed Bath’s per-share price, which the company expects could improve perception of its stock and attract more investors. 

    “We believe a higher share price could make our Common Stock more attractive to a broader range of investors, as we believe that the current market price of our Common Stock may affect its acceptability to certain professional investors and other members of the investing public,” the filing says.
    “In particular, we believe that an increased share price would enable us to attract additional institutional investors and investment funds who may not consider purchasing our Common Stock due to our low trading price.”
    Still, even if the reverse split temporarily boosts Bed Bath’s share price, the stock offering will eventually dilute it, which happened after the company announced another stock offering in February. 
    The home goods retailer has been warning of bankruptcy since January after a series of dismal quarters depleted the company’s liquidity and left it clinging to life. 
    On Wednesday, it announced a $120 million lifeline provided by liquidator Hilco Global so it can get inventory back on its shelves in a last ditch effort to improve sales.
    –CNBC’s Jesse Pound contributed to this report. More

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    Here’s why travel to Europe is no longer a ‘screaming, bargain-basement’ deal

    The euro-U.S. dollar exchange rate hit parity last year for the first time since 2002. That means they had a 1:1 ratio.
    The dollar has lost about 14% of its value against the euro since its peak in September. Now, it costs about $1.10 to buy one euro.
    That means it’s pricier for Americans to travel to the 20 European Union nations that use the currency.
    International trips are in demand in 2023. Europe is among the most popular destinations for American tourists.

    Nicolas Economou/NurPhoto via Getty Images

    Europe trips were a historically good deal in 2022

    Jordi Salas | Moment | Getty Images

    When the U.S. dollar strengthens relative to other currencies, it means Americans can buy more abroad. Their dollar stretches further.  

    The euro hit parity with the U.S. dollar in July — the first time Americans enjoyed a 1:1 exchange rate with the euro since 2002.
    Not all European countries use the euro — it’s the official currency for 20 out of 27 European Union members.
    By the end of September, Americans could buy one euro with just 96 cents. But the U.S. dollar has lost about 14% of its value against the euro since that recent peak; Americans needed $1.10 to buy one euro as of April 4.

    Let’s say a hotel room in Rome cost 200 euros a night. An American would pay $220 a night today versus about $192 in September.
    “Europe for much of last year was a screaming, bargain-basement deal for Americans,” said Mark Zandi, chief economist at Moody’s Analytics. “Foreign travel for Americans is still a bargain.
    “It’s just not a once-in-a-lifetime one” any longer, he noted.
    It’s not just the euro, though.
    The Nominal Broad Dollar Index measures the greenback’s strength against the currencies of major U.S. trading partners across North America, South America, Asia and Europe.
    The index has declined about 7% from its high in late September — a “pretty substantial” decline in currency terms, Goltermann said.

    A weakening dollar coincides with a record volume of international travel estimated this summer, the U.S. Department of State said in March. Demand for new passports has surged, leading to months-long processing delays, as travelers’ anxiety about pandemic health fears wane and nations ease Covid-related travel restrictions.
    International trips account for about 56% of search demand among U.S. travelers, up from 46% last year, according to travel app Hopper’s Consumer Travel Index published in February. Over half of searches to international destinations are for cities in Europe (34%) and Asia (25%), Hopper said.

    Why the U.S. dollar got stronger and then weaker

    Corricella, Procida Island, Italy.
    Kathrin Ziegler | Digitalvision | Getty Images

    There are a few reasons the dollar strengthened — and subsequently weakened — relative to the euro and other currencies.
    Interest rates are generally the biggest driver of currency moves, Goltermann said.
    The U.S. Federal Reserve started raising interest rates in March 2022 to tame persistently high inflation. Central banks in Europe didn’t hike rates as aggressively — and the resulting differential in interest rates meant investors gravitated to U.S. bonds since they could earn more money, helping buoy the dollar, Goltermann said.
    However, the Fed has signaled it’s near the end of its rate-hiking cycle, whereas rates continue to move higher in Europe and the U.K. — making the U.S. relatively less attractive to investors, Zandi said.
    Meanwhile, the U.S. is generally viewed as a safe haven where nervous investors funnel their money in turbulent times. The war in Ukraine that began in early 2022 led to a general sentiment of risk in Europe, causing more money to flow to U.S. Treasury bonds. Now, much of the fallout from Russia’s invasion seems to have faded and people are somewhat less concerned than in the war’s early days, Zandi said.

    There’s still uncertainty about the dollar

    Sunrise over Lisbon, Portugal
    Alexander Spatari | Moment | Getty Images

    A weaker dollar in 2023 coincides with travel costs that are expected to remain above pre-pandemic levels for most of 2023, according to Hopper.
    Some of that price pressure is due to a dearth of available supply — of hotel rooms, airline seats and tours, for example — to meet burgeoning consumer demand.
    “If you see something that works at a good price, buy it now,” said Sheree Mitchell, president and founder of Immersa Global, a tour operator that specializes in trips to Portugal. That’s because it’s unclear what will happen with supply and exchange rates in coming months, she said.
    American travelers who are skittish about the euro-dollar exchange rate worsening can opt to prepay for any hotels, tours, tickets or other activities denominated in euros to lock in today’s price, Mitchell said.

    Foreign travel for Americans is still a bargain. It’s just not a once-in-a-lifetime one.

    Mark Zandi
    chief economist at Moody’s Analytics

    Those paying for lodging and activities upon arrival would be wise to remember some common tips, Mitchell said: Use a travel credit card without foreign-transaction fees, if you have one; try to have at least two debit cards and two credit cards, especially if traveling alone, in the event of an unforeseen issue like limits on daily cash withdrawals. If using a card and offered the choice to pay in US dollars or the foreign currency, opt for the foreign currency — it will save you money, she added.
    There are some risks with prepaying for a trip that’s far in the future — for example, if your travel plans change and there isn’t flexibility with your purchase, Zandi said.
    He doesn’t expect the dollar to keep weakening from here through the rest of the year. It may even strengthen again, said Goltermann, who thinks some of the dollar’s recent softening has been overdone.
    But recent U.S. banking turmoil could weigh on the dollar if it spreads. The U.S. risks defaulting on its debt if Congress can’t raise the debt ceiling later this year — which would almost surely bring the dollar down, Zandi said.
    Ultimately, the exchange rate Americans get is far down on the list of importance when weighing travel abroad, Zandi said.
    Travelers to France might be more worried about recent strikes related to pension reforms, which have disrupted air travel, for example.
    “That would be more top of mind than, ‘Will the [euro-dollar exchange rate] be at $1.10,'” Zandi said. More

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    Australian regulator cancels Binance’s license at exchange’s own request

    Australia’s top financial regulator canceled Binance’s derivatives license at the exchange’s own request.
    The crypto exchange had been under review by the Australian Securities & Investment Commission since February, after the exchange acknowledged a “small number” of customers were trading at a higher level than permitted.
    The cancellation is the latest in a mounting series of regulatory probes around the world aimed at Binance.

    The logo of cryptocurrency exchange Binance displayed on a phone screen.
    Jakub Porzycki | NurPhoto via Getty Images

    Binance’s Australian derivatives license was canceled at the crypto exchange’s own request, the Australian Securities & Investments Commission said Thursday, after the regulator had begun a “targeted review of Binance” in February.
    Beginning April 14, Binance’s derivative clients in Australia will not be able to open or increase their existing trading positions. By Apr. 21, Binance will be required to close out any remaining trading positions, the regulator said.

    “Our targeted review of these matters is ongoing, including focus on the extent of consumer harms,” ASIC chair Joe Longo said.
    “Following recent engagement with ASIC, Binance has chosen to pursue a more focused approach in Australia by winding down the Binance Australia Derivatives business,” a Binance spokesperson said, adding that there were “approximately 100” derivatives customers left.
    Binance’s exchange token was down just under 0.5% Thursday morning.
    Binance’s regulatory scrutiny has been mounting in recent weeks and months. Anti-money laundering and know-your-customer compliance issues are at the heart of the Commodity Futures Trading Commission’s extensive complaint against the crypto exchange and its founder, Changpeng Zhao. The complaint detailed how fees from derivatives trading provided highly lucrative revenue for Binance.
    Binance’s market share has slipped 16% in recent weeks according to research firm Kaiko, though it remains the most dominant exchange in the world by volume.

    An apparently inadvertent compliance issue led to the Australian regulatory probe. Binance does business around the world using a large number of subsidiaries, including Oztures Trading Pty Ltd in Australia.
    In February, Binance disclosed that a “small number” of its Australian customers had been classified as “wholesale investors,” a trading classification for experienced investors that let them access more sophisticated financial products. It’s a designation that’s roughly analogous to the “qualified investor” category in the U.S.
    Binance’s high-net-worth investors have been a point of concern for regulators worldwide. In the U.S., the CFTC accused Binance of offering favorable treatment to its wealthiest clients, helping them skirt U.S. regulations by trading through overseas shell companies or VPNs.
    CNBC previously reported on similar techniques encouraged by staff and volunteers that were used by Binance’s customers in mainland China.
    The heightened attention on Binance’s practices comes as U.S. regulators crack down on centralized exchanges more broadly. The Securities and Exchange Commission recently warned Coinbase that it could soon face potential securities charges.
    Australia’s top securities regulator has had a challenging relationship with the crypto industry in recent months, pursuing enforcement actions against several firms which the regulator alleges have violated Australian law.
    “Binance group entities have been the subject of regulatory warnings and action from a number of overseas regulators,” the ASIC release noted. More

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    March’s banking chaos gave short sellers their biggest profits since the financial crisis

    The collapse of Silicon Valley Bank and the emergency rescue of Credit Suisse by domestic rival UBS headlined a chaotic March for the global banking sector.
    Hedge funds shorting bank stocks made a total of $7.25 billion dollars in unrealized profit over the course of the month, according to data firm Ortex.

    NEW YORK, NEW YORK – MARCH 15: Traders work on the floor of the New York Stock Exchange during morning trading on March 15, 2023 in New York City. 
    Michael M. Santiago | Getty Images

    Short sellers were sitting on more than $7 billion in profit from the mass sell-off of bank shares by the end of March, their largest windfall since the global financial crisis in 2008, according to data firm Ortex.
    The collapse of Silicon Valley Bank and the emergency rescue of Credit Suisse by domestic rival UBS headlined a chaotic month for the global banking sector.

    related investing news

    Fears of contagion sent shares tumbling across the U.S. and Europe, and the losses were compounded by further monetary policy tightening from the U.S. Federal Reserve.
    Short selling is the practice of borrowing an asset and selling it on in the hope of buying it back at a lower price, pocketing the difference and profiting from the decline of its value.
    Hedge funds shorting bank stocks were sitting on a total of $7.25 billion in unrealized gains over the course of the month, according to Ortex.
    “ORTEX data shows that March was the single most profitable month for short sellers in the banking sector since the 2008 financial crash,” company co-founder Peter Hillerberg said Thursday.

    Those with short bets against the failed SVB topped the pile with unrealized profits totaling more than $1.32 billion, according to the data. Fellow California-based bank First Republic netted short sellers almost $848 million as its shares sank 89% over the course of the month.

    Credit Suisse’s capitulation made those with short positions against the bank’s Swiss-listed stock around $610 million in unrealized profit in March, Ortex data showed, with a combined $683.6 million generated from shorts on both its Swiss- and U.S.-listed shares.
    The banking crisis ripple effect also seized Deutsche Bank stock despite the absence of any discernible catalyst, which prompted German Chancellor Olaf Scholz to publicly declare that the lender is a “very profitable bank” and that there was “no reason to be concerned.”
    Deutsche stock yielded an unrealized $39.9 million for short sellers in March.
    “The shares on loan in DBK went up by 496% during March, much of this at the end of the month when the price of the stock went up, which caused some of the profits for short sellers to be lost,” Ortex said, adding that it estimates that just over 5% of the bank’s free-float shares are currently shorted. More

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    Stocks making the biggest moves premarket: Costco Wholesale, Richardson Electronics, FedEx and more

    Sopa Images | Lightrocket | Getty Images

    Check out the companies making headlines before the bell:
    Richardson Electronics – Shares rose about 0.7% after Richardson Electronics reported a smaller backlog in its third fiscal quarter than it did in the same quarter a year prior. The engineering services firm also reporter better-than-expected earnings.

    Costco Wholesale – Shares of the club retailer dipped 2.5% after Costco announced that it saw total comparable sales of $21.71 billion for the retail month of March, down 1.1% from the same period last year. Comparable sales growth was positive when excluded changes in gasoline prices and the impact of foreign exchange, however, with the fastest growth coming outside the United States. Net sales rose 0.5%.
    Constellation Brands – Shares of the beverage company rose slightly after Constellation Brands reported its latest quarterly results. The company earned $1.98 per share, beating a Refinitiv forecast of $1.82 per share. Revenue came in line at $2 billion.
    FedEx Corporation – Shares moved 1% higher Thursday, a day after announcing a restructuring plan to cut costs. On Wednesday, Raymond James upgraded FedEx to outperform from market perform, saying the company’s “transformational changes” are likely to drive better margin, earnings and free cash flow.
    Pinterest – Shares rose 1.2% after Raymond James said it initiated coverage of Pinterest with an outperform rating. The firm said it expects steady user growth, as well as “double-digit long-term revenue growth” from product improvements.
    Comerica – JPMorgan downgraded the stock to neutral from overweight ahead of the regional bank’s first earnings announcement after the regional banking crisis. The stock was flat, however.

    Levi Strauss – Levi Strauss shares dropped 4% after the apparel firm known for its denim jeans reported its fiscal fourth quarter results, and reaffirmed its annual revenue and per-share earnings guidance. CFO Harmit Singh said the annual guidance reflects “a cautious outlook on the macro-environment.” Otherwise, Levi Strauss beat expectations on the top and bottom lines, reporting earnings of 34 cents per share on revenue of $1.69 billion. Analysts polled by Refinitiv forecasted earnings of 32 cents per share on revenue of $1.62 billion.
    — CNBC’s Michelle Fox and Jesse Pound contributed reporting More

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    Airlines’ answer for congested airports and rising costs: Bigger planes

    Airlines are turning to bigger planes that fit more passengers to address airport congestion, rising costs and a pilot shortage.
    The trend is taking on increased importance during what airline executives expect to be a busy spring and summer for travel.
    But airlines face limitations to how much they can upgauge.

    A United Airlines plane taxis at Newark International Airport, in Newark, New Jersey, on January 11 2023.
    Kena Betancur | AFP | Getty Images

    NEWARK, New Jersey — Faced with congested airports, rising costs, a pilot shortage and a resurgence in travel demand, airlines are increasingly turning to the same remedy: bigger planes that fit more passengers.
    Flights operated by the 11 largest U.S. airlines had an average of more than 153 seats on domestic flights last year, up from an average of nearly 141 seats in 2017, according to aviation data firm Cirium. In April, U.S. carriers have 0.6% more seats in their domestic schedules compared with the same month of 2019, despite operating 10.6% fewer flights.

    The trend toward larger planes, part of a strategy known in the industry as “upgauging,” means airlines can sell more seats on each flight and make do with fewer planes, which are in short supply. While more passengers per plane drive down an airline’s unit costs, it means fewer flight options for consumers.
    For example, United Airlines said its flights have 20 more seats per departure in its full network than in 2019.
    Rodney Cox, United’s vice president of airport operations at the carrier’s hub at Newark Liberty International Airport, told CNBC last month that it’s difficult to increase the number of flights operated into and out of the airport, one of the nation’s most congested.
    “The way we continue to grow our model and grow the business is to upgauge our flights,” he said.
    Last month, United said it would fly about 3,600 domestic routes using wide-body aircraft. The airline also devoted 777s, the largest plane in its fleet with 364 seats, to fly between major hubs and Orlando, Florida, during spring break, a spokeswoman said.

    Early in the Covid pandemic, U.S. airlines reassigned their largest jets for domestic routes when international travel was hobbled by the crisis and travel restrictions. Now that international trips are picking back up, the competition for those planes has gotten tighter.
    And, Cox noted, there are limits to how many flights the airline can upgauge, especially with its largest planes.
    “Not every gate is equal,” he said. “You can’t put a wide-body [airplane] on every single gate.”

    Avoiding disruptions

    The trend toward larger planes is taking on increased importance during what airline executives expect to be a busy spring and summer with shortages of pilots, air traffic controllers and new aircraft.
    Keeping the operation running smoothly at crowded Newark is key, United vice president Cox said. If planes don’t take off fast enough on schedule, because of limited numbers of gates “you’ll see it turns into a parking lot,” he said.
    Airlines and federal officials have agreed to trim flights in hopes of avoiding a repeat this summer of flight cuts and schedule delays in busy airports serving New York and Washington, D.C.
    Last month, the Federal Aviation Administration said it would allow airlines to cut flights at airports serving New York City and at Washington’s Reagan National Airport as a means to avoid disruptions.
    American Airlines said that in response to the FAA’s slot waiver it will temporarily reduce frequencies on select routes from LaGuardia Airport and Newark this summer.
    “We’re proactively reaching out to affected customers to offer alternate travel arrangements,” a spokeswoman said. The airline is planning to reallocate aircraft from reduced frequencies to routes at its hubs at Dallas Fort/Worth International Airport, Chicago O’Hare and Philadelphia International Airport.
    United Airlines and Delta Air Lines have told the FAA they also intend to seek waivers that would allow them to reduce flights.
    The FAA said it expects “airlines to take actions minimizing impacts on passengers, including operating larger aircraft to transport more passengers and making sure passengers are fully informed about any possible disruptions.”
    Some airlines are challenged to switch to larger planes, though. JetBlue Airways, for example, operates all narrow-body jets.
    “We don’t have a 70-seater we could turn into a 150[-seater],” JetBlue CEO Robin Hayes told CNBC last week. “And even the airlines that do, you’re just taking seats out from somewhere else.”
    Plus, the airline doesn’t contract regional carriers for many of its flights like larger U.S. airlines do.
    “This is going to have a very significant financial impact on JetBlue and our customers,” Hayes said of the reduced capacity. “It’s always the smaller communities that take the disproportionate impact on this.”

    Reducing regional

    To help increase passengers per plane, United and other network carriers are also decreasing their reliance on regional feeder airlines, where the pilot shortage is most acute and unit costs are high.
    Delta said 70% of its domestic flights this year are operated by the mainline airline, up from 55% in 2019. Seats per departure are up 15 from 2019, a spokesman told CNBC.
    Delta has also shifted from regional jets to mainline planes like Airbus A320s and Boeing 737s on traditional business routes like Boston to Chicago, Seattle to San Francisco and Los Angeles to Las Vegas. It has eliminated regional jets in Las Vegas, Houston, Dallas/Fort Worth and San Antonio, Texas, altogether, replacing them with larger planes, a spokesman said.
    Some major airlines have halted service to some small airports, citing a shortage of pilots at regional airlines. American last year left cities including Dubuque, Iowa, and United most recently said it would stop flying to Erie, Pennsylvania, in June. Delta also said it will temporarily stop service to State College, Pennsylvania, and to La Crosse, Wisconsin that month.
    Reducing regional flights in lieu of mainline flights “could cut departure options in half for travelers, meaning long layovers and higher trip time and cost burdens, but it also could mean one city previously served can’t be served any longer,” said Faye Malarkey Black, president and CEO of the Regional Airline Association.
    “This is one more harm for small communities who don’t have the passengers to fill larger planes,” she said.
    — CNBC’s Gabriel Cortes contributed to this article. More

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    American Airlines scraps traditional frequent flyer award chart in dynamic pricing shift

    American Airlines is replacing its frequent flyer award chart to reflect a shift to dynamic pricing.
    The new chart will show starting points for frequent flyer redemptions.
    American in December said it would get rid of different redemption categories, MileSAAver and AAnytime awards.

    American airlines planes are seen at San Francisco International Airport (SFO) in San Francisco, California, United States on September 15, 2022.
    Tayfun Toskun | Anadolu Agency | Getty Images

    American Airlines is getting rid of its traditional frequent flyer award chart as the carrier moves toward dynamic pricing for mileage redemptions, the latest shift in its lucrative AAdvantage loyalty program.
    Starting late Wednesday, the carrier will publish starting levels for how many frequent flyer miles are likely required to redeem for a ticket in certain regions — for example, 7,500 for a one-way ticket within the contiguous 48 U.S. states and Canada. Previously, the chart showed redemption levels that were static.

    American in December said it would get rid of different redemption categories, MileSAAver and AAnytime awards, which have set minimum rates. The new redemption level will be called “Flight Awards” and the chart will serve as a reference guide.
    “Just like cash tickets, these are going to float based on demand,” Chris Isaac, American’s director of loyalty, said in an interview.
    American introduced dynamic pricing for award tickets in 2019, meaning the number of miles required to redeem for a ticket fluctuate based on supply and demand.
    “This product has become the product that our members have gravitated to,” Isaac said. That category required the same number or fewer miles than the awards that were set in the chart “up to 85% of the time over the last few years,” American said.
    Previously the chart looked like this:

    Arrows pointing outwards

    American Airlines’ old frequent flyer award ticket chart
    American Airlines

    Now it will look like this:

    Arrows pointing outwards

    American Airlines’ new frequent flyer award ticket chart
    American Airlines

    Award tickets on American and other airlines can also vary based on the time of year.
    For example, it cost 126,000 frequent flyer miles for a roundtrip ticket in standard economy on American between New York and Rome between June 1 and June 8, during the high season, but only 89,500 miles from Oct. 1 to Oct. 8, during the lower-demand season.
    “What I think is good about this, it aligns the award chart where American is today. To tell [travelers] that an award ticket is going to cost them a certain number of miles is no longer accurate,” said Henry Harteveldt, founder of Atmosphere Research Group, a travel industry consulting firm. More