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    Berkshire slashes Bank of America stake to under 10%, no longer required to disclose frequently

    Warren Buffett walks the floor ahead of the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 3, 2024. 
    David A. Grogen | CNBC

    Warren Buffett’s Berkshire Hathaway has reduced its stake in Bank of America to below 10% amid a selling spree that started in mid-July.
    In a Thursday night filing with the U.S. Securities and Exchange Commission, Buffett disclosed the sale of more than 9.5 million shares, split between three transactions made from Tuesday to Thursday. The move brings his holdings down to 775 million shares, or a stake of about 9.987%.

    Since the holding is now under the key 10% threshold, Berkshire is no longer required to report its related transactions in a timely manner. The SEC requires shareholders who own more than 10% of a company’s equity securities to report transactions involving that company’s equity within two business days.
    Buffett watchers won’t find out the Oracle of Omaha’s next moves for a while. The next 13F filing in mid-November will only reveal Berkshire’s equity holdings as of the end of September. Berkshire remains BofA’s biggest institutional investor.
    Shares of the bank have inched up about 1% in the past month despite Berkshire’s selling. Bank of America CEO Brian Moynihan previously said the market is absorbing the stock, aided by the bank’s own repurchasing.
    Buffett famously bought $5 billion of Bank of America preferred stock and warrants in 2011 to shore up confidence in the embattled lender in the wake of the subprime mortgage crisis. He converted the warrants to common stock in 2017, making Berkshire the largest shareholder in the bank. Buffett then added 300 million more shares to his bet in 2018 and 2019.
    ‘Very cautious’
    The recent BofA sales came after Buffett spent the past few years dumping a variety of longtime holdings in the banking industry, including JPMorgan, Goldman Sachs, Wells Fargo and U.S. Bancorp. The Berkshire CEO struck a pessimistic tone last year when he opined on 2023’s banking crisis.

    “You don’t know what has happened to the stickiness of deposits at all,” Buffett said. “It got changed by 2008. It’s gotten changed by this. And that changes everything. We’re very cautious in a situation like that about ownership of banks.”
    Buffett believes bank failures in 2008 during the global financial crisis, and again in 2023, lessened confidence in the system, made worse by poor messaging by regulators and politicians. Meanwhile, digitalization and fintech made bank runs a simple matter at times of crisis. More

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    Wealthy millennials and Gen Z are redefining philanthropy

    Young wealthy donors are more likely to volunteer, fundraise and act as mentors for charitable causes than just give money, according to a survey from Bank of America Private Bank.
    Some of the differences between generations may be rooted in life cycles and wealth.
    But the implications of the generational shift in giving will be profound for wealth advisors and nonprofits, advisors say.

    Solstock | E+ | Getty Images

    A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.
    Wealthy millennials and Gen Zers are redefining the world of charitable giving, seeing themselves more as activists than donors, according to a new study.

    Wealthy donors under the age of 43 are more likely to volunteer, fundraise and act as mentors for charitable causes rather than just give money, according to a new survey from Bank of America Private Bank. The survey of more than 1,000 respondents with more than $3 million in investible assets also found that young philanthropists want more public attention for their giving compared to Gen Xers and baby boomers.
    The shift in the way the next generations give, as well as the causes they favor, is likely to remake the charitable landscape. Rather than simply writing checks to causes they care about, the next generation of givers wants to be deeply involved in trying to fix the biggest social and environmental problems.
    “They view themselves as holistic social change agents,” said Dianne Chipps Bailey, managing director and national philanthropic strategy executive for philanthropic solutions at Bank of America Private Bank. “I think they have a better sense of agency in this world. They’re really looking to move their capital in a much more comprehensive robust way to achieve their social impact goals.”

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    Both younger and older multi-millionaires are highly charitable. According to the study, 91% of the respondents had given to charity in the past year. More than two-thirds of both older and younger respondents said they are motivated by “making a lasting impact.”
    Yet their reasons for giving and their methods vary widely by age. Donors under the age of 43 are slightly more likely to volunteer and are twice as likely to help raise charitable donations from friends or peers rather than just giving directly. They’re  more than four times as likely to act as mentors. And they’re more interested in serving on nonprofit boards rather than limiting their contributions to capital.

    Older donors give from of a sense of responsibility. Those over the age of 44 were more than twice as likely to give due to “obligation” than younger donors. Those under 43 were more likely to cite self-education and the influence of their social circle as drivers of their philanthropy.
    Some of the differences between generations may be rooted in life cycles and wealth. The younger wealthy are still building their fortunes and inheriting their wealth, so they’re more likely to give their time and help fundraise. Still, Bailey said the focus on peer networks and activism will likely endure even as they get older and wealthier.
    “You can think of philanthropy as the five T’s – time, talent, treasure, testimony and ties,” she said. “The older generation is focused on the treasure (giving funds). The younger generations are leaning into the other four.”
    The young wealthy also support different causes. They’re twice as likely to support efforts related to homelessness, social justice, climate change and the advancement of women and girls. Philanthropists over 44 were far more likely to support religious organizations, the arts and military charities.

    “When you think about what [the younger generation] has been through in recent years, 2020, where they saw it all exposed, they’re leaning into the response,” Bailey said. “And it’s sustained. So many people move their giving with the headlines, but they’ve really dug in deeply. It’s not a moment but a movement.”
    The implications of the generational shift in giving will be profound for wealth advisors and nonprofits, advisors say. Since many younger donors inherited their wealth, they’re far more likely to use giving vehicles created by their family. They were more than four times more likely to use charitable trusts, family foundations and donor advised funds.
    Bailey said the next generation wants to talk about philanthropy as part of an initial discussion with a wealth advisor — even before talking about their investment plan.
    “They have a hunger to know more, to learn more about philanthropy,” Bailey said. “They’ve already got these complex [giving] vehicles at the ready, so the education piece is critical both for nonprofits and for the advisors.”
    With charity increasingly dominated by wealthy donors, and with the next generations expected to inherited over $80 trillion in the coming decades, courting the young rich will be critical.
    “You need their perspective and you’re going to need their money,” Bailey said.
    Advisors to the young rich also need to be generous with their praise. Younger donors are more than three times more likely to gauge the success of their philanthropic efforts by public recognition, according to the survey. Nearly half say they are likely to associate their names with their philanthropic efforts, while more than two-thirds of older donors give anonymously.
    “Praise them, celebrate them, give them visibility,” she said.
    Just don’t call them “philanthropists.” A report from Foundation Source found that 80% of young donors want to be seen as “givers,” while 63% also like the terms “advocate” or “changemaker.” Only 27% accepted the label of “philanthropist.” More

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    The Fed is finally cutting rates, but banks aren’t in the clear just yet

    Falling interest rates are usually good news for banks, especially when the cuts aren’t a harbinger of recession.
    But the ride probably won’t be a smooth one: Persistent concerns over inflation could mean the Fed doesn’t cut rates as much as expected and Wall Street’s projections for improvements in net interest income may need to be dialed back.
    While all banks are expected to ultimately benefit from the Fed’s easing cycle, the timing and magnitude of that shift is unknown, based on both the rate environment and the interplay between how sensitive a bank’s assets and liabilities are to falling rates.

    Federal Reserve Board Chairman Jerome Powell holds a press conference following a two-day meeting of the Federal Open Market Committee on interest rate policy in Washington, U.S., September 18, 2024. REUTERS/Tom Brenner
    Tom Brenner | Reuters

    Falling interest rates are usually good news for banks, especially when the cuts aren’t a harbinger of recession.
    That’s because lower rates will slow the migration of money that’s happened over the past two years as customers shifted cash out of checking accounts and into higher-yielding options like CDs and money market funds.

    When the Federal Reserve cut its benchmark rate by half a percentage point last month, it signaled a turning point in its stewardship of the economy and telegraphed its intention to reduce rates by another 2 full percentage points, according to the Fed’s projections, boosting prospects for banks.
    But the ride probably won’t be a smooth one: Persistent concerns over inflation could mean the Fed doesn’t cut rates as much as expected and Wall Street’s projections for improvements in net interest income — the difference in what a bank earns by lending money or investing in securities and what it pays depositors — may need to be dialed back.
    “The market is bouncing around based on the fact that inflation seems to be reaccelerating, and you wonder if we will see the Fed pause,” said Chris Marinac, research director at Janney Montgomery Scott, in an interview. “That’s my struggle.”
    So when JPMorgan Chase kicks off bank earnings on Friday, analysts will be seeking any guidance that managers can give on net interest income in the fourth quarter and beyond. The bank is expected to report $4.01 per share in earnings, a 7.4% drop from the year-earlier period.

    Known unknowns

    While all banks are expected to ultimately benefit from the Fed’s easing cycle, the timing and magnitude of that shift is unknown, based on both the rate environment and the interplay between how sensitive a bank’s assets and liabilities are to falling rates.

    Ideally, banks will enjoy a period where funding costs fall faster than the yields on income-generating assets, boosting their net interest margins.
    But for some banks, their assets will actually reprice down faster than their deposits in the early innings of the easing cycle, which means their margins will take a hit in the coming quarters, analysts say.
    For large banks, NII will fall by 4% on average in the third quarter because of tepid loan growth and a lag in deposit repricing, Goldman Sachs banking analysts led by Richard Ramsden said in an Oct. 1 note. Deposit costs for large banks will still rise into the fourth quarter, the note said.
    Last month, JPMorgan alarmed investors when its president said that expectations for NII next year were too high, without giving further details. It’s a warning that other banks may be forced to give, according to analysts.
    “Clearly, as rates go lower, you have less pressure on repricing of deposits,” JPMorgan President Daniel Pinto told investors. “But as you know, we are quite asset sensitive.”
    There are offsets, however. Lower rates are expected to help the Wall Street operations of big banks because they tend to see greater deal volumes when rates are falling. Morgan Stanley analysts recommend owning Goldman Sachs, Bank of America and Citigroup for that reason, according to a Sept. 30 research note.

    Regional optimism

    Regional banks, which bore the brunt of the pressure from higher funding costs when rates were climbing, are seen as bigger beneficiaries of falling rates, at least initially.
    That’s why Morgan Stanley analysts upgraded their ratings on US Bank and Zions last month, while cutting their recommendation on JPMorgan to neutral from overweight.  
    Bank of America and Wells Fargo have been dialing back expectations for NII throughout this year, according to Portales Partners analyst Charles Peabody. That, in conjunction with the risk of higher-than-expected loan losses next year, could make for a disappointing 2025, he said.
    “I’ve been questioning the pace of the ramp up in NII that people have built into their models,” Peabody said. “These are dynamics that are difficult to predict, even if you are the management team.”

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    Delta says travelers are trading scorching summer Europe trips for fall getaways

    Delta’s president said traditional spikes in Europe bookings for July and August are becoming less pronounced.
    Other carriers have shifted their schedules to maintain shoulder-season European flights well into the fall.
    Peaks are occurring in September and October, Delta President Glen Hauenstein said.

    A woman uses an umbrella to protect herself from the sun as she passes past the Colosseum during an intensely hot day in Rome, Italy, on July 11, 2024. 
    Riccardo De Luca | Anadolu | Getty Images

    Summer trips to Europe are getting too hot for thousands of tourists.
    Delta Air Lines President Glen Hauenstein said travelers are opting out of flying to Europe during the traditional summer peak travel season. Instead, they are shifting trips to cooler months, a trend that airline officials have been noticing over the past couple of years as consumers look to escape crowds and record heat of popular destinations.

    “The weather in Europe in August is really hot, and that people who have choices when they can take their vacations are moving into let’s call it more temperate months,” Hauenstein said Thursday on an earnings call. Corporate [travel] we haven’t seen much change year over year but it’s continuing to shift travel to Europe in particular from July and August peak to a September and October peak.”
    Summer this year in the Northern Hemisphere was the hottest on record, according to the European Union’s climate monitor.

    Read more CNBC airline news

    Airlines have been extending robust trans-Atlantic schedules through much of the fall to cater to the shifting patterns.
    “What we’re doing at United is we’re extending the season,” Patrick Quayle, United Airlines’ senior vice president of global network planning and alliances, said in an interview earlier this year.
    He said the carrier opted to begin some European routes in March and April this year and will fly some of them through late October and early November. “What we’re seeing is, more and more, travelers are going in those shoulder seasons where you can get a bit more value, and I think the weather’s a bit better,” he added.

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    Here’s the inflation breakdown for September 2024 — in one chart

    The consumer price index rose by 2.4% in September 2024 on an annual basis, according to the Bureau of Labor Statistics.
    Inflation declined amid a pullback in gasoline prices and moderation in housing inflation.
    There were some trouble spots, however, such as groceries and car insurance.

    David Paul Morris/Bloomberg via Getty Images

    Inflation fell in September as lower gasoline prices combined with other waning price pressures in areas such as housing to bring relief to consumers’ wallets, according to the U.S. Bureau of Labor Statistics.
    The consumer price index, a key inflation gauge, was up 2.4% last month from September 2023, the bureau said.

    That figure is a decline from 2.5% in August, meaning price growth slowed. It’s also the smallest annual reading since February 2021.
    The September CPI figure was slightly higher than economists predicted, however.
    There were some trouble spots, such as an uptick in categories including clothing, car insurance and groceries. Most appear to be “one-off” increases, though, said Mark Zandi, chief economist at Moody’s.
    “The trend on inflation remains very positive,” Zandi said. “This month was a blip and I don’t think it will be sustained.”

    The CPI measures how quickly prices are rising or falling for a broad basket of goods and services, from car repairs to peanut butter and living room furniture.

    Inflation has pulled back significantly from its pandemic-era peak of 9.1% in June 2022. It’s moving toward policymakers’ long-term annual target, near 2%.

    “We have made substantial improvement over the past two years,” said Sarah House, senior economist at Wells Fargo Economics.
    That said, a slowdown in the labor market has concerned economists more than inflation in recent months.
    The U.S. Federal Reserve, which had raised interest rates sharply to combat high inflation starting in early 2022, began cutting them in September to take pressure off the labor market and economy.

    Prices fall at the gas pump

    Annual food inflation is ‘fairly tame’

    Frederic J. Brown | AFP | Getty Images

    Food inflation over the past year has also been “fairly tame,” House said.
    Grocery prices are up 1.3% since September 2023, according to the CPI.
    Prices for agricultural commodities — a “major input cost” for food — have either fallen or look “more stable,” House said. Examples of agricultural commodities include corn, wheat, coffee and soybeans.
    Wage growth has slowed, reducing labor costs to transport or prepare food, for example, House said. And grocery stores have offered more price incentives and promotions as consumers become more concerned about their spending, she said.

    That said, grocery inflation did see a large jump on a monthly basis from August to September, to 0.4% from 0%.
    “I don’t think that will be sustained going forward,” Zandi said.
    Individual food items have their own unique supply-and-demand dynamics that can affect pricing.
    For example, egg prices rose by more than 8% from August to September, and by 40% since September 2023, largely due to another outbreak of avian flu, a contagious and lethal disease that affects chickens and other birds, said economists.

    Housing inflation is declining

    Housing accounts for the largest share of CPI — and has been the biggest stumbling block in getting inflation back to its target level, economists said.
    “It’s a huge component,” House said. “What happens there can really move the dial when it comes to overall inflation and core inflation.”

    CPI shelter inflation — which includes rental prices and an equivalent measure for homeowners — has gradually declined but remained stubbornly high. That has puzzled many economists, since real-estate data shows that growth for average rents of new tenants has been muted for about two years.
    In September, shelter inflation throttled back on a monthly basis, to 0.2% from 0.5% in August.
    That’s among the most encouraging signals in the latest CPI report, economists said.
    “Shelter inflation is now definitively moderating,” Zandi said. “And that’s such a key part of the CPI.”

    ‘Slower to recede’

    Housing falls into the “services” category of the economy.
    Inflation for goods has largely throttled back from pandemic-era nosebleed levels as out-of-whack supply-and-demand dynamics unwind, economists said.
    But services inflation “has still been pretty slow to recede,” House said.
    Largely, that’s been because of shelter. But other categories also remain elevated.

    Many services “rely heavily” on prices in other parts of the economy, House said. For example, insurers are now raising car insurance premiums following an earlier surge in new and used car prices.
    Prices for motor vehicle insurance increased 1.2% from August to September and about 16% since September 2023, according to the CPI.
    It typically takes a while for such dynamics to filter through, on paper, to the services side, she said.
    “Services inflation was slower to peak on the way up and likely to be slower to recede on the way down,” she said. More

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    Robert Kraft, professional sports leagues join forces with campaign against antisemitism

    New England Patriots owner Robert Kraft and his foundation unveiled a star-studded ad titled “Time Out Against Hate” on Thursday.
    The campaign is in collaboration with Major League Baseball, Major League Soccer, the National Basketball Association, the Women’s National Basketball Association, the National Football League, the National Women’s Soccer League and NASCAR.
    The ad will premiere as part of Amazon’s Thursday Night Football programming featuring the San Francisco 49ers and Seattle Seahawks.

    The biggest names in sports are joining forces in a new campaign to combat antisemitism.
    New England Patriots owner Robert Kraft and his foundation unveiled a star-studded ad titled “Time Out Against Hate” on Thursday in collaboration with Major League Baseball, Major League Soccer, the National Basketball Association, the Women’s National Basketball Association, the National Football League, the National Women’s Soccer League and NASCAR.

    The campaign follows a new report out Sunday by the Anti-Defamation League that revealed there have been more than 10,000 antisemitic incidents in the U.S. in the year since the Oct. 7 Hamas terrorist attack in Israel. The Foundation to Combat Antisemitism, founded by Kraft, says 10% of U.S. adult males are blatantly prejudiced against Jewish people and tend to be outspoken about it.
    “What’s going on now in the country — I’ve never seen anything like it,” Kraft told CNBC’s “Squawk Box” Thursday. “And I’m concerned what will happen after the election.”

    Robert Kraft, Founder of the Foundation to Combat Antisemitism (FCAS), Lights the Empire State Building to Stand Up to Jewish Hate and All Hate on October 7, 2024 in New York City. 
    mpi099 | MediaPunch | IPX | AP

    The ad spot, which includes names like Billie Jean King, Shaquille O’Neal, Jim Harbaugh, Doc Rivers, Joe Torre, Ryan Blaney and Candace Parker will premiere Thursday as part of Amazon’s Thursday Night Football programming featuring the San Francisco 49ers and Seattle Seahawks. The campaign will also be seen on digital platforms and on billboards across the country.
    “By uniting under a common cause, we amplify our message and demonstrate that the power of sports extends beyond stadiums, arenas and fields, and into our communities,” Kraft said in a statement announcing the campaign. “This initiative is a call to action for everyone to join us in creating a world where hate is met with a unified stand for empathy, understanding, and respect.”
    Last year, Kraft organized a meeting of sports commissioners from nearly ever league to try and address the hateful dialogue taking place. The leaders discussed ideas and opportunities to work together.

    The campaign has since expanded to include all hate, whether it’s gender, religion or race.
    “We wanted to make sure it included anti-black, anti-LGBTQ, anti-Muslim,” said NBA Commissioner Adam Silver in the CNBC interview, alongside Kraft and NWSL commissioner Jessica Berman. “Because hate is corrosive to our society and the underpinnings of our democracy.”
    Berman said Kraft asked the commissioners to lean in and change the narrative when it comes to hate.
    “I think we have a responsibility as professional sports league leaders in that we have an outsized impact,” said Berman. “We know throughout history that sport has the power to change the world.”
    Kraft founded the Foundation to Combat Antisemitism in 2019 to help address the rising hate against Jews in the United States. His organization has been working with companies like Bank of America and shoemaker Adidas as well as with colleges to raise awareness of on-campus incidents of antisemitism.
    “We’re able to tell college campuses what’s going on in their campuses before their security people see it,” Kraft said.
    In April, Kraft said he was no longer comfortable financially supporting his alma mater, Columbia University, over the administration’s handling of anti-Israel protesters on campus. In June, he announced a $1 million donation to Yeshiva University to cover tuition for Jewish students who wish to transfer. More

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    Delta sales guidance disappoints, CEO says it expects lower demand around the election

    Delta expects fourth-quarter earnings of between $1.60 and $1.85 a share.
    Delta had previously said the CrowdStrike outage cost it $380 million in revenue and amounted to a 45-cent hit to earnings in the third quarter.
    CEO Ed Bastian said consumers will likely pause travel plans around the U.S. election.

    Delta Air Lines expects to grow earnings in the fourth quarter, thanks to resilient travel demand and strong bookings for year-end holidays.
    The Atlanta-based carrier on Thursday forecast fourth-quarter adjusted earnings of $1.60 to $1.85 per share, compared with Wall Street estimates of $1.71, according to LSEG, and above the adjusted $1.28 per share it reported a year earlier.

    Delta shares were down more than 5% in premarket trading.
    Revenue will likely rise between 2% and 4% from a a year earlier, compared with estimates of a 4.1% increase. The carrier warned it expects a 1-point revenue hit from lower demand before and after the Nov. 5 U.S. presidential election.
    “We do anticipate seeing a little choppiness around the election, which we’ve seen in past national elections,” CEO Ed Bastian said in an interview. “Consumers will, I think, take a little bit of pause in making investment decisions, whether its discretionary or other things. I think you’re going to hear other industries talking about that as well.”
    He added that holiday bookings are very strong.

    Here’s how Delta performed in the third quarter, compared with Wall Street expectations based on consensus estimates from LSEG:

    Earnings per share: $1.50 adjusted vs. $1.52 expected
    Revenue: $14.59 billion adjusted vs. $14.67 billion expected

    Delta reiterated that the CrowdStrike outage in July amounted to a 45-cent hit to adjusted earnings, which came in at $1.50 per share, slightly below analyst estimates. Delta struggled to recover after the outage, which took thousands of Microsoft Windows machines offline, and prompted the airline to cancel thousands of flights. The incident was a $380 million hit to revenue, Delta said.
    Bastian has said Delta is seeking compensation from CrowdStrike and Microsoft from the outage.
    “The havoc that was created deserves, in my opinion, to be fully compensated for,” he told CNBC. “This matter is now in the hands of our attorneys. We hope that we’ll see a resolution but we keep all of our options open.”

    Read more CNBC airline news

    Still, Delta’s net income rose 15% from a year earlier to $1.27 billion in the three months ended Sept. 30, with total revenue up 1% to $15.68 billion. Passenger revenue was steady from last year, but sales from premium offerings like first class continued to outpace the main cabin.
    An oversupplied domestic market had kept a lid on airfare but Delta’s president, Glen Hauenstein said the airline “industry supply growth continues to rationalize, positioning Delta well in the final quarter of the year and as we move into 2025.” The carrier plans to expand capacity 3% to 4% in the fourth quarter.
    Delta said it still expects its full-year adjusted earnings to come in between $6 to $7 a share, excluding the CrowdStrike impact.

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    United plans flights to Greenland, Mongolia and northern Spain in search for next ‘it’ destination

    United is planning flights to far-flung destinations like Mongolia, Greenland and northern Spain next year.
    The carrier is looking for off-the-beaten track destinations to keep consumers coming back to United.
    United’s expansion includes more transatlantic flights and destinations from its hub from Toyko’s Narita airport.

    United airplanes are seen at the Newark Liberty International Airport in Newark, Unitted States on July 16, 2024. 
    Jakub Porzycki | Nurphoto | Getty Images

    United Airlines is plotting a 2025 international expansion that spans Senegal to Mongolia and Greenland to Palau, a bid to win over travelers who have already had their fill of the well-trodden streets of Paris, Rome and Tokyo.
    Starting May 21, United will fly three times a week between its Newark, New Jersey, hub to Palermo, Sicily; on May 16, it will launch nonstops four days a week to Faro in Portugal’s Algarve region; on June 7 it plans three-days-a-week-service to Portugal’s Madeira Island; and on May 31 it’s starting nonstop flights to Bilbao in northern Spain, destinations that will beef up existing service to Italy, Spain and Portugal.

    Its inaugural flight between Newark and Nuuk, Greenland, will begin June 14, United said Thursday.
    “The savvy traveler has been to Paris, Rome and Madrid so many times that they’re looking for something different,” Patrick Quayle, United’s senior vice president of global network planning and alliances, told reporters.
    The experimentation with routes makes United a standout among U.S. and global airlines that have largely stuck with bread-and-butter additions. The expansion is part of United’s strategy to “skate where the puck is going,” Quayle said, as the company wants to make sure it can be all things to all travelers, offering destinations from U.S. cities like Corpus Christi, Texas, to Cape Town, South Africa.
    United is planning to launch daily, nonstop service to Dakar, Senegal, from Washington Dulles International Airport on May 23. Service from Tokyo’s Narita airport to Ulaanbaatar, Mongolia, is set to begin May 1. United has been beefing up service from Tokyo and will offer year-round nonstop flights to Koror, Palau, from there.
    Not all destinations work. United had discontinued a nonstop flight to Bergen, Norway, in 2023 due to a lack of demand, but Quayle said the airline has wiggle room to continue expanding to far-flung destinations and that a diverse network can help drive sign-ups for lucrative rewards credit cards.

    “The more unique content, the more we differentiate ourselves from our competitors and the more people are going to spend on United,” Quayle said.
    United had originally planned to start the Faro, Portugal, service this year but was forced to delay it because of a Federal Aviation Administration safety review, which the agency ended earlier this month without identifying any “significant safety issues.”
    United is also planning to expand flying from the West Coast, but it didn’t disclose any details on Thursday.

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