Bulletin Business Briefing
Published 6:26 pm Thursday, November 9, 2023
The nation’s top accident investigator said Thursday that a surge in close calls between planes at U.S. airports this year is a “clear warning sign” that the aviation system is under stress.
“While these events are incredibly rare, our safety system is showing clear signs of strain that we cannot ignore,” Jennifer Homendy, chair of the National Transportation Safety Board, told a Senate panel on Thursday.
Homendy warned that air traffic and staffing shortages have surged since the pandemic. She said there has been a “lack of meaningful” training — and more reliance on computer-based instruction — by the Federal Aviation Administration and airlines, and too many irregular work schedules among pilots as well as air traffic controllers.
“Where you end up with that is distraction, fatigue,” she told the aviation subcommittee. “You are missing things, you are forgetting things.”
The NTSB is investigating six close calls, or what aviation insiders call “runway incursions.” The FAA identified 23 of the most serious types of close calls in the last fiscal year, which ended Oct. 1, up from 16 the year before and 11 a decade ago. Independent estimates suggest those figures grossly understate such incidents.
Thursday’s hearing included only a momentary discussion of pilot mental health, which is on travelers’ minds because of the arrest of an off-duty pilot accused of trying to disable a plane in midflight and a co-pilot who allegedly threatened to shoot the captain.
Beyond Meat’s revenue fell nearly 9% in the third quarter as higher sales of its plant-based meat in Europe failed to make up for plummeting demand in the U.S.
Beyond Meat on Wednesday reported revenue of $75.3 million for the July-September period. That was far short of the $86.5 million Wall Street had anticipated, according to analysts polled by FactSet.
Beyond Meat cut its third-quarter and full-year revenue forecast last week, saying an anticipated rebound in plant-based meat sales during the quarter didn’t occur.
The company said it would cut 65 non-production jobs — about 19% of its workforce — and conduct a broader review of its operations.
In a conference call with investors Wednesday, Beyond Meat President and CEO Ethan Brown said the company is considering cutting underperforming product lines like plant-based jerky and reducing the size of its operations in China, where demand is growing but not as quickly as Europe. It’s also continuing to cut inventory.
“To drive down the type of cost reduction we’re pursuing everything has to be on the table,” he said.