Yahoo Finance

We're taking a closer look at some trending stories on Yahoo Finance. Let's start with Airbnb. They're asking New York City to scale back its regulations, regulations rather, for short-term rentals. New York's local law 18, it requires short-term rental hosts to get a license from the city verifying compliance with occupancy rules and building codes. Now, Airbnb says the rule has quote, failed to deliver on the promise to combat the housing crisis here. Now, for Airbnb, we do know that a lot of, and even more so than Airbnb, there are many leases that even when you sign them, you're now, if you're reading through the fine print, there are clauses that are put in by many landlords saying that you're not going to actually Airbnb your place out. So, in addition to the New York law, it's also the landlords that are having to come around to this too.

Yeah, it's a really good point, especially because New York City's position, at least from the perspective of Mayor Eric Adams, is that this is about the housing affordability crisis happening in the city, and the idea was that, you know, pushing back on Airbnb would lead to more availability of housing. Airbnb is actually using that to their advantage in the pushback here saying that there has been no increase in affordable housing in New York City, so therefore, why would you continue to put pressure on Airbnb? We do know a judge had previously dismissed Airbnb's countersuit of the city, so we will of course continue to monitor that moving forward. But other hospitality news here, thousands of hotel workers are on strike nationwide. Starting on Sunday, workers with the Unite Here Union walked out of hotels owned by Hilton, Hyatt and Marriott. They're calling for higher wages, fairer staffing and workloads, and the reversal of COVID-era service cuts. Now this is really interesting given that they did this over the course of one of the busiest travel weekends of the year here, Labor Day weekend. Again, 10,000 hotel workers across the country striking here. Some of the cities, for those who are traveling here that are going to be impacted at least over the next couple of days, we've got Boston, Greenwich, Honolulu, San Diego, San Francisco, and Seattle among others, but we also do know that some strikers have been authorized and could begin working anytime in some of the cities where they were striking over the last couple of days here, Brad.

Yeah, it's particularly coming at a time here too, where a lot of these workers also know how much capacity in pipeline development all of these hotels have. And so there is a lot of money going towards building out, but some of that also for the hotel workers. That's what they're pushing for right now. And another big travel story, Cathay Pacific announced an engine component failure in 15 of its Airbus A350 aircraft. Now, those planes, they use Rolls-Royce engines. We saw shares of Rolls-Royce, they initially fell on the news, that, but they're bouncing back as you can see right here up by about 2%. Dozens of Cathay Pacific flights are canceled this week as the issues are being repaired. Uh, we'll continue to track the stock movements surrounding this story as it relates to Rolls-Royce, as well as the airline operators here that also have A350s within their fleet too.

Yeah, just for those uh, travelers out there listening, Cathay Pacific saying that it was 15 of its Airbus planes that required repair after an engine component failure. And all of the investigations into this took place after a plane took off from the Hong Kong Airport and then was required to dump fuel over the sea for about a half hour after being able to return to the airport. So, continuing to see some pressure uh, in the company in terms of looking forward here, how they're going to handle these inspections moving forward.