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By RIO YAMAT, Associated Press

The U.S. Department of Transportation has issued new guidance telling airlines they do not have to cover passenger expenses, such as meals or hotel stays, when flight cancellations or long delays are caused by aircraft recalls.

The guidance, released on Wednesday, comes after widespread disruptions last month amid the busy Thanksgiving travel period in the U.S. stemming from inspections and software updates that carriers had to perform immediately for safety reasons on a widely used Airbus commercial aircraft. About 6,000 planes were impacted.

Airlines worldwide scrambled to fix a computer code issue that may have contributed to a sudden drop in altitude on a JetBlue plane in October, which injured at least 15 people. Airbus said an examination of the JetBlue ordeal found a software glitch that could have affected flight-control systems on its A320 family of aircraft, the primary competitor to Boeing’s 737 planes.

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By FATIMA HUSSEIN

WASHINGTON (AP) — U.S. Treasury Secretary Scott Bessent is proposing to overhaul a regulatory panel that monitors the nation’s financial stability, by advocating for looser regulations.

The Financial Stability Oversight Council, a U.S. body created in the wake of the 2008 global financial crisis, monitors risks to the financial system and coordinates regulators’ approaches to overseeing the U.S. financial system. In a letter released by Bessent Thursday, he said “too often in the past, efforts to safeguard the financial system have resulted in burdensome and often duplicative regulations.”

“Our administration is changing that approach,” said Bessent, who chairs the committee, which is meeting on Thursday.

Bessent said the council will begin to “consider where aspects of the U.S. financial regulatory framework impose undue burdens and where they harm economic growth, thereby undermining financial stability.”

Voting members of the FSOC committee include the head of the Board of Governors of the Federal Reserve System; the Comptroller of the Currency; the director of the Consumer Financial Protection Bureau; the chairman of the Securities and Exchange Commission and several other agency heads. read more

By ALEX VEIGA, AP Business Writer

The average rate on a 30-year U.S. mortgage edged higher this week, though it remains relatively near its low point so far this year.

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The uptick brings the average long-term mortgage rate to 6.22% from 6.19% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.6%.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also rose this week. The rate averaged 5.54%, up from 5.44% last week. A year ago, it averaged 5.84%, Freddie Mac said. read more

By KELVIN CHAN, AP Business Writer

Disney is investing $1 billion in OpenAI and will bring characters such as Mickey Mouse, Cinderella and Luke Skywalker to the AI company’s Sora video generation tool, in a licensing deal that the two companies announced on Thursday.

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At the same time, Disney went after Google, demanding the tech company stop exploiting its copyrighted characters to train its AI systems.

The OpenAI agreement makes the Walt Disney Co. the first major content licensing partner for Sora, which uses generative artificial intelligence to create short videos. read more

By JOSH FUNK and MARK VANCLEAVE, Associated Press

RANDOLPH, Minn. (AP) — When Donald Trump promised new tariffs while running for president, Gene Stehly worried that trade disputes would jeopardize his international sales of corn, soybeans and wheat.

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A little more than a year later, Stehly said his fears have become a reality, and Trump’s latest promise of federal assistance is insufficient to cover farmers’ losses.

“Maybe this will all come out to be better at the end, but I can tell you right now, it certainly isn’t the case at the moment,” Stehly said. read more