Airbnb & NYC, hotel protests, Rolls-Royce engines: Top Stories

Airbnb (ABNB) is asking New York City officials to scale back regulations on short-term rental hosts. New York's Local Law 18 requires hosts to apply for a license from the Office of Special Enforcement (OSE).

Hilton Worldwide (HLT), Marriott International (MAR), and Hyatt Hotels (H) workers are striking nationwide as walkouts organized by the Unite Here union protest against working conditions and demand for higher wages.

Chinese airline Cathay Pacific (0293.HK, CPCAY) has cited component failures in aircrafts' Rolls-Royce (RR.L) engines, leading to flight cancellations throughout the week.

For more expert insight and the latest market action, click here to watch this full episode of Catalysts.

This post was written by Luke Carberry Mogan.

Video Transcript

We're taking a closer look at some trending stories on Yahoo Finance.

Let's start with Air BNB.

They're asking New York City to scale back its regulat or its regulations rather for short term rentals.

New York's local law 18.

It requires short term rental hosts to get a licence 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 it's even more so than air BNB.

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 special, 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 air B and B would lead to more availability of housing.

Air B and B is actually using that to their advantage in the push back 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 air B and B?

We do know.

Judge had previously dismissed Air B and B 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 night here union walked out of hotels owned by Hilton, Hyatt and Marriott.

They're calling for higher wages, their 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, Labour Day weekend again, 10,000 hotel workers across the country striking here Some of the cities for those who are travelling here, uh, 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 authorised and could begin working any time in some of the cities where they we're 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.

Uh, 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 A 350 the 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 cancelled 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 a 350 within their fleet, too.

Yeah, just for those travellers out there listening.

Cathay Pacific saying that it was 15 of its Airbus planes that required repair after an engine component failure and all 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 in the company in terms of looking forward here, how they're going to handle these inspections moving forward.