Photo: Dan Kitwood/Getty Images

British Airways has canceled 1,700 flights over the next 2 days in response to a strike by company pilots demanding higher pay, per the New York Times.

The big picture: The strike, which has disrupted approximately 195,000 passengers' travel plans, comes after months of pilots attempting to negotiate a pay hike. According to Forbes, the pilots union behind the strike says the walkout is costing the company £40 million ($49 million) per day, but could be settled for £5 million ($6 million) total. The pilots are set to strike again later this month if their demands aren't met.

  • The airline says it contacted customers ahead of time and offered refunds or rescheduled flights in preparation for the event.
  • In August, the company sent an email to customers warning of a planned strike, but later followed up saying it had confused the timeline and misstated when flights would be affected. Many customers expressed frustration over already having rescheduled.

By the numbers: British Airways offered to raise pilots' pay 11.5% over 3 years, which pilots belonging to 2 separate unions have accepted.

  • But a majority of the airline's pilots belong to another union called the British Airline Pilots' Association (BAPA), which is also seeking a share of the company's profits. In 2018, those profits reached £2 billion ($2.5 billion) — up 11.6% from a year prior.
  • According to the airline, an average captain earns £167,000, or about $206,000. The proposed raises would reach more than £200,000 per year, or $247,000.
  • BAPA's secretary, Brian Strutton, said in a statement that pilots have "previously taken big pay cuts to help the company through hard times."

What to watch: The next strike is set to take place on Sept. 27 if the parties cannot find a compromise.

Go deeper: The collapse of WOW Air could push Iceland into recession

Go deeper

Dion Rabouin, author of Markets
14 mins ago - Economy & Business

Coronavirus surge is sinking consumer confidence

Data: Hamilton Place Strategies, CivicScience; Chart: Axios Visuals

The rise in coronavirus cases in certain parts of the U.S. is stunting confidence across the country, a crop of new reports show.

Driving the news: After stalling during the previous two-week period, overall economic sentiment declined for the first time in two months, according to the Economic Sentiment Index, a biweekly survey from data firm CivicScience and Hamilton Place Strategies (HPS).

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: Obama: Trump is "jealous of COVID's media coverage."
  2. Health: Mask mandates help control the rise in coronavirus hospitalizations. Hospitals face a crush.
  3. Business: Coronavirus testing is a windfall. Winter threat spurs new surge of startup activity.
  4. Media: Pandemic causes TV providers to lose the most subscribers ever.
  5. World: Putin mandates face masks.

The GOP's monstrous math problem

Illustration: Sarah Grillo/Axios

Republicans, win or lose next week, face a big — and growing — math problem.

The state of play: They're relying almost exclusively on a shrinking demographic (white men), living in shrinking areas (small, rural towns), creating a reliance on people with shrinking incomes (white workers without college degrees) to survive.