Photo: George Frey/Getty Images

Delta Airlines announced Friday it will reduce its flight capacity by 40% for the next four months due to the coronavirus outbreak, a dramatic increase from its original 15% reduction.

The big picture: It's a deeper cut to capacity than Delta instituted after the Sept. 11 attacks. The airline industry has had to curb flights as it grapples with lack of demand, as Americans are advised to avoid nonessential travel. Delta CEO Ed Bastian will also forgo his entire salary for the year.

“I ask all of you to see what you can do to help us save cash," Bastian wrote in an internal memo. He noted several more changes:

  • All flights to Europe except London will be halted for at least 30 days.
  • Reducing capital expenditures for the year by $2 billion.
  • "Offering short-term, unpaid leaves" and a hiring freeze.
  • Substantial reduction in contractors and consultants.

Go deeper: Coronavirus rattles travelers — and airlines

Go deeper

Updated 26 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 8 a.m. ET: 33,137,748 — Total deaths: 998,372 — Total recoveries: 22,952,164Map.
  2. U.S.: Total confirmed cases as of 8 a.m. ET: 7,116,456 — Total deaths: 204,762 — Total recoveries: 2,766,280 — Total tests: 101,298,794Map.
  3. States: 3 states set single-day coronavirus case records last week
  4. Health: The childless vaccine. The long-term pain of the mental health pandemic
  5. World: India the second country after U.S. to hit 6 million cases
Dion Rabouin, author of Markets
42 mins ago - Economy & Business

Big Tech's share of the S&P 500 reached record level in August

Expand chart
Reproduced from The Leuthold Group; Chart: Axios Visuals

The gap between the weighting of the five largest companies in the S&P 500 and the 300 smallest rose to the highest ever at the end of August, according to data from the Leuthold Group.

Why it matters: The concentration of wealth in a few massive U.S. tech companies has reached a scale significantly greater than it was before the dot-com bubble burst.

Fortune 100 companies commit $3.3 billion to fight racism and inequality

Data: Fortune 500, Axios analysis of company statements, get the data; Chart: Andrew Witherspoon, Naema Ahmed/Axios

Big businesses continue to push funding toward fighting inequality and racism, with the 100 largest U.S. companies' monetary commitments rising to $3.33 billion since the death of George Floyd at the hands of Minneapolis police earlier this year, according to an Axios analysis.

Why it matters: The continued pace of funding commitments shows that months after Floyd's death there remains pressure for the wealthiest corporations to put their money behind social issues and efforts.