🙄 *Like rolling your eyes instead of engaging…*  

“FUD” is a catchall term used to dismiss crypto criticisms (substantive or not) by saying they're intended to spread “fear, uncertainty, and doubt.” Over the weekend, __Binance__ twice paused __[bitcoin](https://robinhood.com/crypto/BTC/)__ withdrawals, blaming high network fees. When observers saw that other exchanges hadn't paused withdrawals, which to some suggested there could’ve been a problem at the world's largest exchange, Binance CEO Changpeng “CZ” Zhao called the concerns “[FUD](https://fortune.com/crypto/2023/05/08/binance-pauses-bitcoin-withdrawals-fee-spikes-cz-fears-fud/).”

DEFI(NE)

Heard on the Block: "FUD"

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__Hold music…__ not the tune you were expecting on your relaxing getaway. After __[Southwest](https://robinhood.com/stocks/LUV/)__'s holiday meltdown, which saw the airline cancel 16K flights, the White House wants to keep companies accountable for passengers' troubles. Yesterday, President Biden joined Transportation Secretary Buttigieg to propose new regulations. For the first time, airlines would need to compensate customers *beyond* just ticket refunds.  

- __Fly bad, my bad:__ Airlines would be required to compensate passengers *and* cover their meals, hotels, and taxis if they get stranded for reasons that are the airline’s fault.
They’d also be required to comp rebooking fees for delays/cancellations.

- __Flight status quo:__ Right now airlines are required to refund customers only for canceled flights (not delayed ones). Biden said no major airlines provide cash compensation for preventable disruptions — though nine promised to cover hotels, meals, and rebooking. 

__Dude, where’s my plane…__ Weather is the top cause of flight delays, but avoidable issues like staffing shortages and technical problems caused by outdated systems led to abnormally high disruptions last year, even when skies were clear. A technical error at Southwest last month caused it to temporarily halt all US departures. Meanwhile, the Transportation Department is investigating whether Southwest set unrealistic flight schedules despite known staffing shortages.

Refund requested (Seth Herald/Getty Images)

Standby

__A nudge in the wings could be overdue…__ If airlines have to compensate passengers more for disruptions, they might try harder to avoid delays. Southwest says it lost $1.1B because of the holiday meltdown, but it would’ve lost even more with these proposed regulations. It’s not just Southwest: last year 2.7% of all US flights were canceled, the highest rate in a decade (apart from 2020). The TSA’s expecting a record-breaking travel year on booming summer demand, but staffing shortages and delays of __[Boeing](https://robinhood.com/stocks/BA/)__ jet deliveries could mean more headaches.

Ahead of summer, Biden proposes rules to compensate passengers for airline disruptions

__Got beef?...__ __[Tyson](https://robinhood.com/stocks/TSN/)__ shares had their worst drop in a decade yesterday after the poultry powerhouse badly [missed](https://www.wsj.com/articles/tyson-tsn-q2-earnings-report-2023-c824e501) earnings expectations and chopped its annual sales forecast. It produces one of every five pounds of chicken, beef, and pork eaten in the US. But last quarter the nugget giant lost nearly $100M, down from an $829M profit last year. 

- __Bad meat:__ Tyson's beef unit makes up nearly 40% of its annual revenue, but sales fell 8% last quarter as cash-strapped consumers cut back on the pricey protein.

- __Cold wings:__ Tyson's chicken biz also saw its profit margins shrink as the cost of animal feed rose $145M.

__Farming snafus…__ The meat industry has gotten grilled as recent droughts and pricey farming costs (think: fertilizer, feed, fuel) make it harder to maintain livestock. Tyson said its live cattle costs are up $305M from last year. Now some farmers are selling their animals for slaughter at premium prices because keeping them is too expensive. Meanwhile, falling demand for beef is making it harder for producers like Tyson to pass on higher costs to consumers.

Beef

__Dry spells can change appetites…__ US cattle inventory has already dropped more than 3% from last year, and over 90% of cows are in poor-to-fair grazing conditions. The USDA predicts this year will mark the first decline in beef production since 2015, and the per-person supply is expected to drop by 5.6% this year, which would be the greatest decline since 1987. Supply challenges could accelerate the trend of declining demand for red meat in the US, the world’s largest beef consumer.

Tyson posts a meaty loss as rising costs and cattle shortages take a bite out of profits

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King Charles’ coronation is estimated to have cost as much as $125M

Heard on the Block: "FUD"

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