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News when you want it with Bloomberg News now. I'm Monica Rix. Transportation Secretary Sean Duffy says air traffic control communications are back to normal following a nationwide outage yesterday. That's still affecting thousands of flights this weekend. But Duffy says the system itself still needs upgrades, and he's calling on Congress for $50 billion in emergency funds to fix it. This is a bipartisan moment that I think our kids and our grandkids can look back on and say, thank you. Thank you for leading and fixing a system that has been sorely underinvested in. But Bloomberg's senior Aerospace Defense and Airlines analyst,
George Ferguson tells us this is not an easy fix, right? You're going to have to lay it into an existing system so you can keep air travel going while you're improving the system. And it's a constant job. So I think it'll be a challenge when I hear them say, you know, that they need sort of one big, 40 or $50 billion to upgrade it all, right away. And I think these kind of problems continue. And again, it sounds like they've laid in some new equipment that isn't communicating correctly with old equipment. I'm glad they found it before Thanksgiving. Weekend, because it's going to get even busier out there.
Some kind of surprise is breaking down here. Officials say air traffic will be back to normal before Thanksgiving, but airlines are facing days of delays, with more than 7000 flights delayed or canceled today alone. Now, flights may have been grounded, but Space-x did launch a massive Starship rocket from Texas yesterday. 3 to 1. The company planned to perform a double catch of both halves of the rocket, but the booster blew up shortly after launch. The upper stage continued into orbit and released about two dozen satellites. That part's expected to land back on Earth later today.
Ukrainian President Volodymyr Zelensky says U.S. peace envoys have asked whether Ukraine will be willing to give up the Donbas region to Russia in exchange for NATO membership, signaling a potential shift in Washington's negotiating tactics. Bloomberg defense lead Becca Wasser weighs in from Washington. Ultimately, it is not only up to the Ukrainian people whether this moves forward, but truly it is also up to what happens right now on the battlefield in Ukraine, as essentially Russia is trying to set the conditions so it can sue for peace at the negotiating table. Defensively. Becca Wasser on Bloomberg this weekend.
Zelensky says that package includes specific security guarantees from NATO and the European Union, a strong Ukrainian army and a recovery plan backed by funding. This comes as its war with Russia heads towards the end of its fifth year, with no end in sight. Microsoft says its services are fully restored following an outage that affected millions of users around the world this week. The company says it has no evidence of malicious activity, but its teams are reviewing what happened and how to prevent similar issues going forward.
Nvidia stock had its worst week in more than 18 months, with its share price falling 13% over the last five trading days, erasing more than $570 billion in market value. In the wake of Jensen Huang scandal. Amanda Agati is chief investment officer at PNC Bank and says analysts are in wait and see mode. The key is going to be what happens with the fundamentals, right? What does their earnings report show next week? It could be a monster result. And I think that will come at a time to hopefully stabilize some of this investor uncertainty, she says.
Investors want to know if Nvidia can maintain its dealmaking momentum, and could press for more details on its search for a new leader. Bloomberg did come out with a list of executives, by the way, that are likely in the running to replace Huang as interim CEO. Colette Kress holds down the fort. High on the list is CEO of ARM Holdings Renee Haas. The Financial Times says Nvidia's board has already approached him about the position.
He has a close relationship with Nvidia as a former executive. President Trump has floated former Apple CEO Tim Cook, and there's also Advanced Micro Devices CEO Lisa Su, who happens to be Jensen Huang cousin. Surging health care costs are pushing employers towards a difficult trade off shift, higher premiums on to workers or cut back on wage increases. Bloomberg's Karen Moskow reports. Health insurance calls for private sector employees climb 6.4% in a year through September, matching the fastest annual increase since 2005.
Several factors are to blame that include higher costs and greater use of medical services. The availability of new treatments such as GLP ones, and other policy changes. More price hikes are on the horizon. That's according to insurance brokerage Aon, which projects employer health care costs will climb another 9.5% in 2027. Karen Moskow, Bloomberg Radio. And the U.S. has officially lost its measles elimination status. The Wall Street Journal says the Pan American Health Organization revoked it. As outbreaks continue to rise and vaccine uptake falls.
In order to regain that standing, the U.S. must stop the spread of measles for at least 12 months. And that's news when you want it. With Bloomberg News now. I'm Monica Rix and this is Bloomberg.
