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EU Must Spend 39 Billion Euros a Year for Net Zero Transport Targets, Campaign Group Says
November 4, 2024
By Alessandro Parodi (Reuters) - Europe needs to spend 39 billion euros ($42.46 billion) a year to reach its net zero targets in the transport sector by 2050, campaign group Transport & Environment (T&E) said on Monday, issuing five key recommendations for the European Union. The EU is seeking a more coordinated industrial policy involving massive investment, including in green technologies, following a report by former European Central Bank chief and Italian prime minister Mario Draghi in September. "An EU-level investment strategy must be urgently deployed to decisively support transport decarbonisation and enhance the sect...
Wall St Struggles to Gain as Uncertainty Around U.S. Election Grows
November 4, 2024
By Chuck Mikolajczak NEW YORK (Reuters) -U.S. stocks oscillated between gains and losses on Monday, as investors prepared for a crucial week in which Americans will elect a new president and the Federal Reserve will announce its policy statement. The presidential election saw candidates Donald Trump and Kamala Harris both scrambling for an edge in the last full day of a race that polls show as extremely close. It could take days to determine the victor. Some of the so-called "Trump trades" unwound after a recent poll showed Harris leading in Iowa, sparking a drop in the U.S. dollar , Treasury yields <US10YT=RR> and bitcoin . Tr...
Australia Household Spending Slips in Sept, Confounding Rebound Hopes
November 1, 2024
By Wayne Cole SYDNEY (Reuters) - Australian household spending fell in September as consumers cut back on clothing and cars, data showed on Friday, further confirmation that billions of dollars in recent tax cuts were being saved rather than spent. That should be a downside surprise to the Reserve Bank of Australia (RBA) which had expected consumption to pick up in the second half of this year and could see it adopt a more dovish tone at a policy meeting next week. "The data looks very weak over the last three months and surprisingly soft," said Gareth Aird, head of Australian economics at CBA. "If the data is close to accurate th...
European Stocks Climb on Energy Boost; Headed for Weekly Losses
November 1, 2024
By Pranav Kashyap (Reuters) -European shares climbed on Friday, buoyed by a rally in energy stocks, but remained on track for their worst week in nearly two months as a tightly contested U.S. presidential election kept investors on edge. The pan-European STOXX 600 index rose 0.5% to 508.05, after falling more than 1% in the previous session. The benchmark was poised to record a drop of about 2% this week, marking its second consecutive weekly decline. As the Nov. 5 U.S. presidential election approaches, the race remains too close to predict, with opinion polls showing a virtual dead heat. Investors are placing their bets on the...
Luxury boutique hotel slated for W. Front Street
NEWH, Inc. | November 1, 2024
Nov. 1—TRAVERSE CITY — A new 140-room "luxury boutique hotel" is coming to West Front Street in Traverse City. The four-story structure will occupy a long-vacant lot between the Record-Eagle office building and J&S Hamburg. No name or brand for the new hotel has been announced yet. Great Lakes Capital, a private equity developer based in South Bend, Indiana, expects construction to begin in the third quarter of 2025, with a grand opening to follow in early 2027. The project is expected to cost about $62 million. "Despite the region being a year-round destination ... there is a massive unmet demand for an upscale hotel," GLC o...
Thai Finance Minister Says Wants to Beat Govt Forecast of 3% Growth in 2025
October 31, 2024
By Orathai Sriring and Kitiphong Thaichareon BANGKOK (Reuters) -Thailand's economic growth rate is expected to increase to 3% in 2025, supported by spending, exports, investment and tourism, the government said on Thursday, and the finance minister said he was already working to beat that forecast. Southeast Asia's second-largest economy is seen growing 2.7% this year, the finance ministry said, a solid increase from 2023's subdued 1.9% expansion. "The growth trend is still ongoing. The government is trying everything to drive the economy," Finance Minister Pichai Chunhavajira told reporters at a business event. "Hopefully, next y...
Booking Holdings Beats Quarterly Profit Estimates on Healthy International Travel
October 31, 2024
(Reuters) - Online travel agency Booking Holdings beat analysts' expectations for third-quarter profit and revenue on Wednesday, as resilient demand for international travel offset the weakness in domestic travel in the U.S. and China. Shares of the company rose 4.3% after the bell. International travel demand in Europe and many Asian countries has remained steady, making up for the domestic travel slump in the U.S. and China as consumer spending falls amid macroeconomic difficulties. "We are pleased to report third-quarter room night growth of 8%, which exceeded our prior expectations, driven primarily by stronger performance in Eur...
UK Finance Firms Told to Beef Up Buffers Against CrowdStrike-Like Events
October 31, 2024
LONDON (Reuters) - Financial companies in Britain must prepare to ensure they can deliver business services in "severe but plausible" scenarios, such as a global tech outage, to minimise any impact on consumers and markets, the markets regulator said on Thursday. In a statement outlining what lessons could be learned after U.S. cybersecurity firm CrowdStrike's botched software update caused global chaos in July, the Financial Conduct Authority (FCA) said unregulated third-party problems were the leading cause of operational incidents reported between 2022 and 2023. CrowdStrike's popular core technology, the Falcon platform, detects and ...
Low US Weekly Jobless Claims, Solid Consumer Spending Showcase Economy’s Strength
October 31, 2024
By Lucia Mutikani WASHINGTON (Reuters) -The number of Americans filing new applications for unemployment benefits fell to a five-month low last week and consumer spending increased more than expected in September, showcasing the economy's strength heading into the final stretch of 2024 and just days before next Tuesday's presidential election. Though prices pushed higher last month, inflation is firmly on a downward trend, with other data on Thursday showing labor costs posting their smallest gain in more than three years in the third quarter. The data likely keeps the Federal Reserve on track to cut interest rates next week and possibl...
UK’s Reeves Commits to Lower Property Taxes for Retail, Hospitality and Leisure
October 30, 2024
LONDON (Reuters) -British finance minister Rachel Reeves on Wednesday committed to lower business rates for high street stores to help "level the playing field" with their online rivals. Predominantly bricks-and-mortar retailers have for years complained that business rates - a property tax charged on most commercial properties to fund local services - are archaic and hand an unfair cost advantage to online retailers such as Amazon. Labour had pledged in its election manifesto to redress the balance to help revive town centres. Delivering her first budget plan, Reeves said that from 2026-27 permanently lower tax rates for retail, hos...
Spain’s Economy Beats Forecasts With 0.8% Quarterly Growth
October 30, 2024
MADRID (Reuters) -The Spanish economy grew at a faster-than-expected rate in the third quarter to again outpace its European peers thanks to a strong tourism season and exports, preliminary data showed on Wednesday. Spain's gross domestic product grew 0.8% in the third quarter from the previous three months, the same pace of expansion as in the second quarter, the National Statistics Institute (INE) said. Year-on-year it grew 3.4%, an acceleration from the 3.2% registered in the previous three months. Analysts polled by Reuters had expected GDP to grow 0.6% quarter-on-quarter and 3.0% year-on-year. "Today's data show how strong and b...
North Macedonia’s UNESCO World Heritage Site Lake Ohrid At Risk From Pollution
October 30, 2024
OHRID, North Macedonia (Reuters) - Lake Ohrid, a UNESCO World Heritage site that straddles North Macedonia and Albania, is at risk from pollution, overfishing, and urban development, the United Nations body and experts say. The lake, one of Europe's oldest dating back 3.5 million years, is home to around 200 unique species, including rare varieties of trout. It serves as a significant tourist attraction and revenue source for North Macedonia and Albania. The North Macedonia side of Lake Ohrid was declared a World Heritage Site in 1979 and UNESCO expanded the designation to the Albanian side of the lake in May, 2019. In its 2024 repor...
Record Passenger Traffic Lifts Spanish Airport Operator Aena’s Profit
October 30, 2024
MADRID (Reuters) - Spanish airport operator Aena said on Wednesday its net profit in the first nine months of the year rose 27% from the same period last year as the post-pandemic travel boom pushed passenger traffic to new records. Aena booked a net profit of 1.44 billion euros ($1.56 billion) out of revenues rising 16% to 4.39 billion euros. The revenue and profit data were in line with forecasts from analysts polled by LSEG, who expected 4.4 billion euros in revenues and 1.46 billion euros in net profit during the January to September period. The company reported a record 283 million passengers across its terminals in Spain, Latin Am...
Top Chinese Airlines’ Profits Fall as Flagging Economy Pressures Fares
October 30, 2024
By Lisa Barrington and Sophie Yu SEOUL/BEIJING (Reuters) - China's top three state-owned airlines reported profit declines in the third quarter despite record summer passenger numbers and fuller planes than last year, as a slowdown in domestic economic growth pushes flyers to seek cheaper fares. Beijing-headquartered Air China on Wednesday reported a net profit of 4.14 billion yuan ($581.34 million) in the quarter, down from 4.24 billion yuan a year earlier. China Eastern Airlines on the same day posted a net profit of 2.63 billion yuan, down 28.2% year on year. The country's largest airline China Southern said on Monday there was...
Caesars Entertainment Posts Surprise Quarterly Loss, Misses Wall Street Estimates
October 30, 2024
(Reuters) - Caesars Entertainment posted a surprise third-quarter loss on Tuesday, missing market expectations, as sales were hurt by new competition and construction-related disruptions in regional markets, sending its shares down 4% after the bell. Quarterly loss per share came in at 4 cents, compared to Wall Street expectations of a profit of 12 cents, according to data compiled by LSEG. Caesars' bottom-line in the U.S. regional market has faced increased pressure due to new entrants and expanded offerings from existing competitors. In the past, the casino operator flagged high competition in Indianapolis from Churchill's Terre Ha...
Cruise Operators Reap Benefits of Their Own Private Islands
October 29, 2024
By Doyinsola Oladipo NEW YORK (Reuters) - Major cruise operators are steering their ships - and millions of dollars in investments - into their own private destinations packed with excursions, beaches, bars and restaurants. The phenomenon appears to have started with Royal Caribbean Group, which in 2019 opened "Perfect Day at CocoCay," an amusement park-like private destination in The Bahamas that has caught the eye of Wall Street. By operating their own private destinations on small Caribbean islands, Royal Caribbean and other cruise operators have managed to grow revenues faster. "By having their own port and not having to pay p...
STOXX 600 Falls on Earnings Drag, Travel and Leisure Worst Hit
October 29, 2024
By Ankika Biswas and Pranav Kashyap (Reuters) -Europe's main stock index dropped on Tuesday, bruised by a handful of bleak quarterly results from industry majors such as energy giant BP, drugmaker Novartis and lender Santander, while caution also prevailed ahead of some crucial economic data. The pan-European STOXX 600 closed 0.6% lower, after touching an over one-week high intraday. BP's shares dropped 5% to July 2022 lows after the company's third-quarter profit fell to the lowest in almost four years, pushing the energy sector index 1.2% down. Novartis stock fell 4% as investors focused on the Swiss company's lower-than-expecte...
Hotel Collapses in Argentina, Firefighters Search for Trapped People
October 29, 2024
(Reuters) -A ten-story hotel building collapsed early on Tuesday in the coastal city of Villa Gesell in Argentina’s Buenos Aires province, the local municipality said in a statement. Between seven and nine people, including workers from a construction site allegedly operating without municipal permits at the Dubrovnik hotel, were believed to be inside at the time, the statement said. Rescue teams are currently removing the debris to free those trapped, the Villa Gesell authorities noted, adding that the municipality had halted construction work at the site in August of this year. (Reporting by Natalia Siniawski; Editing by Gabriel ...
Women Are Well Represented in the Business Travel Industry but Glass Ceiling Remains
GBTA | October 25, 2024
New GBTA data reveals women’s expanding influence as business travelers and industry professionals, but with a persistent gender gap in senior leadership roles Women professionals are prominent throughout the business travel industry, but GBTA research suggests there are still gaps in gender equity as they are still less likely to be in senior executive positions than men. When it comes to women as business travelers, they highly value traveling for work to achieve their goals. Although they travel less frequently for work than men, women continue to take advantage of opportunities to blend business and leisure travel when they do travel...
Spain’s Malaga To Ban New Holiday Flat Permits in 43 Neighbourhoods
October 24, 2024
MADRID (Reuters) - Malaga will ban new short-term tourism rentals in 43 neighbourhoods of the city, the latest step taken by Spanish authorities to address residents' concerns that they are being priced out of the property market by the booming tourism business. The city in southern Spain joins other cities in cracking down on short-term rentals, including Barcelona, which plans to scrap licences for tourist rentals by 2028. Residents protesting against high rents and a lack of long-term supply blame it on the proliferation of short-term renting on platforms such as Airbnb and booking.com and an a influx of foreigners choosing Malaga as...
Venice Expands Tourist Entry Fee System to Include More Days
October 24, 2024
By Crispian Balmer ROME (Reuters) - Venice is going to broaden its tourist entry fee system in 2025, almost doubling the number of days visitors will have to pay to see the lagoon city, and hiking the price for last-minute arrivals, officials said on Thursday. In a world first, the Italian destination introduced a 5- euro charge in April for daytrippers arriving on particularly congested days, hoping the levy would help thin the crowds. The initial scheme, which was watched closely by other global tourist hotspots, covered 29 days over a four-month period. This will be lifted to 54 days next year, over the same April-July window. ...
From Asia Pacific to the World: The Luxury Group by Marriott International Reveals Culinary and Beverage Trends in The Future of Food 2025 Report
Marriott International, Inc. | October 8, 2024
The Luxury Group by Marriott International today released its new comprehensive report, The Future of Food 2025, which highlights the transformative power of the Asia Pacific region in shaping global culinary and dining trends. With insights from more than 30 top chefs, mixologists, and industry insiders from the region, the report identifies 10 macro trends influencing the food and dining industry and the region’s impact on global gastronomy. With the Asia Pacific region at the epicenter of culinary tourism, commanding a remarkable 37.8% share of the global market in 2023, with a projected growth of USD 6.2 trillion by 2033*, this vibr...
IHG Army Hotels Celebrates 15 Years of Delivering True Hospitality for Heroes
IHG Army Hotels | August 14, 2024
ATLANTA – August 14, 2024 – IHG Hotels & Resorts (IHG), one of the world’s leading hotel companies, is proud to celebrate the 15th anniversary of the IHG Army Hotels military lodging program this month. Since its inception under the U.S. Army’s Privatization of Army Lodging (PAL) Program, IHG Army Hotels has continued to expand and deliver True Hospitality for Good to military guests, veterans and their families through on post accommodations under the familiar and trusted Holiday Inn Express, Candlewood Suites and Staybridge Suites brands. To commemorate the milestone, IHG Hotels & Resorts today will host an event a...
Las Vegas sees big convention decline, visitation up slightly
April 25, 2024
Visitor volume in Las Vegas increased slightly in March despite a huge decline in convention attendance for the month, the Las Vegas Convention and Visitors Authority reported Thursday. Meanwhile, hotel occupancy and average daily room rates fell despite near-record traffic at Harry Reid International Airport and a slight uptick in vehicle traffic on major highways to Las Vegas. Visitation was up 0.4 percent to 3.67 million, but convention attendance fell by 37.2 percent compared with a year ago — a statistic more reflective of a tough comparison with March 2023 when the ConExpo-Con/Ag construction equipment trade show was in Las Vega...
