British Airways lands £1 billion loan


British Airways has secured a £1 billion loan which it will draw down “only if and when required”.

Parent company International Airlines Group (IAG) said BA has reached agreement with UK Export Finance (UKEF) and a syndicate of banks for a five-year Export Development Guarantee committed Credit Facility.

The sum is in addition to a £2 billion UKEF loan announced by British Airways in December 2020 and drawn down in March 2021.

Both loans have similar sustainability-linked features, said IAG, which added that, at the end of September, the group’s total liquidity was “strong” at €10.6 billion.

IAG will publish its third quarter results on 5 November.

British Airways was buoyed last month when the US revealed it will allow fully vaccinated UK citizens into the country from November 8. The airline announced it will operate its largest schedule since the start of the pandemic this winter.



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Travel agents ‘coming into their own’ as Australia set to use $8 billion of pandemic travel credits


Industry experts are predicting the post-lockdown world will see the return of travel agencies which have weathered the pandemic and a decade of declining business due to online bookings.

Australian Federation of Travel Agents chief executive Dean Long said the complexity of overseas travel restrictions, including different vaccination passports, will make using a knowledgeable travel agent more important than ever.

More than $8 billion of travel credits were issued for cancelled trips during the pandemic, Mr Long told ABC Radio Brisbane.

“We need to assist [Australians] in using those travel credits and that’s why the government has been really strong in supporting travel agencies to date, to make sure our customers and our travellers can maximise the use of those travel credits,” he said.

Mr Long said agents had recently seen a spike in inquiries, but bookings were still relatively slow.

“There is a little bit of hesitation by people to get that booking and it’s really founded on two principles — one, a lack of confidence that the border will remain open for people to return, that’s the number one barrier,” Mr Long said.

No ‘snap back’ to pre-pandemic travel

Mr Long said while pre-pandemic people might book through online websites, the sheer complexities of claiming travel credits while navigating different restrictions would bring the travel agent back to the fore.

Mr Long said travellers should be prepared to spend more on comprehensive travel insurance, including disruption insurance, and should be prepared to go through different countries’ quarantine requirements.

woman holding a mobile phone with a vaccination certificate
Proof of vaccination will be key for international travellers.(Supplied: IATA)

Navigating vaccination passport requirements would also be a challenge.

“It’s not going to be a snap back to 2019 where everybody could just get on a plane, go anywhere in the world, and if you had the right visa you’d get in and you get home.”

Further travel bubbles planned

While New Zealand’s travel bubble with Australia burst weeks ago, federal Tourism Minister Dan Tehan is working on travel bubbles to popular tourism destinations like Singapore and Bali, which recently reopened to international travellers from certain countries.

“Discussions continue with other countries — Japan, South Korea, and Indonesia with regards to Bali.”

Strict conditions apply to Bali travellers, however, including five days’ quarantine, proof of vaccination, and other local restrictions.

And while its borders are open, vaccination rates are relatively low for the island, with around half of the 4 million population vaccinated.

Mr Tehan said how that would play out for travellers to and from Australia was still being decided.

Space to play or pause, M to mute, left and right arrows to seek, up and down arrows for volume.

Play Video. Duration: 3 minutes 46 seconds

Australia plans to reopen international borders by Christmas.(Rhiana Whitson)

Confidence ahead

Mr Long said travel to North America and Canada was in particular demand as one of the major routes to and from Australia.

Sunshine Coast resident Tracey Grills recently used her 18-month-old Qantas credits to book a month-long skiing holiday to Whistler in Canada for February.

Fog hangs over a ski field dotted with skiers, with snow-capped mountains in the background.
Demand for trips to places such as Whistler in Canada is already increasing.(Panoramio: Kallahar)

She said she and her husband always stuck with a travel agent for their bookings and felt comfortable taking the plunge now.

 “We have our tickets, our accommodation. Our agent has done pretty much everything,” Ms Grills said.

She said travel insurance was the biggest change, requiring she and her husband to spend double what they had pre-pandemic, but making sure it covered them for COVID-19.

“I think if everyone is double-vaxxed and everyone does the right thing — we’ll wear our mask and take sanitiser — I think we’ll be pretty safe,” she said.



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CWT to restructure $1.5 billion debt pile


CWT has announced a recapitalisation of its business against the backdrop of a slow rebound in corporate travel due to the Covid pandemic that will see the Carlson family become a minority shareholder in the TMC.

The company is $1.5 billion in debt and aims to remove almost $900 million in debt through issuing $625 million of new first lien debt at market rates and the use of a new undrawn revolving credit facility. The company will also issue $350 million of new equity capital. 

The company said it had entered into an agreement with financial stakeholders representing over 90 per cent of the outstanding debt, including global investment manager Barings LLC, on the recapitalisation plan. The plan will see the debtholders become the company’s new majority owners. The Carlson group took full ownership of the TMC in 2014, buying out JP Morgan Chase’s 45 per cent stake.

CWT said the plan would provide it with “substantial long-term liquidity through the resulting balance sheet cash and new revolving credit facility” and would allow for “all business partners and other providers of goods and services to CWT to be paid in full”.
 
The company expects to begin soliciting formal approval of the plan from its existing financial stakeholders in the next few weeks and to finalise implementation of the plan later this year.

In June, the company skipped interest payments on its bonds causing ratings agency Fitch to downgrade the company from C to CCC.

At the time, Fitch predicted a difficult deleveraging for the company, forecasting EBITDA to remain negative through the 2021 financial year, despite “meaningful cost-cutting efforts by the company”. 

The intentional skipping of the payments allowed the company to open up discussion with its creditors.
 
“This is great news for CWT and our stakeholders, highlighting the progress we have made to position CWT for long-term success and providing significant financial resources to further grow and develop our business,” said Michelle McKinney Frymire, CWT’s CEO, who stepped up from the CFO role in April. 

She added, “The industry is seeing meaningful increases in demand for the first time since the start of the pandemic. As we ramp up operational capacity to continue serving our customers through the recovery, we are continuing to advance our strategic objectives, including driving innovation and delivering industry-leading solutions. We are pleased to be moving ahead with overwhelming support from our financial partners, who will become CWT’s new majority owners, underscoring their confidence in the market, CWT and our strategy and services.”
 
McKinney Frymire added, “Implementation of this agreement will enable us to move beyond the pandemic, accelerate investments that create industry-leading experiences for our clients and travellers, and position CWT to benefit from the recovery already underway.”

The company said it had used the period of Covid-related travel restrictions and related demand reductions to accelerate many of its strategic development plans and investments across its products, programme delivery and travel services.
 



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COVID-19 Impact and Recovery Analysis |Air Travel Market Procurement Intelligence Report Forecasts Spend Growth of over USD 2 Billion |SpendEdge


SpendEdge’s reports now include an in-depth complimentary analysis of the COVID-19 impact on procurement and the latest market data to help your company overcome sourcing challenges. Our Air Travel Market procurement intelligence report offers actionable procurement intelligence insights, sourcing strategies, and action plans to mitigate risks arising out of the current pandemic situation. The insights offered by our reports will help procurement professionals streamline supply chain operations and gain insights into the best procurement practices to mitigate losses.

Information on Latest Trends and Supply Chain Market Information Download Our FREE Sample Report

Insights into the Market Price Trends

  • Suppliers in this market have moderate bargaining power owing to moderate pressure from substitutes and a moderate level of threat from new entrants.
  • Buyers can benchmark their preferred pricing models for Air Travel Market, Procurement, Management with the wider industry information and identify the cost-saving potential.

Insights to help buyers identify and shortlist the most suitable suppliers for their Air Travel Market requirements. This procurement report answers the following questions:

  • Am I engaging with the right suppliers?
  • Which KPIs should I use to evaluate my incumbent suppliers?
  • Which supplier selection criteria are relevant for?
  • What are the Air Travel Market category essentials in terms of SLAs and RFx?

Grab your Free Sample now to unlock further information on other key aspects of this market

Insights into strategies that will help buyers optimize their category management practices. The report answers the following questions:

  • What should be my strategic procurement objectives, activities, and enablers for the Air Travel Market category?
  • What negotiation levers can I pull for cost-saving?
  • What are Air Travel Market procurement best practices I should be promoting in my supply chain?

Some of the top Air Travel Market suppliers enlisted in this report

This Air Travel Market procurement intelligence report has enlisted the top suppliers and their cost structures, SLA terms, best selection criteria, and negotiation strategies.

  • Air France-KLM Group
  • American Airlines Group Inc.
  • China Eastern Airlines Co. Ltd.
  • China Southern Airlines Co. Ltd.
  • Delta Air Lines Inc.
  • Deutsche Lufthansa AG
  • International Consolidated Airlines Group SA
  • Southwest Airlines Co.
  • The Emirates Group
  • United Airlines Holdings Inc.

Get access to regular sourcing and procurement insights to our digital procurement platform– Contact Us.

Table of Content

Executive Summary

Market Insights

Category Pricing Insights

Cost-saving Opportunities

Best Practices

Category Ecosystem

Category Management Strategy

Category Management Enablers

Suppliers Selection

Suppliers under Coverage

US Market Insights

Category scope

Appendix

About SpendEdge:
SpendEdge shares your passion for driving sourcing and procurement excellence. We are the preferred procurement market intelligence partner for 120+ Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence reports and solutions. To know more https://www.spendedge.com/request-for-demo

Contacts
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SOURCE SpendEdge



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Airbnb lost $1.2 billion in 1st quarter, blames European lockdowns



Associated Press

Published 7:40 a.m. ET May 14, 2021

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Thirteen years after its founders first rented air mattresses in their San Francisco apartment, Airbnb is making its long-awaited stock market debut. Airbnb raised $3.7 billion in the initial public offering.  (Dec. 5)

AP Domestic

Airbnb reported Thursday that its first-quarter loss more than tripled, to $1.2 billion, as travel remained depressed by the pandemic and the company was weighed down by costs from past borrowing.

However, revenue topped the same period in 2019, and Airbnb recorded billions in new bookings as the rollout of vaccines against COVID-19 raised hopes for a travel boom.

The home-sharing business said in a letter to shareholders that travel is starting to return, “and we expect a travel rebound unlike anything we have seen before.”

Still, Airbnb expressed concern about travel restrictions and lockdowns in Europe, a key market for summer rentals. The San Francisco-based company said it is too early to predict whether the pace of the travel recovery will continue in the second half of the year.

Pandemic-related restrictions are cutting into Airbnb revenue, particularly in Europe. The company has seen growing demand for travel in the U.S., however, with particular interest in rentals in beach and mountain locations. Bookings in cities, which were a strength before the pandemic, have not recovered.

Cancellations have eased from 2020 but remain higher than before the pandemic, although company officials gave no figures.

CEO Brian Chesky predicted that even after the pandemic more people will work outside central offices, providing a ready supply of future guests. He said 24% of Airbnb customers now book stays of at least 28 days, compared with 14% before the pandemic, which he suggested would give home-sharing an advantage over hotels.

“The longer you stay somewhere, the more you are inclined to stay in a home,” he said on a call with analysts.

Airbnb’s first-quarter results were hurt by losses related to debt repayment and an adjustment in the value of stock warrants issued in connection with money it borrowed last year during the depths of the pandemic downturn in travel.

The loss equaled $1.95 per share. Wall Street expected a loss of $717 million, or $1.07 per share, according to a FactSet survey of 27 analysts.

Airbnb’s revenue rose 5% from a year ago and 6% over the same quarter in 2019, to $887 million. That topped the analysts’ forecast of $721 million.

The value of new bookings recorded in the quarter jumped to $10.3 billion, up from $6.8 billion a year earlier and more than $4 billion higher than in the fourth quarter of 2020.

Airbnb released the results after a day in which the shares fell 3.2% in regular trading. They fell less than 1% in extended trading.

The shares have fallen 37% since their Feb. 11 peak, dropping below where they closed after their stock market debut on Dec. 10.

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Global Travel Vaccines Market Report 2021: Market Reached a Value of $2.94 Billion in 2020


Bloomberg

China’s $87 Billion Electric-Car Giant Hasn’t Sold a Vehicle Yet

(Bloomberg) — China Evergrande New Energy Vehicle Group Ltd.’s expansive pop-up showroom sits at the heart of Shanghai’s National Exhibition and Convention Center. With nine models on display, it’s hard to miss. The electric car upstart has one of the biggest booths at China’s 2021 Auto Show, which starts Monday, opposite storied German automaker BMW AG. Yet its bold presence belies an uncomfortable truth — Evergrande hasn’t sold a single car under its own brand.China’s largest property developer has an array of investments outside of real estate, from soccer clubs to retirement villages. But it’s the recent entry into electric cars that’s captured investors’ imaginations. Shareholders have pushed Evergrande NEV’s Hong Kong-listed stock up more than 1,000% over the past 12 months, allowing it to raise billions of dollars in fresh capital. It now has a market value of $87 billion, greater than Ford Motor Co. and General Motors Co.Such exuberance over an automaker that has repeatedly pushed back forecasts for when it will mass produce a car is emblematic of the froth that has been building in EVs over the past year, with investors plowing money into a rally that briefly made Elon Musk the world’s richest person and has some concerned about a bubble. Perhaps nowhere is that more evident than in China, home to the world’s biggest market for new energy cars, where a mind-boggling 400 EV manufacturers now jostle for consumers’ attention, led by a cabal of startups valued more than established auto players but which have yet to turn a profit.Evergrande NEV was a relatively late entrant to that scene.In March 2019, Hui Ka Yan, Evergrande’s chairman and one of China’s richest men, vowed to take on Musk and become the world’s biggest maker of EVs in three to five years. Tesla Inc.’s Model Y crossover had just had its global debut. In the two years since, Tesla has gained an enviable foothold in China, establishing its first factory outside the U.S. and delivering around 35,500 cars in March. Chinese rival Nio Inc. earlier this month reached a significant milestone when its 100,000th EV rolled off the production line, prompting Musk to tweet his congratulations.Read more: Nio, Xpeng Exude Optimism as EVs Boom: Shanghai Auto ShowDespite his lofty ambitions and Evergrande NEV’s rich valuation, Hui has repeatedly pushed back car-production targets. The tycoon’s coterie of rich friends, among others, have stumped up billions, but making cars — electric or otherwise — is hard, and hugely capital intensive. Nio’s gross margins only flipped into positive territory in mid-2020, after years of heavy losses and a lifeline from a municipal government.Speaking on an earnings call in late March after Evergrande NEV’s full-year loss for 2020 widened by a yawning 67%, Hui said the company planned to begin trial production at the end of this year, delayed from an original timeline of last September. Deliveries aren’t expected to start until some time in 2022. Expectations for annual production capacity of 500,000 to 1 million EVs by March 2022 were also pushed back until 2025. Still, the company issued a buoyant new forecast: 5 million cars a year by 2035. For comparison, global giant Volkswagen AG delivered 3.85 million units in China in 2020.It’s not just Evergrande’s delayed production schedule that’s raising eyebrows. A closer look under the company’s hood reveals practices that have industry veterans scratching their heads: from making selling apartments part of car executives’ KPIs, to attempting a model lineup that would be ambitious for even the most established automaker.‘Weird Company’“It’s a weird company,” said Bill Russo, the founder and chief executive officer of advisory firm Automobility Ltd. in Shanghai. “They’ve poured a lot of money in that hasn’t really returned anything, plus they’re entering an industry in which they have very limited understanding. And I’m not sure they’ve got the technological edge of Nio or Xpeng,” he said, referring to the New York-listed Chinese EV makers already deploying intelligent features in their cars, like laser-based navigation.A closer look at Evergrande NEV’s operations reveals the extent of its unorthodox approach. While it’s established three production bases — in Guangzhou, Tianjin in China’s north, and Shanghai — the company doesn’t have a general car assembly line up and running. Equipment and machinery is still being adjusted, according to people who have seen inside the factories but don’t want to be identified discussing confidential matters.In a response to questions from Bloomberg, Evergrande NEV said it was preparing machinery for trial production, and would be able to make “one car a minute” once full production is reached.The company is targeting mass production and delivery next year of four models — the Hengchi 5 and 6; the luxe Hengchi 1 (which will go up against Tesla’s Model S); and the Hengchi 3, according to people familiar with the matter. The company has told investors it aims to deliver 100,000 cars in 2022, one of the people said, roughly the number of units Nio, Xpeng Inc. and Li Auto Inc., the other U.S.-listed Chinese EV contender, delivered last year, combined.Its workers are also being asked to help sell real estate, the backbone of the Evergrande empire.New hires are required to undergo internal training and attend seminars that drill them on the company’s property history and have nothing to do with car making. In addition, employees from all departments, from production-line workers to back-office staff, are encouraged to promote the sale of apartments, whether through posting ads on social media or bringing relatives and friends along to sale centers to make them appear busy. Managerial-level staff even have their performance bonuses tied to such endeavors, people familiar with the measure said.Meanwhile, the ambitious targets have Evergrande NEV turning to outsourcing and skipping procedures seen as normal practice in the industry, people with knowledge of the situation say.While it’s hiring aggressively and recently scored Daniel Kirchert, a former BMW executive who co-founded EV startup Byton Ltd., the firm has contracted most of the design and R&D of its cars to overseas suppliers, some of the people said. Contracting out the majority of design and engineering work is an unusual approach for a company wanting to achieve such scale.14 Models At OnceOne of those companies is Canada’s Magna International Inc., which is leading the development of the Hengchi 1 and 3, one of the people said. Evergrande NEV has also teamed with Chinese tech giants Tencent Holdings Ltd. and Baidu Inc. to co-develop a software system for the Hengchi range. It will allow drivers to use a mobile app to instruct the car to drive via autopilot to a certain location and use artificial intelligence to switch on appliances at home while on the road, according to a statement last month.A spokesperson for Evergrande said it was working with international partners including Magna, EDAG Engineering Group AG and Austrian parts maker AVL List GmbH in developing “14 models simultaneously.” Representatives from Magna declined to comment. A Baidu spokesperson said the company had no further details to share, while a representative for Tencent said the software venture is with a related firm called Beijing Tinnove Technology Co. that operates independently. Tinnove didn’t respond to requests for comment.Rather than staggering model releases, Evergrande NEV appears to be rolling out every type of car all at once under its Hengchi brand, which sports a roaring gold lion on the badge and translates loosely to ‘unstoppable gallop.’ The nine models being launched span almost all major passenger vehicle segments from sedans to SUVS and multi-purpose vehicles. Prices will range from about 80,000 yuan ($12,000) to 600,000 yuan, although the final costs could change, a person familiar said.That’s a completely different product development strategy to EV pioneers like Tesla, which only has four models on offer. Nio and Xpeng have also chosen to focus on just a handful of marques, and even then are struggling to break into the black.“The market has proved the effectiveness of the ‘one product in vogue at one time’ strategy,” said Zhang Xiang, an automobile industry researcher at the North China University of Technology. “Evergrande is offering many products and expects a win. There’s a question mark over whether this will work.”Without any long-term carmaking nous, Evergrande has issued uncompromising directives to meet its latest production targets, according to the people. Two models, including the Hengchi 5, a compact SUV that rivals Xpeng’s G3, are targeting mass production in a little over 20 months. To hit that timing, certain industry procedures, like making mule cars, or testbed vehicles equipped with prototype components that require evaluation, may be skipped, people familiar with the situation said. Evergrande told Bloomberg it has entered a “sprint stage toward mass production.”As it is, Bloomberg could only find one instance where the Hengchi 5 has been showcased in public, in photos and grainy footage released by Evergrande in February as the cars drove around a snow-covered field in Inner Mongolia. The company’s shares surged to a record.Glossing over those steps is unusual, said Zhong Shi, a former automotive project manager turned independent analyst.“There’s a standard engineering process of product development, validation and verification, which includes several laboratory and road tests” in China and everywhere else, Zhong said. “It’s hard to compress that to shorter than three years.”While there’s no suggestion Evergrande’s approach violates any regulations, its stock-market run could be in for a reality check. After similarly hefty market gains, some EV startups in the U.S. that have yet to prove their viability as revenue-generating, profitable entities have lost their shine over the past few months amid concern about valuations and as established carmakers like VW move faster into EV fray.Read more: The End of Tesla’s Dominance May Be Closer Than It AppearsThe industry’s multi-billion dollar surge also hasn’t escaped Beijing’s attention. Evergrande NEV shares dipped lower last month after an editorial from the state-run Xinhua news agency highlighted concerns about how the EV sector is evolving. Of particular worry are companies that are shirking their responsibility to build quality cars, a blind race by local governments to attract EV projects, and high valuations by companies that have yet to deliver a single mass-produced car, according to the missive, which named Evergrande specifically in that regard. “The huge gap between production capacity and market value shows there is hype in the NEV market,” it said.Still, Evergrande NEV’s stock has gained 18% since then, buoyed by the outlook for China’s electric-car market. EVs currently account for about 5% of China’s annual car sales, BloombergNEF data show, with demand forecast to soar as the market matures and electric-car prices fall. EV sales in China may climb more than 50% this year alone, research firm Canalys said in a February report.With competition also on the rise, some outside Evergrande NEV’s loyal shareholder base remain skeptical.“The market is getting crowded but unless you have a preferred lane, there’s not much chance to win,” Automobility’s Russo said. “Maybe there’s some synergy with the property businesses but right now it’s an EV story, and a pretty expensive one.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.



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A $1.2 billion loss for Delta, but recovery is on the radar


Delta Air Lines says it lost $1.2 billion in the first quarter, but the airline thinks it can be profitable by late summer unless there’s a resurgence of COVID-19

Delta Air Lines lost $1.2 billion in the first quarter but executives said Thursday that the airline could be profitable by late summer if the budding recovery in air travel continues.

CEO Ed Bastian said Thursday that ticket sales have been stronger in the last two weeks than at any time since the pandemic hit the U.S. last year. Right now it’s mostly vacationers booking trips to mountains, beaches and resorts, but he expects business travel to come back by late summer or fall as more Americans are vaccinated against COVID-19.

“It’s clear that our business is turning the corner and we’re moving into an active recovery phase,” Bastian said in an interview. “We see the business continuing to improve as consumer confidence grows.”

Airlines are adding flights for the summer vacation season in the expectation that passengers will show up. American Airlines said Wednesday that it expects to run about 90% of its U.S. pre-pandemic schedule this summer.

The only threat Bastian sees to the recovery is a resurgence of the virus. Delta’s view – that it sees “a path to profitability in the September quarter” – assumes that the U.S. will reach so-called herd immunity and slow the spread of COVID-19 by late spring or early summer.

As bookings rise, Delta on May 1 will stop blocking middle seats, a policy it adopted in the early days of the pandemic to reassure nervous flyers. This week, the U.S. Centers for Disease Control and Prevention published a study estimating that leaving middle seats empty reduces the risk of COVID-19 transmission by up to 57%.

Airline industry officials faulted the study, which didn’t consider face masks and vaccinations, and Bastian said it will not cause Delta to reconsider selling every seat.

“We said all along we will sell those middle seats when customers are confident and comfortable sitting there, and the science has given us that confidence around the vaccinations,” he said. “What we’re seeing now in April is our planes are pretty full, so we need to sell those middle seats.”

Bastian said 75% of Delta’s corporate-account customers say they expect to be fully vaccinated by Memorial Day, and he believes that will set the stage for road warriors to begin returning in large numbers by late summer or early fall.

International travel will come back more slowly. Bastian said that if governments ease restrictions, travel between the U.S. and the United Kingdom could recover quickly, but significant travel to continental Europe, Asia and South America is probably six months to a year away.

U.S. airlines are looking to bounce back from the worst year in their history. Delta lost more than $12 billion in 2020, much of it in restructuring charges, but is recovering thanks in large part to more than $11 billion in federal pandemic-relief cash and loans.

Without the federal aid and other non-repeating items, Delta’s first-quarter loss would have been $2.9 billion. The adjusted loss was $3.55 per share. Wall Street expected Delta to lose $3.13 per share, according to a FactSet survey of 17 analysts.

Revenue fell 60% from a year ago, to $4.15 billion, topping analysts’ expectation of $3.94 billion.

Delta is the first U.S. airline to report results first-quarter results. All the others are expected to post losses too. Analysts believe that Allegiant Air, a smaller airline geared to leisure travel, will be the first sizeable U.S. carrier to turn a profit, but not until the second quarter.

Delta shares ticked higher before the opening bell.

———

David Koenig can be reached at www.twitter.com/airlinewriter





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Global $1,052.84 Billion Hotel and Other Travel Accommodation Markets, 2015-2020, 2020-2025F, 2030F


DUBLIN, April 6, 2021 /PRNewswire/ — The “Hotel and Other Travel Accommodation Global Market Report 2021: COVID-19 Impact and Recovery to 2030” report has been added to ResearchAndMarkets.com’s offering.

The global hotel and other travel accommodation market is expected to grow from $673.02 billion in 2020 to $801.9 billion in 2021 at a compound annual growth rate (CAGR) of 19.1%.

Hotel And Other Travel Accommodation Global Market Report 2021: COVID-19 Impact and Recovery to 2030 provides the strategists, marketers and senior management with the critical information they need to assess the global hotel and other travel accommodation market as it emerges from the COVID-19 shut down.

Major companies in the hotel and other travel accommodation market include Marriott International; Hilton Worldwide; Wyndham Corporation; Hyatt Hotels Corporation and Four Seasons Hotels & Resorts.

The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1052.84 billion in 2025 at a CAGR of 7%.

Asia Pacific was the largest region in the global hotel and other travel accommodation market, accounting for 37% of the market in 2020. North America was the second largest region accounting for 27% of the global hotel and other travel accommodation market. Africa was the smallest region in the global hotel and other travel accommodation market.

Hotels are using technologies that are transforming customer experiences. Some technologies are leading to great improvements and savings to the hotel and other travel accommodation market. The most significant trend in the accommodation industry is the use of near-field-communication (NFC) technology, infrared technologies, and robots.

NFC gives users the ability to exchange data between devices, making mobile payments an instant, secure process. Infrared sensors are used in hotels to address customer complaints involving housekeeping interruptions. Hotels are also using robots to deliver amenities to guest rooms and for other functional purposes. Hotel operators are investing in systems and technologies that can automate processes, cut costs and personalize the experience for guests.

The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the hotel and other travel accommodation market in 2020 as governments globally imposed restrictions on domestic and international travel limiting the need for services offered by these establishments.

However, it is expected that the hotel and other travel accommodation market will recover from the shock across the forecast period as it is a ‘black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.

Increasing use of social media and access to mass media is positively impacting the tourism and hotel industries. With tourists sharing their travel information, photographs and videos on social media platforms, people are increasingly becoming aware of the tourist destinations and recreational experiences offered by different countries around the world.

Key Topics Covered:

1. Executive Summary

2. Report Structure

3. Hotel And Other Travel Accommodation Market Characteristics
3.1. Market Definition
3.2. Key Segmentations

4. Hotel And Other Travel Accommodation Market Product Analysis
4.1. Leading Products/ Services
4.2. Key Features and Differentiators
4.3. Development Products

5. Hotel And Other Travel Accommodation Market Supply Chain
5.1. Supply Chain
5.2. Distribution
5.3. End Customers

6. Hotel And Other Travel Accommodation Market Customer Information
6.1. Customer Preferences
6.2. End Use Market Size and Growth

7. Hotel And Other Travel Accommodation Market Trends And Strategies

8. Impact Of COVID-19 On Hotel And Other Travel Accommodation

9. Hotel And Other Travel Accommodation Market Size And Growth
9.1. Market Size
9.2. Historic Market Growth, Value ($ Billion)
9.3. Forecast Market Growth, Value ($ Billion)

10. Hotel And Other Travel Accommodation Market Regional Analysis
10.1. Global Hotel And Other Travel Accommodation Market, 2020, By Region, Value ($ Billion)
10.2. Global Hotel And Other Travel Accommodation Market, 2015-2020, 2020-2025F, 2030F, Historic And Forecast, By Region
10.3. Global Hotel And Other Travel Accommodation Market, Growth And Market Share Comparison, By Region

11. Hotel And Other Travel Accommodation Market Segmentation
11.1. Global Hotel And Other Travel Accommodation Market, Segmentation By Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

  • Hotel And Motel
  • Casino Hotels
  • Bed And Breakfast Accommodation
  • All Other Traveler Accommodation

11.2. Global Hotel And Other Travel Accommodation Market, Segmentation By Mode of Booking, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

  • Online Bookings
  • Direct Bookings
  • Others

11.3. Global Hotel And Other Travel Accommodation Market, Segmentation By Application, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

  • Tourist Accomodation (Leisure)
  • Official Business (Professional)

11.4. Global Hotel And Other Travel Accommodation Market, Segmentation By Price Point, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

11.5. Global Hotel And Other Travel Accommodation Market, Segmentation By Ownership, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

12. Hotel And Other Travel Accommodation Market Metrics
12.1. Hotel And Other Travel Accommodation Market Size, Percentage Of GDP, 2015-2025, Global
12.2. Per Capita Average Hotel And Other Travel Accommodation Market Expenditure, 2015-2025, Global

Companies Mentioned

  • Marriott International
  • Hilton Worldwide
  • Wyndham Corporation
  • Hyatt Hotels Corporation
  • Four Seasons Hotels & Resorts

For more information about this report visit https://www.researchandmarkets.com/r/783x6r

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Research and Markets
Laura Wood, Senior Manager
[email protected]

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Egypt expects $1 billion in damages over stuck ship in Suez – Cowichan Valley Citizen


Egypt is expecting more than $1 billion in compensation after a cargo ship blocked the Suez Canal for nearly a week, according to the top canal official. He also warned the ship and its cargo will not be allowed leave Egypt if the issue of damages goes to court.

Lt. Gen. Ossama Rabei, head of the canal authority, said in a phone interview with a pro-government TV talk show on Wednesday that the amount takes into account the salvage operation, costs of stalled traffic, and lost transit fees for the week that the Ever Given had blocked the Suez Canal.

“It’s the country’s right,” Rabei said, without specifying who would be responsible for paying the compensation. He added that in the past, canal authorities and the ship’s owners have had a good relationship.

The massive cargo ship is currently in one of the canal’s holding lakes, where authorities and the ship’s managers say an investigation is ongoing.

On Thursday, the ship’s technical managers, Bernard Schulte Shipmanagement, said in an email to The Associated Press that the ship’s crew was co-operating with authorities in their investigation into what led to the vessel running aground. They said that Suez Canal Authority investigators have been given access to the Voyage Data Recorder, also known as a vessel’s black box.

Rabie also said that if an investigation went smoothly and the compensation amount was agreed on, then the ship could travel on without problems.

However, if the issue of compensation involved litigation, then the Ever Given and its some $3.5 billion worth of cargo would not be allowed to leave Egypt, he told the show’s host.

Litigation could be complex, since the vessel is owned by a Japanese firm, operated by a Taiwanese shipper, and flagged in Panama.

On Monday, a flotilla of tugboats helped by the tides, wrenched the Ever Given’s bulbous bow from the canal’s sandy bank, where it had been firmly lodged. The tugs then guided the Ever Given through the water after days of unsuccessful attempts to dislodge the colossus that had captivated the world, drawing scrutiny and social media ridicule.

The Ever Given had crashed into a bank of a single-lane stretch of the canal about 6 kilometres (3.7 miles) north of the southern entrance, near the city of Suez. That forced some ships to take the long, alternate route around the Cape of Good Hope at Africa’s southern tip — a 5,000-kilometre (3,100-mile) detour that costs ships hundreds of thousands of dollars in fuel and other costs. Others waited in place for the blockage to be over.

The unprecedented shutdown, which raised fears of extended delays, goods shortages and rising costs for consumers, added to strain on the shipping industry, already under pressure from the coronavirus pandemic.

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