From CNN Business, Hanna Ziady
Travel & Tourism Sector I’m Still Struggling To Recover Over a year in a coronavirus pandemic. It causes problems economic recovery.
up to date: EasyJet, a low-cost airline that flies between dozen of destinations in Europe, said on Tuesday less than half of its profitable July-September flight schedule is booked, compared to 65% at that point in 2019.
“Customers are currently booking near departure due to market conditions,” the company added in a statement. Comment from rival Jet2 earlier this month. According to easyJet, capacity in the summer is expected to only reach 60% of 2019 levels.
The spread of coronavirus cases related to delta mutants has led many governments to maintain travel restrictions and testing requirements while European and US vacationers want to return to heaven. It keeps many travelers at home and adds even more pain to the industry, which is essential for the pandemic to recover.
Look here: On Monday – the same day that most of the UK’s other pandemic-related restrictions were lifted – the US State Department raised the travel warning level ”.
Travel and tourism stocks tumbled as investors continued to reevaluate the risks delta flavors pose to the economy. American Airlines, United, and Delta all fell about 4 to 5%. Cruise operators Carnival, Royal Caribbean and Norway fell between 4% and 6% respectively as the global equity market slumped.
Before the pandemic, travel and tourism accounted for 10% of global GDP and a similar share of labor. According to the World Travel and Tourism Council, the industry’s economic contribution was halved last year and 62 million jobs lost.
Tariffs in 2021 are very important for countries in the poorest regions of the world that are heavily dependent on the global economy, especially for foreign visitors.
The United Nations Trade and Development Conference said last month that the collapse of international tourism could cost the world economy $ 2.4 trillion this year.
100-120 million direct tourism jobs are at stake, many of them owned by young people, women and infrequent workers.
Silver lining: Despite weak bookings, easyJet drew a positive balance on Tuesday. “We remain confident about travel demand this summer and fall as bookings have risen after the selective easing of travel restrictions,” the company said.
Insights for investors: Given the uncertainties that have clouded the outlook for this year’s trip, analysts are already looking for clues that airlines are most likely to emerge from the rubble of a pandemic.
“This summer marks a major return to heaven milestone, but in 2022, when travel resumes in earnest, the long-term winners and losers of the pandemic will be revealed,” said Hargreaves Slansdown. That is what analyst Laura Hoi said in a research note. on Tuesday. “I’m still not sure if the pandemic scars are dented. [EasyJet] Forever, ”she added.
Why Joe Biden Still Needs Ireland
One of President Joe Biden’s priorities is the historical review of global tax law. The 20 most powerful economies in the world take part. However, 5 million island states stand in the way.
Biden still needs Ireland, reports my CNN business colleague Julia Horowitz.
Details, details: With a corporate tax rate of just 12.5%, up from 21% in the US and 19% in the UK, the country has managed to attract hordes of global corporations for years. Facebook, Google and Apple have regional headquarters in Ireland, and pharmaceutical companies like Pfizer have built manufacturing centers.
Currently, 132 governments around the world have agreed a minimum corporate tax of at least 15% to ensure big companies pay a fair share, and Ireland is digging soon after.
“We did not reach this agreement,” Treasury Secretary Paschal Donohoe recently told the Irish media.
Political pressure could still force Irish leaders to forgive. However, the national opposition is highlighting the remaining obstacles as the government tries to translate public support for ambitious projects into concrete action. Ireland is believed to be working hard to see if Biden can get enough support in Washington.
Take a look at this room: even if Ireland finally signs it, EU legal experts think implementation in the bloc will be difficult. Gary Huffbauer, a non-resident senior fellow at the Peterson Institute for International Economics, said:
Women still suffer most from pandemic work
Disproportionate work and loss of income Woman suffers According to the International Labor Organization, she should withstand a pandemic.
UN authorities said in a new report released on Tuesday that 13 million fewer women will be employed this year compared to 2019, while male employment will return to 2019 levels.
“The inequality between women and men in the world of work, which has worsened during the Covid-19 pandemic, will continue in the near future,” added the ILO.
“Women’s employment growth is projected to exceed that of men in 2021, but it is still not enough to bring women back to pre-pandemic employment levels.”
Big blow: Between 2019 and 2020, women’s employment declined by 4.2% and 54 million worldwide, while men’s employment fell by 3%, or 60 million. ..
According to the ILO, women were harder hit because of the hardest hit sectors such as the hotel and restaurant industry and overrepresentation in manufacturing.
The organization said the government should invest in sectors that create important jobs for women, such as health, welfare and education.
Some good news: The coronavirus pandemic appears to have given an unexpected boost to a small but influential cohort of working women in India. Intermediate to advanced women have increased job opportunities last year, a domestic recruiter told my CNN business colleague Diksha Madhok.
Next
UBS and Philip Morris report gains ahead of the US market opening. Chipotle, Netflix and United Airlines will follow after the store closes.
Also today: Jeff Bezos Go to space ..
Tomorrow we introduce: Daimler, Coca-Cola, Harley-Davidson, Johnson & Johnson, Verizon, Whirlpool Earnings.
The CNN Wire
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This critical industry is still a major threat to recovery – KION546 Source link This critical industry is still a major threat to recovery – KION546