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☆ California, other states seek recall of Hyundai, Kia vehicles over theft
▼ + stars: | 2023-04-20 | by ( Doyinsola Oladipo | ) www.reuters.com time to read: +2 min

Hyundai Motor Co (005380.KS) and Kia Corp (000270.KS) vehicles represent a large share of stolen cars in multiple U.S. cities, according to data from police and state officials. While most cars in recent years have been installed with industry standard anti-theft devices, the Korean automakers have no push-button ignitions and immobilizing anti-theft devices. Hyundai said its vehicles have engine immobilizers that prevent a vehicle from starting unless the correct key or fob is used, making it compliant with federal anti-theft requirements. "These specific models comply fully with all applicable federal standards, a recall is neither appropriate nor necessary under federal law," said Kia in a statement. U.S. theft claims were nearly twice as common for Hyundai and Kia vehicles compared with all other manufacturers among 2015-2019 model-year vehicles, the Insurance Institute for Highway Safety’s Highway Loss Data Institute said last year.

☆ Las Vegas Sands results beat Wall Street estimates
▼ + stars: | 2023-04-19 | by ( Doyinsola Oladipo | ) www.reuters.com time to read: +1 min

NEW YORK, April 19 (Reuters) - Las Vegas Sands Corp (LVS.N) on Wednesday reported quarterly revenue that surpassed Wall Street estimates due to recovery in mass gaming and tenant sales. The Las Vegas-based casino operator said traffic is rebounding in Singapore and Macao, and it expects further improvement in travel and tourism spending from China as airline capacity rebounds. "While travel restrictions and reduced visitation continued to impact our financial performance during the quarter, a robust recovery in travel and tourism spending across our markets is now underway," said Robert G. Goldstein, Las Vegas Sands chief executive officer. Las Vegas Sands earned an adjusted 19 cents per share in the quarter, compared with analysts' expectations for 20 cents per share, according to Refinitiv data. Reporting by Doyinsola Oladipo in New York; Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

April 6 (Reuters) - Shares of Airbnb Inc (ABNB.O) fell as much as 6% on Thursday after an online independent publication released a report that probed unpleasant experiences that customers had during stays booked through the short-term rental platform. The company's shares were last down 5% in afternoon trading. Nights and experiences booked rose 20% from a year earlier but missed analysts' estimates. Last month, a fire broke out in a building in Montreal being used by long-term residents and short-term guests who booked lodgings through Airbnb. Some of the company's top professional hosts have cut out Airbnb and built their own booking platforms and are offering cheaper deals.

☆ Millennial and Gen Z travelers have bigger budgets but seek deals, Hopper app says
▼ + stars: | 2023-04-06 | by ( Doyinsola Oladipo | ) www.reuters.com time to read: +2 min

REUTERS/Eduardo MunozNEW YORK, April 6 (Reuters) - Most Millennial and Generation Z travelers are planning bigger 2023 travel budgets but also growing more cost-conscious when booking flights and hotel accommodations, according to travel booking app Hopper. Some 84% of Hopper users, primarily Millennial and Gen Z travelers, plan to spend more on travel in 2023, according to the company's 2023 Travel Trends Report which surveyed 1,500 Hopper users. About 70% of Hopper users are between ages 18 and 35. "It's not to say that Millennial and Gen Z travelers just have unlimited budgets and they're spending all their money on travel," said Hopper economist, Hayley Berg. Although Millennial and Gen Z travelers booked in 2019 travel earlier than the rest of the population, they are growing more averse to booking, the company added.

☆ Expedia Group launches in-app feature powered by ChatGPT
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: 1 min

NEW YORK, April 4 (Reuters) - Online travel booking company Expedia Group Inc (EXPE.O) said on Tuesday it launched an in-app feature powered by OpenAI’s ChatGPT for users to start conversations and receive hotel, flight and destination recommendations. Expedia and Booking Holdings Inc's (BKNG.O) Kayak are among the first travel companies to integrate generative artificial intelligence with travel search as the industry seeks ways to make travel planning easier. The Vrbo and Hotels.com operator said the feature will also automatically save recommendations. “We can now offer travelers an even more intuitive way to build their perfect trip,” said Expedia Group CEO Peter Kern. Reporting by Doyinsola Oladipo in New YorkOur Standards: The Thomson Reuters Trust Principles.

March 27 (Reuters) - Cruise operator Carnival Corp (CCL.N), (CCL.L) on Monday reported a smaller-than-expected quarterly loss and beat estimates for revenue, helped by resilient demand for leisure travel, higher ticket prices and strong on-board spending. Carnival also benefited from easing of on-board COVID-19 protocols that ensured strong spending in casinos and spas. On-board and other revenue came in at $1.56 billion and accounted for 35% of the total revenue in the first quarter. The company posted an adjusted net loss of 55 cents per share in the quarter, compared with estimates of a loss of 60 cents per share, according to Refinitiv. The company expects an annual loss between 28 cents per share and 44 cents per share, compared with estimates of a loss of 8 cents.

Jekta's electric-motor PHA-ZE 100 will generate zero emissions, according to the company. Gayo intends to use the planes for sustainable luxury travel and transport to remote areas, Gayo Chairman Gisle Dueland told Reuters. United Airlines (UAL.O) and Air Canada (AC.TO) have both said they would buy electric planes from Swedish start-up Heart Aerospace. United Nations Secretary General Antonio Guterres on Monday urged developed countries to commit to reaching net zero emissions by 2040 instead of 2050. Carbon dioxide emissions from tourism are expected to grow 25% by 2030 from 2016 levels if there are no changes, according to the U.N. World Tourism Organization.

Online searches by Americans for flights to Europe trips are surging despite soaring air fares, a worsening economic outlook and risks of gridlock at some of the airports in Europe. The travel boom is promising record profit margins at some U.S. carriers, which are ramping up transatlantic capacity to cash in on Americans' thirst for travel to Europe. Travel website Kayak said searches for travel to Europe this summer are up 77% from last year. There is still untapped travel demand for Europe even after a busy summer last year, said Hayley Berg, lead economist at Hopper. Average fare for a round-trip flight to Europe, meanwhile, has risen 31% from last year, Hopper data shows.

☆ On the precipice: How Credit Suisse's day of drama unfolded
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +5 min

Fifteen years later, Credit Suisse Group AG found itself on a similar precipice. By the time traders in New York were switching on screens on Wednesday, Credit Suisse had lost more than a fifth of its value. Credit Suisse did not comment for this story but noted recent interviews given by its CEO saying the bank was strong. STILL SMOLDERINGMarkets seemed to calm, but the fresh drama around Credit Suisse jogged memories that the financial system was not out of the woods yet. "We welcome the statement of support," Credit Suisse said.

Approximately 0.5% of Etsy's active sellers -or around 2,700 merchants- had their payments delayed on Friday related to SVB's collapse, according to Etsy. The payments Etsy sellers received is unrelated to the Federal Reserve's Sunday announcement, which ensured that SVB's customers would have access to their funds on Monday. Shopify has temporarily paused payments to its merchants who receive payments to SVB accounts. These online sellers must update their bank accounts that have no connections with SVB to resume getting payments. Switching bank accounts can pose a problem for sellers whose sole business account was with SVB.

The city of Phoenix's aviation department, which runs the Phoenix Sky Harbor International Airport, has launched a childcare program for airport workers and plans to build a childcare facility on airport property. Since its launch, 37 airport workers have joined the program, which covers daycare costs partially. At Kelowna International Airport in British Columbia, Canada, construction is underway for a daycare primarily for children of employees who work on airport property. Cincinnati/Northern Kentucky International Airport is similarly weighing offering childcare on-site or nearby in a bid to offer attractive benefits to workers, said airport spokesperson Mindy Kershner. And then there are others - like Jared Barker, a 33-year-old baggage handler at Minneapolis–Saint Paul International Airport who quit and left the industry altogether last year after mass departures during the pandemic led to a heavier workload.

☆ U.S. travel companies experience high demand but economic worries cloud outlook
▼ + stars: | 2023-02-24 | by ( Doyinsola Oladipo | ) www.reuters.com time to read: +3 min

NEW YORK, Feb 24 (Reuters) - Fears of recession and the impact of inflation on consumer budgets could curb a rebound in travel demand reported by U.S. travel companies in the fourth quarter, although bookings are holding up so far this year, analysts said. U.S. travel spending in December 2022 totaled $97 billion, 3% above 2019 levels and 7% above 2021 levels, according to the U.S. Travel Association. The demand contrasts with declining home improvement sales and other discretionary purchases that have hurt furniture stores and retailers like Home Depot. International travel spurred demand growth for Airbnb and Marriott International Inc (MAR.O) in the fourth quarter. Group bookings are still down 15% compared to pre-pandemic levels, while headwinds in several industries continue to affect business travel, said Truist's Scholes.

☆ Booking Holdings says quarterly revenue up 36% on strong travel demand
▼ + stars: | 2023-02-23 | by ( Doyinsola Oladipo | ) www.reuters.com time to read: +1 min

NEW YORK, Feb 23 (Reuters) - Online travel agency Booking Holdings Inc (BKNG.O) reported a 36% year-over-year increase in fourth-quarter revenue on Thursday, aided by sustained travel demand. The Booking.com and KAYAK operator's revenue rose to $4 billion for the quarter, exceeding Wall Street's estimates for $3.89 billion in revenue, according to Refinitiv data. Gross bookings for the quarter rose 44% from the year-ago period to $27.3 billion, the company said. Booking Holdings said gross travel bookings for fiscal year 2022 increased 58% to $121.3 billion. Other U.S. travel companies including Booking's peer, vacation rental Airbnb Inc (ABNB.O), also reported strong fourth quarter results on sustained travel demand, despite economic concerns.

Feb 9 (Reuters) - Online travel booking company Expedia Group Inc (EXPE.O) missed Wall Street estimates for fourth-quarter profit on Thursday, hit by a spike in cancellations and bad weather near the end of the quarter. Travel demand has generally been strong throughout last year despite recession and inflation fears. Expedia posted revenue of $2.62 billion, missing Wall Street estimates of $2.7 billion. The company's quarterly adjusted profit was $1.26 per share, short of analysts' expectations of $1.67 per share, according to Refinitiv data. "They said last quarter that they're seeing evidence that they're getting better marketing ROI-wise, but it's not coming through in the numbers for us," he added.

☆ Expedia profit misses as severe weather weighs on holiday quarter, shares fall
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +1 min

Feb 9 (Reuters) - Online travel booking company Expedia Group Inc (EXPE.O) missed Wall Street estimates for fourth-quarter profit on Thursday, as severe weather conditions toward the end of the year hurt its business despite strong travel demand. "While our Q4 results were negatively impacted by severe weather, demand was otherwise strong and accelerating," Expedia Chief Executive Officer Peter Kern said in the company's earnings release. Expedia reported fourth-quarter adjusted profit of $1.26 per share for the quarter ended Dec. 31, short of estimates of $1.67 per share, according to Refinitiv data. Expedia's revenue of $2.62 billion missed Street estimates of $2.7 billion. Meanwhile, the Seattle-based company reported $20.5 billion in total gross bookings across its travel products including lodging and flights, up 17% a year prior.

The NYSE, which is owned by Intercontinental Exchange Inc (ICE.N), said a "system issue" prevented the opening auctions in a subset of its listed securities. The stocks began trading without an opening print, causing erroneous prices that the exchange said will be declared null and void. NYSE ended the day with a normal market close and expected a regular open on Wednesday, Blaugrund added. The NYSE-listed stocks trade on all 16 U.S. stock exchanges, which use the NYSE's prices. In March 2018, the NYSE was the first exchange fined under Reg SCI.

The NYSE, which is owned by Intercontinental Exchange Inc (ICE.N), said it was still investigating and that traders may want to consider filing for erroneous trade claims. "Obviously, there were a lot of stocks that had major issues," said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey. Saluzzi said there was "zero failure tolerance" among traders for glitches at the key open and close of trading. The NYSE-listed stocks trade on all 16 U.S. stock exchanges, which use the NYSE's prices. In March 2018, the NYSE was the first exchange fined under Reg SCI.

Airfares from China are now 160% higher than before the pandemic, data from travel firm ForwardKeys shows, due to limited supply. Since Jan. 4, Air China (601111.SS), Hainan Airlines (600221.SS) and China Southern Airlines (600029.SS) have filed schedules with the U.S. Department of Transportation proposing to increase flights to as much as daily on some routes. Foreign carriers seeking to add flights to China require approvals from the Civil Aviation Administration of China, which did not respond to a request for comment. However, other flights were paused as it assessed market demand and government regulations. Many Western airlines parked large planes when international traffic plunged and production of new twin-aisle jets has been limited.

FAA officials said a preliminary review traced the outage to a damaged database file, but added there was no evidence of a cyberattack and the investigation was continuing. FAA officials said they were working to "further pinpoint the causes" so the problem can be avoided in the future. One issue airlines are facing is trying to get planes in and out of crowded gates, which is causing further delays. He described confusion as airline employees and many passengers were initially unaware of the FAA's moves and flight delays. The U.S. Travel Association, which represents the travel industry including airlines, called the FAA system failure "catastrophic."

☆ U.S. regulators forwarding Southwest complaints as part of probe
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: +3 min

WASHINGTON, Jan 10 (Reuters) - The U.S. Transportation Department said on Tuesday it is forwarding thousands of consumer complaints stemming from Southwest Airlines' (LUV.N) massive December flight cancellations as part of its ongoing investigation. The Transportation Department said it is directing Southwest to provide substantive responses to all consumer complaints within 60 days, as required by federal regulations. Southwest said on Tuesday it is "making every effort" to refund and reimburse customers, and is now processing flight refund requests within an average of about three days. Southwest on Tuesday also launched a seasonal sale for fares as low as $49 for some one-way routes. REROUTED RIBEYESome Southwest customers remain upset.

In recent years, U.S. tech majors have stepped up hiring and made diversity, equity and inclusion (DEI) a priority. But as the industry grapples with over-hiring since mid-2020, rising interest rates and changes in business and consumer behavior, tech companies have announced deep cuts, risking their diversity efforts. The rare shakeup in big tech companies risks further disrupting diversity pledges that have already grown stagnant as companies de-emphasize DEI efforts. Equal Employment Opportunity data for 2008-2016, found that about 7% of tech firms are actively trying to diversify their workforce. This will disrupt diversity efforts even further, said Benjamin Juarez, a recruiting consultant and co-founder of Latinos in Tech.

☆ From wine to fishing tackle, retailers pray Advent calendars draw in shoppers
▼ + stars: | 2022-11-25 | by ( Doyinsola Oladipo | ) www.reuters.com time to read: +4 min

Dior is selling a $3,500 Advent calendar inside a wooden and cotton canvas box fashioned like its Paris boutique on Avenue Montaigne. For toddlers, Walmart sells the Baby Shark Advent Calendar, priced at $44.99. And for anglers, there's a $34.99 fishing tackle Advent calendar with life-like and color-changing soft baits at The Fishing Shop. Selfridges & Co has 128 Advent calendars priced from 4.99 to 623 pounds this season, more than double last year's offerings. The ALDI Holiday Magic Wine Advent Calendar includes 24 unique labels and 16 wine varieties from eight countries of origin for $59.99.

Others, like Target (TGT.N) and Barnes & Noble, sealed merchandise behind plexiglass or tethered it with steel cables to store shelves. One survey by the National Retail Federation (NRF) cited a 26.5% jump last year in "organized retail crime" carried out by groups of people. But it is unclear whether overall U.S. retail crime is on the rise, with little data available on the problem. Retailers rarely openly acknowledge the threat of theft or crime because they generally don't want to spook shoppers. "Along with other retailers, we've seen a significant increase in theft and organized retail crime across our business," Target CEO Brian Cornell told investors on a November 16 conference call.

Airlines are operating 13% fewer domestic flights during the eight-day Thanksgiving travel period compared with 2019, according to data by Cirium. While flight delays and cancellations marred U.S. summer travel, airlines say they are better prepared to handle the holiday travel rush for Thanksgiving, which occurs on the fourth Thursday in November. Federal officials say they have enough staffing to handle holiday travel as well. More than 1.4 million travelers are going out of town for Thanksgiving by bus, train or cruise ship, AAA estimates. The company this year received Thanksgiving travel bookings as early as June, three months earlier than in 2019.

☆ Airbnb says single-room listings jump amid cost-of-living crisis
▼ + stars: | 2022-11-16 | by ( Abhijith Ganapavaram | ) www.reuters.com time to read: +2 min

Nov 16 (Reuters) - Airbnb Inc (ABNB.O) said on Wednesday it had recorded a "disproportionate" 31% rise in single-room listings on its platform in the third quarter, as more people sought extra income in the face of a cost-of-living crisis. The company said property listings rose across regions, without disclosing specific numbers, and to aid the growth, it unveiled an app update on Wednesday to make the process easier. Some popular tourist destinations have, however, blamed the company for aggravating housing shortages, as landlords increasingly rent out properties to vacationers amid a surge in travel, rather than going for long-term tenants. It is also expanding its 'categories' feature, which will allow users to book vacations without entering a destination. Reporting by Abhijith Ganapavaram in Bengaluru and additional reporting by Doyinsola Oladipo in New York; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

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