Half point images | Moment | Getty Images As news of several effective Covid-19 vaccines sheds some light at the end of the tunnel that is 2020, a besieged travel and tourism industry – one of the hardest hit by the pandemic – will begin soon to recover? but they warn that travel can take years to fully rebound and, regardless of when, will likely be different from before the pandemic. “News of a potential vaccine holds promise for travel in 2021,” said Julie Hall, spokesperson for AAA. “But… travelers need to focus on knowing the risks of travel and exposure here and now.” Brian O’Connell, analyst at InsuranceQuotes.com, takes an even more measured stance. “I’m just not optimistic about travel for the first half of 2021 – even though a vaccine is mass produced during that time,” he said. “Caution is the order of the day, as the vaccine will take months to be fully distributed in the United States and internationally.” Steve Hafner, CEO of Kayak.com, said “People are taking a more wait-and-see approach… until one of those Personal Finance Plus vaccines: Vacation travel bookings are falling behind, but bookings last minute could help if not shopping – just after pharmaceutical giant Pfizer announced 95% efficacy for its Covid vaccine on November 10. The next day searches increased 27% from the previous week, he said, but settled into a “smaller” 6% However, Hafner said the increase in searches was a good one. sign. “I am very optimistic that once these vaccines are distributed, people’s perceptions of travel will change to the positive,” he added. “I hope ul it comes in the second trimester [of 2021], touch wood, “Hafner said of a travel rebound.” If we’re really lucky, we’ll see it in the first quarter. “Would travel again with a proven vaccine. Meanwhile, 42% said the green light from public health officials would be enough.”[The] The promise of a highly effective vaccine is good news for the huge pent-up travel demand and should provide another reason for consumers to feel more confident in booking travel for 2021, “said Daniel Durazo, director of marketing. and communications at Allianz, he expected luxury and experiential travel to be popular next year, as consumers look to book so-called revenge travel following all of this year’s canceled plans. “may prompt some to book sooner rather than later,” she said. “They are ready to travel,” Shon said of vacationers. “Interestingly, more than half of Americans have stayed in a hotel yet. or a vacation rental despite what happens. – but obviously with increased security measures in place. ”If mass vaccination is underway, personal safety practices such as Social ciation might fade away, Shon added, although she predicts consumer demand for a “OCD cleaning level” at travel establishments for some time. “I think people are aware that these things may not have happened before, and that they should happen regardless of a pandemic or not.” Namely, an October survey by Tripadvisor and Phocuswright found that 63% of travelers said they were more likely to consider a hotel’s health and safety practices before booking than they do. Before the pandemic, Kayak Hafner believes changes in the way travel products are delivered will prove to be more sustainable than individual travelers’ behavior. “I think [travel] “There will be a return to equilibrium, if you will, but there may be a shift,” he added, in what types of travel consumers to choose. Hafner predicts a shift towards local stays, road trips, last-minute bookings, longer stays and increased use of non-hotel accommodation – at least for the next 12-18 months. What can be permanent is the way travel agencies and destinations deliver this product. . “The role of technology accelerates as Covid accelerates, its adoption has really changed a lot, not just in travel but in hospitality in general,” Hafner said. “The whole notion of touching dirty menus or interacting with airport kiosks, I think it’s all gone in the rearview mirror and people aren’t going to go back there.” For its part, Kayak – which was laid off at one point 25% of its workforce and saw its activity fall by 60% year on year – has refined its online offerings. The online agency featured and highlighted road travel itineraries, non-hotel accommodation options, and information on flight flexibility and international Covid-19 restrictions and regulations. “Our services have never been better,” he said. “I am really proud of how we have innovated this year.” .
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Tag Archives: economic news
TABLE – Pakistan’s foreign reserves increased $ 484 million to $ 13,415.5 in the week ended November 20 | Instant News
KARACHI, Pakistan, Nov 26 (Reuters) - Pakistan's foreign
exchange reserves increase $484 million to $13,415.5 million in
the week ending Nov 20, compared to $12,931.2 million in the
previous week, central bank said on Thursday.
RESERVES Week ending Previous Week Change/pct
($ billions) Nov 20
Held by the State $13,415.5 mln $12,931.2 mln 3.7
Bank of Pakistan
Held by $7,136.9 mln $7,154.4 mln -0.2
commercial banks
Total $20,552.4 mln $20,085.6 mln 2.3
During week ending November 20, State Bank reserves
increased by $484 million due to official inflows, central bank
statement said on Thursday.
(Reporting by Syed Raza Hassan)
The opposition swings behind the Italian government, supporting the additional spending of COVID | Instant News
* Parliament approves an 8 billion euro stimulus package
* Berlusconi played a key role in opposition support
* Voting took place after the government supported Mediaset in the Vivendi dispute
ROME, November 26 (Reuters) – Italy’s opposition parties on Thursday unexpectedly backed a government request to raise more money to cover additional measures aimed at protecting the economy from the damage caused by the coronavirus.
That support means the authorization needed to borrow another 8 billion euros ($ 9.5 billion) flows through both houses of parliament to relieve Prime Minister Giuseppe Conte.
“The vote … bodes very well at a very difficult time for this country,” Conte said in a statement. “A constructive approach has prevailed among the opposition.”
Italy is the first Western country to hit the coronavirus and is struggling to contain a ferocious second wave, which has pushed the overall death toll to 52,850 – Europe’s second highest after Britain.
The opposition was corrected by former prime minister Silvio Berlusconi, head of Forza Italia, forcing his partners in the far-right League and Brothers of Italy parties to line up to prevent their alliance from fracturing in public.
Berlusconi said he supported the request out of a “deep sense of responsibility” to the nation.
The vote came just a day after parliament approved a government bill that would help broadcaster Mediaset – controlled by the Berlusconi family – in a protracted legal dispute with French media giant Vivendi.
The League and Brothers of Italy both harshly criticized the government’s handling of the health emergency, saying self-employed workers and small businesses had not received enough help to survive.
After meeting with Berlusconi earlier this week, they thought they had a deal to abstain from Thursday’s vote, but the Forza Italia leader later changed his position, saying the government had accepted a request for the right to allocate more funds to self-employed.
To avoid a potentially embarrassing split, League leaders Matteo Salvini and Giorgia Meloni, head of the Brothers of Italy, ordered their lawmakers to follow.
“We are ready to vote yes, after the government informally accepts our proposal,” Salvini and Meloni said in a joint statement.
Earlier this month Italian newspapers reported that Berlusconi was considering breaking away from his allies and offering Conte more permanent parliamentary support. He denied it.
Reporting by Angelo Amante and Giuseppe Fonte
UPDATE 1-Brazil’s stable currency to ease inflationary pressures, said the head of cenbank | Instant News
(Adding details, quotes, graphics)
BRASILIA, Nov 26 (Reuters) – Brazil’s currency appears to have stopped weakening and is now stabilizing, suggesting the upward pressure on inflation from this year’s persistently weak exchange rate will disappear, Roberto Campos Neto, president of the central bank, said on Thursday. .
In an online interview with media outlet MyNews, Campos Neto said the central bank is taking a longer-term view on inflation, and there is little to suggest long-term price pressures have changed much or inflation will exceed the bank’s target next year.
“We see that the exchange rate has stopped (weakened), or has been at this level for some time, so we think this effect (on inflation) will weaken,” said Campos Neto.
The Brazilian real has become one of the worst performing currencies in the world this year, falling nearly 30% against the dollar due to record low interest rates and uncertainty surrounding the government’s fiscal stability.
This, along with rising food prices and strong consumer demand thanks to the government’s emergency aid payments, has pushed inflation to the point where many economists now say the central bank will start raising interest rates early next year than they previously expected.
The real fell as low as 6.00 per dollar earlier this year but has recovered, and is now testing a key technical level on the 200-day moving average.
Campos Neto said the central bank is not looking at daily inflation, but is taking a longer-term view.
“It’s not just the central bank that thinks long-term inflation expectations won’t increase. The market doesn’t think so either. It’s important to show this, “he said.
The central bank’s official inflation targets for this year, next year and 2022 are 4.00%, 3.75% and 3.50%, respectively. According to the central bank’s latest weekly survey of economists, inflation will fall this year and next year, reaching 3.50% by 2022.
But producer price inflation data on Thursday showed upward pressure remained strong, with factory gate prices in October rising at a record monthly 3.4%.
Reporting by Jamie McGeever and Marcela Ayres; Edited by Toby Chopra and Paul Simao
Merkel says Germany cannot provide COVID-19 economic assistance during winter – Bild | Instant News
BERLIN, November 25 (Reuters) – Germany will not be able to maintain its financial lifeline for businesses forced to shut down by the coronavirus pandemic throughout the winter, Chancellor Angela Merkel told state leaders on Wednesday, Bild newspaper reported.
The government expects economic assistance for businesses to amount to 10-15 billion euros ($ 12-18 billion) in November and sources estimate the additional costs for December could be around 15-20 billion euros. ($ 1 = 0.8401 euros) (Reported by Joseph Nasr; Editing by Maria Sheahan)