Word: europeanness
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...that activity reflects the grim prospects facing the industry next year. IATA expects the world's airlines to lose an additional $2.5 billion in 2009. Passenger traffic, it forecasts, will slide 3%, the first fall since 2001. Next year looks particularly bleak for European carriers. Having hedged more than U.S. rivals against the spiraling fuel costs earlier this year, European airlines - now locked in to fuel contracts - are less able to benefit from the steep slide in the price of oil in recent weeks. American carriers have also reacted quicker than European rivals when it comes to cutting back...
...incoming Administration will be grateful for last week's offer of help from Europe. Portugal has written to the U.S. offering to resettle up to 60 Guantánamo inmates who are not considered security risks, and Portuguese Foreign Minister Luís Amado wrote to his European counterparts urging them to join his country's effort to help the U.S. close down Guantánamo. "The time has come for the European Union to step forward," Amado said in his letter. "We should send a clear signal of our willingness to help the U.S. government in that regard, namely...
...Until now, it was not obvious how to resolve Guantánamo," says Tomas Valasek, director of foreign policy and defense at the London-based Centre for European Reform. "The Portuguese initiative neatly allows the U.S. to tie up the loose ends. It's brilliant: it allows the U.S. to do something it had always wanted it to do. It also makes the E.U. look proactive, showing it is not just waiting for the Obama Administration to come in and set the pace...
...there is a 75% increase in projects being stopped. But demand is falling quickly too. "There's [been] nothing like this in history, in terms of falling demand" says Bjorn Hanson an industry analyst with New York University's hotel school. With the strengthening dollar, hotels are losing the European traveler; slumping corporate profits mean conventions are seeing fewer attendees; and as the job picture worsens, family vacation travel is down...
...Reynié says there's another feature shared by virtually all European nations that also played a role in the Greek riots, and could inspire similar action elsewhere: The resentment of a relatively small generation being asked to finance the pensions of a huge wave of Baby-Boomers headed into retirement at the very time good jobs for well-educated young people are drying up. "This is a generation feeling it's being sacrificed for ones that came before it, and are looking at their economic and employment future with despair," Reynié says. "The situation is worse in southern...