Word: price
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...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 on capacity. So while U.S. airlines account for most of the global industry's losses this year, IATA expects them to turn a profit in 2009. Losses in Europe...
...hotels are looking at other options: one is to cut services - closing gyms, shutting business centers earlier and no more 24-hour room service. Of course, this is easier for mid-price hotels to cut than luxury hotels, where customers expect a certain level of service...
...latest cut follows an October cut of 1.5 million barrels a day, which failed to arrest the downward slide in oil futures - prices have plunged a further 18% since November, deepening fears among oil-rich nations of an economic disaster at home. Whereas in July, with futures at a record high of $147 a barrel, the daily oil earnings for Opec's 11 members stood at $4 billion, this week, with oil hovering at around $43 a barrel, the cartel's combined daily earnings stood closer to $1.2 billion. Saudi Arabia's oil minister Ali Al-Naimi said last month...
...while such ideas may be gaining currency in the academic world, it could be years before oil producers, whose domestic economic arrangements depend on high prices, are prepared to cooperate with gas-guzzling consumers. "It's an idea which works in abstract, " says Priddy, but in reality, such cooperation is "absolutely impossible". So enjoy the pump price while you can, because oil markets are likely to remain unpredictable for the foreseeable future...
...Analysts, extrapolating to the pending post-holiday doldrums, when No One Will Buy Anything Ever Again, deemed this significant. If people stop buying stuff, that goes double for expensive stuff. And Apple occupies the premium space in the computing world. Jobs has famously and consistently refused to dance the price-cutting limbo with PC makers. As recently as October, he told analysts he wasn't "tremendously worried" that recession-wary customers would flock to $300 PCs. (See the top 10 iPhone applications...