Word: tourisme
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...last October (way above what most stocks are worth now) and says it will sell them when the markets eventually go up again. "We're hoping that these deals will never have to see the light of day again," says Hugh Riley, Secretary-General of the Caribbean Tourism Organization, the body representing the travel interests of 32 nations in the region. "It's unusual for the Caribbean to have to offer these kinds of deals. Nobody makes a profit when that happens...
Italy has taken a more traditional route by boosting advertising. In April, the national tourism board launched a $13 million initiative called "Italia Much More" that seeks to lure tourists from the U.S., Canada and Europe with television commercials replete with dramatic opera music and sweeping aerial shots of Italy's landscapes. "The crisis is tangible for everyone and Italy will suffer," says Matteo Marzotto, the head of the National Tourism Board. "We're in the middle...
That may sound dramatic but consider this: in 2008, Italy's tourism revenues fell by 5%, the first drop in seven years. The slump has already translated into a loss of $5.2 billion and at least 150,000 jobs...
...fallen by 40% against the euro and 65% against the dollar since its three major banks collapsed last October, the nation is betting on increased arrivals: this summer IcelandAir will open up new routes to nine cities in Europe and North America. And Visit Britain, the official U.K. tourism body, is running a $2.6 million ad campaign urging foreigners to "see more of Britain for less;" in December, the sterling fell to a record-low against the euro. "The pound isn't going to be this weak forever," says spokeswoman Hayley Senior. "It's about taking control of the moment...
...Boosting tourism, however, isn't merely about attracting foreign visitors: governments are also courting their own citizens. In China, local authorities have distributed domestic-travel coupons nationwide. In Wuhan, a city along the Yangtze River in central China, $146,000 worth of coupons were snatched up within 10 minutes at a promotional event, and the city has pledged more vouchers totalling $73 million. In Britain, it's estimated that 5 million more citizens will choose a "staycation" in the British Isles this year, rather than venturing to the pricey eurozone...