Word: travel
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...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...
...chairs. In February, French Polynesia reported a 30% drop in year-on-year arrivals - tourist numbers are now at levels last seen in 1996 - while the number of tourists cruising between the islands of Bermuda, Antigua and Barbuda in 2008 sank by almost a fifth. The WTTC estimates the travel industry will contract by 3.5% this year and shed 10 million jobs...
...economies back on track. "What are governments trying to do in a recession? They're trying to create jobs," Lipman says. "They say, 'Let's bail out the car manufacturers, let's do something about the banks,' and they forget about the major opportunity they have with the travel sector...
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...
...swine flu cases rose on Friday - with 141 confirmed cases in the U.S., 397 in Mexico, including 16 deaths, and the first case confirmed in Asia - the strongly held consensus among health officials remains that borders should not be closed. (Americans are advised, however, to avoid nonessential travel to Mexico.) Grounding travel would do nothing to stave off a full-fledged pandemic and, despite any ill-considered advice from Vice President Joe Biden, there's no risk for a healthy person in the U.S. to take mass transportation, but the truth is that many travelers these days are still feeling...