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1. US imposes tariffs on its three largest trading partners
The U.S. imposed tariffs Tuesday on its three largest trading partners, Canada, China and Mexico, which together “account for more than a third of the products brought into the U.S.,” according to The New York Times. The move likely will increase prices at the till for American consumers within the U.S. Canada and Mexico saw a 25% tariff added to its exports, while China saw a 10% tariff added to its exports, which is on top of another 10% imposed in February.
Canada and China hit back immediately, with China imposing tariffs of either 10% or 15% on a range of U.S. exports. The Asian country also said it is “halting the sale of Chinese goods to 15 American companies,” although those companies were not announced in full. Share prices around the world have seen falls following all these developments.
2. Rio Carnival hotel occupancy at almost 100%
Hotel occupancy in the Brazilian city of Rio de Janeiro for its annual Carnival celebrations from March 1-4 nearly reached 100%, according to HotéisRIO, the city’s hotel owners’ association. Agência Brasil reported the peak hotel occupancy during the four nights came in at 95.5%. It added the level was high due to Carnival being held in early March.
Agência Brasil said the annual festival is expected to generate 5.7 billion Brazilian reals ($941.7 million) for the city, with an estimated 8 million revelers coming to Rio.
3. Lower-income UK workers now entitled to 80% of pay when sick
The United Kingdom government has announced it plans to pass a law that would ensure 1 million low-pay employees would receive at least 80% of their normal pay if off work for legitimate illness and sickness. The BBC reported “currently, to qualify for statutory sick pay, [an employee] must have been ill for more than three days in a row and earn an average of at least £123 ($156) a week."
Liz Kendall, the government’s secretary of state for works and pensions, said “the new rate is good for workers and fair on businesses as part our plan to boost rights and make work pay, while delivering our plan for change.”
But the British Chambers of Commerce, while saying that the 80% rate is a “fair compromise,” also warned that “allowing sick pay from day one could lead to higher staff absenteeism that smaller firms could struggle to cope with," the news outlet reports.
4. By 2035, obesity could cost planet $4 trillion
In a paper funded by the Bill & Melinda Gates Foundation, The Lancet reports “assuming the continuation of historical trends, by 2050, we forecast that the total number of adults living with overweight and obesity will reach 3.8 billion … over half of the likely global adult population at that time.”
The report shined light not just on aspects of health, including “cardiovascular events” and cancer, but the financial ramifications of a global population that is getting larger. It added, “in 2019, the estimated total costs associated with obesity, including both direct and indirect costs, ranged from $3.19 billion in low-income countries to $1.33 trillion in high-income countries. Forecasts suggest that, by 2035, the obesity epidemic could lead to a 2.9% reduction in global gross domestic product, equating to a loss of $4 trillion.”
5. HR Group acquires peer German firm H-Hotels
On Feb. 27, Berlin-based HR Group announced it had acquired H-Hotels, which it described as “one of the largest privately managed hotel companies in Germany.” Founded in 1969, H-Hotels operates more than 60 hotels in Austria, France, Germany, Hungary and Switzerland under brands that include Hyperion Hotels, H4 Hotels, H2 Hotels and H+ Hotels. No price was announced.
The deal increases HR’s portfolio by approximately one-third. It already owns hotels managed by such firms as Accor, Wyndham Hotels & Resorts, Hyatt Hotels Corp., Hilton, Marriott International, Radisson Hotel Group and IHG Hotels & Resorts. HR is a partner with such institutional investors as Pandox AB, Deka Immobilien, DWS Asset Management and Union Investment.