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1. Deadly earthquake hits Myanmar, Thailand
A 7.7-magnitude earthquake struck in central Myanmar on Friday, with nearly 150 people reported dead and dozens more missing, the New York Times reports. The effects of the earthquake were also felt in nearby cities in Thailand, specifically in Bangkok, where a skyscraper under construction collapsed.
An aftershock of magnitude 6.4 was recorded about 11 minutes after the initial earthquake.
"Buildings were left in ruins, and a doctor at Mandalay General Hospital said so many people had arrived for treatment that nurses had run out of cotton swabs and he had no place to stand. Dozens of patients from the hospital — the main medical facility in the city, which has more than a million people — were forced to flee to a nearby parking lot. Many were still hooked up to intravenous drips and oxygen tanks," the newspaper reports.
2. Canada-US air bookings down significantly
Data from aviation company OAG shows that advanced bookings between Canada and the U.S. are down more than 70% through the summer, Travel Weekly reports. Travel is down more than 75% year over year in April and down between 71.4% and 72.2% for each month from May through September.
"Future flight bookings between Canada and the U.S. have collapsed," OAG senior analyst John Grant wrote in a blog post on Wednesday. "Using forward booking data from a major [global distribution system] supplier, we've compared the total bookings held at this point last year with those recorded this week for the upcoming summer season. The decline is striking — bookings are down by over 70% in every month through to the end of September."
3. US hoteliers say summer demand dependent on market
As summer approaches, U.S. hoteliers say the demand outlook is dependent on the market and the hotel, HNN's Bryan Wroten reports. Overall sentiment is that demand will be similar to last year, but they're keeping an eye on international inbound demand and government travel pullback.
“I am concerned about a pretty dramatic drop-off from international travelers, and I think it’s something that the U.S. hospitality industry really needs to pay attention to and speak to, because they spend a lot of money,” Mary Beth Cutshall, chief growth officer at Vision Hospitality Group, said. “They come over for long stays. They definitely affect the economy of markets beyond the hotel.
4. Central London building to be converted into luxury hotel
A former NatWest building will be converted into a super-luxury hotel in central London adjacent to The Ritz London on Picadilly, The Standard reports.
Singaporean property billionaire Asok Kumar Hiranandani's Royal Group of Companies is investing about £110 million in the property. It acquired the building for £65 million in February.
The property, which will have 50 suites, is expected to open in 2026.
5. Americans increased spending in February
According to new data from the U.S. Department of Commerce, Americans increased their spending in the month of February while inflation remained stagnant, CNN reports. When excluding inflation, consumer spending grew by 0.4% in February, up from the 0.3% drop seen in February.
The Personal Consumption Expenditures price index increased 2.5% year over year in February, and prices rose 0.3% in the month, the same as in January.
The data "suggests that inflation still remains sticky, despite signs of softening in recent months," Robert Ruggirello, chief investment officer at Brave Eagle Wealth Management, wrote in a note. "While tariffs are likely to add a one-off shock to inflation, it remains very unclear on how long the tariffs will last, as it's very possible that a future trade deal leads to reduced or even no tariffs."