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1. Trump wins US presidential election
Donald Trump won the U.S. presidential election for the second time, the first candidate to win non-consecutive presidential terms since Grover Cleveland and first convicted of a felony, the New York Times reports. He has promised to strengthen the southern border, enact tariffs and pull back from international conflicts.
“We overcame obstacles that nobody thought possible,” he said in his victory speech, adding that he would take office with an “unprecedented and powerful mandate.”
Republicans managed to flip enough seats to take control of the U.S. Senate, the Associated Press reports. As of press time, however, there are still more than 100 House races to be called before being able to determine whether Congress will be led by one party or split.
2. Chicago tourism board pushes new hotel tax
Choose Chicago is proposing a Tourism Improvement District that would raise the city's hotel tax to 18.9% for downtown hotels, the Chicago Sun-Times reports. At 17.4%, the city's hotel tax is already the highest in the country among convention cities.
The tax would add more than $50 million in the tourism board's annual revenue to market the city, the newspaper reports. The current annual budget is $29 million, putting Chicago last when compared to other major cities, such as Las Vegas with $457 million, Orlando with $116 million and San Diego with $57 million.
3. Apple REIT benefits from strong business travel demand
Apple Hospitality REIT executives pointed to better business and leisure travel demand for its gains in rate and revenue per available room, reports HNN's Trevor Simpson from the company's third-quarter 2024 earnings call.
CEO Justin Knight said improvements in business travel were "the primary driver of overall growth" for Apple REIT's portfolio. Leisure travel "has proven resilient" as well, he added. Trends across the portfolio are favorable, and they hope to drive midweek occupancy for further rate growth.
"We're in a better position than we have been to begin to mix-manage in ways that will more dramatically move rate midweek," he said.
4. US services sector hiring increased in October
The Institute for Supply Management's service-activity index rose to 56 in October, up from 54.9 in September, indicating growth in the services sector, the Wall Street Journal reports. It was the sector's fourth consecutive month of activity expansion.
The manufacturing sector weakened further in October, but overall 14 industries reported growth during the month, according to the newspaper.
5. Boeing union approves new contract
Boeing's largest union approved a new contract with 59% of membership endorsing the deal, the New York Times reports. The new contract will end a weekslong strike during which union members voted down two previous contract offers.
The new contract will raise pay more than 43% cumulatively for the next four years. The first contract offer included increases of more than 27%.
“While the past few months have been difficult for all of us, we are all part of the same team,” Boeing CEO Kelly Ortberg said. “We will only move forward by listening and working together.”