Editor's Note: Some linked articles may be behind subscription paywalls.
1. US Paycheck Gains Surpass Inflation Rate
Paycheck gains among the U.S. workforce are beginning to run at a faster clip than inflation, which is increasing workers' spending power and giving the Federal Reserve leverage to raise interest rates in May, Bloomberg reports.
The latest report from the U.S. Bureau of Labor Statistics shows median weekly earnings of full-time wage and salary workers was 6.1% higher in the first quarter compared to the same period in 2022. Inflation was at 5.8%.
Meanwhile, in the United Kingdom, food prices are rising at the fastest rate in 45 years, BBC news reports.
"We have a plan, and if we're going to reduce that pressure on families, it's absolutely essential that we stick to that plan, and we see it through so that we halve inflation this year as the prime minister has promised," Chancellor Jeremy Hunt said.
2. China's May Day Holiday Bookings Rise
Overseas tour bookings for the upcoming May Day holiday in China, which runs from April 29 to May 3, are up 157% from the start of April, pointing to continued recovery in travel to Asian countries, Reuters reports, citing data from online travel firm Ctrip.
However, "the numbers remain far off pre-COVID levels with long-haul airfares soaring and not enough flights available," the news agency reports.
Popular domestic destinations for the holiday include Shanghai, Beijing, Nanjing, Chengdu, Xi'an, Hangzhou, Chongqing, Wuhan, Guangzhou and Changsha, Simple Flying reports.
3. Davidson's Thom Geshay Reflects on COVID Crisis
Speaking with Hotel News Now for its ongoing Pandemic Reflections series, Davidson Hospitality Group President and CEO Thom Geshay said he's thankful for how forgiving the people closest to him were while he was consumed with leading his company during the depths of the COVID-19 pandemic, Hotel News Now's Sean McCracken reports.
"Clearly, I was under a bit of stress," Geshay said. "I wasn't sure how the company would work out, wasn't sure what any day would hold. So I'm sure I wasn't at my best all the time. They understood that, and they supported that. And they were really understanding of the fact that I had to work 20 hours a day, seven days a week. They knew I was trying to make good, solid decisions for the family and the company."
4. Mohari Hospitality To Acquire Tao Group Hospitality
Mohari Hospitality, which invests in the luxury lifestyle and hospitality sectors, inked a deal valued at $550 million with Madison Square Garden Entertainment Corp. and additional third-party investors to acquire Tao Group Hospitality, Hotel News Now's Bryan Wroten reports.
"Tao Group has grown from an innovator in nightlife to a leader in premium lifestyle and hospitality," said J. Allen Smith, managing partner, Mohari, in the news release. "Its global footprint of more than 80 branded locations in over 20 markets and best-in-class management infrastructure speaks to the group's tremendous potential."
5. Emirates Expands Flights for Eid al-Fitr
With more than 110,000 passengers expected to travel with Duabi's Emirates during the Eid al-Fitr holiday season, the airline has added 38 flights across six Gulf Cooperation Cities, Arabian Business reports.
Some extra flights will operate from Wednesday to as late as May 31 depending on the location.
According to STR, CoStar's hospitality analytics firm, key markets in the Middle East are reporting a spike in hotel occupancy during the holiday.
“While typically slower during Ramadan, leisure travel within the Middle East is set to resume during Eid,” Kostas Nikolaidis, STR’s account executive, Middle East & Africa, said in a news release. “Many countries offer paid holidays for three to five days post-Ramadan, which is where we typically see spikes in occupancy. This year, however, Qatar announced an 11-day holiday, further extending the length of travel time available to celebrate the end of the Holy Month.”