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1. Borrowing in Pandemic Pushes US Debt Above $30 Trillion
Any notion that the U.S. could emerge from the pandemic largely unscathed financially has been ended with news from the U.S. Department of Treasury stating that as of Jan. 31, U.S. national debt exceeded $30 trillion for the first time, according to The Wall Street Journal.
The nation's debt grew by approximately $7 trillion since January 2020. Most of the government’s pandemic aid programs have ended, the newspaper reports. Maya MacGuineas, president of the nonpartisan Committee for a Responsible Federal Budget, said this “is the result of both borrowing for really important crises, most notably the COVID pandemic, but also trillions and trillions of borrowing for no reason other than politicians have stopped being willing to pay the bills.”
2. India Joins China in Unveiling Digital Currency
India has announced a proposal to tax cryptocurrency exchanges at 30%, effectively legitimizing the monetary form. At a budget speech on Feb. 1, the Indian minister of finance, Nirmala Sitharaman, also said legislation on the issuance of a digital form of the country’s rupee would be initialized using block-chain technology starting in its next financial year, according to newspaper The Indian Express.
With the move, India, the world’s second-largest country by population, would join the world’s largest, China, in fully accepting digital and cryptocurrency monetary forms. Circulating in Indian government circles is legislation regarding private cryptocurrencies, but no mention was made in yesterday’s speech.
3. Nordic Choice Exec Discusses Best Practices on Cyber Ransomware Attacks
Nordic Choice Hotels found that transparency, communication and partnerships are all essential to offset guest and staff concerns, financial repercussions and damaged reputation during and following a ransomware attack.
Speaking to Hotel News Now’s Terence Baker at last week’s Hospitality Sales & Marketing Association International Europe TV Event in Oslo, Kari Anna Fiskvik, vice president of information technology for Nordic Choice, said all manner of back-up best practices do help, but no one can be fully prepared for such a situation, thus having trusted partnerships with IT specialists is critical.
No guest data was compromised during the six-hour attack, Fiskvik said.
4. UK Unveils ‘Leveling Up' Plan To Boost Poorer Regions
The United Kingdom has unveiled its plans and strategies for the “leveling up” of the nation, a core element of the government’s 2019 election manifesto. Michael Gove, secretary of state for leveling up, housing and communities, said the proposals are about ending the postal code lottery.
"Our 12 new national leveling-up missions will drive real change in towns and cities across the U.K., so that where you live will no longer determine how far you can go,” he said.
The U.K. has long had a north-south divide, with most wealth being centered on London and Southeast England. The paper includes government efforts to boost infrastructure improvements, economic wealth and business productivity in the regions, to better balance financial wealth and to provide more political representation. Opposition politicians say the strategy contains no fresh thinking and no new money, according to the BBC.
5. Summit Hotel Properties Announces Retirement of COO Aniszewski
Summit Hotel Properties has announced the retirement of Craig Aniszewski, chief operating officer and executive vice president, on March 1, according to a news release. He has been with the Austin, Texas-based hotel real estate investment trust and its predecessor for 25 years, having joined in January 1997.
Before joining Summit, Aniszewski worked for more than a decade in operations and sales capacities with Marriott International.
As of Jan. 31, the REIT had a portfolio of 100 hotels, 61 of which are wholly owned, with a total of 15,051 guestrooms in 24 states, according to the news release.