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1. UK economy sees slight dip to start the year
With analysts predicting an increase for January, the United Kingdom's economy instead contracted. The country's gross domestic product took a 0.1% dip in January, Reuters reports. According to the Office for National Statistics, the change is a result of "a sharp drop in industrial output compared with December."
In December, the U.K.'s economy expanded 0.4%, so January's dip only partially pulls back on that. Per a Reuters poll, the U.K. economy was expected to expand by 0.1%.
"The world has changed and across the globe we are feeling the consequences," Rachel Reeves, finance minister for the country, said in response to Friday's data.
2. Proposed alcohol tariffs would hit US wine business hard
The Trump administration has clapped back with a threat of a 200% tariff on European wines if the European Union moves forward with its planned 50% tariff on American whiskey, the Associated Press reported.
Experts in the industry said the alcohol tariff could double or triple prices on European wine, Champagne and spirits in the U.S. Jeff Zacharia, president of fine wine retailer Zachys in Port Chester, New York, told the AP that there's not enough U.S. wine to compensate for this disruption. He's stopped buying European wine until the outcome is more clear.
“This is just going to have a major negative impact on the whole U.S. wine industry in all aspects of it, including U.S. wineries,” he said.
3. Group demand to grow in 2025, experts say
According to hoteliers in the U.S., group demand will grow this year, thanks to increased demand from the tech, medical and healthcare industries and ongoing and expected construction activity.
"Technology, finance and professional services continue to drive strong engagement, and we’ve seen positive sentiment from corporate and association meeting planners," Mark Sergot, senior vice president of global sales at IHG Hotels & Resorts, told Hotel News Now.
Marriott International, Hilton and Hyatt Hotels Corp. all projected higher 2025 group bookings on their earnings calls in February. IHG Hotels & Resorts and Wyndham Hotels & Resorts, as well as resort specialist Peregrine Hospitality, also pointed to group sales on the upswing.
4. Spirit Airlines emerges from bankruptcy
After filing for bankruptcy in November, Spirit Aviation Holdings, the parent company of budget airline Spirit Airlines, said Wednesday it has exited Chapter 11 after finalizing debt restructuring. The AP reported the restructuring deal shows that Spirit is expected to convert $795 million of its debt into equity and has received a $350 million equity investment from existing investors.
Amid its bankruptcy, Spirit denied a handful of acquisition attempts from its rivals like JetBlue and Frontier, which bid for the airline three times, the latest of which was last month.
5. Father-son dispute at Singaporean real estate company resolves
A family feud that affected business at Singapore-based real estate investment firm City Developments Limited has settled, with both executives remaining in their leadership roles. HNN's Terence Baker reported in February that the firm halted trading its shares when executive chairman Kwek Leng Beng accused his son, CEO Sherman Kwek, and others of an “attempted coup” to control CDL’s board.
After the company temporarily suspended trading of its shares on the Singapore Exchange, CDL’s shares to drop 7% before trading resumed on March 3, according to Singaporean newspaper The Independent.
This week, CDL announced the dispute is now settled and its current directors remain on the board.