"The Vanuatu Government is now considering placing Air Vanuatu ... into voluntary administration," and Ernst & Young has been appointed to advise the government, the statement said. Air Vanuatu operates only four aircraft between the country's islands - which rely heavily on tourism - and to Australia, New Zealand and other South Pacific islands.
Accommodation companies in the first quarter have seen the demand for travel in regions outside of North America boost earnings as travel accelerates in Asia Pacific and Latin America. The company said it expects to see steady growth throughout 2024, spurred by travel demand centered around international events. Active listings on the platform grew 17 per cent year-over-year with Asia and Latin America leading the additions.
The moves follow a raft of actions in recent months to tighten the student visa rules as the lifting of COVID-19 restrictions in 2022 triggered a sudden influx of migrants, exacerbating pressure on an already tight rental market. English language requirements for student visas were increased in March and the government has been taking steps to end settings that allowed students to prolong their stay.
During China's Labour Day holiday last week, Laura Li, 28, and her cousin Diego Deng, 20, from northeastern Liaoning province, were among the younger visitors to Hong Kong who preferred to follow walking guides on social media rather than join tour groups or shop in luxury stores. The Chinese social media platform Xiaohongshu, also known as Little Red Book, is the must-have app for China's Generation Z - the 280 million people born between 1995 and 2010 - to explore Hong Kong neighbourhoods and offers travel tips to tourists.
"Given the Vrbo drag and the rate of acceleration in B2C thus far, we are lowering our full-year guidance to a range of mid- to high-single-digit top line growth, with margins relatively in line versus last year," said CEO Peter Kern. The company was expecting a boost in profits after the migration of its Vrbo vacation rentals brand to the Expedia platform, which allows travelers to book across Expedia's brands.
Travelers are flocking to international destinations in Asia and the Middle East as global air connectivity improves and drives up international travel demand, which is expected to remain strong this year even as demand for domestic travel in North America plateaus.
Major North American carriers are cashing in on a resurgence in big spending by corporate customers who have been largely absent from the post-pandemic travel boom. Executives at Air Canada's U.S. peers have also highlighted expectations for robust travel demand across both domestic and international routes in the upcoming summer season.
Travel of all kinds has rebounded since China lifted strict COVID control measures at the end of 2022, but consumer spending on those trips has failed to keep up, limiting the boost to the broader economy. China has set an economic growth target for 2024 of around 5 per cent , which many analysts say will be a challenge to achieve without much more stimulus.
International travel demand is expected to remain strong this year as global air connectivity increases and travelers flock to Asian and Middle Eastern destinations. "Our results in the first quarter highlight the resiliency of our asset-light business model and the strength of our brands," said CEO Anthony Capuano.
Tourism is a key driver of Portugal's economy, with all travel-linked revenues accounting for more than 15 per cent of gross domestic product in the country, famous for its sandy beaches, golf courses and historic sites. The sector has recovered from the COVID-19 pandemic much faster than most other countries.
The carriers are willing to give up 22 flights, to and from the Milan airport - where ITA is seen to have a dominant position - and are already in advanced negotiations with Easyjet to take those slots, the report added, citing four EU sources and reporting no comments from the companies involved.
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