Planet DMC

News and tidbits from the travel industry

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Airlines Will Have to Wait Longer on Next Gen Boeing 777 Jet

Boeing has been developing the widebody jet, a new version of its popular 777 aircraft, since 2013 and at one expected to release it for airline use in 2020.David Shepardson (Reuters)

Airbnb Posts $1.2 Billion Loss and Turns Attention to Expected Supply-Demand Mismatch

Airbnb beat analysts’ expectation on revenue, which rose 5 percent in the first quarter to $887 million. While Airbnb was in positive territory in the first quarter in part because of its focus on short-term rentals, Expedia Group and Booking’s revenue plummeted 44 percent and and 50 percent, respectively.Dennis Schaal (Skift)

Air France-KLM Secures $4.7 Billion From French Government

The French government will convert a $3.55 billion loan extended to the group last year into a hybrid instrument and commit up to an additional $1.18 billion to a planned share issue, raising its stake in Air France-KLM to almost 30 percent.Laurence Frost and Dominique Vidalon (Reuters)

U.S. Airline Passenger Numbers Fall to 1985 Levels

The collapse in travel demand brought with it record losses. The six largest U.S. airlines racked up $43.8 billion in pre-tax losses in 2020.Edward Russell (Skift)

China’s Hotel Recovery Falls Off Rails Amid New Coronavirus Flare-Ups

China has had prior setbacks in its recovery, like a Beijing flare-up last summer. But the government typically responded with relatively quick, targeted lockdowns that were lifted after a couple weeks. The current surge is the worst flare-up seen in China since early last year and is a stark shift for a country widely seen as having best handled controlling the spread of the virus due to strong command from the central government.Cameron Sperance (Skift)

Airbnb Share Price More Than Doubles in First Day of Historic Public Debut

Given some of the headwinds in Airbnb’s future, the opening had a generous touch of unreality to it.Dennis Schaal (Skift)

Hard Truths From Singapore’s Reopening Gambits

What Singapore is doing with green lanes, bilateral and unilateral reopening is putting its chess pieces in position to regain its air hub status and attractiveness for investors and visitors alike. Its next chess piece is regaining its status as one of Asia’s top venues for international meetings, a market that contributes $2.8 billion (S$3.8 billion) to Singapore’s economy before the pandemic. This is beginning at home, where on Monday, 150 participants of the Singapore International Energy Week piloted a rapid or antigen test on-site. All tested negative. The result, valid for 24 hours, was delivered via mobile, which gained them the entry badge to the event. Antigen tests deliver results in minutes and are cheaper — said to be around $22 in Singapore — compared with a PCR test, which costs about $147 but is more accurate.Raini Hamdi (Skift)

British Airways CEO Alex Cruz Replaced by Aer Lingus Boss Sean Doyle

Analysts suggested that a number of high-profile blunders at BA under Cruz, including a data breach for which it was fined $230 million in 2019, and an IT failure in 2017 which left tens of thousands of passengers stranded, would not have helped his cause. Cruz was also at the helm last year when BA pilots went on strike for the first time, costing the airline more than 137 million euros.Sarah Young (Reuters)

A CEO’s Love Letter to Travel

As the final weeks of summer in the Northern Hemisphere race to a close, I can’t help but think of a travel season coming to an end with far too little travel having occurred.Arne Sorenson (Marriott)

What Would an IHG-Accor Merger Look Like Anyway?

The thing with the airline industry is profitability got quite low, and it needed to merge and consolidate. I don’t think we’re there in the hotel industry. It’s still possible for a good, small, single hotel to be profitable.Richard Clarke (Bernstein)

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