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Boeing scraps 2019 financial forecast, halts share buybacks in wake of 737 MAX disaster

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World’s biggest aerospace corporation was forced to pull its full financial forecast for the current year due to unresolved issues surrounding Boeing’s once best-selling 737 MAX aircraft.


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Boeing also announced plans to pause share buybacks, citing “a challenging time for our customers, stakeholders and the company.”

“Across the company, we are focused on safety, returning the 737 MAX to service, and earning and re-earning the trust and confidence of customers, regulators and the flying public,” Boeing Chairman and CEO Dennis Muilenburg said in a statement.

The manufacturer had previously posted a report on the first-quarter earnings that managed to fall in line with analysts’ expectations, while its revenue was slightly less than projected. Boeing’s earning per share totaled the expected $3.16 from January through March, while the revenue amounted to $22.92 billion against $22.98 billion forecasted by London-based provider of financial markets data Refinitiv.

Boeing stressed that the previous guidance didn’t reflect the impact of two crashes of the company’s flagship planes, leading to the grounding of all 737 MAX 8 jets by global regulators, lawsuits from some air carriers and a decline in market value.

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According to the producer, more than 135 test and production flights of updated software for the 737 MAX have been carried out so far.

Boeing’s bestseller crashed on March 10 not far from the Ethiopian capital of Addis Ababa six minutes after takeoff on the way to Nairobi, Kenya. The tragedy, which killed 157 people, marked the second crash involving the same jet model in less than six months. In October, the same type of aircraft, operated by Indonesia’s Lion Air, crashed in the Java Sea shortly after takeoff, claiming the lives of 189 people.

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Mediterranean Resort & Hotel Real Estate Forum returns to Greece

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Now in its fifth year, the Mediterranean Resort & Hotel Real Estate Forum (MR&H) will return to Greece for the second year in succession this October. The event, hosted by Questex, is dedicated to the investment, development and operation of resorts and hotels within the Mediterranean region. This niche, but highly specialized area, comprises various elements; hotel, residential, marinas, health clubs, children’s activities, retail, sports facilities, F&B, all of which need to be carefully woven together with seamless operation to create a successful resort.

The conference will be held at the Hilton Athens on the 29-31st October 2019. A fitting venue for Hilton’s celebration of 100 years in hospitality and the continuation of the premise that the group was founded on; “travel can make the world a better place”.

The dynamic growth of tourism in Greece continues to boost investment activity throughout the country and throughout the wider Mediterranean region. Speaking at MIPIM last month, Secretary General for Tourism Policy and Development George Tziallas said; “Half of all funding under Greece’s 2016 development law has been channeled into tourism ventures, while more than 400 investment plans have been submitted in the last three years to the tourism ministry for approval.”

This statement is supported by data recently released by Horwath HTL during the International Hotel Investment Forum (IHIF) which revealed Greece is a prime investment opportunity for international hotel chains as only 1.7% of total units currently operate under an international brand. Results from the joint investor sentiment survey from Tranio and IHIF showed Greece listed as one of the European countries that is most attractive for hotel real estate investment.

Stakeholders from leading operators including Thomas Cook, Club Med and Nobu attend the event alongside investors from KSL, Starwood Capital Group and Dolphin Capital all recognizing the value of coming together as a collective to debate, converse and discuss.

Registration for MR&H 2019 is now open and delegate tickets can be purchased at the best value Early Bird rate until the end of May.

Enterprise Greece have pledged their continued support for MR&H and Grigoris Stergioulis, Chairman & CEO at Enterprise Greece said in relation to the ongoing collaboration; “Building on the success of the event last year, the positive working relationship with Questex and the significant opportunities that exist for investors in the Greek hotel market, we’re thrilled to once again partner with MR&H and look forward to welcoming the event to Greece for the second year.”

Alexi Khajavi, Managing Director of EMEA Hospitality + Travel Group, Questex said; “The tourism and hospitality prosperity that Greece is enjoying is leading to significant activity from serious investors and developers. As a conference host, our role is to facilitate these meetings, connections and interactions in an environment that is educational and energizing. With the continued support from Enterprise Greece, Hilton providing the setting, and amongst very encouraging industry data, we’re confident that MR&H will prove to be an event not to be missed for those currently active or keen to do business within the Mediterranean resort and hotel space”.

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Boat Charter Policy private stakeholder consultative meeting

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A consultative meeting with private sector stakeholders to discuss the revision of the tourism Boat Charter Policy was held on the 5th April 2019 at the International Conference Centre of Seychelles (ICCS).

The Meeting was chaired by the Principal Secretary for Tourism Mrs. Anne Lafortune and in attendance was the Director for Policy, Research, Monitoring and Evaluation Mrs. Bernice Senaratne, Director for Standards and Monitoring, Mr. Louis Desnousse, relevant government agencies and boat charter operators.

The aim of the consultation meeting was to present and discuss the proposed amended Boat charter policy which dates back to 2008 in order to collect the views and recommendations of the private sector, mainly boat charter operators who will need to abide by this policy.

During the meeting, it was unanimously agreed that Boat Charter businesses should be reserved to Seychellois including all assets.  The operators highlighted that by not allowing leasing of capital assets from foreigners, the charter businesses will remain free from foreign involvements. The Principal Secretary also assured the meeting that all 300 registered Boat Charter businesses are fully owned by Seychellois as per the Tourism Department’s records.

One of the main concerns raised by the Boat Charter Operators during the meeting was regarding the availability of qualified and skilled labour. According to the operators, graduates who qualify under ‘My first Job scheme’ do not have the required skills and training for the job. The Assistant Director of the Seychelles Maritime Academy (SMA), Captain Wilton Ernesta also present during the meeting explained that the Academy provides the necessary training for maritime based operations and as of this year they have adopted a new strategy to recruit and produce quality students as opposed to quantity by the year 2020.

The boat charter policy comprised of 11 policy statements which include ownership and investment in the charter business, Fleet size, Qualifications required, Conditions of Licence, Standards to be maintained, Environmental actions, Preservation of the Environment, Operators subjected to Integration policy , Information to be submitted to the relevant Authorities, Non-compliance and Emergency and Evacuation procedures.

The main recommendations submitted by the operators in the meeting were regarding the preservation of the environment statement, whereby they emphasized on the need for better infrastructure and facilities to support this policy. The example of introducing a black water pump out system for the disposal of waste was given in view that currently waste is being disposed in the sea. They will be unable to implement the policy requirements without the proper infrastructure in place. It was also recommended that a Boat charter association should be set up to facilitate dialogue and support the operators and the different activities of this sector.

The Tourism department will be taking into consideration all comments and issues raised during the meeting. The proposed draft will be amended and presented to the stakeholders in a follow up validation workshop.

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Tallest modular hotel in the world will be built in New York City

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The world’s tallest modular hotel – which will carry a brand of Marriott International – is on track to be stacked in late fall in New York City with prefabricated and pre-furnished guestrooms. Once erected over a 90-day period, the 360-foot-tall tower will represent a milestone for Marriott’s ongoing initiative to encourage hotel developers in North America to embrace modular for new construction projects. To be topped with a modular roof and modular rooftop bar, the world’s tallest modular hotel is expected to open in late 2020 as the AC Hotel New York NoMad.

“In North America, the construction process hasn’t changed significantly in 150 years and it’s ripe for innovation,” said Eric Jacobs, Marriott International, Chief Development Officer, North America, Select and Extended Stay Brands. “The world’s tallest modular hotel in one of the world’s greatest destinations will act as a game-changing symbol to ignite even greater interest in modular among the real estate and lending industries.”

Fully finished guest rooms

The 168-room, 26-story AC Hotel New York NoMad is scheduled to rise at 842 Sixth Avenue with prefabricated guestrooms arriving at the hotel site fully constructed, inside and out. Besides finished, painted walls, each “module” will contain a fully outfitted guest room – with beds, sheets, pillows, flooring and even toiletries. The hotel’s roof and rooftop bar are expected to be produced using modular construction, and its more customized public areas such as the restaurant and lobby are expected to be constructed using traditional methods.

Prefabrication is a process that Marriott has found typically reduces the construction timeline, curbs site waste and noise, and results in a higher-quality product produced with factory level precision. The time savings comes from the ability to perform two crucial functions simultaneously – building the public spaces on site while manufacturing the guest rooms offsite.

“This is the moment where modular construction takes center stage,” says Danny Forster, a leading modular building advocate whose firm, Danny Forster & Architecture, designed the project. As he explains it, “This hotel takes every advantage of off-site manufacturing, as you might expect. But it does so in a way that defies expectation. We wanted to demonstrate that modular building can do more than just harness the efficiencies of the factory. It can produce a graceful and iconic tower. And yes, it can do so at the rate of an entire floor a day.”

Marriott sees a modular future

Marriott, which has the largest pipeline of hotels in North America, began researching modular construction in 2014 to offset lengthening hotel construction times – a trend attributed to the nation’s building boom and resulting labor shortages. Since 2011, Marriott has seen the average time to build and open a hotel in North America increase by as much 50 percent, depending on factors such as location and size of property.

Since 2015, Marriott has been educating owners, franchisees, architects, lenders, consultants, general contractors and other stakeholders across the industry about the benefits of modular by hosting town halls, factory tours and stacking events. The company also worked with leading modular manufacturers to help them better understand the untapped demand that hotel development companies represent.

Since the launch of Marriott’s initiative, the company’s development partners in North America have opened 31 Marriott-brand hotels – all low-rise structures – that incorporate prefabricated guestrooms and/or bathrooms, including a Fairfield by Marriott Inn & Suites in Folsom, Calif.; a Courtyard by Marriott in Pullman, Wash., and three AC Hotels in Oklahoma City, Louisville, Ky., and Chapel Hill, N.C. To date, the largest Marriott-branded modular-built to open is the 354-room, dual-brand Courtyard and TownePlace Suites by Marriott property in Hawthorne, Calif., while the first to also incorporate a prefabricated elevator bank was the Fairfield by Marriott Inn & Suites in Prairie, Wisc. Later this year, a developer will start stacking the first modular-built Moxy hotel in the United States in downtown Oakland, Calif.

The company continues efforts to support developers interested in leveraging prefabrication, most recently launching modular versions of its prototypes for four of its higher-volume brands: Courtyard by Marriott, Fairfield by Marriott, SpringHill Suites by Marriott and TownePlace Suites by Marriott. Underscoring its commitment to igniting demand for modular construction, Marriott this year is offering an incentive to development companies that leverage prefabrication for guestroom construction.

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Solomon Islands dive operators to establish formal association

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A major step forward for the future promotion and development of the Solomon Islands dive tourism sector, the destination’s main dive operators have agreed to combine resources to create a formal representative body – Dive Operators Solomon Islands (DOSI).

The move follows a recent forum in Honiara facilitated by Strongim Bisnis, an Australian government initiative working in partnership with local companies and operators to promote business growth.

All participants unanimously agreed on the need for a formal association to champion issues affecting the local dive industry in relation to the overall growth of the tourism industry.

Forum attendees included Tulagi Dive, Raiders Hotel & Dive, Driftwood Solomon Islands, Biliki Cruises, Dive Munda/Solomon Islands Dive Expeditions, Yawana Dive, Dive Gizo and Uepi Island Resort

Gizo-based Sanbis Resort and Solomon Dive Adventures are also expected to become DOSI members.

Other stakeholders taking part included the Ministry of Culture & Tourism, Tourism Solomons, Solomon Airlines, and the Solomon Islands Chamber of Commerce & Industry.

Representatives from the Australian Department of Foreign Affairs & Trade and NZAid also attended.

Welcoming the development, Tourism CEO, Josefa ‘Jo’ Tuamoto underlined the important role a strong, united dive operators’ association can play in helping to shape the country’s tourism future.

“This has certainly been the case in several of our neighbouring destinations where dive operators have combined resources to form industry bodies and in the process taken action in helping to propel increased international visitation numbers,” Mr Tuamoto said.

“From our perspective, tourism is ever growing in importance as a key economical driver for the Solomon Islands and with international divers making up a large percentage of the 28,000 international visitors we host every year, we need to do all possible to ensure we maximise the opportunity.

“Having a strong, uniform voice with the ability to help raise and tackle pertinent issues affecting this key sector is timely.

“This voice in synch with stakeholders will enable us jointly to drive what has the potential to act as a very powerful industry lobby.”

The Solomon Islands is renowned as one of the world’s foremost dive locations.

Just last December the Solomons Islands was named one of the world’s top 10 dive destination’s in the prestigious annual ‘Dive Travel Awards’ conducted by the world’s largest dive publication, British-based Dive Magazine UK.

In 2017 CNN Travel ranked the Solomon Islands as one of its 10 best snorkelling locations.

The destination’s 992 islands and unspoilt coral reefs literally teem with huge numbers and unique varieties of marine life.

Add to this the dozens of WWII shipwrecks and downed aircraft that litter the seabed, so much so that in one area just a short journey from the country’s capital Honiara has been renamed ‘Iron Bottom Sound’.

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