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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.

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.

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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Dusit International makes its grand debut in Qatar

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With a view to capture major market share in Qatar’s hospitality sector, Dusit International, one of Thailand’s leading hotel and property development companies, is set to make its Qatar debut with the launch of Dusit Doha Hotel on 25 April 2019.

Located in the heart of Doha’s vibrant West Bay area, adjacent to the breezy Corniche, Dusit Doha Hotel is a five-star modern oasis only 20 minutes by car from Hamad International Airport, and just a five-minute walk from Doha Exhibition and Convention Centre, the City centre Mall and The Gate Mall, making it a perfect stopover for business and leisure travellers alike.

Designed to provide luxury experiences at excellent value, the full-service property comprises 261 well-appointed guestrooms and suites and 96 elegant apartments for short- and long-stay guests. Dusit’s unique brand of Thai-inspired gracious hospitality, honed and developed over more than 70 years, ensures guests can expect memorable, personalised service delivered with genuine care, warmth and respect. Rooms and suites at Dusit Doha Hotel are designed to provide the utmost in comfort and convenience, with expansive living areas ranging in size from 41 sq m for a Superior Room to 131 sq. m for a Suite. Apartments are available in one-to three-bedroom configurations and provide spacious living areas ranging from 95 to 193 sq. m.

Leisure and recreation facilities include a rooftop swimming pool, children’s pool, and a sundeck area offering panoramic views of West Bay. Guests will also find a wealth of dining outlets to choose from, including three restaurants, a classic French café, and a relaxing rooftop lounge.

Ready to welcome guests by the hotel’s opening date is Taste, a contemporary all-day dining restaurant serving tantalising dishes from around the globe and also hosting regular theme nights. This will soon be joined by Dusit’s signature Thai restaurant, Benjarong, which serves Royal Thai cuisine made using the finest local and imported ingredients.

Other upcoming outlets include Antoinette’s Café, bringing a taste of Europe to Doha via fresh French pastries and other baked treats, and The House, offering premium steaks and seafood.

Ideal for weddings, corporate meetings, and memorable social gatherings, the hotel also offers a versatile 574 sq. m ballroom which can accommodate up to 500 people. Spacious and bright with abundant natural light, this atmospheric venue features its own private terrace and can be divided into two smaller venues, each with a separate entrance.

Dusit’s signature Devarana Spa is also set to open at the hotel, offering a wide range of luxury massage therapies and wellness treatments conducted in elegant, private treatment rooms. Designed to promote maximum relaxation, the elegant spa will occupy the entire 29th floor of the hotel, offering separate male and female sections.

“A modern oasis for people to meet, dine, stay and relax, Dusit Doha Hotel delivers the ultimate in luxury and comfort for locals and international visitors alike,” said Mr Gerhard Stutz, Cluster General Manager, Dusit Doha Hotel. “Qatar is one of the fastest growing countries in terms of tourism, and its reputation as a destination of choice is only set to be cemented further when the FIFA World Cup is held here in 2022. As such, there could not have been a more opportune time to launch Dusit Doha Hotel. We now look forward to delighting guests with our unique brand of Thai-inspired gracious hospitality while positioning the hotel as the market leader in Doha.”

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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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China announces Great Wall “emergency repair” over next 5 years

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China’s government has formulated an emergency work plan to repair dilapidated sections of the Great Wall in the next five years, according to the municipal cultural heritage authorities.

The work plan has set 2,772 meters of the Great Wall and 17 towers as the priority for “emergency repair” over the next three years.

Beijing boasts a total length of 520.77 km of the Great Wall, which is more than 21,000 km long and traverses through 15 provinces and cities.

Since 2000, Beijing has earmarked 470 million yuan (70 million U.S. dollars) for the Great Wall protection fund.

In the next stage, the city has planned to comprehensively protect and develop the Great Wall Cultural Belt, with a total area of 4,929.29 square km, which includes both heritage protection and ecological conservation.

Shu Xiaofeng, director of the Beijing municipal administration of cultural heritage, said Beijing will make use of scientific and technological means, such as unmanned aerial vehicles and sensors, to protect and monitor the Great Wall, and carry out archaeological research.

He said the protection of the Great Wall is not only to protect the wall itself, but also to protect cultural relics along the cultural belt.

The Great Wall, a UNESCO World Heritage Site, consists of many interconnected walls, some dating back 2,000 years.

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Thomas Cook selling its travel business: Chinese investment fund interested

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Thomas Cook is the world’s oldest tour operator and was founded in Market Harborough in 1841 by businessman Thomas Cook. It started off with organized railway outings for members of the local temperance movement.

The travel company received approaches for parts of its business and the company as a whole, according to reports. The business put its airline up for sale in February and it said last month it would close 21 stores across the country and cut more than 300 jobs.

Chinese investment firm Fosun International could be a bidder for the company’s tour operating business, which runs a joint venture with Thomas Cook in China. It could be months before any formal offer is lodged, and there is no guarantee one will be made.

Thomas Cook now has annual sales of £9bn, 19 million customers a year and 22,000 staff operating in 16 countries.

In September, Thomas Cook said profits would be hit after the summer heat wave saw many take their holidays in the UK. It issued a second profit warning in November, when it said winter bookings were also down.

The shop closures will take the number of Thomas Cook outlets down to 566. It said a consultation with staff and unions had begun.

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