Accor, the Paris-based operator of about 5,300 hotels globally, said on Thursday as hotel stays surpassed pre-pandemic levels for the first time in the second quarter across all regions and brands. The internationally exposed company has seen a recovery despite the absence of Chinese and Japanese outbound travelers. “We’ve been missing those Chinese travelers ever […]
(Reuters) -Europe's biggest hotel group Accor's shares sank more than 9% on Thursday after giving a disappointing 2022 profit outlook that overshadowed a big jump in half-year revenue. The company said it expected to report full-year core earnings (EBITDA) of more than 550 million euros ($561 million), compared with 22 million last year, after its second-quarter revenue per available room (RevPAR) exceeded pre-COVID levels for the first time. "We had expected more than 600 million euros given the strong recent data, so the guidance is either conservative on RevPAR (implied negative in H2) or factors in further cost or marketing pressure," analysts at Morgan Stanley said.
(Bloomberg) -- Russia faces yet another bond payment test this week, with just days remaining before it potentially slides into its first foreign default in a century. Interest transfers totaling almost $400 million are due Thursday and Friday.Most Read from BloombergJuul’s Vaping Products Are Ordered Off the Market in the USElon Musk Says New Tesla Plants Are ‘Money Furnaces’ Losing BillionsRecession Worries Boost Treasuries; Stocks Advance: Markets WrapThe World’s Bubbliest Housing Markets Are