recovery

A Leisure Travel Recovery Is Being Held Back By A Lack Of Standardized Testing And Foreign Entry Rules

The slow pace of development of a single global system for tracking and certifying the Covid-19 vaccination status of the world’s 7.8 billion people is delaying the beginning of a meaningful recovery of air travel demand.

No one is expecting business travel to begin recovering until late this year, and probably not even then. But the travel industry is desperately hoping to see the beginnings of a significant pickup in leisure-oriented travel this spring or summer. True, vacationers spend far less money on average than business travelers, but their typically huge numbers could help cash-starved travel

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Trip.com is ‘more confident than ever’ in China’s travel recovery

SINGAPORE — Online travel agency Trip.com is “more confident than ever” that China’s domestic tourism will recover in the long run, chief executive Jane Sun said on Thursday.

That’s despite fresh lockdowns in the country as new coronavirus cases emerge.

“In the long run, we are very optimistic about the recovery,” Sun told CNBC’s “Squawk Box Asia.” Trip.com is one of China’s largest online travel sites.

She said China saw “very strong recovery” during the country’s last holiday season in October and that it’s taking steps to administer vaccines in high risk areas.

Communities are also more experienced in identifying and isolating cases in order to control the virus, she said.

“With all these factors, we’re more confident than ever that in the long run, the domestic travel business will be recovering,” said Sun.

Local tourism in China bounced back when the virus situation stabilized, and September’s domestic flights grew

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China’s New Year travel restrictions slow, but don’t stop oil demand recovery

BEIJING/SINGAPORE (Reuters) – China’s efforts to keep people from travelling for Chinese New Year because of several clusters of COVID-19 infections are forcing analysts to revise first-quarter fuel demand estimates, but are not expected to derail its post-pandemic recovery.

FILE PHOTO: Travelers wearing face masks following the coronavirus disease (COVID-19) outbreak walk outside a railway station as the Spring Festival travel season begins ahead of the Chinese Lunar New Year, in Beijing, China, January 28, 2021. REUTERS/Carlos Garcia Rawlins

China’s Ministry of Transport has said passenger trips during the 40-day spring travel season could be down by 40% from the pre-pandemic levels of 2019. That has led analysts to cut forecasts for first-quarter oil demand by as much as 400,000 barrels per day (bpd) on the assumption this means less gasoline and jet fuel will be consumed.

It also likely points to a quarter-on-quarter drop in China’s oil use, according

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Wall Street ends higher on recovery hopes, Nasdaq hits another record

By Sinéad Carew

(Reuters) – Wall Street’s three major indexes closed higher on Tuesday as improving economic data and the prospect of more stimulus bolstered hopes of a swift recovery, while a jump in technology shares powered the Nasdaq to another record high.

While all the indexes pared gains late in the session to close below their peaks for the day, the Nasdaq managed to register its fifth record high close this month. Apple Inc provided the biggest boost followed by Amazon.com and Microsoft.

Data showed that the pace of contraction in the U.S. manufacturing and services sectors slowed in June as businesses reopened after lockdowns that started in mid-March.

Also, new home sales jumped 16.6% in May, blowing past estimates of a 2.9% rise.

“The cumulative effect of the economic data we’ve been seeing is helping to support the V-shaped rally we’ve had in stocks,” said Mark Luschini, chief

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