Discover the top business headlines that are trending across the world today!
As per the annual report by the World Travel and Tourism Council (WTTC), driven by a surge in booking for hotels, flights, and cruises, the traveling industry will account for a record $1 out of every $10 spent globally in 2024. The travel and tourism sector’s contribution to the global economy will skyrocket further as individuals increasingly consider travel as an essential expense. According to WTTC predictions, the travel industry’s contribution to global GDP will soar by 12.1% year-over-year in 2024, getting as far as $11.1 trillion and making up to 10% of global GDP. This shift signals a 7.5% increase from the previous record in 2019. The economies of the US, China, and Germany are expected to chip in to travel spending, contributing to global GDP.
Amid the severe cost pressures that Volkswagen is facing from its Asian competitors, the premium automobile manufacturing company has considered the historic closure of its factories in Germany. VW’s work council said that one major vehicle assembly plant and a components factory are deemed obsolete now. Analysts have previously named Volkswagen's second-largest shareholder- the Lower Saxony, and plants in Osnabrück, Dresden, and Saxony as potential targets for closure. The Lower Saxony State countersigned the review on Monday. Furthermore, the company which employs around 680,000 individuals, has decided to bring an end to the long-standing job security program which has averted layoffs since its inception in 1994.
After a prolonged delay of two years, India’s leading MNC IT company has finally confirmed joining dates for more than 1,000 engineering graduates. As reported by The Economic Times, the joining date has been set for October 7th. The development comes following nearly 1,500 students from the April 2022 batch who raised concerns regarding their uncertain job status after receiving an offer letter and undergoing pre-training in July and August. Around 2,000 graduates since April 2022 faced delays in commencing their job roles as system engineers (SE) and digital SEs at Infosys. Individuals working in these positions are offered an annual salary ranging from Rs 3.2 lakh to Rs 3.7 lakh.
Retrieving some of the losses from the previous session, Rolls-Royce shares boomeranged on Tuesday. The surge in share prices came after Cathay Pacific reported certain technical problems with its Airbus A350 aircraft, resulting in numerous flight cancellations. This Airbus employs Rolls-Royce’s Trent XWB-97 engines. By the time the clock ticked 9:15 am, Rolls-Royce’s share prices went up by 4.4%, altering a 6.5% decline from Monday. As per the revelation by Cathay Pacific, a component failure disrupted the operations of 15 of its A350s, a model that is flown by popular airlines like Qatar Airways, British Airways, Japan Airlines and Virgin Atlantic. The Airline highlighted that three of its aircraft have been repaired, with the remaining planes slated to return to service by 7th September.
