TOURISM REVENUE
Thailand's tourism thrives with $22.4 bn revenue: India key driver along with China, Malaysia
Thailand's tourism ministry reported a significant increase in foreign tourists during the first half of 2024, recording 17.5 million arrivals, marking a 35% rise from the same period last year. These visitors contributed 825 billion baht ($22.42 billion) in revenue, with China, Malaysia, and India as the leading source markets. Tourism remains a crucial economic driver for Thailand amidst challenges like slowing exports and high household debt.
Not AI, IT hiring not picking up because of global slowdown in IT spend: Ramani Dathi, Teamlease Services
Ramani Dathi says there is no major uptick as far as demand for IT pros is concerned. There are a few set of clients, especially the GCCs and to some extent, who are able to maintain the current run rate of revenues and headcounts for Teamlease, but to show a massive growth or a double-digit growth, the IT services hiring has to be back on track.
Expect improvement in occupancy vis-a-vis the previous year from Q2: Patanjali G Keswani, Lemon Tree Hotels
While you can say that in spite of heat it was decent performance, I am looking at trend lines and I expect the catch up will happen really from Q2 when there will be improvements vis-a-vis the previous year in occupancy.
Going forward, expect good growth from Aadifidelis Solutions: Shikhar Aggarwal, BLS International
Shikhar Aggarwal, Joint MD, BLS International Services talks about inclusion in Nifty tourism index, synergies from buying stake in Aadifidelis Solutions and more. Aggarwal also discusses the major contract renewals which are expected in the next six to nine months. He also says that in one, one-and-a-half years, multiple contracts are expected from European and North American markets
IRCTC Q4 Results: Cons PAT rises marginally to Rs 284 crore, but revenue jumps 20% YoY
IRCTC Q4 Results: The PAT was reported at Rs 278 crore in the year-ago period. The consolidated revenue from operations for the reported quarter stood at Rs 1,155 crore as against Rs 965 crore reported in the year-ago period. The consolidated net profit was, however, down on a sequential basis by 5% versus Rs 300 crore.
Thailand extends visa stays for tourists and students
Thailand boosts economy with extended visa stays for tourists, students, remote workers, and retirees. More countries qualify for longer stays, easier entry, and relaxed insurance requirements. Aim to attract diverse visitors, boost tourism sector, and reach record 40 million arrivals, generating significant revenue for economic recovery.
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Venice made $1 mn from the implementation of €5 Tourist Tax in April
Venice has responded to concerns about over-tourism by introducing a ticketing system for day visitors since last month. Reports indicate that nearly one million euros were collected within the first 11 days of implementing the tax. From April 25 to May 5, approximately 195,000 tickets were sold, generating €975,000, though this amount falls short of covering the expenses incurred in setting up the system. After the trial period, the daily fee is expected to increase to €10, with fines ranging from €50 to €300 for those without tickets.
Nepal sherpa scales Everest for record 30th time; two climbers go missing
Nepali sherpa guide Kami Rita Sherpa scaled Mount Everest for a record 30th time. Two climbers went missing while descending from the peak.
Abu Dhabi, once an untapped desert city, sees its first brewery open as UAE relaxes its alcohol laws
In 2018, Chad McGehee opened Side Hustle Brews and Spirits, an Abu Dhabi-branded brewery and distillery. The company initially produced its hoppy India pale ale in the US before importing it to the UAE for sale. However, Abu Dhabi has since overhauled its laws to allow micro and craft breweries, as part of a wider reconsideration of alcohol policies in the Islamic nation. This has led to the success of Side Hustle's dream of IPAs in Arabia.
Hotels up hiring game: About 100,000 jobs likely to be created in 12-18 months
Hotels across segments are ramping up their workforce as they are adding more rooms and entering new markets amid a strong pickup in business and leisure travel. The jobs they are recruiting for are a mix of permanent, temporary and gig, said Balasubramanian A, vice president and head of consumer, hospitality and ecommerce at TeamLease.
Devyani International Q4 results: Company reports a loss of Rs 49 crore; revenue rises by 38% YoY
Devyani International, India's largest Pizza Hut and KFC franchise, saw a net loss of Rs 49 crore for Q4 FY24, contrasting with a Rs 60 crore profit a year prior. Therevenue rose 38% while expenses surged by 32%.
UAE announces visa support for Indians hosting destination weddings in Abu Dhabi
Abu Dhabi aims to become a top wedding destination with ADCEB supporting Indian nationals hosting weddings in the Emirate. This aligns with the tourism strategy for 2030, targeting increased visitors and boosting the sector's contribution to the GDP, focusing on India as a key market for destination weddings.
Maldives gets IMF debt warning as more Chinese loans loom
Maldives warned by IMF of 'debt distress' due to heavy borrowing from China. Urgent need to increase revenue, reduce spending, and limit external borrowing to avoid economic crisis amid high risks and dependence on Chinese funding.
Sula Vineyards shares tumble nearly 7% after company's Q4 profit declines
Sula Vineyards Share Price: The PAT for the quarter ended March 2024 dropped 4% year-on-year (YoY) to Rs 13.55 crore against Rs 14.24 crore for the same period, a year ago while the revenue from operations stood at Rs 131.70 crore, up by approximately 10% from Rs 120 crore in Q4FY23.
TBO Tek riding high on growth in travel and tourism, but issue looks a bit pricey
It will also raise up to Rs 1,151 crore through an offer for sale by promoters and investors. The promoter group’s stake will fall to 44.4% after the IPO from 51.3%.
Saudi Arabia posts budget deficit of $3.30 billion in first quarter
Saudi Arabia faces a Q1 2024 deficit of 12.387 billion riyals due to lower oil revenues. The kingdom plans giga-projects for economic diversification, with adjustments expected in the annual budget to address economic challenges.
Prestige Estate Projects set to double hospitality portfolio with Rs 1,700 crore investment
Prestige Estate Projects plans to double its hospitality portfolio over the next three to four years, investing Rs1700 crore. The company currently manages 1849 keys of hospitality assets across India, with the potential to generate revenue of Rs 1800 crore. The company is exploring new markets and expanding its portfolio in existing ones. The hospitality assets are generating an average occupancy rate of 70%, and the company is evaluating monetizing the portfolio to unlock value and alleviate cash flow stress.
Mahindra Holidays Q4 Results: Profit soars 46% YoY to Rs 823.6 mn on higher occupancy, membership growth
Mahindra Holidays & Resorts India reported a 46% rise in its fourth-quarter profit on Friday, aided by higher occupancy and strong membership growth.
Religious Tourism spots like Varanasi and Ayodhya may soon outshine Goa and Agra
India experiences a surge in religious tourism post-COVID. Kashi Vishwanath corridor boosts UP tourism with 10 crore tourists in 2023. The golden triangle of Ayodhya, Prayagraj, Varanasi emerges as popular destinations.
Tourism and Hospitality Skill Council unveils report highlighting sector's demand and skill gap
The Tourism and Hospitality Skill Sector Council (THSC) has released a report on the Demand And Skill Gap, estimating that 5.7 million youth could be trained to meet an expected incremental labor demand of 3 million workers between 2025-2028. Challenges such as low wages and long working hours deter youth from continuing in the industry. The report was unveiled by Atul Kumar, secretary, Ministry of Skill Development and Entrepreneurship, and highlighted the need for skills like problem-solving and communication.
What's medical tourism? How it can help Indian economy, trends, and challenges
Medical tourism refers to the practice of traveling to another country for medical treatment, often due to lower costs, better quality care, or shorter waiting times. In India, this industry has witnessed exponential growth, driven by factors such as world-class medical facilities, skilled healthcare professionals, and cost-effective treatments.
Travel firms ramp up hiring amidst governmental push on tourism
Indian travel companies are aggressively hiring mid-senior talent with AI and automation skills from hospitality and tech sectors, offering lucrative compensation packages. Recruitment firms like Michael Page India, Fidius Advisory, and Claricent Partners witness a surge in mandates.
Indian tourists shun the Maldives; industry feels the pinch: Reports
Indian tourists are avoiding the Maldives following social media controversies, causing a significant drop in tourist arrivals from India and impacting the island nation's tourism-dependent economy. Previously the top source of visitors, India fell to sixth place in 2024. Industry experts warn of substantial revenue losses and emphasize the importance of repairing relations with India.
Trekking, biking, paragliding … Adventure tourism starts peaking as Indians seek thrills
Revenge tourism is evolving into adventure tourism. But poor safety & security practices and infrastructure issues threatened to throttle the segment before it takes shape.
Tap the rush of adrenaline tourism
India's adventure tourism sector is underdeveloped but growing. The government is taking steps to develop destinations, train providers, and market the sector. Sales of adventure sports gear are increasing. The sector has the potential to create jobs and promote fitness.
Indian hotel industry revenue expected to grow 7-9 pc in FY25: ICRA
The Indian hotel industry is expected to grow 7-9% with high occupancy in FY2025. Demand from domestic leisure travel, MICE, weddings, business travel, spiritual tourism, tier-II cities, and domestic tourism will drive growth. FTA recovery depends on the global macroeconomic environment and consumer sentiments.
Hospitality industry expects 11-13% revenue growth in FY25: Report
The strong demand dynamics along with modest new supply will keep the operating performance of the industry healthy over the near term, the report said.
ITDC looking for new business opportunities, strengthening regional offices: MD
"We want not to only expand but whatever we have now to take it a notch further ahead, take it much higher and look at new business opportunities also for ITDC as a company," M R Synrem told PTI on the sidelines of the launch of the company's new mascot 'Adyant' and a fresh tagline.
Assam govt tabled Tourism Bill 2024 for revitalising and promoting the industry
The bill, tabled by Assam tourism minister Jayanta Mallabaruah. The minister stated in X, “Delighted to present the Assam Tourism (Development and Registration) Bill, 2024 before the Assam Legislative Assembly, today. Crafted under the leadership of Hon’ble CM Dr. @himantabiswa, this bill aims to institute a progressive regulatory framework for the state’s tourism sector”.
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