Even today Boeing is run by a Welch disciple. Dave Calhoun, the current C.E.O., was a dark horse candidate to succeed Mr. Welch in 2001, and he was on the Boeing board during the rollout of the Max and the botched response to the crashes.

When Mr. Calhoun took over the company in 2020, he set up his office not in Seattle (Boeing’s spiritual home) or Chicago (its official headquarters), but outside St. Louis at the Boeing Leadership Center, an internal training center explicitly built in the image of Crotonville. He said he hoped to channel Mr. Welch, whom he called his “forever mentor.”

The “Manager of the Century” was unbowed in retirement, barreling through the twilight of his life with the same bombast that defined his tenure as C.E.O.

He refashioned himself as a management guru and created a $50,000 online M.B.A. in an effort to instill his tough-nosed tactics in a new generation of business leaders. (The school boasts that “more than two out of three students receive a raise or promotion while enrolled.”) He cheered on the political rise of Mr. Trump, then advised him when he won the White House.

In his waning days, Mr. Welch emerged as a trafficker of conspiracy theories. He called climate change “mass neurosis” and “the attack on capitalism that socialism couldn’t bring.” He called for President Trump to appoint Rudy Giuliani attorney general and investigate his political enemies.

The most telling example of Mr. Welch’s foray into political commentary, and the beliefs it revealed, came in 2012. That’s when he took to Twitter and accused the Obama administration of fabricating the monthly jobs report numbers for political gain. The accusation was rich with irony. After decades during which G.E. massaged its own earnings reports, Mr. Welch was effectively accusing the White House of doing the same thing.

While Mr. Welch’s claim was baseless, conservative pundits picked up on the conspiracy theory and amplified it on cable news and Twitter. Even Mr. Trump, then merely a reality television star, joined the chorus, calling Mr. Welch’s bogus accusation “100 percent correct” and accusing the Obama administration of “monkeying around” with the numbers. It was one of the first lies to go viral on social media, and it had come from one of the most revered figures in the history of business.

When Mr. Welch died, few of his eulogists paused to consider the entirety of his legacy. They didn’t dwell on the downsizing, the manipulated earnings, the Twitter antics.

And there was no consideration of the ways in which the economy had been shaped by Mr. Welch over the previous 40 years, creating a world where manufacturing jobs have evaporated as C.E.O. pay soars, where buybacks and dividends are plentiful as corporate tax rates plunge.

By glossing over this reality, his allies helped perpetuate the myth of his sainthood, adding their own spin on one of the most enduring bits of disinformation of all: the notion that Jack Welch was the greatest C.E.O. of all time.

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Wall St rises on gains in banks, strong retail sales data

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  • Walmart slides after cutting earnings forecast
  • April retail sales rise in line with estimates
  • S&P 500 +2.02%, Nasdaq +2.76%, Dow +1.34%

May 17 (Reuters) – Wall Street finished sharply higher on Tuesday, lifted by Apple, Tesla and other megacap growth stocks after strong retail sales in April eased worries about slowing economic growth.

Ten of the 11 major S&P sector indexes advanced, with financials (.SPSY), materials (.SPLRCM), consumer discretionary (.SPLRCD) and technology (.SPLRCT) all gaining more than 2%.

Investors were cheered by data showing U.S. retail sales increased 0.9% in April as consumers bought motor vehicles amid an improvement in supply and frequented restaurants. read more

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Recently punished shares of Microsoft Corp (MSFT.O), Apple Inc (AAPL.O), Tesla Inc (TSLA.O) and Amazon (AMZN.O) gained between 2% and 5.1%, driving the S&P 500 and the Nasdaq higher.

Tuesday’s broad rally followed weeks of selling on the U.S. stock market that last week saw the S&P 500 sink to its lowest level since March 2021.

“The largest pockets of stocks that investors tend to buy have been essentially beaten up. They’re either in correction or bear market territory,” said Sylvia Jablonski, chief investment officer of Defiance ETF. “I think investors are looking at these opportunities to buy on the dip, and I suspect that today is a good day to do that.”

The S&P 500 Banks index (.SPXBK) jumped 3.8%, with Citigroup (C.N) climbing almost 8% after Warren Buffett’s Berkshire Hathaway (BRKa.N) disclosed a nearly $3 billion investment in the U.S. lender.

Another set of economic data showed industrial production accelerated 1.1% last month, higher than estimates of 0.5%, and faster than a 0.9% advance in March. read more

“This is consistent with continued economic growth in the second quarter and not a recession underway,” said Bill Adams, chief economist for Comerica Bank in Dallas.

The U.S. Federal Reserve will “keep pushing” to tighten U.S. monetary policy until it is clear inflation is declining, Fed Chair Jerome Powell said at an event on Tuesday. read more

Traders are pricing in an 85% chance of a 50-basis point rate hike in June.

The S&P 500 climbed 2.02% to end the session at 4,088.85 points.

The Nasdaq gained 2.76% to 11,984.52 points, while Dow Jones Industrial Average rose 1.34% to 32,654.59 points.

S&P 500’s busiest trades

Underscoring Wall Street’s recent volatility, the S&P 500 has gained or lost 2% or more in a session some 39 times so far in 2022, compared to 24 times in all of 2021.

Walmart Inc (WMT.N) tumbled 11.4% after the retail giant cut its annual profit forecast, signaling a hit to its margins. That marked the biggest one-day percentage drop for Walmart’s stock since 1987. read more

Retailers Costco (COST.O), Target (TGT.N) and Dollar Tree (DLTR.O) fell between 0.8% and 3.2%.

United Airlines Holdings Inc (UAL.O) gained 7.9% after the carrier lifted its current-quarter revenue forecast, boosting shares of Delta Air (DAL.N), American Airlines (AAL.O) and Spirit Airlines (SAVE.N). read more

A positive first-quarter earnings season has been overshadowed by worries about the conflict in Ukraine, soaring inflation, COVID-19 lockdowns in China and aggressive policy tightening by central banks.

The S&P 500 is down about 14% so far in 2022, and the Nasdaq is off around 23%, hit by tumbling growth stocks.

U.S.-listed Chinese stocks jumped on hopes that China will ease its crackdown on the technology sector. read more

Advancing issues outnumbered declining ones on the NYSE by a 2.92-to-1 ratio; on Nasdaq, a 3.19-to-1 ratio favored advancers.

The S&P 500 posted one new 52-week high and 30 new lows; the Nasdaq Composite recorded 24 new highs and 126 new lows.

Volume on U.S. exchanges was 12.0 billion shares, compared with a 13.3 billion average over the last 20 trading days.

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Reporting by Amruta Khandekar and Devik Jain in Bengaluru, and Noel Randewich in Oakland, Calif.; Editing by Shounak Dasgupta and Lisa Shumaker

Our Standards: The Thomson Reuters Trust Principles.

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Thanksgiving Holiday Travel Will Test Airlines

Widespread flight cancellations. Excruciating waits for customer service. Unruly passengers.

And that was all before the holiday travel season.

Even in normal times, the days around Thanksgiving are a delicate period for the airlines. But this week is the industry’s biggest test since the pandemic began, as millions more Americans — emboldened by vaccinations and reluctant to spend another holiday alone — are expected to take to the skies than during last year’s holidays.

A lot is riding on the carriers’ ability to pull it off smoothly.

“For many people, this will be the first time they’ve gotten together with family, maybe in a year, year and a half, maybe longer, so it’s very significant,” said Kathleen Bangs, a former commercial pilot who is a spokeswoman for FlightAware, an aviation data provider. “If it goes poorly, that’s when people might rethink travel plans for Christmas. And that’s what the airlines don’t want.”

The Transportation Security Administration said it expected to screen about 20 million passengers at airports in the 10 days that began Friday, a figure approaching prepandemic levels. Two million passed through checkpoints on Saturday alone, about twice as many as on the Saturday before last Thanksgiving.

lengthy note to customers last month.

His apology came after Southwest canceled nearly 2,500 flights over a four-day stretch — nearly 18 percent of its scheduled flights, according to FlightAware — as a brief bout of bad weather and an equally short-lived air traffic control staffing shortage snowballed.

Weeks later, American Airlines suffered a similar collapse, canceling more than 2,300 flights in four days — nearly 23 percent of its schedule — after heavy winds slowed operations at Dallas-Fort Worth International Airport, its largest hub.

American and Southwest have said they are working to address the problems, offering bonuses to encourage employees to work throughout the holiday period, stepping up hiring and pruning ambitious flight plans.

Sara Nelson, president of the Association of Flight Attendants, a union representing roughly 50,000 flight attendants at 17 airlines, gave the carriers good marks for their preparations.

“First and foremost, we are getting demand back after the biggest crisis aviation has ever faced,” she said.

“I think there has been a lot of good planning,” she added. “And barring a major weather event, I think that the airlines are going to be able to handle the demand.”

Flight crews have had to contend with overwork and disruptive and belligerent passengers, leaving them drained and afraid for their safety.

Helene Albert, 54, a longtime flight attendant for American Airlines, said she took an 18-month leave by choice that was offered because of the pandemic. When she returned to work on Nov. 1 on domestic routes, she said, she saw a difference in passengers from when she began her leave.

“People are hostile,” she said. “They don’t know how to wear masks and they act shocked when I tell them we don’t have alcohol on our flights anymore.”

begun investigations into 991 episodes involving passenger misbehavior in 2021, more than in the last seven years combined. In some cases, the disruptions have forced flights to be delayed or even diverted — an additional strain on air traffic.

gathering storm systems were threatening to deliver gusty winds and rain that could interfere with flights, but for the most part, the weather is not expected to cause major disruptions.

“Overall, the news is pretty good in terms of the weather in general across the country cooperating with travel,” said Jon Porter, the chief meteorologist for AccuWeather. “We’re not dealing with any big storms across the country, and in many places the weather will be quite favorable for travel.”

Even so, AAA, the travel services organization, recommended that airline passengers arrive two hours ahead of departure for domestic flights and three hours ahead for international destinations during the Thanksgiving travel wave.

Some lawmakers warned that a Monday vaccination deadline for all federal employees could disrupt T.S.A. staffing at airports, resulting in long lines at security checkpoints, but the agency said those concerns were unfounded.

“The compliance rate is very high, and we do not anticipate any disruptions because of the vaccination requirements,” R. Carter Langston, a T.S.A. spokesman, said in a statement on Friday.

With many people able to do their jobs or classes remotely, some travelers left town early, front-running what are typically the busiest travel days before the holiday.

TripIt, a travel app that organizes itineraries, said 33 percent of holiday travelers booked Thanksgiving flights for last Friday and Saturday, according to its reservation data. (That number was slightly down from last year, when 35 percent of travelers left on the Friday and Saturday before Thanksgiving, and marginally higher than in 2019, when 30 percent of travelers did so, TripIt said.)

Among those taking advantage of the flexibility was Emilia Lam, 18, a student at New York University who traveled home to Houston on Saturday. She is doing her classes this week remotely, she said, and planned her early getaway to get ahead of the crush. “The flights are going to be way more crowded,” she said, as Thursday approaches.

Robert Chiarito and Maria Jimenez Moya contributed reporting.

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Inside United Airlines’ Decision to Mandate Coronavirus Vaccines

Scott Kirby, the chief executive of United Airlines, reached a breaking point while vacationing in Croatia this summer: After receiving word that a 57-year-old United pilot had died after contracting the coronavirus, he felt it was time to require all employees to get vaccinated.

He paced for about half an hour and then called two of his top executives. “We concluded enough is enough,” Mr. Kirby said in an interview on Thursday. “People are dying, and we can do something to stop that with United Airlines.”

The company announced its vaccine mandate days later, kicking off a two-month process that ended last Monday. Mr. Kirby’s team had guessed that no more than 70 percent of the airline’s workers were already vaccinated, and the requirement helped convince most of the rest: Nearly all of United’s 67,000 U.S. employees have been vaccinated, in one of the largest and most successful corporate efforts of the kind during the pandemic.

The key to United’s success, even in states where vaccination rates are at or below the national average, like Texas and Florida, was a gradual effort that started with providing incentives and getting buy-in from employee groups, especially unions, which represent a majority of its workers.

praise from President Biden, who weeks later announced that regulators would require all businesses with 100 or more workers to require vaccinations or conduct weekly virus testing. And the company drew scorn from conservatives.

Other mandates are producing results, too. Tyson Foods, which announced its vaccine requirement just days before United but has provided workers more time to comply, said on Thursday that 91 percent of its 120,000 U.S. employees had been vaccinated. Similar policies for health care workers by California and hospitals have also been effective.

charge its unvaccinated employees an additional $200 per month for health insurance.

United had been laying the groundwork for a vaccine mandate for at least a year. The airline already had experience requiring vaccines. It has mandated a yellow fever vaccination for flight crews based at Dulles International Airport, near Washington, because of a route to Ghana, whose government requires it.

In January, at a virtual meeting, Mr. Kirby told employees that he favored a coronavirus vaccine mandate.

Writing letters to families of the employees who had died from the virus was “the worst thing that I believe I will ever do in my career,” he said at the time, according to a transcript. But while requiring vaccination was “the right thing to do,” United would not be able to act alone, he said.

The union representing flight attendants pushed the company to focus first on access and incentives. It argued that many flight attendants couldn’t get vaccinated because they were not yet eligible in certain states.

Mr. Kirby acknowledged that widespread access would be a precondition. The airline and unions worked together to set up clinics for staff in cities where it has hubs like Houston, Chicago and Newark.

was calling on all employers to do so. A mandate would strike workers as unfair and create unnecessary conflict, the flight attendants’ union argued.

“The more people you get to take action on their own, the more you can focus on reaching the remaining people before any knock-down, drag-out scenario,” said Sara Nelson, the president of the Association of Flight Attendants, which represents more than 23,000 active workers at United.

In May, the pilots reached an agreement that would give them extra pay for getting vaccinated and the flight attendants worked toward an agreement that would give them extra vacation days. Both incentives declined in value over time and typically expired by early July.

vaccinated by Oct. 25 or within five weeks of a vaccine’s formal approval by the Food and Drug Administration, whichever came first. The timing was intended to ensure that the airline had adequate staffing for holiday travel, said Kate Gebo, who heads human resources.

This time, the unions were more resigned.

“For those 92 percent of pilots who wanted to be vaccinated, we captured $45 million in cash incentives,” said Captain Insler, whose union is challenging the decision to fire employees who don’t comply. “For those who did not want to be vaccinated, we were able to hold off a mandate for several months.”

The success of the incentives — about 80 percent of United’s flight attendants were also vaccinated by the time the airline announced its mandate in August — inspired the company to expand them to all employees, offering a full day’s pay to anyone who provided proof of vaccination by Sept. 20.

The company hadn’t surveyed its workers, but estimated that 60 to 70 percent were already vaccinated. Getting the rest there wouldn’t be easy.

Margaret Applegate, 57, a 29-year United employee who works as a services representative in the United Club at San Francisco International Airport, helps illustrate why.

Ms. Applegate normally does not hesitate to get vaccines, noting that her late father was a doctor and that her daughter does research in nutritional science.

Her daughter urged her to get vaccinated, but she remained deeply ambivalent. Friends and co-workers “were feeding me stories about horrible things happening to people with the vaccine,” she said. She worried about the relatively new technology behind the Pfizer and Moderna vaccines, and whether her heart condition could pose complications, though her cardiologist assured her it wouldn’t.

six employees sued United, arguing that its plans to put exempt employees on temporary leave — unpaid in many circumstances — are discriminatory. United has delayed that plan for at least a few weeks as it fights the suit.

Still, United’s vaccination rate has continued to improve. There was another rush before the deadline to receive the pay incentive and one more before the final Sept. 27 deadline. Toward the end of September, the company said 593 people had failed to comply. By Friday, the number had dropped below 240.

“I did not appreciate the intensity of support for a vaccine mandate that existed, because you hear that loud anti-vax voice a lot more than you hear the people that want it,” Mr. Kirby said. “But there are more of them. And they’re just as intense.”

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Why You Might Not Be Returning to the Office Until Next Year

Postponing gives the workers who are responding to new requirements sufficient time to become fully vaccinated. And it gives companies more time to set up the logistics that accompany vaccination mandates, such as processes for tracking vaccination status and, soon, who has received a booster.

“Within a company, a C.E.O. can say: ‘Our company, our culture, our business. We need to be together, we need to be in the office, this is the date,’” said Mary Kay O’Neill, a senior health consultant at Mercer Consulting Group. “And then our friends in H.R. are like, ‘How are we going to do that?’”

For some organizations, negotiations with unions are also a factor. A spokeswoman for NPR, which has not set a date for returning to the office, said the public radio network was working “with key stakeholders, including our unions, to evaluate the best approaches to keeping our staff safe and maintaining our operations.”

With new logistics around vaccine mandates, continued uncertainty around variants, and increasingly vocal employee demands, some companies, including The New York Times and American Airlines, have opted out of setting return dates.

The agility of technology companies, alongside industries like consulting and media, is in many ways unique. CVS Health is still eyeing a fall return, albeit with a degree of flexibility worked in. And many employees never went home at all — with a good portion of workers at companies like General Motors, Ford Motor and Chevron having worked on-site throughout most of the pandemic.

Many companies that did send employees home remain eager to bring them back. The longer workers stay out of the office, the harder it may be to cajole their return. And real estate costs are difficult to justify if offices are left empty.

In finance, which traditionally puts a priority on in-person apprenticeship and hustling, the prominent firms have made being in the office a recruiting tool. Goldman Sachs brought back its employees in June and JPMorgan Chase in July. The rise of the Delta variant didn’t slow those plans down, but it did seemingly expedite measures to prevent the spread of the virus. Goldman said last month that it would require anyone who entered its U.S. offices, including clients, to be fully vaccinated.

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Inside a Fatal Tesla Autopilot Accident: ‘It Happened So Fast’

George Brian McGee, a finance executive in Florida, was driving home in a Tesla Model S operating on Autopilot, a system that can steer, brake and accelerate a car on its own, when he dropped his phone during a call and bent down to look for it.

Neither he nor Autopilot noticed that the road was ending and the Model S drove past a stop sign and a flashing red light. The car smashed into a parked Chevrolet Tahoe, killing a 22-year-old college student, Naibel Benavides.

One of a growing number of fatal accidents involving Tesla cars operating on Autopilot, Mr. McGee’s case is unusual because he survived and told investigators what had happened: He got distracted and put his trust in a system that did not see and brake for a parked car in front of it. Tesla drivers using Autopilot in other fatal accidents have often been killed, leaving investigators to piece together the details from data stored and videos recorded by the cars.

“I was driving and dropped my phone,” Mr. McGee told an officer who responded to the accident, according to a recording from a police body camera. “I looked down, and I ran the stop sign and hit the guy’s car.”

Distracted driving can be deadly in any car. But safety experts say Autopilot may encourage distraction by lulling people into thinking that their cars are more capable than they are. And the system does not include safeguards to make sure drivers are paying attention to the road and can retake control if something goes wrong.

Mr. McGee, who declined to comment through his lawyer, told investigators that he was on the phone with American Airlines making reservations to fly out for a funeral. He called the airline at 9:05 p.m. on April 25, 2019. The call lasted a little more than five minutes and ended two seconds after his Model S crashed into the Tahoe, according to a Florida Highway Patrol investigation. Florida law makes it illegal to text while driving, but the state does not prohibit drivers from talking on a hand-held cellphone except in school or work zones.

no vehicle on sale today is close to achieving.

Tesla’s critics contend that Autopilot has several weaknesses, including the ability for drivers like Mr. McGee to use it on local roads. With the help of GPS and software, G.M., Ford Motor and other automakers restrict their systems to divided highways where there are no stop signs, traffic lights or pedestrians.

Tesla owners’ manuals warn customers not to use Autopilot on city streets. “Failure to follow these instructions could cause damage, serious injury or death,” the manual for 2019 models says.

a California couple sued Tesla in connection with a 2019 crash that killed their 15-year-old son.

The National Highway Traffic Safety Administration is investigating more than two dozen crashes that occurred when Autopilot was in use. The agency said it was aware of at least 10 deaths in those accidents.

posted videos on YouTube showing that the camera sometimes fails to notice when drivers look away from the road and that it can be fooled if they cover the lens. When the camera notices a Tesla driver looking away from the road, it sounds a warning chime but does not turn Autopilot off.

G.M. and Ford systems use infrared cameras to monitor drivers’ eyes. If drivers look away for more than two or three seconds, warnings remind them to look straight ahead. If drivers fail to comply, the G.M. and Ford systems will shut off and tell drivers to take control of the car.

Ms. Benavides emigrated from Cuba in 2016 and lived with her mother in Miami. She worked at a Walgreens pharmacy and a clothing store while attending community college. An older sister, Neima, 34, who is executor of the estate, said Naibel had been working to improve her English in hopes of getting a college degree.

“She was always laughing and making people laugh,” Neima Benavides said. “Her favorite thing was to go to the beach. She would go almost every day and hang out with friends or just sit by herself and read.”

Neima Benavides said she hoped the lawsuit would prod Tesla into making Autopilot safer. “Maybe something can change so other people don’t have to go through this.”

Ms. Benavides had just started dating Mr. Angulo when they went fishing on Key Largo. That afternoon, she sent her sister a text message indicating she was having a good time. At 9 p.m., Ms. Benavides called her mother from Mr. Angulo’s phone to say she was on the way home. She had lost her phone that day.

On the 911 call, Mr. McGee reported that a man was on the ground, unconscious and bleeding from the mouth. Several times Mr. McGee said, “Oh, my God,” and shouted “Help!” When an emergency operator asked if the man was the only injured person, Mr. McGee replied, “Yes, he’s the only passenger.”

Mr. Angulo was airlifted to a hospital. He later told investigators that he had no recollection of the accident or why they had stopped at the intersection.

An emergency medical technician spotted a woman’s sandal under the Tahoe and called on others to start searching the area for another victim. “Please tell me no,” Mr. McGee can be heard saying in the police video. “Please tell me no.”

Ms. Benavides’s body was found about 25 yards away.

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Airlines See a Surge in Domestic Flights, Beating Forecasts

The aviation recovery is gaining momentum.

A summer travel bonanza is exceeding expectations, helping airlines earn profits again and brightening the outlook for the rest of the year. It’s a welcome relief for a battered industry and a sign that the rebound that began this spring appears to be here to stay.

The economic upturn, aggressive cost-cutting and an enormous federal stimulus that paid many salaries have helped to improve the finances of the largest carriers, which took on vast amounts of debt and lost billions of dollars during the pandemic.

This month, consumer spending on airlines briefly exceeded 2019 levels on a weekly basis for the first time since the pandemic began, according to Facteus, a research firm that monitors millions of online payments. Ticket prices have rebounded, too: In June, fares were down only 1 percent from the same month in 2019, according to the Adobe Digital Economy Index, which is similarly based on website visits and transactions.

And on Sunday, the Transportation Security Administration screened more than 2.2 million travelers at its airport checkpoints, the most in one day since the start of the pandemic.

planned to hire hundreds of flight attendants and bring back thousands who volunteered for extended leaves during the pandemic.

increase its minimum wage to $15 an hour to retain and attract workers, while Delta is in the middle of hiring thousands of employees. United last month announced plans to buy 270 new planes in the coming years, the largest airplane order in its history and one that would create thousands of jobs nationwide.

Southwest on Thursday reported a profit of $348 million for the quarter that ended in June, its second profitable quarter since the pandemic began. American reported a $19 million profit over the same period, while Delta last week reported a $652 million profit, a pandemic first for each airline. United this week reported a loss, but projected a return to profitability in the third quarter as its business improved faster than forecast.

The financial turnaround has been buoyed by an infusion of $54 billion of federal aid to pay employee salaries over the past year and a half. Without those payments, none of the major airlines would have been able to report profits for the quarter that ended in June. The aid precludes the companies from paying dividends through September 2022.

Each airline offered a hopeful outlook for the current quarter. American projected that passenger capacity would be down only 15 to 20 percent from the third quarter of 2019, while United projected a 26 percent decline and Delta forecast a 28 to 30 percent drop. Southwest, which differs from the other three large carriers in that it operates few international flights, said it expected capacity to be comparable to the third quarter of 2019.

“We are just really excited about the momentum we’re seeing in the numbers,” Doug Parker, American’s chief executive, told analysts after the company delivered its earnings report.

The financial results and forecasts for the rest of the summer are the latest sign of strength in a comeback that has been building for months. But the airlines have vast amounts of debt to repay — American, the most indebted carrier, announced a plan on Thursday to pay down $15 billion by the end of 2025 — and the rebound hasn’t been free of setbacks.

recent poll from the Global Business Travel Association, an industry association. If other companies follow Apple’s lead in delaying a return to the office, though, the corporate travel recovery could be held back.

Delta said it expected domestic business trips to recover to about 60 percent of 2019 levels by September, up from 40 percent in June. Those figures roughly align with estimates from United.

“The demand is recovering even faster than we had hoped domestically,” Mr. Kirby of United said on Wednesday.

International travel has slowly started to recover, too, as more countries, particularly in Europe, open up to American travelers who can provide proof of vaccination or a negative coronavirus test. But airlines are lobbying the Biden administration to loosen restrictions in kind, which, they say, will allow the recovery to accelerate.

“I think the surge is coming, and just as we’ve seen it on the consumer side, we’re getting ready for it on the business side,” Mr. Bastian of Delta said last week. “Once you open businesses, offices, and you get international markets opened, I think it’s going to be a very good run over the next 12 to 24 months.”

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6 Things You Should Know About Traveling to Europe This Summer

By now, most of the large American-run chains have reverted to their pre-Covid cancellation policies for reservations made before a certain date (that has come and gone), and for travel through a certain date (that has come and gone). But some companies are still being flexible: Hilton has always had generous cancellation policies, and Four Seasons has been consistently easy about changes and cancellations during the pandemic.

Travel-industry insiders also have noticed flexibility among independent hoteliers.

“We’ve felt that small, family-run luxury properties are actually more nimble than some of the big hotel chains,” said Louisa Gehring, the owner of Gehring Travel, an affiliate of Brownell, a Virtuoso luxury travel agency. “Rather than lay off all their employees or point to an overarching corporate cancellation policy, they’ve had flexibility to keep the teams on, work with clients on a case-by-case basis and really step up to the plate.”

Policies vary by property, she added, but even some of the more rigid ones now include exceptions for Covid.

One thing to watch for is the credits-versus-refunds flash point: Even in cases when a hotel won’t swallow a deposit or prepayment outright, will you get a cash refund or will you be asked to rebook? Last year, Greece and Italy both passed laws allowing hotels and other travel companies to issue credits, rather than cash refunds, for canceled bookings. Although vaccines, the eagerness to travel and pandemic fatigue may make the idea of a credit less odious than it seemed last spring, always ask about policy specifics, including blackout and expiration dates.

The Palace of Versailles is open and President Emmanuel Macron is sipping espresso outside Parisian cafes, but nightclubs will remain closed even after France’s countrywide curfew ends in June. At restaurants and bars in Madrid, groups are capped at four people inside and six people outside. Germany and the Netherlands remain closed to American tourists.

“Clearly, we will not come back to ‘normal’ straight away, and travelers will have to be conscious of health measures and respect rules at the destination,” said Eduardo Santander, the executive director of the European Travel Commission, a Brussels-based nonprofit that represents the national tourism boards across the continent. “We all — destinations, businesses and guests — cannot let the guard down too soon both for our own health and for the safety of people around.”

In short, any trip to Europe this summer will come down to managing expectations.

“Save the ‘must check all the boxes’ trip to Europe for a bit later, once all new protocol kinks have smoothed out,” Ms. Gehring said. But you may still have an unforgettable experience regardless.

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