Travelers are Venturing out Again but Avoiding Planes, International Trips, Survey Shows

A woman walks through the empty international terminal at LAX airport in Los Angeles, California, US, amid reports of the coronavirus, March 11, 2020. (Reuters)
A woman walks through the empty international terminal at LAX airport in Los Angeles, California, US, amid reports of the coronavirus, March 11, 2020. (Reuters)
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Travelers are Venturing out Again but Avoiding Planes, International Trips, Survey Shows

A woman walks through the empty international terminal at LAX airport in Los Angeles, California, US, amid reports of the coronavirus, March 11, 2020. (Reuters)
A woman walks through the empty international terminal at LAX airport in Los Angeles, California, US, amid reports of the coronavirus, March 11, 2020. (Reuters)

Travelers are hitting the road again and taking vacations even as the coronavirus pandemic shows no signs of abating in many countries, a survey on Tuesday showed.

About 51% of people in North America and Latin America plan to book trips in the next six months, compared with 38% in Asia and Europe, according to the survey by software maker Oracle Corp.

However, travelers want to stay close to home, preferring to drive and to avoid international trips.

Due to travel restrictions and lengthy lockdowns in many countries to control the spread of the novel coronavirus, tens of thousands of hotels have closed and occupancy levels have fallen below 20% for weeks, said Alex Alt, general manager of Oracle Hospitality.

“One thing that’s refreshing is that consumers want to travel,” he told Reuters. “There is a resilience and an appetite to be on the road, to explore, to experience.”

With US coastal towns a favorite destination, occupancy among 600 US hotels that Oracle tracks has risen for five straight weeks and recently hit its highest levels since mid-March.

“I’d say the industry largely expects it to continue through the summer months,” Alt said. “The key will be for the business travel to come back to complement that leisure travel.”

COVID-19 cases have surged around the United States and the death toll has topped 130,000, prompting the European Union last week to exclude Americans travelers for its “safe” travel list.

To assuage concerns about infections, 90% of hotels have increased or planned to increase cleaning and disinfecting. In addition, 70% of hotels already are or are planning to adopt contactless technology for check-in, food ordering and concierge services, according to the survey.

Oracle surveyed 4,600 consumers and 1,800 hotel executives in the United States, Mexico, United Kingdom, Germany, Singapore and Australia in mid-April through early May.



Riyadh to Host 10th Future Investment Initiative Conference in October

Participants during a previous edition of the conference. (SPA)
Participants during a previous edition of the conference. (SPA)
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Riyadh to Host 10th Future Investment Initiative Conference in October

Participants during a previous edition of the conference. (SPA)
Participants during a previous edition of the conference. (SPA)

Under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, the tenth edition of the Future Investment Initiative (FII) Conference will take place in Riyadh from October 26 to 29.

Held under the theme “The Power of Legacy,” FII10 will bring together heads of state, investors, policymakers, innovators and business leaders to explore how today’s decisions can create lasting prosperity for future generations, said the FII Institute in a statement on Monday.

The program will focus on four pillars: capital that builds, technology that elevates, societies that thrive and leadership that inspires.

Princess Dr. Maha bint Mishari Al Saud, Chief Executive Officer of FII Institute, expressed her appreciation for the generous Royal Patronage of the tenth edition.

She noted that the Saudi leadership’s continued support for the Institute’s events and activities, together with the guidance of Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, constitutes a fundamental pillar in advancing the comprehensive development envisioned by Saudi Vision 2030 and shaping a prosperous and sustainable economic future.

“For ten years, FII has brought together leaders who recognize the power of investment to advance human progress. FII10 invites our global community to consider the legacy of the choices we make, the partnerships we build and the innovations we support. Our goal is to turn these choices into lasting impact for people and future generations,” she added.

Across four days, FII10 will bring together a diverse global community of leaders, investors, policymakers, innovators, and changemakers for a wide-ranging program addressing the world’s most pressing economic and investment priorities.

Since its launch, FII has evolved into a leading global platform for dialogue, collaboration, and action, convening influential voices from around the world. Major agreements and commitments have been announced through the platform, further reinforcing Riyadh’s position as a global center for investment, collaboration, and action.


Iraq Raises September Basrah Medium Crude OSP to Asia

Workers walk across pipelines at the Rumaila oil field in Basra, Iraq (Reuters)
Workers walk across pipelines at the Rumaila oil field in Basra, Iraq (Reuters)
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Iraq Raises September Basrah Medium Crude OSP to Asia

Workers walk across pipelines at the Rumaila oil field in Basra, Iraq (Reuters)
Workers walk across pipelines at the Rumaila oil field in Basra, Iraq (Reuters)

Iraq has raised the September official selling price (OSP) for Basra Medium crude oil to Asia to minus $4 a barrel against the average of Oman/Dubai quotes from the August OSP of minus $6.50 a barrel, state-owned Iraqi oil marketer SOMO said on Monday, Reuters reported.

Basrah Heavy to Asia was priced at minus $7.30 a barrel to Oman/Dubai quotes, from minus $8.80 a barrel set for August.

Type of North and South European Far East Crude American Market Market Market ($/bbl) Oil ($/bbl) ($/bbl) Basrah ASCI +5.10 Brent Average (Oman Medium (dated)-4.35 & Dubai)-4.00 Basrah ASCI +1.40 Brent Average


Turkish Central Bank Bought $5 billion in Foreign Exchange Last Week, Bankers Say

Central Bank of Türkiye - File Photo/Reuters
Central Bank of Türkiye - File Photo/Reuters
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Turkish Central Bank Bought $5 billion in Foreign Exchange Last Week, Bankers Say

Central Bank of Türkiye - File Photo/Reuters
Central Bank of Türkiye - File Photo/Reuters

The Turkish central bank bought $5 billion in foreign exchange last week, with its net reserves increasing $9 billion to $63 billion, bankers said on Monday, Reuters reported.

According to the calculations of four bankers, the central bank's total reserves increased $14 billion last week to $178 billion, while net reserves excluding swaps increased $9.5 billion to $50 billion. The central bank did not comment on the figures.