Latest news with #Germany-based
Kuwait Times
20 hours ago
- Business
- Kuwait Times
Transatlantic airfares slump as West Europeans skip US travel
Summer airfares from Europe to US drop to pre-pandemic levels NEW YORK: Airfares from Europe to the United States have dropped to rates not seen since before the pandemic, as travelers from Western Europe lead a pullback in travel to the US that is expected to continue through at least July. Overseas arrivals to the United States fell 2.8 percent in May from a year ago, according to preliminary data from the US National Travel and Tourism Office within the US Department of Commerce. Travel from Western Europe fell 4.4 percent in May although travel from Eastern Europe rose 4.6 percent in the same period. Forward bookings suggest sustained declines are on the horizon, with total inbound bookings to the US in July down 13 percent year-over-year, according to OAG Aviation, an analytics firm. Transatlantic airfare has been declining since the first quarter when Europeans started reconsidering travel to the US after President Donald Trump suggested annexing Greenland, launched a global trade war, and issued orders that focus on stricter border policy. A stronger dollar has also deterred some trips. In March, travel from Western Europe fell 17 percent year-over-year, according to the NTTO. Average round-trip economy airfares for over 50 routes from the US to Europe in the first quarter were down an average of 7 percent year-over-year, with rates to fly between Atlanta, Georgia, and London, down 55 percent, according to data from Cirium, an aviation analytics firm. As American consumers have been bargain-hunting and waiting closer to their departure dates to finalize travel plans, the decline in demand from Europe is another factor contributing to cheaper travel. 'Fewer seats filled by European travelers to the US, and a slower pace of growth in US outbound to Europe than last year, will tend to cast 2025 as a tougher year to make money on transatlantic routes,' said Aran Ryan, director of industry studies at Tourism Economics, a subsidiary of Oxford Economics. This summer, the price of round-trip tickets from the US to Europe is down 10 percent compared with a year ago, travel booking app Hopper said. Average fares of $817 per ticket are in line with prices to Europe in the summer of 2019 before the pandemic. Major carriers, including Air France KLM and Germany-based Lufthansa, expect slowing activity. Lufthansa CEO Carsten Spohr said the company expects weaker demand in the third quarter, while Air France KLM CEO Ben Smith said the company is seeing a 'slight pullback' in transatlantic traffic and will slash prices to keep cabins on its transatlantic flights full. Airlines including Lufthansa and US air carrier United Airlines say higher demand from US travelers flying to Europe is offsetting the decline of Europeans flying the opposite direction. United said international bookings from Europe fell 6 percent in the first quarter, but added that US-originating demand made up for the pullback. Rival Delta Air Lines said 80 percent of its long-haul international demand originates from the US, and fares in the region are 'significantly higher' than in the rest of the world. Lufthansa said it plans to market its transatlantic flights to more Americans given the higher demand, despite travel from Western Europe showing moments of recovery. Travel from the region to the US increased 12.1 percent in April before falling again in May, according to data from the NTTO. As of mid-May, there are 4.3 percent more international flights scheduled to depart from US airports for international destinations this summer, said Hopper. 'We feel really good about the transatlantic market,' American Airlines CFO Devon May said at a Wolfe Research transportation and industrials conference in May. — Reuters
IOL News
a day ago
- IOL News
LOOK: South African food truck in Germany serves up comedic twists on traditional dishes
They are the perfect dining-out option for friends who want to have fun and socialise in a relaxed atmosphere. Food trucks have become a major force in the restaurant industry. Gone are the days when they merely offered pre-packaged sandwiches and subpar coffee to weary factory workers. Today, food trucks are hotspots for gourmet experiences, featuring a variety of options, from freshly caught seafood to exquisite desserts. Among their ranks, one particular mobile eatery has caught our attention - a Germany-based food truck that boasts a cheeky South African menu. Listed on a popular German online catering service, Kostbar - South African Delights on Wheels - invites patrons to immerse themselves in the culinary richness of South Africa. The truck proclaims: 'Immerse yourself in a culinary journey through South Africa with our unique food truck.' With dishes inspired by the nation's diverse cuisine, Kostbar aims to deliver not just meals, but an entire experience enveloped in warm hospitality and the vibrant spirit of Mzansi. The menu features some standout items that marry the traditional with the playful:
Irish Examiner
2 days ago
- Business
- Irish Examiner
Transatlantic airfares slump as Western Europeans skip US travel
Airfares from Europe to the United States have dropped to rates not seen since before the pandemic, as travellers from Western Europe lead a pullback in travel to the US that is expected to continue through at least July. Overseas arrivals to the United States fell 2.8% in May from a year ago, according to preliminary data from the US National Travel and Tourism Office within the US Department of Commerce. Travel from Western Europe fell 4.4% in May, although travel from Eastern Europe rose 4.6% in the same period. Forward bookings suggest sustained declines are on the horizon, with total inbound bookings to the US in July down 13% year-over-year, according to OAG Aviation, an analytics firm. Transatlantic airfare has been declining since the first quarter when Europeans started reconsidering travel to the US after President Donald Trump suggested annexing Greenland, launched a global trade war, and issued orders that focus on stricter border policy. A stronger dollar has also deterred some trips. In March, travel from Western Europe fell 17% year-over-year, according to the NTTO. Average round-trip economy airfares for over 50 routes from the US to Europe in the first quarter were down an average of 7% year-over-year, with rates to fly between Atlanta, Georgia, and London, down 55%, according to data from Cirium, an aviation analytics firm. As American consumers have been bargain-hunting and waiting closer to their departure dates to finalise travel plans, the decline in demand from Europe is another factor contributing to cheaper travel. "Fewer seats filled by European travelers to the US, and a slower pace of growth in US outbound to Europe than last year, will tend to cast 2025 as a tougher year to make money on transatlantic routes," said Aran Ryan, director of industry studies at Tourism Economics, a subsidiary of Oxford Economics. This summer, the price of round-trip tickets from the US to Europe is down 10% compared with a year ago, travel booking app Hopper said. Average fares of $817 per ticket are in line with prices to Europe in the summer of 2019 before the pandemic. Major carriers, including Air France KLM and Germany-based Lufthansa, expect slowing activity. Lufthansa CEO Carsten Spohr said the company expects weaker demand in the third quarter, while Air France KLM CEO Ben Smith said the company is seeing a "slight pullback" in transatlantic traffic and will slash prices to keep cabins on its transatlantic flights full. Airlines including Lufthansa and US air carrier United Airlines say higher demand from US travellers flying to Europe is offsetting the decline of Europeans flying the opposite direction. United said international bookings from Europe fell 6% in the first quarter, but added that U.S.-originating demand made up for the pullback. Rival Delta Air Lines said 80% of its long-haul international demand originates from the U.S., and fares in the region are "significantly higher" than in the rest of the world. Lufthansa said it plans to market its transatlantic flights to more Americans given the higher demand, despite travel from Western Europe showing moments of recovery. Travel from the region to the US increased 12.1% in April before falling again in May, according to data from the NTTO. As of mid-May, there are 4.3% more international flights scheduled to depart from US airports for international destinations this summer, said Hopper. "We feel really good about the transatlantic market," American Airlines CFO Devon May said at a Wolfe Research transportation and industrials conference in May. Reuters
The Star
2 days ago
- Business
- The Star
Global companies bullish on Chinese market's prospects
Foreign companies, especially those in Europe, are showing growing confidence in China's market potential, as the country's latest economic data underscores a steady recovery in consumption and industrial activity, reaffirming China's appeal as an engine of global growth. World business leaders expressed strong optimism about growth prospects in China, pointing to its vast consumer market, robust investment options in manufacturing and rising innovation capacity as key drivers of new development opportunities for multinational corporations based in Europe and beyond. They reaffirmed their long-term commitment to the Chinese market with plans to further expand investment in the world's second-largest economy, saying that China's steady economic momentum signals long-term potential and broader space for future growth. "China's vast and robust consumer market offers multinational corporations many opportunities, fueled by diversified demand drivers and significant growth potential," said James Zhou, chief commercial officer of Louis Dreyfus Co, a global agribusiness group based in the Netherlands. Roy Jakobs, CEO of Dutch multinational health technology company Royal Philips, also noted signs of stabilization in the Chinese economy, supported by the recovery in consumer activity. "We see consumer confidence and consumer spending rising, which is really encouraging," he said. According to data from the National Bureau of Statistics, China's retail sales grew 6.4 percent year-on-year in May, compared with a 5.1 percent rise in April, making it the fastest pace of growth since late 2023. Despite global uncertainties and rising geopolitical tensions, Jakobs said that Philips remains optimistic about China's prospects, betting on opportunities arising from the country's aging population, continued healthcare reform and rapidly advancing digital ecosystem to drive sustainable business growth. "In the mid- to long-term, we have a very strong outlook on China. We believe China will still be an important driver of global GDP," he said, adding that his company will strengthen its innovation hubs and establish a new one in Beijing. Malu Nachreiner, head of the Region Asia for the Crop Science Division of Bayer, said the Germany-based life sciences enterprise sees promising long-term growth prospects in the Chinese economy. China's steady economic growth indicates great potential for development, thereby providing foreign companies such as Bayer a broader scope for growth in the Chinese market, she said. In early 2025, Bayer launched a new supply center in Hangzhou, Zhejiang province, with an investment of 40 million euros ($46 million). "We are committed to continuing our investments, as we look forward to the opportunities that will arise as the market further opens up," Nachreiner added. French industrial software company Dassault Systemes also reaffirmed its strong commitment to the Chinese market. The company "benefits from China's high-quality development, with the demand driven by digital transformation presenting new opportunities for future business growth", said Zhang Ying, managing director of Dassault Systemes Greater China. Dassault Systemes has established innovation centers in seven cities, including Chongqing, Changchun in Jilin province, and Qingdao in Shandong province, while three more centers are currently under construction. As 2025 marks the company's 20th anniversary in China, "we will further expand our investment", Zhang said. Francisco Veloso, dean of INSEAD business school, said he believes China is poised for long-term growth, led by innovation and entrepreneurship, despite macroeconomic headwinds and rising global uncertainties. - China Daily/ANN
Time of India
2 days ago
- Business
- Time of India
Transatlantic airfares slump as western Europeans skip US travel, ET Infra
Advt Advt Airfares from Europe to the United States have dropped to rates not seen since before the pandemic, as travelers from Western Europe lead a pullback in travel to the US that is expected to continue through at least arrivals to the United States fell 2.8 per cent in May from a year ago, according to preliminary data from the US National Travel and Tourism Office within the US Department of Commerce. Travel from Western Europe fell 4.4 per cent in May although travel from Eastern Europe rose 4.6 per cent in the same bookings suggest sustained declines are on the horizon, with total inbound bookings to the US in July down 13 per cent year-over-year, according to OAG Aviation, an analytics airfare has been declining since the first quarter when Europeans started reconsidering travel to the US after President Donald Trump suggested annexing Greenland, launched a global trade war, and issued orders that focus on stricter border policy. A stronger dollar has also deterred some March, travel from Western Europe fell 17 per cent year-over-year, according to the round-trip economy airfares for over 50 routes from the US to Europe in the first quarter were down an average of 7 per cent year-over-year, with rates to fly between Atlanta, Georgia, and London, down 55 per cent, according to data from Cirium, an aviation analytics American consumers have been bargain-hunting and waiting closer to their departure dates to finalize travel plans, the decline in demand from Europe is another factor contributing to cheaper travel."Fewer seats filled by European travelers to the US, and a slower pace of growth in US outbound to Europe than last year, will tend to cast 2025 as a tougher year to make money on transatlantic routes," said Aran Ryan, director of industry studies at Tourism Economics, a subsidiary of Oxford summer, the price of round-trip tickets from the US to Europe is down 10 per cent compared with a year ago, travel booking app Hopper said. Average fares of $817 per ticket are in line with prices to Europe in the summer of 2019 before the carriers, including Air France KLM and Germany-based Lufthansa, expect slowing activity. Lufthansa CEO Carsten Spohr said the company expects weaker demand in the third quarter, while Air France KLM CEO Ben Smith said the company is seeing a "slight pullback" in transatlantic traffic and will slash prices to keep cabins on its transatlantic flights including Lufthansa and US air carrier United Airlines say higher demand from US travelers flying to Europe is offsetting the decline of Europeans flying the opposite direction. United said international bookings from Europe fell 6 per cent in the first quarter, but added that US-originating demand made up for the Delta Air Lines said 80 per cent of its long-haul international demand originates from the US, and fares in the region are "significantly higher" than in the rest of the said it plans to market its transatlantic flights to more Americans given the higher demand, despite travel from Western Europe showing moments of from the region to the US increased 12.1 per cent in April before falling again in May, according to data from the of mid-May, there are 4.3 per cent more international flights scheduled to depart from US airports for international destinations this summer, said Hopper."We feel really good about the transatlantic market," American Airlines CFO Devon May said at a Wolfe Research transportation and industrials conference in May.
