BERLIN/ACCRA, March 20 (Reuters) – New hotels are springing
up across Africa, despite the trials of bureaucratic delay and
poor infrastructure, to take advantage of an increasing number
of tourists and business travellers serving a growing middle
The International Monetary Fund is forecasting economic
growth of around 5.8 percent in sub-Saharan Africa this year,
second only to developing Asia, and the hospitality industry is
keen to tap that growth.
DUESSELDORF, Germany, March 20 (Reuters) – German retailer
Metro predicted operating earnings would fall in the
coming months, hit by weak consumer spending, a lack of major
sporting events and investments aimed at reviving its main cash
and carry business.
Shares in the company, which also runs consumer electronics
stores, hypermarkets and department stores, fell over 3 percent
in Wednesday morning trade, the biggest decline by a European
FRANKFURT (Reuters) – German engineer Siemens (SIEGn.DE: Quote, Profile, Research, Stock Buzz) will not be able to spin off its lighting division in April, the earliest date for the planned listing, because of legal action by a handful of investors challenging the move.
Siemens is selling off Osram as part of a restructuring which includes shedding less profitable businesses and seeking 6 billion euros ($7.8 billion) of savings.
METZINGEN, Germany, March 14 (Reuters) – German fashion
house Hugo Boss said it expected to post higher
growth in Asia this year, helped by a rebound on the China
market, which stuttered last year.
Hugo Boss, known for its sharp suits, said its sales in Asia
grew just 4 percent in 2012 at currency-adjusted rates, due to a
difficult situation on the Chinese market.
BERLIN, March 8 (Reuters) – Tourism in Greece is bouncing
back this year in an otherwise flat European market, held back
by the weak economic climate, travel industry executives said.
The desire for a beach holiday closer to home for
cost-conscious consumers in Europe is helping to revive tourism
demand in the country, battling recession and a debt crisis.
BERLIN/MADRID, March 7 (Reuters) – European countries will
need to focus less on beach holidays and more on communist
history, rolling landscapes and even poetic trees if they want
to take advantage of growing numbers of tourists from China.
According to the China Tourism Academy, some 200 million
Chinese could be travelling abroad annually by 2020, up from 82
million in 2012.
BERLIN, March 7 (Reuters) – More hotels are expected to
change hands this year, with transaction volumes returning to
pre-crisis levels thanks to easier financing and wealthy Gulf
buyers on the hunt for trophy assets in key locations in London
Total European hotel transaction volume reached 5.6 billion
euros ($7.3 billion) in 2012, a drop of 21 percent from 2011,
and well below the 10-year average since 2002 of 9.5 billion,
according to a report by HVS Hodges Ward Elliott.
BERLIN, March 5 (Reuters) – Marriott International
moved into the economy hotel market, teaming up with IKEA’s
real estate arm to launch a new European chain for
travellers seeking style on a budget.
Cool and contemporary budget hotels such as Motel One, B&B
Hotels and CitizenM are springing up all over Europe to meet
demand from people who are keen to get away from it all despite
squeezed leisure budgets.
MANNHEIM, Germany, Feb 19 (Reuters) – Optimism that the
worst of the euro zone debt crisis is over has helped German
investor sentiment soar to its highest level in nearly three
years this month.
In the latest sign that Europe’s largest economy is bouncing
back after a dismal end to 2012, the Mannheim-based ZEW think
tank said on Tuesday its monthly investor and analyst poll of
economic sentiment rose to 48.2 points in February from 31.5 in
FRANKFURT, Feb 14 (Reuters) – Sportswear firm Puma said it is pulling out of the sailing market to concentrate on other sports such as soccer and running to rebuild its flagging business, leaving an Americas Cup team seeking a new sponsor.
The German company, which on Thursday reported a 70 percent drop in its annual profit, is going through its biggest reorganisation in 20 years to restore the business and get its products back in fashion in the United States, Europe and China.