Posts tagged with "economy"

Art by Kaelen of 360 for use by 360 Magazine

Tidal announces Triumph Over Trauma Special

Today TIDAL, in partnership with influential politico, lawyer and advocate Angela Rye, is announcing the premiere of Triumph Over Trauma: Black Wall Street Then and Now – a one-hour long special commemorating the centennial of one of the worst attacks of racial violence in American history: the Tulsa Race Massacre. The special will premiere on Saturday, June 19 at 6 pm ET to also honor the Juneteenth holiday, which celebrates the effective end of slavery in the United States.

The Tulsa Race Massacre devastated the prosperous African-American business community in Tulsa, Oklahoma’s Greenwood District known as Black Wall Street and claimed hundreds of lives. Viewers will hear from three living survivors of the massacre – Mother Fletcher, Mother Randle, and Uncle Red – who will discuss memories of Black Wall Street, escaping the night of the massacre, their legacy, and much more. The hour-long special will also feature local politicians, business leaders, Black youth of Tusla, activists, writers, and more reflecting, learning, inspiring, and growing – and most importantly shedding light on untold history.

The special will be broadcast simultaneously on TIDAL’s YouTube channel as well as in-app – both members and non-members alike will be able to view. You can find a preview here.

Highlighting the historical moments that impact society is an integral part of TIDAL’s DNA. By celebrating how integral all voices are to culture and community, TIDAL continues its commitment to providing its members with culture-shifting content.

Art by Kaelen of 360 for use by 360 Magazine

FinnAir Introduces Business Light Ticket

Finnair brings more choice to customers, introduces Business Light ticket

Finnair will introduce a totally new Business Light ticket and renew its other ticket types on 15 June, addressing the increasing trend for personalization of the travel experience.  

Customers can choose a ticket for their needs from three ticket types – Light, Classic and Flex – that are available for both Business and Economy Class for all short-haul and most intercontinental journeys. When booking a ticket, customers select the travel class experience they prefer and the level of flexibility for making reservation changes – along with some additional services included in the ticket. The rest of the experience can be tailored with a wide selection of travel extras. 

There is an increasing need to personalize the travel experience, and our new ticket types offer opportunities for choice and tailoring says Ole Orvér, Chief Commercial Officer, Finnair. We want to offer our customers journeys that look like them, and we will be adding more choice and personalization opportunities to our offering as we re-introduce services and prepare for ramp-up of our operations.  

Business Light is a totally new ticket type designed especially for leisure travelers who want to travel light and affordably while enjoying Business Class comfort. Business Light includes carry-on baggage only. Reservation changes, refunds, airport priority services, lounge access and onboard internet are not included in the ticket price. Customers can always elevate their experience by choosing the travel extras that matter most for them.  

The Classic ticket is the most popular option allowing ticket date changes and including one piece of checked baggage. With a Classic ticket bought on 15 June or later, customers can make travel date changes flexibly, paying only the possible fare difference between the original and new tickets. A refund is not possible in the case of a customer cancelling their reservation.  

The Flex ticket is a fully flexible and refundable ticket option serving those whose plans can change. When changing travel dates with a Flex ticket, customers only pay the possible fare difference between the original and new tickets. In case a customer wants to cancel their trip, the ticket will be refunded. Flex tickets include checked baggage and advance seat reservation. A Flex ticket bought after 15 June doesn’t include airport priority services. 

Customers who purchased their tickets before 15 June will travel with their original tickets and the benefits that were included with them. Due to the coronavirus situation, Finnair offers all customers with bookings made latest on 31 August 2021 extra flexibility for travel date changes. 

More information is available at FinnAir’s website, Twitter, Facebook, Instagram and YouTube

About Finnair

Finnair is a modern premium network airline, specialising in passenger and cargo traffic between Asia and Europe. Helsinki’s geographical location gives Finnair a competitive advantage, since the fastest connections between many European destinations and Asian megacities fly over Finland. Finnair is the only Nordic network carrier with a 4-star Skytrax ranking and a member of the oneworld alliance. In 2019, Finnair’s revenues amounted to EUR 3,098 million and it carried over 14.7 million passengers. Finnair Plc’s shares are quoted on the Nasdaq Helsinki stock exchange.

Art by Kaelen of 360 Magazine for use by 360 Magazine

Toyota Produces Lowest Number of Vehicles in Nearly Ten Years

Toyota Produced Lowest Number Of Vehicles In Almost A Decade – 7.55M Vehicles In FY 2021

Global mobility was essentially halted by COVID-19 in 2020 resulting in a huge financial downturn for even the giants of the car manufacturing industry. According to data presented by Trading Platform, Toyota produced its lowest number of vehicles in almost a decade – 7.55M units in FY ending March 2021.

Toyota Produced 7.55M Vehicles in FY 2021 Its Lowest Since 2012

Toyota Motor Corporation or more popularly known as simply Toyota is a car manufacturer from Japan founded in 1937. As of July 2014, Toyota was the largest listed company from Japan based on market capitalization, a ranking it still holds as of writing. Toyota was also listed by Forbes as the 42nd largest company in the world based on market cap.

However, even the giants of Japanese car manufacturing were not immune to the crippling effects of the COVID-19 pandemic. In its financial year (FY) ending in March 2021, Toyota only produced 7.55M units of vehicles compared to 8.82M in FY 2020. FY 2021’s figure is also the lowest number of vehicles produced by Toyota since FY 2012 when Toyota only produced 7.44M vehicles.

Toyota Sold Most Cars In North America But Generated Largest Revenue From Japan in FY 2021

North America is Toyota’s most lucrative market, accounting for 2.7M vehicle sales in FY 2020. In FY 2021, vehicle sales in North America dropped by 14.74% to just 2.31M. Toyota’s Asia (excluding Japan) market experienced the largest contraction out of it its largest markets with a 23.63% drop in FY 2021 to just 1.22M vehicles sold compared to 1.6M in FY 2020.

Toyota’s revenue across its sales regions differed greatly due to the varying conditions of the pandemic around the globe. Its home market of Japan was Toyota’s largest source of revenue in FY 2021 with almost ¥15T or almost $137B. Its North American market generated the second-highest revenue from its sales regions with ¥9.49T or around $87 in FY 2021.

Rex Pascual, editor at Trading Platforms, commented:

Toyota’s production downturn in FY 2021 is in line with industry trends, as the pandemic stifled demand significantly across the board. But Toyota’s status as one of Japan’s most iconic brands ensures a bright post-pandemic future for the car manufacturer. Its emergence as market leaders in hybrid electric vehicles as well as hydrogen fuel-cell vehicles shows the historic brand’s willingness to adapt to more modern trends.

You can read more about the story with more statistics and information at Trading Platforms’ website

Analysis for use by 360 Magazine

Health and Wellness Company Plexus Contributes Greatly to the Economy

A new independent study by the L. Seidman Research Institute at Arizona State University shows Plexus Worldwide (Plexus®), a leading health and wellness company, had an estimated $128.5 million gross domestic product (GDP) economic impact in Arizona and more than $1.1 billion GDP impact on the U.S. economy in 2020. The study analyzed the scope and scale of Plexus’ economic impact and investment across the U.S., Canada, Australia, and Mexico.

“The purpose of this study was to measure the economic impact of Plexus’ U.S. operations in the state of Arizona and in each market where the company does business including Canada, Mexico, Australia, and New Zealand in 2020,” said Dennis Hoffman, Director of the L. William Seidman Research Institute at the W. P. Carey School of Business at Arizona State University. “Our findings show the tremendous impact that Plexus has had, including a $1.15 billion economic impact on the global GDP and more than $128.5 million economic impact in the local Arizona community.”

Highlights of the 2020 economic impact study include:

  • $1.15 billion GDP impact on the global economy
  • $1.1 billion GDP impact on the U.S. economy
  • $128.5 million GDP impact on the state of Arizona
  • $791.6 million in U.S. labor income
  • 8,593 U.S. jobs supported
  • $26.8 million in sales tax revenues to state and local governments, responsible for $59.1 million GDP, 619 jobs, and $41.9 million labor income in the U.S. economy.

“Everyday Arizonans deserve opportunities to build better lives for themselves and their families. As Arizona’s senior senator, I’ll continue supporting economic opportunities helping Arizonans grow and thrive in their own direction. I look forward to working with our business leaders and independent business owners as we continue to expand jobs and fuel economic recovery,” said Senator Kyrsten Sinema.

Plexus is dedicated to changing lives and promoting health, wellness, and success. “Our products, team members, and Ambassadors are the foundation of these goals, which is why we are committed to the highest standards of quality,” said Tarl Robinson, CEO and Founder of Plexus. “Thanks to our hardworking leaders and employees, and in a year like no other, Plexus was able to grow and have a real impact on economies at the local, national, and global communities where we operate.”

This study demonstrates that Plexus is a major economic driver, contributing millions to the U.S. economy, including $95 million in labor income statewide. “In 2020 alone, Plexus supported more than 9,000 jobs worldwide, with a total of $821.6 million in total earnings for our employees and hundreds of thousands of Ambassadors, who serve as independent business owners,” said Kim Drabik, Senior Director of Corporate Affairs at Plexus.*

Plexus, a privately held company was established 13-years ago in Arizona, has more than 400 employees at its Scottsdale headquarters, which consists of a 73,000 square foot office building and 28,000 square foot warehouse. In 2020, Plexus welcomed more the 462,000 new Ambassadors and customers, growing the number of Ambassadors receiving monthly income by 23%. 

About Plexus Worldwide

Plexus Worldwide, LLC, is a leading health and happiness company featuring health and wellness products that enable people to improve their lives and well-being. With hundreds of thousands of independent business owners (“Ambassadors”) worldwide, Plexus is among the top 30 largest direct sales companies globally according to Direct Selling News. The combination of Plexus products and opportunities help individuals to meet their health-wellness and financial goals.

Art by Mina Tocalini for use by 360 Magazine

Cruise Industry Declines Following Pandemic

Cruise Industry to Generate $6.6B in Revenue in 2021, Almost Five Times Less than in 2019

The COVID-19 had a devastating impact on the global cruise industry, with cruise lines practically disappearing after the pandemic hit and all operators witnessing double-digit sales drop.

However, it seems that 2021 might bring a new hit to the sector, which is already on its knees. According to data presented by StockApps, the entire cruise industry is expected to generate $6.6bn in revenue in 2021, almost five times less than in 2019.

Confidence in the Cruise Lines Plummeted Amid Pandemic, The Number of Users Down by 76% in Two Years

When the COVID-19 hit, cruise ships immediately suffered high infection rates among passengers and crew. Thousands of people were stranded on board, spending months in quarantine. By the end of April 2020, more than 50 cruise ships confirmed hundreds of COVID-19 cases. It didn’t take long for cruises to be depicted as places of danger and infection.

In 2019, the entire cruise industry generated $27.4bn in revenue, revealed the Statista data. After the pandemic struck, revenues plummeted by 88% in a year to $3.3bn in 2020. Although this figure is expected to almost double and hit $6.6bn in 2021, it still represents a massive 77% drop compared to pre-COVID-19 levels.

Statista data indicate it will take years for the cruise industry to recover from the effects of the COVID-19 pandemic. By 2023, revenues are projected to reach $25.1bn, still $2.3bn less than in 2019. In 2024, cruise line revenues are expected to rise to over $30bn.

As people lost confidence in the entire cruise industry amid the pandemic, the number of cruise line users plunged to the deepest level in years. In 2019, almost 29 million people worldwide had chosen cruise lines for their vacation. Last year, this figure dipped to 3.4 million. Although the number of cruise line users is forecast to recover to 6.7 million in 2021, it still represents a massive 76% drop in two years.

Combined Revenues of Top Five Cruise Markets Still $16B Under Pre-COVID-19 Levels

The Statista survey revealed that, despite a $10.24bn revenue drop in 2020, the global cruise giant Carnival Corporation remained the largest player in the market with a 45% market share in 2021. Royal Caribbean Cruises ranked second with a 25% share. Norwegian Cruise Line and MSC Cruises follow, with 15% and 5% share, respectively.

Analyzed by geography, the United States represents the world’s largest cruise industry, expected to generate around $2.8bn in revenue this year, 78% less than in 2019.

Revenues of the German cruise line market, the second-largest globally, are expected to hit $830 million in 2021, compared to $2.8bn before the pandemic struck. The UK’s cruise companies are forecast to generate $650 million in revenue, down from $2.4bn two years ago. Chinese and Italian markets follow, with $570 million and $218 million in revenue, respectively.

Statistics show that combined revenues of the world’s five largest cruise markets are expected to amount to over $5bn in 2021 or $16bn less than in 2019.

The full story can be read here at StockApps’ website.

By Mina Tocalini for 360 MAGAZINE

POST-PANDEMIC BUSINESS DEVELOPMENT

Rethinking Business Development for the Post-Pandemic Age

With America’s post-pandemic geography shifting, local governments must partner with entrepreneurs to stay competitive.

America’s rapidly shifting post-pandemic geography poised to make winners and losers of various superstar and mid-sized towns, the business development approaches of local leaders are stuck in the past. State and local governments spend $61 billion annually to foster economic development, but more than three-quarters of this money is spent on subsidies for large corporations that rarely deliver significant growth. A new Manhattan Institute report from Ian Hathaway and Rhett Morris, senior fellows at the Center for American Entrepreneurship, suggests that economic development would increase significantly if local decision makers would prioritize partnerships with entrepreneurs. The report, part of the Manhattan Institute’s urban policy series, offers four steps to achieving what they call entrepreneur-led economic development. Those steps include:

  • Identifying the successful entrepreneurial businesses in the region, the local strengths they represent, and the key leaders behind their growth.
  • Building networks around successful local entrepreneurs to connect them with founders of upcoming businesses with the potential to grow.
  • Partnering with entrepreneurial leaders to address the real needs of growing local businesses and their entrepreneurs.
  • Collecting data on growing entrepreneurial businesses to track results and share findings with the community.

Entrepreneurial success depends on local networks. No single type of organization has all the data necessary for identifying every growing entrepreneurial business in a city, but if policymakers, funders, and service providers work together to generate local growth and productivity, their collective resources can complement existing economic development programs and enhance some of the most valuable economic assets already growing in their communities.

LGBTQ+ illustration by Heather Skovlund for 360 Magazine

Corporate Leaders × Anti-Lgbtq Bills

Corporate leaders: Companies should work against anti-LGBTQ bills in Texas, other states 

Chris Adamo, vice president of Federal and Industry Affairs at Danone North America; Brad Figel, vice president of Public Affairs North America at Mars, Inc.; Molly Fogarty senior vice president of Corporate & Government Affairs at Nestlé USA; and Tom Langan, North America director of Sustainable Business & External Affairs for Unilever:

  • “As four of the largest food companies and major employers in the United States, we view the growing number of anti-LGBTQ+ bills under consideration in state legislatures, including those that target transgender people and particularly children, with increasing alarm.
  • “These bills are bad for families, for communities, for businesses and for the U.S. economy, all still reeling from the COVID-19 pandemic…This motivates us to continue using our influence to advocate for policies that establish full equality at the federal and state levels, including swift Senate passage of the Equality Act.
  • “Discriminatory legislation — in threat and in practice — directly and negatively impacts the ability of our businesses to compete. It undermines our ability to recruit our future workforces and retain existing talent in states like Arkansas, Florida, Kentucky, Tennessee, West Virginia, Texas and others enacting and considering draconian legislation.”
  • “Such policies are out of step with the views of most Americans. The overwhelming majority of Americans support full equality for LGBTQ+ people, according to recent data released by the Human Rights Campaign.”
  • Companies have a responsibility to actively work with federal and state legislators to advocate against bills that harm our employees and our customers, and to advance fairness and equality for all Americans”

We condemn dangerous, discriminatory legislation that serves as an attack on LGBTQ+ individuals, particularly transgender and non-binary people.

As four of the largest food companies and major employers in the United States, we view the growing number of anti-LGBTQ+ bills under consideration in state legislatures, including those that target transgender people and particularly children, with increasing alarm.

These bills are bad for families, for communities, for businesses and for the U.S. economy, all still reeling from the COVID-19 pandemic.

We condemn dangerous, discriminatory legislation that serves as an attack on LGBTQ+ individuals, particularly transgender and nonbinary people. Such laws not only threaten hard-won progress to bring greater awareness, support and equality to transgender Americans, they also threaten the livelihoods and safety of their communities and their families.

This motivates us to continue using our influence to advocate for policies that establish full equality at the federal and state levels, including swift Senate passage of the Equality Act.

Member companies of the Sustainable Food Policy Alliance, including Danone North America, Mars, Inc., Nestlé USA and Unilever United States, urge the entire U.S. business community to do the same.

This issue is not political. Providing the same basic protections to LGBTQ+ people as are provided to protected groups under federal law is the right thing to do for businesses and for society.

We employ tens of thousands of people in communities across the country. We embrace diversity in our workforces. Inclusive principles already guide the way we work, run our successful businesses, and engage with our employees and communities.

Discriminatory legislation — in threat and in practice — directly and negatively impacts the ability of our businesses to compete. It undermines our ability to recruit our future workforces and retain existing talent in states like Arkansas, Florida, Kentucky, Tennessee, West Virginia, Texas and others enacting and considering draconian legislation.

In Kentucky, for example, proposed legislation would allow health care providers to turn away LGBTQ+ and other patients, and bar trans youth from K-12 public school and university sports. Similarly, in Texas, legislators have proposed bills that would ban transgender girls from youth sports.

When states legislate this way, not only do they create an environment where not everyone feels safe and welcomed, they endorse it. Such environments deny transgender and nonbinary people the opportunity to fully contribute to the economies in places where they work and live. This harms them and their families and hinders businesses and local communities.

We applaud Arkansas Gov. Asa Hutchinson’s decision this week to veto legislation that would have banned gender-affirming medical care for transgender youth. Unfortunately, the Arkansas legislature overrode the governor’s veto Tuesday.

Mississippi Gov. Tate Reeves signs a bill in March 2021 to ban transgender athletes from competing on girls or women’s sports teams.

Such policies are out of step with the views of most Americans. The overwhelming majority of Americans support full equality for LGBTQ+ people, according to recent data released by the Human Rights Campaign.

Legislation hurts states’ economies

The ramifications of these discriminatory bills on states’ economic and financial health are also well-documented. A UCLA study found that the social, economic and health effects of stigma and discrimination against LGBTQ+ people negatively impact Texas’ economy by tens of millions of dollars each year. Another study by the Texas Association of Business estimated that discriminatory legislation could result in an estimated economic loss to Texas’ gross domestic product ranging from $964 million to $8.5 billion.

The impacts of such bills are not limited to the states where they are passed. Researchers that studied 39 countries found a clear link between LGBTQ+ discriminatory practices and legislation and the corresponding loss of potential economic output. For LGBTQ+ youth, the study found that discrimination harms their learning, resulting in increased dropout rates and, consequently, reduced participation in the workforce.

We acknowledge that words are powerful. But for companies to engage new generations of workers and consumers, while fostering an environment good for people and for business, we must move beyond only public statements of support for LGBTQ+ issues.

Companies should protect employees

Companies have a responsibility to actively work with federal and state legislators to advocate against bills that harm our employees and our customers, and to advance fairness and equality for all Americans.

We four SFPA companies are committed to stepping up and taking action, including through our advocacy on this important issue. Doing so will support an environment in which all people can grow, thrive, compete and succeed as their true, authentic selves.

Chris Adamo is vice president of Federal and Industry Affairs at Danone North America. Brad Figel is vice president of Public Affairs North America at Mars, Inc. Molly Fogarty is senior vice president of Corporate & Government Affairs at Nestlé USA. Tom Langan is North America director of Sustainable Business & External Affairs for Unilever.

Corporate leaders: Companies should work against anti-LGBTQ bills in Texas, other states

Vaccine illustration by Heather Skovlund for 360 Magazine

Small Businesses Sign Vaccine Plan

­­SURVEY OF SMALL EMPLOYERS; 400+ SMALL BUSINESS OWNERS AND NATIONAL ADVOCATES LAUNCH INITIATIVE ON VACCINE LEADERSHIP TO GET U.S. ECONOMY BACK ON TRACK 

New National Survey of More than 3,300 Small Business Owners: Survey of small employers found that 64 percent of business owners say it is very important that their employees get vaccinated

Over 400 Small Business Owners and Leaders — Sign pledge to commit to becoming a small business vaccine leader 

Small employers want employees to get vaccinated and are willing to help to make it happen. The majority (63 percent) of small businesses are willing to encourage and incentivize employees to get vaccinated.

 Reimagine Main Street (RMS), a project of Public Private Strategies (PPS), has launched a public awareness campaign that will support small business owners in being leaders on the Covid-19 vaccines with their employees and in their community. The campaign was announced during a webinar that also included findings from a survey of more than 3,300 small employers on their perspectives on the vaccines conducted by Reimagine Main Street, in partnership with the National Asian/Pacific Islander American Chamber of Commerce and Entrepreneurship (National ACE), the US Black Chambers, Inc. (USBC), and the United States Hispanic Chamber of Commerce (USHCC). The survey results provide insights into how small business owners view the vaccines and their plans for themselves and their workers. 

Other business organizations including the National LGBT Chamber of Commerce (NLGCC), the National Association of Women Business Owners (NAWBO), and Women Impacting Public Policy (WIPP) are stepping up to engage their members. 

“Small businesses like mine have struggled during this pandemic, but the vaccine shows us that the end is in sight,” said Shaundell Newsome, Founder of Sumnu Marketing and Chairman of the Board of the Urban Chamber of Commerce in Las Vegas, who moderated the webinar. “I have implemented a vaccine plan for my employees and all business owners should do the same so we can make it through Covid-19 as quickly as possible.”

The Centers for Disease Control and Prevention (CDC) estimates that between 70-85% of Americans need to receive the vaccine to achieve herd immunity. Once that happens, small businesses will be able to get back to business at full capacity and the economy and communities can completely reopen.

“The survey findings demonstrate that small business owners recognize the importance of the vaccines in reopening Main Street,” said PPS Founder and Principal Rhett Buttle. “By championing the vaccine with the employees and in their communities, small employers can help fully reopen the economy as quickly as possible.”

NEW SURVEY: 

The survey of more than 3,300 small employers shows strong support for ensuring workers get vaccinated. View the full survey. Key findings include: 

  • 63% of small employers intend to encourage their employees to get vaccinated. 
  • Nearly half (45%) of small employers’ plan to give workers paid time off (PTO) to get vaccinated.
     
  • More than 80% of small employers report having conversations with employees about vaccines and a majority (55%) say they would use free or low-cost resources to provide guidance and information about Covid-19 vaccines.

PLEDGE FROM SMALL BUSINESS OWNERS: 

The campaign also calls on employers to sign a pledge to be a SMALL BUSINESS VACCINE LEADER, which more than 400 small business owners have already signed. In signing it, small business owners are pledging to do at least one of the following things:

  • Commit to getting the vaccine when it is their turn and let their employees know why they are choosing to get the vaccine
  • Create a vaccine plan for their employees
  • Provide incentives to employees who receive the vaccine, such as PTO to receive the vaccine
  • Continue to follow state and federal guidance on social distancing and wearing masks after all employees are vaccinated
  • Assist with vaccine promotion and distribution in their community (examples include volunteering to help at COVID-19 vaccination sites, donating supplies or services to vaccination sites, and being vocal in their community on the business case for getting vaccinated)

NEW TIP SHEETS: 

Reimagine Main Street is also giving small business owners the resources they need to play a critical role in championing the vaccine with their employees and in their communities. In addition to general tools and resources, the campaign includes tip sheets in multiple languages for small business specifically targeted to demographics, including:

QUOTES FROM BUSINESS OWNERS AND LEADERS: 

Ron Busby, Sr., President/CEO of the U.S. Black Chambers, Inc.

“When our country faces a crisis, the most vulnerable are hit the hardest, especially in the Black community. This was the case with Covid-19, but business owners can help put us on the path to recovery by embracing the vaccine.”

Ramiro Cavazos, President and CEO of the United States Hispanic Chamber of Commerce

“It is going to take years for the Hispanic small business community to recover from the Covid-19 pandemic, but the vaccine can get us started down that path. Business owners can help speed the recovery by championing the vaccine with their employees and community.”

Justin G. Nelson, Co-Founder and President, NGLCC

“COVID-19 has forced business owners in the LGBTQ community to look out for each other as we try to make it through this pandemic. Small business owners should protect themselves, their employees, and their communities by championing the vaccine.”

Cindy Ramos-Davidson, CEO of the El Paso Hispanic Chamber of Commerce 

“Hispanic businesses have closed at a disproportionate rate because of Covid-19 and the path to recovery begins with the vaccine. If small business owners champion the Covid-19 vaccines, businesses and communities will be able to fully reopen much faster.” 

Chiling Tong President/CEO of the National Asian/Pacific Islander American Chamber of Commerce and Entrepreneurship

“The Covid-19 pandemic has been tough on Asian American and Pacific Islander businesses both financially and through the rise in anti-Asian violence. It is critical that we get through this pandemic as quickly as possible, and the vaccine is key to doing so.”

Mas Torito, owner of Kokoro Restaurant in Denver

“My family restaurant has been in business for over 30 years and this past one was the toughest we have ever weathered. To come back stronger than ever, we have championed the vaccine, but it is critical that more small businesses do so as well.”

Ginger Torres, co-founder of PPE for Navajo First Responders in Phoenix

“Hesitancy to take the Covid-19 vaccine is prevalent among many Native Americans, but small business owners can play a huge role in changing that. I urge all small business owners to be leaders on the vaccine with their employees and in their communities.”

Patty Gentry Young, co-owner of Young Hair Inc., Spring Field, Ohio

“We all take steps to be proactive about our health and getting the Covid-19 vaccine should be one of them. Small business owners can play an important role in encouraging their employees and others in their community to get the vaccine.”

travel illustration by Gabrielle Marchan for 360 Magazine

Beijing’s Tourism Revenue Drop

Beijing’s Tourism Revenue Dropped by 53% in 2020 – Loss of Over ¥330B 

The tourism industry was badly hit by the COVID-19 pandemic and the city of Beijing saw the momentum of the industry halted in 2020. Beijing had become an increasingly popular tourist destination prior to the pandemic with revenue from inbound tourism recorded at $5.16B in 2019. According to data presented by TradingPlatforms, Beijing’s total revenue from tourism decreased by over 53% in 2020 for a staggering loss of ¥330B, or $50B.

Beijing Revenue From Tourism Dropped By Over $50B After Years Of Growth

China has long moved on from its isolationist policies and has encouraged the mainland as a travel destination for tourists. Revenue from China’s tourism sector grew at a strong 13.8% CAGR from 2010-2019 to ¥5.7T, or almost $880B. In 2019, China was the fourth most visited country by foreign tourists with 65.7M arrivals for the year.

Beijing is one of the leading tourist destinations in China, and the city has been enjoying the growth of the tourism sector until the pandemic of 2020 hit. From 2016-2019, Beijing’s tourism revenue experienced a 5.53% CAGR, rising to a value of ¥622.7B in 2019. However, COVID-19 shut borders around the world, crippling global mobility and disrupting the momentum built up by Beijing’s tourism industry. Beijing’s revenue from tourism dropped over 53% in 2020 to just over ¥291.

Beijing suffered a staggering loss in revenue, specifically in inbound tourism, where revenue dropped from $5.16B in 2019 to just $480M in 2020.

COVID-19 Hit China Early – Caused Massive Disruption in H1 of 2020

China felt the effects of COVID-19 before much of the rest of the world did. A clear example of this is in the drop in weekly Airbnb bookings from the period between January 5th to March 7th. This drop occurred when the coronavirus was just becoming news to the rest of the world of what was happening in various parts of China. Beijing experienced a dizzying 96% drop in weekly Airbnb bookings compared to just 46% in Seoul and 29% in Tokyo in this time period.

The number of domestic tourists is estimated to have dropped by as much as 62% in the first half of 2020 compared to the year prior, with revenues dropping by as much as 77%. By the end of the year, China had experienced a 43% drop in domestic tourists and a 52% drop in revenue from domestic tourism.

Tourism in China Projected To Completely Recover Within 5 Years

In 2019, the absolute economic contribution of tourism in China was estimated at $1.67T. This fell sharply to just $745.5B in 2020-a decrease of more than 55%, but still the largest in Asia and the second-largest overall, after the USA. However, projections have the figure bouncing back up by over 40.5% in 2021 to $1.04T. The figure is projected to surpass pre-pandemic levels for the first time in 2023, when the absolute economic contribution of tourism is projected to be at $1.75T.

Despite the turmoil of 2020, China’s absolute economic contribution from tourism is projected to have an impressive CAGR of 20.75% from 2021-2025, reaching more than $2.67T by the end of the forecast period.

You can read more about the story with more statistics and information on TradingPlatforms’ website.

 

 

360 football illustration for sports articles

THE ECONOMIC SUPER BOWL

In midst of a pandemic that devastated society, including sports, the total wealth of 64 billionaire sports barons shot up by $98.5 billion, or over 30 percent. Taxpayer subsidies for stadiums of 26 billionaire team owners have totaled $9 billion since 1990, with most in last decade.

We won’t know the winner of this year’s Super Bowl till Sunday, but we already know the big winners in our COVID-ravaged economy include dozens of billionaire sports barons.

On the eve of the big game, and after 10 plus months of the pandemic, 64 billionaire owners of major league sports franchises—including the AFC champion Kansas City Chiefs’ Hunt family and the NFC champion Tampa Bay Buccaneers’ Glazer family—have enjoyed a $98.5 billion rise in their collective net worth, a 30 percent increase, as millions of fans have fallen ill, lost jobs, neared eviction, gone hungry and died due to the coronavirus.

The 64 billionaires, who together own or co-own 68 professional sports franchises, had a combined wealth of $426 billion on January 29, 2021. This number is up from $326 billion on March 18, 2020, roughly since the start of the pandemic lockdowns, according to a new analysis by the Institute for Policy Studies (IPS) and Americans for Tax Fairness (ATF), and data analysis from Forbes and Wealth-X. (Note: The increase in total billionaire wealth from March to January was $100 billion, but has been adjusted to $98.5 billion because an additional billionaire reached that status in January 2021.)

The sports billionaires’ private gain in the midst of so much public pain is particularly galling since many of their franchises have been the beneficiaries of taxpayer handouts. Over the past several decades, according to data maintained by Field of Schemes, 28 pro sports teams owned by 26 billionaires have received $9 billion in taxpayer subsidies (see Table here) to help build or update stadiums and arenas and make other investments that billionaires could presumably afford on their own. These publicly subsidized team owners have seen their wealth increase $45 billion since mid-March.

For the full report go to Pandemic Super Bowl 2021: Billionaires Win, We Lose.

Over the past five years—when a lot of sweetheart tax deals were cut—the collective wealth of sports billionaires shot up $165 billion, or 67 percent. Their combined wealth of $247 billion in March 2016 had grown to $426 billion by January 29 of this year. (Nine billionaires on the list in 2021 were not billionaires in 2016, accounting for the $14 billion discrepancy.)

The $98.5 billion wealth gain by 64 sports franchise billionaires since March 2020 could pay for:

  • A stimulus check of $1,400 for over 70 million Americans—almost half of the 153 million people who likely will be eligible under the pandemic relief plan proposed by President Biden based on the 2020 stimulus payments.
  • More than one-third of the $290 billion cost of providing $400-a-week supplements to existing unemployment benefits through September, as proposed by President Biden in his COVID rescue plan.

March 18 is used as the unofficial beginning of the pandemic because by then most federal and state economic restrictions responding to the virus were in place. Moreover, March 18 was also the date on which Forbes estimated billionaire wealth for the 2020 version of its annual report. That report provided a detailed baseline that ATF and IPS have been comparing periodically with real-time data from the Forbes website. [See past reports here] This methodology has been favorably reviewed by PolitiFact.

Last March is when the nation’s emergency response to the deadly virus threw professional sports, along with the rest of society, into turmoil. Thousands of low-paid stadium and arena workers lost their jobs as sports seasons were cancelled and curtailed.

The long winning streak of America’s billionaire sports owners is just part of the dominance of a national dynasty of 661 U.S. billionaires whose wealth has grown by $1.2 trillion, or 40%, during the pandemic. The number has climbed from $2.9 trillion on March 18 to $4.13 trillion, as of January 29, 2021 (see link here for all data).

Though only one of their teams will lift the Lombardi Trophy as Super Bowl champs this year, both the Chiefs’ Hunt family—specifically, Ray Lee Hunt and W. Herbert Hunt—and the Bucs’ Glazer family will continue their long reigns among the nation’s biggest economic winners. The Hunts’ net worth is estimated by Forbes at $6.3 billion, up $482 million during the COVID crisis. The Chiefs received $250 million in taxpayer subsidies for stadium renovations in 2006.

The Buc’s Glazer family is worth an estimated $1.7 billion, according to Wealth-X. Taxpayers provided a total of $218 million in subsidies for construction and renovation of the Buccaneer stadium in 1998 and 2015.

Sixty U.S. billionaires—roughly one in ten of the country’s 661 total billionaires—own one or more major league professional sports teams in the National Football League (NFL), National Basketball Association (NBA), Major League Baseball (MBL), and National Hockey League (NHL). Four other billionaires—three from Canada and one from Germany—own four additional teams.

“These billionaire sports barons have seen their wealth rise as their fans lose their lives, livelihoods, health and wealth,” said Chuck Collins, director of the Institute for Policy Studies, Program on Inequality.  “As a country, we should be investigating pandemic profiteering and taxing windfall gains during these extraordinary times.”

“The Super Bowl brings the whole nation together, but we have not come together as a country to beat the pandemic,” said Americans for Tax Fairness executive director Frank Clemente. “Billionaire sports owners have continued their long winning streak of ever-growing fortunes while fans at home are losing their lives and livelihoods. Real team work would require billionaires to pay their fair share of taxes so we can get the whole U.S. back to its winning ways.”

“Every year, wealthy sports team owners rake in more than two billion dollars in taxpayer subsidies for new stadiums and arenas that, according to innumerable economic studies, provide zero measurable economic benefit to the public,” said Neil DeMause, co-author of Field of Schemes: How the Great Stadium Swindle Turns Public Money Into Private Profit, and editor of the stadium news site. “Letting billionaire owners socialize their costs and privatize their profits has allowed the rich to get richer, while starving local governments of revenue to pay for schools and other genuine public needs.”

Tax reform that ensures the wealthy pay their fair share—the principle President Biden’s tax plan is built on—would transform a good chunk of those huge billionaire gains into public revenue to help heal a hurting nation. But getting at that big boost in billionaire fortunes is not as simple as raising tax rates: tax rules let the rich delay, diminish and even ultimately avoid any tax on the growth in their wealth. What’s needed is structural change to how wealth is taxed.

The most direct approach is an annual wealth tax on the biggest fortunes, proposed by Senators Elizabeth Warren and Bernie Sanders, among others. Another option is the annual taxation of investment gains on stocks and other tradable assets, an idea advanced by the new Senate Finance Committee chair, Ron Wyden. Even under the current discounted tax rates for investment income, if Wyden’s plan had been in effect in 2020 America’s billionaire sports owners would be paying billions of dollars in extra taxes this spring thanks to their gargantuan pandemic profits last year. Another reform is needed to significantly strengthen the estate tax so that the riches accumulated by these ultra-wealthy sports franchise owners pay their fair share of taxes when these dynasties get passed onto their heirs.