New York City has tightened the rules for hotel operations. After having supported a campaign to rein in short-term rentals, the city's hotel sector has now gotten a taste of greater regulation of itself.
The New York City Council bill has ignited a fierce debate between supporters who claim it will improve safety and working conditions and opponents who argue it could cripple the hotel industry.
The Privatization Commission board of Pakistan could not decide on the mode of privatizing the Roosevelt Hotel in New York, with members divided between leasing it for 99 years or developing it through a joint venture.
Local Law 18 hasn't yet led to a significant amount of additional long-term housing in NYC and hotels are thriving. But small-time hosts have lost a key source of income. Modifications, and a more balanced approach, are needed.
JetBlue’s strategy of cutting unprofitable routes and focusing on its core markets is starting to see returns — the carrier unexpectedly reported a profit in the second quarter.