Los Angeles votes for minimum wage hike for tourism workers
Los Angeles Minimum Wage Proposal: The Los Angeles City Council has approved a plan to raise the minimum wage for tourism workers to $30 per hour by 2028, with gradual increases starting at $22.50 in 2025, amidst concerns from the hotel industry about potential job losses and economic impact.
Industry Opposition: The American Hotel and Lodging Association criticized the decision, arguing it could harm the struggling tourism sector and lead to job cuts, prompting a second vote on the proposal due to its non-unanimous approval.
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LQD and BEDZ Experience Significant ETF Withdrawals
ETF Outflow Details: The AdvisorShares Hotel ETF experienced the largest outflow, losing 30,000 units, which is a 35.3% decline in outstanding units compared to the previous week.
Market Performance: In morning trading, Expedia Group's stock decreased by approximately 0.6%, while TRIP.COM Group's stock increased by about 0.3%.
Video Content: A video segment discusses significant ETF outflows, specifically mentioning LQD and BEDZ.
Author's Disclaimer: The views expressed in the article are those of the author and do not necessarily represent the opinions of Nasdaq, Inc.
Trump paused and then resumed some immigrant raids. Affected sectors still express hope.
Immigration Raids Pause: A Trump administration official temporarily ordered a halt on immigration-related workplace raids in specific industries like agriculture, hotels, and restaurants ahead of Father's Day.
Cancellation of the Pause: By Monday morning, the administration reversed the decision to pause these immigration raids.
Los Angeles votes for minimum wage hike for tourism workers
Los Angeles Minimum Wage Proposal: The Los Angeles City Council has approved a plan to raise the minimum wage for tourism workers to $30 per hour by 2028, with gradual increases starting at $22.50 in 2025, amidst concerns from the hotel industry about potential job losses and economic impact.
Industry Opposition: The American Hotel and Lodging Association criticized the decision, arguing it could harm the struggling tourism sector and lead to job cuts, prompting a second vote on the proposal due to its non-unanimous approval.
Foreign travelers are skipping the U.S. That could cost the economy $90 billion.
Dream of Visiting America: The article reflects on a young Swedish woman's long-held dream to visit the U.S., specifically her desire to experience California by driving along the Pacific Coast Highway with music from the Mamas and Papas.
Hope for Fulfillment: The author expresses hope that the woman was able to fulfill her dream of visiting Los Angeles and enjoying the iconic Californian experience.
Trump tariffs lead to sweeping losses with travel and leisure stocks
Impact of Tariffs on Travel and Leisure Stocks: Travel and leisure stocks experienced significant declines due to President Trump's new tariffs on Canada, Mexico, and China, raising concerns about a potential trade war and its effects on consumer spending and the economy.
Decline in Specific Stocks: Major airline and leisure companies, including JetBlue Airways, Delta Air Lines, and Marriott International, saw substantial drops in their stock prices, reflecting investor fears over the long-term implications of ongoing tariff disputes.
Trip.com Shares Drop Despite Strong Q4 Earnings and Record Travel Demand: Details
Financial Performance: Trip.com Group Limited reported a fourth-quarter adjusted EPS of $0.60, exceeding estimates, with net revenue increasing 23% year-over-year to RMB12.7 billion ($1.75 billion), driven by strong travel demand and higher accommodation bookings.
Market Reaction and Future Plans: Despite positive earnings, TCOM shares fell 8.10% premarket due to broader market concerns; the company announced a $400 million share repurchase program and a $200 million cash dividend for 2024, reflecting confidence in continued growth and investment in innovation.
LQD and BEDZ Experience Significant ETF Withdrawals
ETF Outflow Details: The AdvisorShares Hotel ETF experienced the largest outflow, losing 30,000 units, which is a 35.3% decline in outstanding units compared to the previous week.
Market Performance: In morning trading, Expedia Group's stock decreased by approximately 0.6%, while TRIP.COM Group's stock increased by about 0.3%.
Video Content: A video segment discusses significant ETF outflows, specifically mentioning LQD and BEDZ.
Author's Disclaimer: The views expressed in the article are those of the author and do not necessarily represent the opinions of Nasdaq, Inc.
Trump paused and then resumed some immigrant raids. Affected sectors still express hope.
Immigration Raids Pause: A Trump administration official temporarily ordered a halt on immigration-related workplace raids in specific industries like agriculture, hotels, and restaurants ahead of Father's Day.
Cancellation of the Pause: By Monday morning, the administration reversed the decision to pause these immigration raids.
Los Angeles votes for minimum wage hike for tourism workers
Los Angeles Minimum Wage Proposal: The Los Angeles City Council has approved a plan to raise the minimum wage for tourism workers to $30 per hour by 2028, with gradual increases starting at $22.50 in 2025, amidst concerns from the hotel industry about potential job losses and economic impact.
Industry Opposition: The American Hotel and Lodging Association criticized the decision, arguing it could harm the struggling tourism sector and lead to job cuts, prompting a second vote on the proposal due to its non-unanimous approval.
Foreign travelers are skipping the U.S. That could cost the economy $90 billion.
Dream of Visiting America: The article reflects on a young Swedish woman's long-held dream to visit the U.S., specifically her desire to experience California by driving along the Pacific Coast Highway with music from the Mamas and Papas.
Hope for Fulfillment: The author expresses hope that the woman was able to fulfill her dream of visiting Los Angeles and enjoying the iconic Californian experience.
Trump tariffs lead to sweeping losses with travel and leisure stocks
Impact of Tariffs on Travel and Leisure Stocks: Travel and leisure stocks experienced significant declines due to President Trump's new tariffs on Canada, Mexico, and China, raising concerns about a potential trade war and its effects on consumer spending and the economy.
Decline in Specific Stocks: Major airline and leisure companies, including JetBlue Airways, Delta Air Lines, and Marriott International, saw substantial drops in their stock prices, reflecting investor fears over the long-term implications of ongoing tariff disputes.
Trip.com Shares Drop Despite Strong Q4 Earnings and Record Travel Demand: Details
Financial Performance: Trip.com Group Limited reported a fourth-quarter adjusted EPS of $0.60, exceeding estimates, with net revenue increasing 23% year-over-year to RMB12.7 billion ($1.75 billion), driven by strong travel demand and higher accommodation bookings.
Market Reaction and Future Plans: Despite positive earnings, TCOM shares fell 8.10% premarket due to broader market concerns; the company announced a $400 million share repurchase program and a $200 million cash dividend for 2024, reflecting confidence in continued growth and investment in innovation.
