Moscow has begun to experience its first signs of the global economic downturn with occupancy levels being reported as falling 5 points last year to 70%. The average daily rate ended at €251 for the year, which only increased 5% in comparison to the year before. Meanwhile, revenue per available room fell to [...]

Kuoni, a travel giant based in Switzerland, is set to cut workers across the entire company, which they claim will cut 5% of their costs per year for the next 3 years. According to the company, a majority of the positions are to be lost via natural attrition. However, they did admit that [...]