Business Brief: Tourists go home, but leave your money

Good morning, this is Jason Kirby here, filling in for your usual Business Brief chief Chris Wilson-Smith who is away this week on vacation.

As part of the deal Boeing will pay a US$243.6-million fine and spend US$455-million over three years on compliance and safety. Families of the victims had been hoping for much more – they’d asked federal prosecutors to seek a fine of US$24-billion. All told Boeing has spent roughlyin fines, payments to victims, airline reimbursements and costs related to the grounding of its 737 Max fleet by the U.S. Federal Aviation Administration.

There were signs even before the pandemic that some tourism destinations were done with the traveling masses. But the movement picked up after lockdowns were lifted and as experience-starved tourists took to the skies in growing numbers.There’s no shortage of destinations recently trying to clamp down on what they consider excess tourism.In 2018, Venice first proposed a tourist tax. It came into force in April, imposing a €5 “access fee” for day-trippers.

And that’s at the crux of the tension between mass tourism and local economies that depend on all those tourist dollars. On a worldwide basis, tourism still has yet to reclaim its prepandemic peak, though it’s close. In May UN Tourism reported that international travel in the first quarter reachedResidents might not welcome a full recovery, but their governments likely won’t mind, even if they won’t admit it..

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