Olympics delay a blow for virus-hit Tokyo hotels

13 Sept 14:08 Key points summarised by AI

The postponement of the Tokyo 2020 Olympics delivers a severe blow to Japan's hotel and tourism sector, which was already struggling with drastically reduced bookings due to the coronavirus pandemic.
Hotels, which had anticipated the Games would help recover significant losses, now face widespread room cancellations and difficulty filling vacancies, with many reporting sales plummeting by half and overall bookings down by 90% year-on-year.
The delay creates complex financial and logistical challenges for the industry, including issues with cancellation fees, rebooking arrangements, and critical cash-flow and employment concerns, leaving businesses in limbo as they await new dates and guidance.

New home loan scheme aims to boost property sector with Bt125 billion

Yesterday 11:38 Key points summarised by AI

The Cabinet approved a new Bt50-billion 'A House for Each PLUS' home loan scheme from the Government Housing Bank, offering up to Bt3 million with 40-year repayment terms for low- and middle-income earners.
This initiative aims to significantly boost the property sector and national economy, projecting to generate Bt125 billion in economic activity and create jobs.