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1. Eurozone inflation grows
After staying just under 3% in June and July, the Eurozone's inflation rose to 3.3% in August, CNBC reports, which added higher energy prices are due to the Iran war. It's the highest inflation report since September 2024.
Per the report from statistics office Eurostat on Tuesday, energy inflation rose to 14.3% from 10.3%, but core inflation dropped slightly to 2.4% from 2.5%. Experts say all signs point to the European Central Bank to hike interest rates at its Sept. 10 meeting.
“The ECB faces a dilemma: a trade-off between higher interest rates and economic cost. Higher borrowing costs will continue to squeeze heavily indebted households, weaken housing markets and make investment more expensive for businesses,” Joe Nellis, head of economic research at MHA, told CNBC.
2. Fosun gets greenlight for ClubMed spinoff
The Hong Kong Stock Exchange approved Shanghai-based Fosun International's plans for a spinoff company and new listing of its resort-operator unit ClubMed Lifestyle, according to Reuters. The details of the initial public offering haven't been released yet, but Fosun's shares were up since the exchange filing and greenlight announcement.
According to the article, the share sale has the potential to occur as early as the end of this year or early 2027 and raise more than $500 million. ClubMed has over 60 resorts across 25 countries. Fosun acquired the resort company in early 2015 for around €917 million ($1.06 billion), per Reuters.
3. How hoteliers are falling behind in AI adoption
Hotel technology expert Michael Goldrich, founder and chief advisor for Vivander Advisors, said in a recent podcast interview that the industry is not keeping up with artificial intelligence adoption, CoStar News' Sean McCracken reports. Goldrich compared it to the rise of social media and that the impact for failing to change is coming sooner than one might think.
"It's sort of like when social media came along," he said. "You can wait to do it, but then by waiting, what you're doing is you're losing that learning time of setting that foundation and learning as the technology is evolving. But also, you're also losing maybe people on your team that say 'Why aren't we doing something?' They might say we should go somewhere that is a little bit more forward-thinking."
4. Hundreds of flights canceled at Chicago airport
The Federal Aviation Administration issued a handful of ground stops at O'Hare International Airport Sunday and Monday, canceling a total of 367 flights on Monday, The Travel reports. Continued flight disruptions and cancellations are expected at O'Hare airport on Tuesday.
The ground stops were a result of thunderstorms. The cancellations included 196 departing flights and 171 arriving flights. The airport also saw 695 departure delays and 622 arrival delays over the course of the few days.
5. City approves 400-room hotel in West Palm Beach
A major hotel development project received unanimous approval to move forward from West Palm Beach City Commission, according to the local CBS affiliate. Property management company Related Ross originally proposed its second Palm Beach County Convention Center-adjacent hotel in August.
The property is planned to be a Marriott-branded CityPlace and rise 18 stories with 400 rooms, a two-floor event space and 7,300-square-foot restaurant.