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1. UK Economy Grows by 0.2%
The United Kingdom's economy in January grew by 0.2% amid an increase in retail and online sales as well as a rise in construction activity, the BBC reports. December saw a 0.1% decline.
The services sector, which includes hospitality, was the biggest contributor to the monthly gain overall.
"While the last few years have been tough, today's numbers show we are making progress in growing the economy — part of which makes it possible to bring down national insurance contributions by £900 ($1,151) this coming year. But if we want rate growth to pick up more, we need to make work pay, which means ending the unfairness of taxing work twice," said Chancellor Jeremy Hunt.
2. Boeing's Issues Dampen Growth for Major Airlines
Airline carriers including United, Southwest, Delta and Alaska Air Group met at a conference Tuesday and discussed the hit their businesses are taking as Boeing's production issues persist, Bloomberg reports.
Southwest, for example, expected to receive 79 planes this year but will not receive any of the long-awaited Boeing 737 Max 7 aircrafts and only 46 Max 8 models.
"The airline plans to cut capacity in 2024 and it’s reducing most hiring — including 50% fewer pilots and 60% fewer flight attendants — as it reviews its spending plans in response to reduced deliveries from Boeing," the news outlet reports.
3. Complications in LA Cloud Investor Appetite
There are plenty of reasons for travelers and hotel investors to be interested in Los Angeles, such as mega events and long-term leisure demand drivers, but regulatory issues and increasing labor costs and union activity pose complications.
During a podcast with HNN's Sean McCracken, CoStar News' Jack Witthaus and CoStar's Emmy Hise, said it's clear that the city continues to stand out in both hotel occupancy and rates.
"Developers certainly want to build hotels in Los Angeles, but it's a 'not so fast, my friend' situation. There's a lot of hurdles to clear in Los Angeles despite the demand drivers we talked about," Witthaus said.
4. Arizona Hotel Occupancy Heats Up for NCAA Final Four
State Farm Stadium in Glendale, Arizona, will be host to the 2024 NCAA Men's Final Four tournament in less than one month; and while hotels near the stadium aren't yet sold out, rates are going up, the Arizona Republic reports.
The Final Four runs from April 6-8.
The Aloft Glendale at Westgate in the Westgate Entertainment District next to the stadium is at $799 per night between April 5-9 while rates that Saturday after the tournament average $152. Rooms at the Global Ambassador and Caesars Republic Scottsdale, both outside of Glendale, are priced at more than $1,000 per night between April 5-6.
5. AI Poses Risks to Global Security
A new Gladstone AI report commissioned by the U.S. State Department states that while the potential of artificial intelligence is compelling to investors and the public, there are real dangers to consider, CNN reports. This report does not represent the views of the U.S. government.
Gladstone AI said the most advanced AI systems could be "weaponized" and potentially cause irreversible damage. There are also worries that AI labs at some point could lose control of systems, resulting in significant consequences to global security.
"It could ... bring serious risks, including catastrophic risks, that we need to be aware of. And a growing body of evidence — including empirical research and analysis published in the world’s top AI conferences — suggests that above a certain threshold of capability, AIs could potentially become uncontrollable," Jeremie Harris, CEO and co-founder of Gladstone AI, told CNN.