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1. Russian earthquake sparks Pacific tsunami waves
A 8.8-magnitude earthquake off Russia's eastern coast triggered tsunami warnings around the Pacific, Reuters reports. Evacuation orders were issued across Japan and Hawaii, and concerns lingered in French Polynesia.
Hotels in Waikiki evacuated guests to higher floors early Wednesday, The Honolulu Star Advertiser reports.
“We are advising guest of the warning and giving them the option to evacuate to the fourth floor or higher or leave the inundation zone,” said Jerry Dolak, president of the Hawaii Hotel & Visitor Industry Security Association. “We are recommending that [the guests] get some food prior to because they will be waiting a while.”
2. US interest rates expected to hold steady
The U.S. Federal Reserve is holding a pivotal meeting today, and despite pressure from the Trump administration to cut rates, Fed officials are expected to hold rates steady, ABC News reports.
"Investors peg the chances of interest rates holding steady on Wednesday at an overwhelming 97%, according to the CME FedWatch Tool, a measure of market sentiment," the news outlet reports.
But The Wall Street Journal notes there is the possibility of rare dissension in the ranks of Fed officials, with two Fed governors possibly going against the majority decision for the first time in three decades.
"The potential dissenters — governors Christopher Waller and Michelle Bowman — happen to be President Trump’s two appointees. Both have voiced support for cutting rates, which Trump also has publicly demanded," the newspaper reports.
3. The tale of the Peabody Memphis' ducks
Life is like a hurricane down in Memphis.
But instead of race cars, lasers and aeroplanes, it's a 95-year-old parade of North American Mallard ducks going through the lobby of The Peabody that's driving interest, CoStar News' Natalie Harms reports.
The 464-room hotel uses the duck parade as a business driver for guests and locals alike, and it has been a boon for the revenue-driving public spaces at the hotel.
"Having an attraction in the lobby like the ducks, our lobby bar probably does in a week in revenues what most hotel bars do maybe in a month or two," said Douglas Browne, president at Peabody Hotels and Resorts and general manager of the hotel since 2003.
4. Cost of COP30 hotels sparks UN emergency meeting
The high costs of accommodations for the upcoming COP30 climate summit in the rainforest city of Belem, Brazil, continue to be a sticking point ahead of the event. Now, the United Nation's climate bureau has called an emergency meeting to address the problem, Reuters reports. Developing countries in particular have complained that they are being priced out of the event, and availability of hotel rooms is also a major concern.
One possible solution is the utilization of cruise ships. Earlier plans were to add 18,000 beds in the markets as it's expected to host 45,000 people for the summit, but Brazilian officials said they secured two more ships for an additional 6,000 beds.
"Two U.N. diplomats showed Reuters quotes they had received from hotels and property managers in Belem for rates of around $700 per person per night during COP30," the news agency reported. "Officials from six governments, including wealthier European nations, told Reuters they had not yet secured accommodation because of high prices, and some said they were preparing to reduce their participation."
5. US, Eurozone exceed GDP expectations
Both U.S. and European officials announced increases in gross domestic product this morning, and both exceeded expert projections for the second quarter, CNBC reports.
In the U.S., GDP grew 3% for the quarter, exceeding the Dow Jones projection of 2.3% and turning around a 0.5% decline from the previous quarter. Consumer spending increased 1.4%.
And new data from Eurostat showed the Eurozone grew GDP 0.1% in the quarter, which slightly exceed the Reuters economist poll's expectation for flat growth in the quarter.