Archive for Business

Adventure tourism key to boosting economies

Washington, Aug 8 (ANI): A study has found that a country could get an economic boost if it offered adventure tourism.

Researchers at George Washington University’s International Institute of Tourism Studies believe that jungle tours, whitewater rafting or birdwatching can help attract tourists.

GW School of Business researchers found that the adventure tourism is a rapidly growing tourism market and a viable economic opportunity for countries seeking to develop tourism.

“Instead of being seen as a small, niche market, the study shows that adventure tourism is a sizable market with the potential for significant economic growth opportunities,” Dr. Kristin Lamoureux, director of George Washington’s International Institute of Tourism Studies, said.

“Additionally, adventure tourism often relies heavily on the natural and cultural resources a destination already has to offer.

“For many developing destinations without the resources to build infrastructure, adventure tourism is a realistic alternative and provides a strong argument for preserving a destination’s resources,” Lamoureux stated.

The George Washington University study, which was conducted in partnership with the Adventure Travel Trade Association and Xola Consulting, estimates that consumers spent more than 89 billion dollars (excluding airfare and gear/clothing purchases) worldwide on adventure travel in 2009.

The study also estimates that approximately a quarter of those travelling from the three regions studied took holidays involving adventure activities and spent 53 billion dollars on just on gear purchases.

Researchers say the growth in adventure tourism is good news for both the public and private sectors, which include governments, state or national tourism offices, tour operators and gear and apparel manufacturers.

“This initial market-sizing study on adventure tourism is crucial for future research and for entrepreneurs working in this sector,” Dr. Phillipe Duverger, assistant professor at Towson University and GW School of Business Ph.D. graduate who worked on the study, said.

“It shows where and how big the opportunity is and provides future researchers a baseline for comparison with other quantitative studies,” he stated.

The study surveyed people from countries in North America, Latin America and Europe and discovered that adventure travellers tend to be affluent and educated.

These travellers typically are environmentally and culturally aware consumers and lean towards adventure travel due to its focus on responsible and sustainable development.

Results of the study are expected to aid the adventure travel industry, destinations seeking to grow or enhance its adventure offerings and adventure tour operators who serve this growing segment of tourists. (ANI)

Goldman Sachs bans traders from swearing in emails

London, July 30 (ANI): Investment bank Goldman Sachs has warned its traders not to swear in company emails, and added that their emails will be censored and unacceptable words removed.

According to The Telegraph, they have also been banned from using swear words with asterisks and shorthand for expletives.

The diktat was issued after Goldman Sachs” emails that were released during investigations into the bank”s conduct embarrassed the company because they contained swear words.

The swearing ban will affect more than 34,000 Goldman Sachs staff, many of whom are among the best-paid employees in the world.

Screening software that identifies offending words will be used to enforce the policy.

The move is likely to prove unpopular among testosterone-fuelled New York bankers who pride themselves on their use of colourful language.

Last night, in a statement, Goldman Sachs said: "Of course we have policies about the use of appropriate language and we are always looking for ways to ensure that they are enforced."

Goldman Sachs, and other Wall Street banks, are rushing to improve their image in the wake of the global credit crisis which they were blamed for triggering.

The bank was recently fined more than 500-million dollars by regulators. It is said to be the biggest such fine ever levied. (ANI)

RBI raises repo rate by 25 bps, reverse repo by 50 bps

Mumbai, July 27 (ANI): The Reserve Bank of India (RBI) on Tuesday raised short term lending or repo rate by 0.25 percentage points. It will be now 5.75 per cent.

The short-term borrowing or reverse repo rate has been hiked by 0.50 percentage point to 4.50 per cent.

The cash reserve ratio or CRR and bank rate have been kept unchanged at six per cent.
It also raised economic growth forecast to 8.5 per cent for 2010-11 fiscal from earlier eight per cent.

Earlier, RBI had hiked repo and reverse repo rates by 0.25 percent as inflation remained above ten percent for the fifth month in succession.

RBI”s projection of a higher inflation than the earlier estimate could partly be attributed to the government”s move of raising fuel prices.

In June, the government raised petrol prices by Rs 3.5 a litre while decontrolling them and hiked diesel prices by Rs two a litre, LPG by Rs 35 a cylinder and kerosene by three a litre. (ANI)