Russians’ Cutting Back on Vacations Hurt Greek Economy

The Russian currency's exchange rate depreciation, as well as bureaucratic issues, have greatly affected the flow of Russian tourists to Greece. According to the media, Russian tour operators estimated that the flow of tourists from Russia is lower, compared to the same period last year.

The Russians have cut back on their holidays and this has a direct impact in Greece, which is a popular destination for Russian tourists, according to Euromonitor. Russia is a key market for the Middle East and Southern Europe and, therefore, any changes in the people's habit affects those areas as well.

The sanctions, weak oil prices and recession has prevented Russians from traveling abroad. The number of Russian tourists traveling to other European countries decreased by 9% this year, compared to 2014, according to a CNBC report. However, operators also noticed a significant reduction last year, since the Russian economy is struggling with the sanctions imposed on banks and energy companies, as a result of developments in Crimea.

Furthermore, according to estimates formed early in the summer of 2015 by executives of the Tour Operator Union in Russia, the problems that the country's economy is currently facing have significantly limited the number of Russian tourists who choose to travel in Europe for their holidays.

Source: Russians' Cutting Back on Vacations Hurt Greek Economy

RTBF: Macedonia, Albania and Bulgaria cheapest tourist destination in Europe, according ING survey

6 August 2015 | 19:36 | FOCUS News Agency

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Brussels. According to ING research results the cheapest tourist destination in Europe is Macedonia, and most expensive - Norway, Belgian media RTBF reported.Prices in the hotel sector, public transport and foods in Norway are about 70% higher than those in the Netherlands.Overall the Nordic countries remain particularly expensive for foreign tourists, like Switzerland, which currency in recent months experienced strong growth.The cheapest destinations are in Eastern Europe - Macedonia, followed by Albania and Bulgaria. Prices there are about 50% lower compared to the Netherlands.Czech Republic and Poland also offer low price of services.According to the survey prices in Belgian supermarkets are slightly higher than those in the Netherlands, but public transport is cheaper.

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Source: RTBF: Macedonia, Albania and Bulgaria cheapest tourist destination in Europe, according ING survey

Destination XL Group Downgraded by Zacks (DXLG)

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Destination XL Group (NASDAQ:DXLG) was downgraded by Zacks from a "strong-buy" rating to a "hold" rating in a research note issued to investors on Wednesday, ARN reports.

According to Zacks, "Destination XL Group, Inc. is a multi-channel specialty retailer of big & tall men's apparel with operations throughout the United States, Canada and Europe. It operates under six brands: Destination XL(R), Casual Male XL, Rochester Clothing, B&T Factory Direct, ShoesXL and LivingXL. Its stores offer sportswear, dress clothing, footwear, suits, loungewear, neckwear, and accessories, basic items and lifestyle products. The Company also has electronic commerce and catalog operations. Destination XL Group, Inc., formerly known as Casual Male Retail Group Inc., is headquartered in Canton, Massachusetts. "

Destination XL Group (NASDAQ:DXLG) traded down 1.03% during midday trading on Wednesday, hitting $4.81. The company had a trading volume of 122,155 shares. The stock has a 50 day moving average price of $4.99 and a 200-day moving average price of $4.92. The stock's market capitalization is $235.76 million. Destination XL Group has a 52 week low of $4.28 and a 52 week high of $5.55.

Destination XL Group (NASDAQ:DXLG) last posted its quarterly earnings results on Friday, May 29th. The company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.03. The firm had revenue of $104.40 million for the quarter. During the same quarter in the prior year, the company posted ($0.04) EPS. The business's revenue was up 8.0% on a year-over-year basis. On average, equities analysts predict that Destination XL Group will post ($0.14) EPS for the current year.

A number of other analysts also recently commented on the company. TheStreet downgraded Destination XL Group from a "hold" rating to a "sell" rating in a research report on Friday, May 29th. Brean Capital reaffirmed a "buy" rating and issued a $8.00 price objective on shares of Destination XL Group in a report on Friday, May 29th.

Destination XL Group, Inc. along with its subsidiaries is a specialty retailer of big & tall men's apparel with retail and direct operations in the United States and London, England. The Company operates under the trade names of Destination XL, DXL, Casual Male XL, Casual Male XL Outlets, DXL Outlets, Rochester Clothing, ShoesXL and LivingXL. It operates approximately 138 Destination XL stores, 157 Casual Male XL retail stores, 48 Casual Male XL outlet stores, two DXL outlet stores and eight Rochester Clothing stores. Its direct business includes its DestinationXL.com and bigandtall.com e-commerce sites which support its stores, brands and product extensions. It carries brands, such as Bogosse, Brooks Brothers, Gran Sasso, John Laing, Remy, Jack & Jokers, Psycho Bunny, Derek Rose, Brioni, Coppley, Eton, and Hickey Freeman, among others.

To get a free copy of the research report on Destination XL Group (DXLG), click here. For more information about research offerings from Zacks Investment Research, visit Zacks.com

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Source: Destination XL Group Downgraded by Zacks (DXLG)

Economics Behind Europe's Migrant Crisis

As our Eurostar train zipped from London through the Chunnel to Paris, I couldn't help thinking about the thousands of migrants languishing on both sides of the Channel. Once again, national and regional political systems are struggling to cope with a mounting human tragedy and its spillover effects involve disruptions to commerce; and all this is stoking a political crisis. 

The economics of the Channel migrant crisis are quite clear, being basically about supply, demand and regulatory failures. It also sheds light on the potential solutions, though they will take time to materialize. 

The supply of migrants to Europe is fueled by waves of people fleeing the economic and social misery of their home countries — and, in some case, political oppression, persecution and violence. They do so in hopes of a better future for themselves and their children. The temptation for some to try and make it all the way to the U.K., often after a perilous sea crossing and a fraught trip through western Europe, is amplified by the attractiveness of an economy with low unemployment, comprehensive social services and a country where many already know the language.

Political Asylum 

Although the supply of migrants has increased, the demand for migrant labor has gone the other way. Tougher laws have made it harder and more dangerous for employers to hire undocumented workers. And with a European unemployment rate of more than 10 percent, the demand is further damped. 

This imbalance in supply and demand isn't one that can be sorted out by the markets' normal equilibrating mechanism. The market-clearing wage — that is, the price that would lower the migration incentive while facilitating the absorption of those still inclined to risk life and limb — is well below the minimum wage prevailing in Europe; and any meaningful reduction in the wage would involve significant and unacceptable social disruptions to local populations in Europe. 

The regulatory systems are not of much help either, pressured at multiple stages, from the countries of origin, to the points of transit and entry to Europe, to the final destinations. And where the regulatory system is aided by physical barriers — such as the English Channel — there are visible signs for all to see of migrants' deprivation and desperation. In the process, the road transportation of all sorts of goods is disrupted, causing considerable economic losses. Food rots on trucks waiting to cross the Channel. Vehicles are immobilized, undermining supply chains. Private transportation, including tourism, is subject to long delays on account of congested roads and stepped-up security checks. And, even if the willingness were there, the social safety nets are too weak to cope with the human tragedies that play out every day. 

All this is increasing pressures on politicians to resolve the problem. Yet effective solutions continue to evade them, both at the national and regional levels. 

This isn't a problem that will go away anytime soon, and for a simple depressing reason: The economics of this tragic situation call for a comprehensive collaborative solution, but the best the political system is able to come up with is a piecemeal, weakly coordinated approach. It is an outcome that, at best, can alleviate some of the problems; it will not solve them in a decisive and durable fashion. 

In a perfect world, revamped national approaches would be accompanied by meaningful cooperation, not just among European destination countries but also between them and the countries of origin and those through which undocumented migrants travel.

But, unfortunately and tragically, this probably is too much to expect in a world in which Europe struggles to solve its internal issues, including the Greece crisis, while the countries from which so many migrants flee are fragile, with some on the verge of becoming failed states -- if they are not there already.

This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.

To contact the author on this story: Mohamed A. El-Erian at melerian@bloomberg.net

© Copyright 2015 Bloomberg Insider. All rights reserved.

Source: Economics Behind Europe's Migrant Crisis

Monaco, St Tropez... and now Mayfair: Glitzy London district joins European hot spots as a top holiday destination for the rich

Mayfair is listed as an exclusive holiday address for the world's wealthy

Twinned with St Tropez, Monaco and Miami as a top resort village

Described as a 'global oasis' for international 20 and 30-somethings

Limited edition 1920s-style poster launched to promote Mayfair

By Becky Pemberton For Mailonline

Published: 11:14 EST, 3 August 2015 | Updated: 13:00 EST, 3 August 2015

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Mayfair has joined the likes of Monaco and Marbella as one of the top holiday resorts for wealthy tourists, according to a new report.

For years the London village was one of the most exclusive places to live, occupying the most expensive spot on the Monopoly board.

But after the war, many of the grand mansions were converted to offices and reflecting its diminishing influence,  in recent times it even lost its spot on the famous board game. 

Mayfair has joined the likes of Monaco and Marbella as one of the top holiday resorts for wealthy tourists, according to a new report

For years the London village was one of the most exclusive places to live, occupying the most expensive spot on the Monopoly board 

Mayfair has undergone a rejuvenation and a recent report said it is again viewed by the wealthy as one of the premier luxury resort destinations

However, following its recent rejuvenation, a new report says it is again viewed by affluent foreigners as one of the premier luxury resort destinations - and it's not just visited and lived in by the wealthy middle-aged.

While almost 60 per cent of the 5,118 residents in Mayfair are now aged below 44, almost 45 per cent of those with the prestigious address are aged between 25-44.

Boasting an international affluence, there are residents from more than 42 nationalities, with 60 per cent of Mayfair's born overseas, up from 49 per cent back in 2001.

Playground of the young and wealthy: Almost 60 per cent of the 5,118 residents in Mayfair are now aged below 44, with almost 45 per cent of residents aged between 25-44

HOW MAYFAIR GOT ITS NAME 

Mayfair's name was derived from an annual fortnight-long fair that took place in the area from 1686 to 1764.

It used to be held on the site which is now Shepherd Market.

After complaint s from residents, the fair was moved due to the feeling it attracted people from poorer areas of London.

Peter Wetherell, who runs the Wetherell estate agency, said: 'Mayfair has become a resort-village for affluent young 20 and 30-something residents from around the world.

'It is a global-oasis for young people, and a 'twin' of destinations like Monaco, St. Tropez and Miami, which are the other hubs where the world's wealthy elite choose to relax and enjoy their leisure time.'

Artist Charles Avalon has now created a special print of Mayfair in the lavish style of the vintage 1920s billboards for Pullman Editions, which is part of the Pullman Gallery.

The art deco poster is complete with the legendary Connaught Hotel and Scott's restaurant, where Charles Saatchi and Nigella Lawson were famously photographed. 

Mayfair has been immortalised in the famous art-deco style tourist posters featuring Connaught Hotel and Scott's restaurant -  where Charles Saatchi and Nigella Lawson were famously photographed

Artist Charles Avalon created a special print of Mayfair in the lavish style of the vintage 1920s billboards for Pullman Editions, which is part of the Pullman Gallery

Georgina Khachadourian, founding partner of Pullman Editions Ltd, said: 'Class, sophistication and finery are all synonymous with Mayfair, which is now the most exclusive address in Britain.

'Peter Wetherell's new 'Who Lives in Mayfair' report reveals that people from around the world view Mayfair as a luxury resort destination similar to Monaco or the Riviera.

'This is why we thought it would be fun to create a beautiful limited edition 1920s style travel poster to underline this new stat us.' 

HOW MAYFAIR HOLDS ITS OWN AGAINST EUROPEAN WEALTHY HOTSPOTS 

Claridge's was founded in 1812 and is a well-known luxury venue in the Mayfair area

Claridge's remains one of London's finest hotels and watering holes for the wealthy. 

The five-star property is situated at the corner of Brook Street and Davies Street and boasts long-standing connections with the royal family. 

This has even led to it gaining the nickname 'annexe to Buckingham Palace.'   

The Dorchester is a five-star hotel which has seen a number of high profile guests through its doors

There are always a line-up of flashy sports cars outside The Dorchester. 

The opulent address has been a fixture in the area since 1931, and boasts unrivalled views of Hyde Park.  

The hotel has long welcomed the rich and famous, with notable faces over the years including Elizabeth Taylor, Eisenhower and Tom Cruise. 

Shirtmakers shop in Savile Row in London, showing a royal appointment plaque on wall

Savile Row is a Mayfair street which is known for bespoke tailoring.

It features a range of tailors which help tailor customers in suit styles ranging from traditional to modern to cutting edge.

Its services have been used by the likes of Napoleon III, Princes Charles and Jude Law. 

Passion for fashion: Retail lovers can take advantage of the designer shops on Old Bond Street 

If you are looking for designer shopping, look no further than Old Bond Stre et. 

This southern section of Bond Street features renowned international fashion and jewellery designers such as Cartier, Gucci and Chanel. 

The Royal Arcade, just off Old Bond Street, houses high-end retail outlets selling fine silverware, art, bespoke shoes and chocolate. 

Mayfair has the Royal Academy of Arts which has many exhibitions and debates promoting the visual arts

Britain's first art school, the Royal Academy of Arts was founded in 1768 and exists as an independent, privately funded institution led by eminent artists and architects. 

It uses exhibitions, debates and education to promote appreciation of the visual arts. 

The Royal Academy's main event is its Summer Exhibition, which for more than two centuries has drawn from works entered by the public as well its Roya l Academicians.  

 

 

 

 

Source: Monaco, St Tropez... and now Mayfair: Glitzy London district joins European hot spots as a top holiday destination for the rich

US indicts Nigeria of using children to fight Boko Haram

United States' government has accused Civilian JTF of recruiting children to fight Boko Haram insurgents, adding that Nigeria also remains a source, transit and destination country for women and children that are being subjected to forced labour and sex trafficking.

The latest report on Trafficking in Persons released by the US Secretary of State, John Kerry, described Nigeria as a transit point for West African children subjected to forced labour.

The report also stated that West African women were taken through Nigeria to other destinations in Europe and the Middle East, where they are forced into prostitution.

"Nigerian women and girls are subjected to forced prostitution throughout Europe. Nigerian women and childrenare also recruited and transported to destinations in North Africa, the Middle East, and Central Asia, where they are held captive in the sex trade or in forced labour. Nigerian gangs subject largenumbers of Nigerian women to forced prostitution in the Czech Republic and Italy," the report said.

Similarly, the European Police Office TIP document also added that Nigerian organised crime related to trafficking in person was one of the greatest law enforcement challenges to European governments.

"Nigerian women are transported to Malaysia, where they are forced into prostitution and to work as drug mules for their traffickers. West African women transit Nigeria to destinations in Europe and the Middle East, where they are subsequently subjected to forced prostitution. Children from West African countries are subjected to forced labour in Nigeria,including in Nigeria's granite mines. Nigeria is a transit point for West African children subjected to forced labour in Cameroon and Gabon," it stated.

According to the report, children who are trafficked are also being used as child soldiers in the fight against Boko Haram, calling on the Federal Government and Borno State to stop provision of "financial and in-kind support " to the Civilian Joint Task Force, which it accused of using children to fight against Boko Haram.

The report however commended the Federal Government for its fight against trafficking, urging President Muhammadu Buhari's administration to investigate and prosecute individuals suspected of recruiting and using child soldiers and perpetrating other trafficking abuses against women andchildren.

Source: US indicts Nigeria of using children to fight Boko Haram

10 Vacation Destinations You Must Visit Before You Die

Got the travel bug? These 10 vacation destinations are made for those with a healthy sense of wanderlust, and a desire to see the world beyond major tourist hubs. So pick a place, pack your bags, and off we go for a truly remarkable travel experience.

Kamalame Cay, The Bahamas

Photo: lifefoc

Kamalame Cay is a private island just a short 15-minute flight from Nassau that offers an isolated island experience like no other. The cay features a protected island sanctuary with clear, warm water for diving, snorkeling, or lounging by the sea.

Sochi, Russia

Photo: Getty

When visiting Russia, most are quick to point out Moscow or St. Petersburg, but this up and coming cruise port in Sochi might just be the most hidden gem in all of Russia. While you probably know the name from the 2014 Winter Olympics, Sochi has been popular a popular retreat for European rulers and royalty since the early 1900s. The city features some truly breathtaking architecture, botanical gardens, and the beautiful mountains that feature some amazing skiing and resorts.

Playa Carrizalillo, Puerto Escondido, Mexico

Photo: mexico2cancun

This tranquil beach is the smaller, and lesser-known cousin to Playa Zicatela, which is known to surfers worldwide as The Mexican Pipeline. After you're done hanging ten, be sure to check out this quiet cove that's only accessible by a 150-step stairway that descends into a world in and of itself. The calm water is warm and easily accessible for swimmers, snorkelers and beach-goers and a stark contrast to the more popular (and crowded) Playa Zicatela.

Myanmar (formerly Burma)

Photo: Getty

Myanmar is home to a dark history that features some of the worst human rights violations known to man. However, in recent years, a change in name and an attempt to reinvent itself as a tourist locale have proven to be largely successful at bringing jobs and new hope to the impoverished nation nestled between Bangladesh, Laos and Thailand.

If you're a history buff, the pagodas and temples are out of this world. The intricate levels of detail and architecture dating back to the 9th century are not to be missed. The Mandalay Region in particular houses the city of Bagan that boasts over 2,000 of these temples and pagodas. Pack a camera and enjoy some of the most amazing scenery the planet has to offer.

Kruger National Park, South Africa

Photo: Getty

If it's wildlife you love, the vacation destination of Kruger National Park is one of the largest game reserves in all of Africa. The park is home to hippos, giraffe, cheetahs, leopards and elephants as well as countless other mammals and over 114 species of reptile.

The Dalmatian Coast

Photo: Getty

This narrow coastal region of Croatia features miles of expansive coastline and truly remarkable sea views from its picturesque bluffs or resort-like beaches in the low lying areas and protected coves. This up-and-coming tourist destination features countless resorts and bed and breakfast options as well as a great nightlife scene if you're so inclined.

Bosnia and Herzegovina

Photo: Getty

The epic landscapes, architecture and the picturesque (and crystal clear) waters make this one of Europe's most scenic destinations. Great (and mostly organic) food grown from local gardens, a fine selection of local and regional beer, some truly outstanding bed and breakfasts and the sheer location alone (makes for a great jumping off point to nearby Croatia, Montenegro, or the Balkans) make Bosnia and Herzegovina worth the visit, but when you factor in the price (about $30-$50 a day), it's also one of the cheapest destinations in all of Europe.

Little Corn Island, Nicaragua

Photo: Getty

This tiny island is located 56 miles off the coast of Nicaragua. The island itself is miles from anything resembling a schedule and the blissfully slow pace is perfect for those looking for a little rest and relaxation. The entire island is walkable – or bikeable – and features an expansive network of trails to get you just about anywhere. The beaches are amazing, and the lobster is cheap, so what are you waiting for?

Tasmania, Australia

Photo: Getty

When one thinks of Australia, Melbourne and Sydney are the common destinations. If you're looking for a true taste of Australia, Tasmania has it all. Friendly locals, untouched wilderness, and some of the world's best hiking are all found in Tasmania.

Oman

Photo: Getty

For those worried about visiting the turbulent Middle East, rest assured that Oman is one of the safest countries in the region. The vacation destination of Oman features crystal clear seas, and all of the Middle East culture at a fraction of the price of tourist destinations like Dubai. If you want authentic Middle Eastern food, cultures, and traditions, look no further than Oman.

Header: Getty
Source: 10 Vacation Destinations You Must Visit Before You Die