The big picture: The island country of 22 million is bankrupt. With virtually no foreign currency remaining, the government is unable to import nearly enough fuel. Lines for gasoline can stretch for days, medicine supplies have run short, grocery shelves are bare and inflation has climbed to 50%.
Getaways have become costlier than ever — except maybe for travelers looking to cruise.
Why it matters: Cruise lines are still rebuilding from an industry wide shutdown in 2020.
State of play: The average daily rate for a U.S. hotel room was $153.32 between June 26 and July — up 19.7% from 2019, hospitality data and analytics company STR tells Axios.
Meanwhile, airfares have climbed about 30% higher.
But average cruise prices for the month between June 11 and July 11 were 17% lower, according to Tynan Smith of Cruisesheet.
Driving the deals: Older travelers (a core chunk of cruisers) have been harder to lure back, Smith tells Axios.
Cruise operators have also increased capacity on their ships as they’ve loosened COVID protocols.
By the numbers: There are 230 cruises under $60, including taxes, including for some higher end routes, according to Cruisesheet.
The price difference for inside cabins and balcony rooms has fallen to just 50%, down from 150%.
What they’re saying: “I wouldn't say that these are the best prices I've ever seen .. there's more excellent deals than I've ever seen,” said Smith, who has been cruising for over 20 years.
What to watch: Despite fears of a recession, cruise executives have been optimistic recently that an all-inclusive service model will still seem like good value to consumers.
“[W]hile not recession-proof, our business has proven to be recession-resilient … [E]ven in downturns, employed people take vacations,” Arnold Donald, ex-CEO at Carnival, said on the company’s last earnings call.
Twitter on Monday said that Elon Musk's effort to abandon his $44 billion takeover of the company is "invalid and wrongful," according to a letter filed with the U.S. Securities & Exchange Commission.
Why it matters: This is an opening legal salvo in what soon will become a full-fledged brawl in Delaware Chancery Court.
Twitter's stock has been riding the down-escalator since it accepted Elon Musk's acquisition bid — and that has continued after he tried to back out of the deal.
By the numbers: Twitter shares plunged by over 11% to $32.65 on Monday, a 2-year low.
Why it matters: Dominion is seeking $1.6 billion in damages against Fox News, arguing that the network knowingly spread misinformation about the company's role in nonexistent voter fraud.
The editor of the Sarasota Herald-Tribune said Monday that her staff "erred" in publishing a guest column, titled "Attacking Proud Boys does disservice to caring parents," adding that the column "did not meet our standards."
Driving the news: "We strive to provide a broad range of views from our community, including opinions in opposition to those of our editorial board," executive editor Jennifer Orsi wrote Monday.
If there's any one solid metric proving that the death of crypto has been greatly exaggerated, it's the number of access points for investors to buy crypto.
There are more than 150 crypto exchange-traded products globally, according to research firm ETFGI. Collectively, they hold nearly $11 billion in assets under management.
The Elon Musk vs. Twitter fracas has hurt almost everyonein its proximity, no matter how a Delaware judge may rule or if the two sides settle out of court. So let's rank them:
The biggest loser: Musk, who's committed more unforced errors than a toddler playing tennis against a wall.
Dufry of Switzerland, the world's largest duty-free retailer, agreed to merge with Italy's Autogrill, a travel concessionaire controlled by the Benetton family.
Why it matters: This will be a test of scale and synergy, against the backdrop of a travel industry resurgence.
The Union of European Football Associations (UEFA) and European Club Association (ECA) launched a tender offer Monday morning for the lucrative U.S. broadcast and streaming rights for the Champions League, one of the most prestigious football tournaments in the world.
Why it matters: The bids are expected to top $2 billion for a six-year contract beginning in 2024, doubling their current value of around $150 million per year to at least $300 million per year, according to two sources familiar with the matter.
"We're losing staff and unable to replace them," a middle school teacher in New Jersey tells Axios, helping explain what's going on with the government jobs recovery — it's lagging behind.
Driving the news: While the number of private-sector jobs surpassed its pre-pandemic level, there are 664,000 fewer people employed in the public sector, according to the government jobs report released Friday.
Uber allegedly attempted to lobby politicians, including Joe Biden and Emmanuel Macron, to help the ride-sharing service in its "bare-knuckled global expansion" from 2013 to 2017, according to a joint media investigation published Sunday.
Why it matters: Uber's history of challenging or ignoring local laws and regulations has long been a matter of record. But these revelations, outlined in the Guardian-led probe, shared with nonprofit the International Consortium of Investigative Journalists (ICIJ) and outlets including the Washington Post, add new details and help fill out the portrait.
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