Marriott Cuts Growth Outlook for 2008
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Marriott International met Wall Street's lowered expectations for fourth-quarter profit, but in another sign that the industry's boom times are ending, the company slashed its outlook for growth this year as concerns mount that the slumping economy is slowing down leisure travel.
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Investment bank HSBC has revised  downward its forecast for 2007 economic growth and cautioned  that the risk of an outright recession is growing as a retreat  in housing threatens household balance sheets.
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Marriott International Inc. MAR.N,  the largest U.S. hotel operator, said on Tuesday fourth-quarter  profit rose 12 percent largely on higher room rates, but it  forecast annual results below Wall Street expectations, due to  lower interest income.
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Cost-cutting efforts should help turn the company around in 2008.
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The pace of growth in the U.S. service sector posted a surprisingly sharp fall in February, retreating from January's eight-month high as new orders and prices paid declined, according to a report released on Monday.
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Ernst & Young's Item Club lowers its growth forecasts but also sees positives from the credit crunch.
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UnitedHealth Group  on Monday said it has lowered its 2007 revenue forecast after determining its SecureHorizons Medicare Advantage membership will likely decline "modestly" this year.
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US economists have trimmed their forecasts for hiring and economic growth in view of steep energy prices and other factors, a Wall Street Journal survey showed.
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A leading business group cut its 2005 forecast for British economic growth Thursday, blaming a combination of high oil and commodity prices, slowing global growth and domestic interest rate rises.
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Germany, the largest eurozone economy, lowered its 2008 growth forecast Thursday to 2.0 percent from 2.4 percent and its economy minister warned that fallout from a banking crisis could do more damage still.
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Best Buy Co Inc  cut its fiscal 2008 profit outlook on Friday and said it expects its 2007 fourth-quarter sales to miss its own target on lower-than-expected January sales growth, sending its shares down 4.5 percent.
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The world's largest retailer cuts its November sales growth forecast amid signs that high fuel costs may be deterring shoppers.
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Marriott International Inc.  on  Thursday said its third-quarter net income fell 5 percent on  flat sales, but the top U.S. hotel operator's profit still beat  Wall Street expectations.
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Employers are trimming hiring plans for next year, but still plan to add employees in 2008, according to a survey of hiring managers released Wednesday.
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Marriott International Inc.  on Thursday said its third-quarter net income fell 5 percent on flat sales that were hurt by a loss in its synthetic fuel business.
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UK growth could fall below 2% in early 2008 if the Bank of England continues to raise interest rates, a report warns.
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WASHINGTON  â The hotel operator Marriott International said Thursday that its fourth-quarter earnings fell 20 percent, hurt by the closing of its synthetic fuel business.