United States economic growth slowed to its weakest rate in three years in the last quarter of 2005 ending the year with an overall expansion of 3.5 percent, down from the 4.2 percent of 2004. The US economy grew at an annual rate of 1.1 percent from October to December, compared with 4.1 percent in the previous three months. The drop was caused by reduced consumer spending amid soaring fuel prices, while the government also tightened budget expenditure post-Hurricane Katrina.

Accor´s Consolidated Revenue Rose (CRR) by 7.9 percent to €7.6 billion for the year ended December 31, 2005. At constant scope of consolidation and exchange rates, the increase was 4.7 percent. Expansion added 4.5 percent to revenue growth while asset disposals had a negative 2.5 percent impact. During the year, 182 hotels (23,632 rooms in all) were opened and 90 hotels (11,626 rooms) were closed, increasing the portfolio to 4,065 hotels (475,433 rooms) on December 31. Of the new openings, 75 percent were units operated under non-capital intensive agreements (management or franchise contracts) and a quarter belonged to owned or leased properties.

The amount of money that Brits expect to spend on holidays and leisure travel has fallen for the first time in two years, according to the Jamaica Tourist Board. This unprecedented drop mirrors falls in other areas of spending, such as credit cards expenditure. The organization questioned 1,000 Brits about their holiday habits and spend every three months. For travel between January and March this year, the average Briton anticipates spending £412 on everything from short breaks and last minute deals to main summer holidays and long-haul trips. This is £170 less than the amount that people budgeted in January last year (£582).

The Turks and Caicos Islands telecommunications market is now ready and open to receive new entrants as Cable and Wireless signed the agreement Wednesday that relinquishes the six remaining years of monopoly of the telecommunications sector in the islands. Drexwell Seymour, Chief Executive Officer for Cable and Wireless in his remarks congratulated the Minister of Communications and his team for making the conclusion of the liberalization process a reality. It was a long process he noted, but one that was worth the wait.

In its prospects for 2006 the Central Bank of Trinidad and Tobago says the local economy can expect a real Gross Domestic Product Growth of just over 10 percent for the next 12 months. It says this is mainly on the strength of the country´s energy sector. The Bank notes that the main driving force will come from the first full year of production of Atlantic LNG´s Train 1V and increased ammonia and methanol production.

The Grenada Hotel and Tourism Association (GHTA) wants to impose a five percent tax on workers salaries to pay for the development of the country. The Trade Union Movement has voiced its opposition to the move and is planning a series of demonstrations. The first scheduled protest is set for Friday, January 20. The union movement is calling on workers to stop working and assembly within the compound of the building where the parliament seats to openly state objection.