Business
Bronzed: Germany overtakes Japan to become the 3rd largest global economy

Bronzed: Germany overtakes Japan to become the 3rd largest global economy

2/18/24 7:00PM

Pay a visit

Following the devastating wildfires seen across Hawaii last August, the island state is considering a new tourist tax to fund conservation and restoration projects in hard-hit regions such as Maui.

Gov. Josh Green proposed a $25 “climate impact fee” for vacationers in his second State of the State Address. The tariff is projected to bring in tens of millions a year — with half earmarked for disaster insurance to encourage investment in high-risk areas, as well as fire breaks to shield vulnerable communities.

Paradise lost

This isn’t the first time Hawaii has attempted to pass a similar bill: in April, lawmakers debated a $50 annual green fee that would grant visitors access to parks and beaches; however, that proposal failed in the final hours of a legislative session. Since then, last summer’s wildfires — the worst disaster in Hawaii state history — have caused an estimated $4-6 billion in economic losses, burning thousands of acres of land.

The urgency to protect Hawaii’s natural assets comes as tourist numbers have soared, recording around 10 million visitors in 2019, roughly 7x the state’s ~1.4 million residents. Although the vacationer count hasn’t quite recovered since the pandemic, the state’s reliance on tourism means that the loss of its renowned scenery comes with both ecological and economic consequences — in 2022, tourism was estimated to make up ~18% of Hawaii’s GDP.

Zooming out: Many tourist hotspots are enacting similar legislation: from this spring, Venice is charging a €5 day rate to mitigate damage; Bali recently introduced a $10 sustainability fee; and in Greece, which was also ravaged by wildfires in 2023, a “climate resilience fee” is now added onto lodging bills.

More Business

See all Business
business

Paramount Skydance reportedly preparing an Ellison-backed Warner Bros. Discovery takeover bid, sending shares soaring

Paramount Skydance is preparing a majority cash bid for Warner Bros. Discovery, The Wall Street Journal reported, sending shares of both companies surging. The Journal’s sources say the deal is backed by the Ellison family, led by David Ellison.

WBD shares were up 30% on the report, while Paramount Skydance jumped 8%.

The offer would cover WBD’s entire business — cable networks, movie studios, the whole enchilada. That comes after WBD announced plans last year to split into two divisions: one for streaming and studios, the other for its traditional cable and TV assets. A recent Wells Fargo note gave WBD a price target hike, primarily because the analysts viewed it as a prime takeover candidate.

If the deal goes through, it would bring together HBO, CNN, DC Studios, and Warner Bros.’ film library with Paramount+, Nickelodeon, and MTV, all under one umbrella.

The offer would cover WBD’s entire business — cable networks, movie studios, the whole enchilada. That comes after WBD announced plans last year to split into two divisions: one for streaming and studios, the other for its traditional cable and TV assets. A recent Wells Fargo note gave WBD a price target hike, primarily because the analysts viewed it as a prime takeover candidate.

If the deal goes through, it would bring together HBO, CNN, DC Studios, and Warner Bros.’ film library with Paramount+, Nickelodeon, and MTV, all under one umbrella.

Latest Stories

Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate, including Robinhood Markets, Inc., Robinhood Financial LLC, Robinhood Securities, LLC, Robinhood Crypto, LLC, or Robinhood Money, LLC.