Regulatory and Legal Affairs

📦 Security researcher Grant Smith began investigating a mass-smishing campaign early this year after his wife inadvertently entered her credit card details on a fraudulent USPS package delivery scam website. Smith, the founder of Phantom Security, discovered 438,669 unique credit card entries on 1,133 domains operated by a Chinese-language group, with victims across the United States—California leading with 141,000 entries. In total, over 1.2 million pieces of information were collected, including over 50,000 email addresses. Smith reported his findings at the Defcon security conference and handed evidence to USPS investigators and a US bank. The scam, known as the Smishing Triad, sends 50,000 to 100,000 messages daily and sells their smishing kit on Telegram for a $200-per-month subscription.

🛒 Revolution Bars Group announced a restructuring plan, initially set out in April and launched in May, to close 15 more loss-making sites, adding to the 8 closed earlier in the year. It will also seek rent reductions and amend lending facilities. Post-restructure, the group will operate 27 Revolution Bars, 15 Revolución de Cuba Bars, 22 Peach Pubs, and 1 Founders & Co. site, with an expected annual EBITDA increase of £3.8m. The plan includes a £12.5m fundraising supported by secured lenders and stakeholders.

💲 A new study, "The Future is Now: Technological Transformation in Corporate Travel," by the Global Business Association (GBTA) and Cvent, highlights technology's role in business travel growth. Surveying business travel professionals in North America and Europe, it found that 88% of travel management company respondents, 74% of suppliers, and 59% of travel buyers believe they manage technology well, yet integrating AI and blockchain remains an opportunity. Most suppliers expect increased internal (61%) and traveler-facing (56%) tech investment, while TMCs show even higher expectations (83% for internal, 79% for traveler-facing). Travel program technology spending averages 18% of total budgets, with 36% of buyers foreseeing increased tech spending, particularly in Europe (43% versus North America's 30%). Data for the report was collected from February 6-19, 2024, with 388 participants. The full report is available on the Cvent website, with the complete research report accessible from the GBTA Member Hub.

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🍴 In New York City, the Dining Out NYC program began accepting applications in March and closed them on August 3, receiving only 3,226 submissions from over 12,000 restaurants and bars that used the temporary outdoor dining setup during COVID-19. Approved applicants have 30 days to comply with new standards or face fines starting at $500. Outdoor dining is now standardized with options for partially covered or al fresco roadways and sidewalks, costing a $1,050 four-year license fee or $2,100 for both, plus an annual fee based on size and location. The city aims to create the largest inclusive outdoor dining program in the country.

📈 The Travel Tech Essentialist newsletter discusses the impact of choice overload and the need for confidence in selections. Travel products increased from 500 in 2010 to 10,000 by 2024, with Travelport advocating for better content management. The importance of seamless travel experiences is emphasized, with coordinated efforts in countries like Saudi Arabia, Singapore, and the UAE serving as examples. British Airways Holidays and Globetrender report 23% of UK consumers are inspired by TikTok for holidays, with 66% of 18-24-year-olds using it for ideas. US corporate travel spending is projected to reach 2019 levels by 2024's end with a 14-15% annual growth. Deloitte reports that 73% of travel managers expect increased spending in 2024. A December 2023 survey shows 38% of Gen Z and millennials prefer traditional travel agents. Spanish startup Exoticca raised a €60 million Series D, Faye raised $31 million in Series B, Holisto raised $10 million, Byway secured £5 million in Series A, and Valpas closed a €4 million Seed round.

📦 GMB and Uber Eats have established a partnership to discuss courier issues quarterly in the UK, aiming to enhance health and safety, engagement, and fair pay. Couriers will have GMB representation if they lose app access. The deal builds on a 2021 agreement between GMB and Uber, which resulted in thousands of drivers gaining union representation. Couriers must join GMB separately for representation. Deliveroo made a similar deal with GMB in 2022, covering 90,000 riders.

📌 The Bank of England cut the borrowing rate by 0.25% to 5% from 5.25% on 1 August, following stable 2% inflation in June. The Night Time Industries Association (NTIA) CEO Michael Kill called it a significant step for the hospitality sector, struggling with high interest rates post-pandemic. Bank Governor Andrew Bailey cautioned against expecting large cuts soon, prioritizing low inflation for economic growth. UKHospitality urges further rate reductions and business rate reforms for the sector's recovery.

🏨 The U.S. Senate Committee approved the Hotel Fees Transparency Act on July 31; full Senate vote pending. The bill, introduced by Sens. Amy Klobuchar and Jerry Moran, aims to require clear display of mandatory fees in hotel bookings, following the U.S. House's approval in June. AHLA reports only 6% of U.S. hotels charge an average mandatory fee of $26/night. Hyatt faced lawsuits in 2023 for hidden fees, while Marriott agreed with Texas to display "resort fees" prominently. Hilton is also enhancing fee transparency.

🌮 Yum! Brands plans to implement Voice AI across hundreds of Taco Bell drive-thrus in the U.S. by the end of 2024. Currently, the tech is in over 100 locations across 13 states. Benefits include improved order accuracy and reduced wait times. A two-year testing phase has shown positive results. KFC Australia is also trialing Voice AI. Yum!'s 2023 digital sales neared $30 billion, with digital channels accounting for over 50% of first-quarter sales in 2024.