CNN Business | Airbnb is making a huge comeback

New York (CNN Business) – Here’s another sign that summer travel is rebounding: Airbnb said it’s experiencing a surge in bookings as customers emerge from several months of being cooped up in their homes because of Covid-19.

Airbnb revealed that it had more US bookings between May 17 and June 3, which encompassed Memorial Day on May 25, than the same time period a year earlier. That signals Americans are ready to travel, albeit primarily within the United States.

CEO Brian Chesky said he’s noticed travelers are preferring to stick to drivable domestic destinations within 200 miles of their home. The malaise of international travel restrictions is making it difficult for people to explore outside of their home countries.–more—

CNN politics | US black-white inequality in 6 stark charts

(CNN) – The nationwide protests following the death of a black man, George Floyd, at the hands of white police officers has once again shone a spotlight on the long-standing racial divide in the US.

This, along with the coronavirus pandemic that has disproportionately killed black Americans, has drawn renewed attention to the persistent inequities in wealth, health and opportunity between blacks and whites despite economic prosperity of recent years.

Those disparities exist because of a long history of policies that excluded and exploited black Americans, said Valerie Wilson, director of the program on race, ethnicity and the economy at the Economic Policy Institute, a left-leaning group.–more—

CNN Business Risk Takers | They’re famous for their investments. But Warren Buffett and Masa Son keep striking out

New York (CNN Business)  SoftBank is often described as the Berkshire Hathaway of tech. That was once a flattering comparison. But the investing track records for the Japanese firm run by Masayoshi Son and Berkshire’s Warren Buffett have soured lately.

SoftBank (SFTBF) has been hit hard by the huge drop in the share prices of public companies in its portfolio such as Uber (UBER) and Slack (WORK), as well as the massive haircut in valuations of private unicorn startups like WeWork, DoorDash and Indian hotel company Oyo.

Meanwhile, Berkshire Hathaway (BRKB) has had notable misfires of its own, such as scandal-ridden bank Wells Fargo (WFC) and struggling food giant Kraft Heinz (KHC).

Berkshire also disclosed last Friday that it dumped nearly all its stake in investment bank Goldman Sachs (GS), which has been hit hard this year in the broader market turmoil.  —more—

CNN Business | Airbnb hosts are planning to sell off their properties because of the pandemic

(CNN Business)  Amy Offield always dreamed of running a vacation rental in Galveston, Texas. Five years ago, she and her husband Chris got their wish and bought a house there minutes away from the beach. They immediately began restoring the property, which she named the “Blue Skies Beach Bungalow,” adding vintage items as well as retro and bright-colored decor.

But as coronavirus spread across the United States in March, Offield, who has been a full-time Airbnb host for nearly two years, started seeing a wave of cancellations. When Galveston temporarily shut down short-term rentals as part of its stay-at-home order, Offield switched her Airbnb to a 30-day stay, the minimum required to be considered a long-term listing. She didn’t get a single reservation, and her beach bungalow has stood empty for two months.  —more—

CNN Opinion | It’s time to throw the school calendar out the window

(CNN)  America’s young people need to get back to school in person. There is no substitute for them interacting with each other. It’s how human beings are wired.

Given what we think we know about the coronavirus, that the rate of infection has slowed but that — as Dr. Anthony Fauci has said — another wave of infection is likely later in the year, the goal should be to reopen in late summer — an approach that colleges like Notre Dame and several others have said recently they are adopting: open school a couple of weeks earlier than usual, cancel fall break to reduce student travel and shorten the term to finish before Thanksgiving.  —more—