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21 Chinese coal miners trapped by underground flood

Saturday, April 10, 2021 | The Associated Press


In this photo released by Xinhua News Agency, rescue workers stand near a banner which reads: "Home is waiting for your region" at the entrance to a flooded coal mine in Hutubi county in of Hui Autonomous Prefecture of Changji, northwest China's Xinjiang Uyghur Autonomous Region on Sunday, April 11, 2021. Some miners were reported trapped after the coal mine flooded on Saturday. (Gao Han/Xinhua via AP)

BEIJING (AP) — Rescuers on Sunday were trying to reach 21 coal miners who were trapped by an underground flood in China's northwest, a state news agency reported.

The mine in Hutubi County in the Xinjiang region flooded at about 6:10 p.m. on Saturday, the Xinhua News Agency said. It said eight people were rescued.

China's coal mines are among the world's deadliest, regularly suffering explosions and gas leaks despite repeated safety crackdowns.

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7 Hotel Stocks Just Waiting For the Vaccine

Like any group of stocks related to travel and tourism, hotel stocks saw a steep drop in share prices in 2020. The leisure and hospitality sector that once had 15 million employees has lost 4 million jobs since February.

Many major cities will be feeling the ripple effects of the Covid-19 pandemic for years. However, there is ample evidence that shows the pandemic may be coming to an end. The number of new cases is dropping. The number of those getting vaccinated is rising. And even in the cities with the most restrictive mitigation measures, the slow process of reopening is beginning.

All of this can’t come fast enough for individuals who rely on the travel and tourism industry for their livelihood. Hotel chains had at least some revenue coming in the door. And when earnings season concludes, the more budget-friendly hotel chains may realize revenue that is 75% of its 2019 numbers. But that is not enough to bring the hotels to anywhere near full employment. Particularly with hotels that have bars and restaurants that have remained closed or open at limited capacity.

Many economists are optimistic that travel may begin to look more normal by the summer of this year. And the global economy may deliver 6.4% GDP growth this year. With that in mind, the hotel chains with the best fundamentals and the broadest footprint will be in the best position as the economy reopens.

View the "7 Hotel Stocks Just Waiting For the Vaccine".


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