He has preserved the paper's 22 overseas news bureaus, but has slashed travel budgets.
Deregulated airlines and innovative online-travel services have slashed travel costs, allowing people to visit and assess different markets without moving.
Because the tunnel was excavated at virtually zero-grade, it could accommodate high-speed trains that would slash travel times between northern and southern Europe and reduce traffic-choked-up Alpine roads.
Firms have slashed travel budgets, families are spending less on leisure and Europe's airports are feeling the pain.For hotels as well, the recession is biting in France, Spain and Italy, Europe's biggest holiday destinations.
The Saudi government has banned official purchases of cars and furniture and slashed travel budgets and infrastructure spending as it faces its gravest fiscal crisis for years because of low oil prices, according to leaked internal government documents.
The economic slowdown, with slashed travel budgets, pushed it further.
Now it is the worldwide economic slowdown, with slashed travel budgets and businesses scrambling for cheaper alternatives.
As companies downsize and slash travel budgets, agencies and clients are sending fewer people to the Cannes Lions International Advertising Festival, a week-long schmooze-fest that begins on June 21 and mixes daytime seminars and nightly awards for the industry.
