Avis buys 45% stake in Carey

Car rental company Avis Budget group has paid $60m in cash for a 45% stake in Carey International.
Under the deal, Avis also has a one-year option to increase its holding in the chauffeured car service company to 80%.
This however would entail Avis assuming Carey's debts.
Carey generated about $250m revenue last year in a chauffeured market worth about $5bn annually.
It operates in 550 cities in 60 countries through partners and alliances with local companies.
Under the deal, Carey, which is based in Washington, will still be run by its existing management team, including Gary Kessler, president and ceo and Mitchell Lahr, executive vp and chief financial officer.
Ronald Nelson, Avis's chairman and ceo, said the deal would enable his company to offer "corporate customers and travel partners the most complete portfolio of local ground transportation products and services available anywhere."

"Incentive trips fail through lack of planning"

More than 10% of incentive trips by Spanish companies fail because of a lack of planning.
A new survey by American Express found that trips led to disappointment because of poor organisation and lack of imagination.
Amex questioned 150 companies which sent employees on incentive trips. Five main reasons emerged why the trips were not fully successful.
Nearly 70% said they had a "bad experience" on the trip because of a lack of preparation.
54% said the trip organisers did not involve themselves enough to develop an interesting programme or a unique experience.
45% said the organisers had failed to take into account cultural differences.
37% said there was no alternative plan when the trip started to go wrong and the same number said there were problems with visas and accommodation.
The Spanish incentive market has grown by 10% in the past five years and is now worth about €600m.

In the past, Amex said it had been the pharmaceutical, travel and banking industries which had organised the most trips but this was now extending to other sectors.