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For every room they sell. it ranges to 25%. when rate parity comes in, it's different around the world, but generally speaking, hotels are not allowed to offer cheaper rates than the otas. hotels struggle to get customers to book direct, in face of competition from otas. our last proper year of trading, and we were spending upwards of £30,000 per year in commissions to booking agents, which is a huge amount, considering we are only a small hotel, and margins are already very, very tight. so, it is of course a huge part of our decision to move away from otas. ultimately of margins are continua...

The power tools introduce themselves. all the bits and bulbs keep themselves stocked. and the doors even handle the checkout so we can work on that thing that's stuck in the thing. [ female announcer ] today, cisco is connecting the internet of everything. so everyone goes home happy. what if you could have the perspective to see more? at morgan stanley, a global collective of thought leaders offers investors a broader view. ♪ we see companies protecting the bottom line by putting people first. we see a bright future, still hungry for the ingenuity of those ready for the next challenge. toda...

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