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Patrick Atack,

Digital business correspondent

U.S. airlines have voiced hope the worst of the pandemic's economic pain is nearly over, as vaccinations lead to a resurgence in North American air travel. "There is no doubt, the pace of recovery is accelerating," said Doug Parker, CEO of American Airlines. 

Despite the collapse of the soccer-disrupting European Super League this week, Spanish clubs Real Madrid and Barcelona have defended the move, and called "unjustified pressure and intimidation" to be removed from the process. Barcelona faces mounting debts and $120 million losses amid the loss of matchday revenues. 

The British statistics authority reported the country's government borrowing has grown so much it's now only outsized by the figures during World War II. The UK borrowed $420 billion in the year to March, an increase of $341.5 billion in just 12 months. Tax revenues fell, while healthcare and furlough spending skyrocketed. 

Some of the famous yellow school busses seen across the U.S. are changing hands, as the UK-based FirstGroup agreed to sell its U.S. school bus operations to Swedish private equity firm EQT. The sale is intended to raise capital for the transport group, which registered a $100 million loss in 2020. 

Blockbuster releases on streaming service HBO Max are helping it build a membership base to challenge Netflix's global dominance. Titles such as Godzilla vs Kong have helped HBO add 2.8 million U.S. subscribers in Q1. It's still dwarfed by Netflix's 208 million worldwide. 

China's Baiyun International Airport in Guangzhou recorded the most passenger traffic in a coronavirus-hit 2020, followed by Atlanta Hartsfield-Jackson International Airport in the U.S., which has topped that list for more than two decades, according to Airports Council International (ACI). China's Chengdu, Shenzhen and Beijing airports made up the top 5. 

China has the economic conditions to keep the balance of international payments and the foreign market, the State Administration of Foreign Exchange said on Friday, responding to market concerns that the U.S. Federal Reserve will end its loose monetary policy early. The concerns came against the backdrop of a U.S. economy picking up from the COVID-19 pandemic blow and increasing inflation expectations.

Germany's finance minister Olaf Scholz defended the government's action - or lack of it - on the Wirecard collapse, which shook international perceptions of Germany's economy and corporate regulatory framework. Scholz is the most high-profile politician to be quizzed by the parliamentary inquiry, and declared "the government does not bear responsibility for this large-scale fraud."

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Former USC professor of digital media, Jon Taplin, spoke to CGTN Europe about the rise of new streaming sites, such as HBO Max and Disney+, and the continued effect of streaming on cinema. 

Has COVID-19 ended the age of cinema?

I think it's an open question. My guess is that when people get vaccinated and it feels safe to go back into theaters, people will go back into theaters. Now, it may not be at the level that it used to be because when a company like Warner Brothers decides to put all their films on their streaming platform, HBO Max.

So the era of the big screen is over?

I think a certain generation of people will return to the theaters because it's a social experience and, needless to say, watching a comedy in the theater is a lot different from watching a comedy by yourself in your house. So maybe you'll see a certain kind of film that attracts people to the theaters and different kinds of films on home screens. 

One thing I would say is that this plethora of streaming services will not end well, in the sense that every single major media company is now putting up their own streaming service with their own exclusive programming… that is not going to work. 

Will this change the type of movies produced?

Well, certainly the kind of epic scope of Lawrence of Arabia or or something of that sort is less interesting on a 20-inch screen.

I think the certain cinema of spectacle… will probably continue in the cinema.

But the more intimate small films that seem to be popular right now... are perfectly suited to being on Netflix and having a very wide audience.