SCRAPPED GOLDEN GLOBES COST LOS ANGELES BUSINESS DEAR

SCRAPPED GOLDEN GLOBES COST LOS ANGELES BUSINESS DEAR

Business experts predict the cancelled Golden Globe Awards will result in $80 million (GBP40 million) in lost revenue for the Los Angeles economy. Catering, transport, fashion, retail and tourism industries are all expected to take a massive hit from the decision to scrap the glitzy ceremony on Sunday (13Jan08), in favour of a low-key press conference. Organisers chose to turn the event into a no-star TV announcement after failing to win a waiver from striking Hollywood writers, who threatened to picket the Golden Globes if they took place.