Crisis hits corporate meetings industry

The storm buffeting the US economy threatens to swamp the $175 billion corporate meetings industry as companies seek to cut back on expenditure by reducing the number of conferences they hold.

By organizing fewer big meetings in distant cities, companies can save millions on airline seats, conference hall bookings, hotel rooms and a range of smaller items.

But those savings - while smart for the companies - are provoking a crisis in the industry that provides the services.