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Business experts predict the cancelled Golden Globe Awards will result in $80 million (£40 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.

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