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☆ Asia's young and wealthy are fueling demand for art — what are they collecting?
▼ + stars: | 2024-01-08 | by ( Quek Jie Ann | ) www.cnbc.com time to read: +2 min

Auctioneer Victoire Gineste gestures as she adjudicates for 20 million euros ($21.9 million) a recently rediscovered drawing by Michelangelo, the artist's first known nude, at the Christie's auction house in Paris on May 18, 2022. Wealthy, young collectors in Asia have been fueling demand for art — particularly via online channels — and have emerged as a key clientele for international auction houses. A report from the auction house showed a 65% increase in new Gen Z buyers in 2023. Sotheby's 2023 report stated that bidding activity of younger collectors grew to 30% in the first half of 2023 from 6% in 2018. Millennials and Gen X — aged 44 to 59 — are classified as "younger collectors" by the auction house.

Persons: Victoire, Michelangelo, Gen Zers, Christie's, Phillips, millennials, Millennials, X — Organizations: Art Basel, UBS Survey, CNBC Locations: Paris, Asia, Mainland China, Hong Kong, Singapore, Christie's Hong Kong, China, Taiwan, Asia Pacific, Americas, Europe, millennials, South Korea

☆ Want to avoid crowds while traveling? Here's the 'not hot' list for 2024
▼ + stars: | 2023-12-28 | by ( Quek Jie Ann | ) www.cnbc.com time to read: +5 min

Adventure travel company Intrepid Travel's new "Not Hot" list is out — spotlighting overlooked travel spots around the world. The 2024 list calls attention to two destinations in Asia, two in Europe and one in Central America. Source: Intrepid TravelUnlike Italy's tourist-saturated Positano, travelers visiting Corsica can "enjoy a more authentic, tranquil, and immersive experience ... without the overwhelming crowds," according to a press release by Intrepid Travel. Intrepid Travel recommends Panama for those who wish to "immerse themselves in local traditions, folklore, and contemporary arts ... that differs from the more European-centric cultural landscape," the press release stated. Source: Intrepid Travel

Persons: Matt Berna, Nick Lim, Lim, Gonzalo Azumendi, Emberá, David C Tomlinson Organizations: Intrepid, Americas, Intrepid Travel, CNBC Travel, UNESCO, Heritage, Euromonitor International, Japan National Tourism Organization, Korea Tourism Organization, The Travel Corporation, CNBC, Trip.com, La Amistad, Bank, Getty Locations: Asia, Europe, Central America, Corsica Corsica, France, Corsica, Seoul Tokyo, Singapore, Seoul, Korea, Intrepid Travel Tokyo, Tokyo, Panama Panama, Central American, Costa Rica, Colombia, Panama, Panama Viejo, Casco, Darien, La, Guna, Corfu Greece, Santorini, Mykonos, Kefalonia, Corfu, Greece, Split, Dubrovnik, Croatia, Borneo Borneo, Southeast Asia, Malaysia, Brunei, Indonesia, Kalimantan, Indonesian, Sarawak, Sabah, Borneo, Malaysian, Indonesian's Kalimantan

☆ Southeast Asia's first luxury hotel made from retired buses opens in Singapore — take a look inside
▼ + stars: | 2023-11-27 | by ( Quek Jie Ann | ) www.cnbc.com time to read: +3 min

The resort hotel has 20 rooms which will be open for stays from Dec. 1, 2023. Source: The Bus CollectiveIt only costs a dollar to ride a Singapore bus — but 398 Singapore dollars to sleep in one. The Bus Collective is Southeast Asia's first resort hotel to repurpose decommissioned public buses into luxury hotel rooms. The resort hotel officially opens on Dec. 1 and bookings are now available on its website. A look into the resortThe Bus Collective is located in Changi Village, Singapore — occupying 8,600 square meters of land.

Persons: Queen Victoria Organizations: SBS Transit, Changi Village Hawker Centre, Changi East Boardwalk, Changi Chapel & Museum, CNBC, Changi Sailing Club, WTS Travel, LHN Group, Sky Win Locations: Singapore, Changi Village, Changi, Hamilton, Pulau Ubin

The German auto giant isn't alone in its struggles, according to CNBC's analysis of 10 global car brands. While Volkswagen remains by far a giant in China's car market with around 3 million vehicles sold a year, the German brand hasn't gained much traction in the electric car space. In July, the company opted to invest about $700 million into Chinese electric car start-up Xpeng to jointly develop two cars for China. Toyota , which has struggled in the market transition to electric cars, is set for its worst year of overall China sales since 2020 with about 1.8 million vehicle sales, CNBC found. Tough competitionAlthough China's new energy market is growing quickly, competition is fierce, even for domestic brands.

Persons: Evelyn Cheng, Alvin Liu, Liu, Bernstein, BYD, Tesla, Nio Organizations: CNBC, Volkswagen, Nissan, Hyundai, China Passenger Car Association, Toyota, Canalys, Honda, BYD, Tesla's, Plaid — Locations: Europe, China, North America, Evelyn Cheng BEIJING, Shenzhen, Shanghai, Beijing, German

☆ A new ranking shows the best luxury hotel brands in the world
▼ + stars: | 2023-11-09 | by ( Quek Jie Ann | Marylou Costa | ) www.cnbc.com time to read: +2 min

But a new list, released by the members-only group LTI – Luxury Travel Intelligence, ranks hotel brands rather than individual properties. Luxury Travel Intelligence memberships cost $700 per year and grant access to the group's travel research. Source: LTI — Luxury Travel IntelligenceOetker Collection's Hotel La Palma in Capri, Italy. Source: LTI – Luxury Travel IntelligenceTwo brands are new to the list this year: Peninsula Hotels and Raffles Hotels & Resorts. The scoring systemLuxury Travel Intelligence uses an algorithm to assess hotel brands, which has a maximum of 4,663 points, said Crompton.

Persons: Aman, Rocco Forte, Michael Crompton, Crompton, Travel Intelligence Crompton Organizations: Travel Intelligence, Raffles, Intelligence, La, Raffles Hotels & Resorts, Luxury Travel Intelligence, CNBC Travel Locations: Oriental Singapore, Capri , Italy, Raffles Doha, Qatar

☆ Say goodbye to retirement? A 'soft saving' trend is emerging among young people
▼ + stars: | 2023-10-23 | by ( Quek Jie Ann | ) www.cnbc.com time to read: +7 min

But a "soft saving" trend is emerging among younger workers, challenging the traditional way of thinking. Soft saving refers to putting less money into the future, and using more of it for the present. "Soft saving is the soft life's answer to finances," said the report. In addition, Americans are "re-focused" on post-pandemic travel, a possible reason why there is a decrease in personal saving rates, said Fidelity's Viktorin. ""Soft saving is the soft life's answer to finances."

Persons: Gen, Athima, —, Ryan Viktorin, Gen Z's —, Liz Koehler, Koehler, Viktorin, Andy Reed, X, Boomers, Z's, Z, Gen Z, Fidelity's Organizations: Intuit, Fidelity Investments, BlackRock's, Wealth Advisory, CNBC, U.S . Bureau, Trading Economics, Blackrock, Vanguard, Transamerican Center, Retirement Studies, Retirement

☆ These are the 50 best bars in the world for 2023 — another Barcelona bar tops the list
▼ + stars: | 2023-10-18 | by ( Quek Jie Ann | ) www.cnbc.com time to read: +6 min

SINGAPORE — Sips in Barcelona, Spain is the best bar in the world, according to this year's ranking by the 50 Best organization. The World's 50 Best Bars were announced at an awards ceremony in Singapore on Tuesday evening — the first time the ceremony was held in Asia. The annual ranking is published by William Reed Business Media, a U.K.-based company that also publishes "The World's 50 Best Restaurants" list — and in a first, "The World's 50 Best Hotels," published in September. The 50 Best organization has published an annual ranking of "The World's 50 Best Bars" since 2009, with London and New York dominating the lists ever since. Courtesy of The World's 50 Best Bars

Persons: William Reed, Sips, Marc Álvarez, Frida Calho, Sydney –, Madrid, Rome Hanky, Kitten, Scotland Mimi Kakushi, Renato, Simone Caporale, Röda, Apoorva Kohli Organizations: Sips, Mexico City, William, William Reed Business Media, CNBC, South America, United Arab Emirates, Barcelona Connaught Bar, South America Himkok, Greece BKK Social, Salmon Guru, Hong, Buenos Aires Röda Huset, SG Club, Cambridge Public House, Sons, Africa Scarfes Bar, Milan Carnaval, Bar, Athens Atlas, American, Asia Locations: SINGAPORE, Barcelona, Spain, Singapore, Asia, New York, Mexico, U.K, London, Sips, Europe, North, South, Australia, Dubai, United Arab, South America, Oslo, Norway, Seoul, North America, Paradiso, Paris, Limantour, London Alquímico, Cartagena, Columbia, Buenos Aires, Argentina, Athens, Greece, Bangkok, Pony, Salmon, , New York, Hong Kong, Rome, Rome Hanky Panky, Melbourne, Trova, Miami Baba, Rum, Athens CoChinChina, Berlin, Stockholm, Tokyo, Edinburgh, Scotland, United Arab Emirates, Middle East, Milan, Lima, Peru L'Antiquario, Naples, Italy, Mexico City, Firenze, Florence, , New Orleans, Gleneagles, Auchterarder, Röda Huset, New Delhi, Alquímico

☆ A photographer 'accidentally' found a way to help hundreds of dogs get adopted
▼ + stars: | 2023-10-13 | by ( Quek Jie Ann | ) www.cnbc.com time to read: +3 min

Rachael Rodgers is a photographer who documents her road trips on Instagram. And it all started with an Instagram post, she said. Rachael Rodgers PhotographerHer first post about a rescue dog went viral, and she's been photographing canine companions ever since, she said. The need for better representationRodgers told CNBC Travel that traveling with rescue dogs can be challenging, but the need to represent them motivates her to keep volunteering. Source: Rachael Rodgers

Persons: Rachael Rodgers, aren't, —, Rodgers, she's, Wilma, Lillian Albon, Feta Organizations: CNBC, Rescue Foundation, Whitehorse Humane Society, CNBC Travel Locations: Instagram, Exshaw, Alberta, Canada, — Washington , Utah, Oregon, Paddy, Aurora, Moraine Lake , Alberta, Yukon, Whitehorse

☆ Cocoa farmers face mounting challenges as El Nino rages on
▼ + stars: | 2023-10-10 | by ( Quek Jie Ann | ) www.cnbc.com time to read: +7 min

Frequent extreme weather events caused by El Nino and climate change hurts cocoa production. According to the the latest El Nino-Southern Oscillation Outlook, El Nino is expected to last through January to March 2024, with a 71% chance it will intensify from November to January. An intensified and frequent El Nino effect could significantly reduce the amount of arable land for cocoa cultivation. watch nowAccording to a report by the Economist Intelligence Unit, a high intensity El Nino may result in severe economic disruption across Africa. The financial cost of El Nino and climate change remains unquantified for Cote d'Ivoire and Ghana.

Persons: Cristina Aldehuela, El, El Nino, Nino, Jonathan Haines, it's, Kerry Daroci, Daroci, That's, Steffany Bermudez, Bermudez Organizations: Afp, Getty, El, El Nino, Southern Oscillation, Gro Intelligence, CNBC, Cocoa, Rainforest Alliance, International Cocoa Organization ., West Africa's Cote d'Ivoire, National Oceanic, Atmospheric Administration, Economist Intelligence Unit, Cote d'Ivoire, West, Rainforest, International Cocoa Organization, Environmental Protection Agency, International Institute for Sustainable Development Locations: Asikasu, Ghana, El Nino, West, West Africa, Kerry, Brazil, Ecuador, International Cocoa Organization . Asia, Pacific, Indonesia, Papua New Guinea, West Africa's Cote, Ivory, Ivory Coast, Africa, London, New York

☆ Here's how to see Disney's new 'Frozen' park area before it opens to the public
▼ + stars: | 2023-10-03 | by ( Quek Jie Ann | Morgan Awyong | ) www.cnbc.com time to read: +2 min

In this article DIS Follow your favorite stocks CREATE FREE ACCOUNTHong Kong Disneyland Resort is opening a new land inspired by Disney's blockbuster "Frozen" movie franchise. World of Frozen is a recreation of Arendelle — a fictional village featured in the "Frozen" movies that is home to the Disney sisters, Elsa and Anna. Disney's Elsa and Anna at World of Frozen in Hong Kong Disneyland. Getting in earlyGuests who book packages through the travel company Klook can experience World of Frozen before it opens to the public. Source: MSL SingaporeThe company is selling a "First Look at Arendelle" package, which comes with two park tickets and a one-night hotel stay, for $880.

Persons: Disney, Elsa, Anna, Disney's Elsa, Walt Disney, Walt, Disney's Olaf, Sven Organizations: Hong Kong Disneyland, Walt Disney World's Hall, Presidents, Tokyo, Tokyo DisneySea's Indiana Jones, CNBC Travel, Singapore Locations: Hong Kong, Singapore, Hong, Tokyo DisneySea's Indiana, Arendelle, Norway

Ever pack workout clothes for a vacation — only to unpack them, unworn, upon returning home? Data from exercise apps, which track users' physical locations and search history, show travelers tend to be more active in some locations more than others. Fitness app Strava shows travelers tend to exercise when they visit smaller cities in Europe. Conversely, the company's data shows travelers are less active, compared to locals, in parts of the Caribbean and Central America, namely:Trinidad and TobagoDominican RepublicPhilippinesVenezuelaCosta RicaThose who struggle to exercise on vacation can take heart in knowing that even active travelers tend to ease up from their usual routines on holiday. Nearly four in 10 runners cut their running times by at least 30% during their summer vacations in 2022, according to Strava's data.

Organizations: Portugal Las Palmas, Spain Nord, Trinidad and Tobago Locations: Europe, Split, Croatia Dodecanese, Greece Lagos, Portugal, Spain, Aurdal, Norway, Nord, Norway's, Lillehammer, Caribbean, Central America, Trinidad and, Trinidad and Tobago Dominican Republic Philippines Venezuela Costa

☆ Carousell says it's 'on track' to profitability, plans to reduce losses this year
▼ + stars: | 2023-09-26 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

Secondhand goods marketplace Carousell expects to "healthily" reduce its losses this year, putting it on track to profitability, the firm's CEO told CNBC. And I think in a very promising sign, we actually are going to be healthily reducing our losses this year as well," said Quek Siu Rui, co-founder and CEO of Carousell said Monday, adding that the firm is "on track" with its plan to profitability. In 2022, the Singapore-based company posted $82.5 million in revenue, a 67% jump from the year before, according to regulatory filings. The Singapore-based firm was founded in 2012 as an online classified advertisements marketplace where users can list and sell their used goods for money. Research shows that the global circular economy — which seeks to reduce waste and promote recycling and reusing — could generate $4.5 trillion in additional economic output by 2030.

Persons: Siu Rui, Carousell, Quek Organizations: CNBC, Research Locations: Singapore

☆ Indonesia's EV ambitions could help boost investments in the rest of Southeast Asia
▼ + stars: | 2023-09-25 | by ( Quek Jie Ann | ) www.cnbc.com time to read: +1 min

Korean automobile manufacturer Kia displays the electric vehicle "EV6 GT-Line" during the 30th Gaikindo Indonesia International Auto Show in Tangerang on August 10, 2023. Indonesia's EV-friendly policies have lured global investors to the country, but experts say they could also boost investments in Southeast Asia's automotive industry more broadly. Indonesia could be the "gateway" to the rest of the Association of Southeast Asian Nations, said Anindya Novyan Bakrie, CEO and president director of Bakrie & Brothers, an Indonesian conglomerate whose electric vehicle unit VKTR manufactures electric buses as well as EV parts. The Southeast Asian country is rich in copper, nickel, cobalt and bauxite — materials essential for the manufacturing of electric vehicle batteries. Indonesia is the largest nickel exporter, accounting for 22% of the world's reserves, according to a report by the ASEAN Briefing.

Persons: Anindya Novyan Bakrie, Tesla Organizations: Kia, Indonesia's, Association of Southeast Asian Nations, Bakrie, Brothers, ASEAN, BMI Fitch Solutions, CNBC Locations: Indonesia, Tangerang, Indonesian

☆ We'll be 'healthily reducing' our losses this year, Carousell CEO says
▼ + stars: | 2023-09-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe'll be 'healthily reducing' our losses this year, Carousell CEO saysQuek Siu Rui, CEO and co-founder of the Singapore-based online marketplace for secondhand goods, says "the best advice that we've gotten is to stay really focused on a few critical priorities."

Persons: Carousell, Quek Siu Rui, we've Locations: Singapore

☆ How much do weddings cost? This one in Las Vegas is just $15
▼ + stars: | 2023-08-29 | by ( Quek Jie Ann | Marylou Costa | ) www.cnbc.com time to read: +3 min

A picture taken in 1953 of a sign outside the Chapel of the Flowers promoting its $15 wedding packages. The discounted wedding package is part of a celebration commemorating 70 years since Las Vegas was first given that moniker, according to a campaign promoting Las Vegas as the "Wedding Capital of the World." Other inexpensive optionsOther venues in Las Vegas are also discounting wedding packages, according to the campaign. An Elvis impersonator performs a remote vow renewal ceremony during the pandemic at Graceland Wedding Chapel in Las Vegas, Nevada. Ethan Miller | Getty Images News | Getty ImagesFor $700, couples can exchange vows 900 feet above the city's famous Strip atop The Strat Hotel, Casino & Tower, the tallest structure in Las Vegas.

Persons: Cynthia Sharpe, Sharpe, Elvis, Ethan Miller Organizations: BBC, Las Vegas, CNBC, U.S . News, Getty Locations: United States, Vegas, Las, Las Vegas, Nevada, U.S, Las Vegas , Nevada

☆ $1,850 a day? What it costs to visit the 10 most expensive vacation destinations in the world
▼ + stars: | 2023-08-11 | by ( Quek Jie Ann | ) www.cnbc.com time to read: +2 min

The travel website FloridaPanhandle.com analyzed costs in 100 popular vacation spots, looking into average prices for accommodations, transportation, food and attractions. According to the analysis, the most expensive vacation destinations, excluding flight costs, are: Gustavia, St. Barts Gstaad, Switzerland Aspen, Colorado Park City, Utah Maui, Hawaii London, England Cocoa Island, Maldives Maun, Botswana Grand Cayman, Cayman Islands Monte Carlo, MonacoThe 10 most expensive vacation destinations around the globe. Where hotels average $1,000 per nightThe Caribbean island of St. Barts is the most expensive vacation destination in the world, largely because of its high accommodation costs, which average $1,770 per night, according to the analysis. The town in the Swiss Alps also has the highest average food costs on the list, at $177 per day. Despite having higher overall average costs, St. Barts and the Maldives' attractions were valued at $0.

Persons: Barts, Switzerland's Gstaad, Nik Wheeler, FloridaPanhandle.com, Ostill Organizations: Cayman, CNBC, Aspen, Istock, Getty Locations: St, Barts Gstaad, Switzerland Aspen, Colorado Park City , Utah Maui, Hawaii London, England, Maldives Maun, Botswana, Cayman Islands Monte Carlo, Monaco, London, Switzerland's, Swiss, Aspen , Colorado, Park City , Utah, Maun, Africa's, Maldives, Monte Carlo

A new Indonesian private island, named ONE°15 Marina Nirup Island, opened in July nine miles south of Singapore. The hotel will have 94 rooms and 52 villas, according to the representative. Rendering of a hotel lobby and lounge on Nirup Island, Indonesia, set to open in late 2024. Fifty villas will be for sale, while an additional 30 will be managed by the island's Westin hotel, according to the representative. Arthur Tay, CEO of SUTL Enterprise, said the opening of the marina will ease demand for yachting berths in Singapore.

Persons: Sinar, Arthur Tay Organizations: Westin Hotels, Resorts, PT, SUTL, CNBC Travel Locations: Singapore, Indonesian, Nirup, Indonesia, Southeast Asia, Philippines, Riau

☆ ‘Like something out of Black Mirror’: Police robots go on patrol at Singapore airport
▼ + stars: | 2023-06-18 | by ( Heather Chen | ) edition.cnn.com time to read: +3 min

These are the two robots the Singapore Police Force has introduced to patrol Changi Airport following more than five years of trials. The Singapore Police Force said Friday that more robots would be “progressively deployed” across the city-state. The Singapore Police Force has plans to roll out patrol robots island-wide to augment its operations. Ryan Quek/Singapore Police ForceThey are just the latest robots to be employed on civic duties in this tech-savvy nation of more than 5 million people. “ChatCPT… AI music… robots… Soon machines will take over the world and these security robots definitely look like they mean business,” he said.

Persons: ”, Lim Ke Wei, Ryan Quek, Samwell Swant, ” Swant, “ Organizations: CNN, Singapore Police Force, The Singapore Police Force Locations: Vietnam

☆ Analysis: Struggling China local governments find a fundraising loophole, lifeline in "pearl bonds"
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +5 min

SHANGHAI/HONG KONG, May 31 (Reuters) - China's cash-strapped local governments have suddenly rushed to an unusual corner of the debt market in Shanghai where ambiguous rules offer ways to skirt restrictions on onshore borrowing. LGFVs accounted for about two-thirds of the issuers and 60% of the debt sold this year nation-wide, according to Reuters' calculations. Among all the newly-issued FTZ bonds this year, 55, or two-thirds of all 82 issuers, were LGFVs, according to Reuters' calculations. The "pearl" or free trade zone (FTZ) bonds have been around since 2016 but are only now becoming popular as tighter central government supervision on LGFV debts starts to bite. AMBIGUOUS POSITIONING"Pearl bonds" differ from other offshore bonds as trades are cleared by the state-owned China Central Depository & Clearing Co, rather than a global clearing house.

Persons: Shi Xiaoshan, Fitch, Royston Quek, Tim Fang, Pearl, Zhang Hong, Georgina Lee, Tom Westbrook, Kim Coghill Organizations: U.S, Haitong International Securities, China Central Depository, Industrial, Group, Credit Agricole CIB, Shanghai Pudong Development Bank, Bank of Communications, Pudong New, Financial, Reform Commission, Reuters, The, Administration of Foreign Exchange, Shanghai, Thomson Locations: SHANGHAI, HONG KONG, Shanghai, Beijing, U.S . Federal, Hong Kong, China, Zhejiang, Pudong, SINGAPORE

☆ Airfares across Asia are sky-high this year. Here’s why
▼ + stars: | 2023-03-24 | by ( Michelle Toh | ) edition.cnn.com time to read: +7 min

But passengers in Asia Pacific are currently grappling with bigger price jumps than other regions, highlighting the uneven global recovery. Economy fares to Asia from North America and Europe are set to rise 9.5% and 9.8% this year from last year, respectively, Amex GBT forecasts show. “In the markets where restrictions have been the last to lift, and hence [flight] capacity last to be restarted, the difference in fares is the highest,” said Aitken. Despite China’s reopening, outbound flight capacity “is currently only at 15% to 20% of pre-Covid levels,” according to Trip.com (TCOM) CEO Jane Sun. The restrictions have remained, and those most heavily impacted are between Asia and North America or Europe.

☆ Ticketmaster's website crashed again, disrupting ticket sales for the Eurovision Song Contest 2023
▼ + stars: | 2023-03-08 | by ( Aditi Bharade | ) www.businessinsider.com time to read: +3 min

Ticketmaster crashed once again, this time during ticket sales for the Eurovision Song Contest 2023. The company also came under fire in November after its system was overwhelmed during ticket sales for Taylor Swift's "The Eras Tour." Joe Berchtold, the president and CFO of Live Nation Entertainment, Ticketmaster's parent company, was called to testify before a Senate committee in January over the Taylor Swift ticket sales debacle. During his testimony to the Senate on January 24, Berchtold apologized to Swift and her fans, saying that "bot traffic" disrupted the ticket sales. This year's Eurovision Song Contest, which is organized by the BBC and the European Broadcasting Union, will be held from May 9 to 13 at Liverpool's 11,000-seat Liverpool Arena, per Eurovision's website.

REUTERS/Kamil Krzaczynski/File PhotoJan 18 (Reuters) - New York excavation contractor Brian Dietz does not view higher air fares as a deal-breaker for flying and airlines are seeing more small and medium size companies like his feeding a 2023 rebound in business travel. Although business travelers often book economy seats, corporate travel is critical for airlines because it means more frequent flyers and appetite for higher-margin premium fares. SME executives were some of the first business travelers back on planes after the pandemic-induced slump. They have since emerged as the fastest-growing segment within corporate travel according to Amex GBT. Spending on business travel globally is expected to recover to 80% of 2019 levels in 2023, up from 65% in 2022, according to the Global Business Travel Association (GBTA).

☆ Tech layoffs in Southeast Asia mount as unprofitable startups seek to extend their runways
▼ + stars: | 2022-12-08 | by ( Sheila Chiang | ) www.cnbc.com time to read: +4 min

Lauryn Ishak | Bloomberg | Getty ImagesMore tech startups in Southeast Asia laid off workers this year, as macro headwinds widened losses and venture capitalists pushed startups to extend their runways. Jia Jih Chai RainforestThey join Sea Group and other companies in the region in downsizing headcount. Sea Group, according to local media, laid off more than 7,000 employees over the past six months. Tech startups in Southeast Asia are still largely unprofitable, with names like Sea Group and Grab amassing billions of losses annually. Existing investors in the company are also actively advising founders to prepare for winter, Jussi Salovaara, Antler's co-founder and managing partner for Asia, told CNBC.

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