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☆ Milan’s Via Monte Napoleone is now the world’s most expensive shopping street
▼ + stars: | 2024-11-20 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —Milan’s Via Monte Napoleone has beat out New York’s Fifth Avenue to become the world’s most expensive shopping street, marking the first time a European city has topped the rankings. The Gucci store on Fifth Avenue in New York City, seen in March 2024. In April, Gucci parent Kering paid €1.3 billion ($1.4 billion) to acquire a building on Via Monte Napoleone from a subsidiary of Blackstone. The world’s 10 most expensive shopping locations, by rent per square foot, according to Cushman & Wakefield:1. Via Monte Napoleone, Milan2.

Persons: Thomas Casolo, ”, Gucci, Michael M, Robert Travers, Kering, Blackstone . Chanel, Versace, Cartier, Celine Organizations: London CNN, New, Cushman &, Bond, Hong, Cushman, Wakefield’s, Italy, CNN, Via, Blackstone ., Henley & Partners, Cushman & Wakefield, New Bond, Tsui, Pitt, Mall Locations: Napoleone, Cushman & Wakefield, Paris, New York City, Europe, East, Africa, Via Monte Napoleone, Bottega, Milan, New York, London, Hong Kong, Ginza, Tokyo, Bahnhoftstrasse, Zurich, Sydney, Myeongdong, Seoul, Kohlmarkt, Vienna

☆ Hong Kong: Why Russians with wads of cash flock to Apple stores in this Asian hub
▼ + stars: | 2024-11-09 | by ( Chris Lau | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —When the new iPhone 16 went on sale, locals couldn’t help but notice some less familiar faces flocking to Hong Kong’s Apple stores: Russians holding piles of cash. “We want to buy as many as possible,” one Russian buyer, Nick Alexenkov, told CNN outside the Apple store in Tsim Sha Tsui, a busy shopping district in Hong Kong. Alexenkov, the iPhone purchaser in Hong Kong, said he expected to turn a profit of up to 25% for each phone despite offering to pay 12% above the retail price to acquire those phones in Hong Kong. A man holds an Apple iPhone 16 Pro Max ahead of the launch of sales of the new iPhone 16 series smartphones in a store in Moscow, Russia September 20, 2024. A man from Hong Kong, who tried to sell two 1-terabyte Pro Maxes, complained that, at $2,027 each, the Russian buyers weren’t offering enough.

Persons: Nick Alexenkov, Vladimir Putin, ”, Max, Alexenkov, Evgenia Novozhenina Organizations: Hong Kong CNN, Kong’s Apple, CNN, Apple, Mobile, MTS, ” Reuters, Reuters Locations: Hong Kong, Tsim Sha, Ukraine, Russia, Moscow, Eldorado, Russian, Central

Hong Kong CNN —There are a lot of princesses at Hong Kong Disneyland, but not the ones you think. Hair carefully coiffed, and in full makeup Liang Xiaoyu, 18, is dressed for a day out at Hong Kong Disneyland. Noemi Cassanelli/CNNAnd at Hong Kong Disneyland, Disney characters aren’t the sole fashion inspiration for dedicated fans. Li Mengru, 27, poses for a picture during an interview with CNN, at the entrance of Hong Kong Disneyland on June 7, 2024. Yang Yushen, who also goes by Kris, and his partner Jimmy Redinger like the romantic side of Hong Kong Disneyland.

Persons: “ Duffy, ”, Liang Xiaoyu, Noemi Cassanelli, CNN Liang, Mary Janes, Duffy, Qin Wuxiao, Jessie, it’s, Charmy Chan, Yanni Chung, Judy, Nick Wilde, “, Chan, CNN Oscar Yim, Captain America, Marvel, CNN Jing Hongche, Li Sitan, CNN Charmy Chan, Chung, Li Mengru, Chen Xinyu, Li, Chen, Linda Lee, CNN Li, Cassanelli, Yang Yushen, Kris, Jimmy Redinger, Ankh Wong, Kris Yang, Yang, Zootopia, Hercules ”, Redinger, Disney, Mariko Otomo, Nozomi Yasuda, Yuka Izawa, CNN Otomo, China’s “ meng ”, Mariko Otomo kitted, Deng Chundan, CNN Deng Chundan, Le, Godiva, Chow Tai, Gen, ” Shen Jing, CNN Linda Lee, CNN Chen Xinyu, CNN Lee, CNN Chen, lacy Organizations: Hong Kong CNN, Disney, CNN, Hong Kong Baptist University, USA, Captain, Hong Kong Disneyland, Marvel, “, Hong, Hong Kong Tourism, Hong Kong Locations: Hong Kong, Guangzhou, Hong, China’s Fujian, Guangdong, Japan, Arendelle, Tomorrowland, Tsim Sha Tsui, China, Southeast Asia, Philippines, Thailand, Singapore, South Korea, Grizzly Gulch, United States, Chinese, Hebei, Asia, Hangzhou

☆ A memorable bizcation requires a unique blend of work and play. Hong Kong is the perfect destination to make it happen.
▼ + stars: | 2024-06-11 | by ( Sponsor Post | ) www.businessinsider.com time to read: +6 min

When the sun sets in Hong Kong, the sprawling urban metropolis transitions from work to play. Arguably the world's best "bizcation" destination, Hong Kong offers endless activities once business travelers close their laptops for the day. Hong Kong Tourism BoardTo add a bit of mystery into your bizcation, consider exploring Hong Kong's speakeasies. Hong Kong Tourism BoardBut that's not the only attraction lighting up Hong Kong. A memorable bizcation requires a unique blend of work and play — and Hong Kong is the perfect destination to make it happen.

Persons: Hong, Chef Danny Yip, Vicky Cheng, it's, Chai, Noodle, speakeasies, that's, Luna Organizations: Network, Hong Kong's, Argo, Hong Kong Tourism Board, former Marine Police Headquarters, Hong Kong Tourism Board Hong, Insider Studios Locations: Hong Kong, there's, Hong, Wing, Victoria, Clearwater Bay, Tai Hang

☆ Shares of Cartier owner Richemont climb 6% on record full-year sales, new CEO
▼ + stars: | 2024-05-17 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

Shoppers line up to enter a Cartier store, a unit of Cie. Financiere Richemont SA, on Canton Road in the Tsim Sha Tsui area of Hong Kong. Shares of Swiss luxury group Richemont climbed as much as 6.3% Friday after the company reported record full-year sales, even as Asia-Pacific spending waned. The Cartier owner said group sales rose 3% at actual exchange rates to an all-time high of 20.6 billion euros ($22.38 billion) in the financial year ending in March, despite a weakening outlook for luxury brands. Fiscal fourth-quarter sales fell 1% to 4.8 billion euros at actual rates, driven by a slowdown in Asia-Pacific. In a separate statement, the company announced Nicolas Bos, CEO of Van Cleef & Arpels, as its new group CEO, effective June 1.

Persons: Financiere, Cartier, Johann Rupert, Nicolas Bos, Van Cleef Organizations: Cartier, Cie, Financiere Richemont SA Locations: Canton, Tsui, Hong Kong, Asia, Pacific, London, Asia Pacific

☆ One of the oldest hotels in Hong Kong is the definition of luxury. 13 photos offer a glimpse inside Art Basel's hotel partner, The Peninsula.
▼ + stars: | 2024-04-06 | by ( Joi-Marie Mckenzie | ) www.businessinsider.com time to read: +2 min

The Peninsula Hotel in Hong Kong, an iconic property that opened in 1928, offers a luxury experience. Steps away from the glistening Victoria Harbour sits the Peninsula Hotel. The flagship hotel in the Peninsula Hotels group, which boasts properties worldwide, opened in December 1928, making it one of the oldest hotels in Hong Kong. The iconic hotel, one of the official hotel partners of Art Basel Hong Kong, sponsored by the global lead partner UBS, is nestled right on the Kowloon Peninsula in Tsim Sha Tsui. Thanks to their Art in Resonance program, it's also home to four memorable art pieces featuring "emerging and mid-career" artists.

Persons: —, Chanel, Harry Winston, it's, Bon Jovi, Tom Cruise Organizations: Service, Hotels, Art Basel, UBS Locations: Hong Kong, Art Basel Hong Kong, Tsim Sha Tsui

☆ Asia markets poised for mixed open; Japan stocks set to eke out gains
▼ + stars: | 2024-02-27 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: 1 min

Chinese flags and Hong Kong flags are hung in Tsim Sha Tsui district on Oct. 4, 2023 in Hong Kong, China. The Chinese government imposed a National Security Law in the special administrative region on June 30, 2020. Japan's Nikkei 225 index is poised for gains after closing at a record high in the previous session. Trading sentiment was subdued following a pause in Wall Street's rally on Monday as its main indexes retreat from record highs. Major economic data this week include China's manufacturing purchasing managers' index and the U.S. personal consumption expenditures price index data, which is the Federal Reserve's preferred inflation metric.

Organizations: Security Law, Japan's Nikkei Locations: Hong Kong, Tsim Sha Tsui, China, Asia, Pacific

☆ Hong Kong leaders start legislative push to tighten national security laws
▼ + stars: | 2024-01-30 | by ( ) www.cnbc.com time to read: +1 min

Chinese flags and Hong Kong flags are hung in Tsim Sha Tsui district on Oct. 4, 2023 in Hong Kong, China. The Chinese government imposed a National Security Law in the special administrative region on June 30, 2020. Hong Kong's leader confirmed on Tuesday his intention to pass fresh national security laws soon, building on sweeping legislation Beijing imposed on the city in 2020, saying the city has the constitutional responsibility to impose the new laws. A consultation document will be released later on Tuesday, Lee said, and the government will attempt to pass the legislation "as soon as possible." Lee said freedoms would be safeguarded and the laws would meet international standards.

Persons: Hong Kong's, Lee Organizations: Security Law Locations: Hong Kong, Tsim Sha Tsui, China, Beijing

☆ Asia markets set to fall as Wall Street sees selloff after U.S. credit downgrade
▼ + stars: | 2023-08-03 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Central Hong Kong and the IFC tower seen from the Avenue of Stars in Tsim Sha Tsui. (Photo by Marc Fernandes/NurPhoto via Getty Images)Asia-Pacific markets are set to extend losses Thursday tracking Wall Street's selloff after ratings agency Fitch downgraded the United States' long-term credit rating from AAA to AA+. In Asia, investors will be watching the Caixin survey for China's service sector activity in Juy. Futures for Hong Kong's Hang Seng index stood at 19,403, pointing to a weaker open compared to the HSI's close of 19,517,38. In Australia, futures for the S&P/ASX 200 were at 7,241 compared to the last close of 7,354.6.

Persons: Marc Fernandes, Fitch Organizations: IFC, Tsim Sha Tsui, Getty Images, United, AAA, AA Locations: Hong Kong, Tsim Sha, Asia, Pacific, United States, 19,517,38 . Hong Kong, Chicago, Osaka, Australia

☆ Hong Kong's international dragon boat races return after 4-year hiatus
▼ + stars: | 2023-06-24 | by ( ) www.reuters.com time to read: +2 min

[1/6] Participants splash water during a ceremony in between races during Tung Ng or Dragon Boat Festival at Aberdeen fishing port in Hong Kong, China June 22, 2023. The two-day event, organised by Hong Kong's tourism board and the Hong Kong China Dragon Boat Association, drew more than 4,000 paddlers from 160 teams including from the Chinese mainland, Taiwan and internationally, its tourism body said. Can't think of a better way to celebrate the Dragon Boat Festival than with my team and the rest of Hong Kong and Asia," said Shirleen Ho, 41, a member of the Australian National Dragon boat team. While dragon boat originated in China's southern Lingnan region more than 1,000 years, the modern version began in Hong Kong, a special Chinese administrative region, around 40 years ago. The competition is one of many events the Hong Kong government is holding to boost tourism and reinvigorate its economy after sealing its borders for more than two years.

Persons: Tung Ng, Tyrone Siu, Shirleen Ho, Joyce Zhou, Farah Master, Jacqueline Wong Organizations: REUTERS, Hong Kong China Dragon Boat Association, Australian National, Hong, Thomson Locations: Aberdeen, Hong Kong, China, Tyrone Siu HONG KONG, Hong, Hong Kong China, Taiwan, Asia, China's, Lingnan, Victoria, British

☆ Hong Kong court charges four with criminal damage after BYD offices vandalised
▼ + stars: | 2023-06-19 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, June 19 (Reuters) - A Hong Kong court on Monday charged four men with criminal damage to property at showrooms and a service centre of Chinese automaker BYD Co Ltd after they were vandalised last week in the financial hub. The men arrested were all of Chinese nationality and aged between 29-48 years, according to charge-sheets released by the court. None of them made any pleas in the court on Monday. All will be kept in the custody of the correctional services department until the next hearing on July 17. Police said last week that there was no evidence that the men had deliberately targeted the mainland auto brand and that an investigation was ongoing.

Persons: JC Motor, Jessie Pang, Farah Master, Muralikumar Organizations: Hong, BYD, Reuters, Police, Thomson Locations: HONG KONG, Hong Kong, Wan Chai, Sha Tsui, Kowloon, Tin Shui, New Territories

☆ Chinese automaker BYD reopens two Hong Kong showrooms after vandalism
▼ + stars: | 2023-06-14 | by ( ) www.reuters.com time to read: +1 min

[1/2] A woman walks past a splattered BYD store while police cordons are visible at the scene in Hong Kong, China June 12, 2023. REUTERS/Joyce Zhou/File PhotoCompanies BYD Co Ltd FollowHONG KONG, June 14 (Reuters) - Chinese automaker BYD Co Ltd has restarted operations at two showrooms and a service centre in Hong Kong after they were vandalised earlier this week, BYD's sole agent said in a notice on its website on Wednesday. Its showrooms in the districts of Wan Chai on Hong Kong island and Tsim Sha Tsui in Kowloon, as well as its service centre in Tin Shui Wai in the New Territories, had resumed normal operations, it added. JC Motor did not immediately respond to Reuters' request for comment on the cause and impact of the vandalism. Two BYD showrooms and a service centre in Hong Kong were daubed with red paint, while a car also rammed into the roller shutter at its Yuen Long showroom in the early hours of Monday, causing damage, police told Reuters.

Persons: Joyce Zhou, BYD's, Yuen Long, JC, Donny Kwok, Jacqueline Wong Organizations: REUTERS, BYD, Motor, JC, Reuters, Thomson Locations: Hong Kong, China, HONG KONG, Yuen, New Territories, Wan Chai, Sha Tsui, Kowloon, Tin Shui

(Photo by Marc Fernandes/NurPhoto via Getty Images)Asia-Pacific markets are trading mixed after the U.S. posted more data that showed inflation was easing. The producer price index for April, posted a year-on-year increase of 0.2%, against a Dow Jones estimate for 0.3% and after declining 0.4% in March. In mainland China, the Shanghai Composite fell 1.12% and closed at 3,272.36, dragged lower by in academic and educational services stocks. Hong Kong's Hang Seng index also fell 0.7% ahead of its first-quarter GDP figures. The Topix also climbed 0.64% and ended at 2,096.39, led by health care and utilities stocks.

☆ Private equity deals in Asia plunged 44% in 2022. More uncertainty may be ahead
▼ + stars: | 2023-03-28 | by ( Jihye Lee | ) www.cnbc.com time to read: +3 min

watch nowAsia-Pacific's private equity market plummeted last year — as investors' appetite for risk fell in the face of inflation and geopolitical tensions, according to Bain & Company. The total deal value for the region plunged by 44% to $198 billion in 2022, the global management and consulting firm said in a Tuesday report. Lingering macroeconomic uncertainties alongside rising costs and worsening company performance that dampened investor sentiment, Bain said in its Asia Pacific Private Equity Report 2023. "For more than a decade, the Internet and tech sector has attracted the largest share of private equity capital in the Asia-Pacific region. ESG-related investmentsWhile macroeconomic conditions dampened investors' sentiment in private equity deals region-wide, Bain saw a rise in the number of deals related to environmental, social, and corporate governance (ESG).

"Most luxury retailers don't think Hong Kong will return to the dizzy levels of 2014 when the market here peaked," said Simon Smith, Savills' senior director of research and consultancy in Hong Kong. Morgan Stanley (MS.N) forecast Hong Kong visitor numbers this year will reach just 70% of 2018 arrivals. It estimates retail sales will grow 15%, holding at around 80% of retail trade from the pre-COVID year. That outstripped total Hong Kong retail sales from a peak hit in 2013 at HK$494.5 billion ($63.0 billion), according to the city's statistics department. ($1 = 6.8510 yuan)($1 = 7.8498 Hong Kong dollars)Reporting by Farah Master, Jessie Pang, Anne Marie Roantree, Angel Woo and Donny Kwok in Hong Kong, Sophie Yu in Beijing, and Mimosa Spencer in Paris; Writing by Miyoung Kim; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

[1/2] A man looks at a window display outside a Gucci store, part of the Kering group, at Tsim Sha Tsui shopping district in Hong Kong January 17, 2013. But while Gucci, which accounts for the bulk of profits and revenues at Kering, was the only brand to post a fall in sales, analysts said other labels too posted lower-than-forecast results. Kering said sales fell by 15% in North America in the fourth quarter and by 19% in Asia Pacific. But the situation has been more complicated for Kering, since Gucci relies more heavily on China than competitors. LVMH's fashion and leather goods division, home to Louis Vuitton and Dior, grew sales by 10% over the fourth quarter.

On Wednesday, Microsoft announced it will eliminate 10,000 employees, reducing its workforce by 5%, and Amazon began conducting layoffs that will eventually slash 18,000 jobs. Microsoft and Amazon are joining tech industry peers including Alphabet and Meta which have also cut staff in recent months. But an underappreciated factor is how rapidly tech companies ramped up hiring over the last two years. In 2020, widespread Covid lockdowns made internet applications more important to people, supercharging business for many tech companies. Apple is a major exception: It did not appreciably increase its rate of hiring over the last two years, and also has not announced any layoffs.

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