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☆ Airbnb forecasts slower bookings in Q2, shares fall
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +2 min

May 9 (Reuters) - Airbnb Inc (ABNB.O) said on Tuesday it expects bookings growth and average daily rates to decline in the current quarter, signaling a reverse in demand trends and sending the vacation rental firm's shares down 9%. Revenue rose about 20% to $1.82 billion from a year earlier, compared with the average analyst estimate of $1.8 billion. The company said earlier this year that average daily rates (ADRs) will remain pressured as vacationers return to lower-cost urban rentals. Its first-quarter average daily rates (ADRs) remained flat at $168 compared with a year earlier. It forecast second-quarter revenue between $2.35 billion and $2.45 billion, largely in line with analysts' expectations.

In 2020, Bain Capital set up a previous global fund after securing $3.2 billion in commitments. The program was previously called Bain Capital Distressed and Special Situations Fund and used to sit within Bain Capital's credit business. Bain Capital's special situations strategy is now a standalone business, after being carved out with an independent team outside the umbrella of the credit unit. Globally, Bain Capital currently has $16 billion of assets under management as part of its special situations strategy. Last year, Bain Capital closed a $2 billion "special situations fund" for Asia Pacific to cover a range of asset types, which included a focus on real estate.

☆ EU takes aim at Chinese firms in proposed new Russia sanctions - sources
▼ + stars: | 2023-05-08 | by ( Gabriela Baczynska | ) www.reuters.com time to read: +5 min

A spokesman for the European Commission on Monday confirmed the proposal was sent out to member states and aimed at closing loopholes in Russia trade restrictions but declined to give detail. In what would be the EU's 11th package of sanctions against Russia since it invaded Ukraine in February, 2022, the bloc would introduce a new mechanism to cut its exports to third countries seen as involved in bypassing Russia sanctions. "It will be an empty vessels for now that can then be filled up as needed," said one EU diplomat. "The analysis... shows a sharp drop in direct exports from the EU to Russia following the introduction of sanctions in March 2022. "Both patterns are particularly pronounced for product groups partially or fully subject to the EU sanctions as well as goods that are similar to the sanctioned ones," the EBRD said.

☆ Brussels plans to slap sanctions on Chinese companies aiding Russia’s war machine, Financial Times reports
▼ + stars: | 2023-05-07 | by ( ) www.reuters.com time to read: +1 min

May 7 (Reuters) - The European Union has proposed sanctions on Chinese companies accused of selling equipment that could be used in weapons to support Russia's war machine, the Financial Times reported on Sunday. Seven Chinese businesses have been listed in a new package of sanctions that will be discussed by EU member states this week, the report said, citing a copy of the sanctions list seen by the FT. According to the FT, the sanctions list includes two mainland Chinese companies, 3HC Semiconductors and King-Pai Technology, along with five from Hong Kong including Sinno Electronics, Sigma Technology, Asia Pacific Links, Tordan Industry and Alpha Trading Investments. Some companies like King-Pai Technology have already been placed under sanctions by the United States, which said it was a China-based supplier for multiple entities in Russia's military-industrial complex. Reporting by Jyoti Narayan in Bengaluru; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

☆ Exclusive: Bain Capital nearing final close of Asia fund worth $6 billion - sources
▼ + stars: | 2023-05-05 | by ( Kane Wu | ) www.reuters.com time to read: +3 min

The committed capital to the fund has exceeded the firm's initial target of $5 billion, said one of the two people and a third source with knowledge of the fundraising. Bain Capital declined to comment. About $131.6 billion in total was raised in 2022 for Asia-focused funds, about half of 2021's $251.2 billion, Preqin data showed. Fundraising so far this year has totalled just $15.5 billion, the data showed. Last year, Bain Capital closed a $2 billion "special situations fund" for Asia Pacific to cover a range of asset types but with a focus on real estate.

☆ Bausch Health's quarter disappoints, guidance beats. But uncertainty prevails over patent litigation
▼ + stars: | 2023-05-04 | by ( Zev Fima | ) www.cnbc.com time to read: +5 min

Xifaxan sales were also up 7%. Internationally, reported Q1 sales of $247 million missed estimates but grew 1% compared to the year-ago period. Organic sales grew 5%, driven by strength in Canada and Europe. Organic sales grew 6%. Excluding Bausch + Lomb, the team reiterated their revenue guidance of $4.45 billion to $4.6 billion, as well as their adjusted EBITDA guidance of $2.3 billion to $2.4 billion.

U.S. hotel operators who have been grappling over the past year with an uneven recovery in Chinese demand are now benefiting from pent-up-demand throughout Asia Pacific, particularly in Greater China. "While macroeconomic uncertainty persists, it has not weighed on travel demand to date. In fact, demand continued to rise across all customer segments in the quarter," Marriott CEO Anthony Capuano said on a call with investors. In the Greater China region RevPAR rebounded to 95% of pre-pandemic levels during the quarter while Mainland China RevPar fully recovered to 2019 levels. "First quarter hotel performance came in a bit better than expected and will likely be the high-water mark for the year," said CoStar Group National Director of Hospitality Analytics Jan Freitag.

☆ A sustainable planet is possible with the help of cloud tech. Here's how an Asian partnership is working toward the future.
▼ + stars: | 2023-05-03 | by ( Sponsor Post | Created Insider Studios With Tata Communications | ) www.businessinsider.com time to read: +6 min

Alibaba Cloud, in partnership with Tata Communications, is developing digital solutions for a sustainable future. Alibaba Cloud's partnership with Tata Communications is built on a mutual understanding of the critical importance of sustainability for everyone. The partnership between Alibaba Cloud and Tata Communications has helped build a robust and elastic cloud infrastructure. "Seamless and intelligent hyperconnected ecosystems are how we power cloud giants like Alibaba Cloud to do what they do best." Together, Alibaba Cloud and Tata Communications are creating a futuristic vision for how businesses and people can live, work, and communicate.

SummarySummary Law Firms Naomi Moore joins from Akin Gump to head DLA Piper's APAC restructuring practiceMoore will split her time between the firm's Hong Kong and Sydney officesMay 2 (Reuters) - Law firm DLA Piper has hired a partner from U.S.-founded rival Akin Gump Strauss Hauer & Feld in Hong Kong to serve as its new restructuring practice leader for the Asia Pacific region, the firm said Tuesday. Naomi Moore, who has been on sabbatical since she left Akin Gump in January, will divide her time between DLA Piper’s Sydney and Hong Kong offices, the firm said in a statement. In Hong Kong, Moore joins Trinh Hoang, DLA Piper’s only other restructuring-focused partner in the office, who joined the firm from Linklaters in October last year. Linklaters added a restructuring head in Hong Kong from Allen & Overy in October. An Akin Gump spokesperson wished Moore well on her new role.

May 2 (Reuters) - International law firm Squire Patton Boggs said on Tuesday it has hired partner Lian Yok Tan for its energy and infrastructure practice in Singapore. Tan joins from K&L Gates, where she was global co-head of the energy, infrastructure and resources practice, Squire Patton Boggs said. Barry Stimpson, Squire Patton Boggs’ Singapore office managing partner, said in a statement that Tan has connections across the Asia Pacific, particularly in Indonesia, which will help the firm secure new clients. On Monday, Squire Patton Boggs became the latest law firm to set up an office in Dublin. In March, the firm signed a cooperation agreement with The Law Office of Looaye M. Al-Akkas for a new office in Riyadh.

Apparently they can in some parts of the world, such as Argentina and Turkey, where soaring prices and tumbling local currencies have forced people to seek refuge in digital coins. Trading volumes for spot bitcoin are highest during U.S. opening hours, with little change from 2022, Kaiko data showed. If dollar to crypto volumes are excluded, then the next most dominant currency is South Korea's won . Crypto trading volumes in South Korea are back to levels seen in first quarter and second quarters of 2022 after a weak fourth quarter in 2022, analysts at crypto investment firm Matrixport said. "This is in stark contrast to other crypto exchanges where bitcoin and Ethereum account for the majority of the volume."

☆ Biden to reassure Philippines' Marcos as China tensions flare
▼ + stars: | 2023-05-01 | by ( Trevor Hunnicutt | ) www.reuters.com time to read: +5 min

[1/2] U.S. President Joe Biden listens during the annual White House Correspondents Association Dinner in Washington, U.S., April 29, 2023. Marcos, who became president last year, has sought warm relations with both the United States and China, who are vying for influence in the Asia-Pacific region. "Some of the steps that China have taken have concerned (Marcos), probably even surprised him," said one senior Biden administration official. Experts say the United States considers the Philippines a potential location for rockets, missiles and artillery systems to counter a Chinese amphibious assault. "We're standing shoulder to shoulder in the South China Sea, where our alignment has never been stronger," said one U.S. official.

☆ Philippines' Marcos to forge stronger relationship with U.S. during visit
▼ + stars: | 2023-04-30 | by ( ) www.cnbc.com time to read: +1 min

U.S. President Joe Biden meets with Philippine President Ferdinand Marcos, Jr., on the sidelines of the U.N. General Assembly in New York City on Sept. 22, 2022. Philippine President Ferdinand Marcos Jr. said his meeting with U.S. President Joe Biden on Monday was essential in advancing his country's national interest and strengthening the "very important alliance" between Manila and Washington. Before leaving for his four-day official visit to Washington, Marcos said on Sunday he would convey to Biden his determination to forge "an even stronger relationship" with the United States to "address the concerns of our times," including issues related to the economy. Biden and Marcos are expected to reach agreements on greater business engagement, as well as "military enhancements" amid shared concerns about China, a senior Biden administration official told Reuters. The senior U.S. administration official said it was impossible to underestimate the strategic importance of the Philippines, although the relationship was more than just about security.

☆ BP agrees to buy Shell's stake in Australian Browse gas project
▼ + stars: | 2023-04-29 | by ( Samuel Mckeith | ) www.reuters.com time to read: +2 min

Woodside, BP and Shell are also all stakeholders in the North West Shelf LNG plant. "BP believes development of the Browse gas resources could make a significant contribution to energy security in Australia and to the Asia Pacific region," a BP spokesperson said. The company said it supported the concept of using carbon capture for the project and processing Browse gas in the North West Shelf LNG plant. Credit Suisse analyst Saul Kavonic said it was likely "very modest" given "the risks and ongoing spend required at the Browse project". Woodside last week played down concerns over the status of Browse project and told Reuters talks had resumed with the North West Shelf LNG joint venture about a processing deal for Browse.

☆ China weighs giving single women IVF access to stem population decline
▼ + stars: | 2023-04-29 | by ( ) www.cnbc.com time to read: +8 min

Crucially, Chen could access in-vitro fertility (IVF) treatment legally in a private clinic. We have liberalized the policies here and I know a lot of single women are doing IVF." watch nowLiberalizing IVF nationwide could unleash more demand for fertility treatment in what is already the world's biggest market, straining limited fertility services. The NHC's Sichuan branch did not address questions from Reuters about whether it would offer IVF treatment to all women in public hospitals. Shanghai and the southern Guangdong province have also permitted unmarried women to register their children but IVF services for single women remain banned.

[1/5] Passengers wait to board trains at Shanghai Hongqiao railway station ahead of the five-day Labour Day holiday, in Shanghai, China, April 28, 2023. REUTERS/Aly SongBEIJING, April 28 (Reuters) - China is bracing for a record-high travel rush over the Labour Day holiday, with popular sightseeing spots selling out of tickets and some cities warning would-be visitors away as domestic tourism rebounds after Beijing ended COVID curbs. Authorities are expecting 19 million trips to be made across China's vast railway network on Saturday, the first day of the five-day holiday, which would be the highest number of rail trips made in a single day in the country's history. Over the 40-day Lunar New Year travel period in January-February this year, 348 million trips were made in total, or about 8.7 million trips a day on average, according to the National Railway Administration. China's aviation authority said it expects air passenger trips to reach a total of 9 million over the five days.

☆ Russian court fines Wikipedia 2 mln roubles for not deleting 'banned content' on military -Ifax
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: 1 min

Asia Pacific category · April 27, 2023 · 7:28 AM UTCA senior lawmaker and Indonesia's consumer watchdog have urged the food regulator to examine a product of one of the world's biggest instant noodle brands, following a recall in Taiwan and Malaysia on concerns it could contain a carcinogenic ingredient.

Executives still remained confident about the momentum in demand continuing in the near-term, including in international travel, led by U.S. travelers and China's reopening. Hilton now expects full-year adjusted profit per share between $5.68 and $5.88, compared with a prior forecast of $5.42 to $5.68. The company's net unit growth - which reflects room additions - fell 32% to 5,300 rooms in the first quarter. "We predicted this air pocket (fall in net unit growth), and expect it to be short-term... but this will play to key investor concern on financing risk," Bernstein analyst Richard Clarke said, adding that investor focus was more on unit growth than demand. Hilton reported an adjusted profit of $1.24 per share, compared with analysts' average estimates of $1.13, according to Refinitiv data.

☆ Employee surveillance is on the rise — and that could backfire on employers
▼ + stars: | 2023-04-24 | by ( Goh Chiew Tong | ) www.cnbc.com time to read: +8 min

[Employee surveillance] has increased excessively over the last few years … largely under the guise of ensuring workplace safety and confidentiality and protecting the business. It therefore comes as no surprise that demand for employee monitoring software has skyrocketed since the pandemic. Veriato is one of many employee monitoring software companies worldwide whose sales boomed because of the pandemic. When you're looking at your contract, you're not looking for those clauses — you're looking at how much am I going to get paid? "When you're looking at your contract, you're not looking for those clauses — you're looking at how much am I going to get paid?

This comes as month-end approaches and investors look ahead to the U.S. central bank's May 2-3 policy meeting. The advance estimate of first-quarter U.S. GDP growth is out this week, and big tech earnings from Alphabet, Microsoft and Amazon are due. Tesla shares fell 13% last week after an earnings miss, the biggest fall in almost a year. Ueda has insisted that the current policy will remain in place for now, damping down prospects of a shift this week. The central bank's revised inflation and growth forecasts might also give a clue as to when it will tweak or abandon YCC.

☆ Asia Pacific markets mixed as Japan's core inflation holds steady
▼ + stars: | 2023-04-21 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

A man pushes a trolley across a street in the Kowloon district of Hong Kong on November 22, 2022. Asia-Pacific markets traded mixed on Friday as Japan's core inflation for March came in at 3.1%, unchanged from February, data from the Statistics Bureau showed. This is the second straight month of slowing inflation after Japan's headline inflation hit a 41-year high of 4.3% in January. Private surveys for Japan and Australia's purchasing manager's index showed that factory activity in both countries continued to expand, powered by their respective services sectors. Hong Kong will also release its inflation data for March, which is expected to come in at 1.8%.

[1/2] A view shows the logo of Credit Suisse on a building near the Hallenstadion where Credit Suisse Annual General Meeting took place, two weeks after being bought by rival UBS in a government-brokered rescue, in Zurich, Switzerland, April 4, 2023. UBS and Credit Suisse declined to comment. What's more, UBS doesn't tend to lend to potential clients as Credit Suisse has often done, a move that can persuade some customers. "There are clearly parts of Credit Suisse that have had a bad culture," UBS Chairman Colm Kelleher told reporters on March 29. UBS ranked 14th advising on mergers globally last year, behind 11th placed Credit Suisse, according to data compiled by Dealogic.

☆ Heineken sees Europe resilience offsetting Asia slowdown risk
▼ + stars: | 2023-04-19 | by ( Philip Blenkinsop | ) www.reuters.com time to read: +2 min

The world's second-largest brewer expects its operating profit this year to increase by a mid- to high- single-digit percentage. "We see signals of a relatively resilient Europe and risks of slower economic growth in Asia Pacific, thus performance across markets may be different than anticipated," Heineken said. Overall beer volumes fell 3.0% in the first quarter, below the average expectation of a 1.9% decline in a company-compiled poll. In Nigeria, another large Heineken market, volumes fell sharply due to a transition to new bank notes that left many consumers short of cash. Heineken expected the situation to improve, with the validity of old notes now extended.

☆ Heineken beer sales fall on weak Vietnam, Nigeria drinking
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +1 min

BRUSSELS, April 19 (Reuters) - Heineken (HEIN.AS) reported a steeper than expected decline in first-quarter beer sales, with a sharp decline in major markets Nigeria and Vietnam, but maintained its forecast for profit growth in 2023. The world's second-largest brewer said on Wednesday that business in Europe and the Americas was encouraging, with consumer demand holding up better than expected. However, it described results in the Asia Pacific and the region comprising Africa, the Middle East and Africa as disappointing. The brewer - whose namesake brand is Europe's top-selling beer - said overall beer volumes fell by 3.0% in the January-March period, below the average expectation of a 1.9% decline in a company-compiled poll. The brewer still expects its operating profit this year to increase by a mid- to high- single-digit percentage.

☆ PageGroup sees 29% slump in annual profit on tough market conditions
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +1 min

April 17 (Reuters) - Global recruiter PageGroup Plc (PAGE.L) on Monday forecast a near 29% slump in its annual profit and said the challenging conditions it experienced towards the end of 2022 have continued into 2023. PageGroup now expects annual operating profit to be in line with a company-compiled consensus of 140 million pounds ($173.9 million), way below the 196.1 million pounds it reported for fiscal year 2022. High inflation and persistent recession worries have forced many companies to cut jobs or freeze hiring, and prefer temporary hiring over permanent roles in their bid to minimise potential risks. The FTSE midcap (.FTMC) firm also posted a 2.4% decline in gross profit at 262.7 million pounds in constant currency terms for the three months ended March 31, mainly weighed down by performance in the Asia Pacific region. ($1 = 0.8054 pounds)Reporting by Aby Jose Koilparambil in Bengaluru; editing by Uttaresh VenkateshwaranOur Standards: The Thomson Reuters Trust Principles.

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