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☆ Americans are going abroad in droves — at the expense of domestic travel
▼ + stars: | 2023-08-03 | by ( Leslie Josephs | ) www.cnbc.com time to read: +4 min

Airlines and hotel chains in recent weeks have reported a surge in bookings for international trips — along with rising prices. International airfare is averaging $962, up 10% from last year and 26% from 2019, according to fare-tracking company Hopper. Marriott International on Tuesday said second-quarter revenue per available room rose 6% year over year in the U.S. and Canada. Nightly rates for Marriott luxury properties, like JW Marriott, The Ritz-Carlton and Edition in the U.S. and Canada ticked 1% down year over year. "The fact that I'm spending a month in Europe is going to stop me from taking some domestic trips in the near future," Inman said.

Persons: Guglielmo Mangiapane, Hopper, airfare, Kathleen Oberg, Jesse Inman, Inman, Michael Cavanagh, we're Organizations: Reuters, Airlines, Marriott International, Marriott, JW, The Ritz, Carlton, U.S, Six Flags Entertainment, Comcast, Universal Locations: Rome, Italy, U.S, Paris, Orlando , Florida, Canada, Marriott, Europe, North Carolina, Israel, Austria, France, Atlanta, Denver, Austin, San Antonio, Texas, Orlando, Covid

☆ CoCo Lee: Funeral held for singer and actress in Hong Kong
▼ + stars: | 2023-08-01 | by ( Chris Lau | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —Family and fans bade farewell to singer and actress CoCo Lee at her funeral in Hong Kong on Monday, celebrating a decades-long career that included dozens of successful albums, movies and television shows across the globe. The hearse carrying the casket of singer and songwriter CoCo Lee departs from a funeral home in Hong Kong. Tyrone Siu/Reuters‘Always sunny’Born in Hong Kong and raised in the United States, Lee launched her music career in her birthplace after winning a singing contest. Marvis Lu, 35, was among many fans from mainland China who traveled to Hong Kong for the memorial. Fans leave the funeral of singer and songwriter CoCo Lee, in Hong Kong.

Persons: CoCo Lee, Nancy, “, ’ ” Nancy Lee, Lee, Tyrone Siu, Fa Mulan, Mulan ”, Ang Lee, David Tao, Wang Leehom, Vanness Wu, Jin, MC Jin, “ Singer, ”, Marvis Lu, “ CoCo, Catherine Yang, “ CoCo Lee, Jonathan Serbin Organizations: Hong Kong CNN, Reuters, Getty, Weibo, Warner Music Asia Locations: Hong Kong, United States, Asia, Taiwan, Shanghai, China

☆ China has announced a slew of measures to bolster its economy. Here's what we know so far
▼ + stars: | 2023-07-24 | by ( Clement Tan | ) www.cnbc.com time to read: +5 min

Here are some of the key measures released by the Chinese government in recent weeks. Private businessesOn Monday, China's economic planning agency announced a series of measures to promote private investment. Julian Evans-Pritchard Capital EconomicsThe NDRC said it will support private investment in sectors — such as transportation, water conservancy, clean energy, new infrastructure, advanced manufacturing and modern agriculture facilities. The agency is also encouraging private investment projects to issue real estate investment trusts (REITS) in the infrastructure sector to promote asset diversification and further broaden investment and financing channels for private investment. Business sentiment has generally soured amid lackluster economic growth after China's initial recovery following its exit from "zero Covid" faltered.

Persons: Julian Evans, Pritchard Organizations: Afp, Getty, China, Private, Communist Party, National Development, Reform, Pritchard Capital, People's Bank of China, State Administration of Foreign Exchange, China Economics, Capital Economics, Household, Commerce Locations: China, Beijing, Shanghai

☆ Russia has been scrambling to find missiles to fire at Ukraine, but it's not going to run out of them
▼ + stars: | 2023-07-18 | by ( Benjamin Brimelow | ) www.businessinsider.com time to read: +10 min

Russia has had to dig deep into its arsenal to find missiles to fire at targets in Ukraine. ReutersBy far, most missiles fired by Russia into Ukraine have been launched from aircraft — mainly Tu-95, Tu-22M, and Tu-160 bombers and Su-24 and Su-35 fighter-bombers. Other air-to-surface missiles used by Russia include the Kh-25, Kh-29, Kh-31, Kh-58, and Kh-59. Russia has also fired interceptor missiles from S-300 and S-400 air-defense batteries at targets in Ukraine. Remnants of Russian missiles and shells at a collection site in Kharkiv in December.

Persons: Ian Williams, Kinzhal, Alexander Zemlianichenko, Oleksii, Valentyna, Williams, Yan Dobronosov, Russia's Organizations: Service, Russian, Missile Defense, Center for Strategic, International Studies, Army, Reuters, CSIS, Russia, AP, Getty, Kharkiv Regional, reallocating, Ukraine Locations: Russia, Ukraine, Wall, Silicon, Moscow, Russian, Ukrainian, Belarus, Kyiv, Alexandra, Alexander Zemlianichenko Russian, Kharkiv, United States

☆ Greta Thunberg has accused Russia of ‘ecocide’ in Ukraine. But what does that mean?
▼ + stars: | 2023-07-02 | by ( Radina Gigova | ) edition.cnn.com time to read: +10 min

The Deep-Water Horizon oil spill, severe pollution in the Niger Delta and Amazon deforestation, could be examples of ecocide, said Jojo Mehta, co-founder and executive director of Stop Ecocide International. A number of others have debated doing the same, including Brazil, Canada, Kenya, the Maldives and the UK, according to Stop Ecocide International. “It is not a question of whether ecocide will become part of international criminal law, it’s only a question of when,” Sands said. A working group, including Thunberg, has also been established to draw attention to the environmental impact of war. If ecocide were an international crime, it could give the process more authority, some experts say.

Persons: Volodymyr Zelensky, Greta Thunberg, “, Sergei Supinsky, ”, Doug Weir, Polly Higgins, ” Weir, Jojo Mehta, Michael Dantas, Jair Bolsonaro, ” Philippe Sands, Mehta, wasn’t, it’s, ” Sands, Weir, Anna Ackerman, Matthew Hatcher, Ackerman, can’t Organizations: CNN, Getty, Criminal Court, ICC, Observatory, Criminal, International Institute for Sustainable Development, Ukraine’s Locations: Ukraine, Europe, Swedish, Kyiv, Russia, AFP, British, Niger Delta, Humaita, Amazonas, Brazil, ecocide, Rome, Canada, Kenya, Maldives, Mykolaiv, Odesa, Kherson

☆ China's economic recovery is stalling. Here's what to expect next
▼ + stars: | 2023-06-16 | by ( Clement Tan | ) www.cnbc.com time to read: +4 min

watch nowA raft of weak Chinese economic data in May has raised hopes of decisive policy intervention. A slew of economic data from industrial production and fixed asset investment to retail sales and trade fell short of expectations, with China teetering on the brink of deflation as its post-pandemic economic recovery stalls. "Weak investments data suggest that authorities are unlikely to stop at the monetary easing we saw this week," Oxford Economics' lead economist Louise Loo wrote in a note after Thursday's China data release. "We therefore continue to expect announcements of further 'piecemeal' property sector easing measures to follow in the coming weeks," Loo wrote. Goldman Sachs economists said last month that getting young people back to work would give China's economic recovery a sizable boost, given that they account for almost 20% of consumption in China.

Persons: China teetering, Helen Qiao, Louise Loo, Loo, Goldman Sachs, America's Qiao Organizations: China's State Council, Communist, China's National Statistics Bureau, Bank of America's, CNBC, People's Bank of, Oxford, Afp, Getty, Bank Locations: China, People's Bank of China, Chinese, Chongqing, America's

☆ Investors are eyeing China's neighbors as the recovery from 'zero-Covid' slows
▼ + stars: | 2023-06-12 | by ( Jihye Lee | ) www.cnbc.com time to read: +8 min

Bloomberg | Bloomberg | Getty ImagesChina's lackluster economic recovery since emerging from strict "zero-Covid" lockdowns has caused weaker sentiment toward the country, prompting investors to look for alternative options — like its near neighbors. Higher targets for JapanForeign investors have undoubtedly been key in driving the Japanese market, maintaining the highest levels the Nikkei has seen since 1990. During the same period last year, foreign investors had sold a net 1.73 trillion yen approximately. Wall Street banks including Morgan Stanley and Societe Generale are among those that are optimistic on Japanese stocks, holding "overweight" positions. Upside for Korea tech stocksSouth Korea is another market closely watched as concerns over China's recovery linger.

Persons: Goldman, Andrew Tilton, Berkshire Hathaway's Warren Buffett, India's, Goldman Sachs, Tilton, Morgan Stanley, ROE, Mike Wilson, we've, Price, Goldman's Tilton, Rhee Chang, Nomura, Chloe Andrieu, Pranjul Bhandari, Bhandari Organizations: Bloomberg, Getty, Asia, Pacific, Japan Foreign, Nikkei, Japan's Ministry of Finance, Societe Generale, Equity, U.S, UBS Global Wealth, U.S ., UBS, The Bank of, CNBC, Citi, AFP, Afp, Korea Financial Investment Association, South Korean, Fitch, Ben Advisors Locations: Macau, China, Japan, South Korea, India, Goldman Sachs, Berkshire, South, Shanghai, Shenzhen, Wall, Korea, Asia, The Bank of Korea, Fuyang, China's, Anhui, Indonesia

☆ US, European hotel rates may keep rising, industry executives say
▼ + stars: | 2023-06-07 | by ( Doyinsola Oladipo | ) www.reuters.com time to read: +2 min

NEW YORK, June 7 (Reuters) - Hotel room rates in the U.S. and Europe are rising and may get even more expensive as supply has failed to keep up with demand, industry executives said. The number of U.S. hotel rooms increased about 3% in April of 2023 from the same month in 2019. Some 153,000 hotel rooms were under construction in April of 2023, down from a peak of 220,000 in the same month in 2020, according to hotel analytics firm STR. U.S. hotel rates in May averaged $157.45 a night, up 17% from the same month in 2019. "For the past 20 years hotel operators were not daring enough to restate the prices of hotel rooms," he said.

Persons: Keith Barr, Barr, It's, Mark Hoplamazian, Michael Tran, Sebastien Bazin, Bazin, There's, IHG's Barr, Doyinsola Oladipo, Richard Chang, Paul Simao Organizations: YORK, Resorts, NYU International Hospitality Industry Investment Conference, RBC Capital Markets, Thomson Locations: U.S, Europe, Paris, London, New York

☆ US, European hotel room rates could keep rising - industry executives
▼ + stars: | 2023-06-07 | by ( Doyinsola Oladipo | ) www.reuters.com time to read: +2 min

NEW YORK, June 7 (Reuters) - Hotel room rates in the U.S. and Europe are rising and may get even more expensive as supply has failed to keep up with demand, industry executives said. Some 153,000 hotel rooms were under construction in April, down from a peak of 220,000 in the same month in 2020, according to hotel analytics firm STR. U.S. hotel rates in May averaged $157.45 a night, up 17% from 2019. "For the past 20 years hotel operators were not daring enough to restate the prices of hotel rooms," he said. Bazin said Paris hotel prices in the past six months cost 50% more than in 2019, while prices in London rose 30% over the same period.

Persons: Keith Barr, It's, Barr, Mark Hoplamazian, Sébastien Bazin, Bazin, There's, IHG's Barr, Doyinsola Oladipo, Richard Chang Organizations: YORK, Resorts, NYU International Hospitality Industry Investment Conference, U.S, Hotels, Thomson Locations: U.S, Europe, Paris, London, New York

CNN —For nearly 13 million high school students across China, Wednesday marks a day that could make or break their plans for college and the increasingly competitive job market beyond. A high score in the two-day “gaokao” college entrance exam is the only way to get into the country’s top universities, and most Chinese students only get one shot at the grueling test, unlike US students who can take the SAT several times. A user on Douyin, China’s version of TikTok, recalled taking the gaokao in 2000 when there were only about 3.75 million other test takers. The urban unemployment rate for 16- to 24-year-olds hit a record high of 20.4% in April, according to data released by the National Bureau of Statistics. And the rate could increase further, as a record 11.6 million college students are set to graduate this year.

Persons: gaokao, ”, TikTok, Fu Linghui, Xi Jinping’s Organizations: CNN, Getty, Authorities, Times, National Bureau of Statistics, NBS Locations: China, Shenyang, honking

☆ 16 years ago, people spent days in lines around the block to buy iPhones. Apple is announcing a new gadget today and no one seems to care.
▼ + stars: | 2023-06-05 | by ( Nicholas Carlson | ) www.businessinsider.com time to read: +3 min

Today, Apple is launching itself into a whole new area of gadgets. No one seems to care, with Apple reportedly projecting low sales the first year. Just about 16 years ago — on June 29, 2007 — the Internet was introduced to a new micro-celebrity. The fact remains that behind him on that day 192 months ago, a line curled around the block. Did you even know, before you opened this post, that today, Apple is launching another massive new product?

Persons: Greg Packer, Dima Gavrysh, REMY, Steve Jobs's, Hasan Chowdhury, Dan Ives, Siri Organizations: Apple, Press, LA, Associated, Reuters, Developers, Bloomberg, Wedbush Securities Locations: New York, France, Cupertino

☆ Caged and cut open for bile: The fight to free Asia’s farmed bears
▼ + stars: | 2023-06-03 | by ( Jessie Yeung | ) edition.cnn.com time to read: +11 min

But international experts say it remains a lucrative industry in China, where domestic sales of bear bile remain legal. “They’ve got massive hair loss, they’ve often got broken teeth from (biting the bars of their cages) in frustration and pain.”But eliminating bile farming has proved difficult. But China is “the biggest market for bear bile products by far,” with roughly 15,000 bile bears in captivity and plenty of demand, he said. Ursodeoxycholic acid, one of the main components in bear bile, has been medically proven to help dissolve gallstones and treat liver disease. And there’s no internationally recognized scientific evidence showing bear bile can cure other ailments promoted in TCM.

Persons: Eve Sevim, Jill Robinson, “ They’ve, they’ve, Robinson, David Garshelis, aren’t, Garshelis, ” Robinson, ”, ” Garshelis, Tan, Qing, it’s Organizations: CNN, Animals Asia, International Union for Conservation, Nature’s, Bear Specialist Group, TCM, Animals, Forestry Administration, Farmers, China’s National Forestry and Grassland Administration, State Forestry Administration, Bears, Getty, IUCN Locations: Haiphong, China, Vietnam, South Korea, Laos, Myanmar, Asia, Cambodia, Indonesia, Malaysia, Hui'an, Animals Asia, Hanoi, “, Tam Dao, Hanoi –, Ma

☆ 10 images of the devastation following a 3-train crash in India that killed nearly 300 passengers
▼ + stars: | 2023-06-03 | by ( Isobel Van Hagen | ) www.businessinsider.com time to read: 1 min

The cause of the crash is not immediately apparent. Officials told reporters that a "high-level inquiry" has been ordered. This frame grab taken from an AFPTV video footage on June 3, 2023, shows injured survivors receiving treatment at the Bhadrak District Hospital after a horrific three-train collision that took place near Balasore. STR/AFPTV/AFP via Getty Images"The force with which the trains collided has resulted in several coaches being crushed and mangled," Atul Karwal, chief of India's National Disaster Response Force, told local news, per the BBC.

Persons: Atul Karwal Organizations: Getty, Force Locations: Bhadrak, Balasore, AFP

☆ Consumers keep traveling despite recession fears and inflation
▼ + stars: | 2023-06-02 | by ( Leslie Josephs | ) www.cnbc.com time to read: +3 min

Prices for airline tickets, for example, were down 0.9% in April from a year ago, according to the latest federal inflation read. A round-trip domestic flight is averaging $306 this summer, down 19% from last year, though still 6% higher than in 2019, according to travel site Hopper. Lodging also has been more expensive this year, even within the U.S. Hotel occupancy averaged 60.6% from January though April, with per-night average rates of $152.68, according to hotel data firm STR. That's up from 63% occupancy and average nightly rates of $130.05 during the same period in 2019, and up from 58.4% occupancy and average rates of $141 a night last year. Nightly hotel rates for Maui, Hawaii, have increased more than 53% since 2019 to $535.90, the biggest percentage increase in the U.S., according to STR.

Persons: Francesco Riccardo Iacomino, Jason Gaughan, Hopper Organizations: Deloitte, Transportation Security Administration, American Airlines, Bank of America, U.S Locations: U.S, Europe, Airfare, Maui, Hawaii, San Jose, Santa Cruz, California

☆ 6 photos of Elon Musk's visit to China, from a 16-course dinner to meetings with Chinese officials
▼ + stars: | 2023-05-31 | by ( Grace Kay | ) www.businessinsider.com time to read: +5 min

Photos from the visit show Musk's private jet landing and the Tesla CEO's 16-course meal. Elon Musk touched down in China for the first time in three years on Tuesday — a key trip for the Tesla chief. Musk met with Chinese Foreign Minister Qin Gang. Musk is one of several US CEOs to visit China in recent months. Some analysts have hailed Musk's visit to China as a positive sign.

Persons: Elon Musk, Musk, Elon, Tingshu Wang, Ma, Jack Ma, Tom Zhu, Grace Tao, Qin Gang, Qin, he's, Zeng Yuqun, Fu Yan, Jin Zhuanglong, Tesla, CNBC's David Faber, Li Keqiang, Li Qiang, Dan Ives Organizations: Morning, Tesla, Twitter, REUTERS, Reuters, Tesla's, Beijing REUTERS, Chinese Ministry of Commerce, Foreign, China's Ministry of Foreign Affairs, Amperex Technology, Weibo, Associated Press, Apple, Getty Locations: China, Beijing, Austin , Texas, Anchorage , Alaska, People's Republic of China, Shanghai

☆ China's first homegrown large passenger jet took its maiden flight after 16 years in the making — check it out
▼ + stars: | 2023-05-29 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

China's first domestically-made large passenger jet completed its maiden commercial flight Sunday. China's first domestically-made large passenger jet has completed its maiden commercial flight. VCG/VCG via Getty ImagesNearly 130 passengers were on board for the maiden flight, which took around two hours, Comac said. Crowds gather to watch the C919 land at Beijing Capital International Airport during its maiden commercial flight. Passengers sit on board the C919's maiden commercial flight.

☆ Despite all odds, consumers are still traveling this summer. Here are the stocks you need to own
▼ + stars: | 2023-05-26 | by ( Michelle Fox | ) www.cnbc.com time to read: +11 min

Yet despite all odds, 61% of those surveyed said they plan to travel this summer, up from the 49% who said the same in summer 2021. Some 56% of adults are more likely to stay in a hotel this summer than they were in 2022, according to the AHLA/Morning Consult survey. Booking Holdings is also an analyst favorite, with an average rating of overweight and 10% upside to the average price target, per FactSet. While prices are still high, the latest consumer price index for April showed the airline fares index fell 2.6% month over month, after rising in February and March. Airlines are essentially sold out for summer travel, according to TD Cowen analyst Helane Becker.

Persons: Matt Kramer, They're, You've, Sylvia Jablonski, Kramer, Freed, Bernstein, David Vernon, Price, Robin Farley, Farley, James Hardiman, Hardiman, Josh Weinstein's, RevPar, Tony Capuano, Chris Nassetta, Biden, Hilton, they've, Airbnb, Brian Chesky, it's, Evercore, Mark Mahaney, amortization, Mahaney, Cowen, Helane Becker, Becker, — CNBC's Michael Bloom, Ashley Capoot Organizations: KPMG, KPMG Consumer, Survey, Cruise ETF, Royal, Holdings, Marriott, United Airlines, Morning, American, & Lodging Association, Cruises, UBS, Citi, CCL, CNBC, Hilton Worldwide, U.S . Travel Association, State Department, Booking Holdings, Booking, Airlines, Delta Air Lines, Copa Holdings, Panamanian, Copa Airlines Locations: United States, Royal Caribbean, United, Caribbean, CocoCay, Thursday's, China, North America, Asia, Europe

☆ House swaps and dog walks: Travelers find cheaper alternatives to lodging
▼ + stars: | 2023-05-22 | by ( Doyinsola Oladipo | ) www.reuters.com time to read: +4 min

About one night in a hotel, along with the time she spent walking dogs, watering plants and changing litter boxes. Some are taking road trips instead of flying or booking a budget hotel room. Travelers in March booked 21 million short-term rental nights, the highest number of future nights booked on record, according to AirDNA. MORE TRAVELERS ON A BUDGETU.S. travel companies have taken notice, beefing up economy-level options to draw in growing numbers of cost-conscious travelers. Hotel operator Hilton (HLT.N) in January announced a new economy hotel brand, Spark, aimed at budget travelers and told investors in April it was working on a lower-end extended stay brand.

☆ Chipmakers look to Japan as worries about China grow
▼ + stars: | 2023-05-18 | by ( ) edition.cnn.com time to read: +2 min

Japanese Prime Minister Fumio Kishida said he welcomed and expected more investment from global chipmakers, after meeting top executives on Thursday before a Group of Seven summit. Growing Taiwan and US tensions with China have brought serious challenges to the semiconductor industry. “I am very pleased with your positive attitude towards investment in Japan, and would like the government as a whole to work on further expanding direct investment in Japan and support the semiconductor industry,” Kishida said. Japan's Prime Minister Fumio Kishida meets executives of major global chipmakers ahead of a G7 summit. In particular, Kumamoto prefecture in southwestern Japan is quickly becoming a hotbed for tech investment from companies including TSMC and Fujifilm Holdings Corp (FUJIF).

☆ Ukrainians with cellphones and machine guns are forcing Russia to change how it launches its drone attacks
▼ + stars: | 2023-05-08 | by ( Michael Peck | ) www.businessinsider.com time to read: +7 min

Ukraine's flexible and adaptive air defenses have forced Russia to change its drone tactics. STR/NurPhoto via Getty ImagesThis marks yet another turn in the drone war between Russia and Ukraine. In the days after Russia invaded in February 2022, Ukrainian drones armed with anti-tank missiles or even homemade bombs wreaked havoc on Russian armored columns. "Drip-feeding lots and lots of Shaheds for several months" also depleted Ukraine's stockpile of air-defense missiles and shells, Bronk said. STR/NurPhoto via Getty Images"The Orlan is one of the biggest problems because it can fly above the range of" portable air-defense missiles and anti-aircraft guns, Bronk said.

☆ The coming commercial real estate crash that may never happen
▼ + stars: | 2023-04-09 | by ( Tim Mullaney | ) www.cnbc.com time to read: +10 min

"There's a lot of headaches about calamity in commercial real estate," said Kevin Fagan, director of commercial real estate analysis at Moody's Analytics. But credit in commercial real estate has performed well until now, and it's far from clear that U.S. credit issues spreading outward from real estate is likely. Analysts raised concerns that developers might default on a big chunk of $3.1 trillion of U.S. commercial real estate loans Goldman Sachs says are outstanding. "We're well aware of the concentrations people have in commercial real estate," Powell said at a March22 press conference. But there are reasons to believe lending issues in commercial real estate will be contained, Fagan said.

☆ Ukraine's getting new gun trucks and rockets to fight off Russia's exploding drones, US official says
▼ + stars: | 2023-04-05 | by ( Jake Epstein | ) www.businessinsider.com time to read: +4 min

Kyiv is slated to get several 30 mm gun trucks and mobile laser-guided rocket systems. These weapons are part of a new $2.6 billion security package announced by the Pentagon. Though the gun trucks are new, truck-mounted weaponry will not be a ground-breaking addition to Ukraine's arsenal of American weapon systems. Ukraine's military said in a daily update on Wednesday that Russian forces launched 17 Shahed-136 drones in an attack and that 14 of them were shot down by Kyiv's air defenses. The US official said that this week's new security package "includes important capabilities for air defense and to counter Russian unmanned aerial systems."

☆ The story behind North Korea's wacky homegrown version of the AK-74 rifle
▼ + stars: | 2023-04-05 | by ( Travis Pike | Sandboxx News | ) www.businessinsider.com time to read: +4 min

North Korea's military uses the Type 88-2 assault rifle, which is based on a clone of the AK-74 series. But other features of the Type 88-2 rifle raise questions about what the designers were thinking. North Korean troops during an exercise in August 2017. North Korean helical magazines seem to be primarily aimed at the much longer rifle calibers and likely hold anywhere from 100 to 150 rounds. It seems only certain North Korean units carry these magazines, and this includes the bodyguards of Kim Jong Un.

☆ Boao Forum: Li Qiang says China 'confident and capable' of hitting 2023 growth targets
▼ + stars: | 2023-03-30 | by ( Laura He | ) edition.cnn.com time to read: +4 min

The forum often promotes itself as “Asian Davos” and Li is tasked with reviving the world’s second largest economy at a time of sluggish growth. China, he said, will roll out new measures to boost domestic consumption and increase market access for foreign business while ensuring the stability of the financial sector. (Photo by AFP) / China OUT (Photo by STR/AFP via Getty Images) Stringer/AFP/Getty ImagesThe Boao Forum for Asia has been held annually since 2001, but was suspended in 2020 because of the pandemic. But the problems have been exacerbated by the Communist Party’s erratic and draconian zero-Covid policy, which ended late last year, and a sweeping crackdown on private business. To boost business confidence, China’s new economic leadership is trying to reassure both foreign business and the domestic private sector.

☆ The battle over Airbnb has hit a breaking point
▼ + stars: | 2023-03-22 | by ( James Rodriguez | Dan Latu | ) www.businessinsider.com time to read: +16 min

"We started panicking and started connecting with other folks who we know have short-term rentals," Sullivan told Insider. Rather than a collapse of the industry, the increasingly bifurcated state of the market — a bust for some, a boom for others — is a clear sign that we have hit a turning point in the long-running battle over short-term rentals. Given the sharp rise of short-term rentals there, some local lawmakers have recently called for amending the law. Investors jumped in to capitalize on the boom, and the market soon became saturated with short-term rentals. There's one thing pretty much everyone can agree on: Short-term rentals are here to stay.

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