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☆ Prudential says exposure to SVB minimal, sales to China travellers pick up
▼ + stars: | 2023-03-15 | by ( Selena Li | ) www.reuters.com time to read: +3 min

HONG KONG, March 15 (Reuters) - Asia-focused insurer Prudential's (PRU.L) said its exposure to collapsed Silicon Valley Bank (SVB) is minimal, and expects little impact on its "conservative" balance sheet. "Our exposure to SVB is de minimis," Turner said. The insurer's stock price ended 1.18% lower in Hong Kong on Wednesday, while the broader market was up 1.52%. Its London-listed shares fell 4.7% by 9 a.m. GMTAnalysts say they expect a stronger pickup in sales from Chinese mainland visitors to Hong Kong, the insurer's key revenue centre. As China ended its Zero-COVID policy, border restrictions were removed last month allowing mainland visitors to go to Hong Kong and buy insurance again.

☆ Israeli protests target Netanyahu, visiting Pentagon chief at airport
▼ + stars: | 2023-03-09 | by ( Dedi Hayoun | ) www.reuters.com time to read: +3 min

Despite a heavy police deployment, convoys of cars flying the Israeli national flag streamed towards the concourses of Ben Gurion Airport, near Tel Aviv. Some local media said Netanyahu and his retinue had come in the early morning in order to evade highway closures. Others speculated he might reach Ben Gurion - usually a 30-minute drive from Jerusalem - by army helicopter instead. Netanyahu's spokespeople did not immediately comment on the whereabouts of the prime minister, who was due to leave for a two-day visit to Rome in the afternoon - after a hastily organised welcome of Pentagon chief Lloyd Austin at the airport. But he postponed, and relocated meetings to a venue near Ben Gurion, given concerns that the demonstrations could make it difficult to reach the Defence Ministry in Tel Aviv.

☆ Australia drops COVID testing requirements for travellers arriving from China
▼ + stars: | 2023-03-09 | by ( Alasdair Pal | ) www.reuters.com time to read: +1 min

SYDNEY, March 9 (Reuters) - Australia will drop the requirement for travellers arriving from China to test for COVID-19 before departure from midnight on March 11, the country's health minister said in a statement on Thursday. The measures also apply to travellers from Hong Kong and Macau. “This is a sensible, measured decision based on decreasing COVID-19 case numbers in China, regular data updates from China on case numbers, and the fact that we have strengthened our capacity to detect and respond to emerging variants of concern within Australia of international origin,” Health Minister Mark Butler said. Several other countries that implemented similar measures such as the United States, South Korea and Japan have recently either repealed their arrangements or announced an intention to repeal them, he added. Reporting by Alasdair Pal in Sydney; Editing by Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

☆ Unions seek to bring France to a halt to block pension reform
▼ + stars: | 2023-03-07 | by ( Ingrid Melander | ) www.reuters.com time to read: +3 min

[1/2] Suburban trains are seen at the Saint-Lazare train station in Paris on the eve of the sixth nationwide day of strike and protests against the pension reform in France with heavy disruption on French SNCF railway and the Paris transport RATP networks, France, March 6, 2023. "Together, on March 7th, let's put France to a halt! "People massively reject this reform," CFDT union leader Laurent Berger told France Inter radio. "The future of our pension system is at stake," Prime Minister Elisabeth Borne told France 5 TV on Monday. "We are moving up a gear," the head of CGT union, Philippe Martinez, told weekly JDD.

"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.

PARIS, March 5 (Reuters) - Industrial action in France over the government's planned pensions overhaul will cause heavy disruption to public transport again on Tuesday, the transport minister and several public transport authorities said on Sunday. Some unions, such as the hardline CGT, called for a rolling strike at refineries and at the national railway operator SNCF. "We are moving up a gear," the head of CGT, Philippe Martinez, told French weekly JDD. It is up to him to withdraw this reform," he said, referring to President Emmanuel Macron. RATP, the public transport operator for the Ile-de-France region around Paris, also said metro lines and suburban trains will be heavily disrupted, with some metro lines only running at peak hours.

☆ Djokovic happy with injury recovery despite semi-final exit in Dubai
▼ + stars: | 2023-03-04 | by ( ) www.reuters.com time to read: +2 min

World number one Djokovic suffered a three-centimetre hamstring tear en route to winning the Adelaide Open before claiming his 22nd Grand Slam title at the Australian Open to go level with Rafa Nadal. The 35-year-old Serbian had a solid run at the ATP 500 event in Dubai before he lost 6-4 6-4 to Medvedev. I know that I didn't play well in some decisive moments, but it was also due to his quality of tennis," Djokovic told reporters. If that's the case, I'll take some time off, I'll prepare," he said. Reporting by Manasi Pathak in Bengaluru; Editing by Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

☆ KLM, airline industry to fight Schiphol Airport flight cap in court
▼ + stars: | 2023-03-03 | by ( Tosterling Charlotte Campenhout | Charlotte Campenhout | ) www.reuters.com time to read: +3 min

AMSTERDAM, March 3 (Reuters) - KLM and other airlines on Friday said they are suing the Dutch government over plans to cap the number of annual flights allowed at Amsterdam's Schiphol Airport, saying it would hurt them, the Dutch economy and travellers. Others joining the KLM suit include Delta Airlines, easyJet, TUI and Turkey's Corendon Airlines. But the decision to cap the flights cited noise and air pollution concerns, not traveller's' distress. Schiphol Airport Group, which was also issued a summons in the KLM-led case, said it "regretted" the suit. Last month the airport said it would impose a 66,000 passenger per day cap for the 2023 May vacation period due to still-unresolved labour shortages.

The collision occurred as the passenger train, heading to the northern Greek city of Thessaloniki from the capital Athens, emerged from a tunnel near the central town of Larissa. Our thoughts today are with the relatives of the victims," Greek Prime Minister Kyriakos Mitsotakis said at the site of the crash, looking shattered. [1/15] The site of a crash, where two trains collided, is seen near the city of Larissa, Greece, March 1, 2023. REUTERS/Giannis Floulis 1 2 3 4 5'MUM, I'M HURT'The passenger train was carrying 342 travellers and 10 crew, while two crew were on the cargo train, according to Hellenic Train data. Greece's ageing railway system is in need of modernising, with many trains travelling on single tracks and signalling and automatic control systems still to be installed in many areas.

☆ EU extends $647 mln grant for Serbia's fast railway line
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +1 min

BELGRADE, Feb 28 (Reuters) - The European Union on Tuesday extended a 610 million euro ($647.15 million) grant to Serbia for the construction of a fast railway line that will connect southern Serbia with central Europe. The 208-kilometre line should connect the Serbian capital Belgrade with the southern town of Nis. President Aleksandar Vucic said the EU grant was the largest ever given to Serbia, which has received a total of 420 million euros in EU grants so far. "The EU is now giving us 610 million euros as a gift," said Vucic, adding that the new railway line will enable travellers from Nis to get to Budapest in less than five hours. Vucic said Serbia would provide 525 million euros for the project and would take out loans of 1.1 billion euros and 550 million euros with the EIB and European Bank for Reconstruction and Development respectively.

LONDON/MOSCOW, Feb 27 (Reuters) - Central Asian airlines are seizing opportunities from Russia's closed airspace, with airline traffic into the region booming in the year since Russia's invasion of Ukraine, executives and analysts said. "The Russian airlines themselves are severely constrained in what they can do because of equipment shortages, they can't maintain the aircraft to sufficient standards," said James Halstead, an aviation analyst and managing partner at Aviation Strategy. It will grow since the restrictions are lifted," one Russian airlines industry source said. If the war drags on in Ukraine, there could also be further opportunities for tourism in central Asia as Russian tourists look for alternatives to Europe for their holidays. The main tourist destinations were Turkey, with 5.2 million trips or about 25% less than in 2019, the United Arab Emirates, with 1.2 million trips or 21.2% more than in 2019, Egypt and Thailand.

☆ Medical tourism looking sickly as patients watch their spending
▼ + stars: | 2023-02-27 | by ( Joanna Plucinska | ) www.reuters.com time to read: +5 min

"People are more cautious," Knott told Reuters, staring at the empty building across the street from his existing Kreativ Dental clinic. Rising air fares and fewer flights - and the memory of last summer's travel chaos - are also putting off would-be patients, clinic operators and analysts told Reuters. A hip or knee replacement at Nordorthopaedics in Lithuania is about 15% more expensive now than five years ago, the clinic told Reuters. Lyfboat, an Indian company providing medical services for foreign patients, told Reuters it has collaborated with a fundraising platform called ImpactGuru to help patients pay for essential surgeries. ACUTE VS ELECTIVEThe International Medical Travel Journal, published by market intelligence service LaingBuisson, estimates the medical tourism market is currently worth around $21 billion, less than pre-pandemic, although editor Keith Pollard warned data is poor.

REUTERS/Cole Burston/File PhotoFeb 24 (Reuters) - Airports are taking steps to avoid gridlock during the upcoming holiday travel seasons, with some limiting flights during peak hours to avoid the long lines and luggage piles that marred last summer. While smoother holiday travel is expected for Europe and North America, airlines and airports which learned tough lessons on holiday travel in 2022, are taking a more prudent approach as global traffic rebounds roughly to pre-pandemic levels. Despite extensive planning and hiring this year, some airlines and airports are still wrestling with industry staff shortages, including baggage handlers. Germany's Lufthansa AG (LHAG.DE) said it has cut summer flights by an unspecified amount due to shortages of personnel like ground handlers at airports in Frankfurt and Munich. U.S. Customs and Border Protection and the Canada Border Services Agency were not immediately available to comment on staffing.

☆ South Korea to scrap COVID test on arrival rule for travellers from China
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Feb 22 (Reuters) - South Korea will not require travellers from China to test for COVID-19 upon arrivals from next month although they will still need to take pre-departure tests, a South Korean official said on Wednesday, its latest easing of rules to stop the virus. South Korea imposed several restrictions on passengers from China after it lifted its stringent zero-COVID policy late last year, but it has been easing them, citing an improved COVID situation in its neighbour. Effective March 1, South Korea will also allow flights from China to land in airports other than its main Incheon International Airport, which has been the sole gateway for flights from China since early January. Mandatory PCR tests before departure for passengers from China will remain in place until March 10, Kim said, to monitor and evaluate the impact of the rule relaxation. South Korea earlier resumed issuing short-term visas for travellers from China, followed by Beijing's lifting of similar visa curbs that were imposed in a response for Seoul's border restrictions.

☆ Djokovic hopes for positive news on U.S. tournaments participation
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +2 min

I will know soon," world number one Djokovic told reporters after practice in Belgrade. I'm thankful to the Indians Wells and Miami communities for their support. I'm looking forward to a positive decision coming soon, but it's not in my hands." "Last year I missed Indian Wells, Miami and the U.S. Open swing so it won't be the first time if it happens (again). "So I want to go back and connect with people and hopefully play my best tennis and get another trophy there."

☆ South Korea to lift post-arrival COVID test requirement for travellers from China
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Feb 22 (Reuters) - South Korea will not require travellers from China to test for COVID-19 after arrival starting next month, although they will still need to take pre-departure tests, a senior South Korean official said on Wednesday, in the country's latest relaxing of rules that were put in place after China's reopening. South Korea had imposed a number of border measures on passengers from China after Beijing's decision to lift stringent zero-COVID policies, but has been easing some of them citing an improved COVID situation in its neighbour. Mandatory PCR tests before departure for passengers from China will remain in place until March 10, Kim said, to monitor and evaluate the impact of the relaxation of other COVID rules. South Korea earlier resumed issuing short-term visas for travellers from China, followed by Beijing's lifting of similar visa curbs that were imposed in a retaliatory move against Seoul's border restrictions. Reporting by Hyonhee Shin and Soo-hyang Choi; Editing by Himani Sarkar and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

LONDON, Feb 22 (Reuters) - Rio Tinto (RIO.AX), (RIO.L) posted a 38% drop in annual profit and more than halved its dividend on Wednesday, hurt by weaker iron ore prices as demand from China slowed, while higher labour and material costs also ate into earnings. Strict COVID-19 curbs in top steel producer China curtailed economic activity last year, dragging down iron ore prices from lofty levels a year earlier. The world's top iron ore producer said China consumption showed signs of rebounding and commodity prices had found support in recent months, although the economy remained volatile. Rio Tinto last year earned an average realised price of just $106.10 per dry metric tonne (dmt) of iron ore, down from $143.80 per dmt in 2021. Rio Tinto reported underlying earnings of $13.3 billion for 2022, compared with a record $21.4 billion in 2021.

☆ China expects sharp rebound in tourism this year
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Feb 22 (Reuters) - China expects its tourism market to flourish this year, starting with a busy and robust summer travel season as travellers flock to vacation destinations after the government ended its zero-COVID policy that kept people home for almost three years. Domestic tourism revenue in 2023 could reach about 4 trillion yuan ($580.8 billion), a year-on-year increase of about 95%, and recover to about 71% of 2019 levels, according to data from the China Tourism Academy. In 2022, the number of domestic tourists nationwide was 25.3 billion, down 22.1% year-on-year, according to the data. "It is expected that the tourism market will enter a new channel of expected strengthening in the second quarter, and the summer vacation is expected to usher in a full recovery," the report said. After China scrapped its stringent COVID policies, travel across the country ramped up, especially during the week-long Lunar New Year holiday, which saw a surge in trips.

HONG KONG, Feb 21 (Reuters) - Hong Kong is under pressure to rein in spending when it unveils its annual budget on Wednesday, after racking up huge fiscal deficits during the COVID-19 pandemic and as it struggles to kick-start the economy and regain its financial lustre. "However, as our economy stabilises, we have to make adjustments to our fiscal measures accordingly." That compares with a shortfall of HK$56.3 billion or 1.9% of GDP, projected by the government in its budget last year. Hong Kong hewed closely to China's zero-COVID policies -- imposing some of the world's toughest measures including lengthy quarantines for inbound travellers and social distancing rules that hurt the tourism, retail and catering sectors. ($1 = 7.8306 Hong Kong dollars)Reporting by Jessie Pang and Donny Kwok; Writing by James Pomfret; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

☆ Thousands of trucks stuck at Afghan-Pakistan border crossing
▼ + stars: | 2023-02-21 | by ( Jibran Ahmad | ) www.reuters.com time to read: +2 min

[1/3] Men sit near a queue of trucks loaded with supplies to leave for Afghanistan, after Taliban authorities have closed the main border crossing in Torkham, Pakistan February 21, 2023. REUTERS/Shahid ShinwariPESHAWAR, Feb 21 (Reuters) - A key border crossing between Pakistan and Afghanistan remained closed for a third day, with thousands of goods vehicles stuck and businesses facing losses as officials from both sides try to broker a solution. "The closure of the border crossing between Pakistan and Afghanistan has been causing losses to traders of the two countries. He added some trucks had been diverted to another, smaller border crossing, but traders were worried about the security of truck drivers travelling to that region. Residents had reported heavy gunfire on Monday morning near the Torkham border crossing, but the Taliban official had denied any clashes and said the situation was under control.

☆ Main Afghan-Pakistani border crossing closed, residents report gunfire
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: +2 min

KABUL/PESHAWAR, Pakistan, Feb 20 (Reuters) - The main border crossing between Afghanistan and Pakistan was closed on Monday, officials from the two sides said, and residents in the area reported the sound of gunfire near the normally bustling border transit point. It was not immediately clear if Afghan or Pakistani authorities closed the Torkham border crossing, near the Khyber Pass, but it comes after relations between Afghanistan's ruling Taliban and Pakistan have deteriorated sharply. Media reported that the border was closed on Sunday evening but did not give a reason. Clashes between Afghan and Pakistani security forces have also at times closed the second most important crossing between the two countries, at Chaman to the south. A Taliban foreign ministry spokesperson said later Pakistan should raise issues in private and not at public forums.

☆ South Korea PM says will increase flights from China by end of month
▼ + stars: | 2023-02-17 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Feb 17 (Reuters) - South Korea will increase the number of flights into the country from China to 80 from 62 per week by the end of this month, South Korea's Prime Minister Han Duck-soo said on Friday, in Seoul's latest step to ease curbs on travellers from China. "We will gradually expand the flights to 100 per week from next month as was agreed by the two countries and will review an additional increase," Han said, speaking during a meeting on responses to the COVID-19 pandemic. The remarks come days after China announced it will resume issuing short-term visas for travellers from South Korea starting Saturday, following South Korea's lifting of similar visa curbs last week. South Korea had imposed a number of border measures on travellers from China after Beijing's decision to lift stringent zero-COVID policies, but has been easing some of them citing an improved COVID situation in its neighbour. Seoul will decide next week whether to drop remaining border restrictions, including mandatory COVID tests for arrivals from China, Han said.

☆ China declares 'decisive victory' over COVID-19
▼ + stars: | 2023-02-17 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Jennifer LorenziniBEIJING, Feb 17 (Reuters) - China's top leaders declared a "decisive victory" over COVID-19, claiming the world's lowest fatality rate, although experts have questioned Beijing's data as the coronovirus tore across the country after largely being kept at bay for three years. China abruptly ended its zero-COVID policy in early December, with 80% of its 1.4 billion population becoming infected, a prominent government scientist said last month. Though there were widespread reports of packed hospital wards and mortuaries, China recorded only about 80,000 COVID deaths in hospitals in the two months after dropping its curbs. "With continuous efforts to optimise COVID-19 prevention and control measures since November 2022, China's COVID-19 response has made a smooth transition in a relatively short time," China's Politburo Standing Committee (PSC) said in a meeting on Thursday. The meeting stressed that China will increase the vaccination rate for the elderly, and strengthen the supply and production of medical goods.

☆ Analysis: Why China's reopening isn't inflationary
▼ + stars: | 2023-02-16 | by ( Rae Wee | ) www.reuters.com time to read: +6 min

However, economists see no challenge to global inflation, pointing instead to Chinese President Xi Jinping's new blueprint for self-sufficiency, broader prosperity and a socialist ideology as checks on big-ticket shopping. The slack in China's labour markets and Beijing's growth priorities will also take the edge off inflation, they say. "I don't think China's recovery or the reopening will cause any significant global inflation," said Chi Lo, senior market strategist for Asia Pacific at BNP Paribas Asset Management. BNP's portfolio managers are positioning for China's rebound to boost regional tourism, but not export price rises for manufactured goods. "I'm very much of the view that (China's reopening) will be positive for the world in terms of either not being too inflationary, but more widely having deflation in some key new goods and services," Westpac senior economist Elliot Clarke said.

☆ Operator warns of 'massive disruptions' in German airports strike
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +3 min

German trade union Verdi on Wednesday called on workers at Frankfurt, Munich, Stuttgart, Hamburg, Dortmund, Hanover and Bremen airports to go on a 24-hour strike, saying collective bargaining efforts had made little progress. "On Friday, February 17, 2023, there will therefore be massive disruptions to air traffic," said Fraport (FRAG.DE), the operator of Frankfurt airport, which counted more than 48 million passengers in 2022. The walkout also coincides with the start of the 59th Munich Security Conference (MSC), which brings hundreds of delegates to the Bavarian capital, including several global leaders. The issue would be discussed with the airport on Thursday, the Verdi spokesperson added. The union is currently in negotiations for three groups of workers: ground service staff, public sector officials and aviation security workers.

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