Every year, China stages the largest human migration on earth as up to 1bn people go home to their roots. The FT’s Patti Waldmeir reports on the phenomenal combined buying power of China’s 260m migrant workers and looks at the type of gifts they are buying this year.
For the tens of millions of Chinese who will journey back home next month for the Chinese New Year, fighting over the limited supply of train tickets is nothing new. But this year, the fight has moved online, and somewhat controversially. Continue reading »
Most foreign visitors to Indonesia never make it out of Jakarta, the capital, or the resort island of Bali.
But Accor, the Paris-based hotel group that owns the Novotel and Ibis brands, is pinning its Indonesian expansion hopes on the growth of secondary cities like Balikpapan, Makassar, Lampung and Pekanbaru, which are thriving thanks to the ongoing commodities boom. Continue reading »
Thomas Cook announced Wednesday that it planned to sell its India business – in which it owns a 77 per cent stake – in order to ease its mounting debt problems, sending shares in the Indian company up 19.9 per cent, compared to a 0.5 per cent gain in the Bombay Stock Exchange’s benchmark Sensex.
As the FT reported, the British company showed a £91m underlying operating loss in the quarter ending December 31, in line with analyst expectations but more than double the £37m loss a year earlier, having been hampered by depressed consumer spending in Europe and political unrest in the Middle East. Continue reading »
More evidence, as if it were necessary, of the damage done to tourism by the unrest in North Africa and the Middle East. Tui Travel, the UK-based operator, on Tuesday reported a £23m increase in its operating losses for the three months to December.
Domestic travel by Chinese citizens shot up during the first three days of the current lunar New Year holiday, demonstrating continued consumer confidence in China despite the slight economic slowdown. Continue reading »
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