Kenya is slowly but steadily becoming home to luxury brands. In doubt? Africa’s most expensive holiday home is based in Laikipia, Bentley offices just opened in Nairobi and…gone are the days people used to celebrate with wine…Kenyans now pop champagne for celebrations. #MoetMoment. It is no wonder that the Moet & Chandon global Brand Ambassador Mr.Pierre-Louis Araud, made his first official trip to Kenya this week. The connoisseur of luxury and celebration is in Kenya to ...
To the left’s dismay, the Trump administration has announced its intention to stop funding all global warming programs. To its further dismay, the countries of the G20 in Germany last weekend dropped from their communique — a joint statement all 20 countries must agree to — any requirement to fund action on global warming. Countries representing more than 80 per cent of the world economy thus failed to do what they have done routinely in the past at their five-star hotel gatherings — pay...
EVEN amid Brazil’s pungent stew of recent big corporate scandals, the latest is particularly stomach-turning. On Friday March 17th, in time for a traditional weekend churrasco, or barbecue, the federal police accused some of the country’s biggest meat producers of bribing health inspectors to turn a blind eye to grubby practices. These include repackaging beef past its sell-by date, making turkey ham out of soyabeans rather than actual birds and overuse of potentially harmful additives. The ...
Growing doubts U.S. President Donald Trump will be able to deliver on a promise of tax cuts that has powered stocks markets to record highs pushed shares lower on Wednesday and drove investors to seek safety in government debt, gold and the yen. The dollar touched a four-month low against the Japanese currency, whose strength helped push Tokyo stocks to a three-week low, while the euro held close to its highest since early February at around $1.08. Investors’ flight to safety pushed down U...
TORONTO — A push by Canadian companies and pension funds to aggressively pursue overseas acquisitions is helping global investment banks to win a bigger share of M&A advisory mandates and prompting once-dominant domestic rivals to beef up their international operations. Canada’s outbound M&A volume hit a record US$128 billion last year. Bankers expect the trend to continue as sluggish economic growth at home, and a highly concentrated market, make domestic M&A less appealing....
Photo credit: Mobike. China’s Mobike today rolled into Singapore, marking the startup’s first expansion out of its home nation. The bicycle-rental app, after weeks of quiet testing and “months of research,” is now active in the city-state, the startup said today. The service is focusing on “areas where demand for bikes will be highest, with a particular focus on areas where commuters travel to and from key transport hubs such as MRT stations. These include densely p...
UNWTO Secretary-General Taleb Rifai, pictured here at his office in Madrid, finishes his term at the end of this year when his successor will take the reigns. SkiftSkift Take: There are some well-qualified insiders and total outsiders with little experience in tourism among the candidates for the new UNWTO Secretary-General. Whoever is nominated and elected later this year will need to work more closely with governments at the national and local level to show them why tourism matters. — Dan Pe...
WEI Jianjun is the chief matchmaker in China’s love affair with the SUV. A decade ago, the chairman of Great Wall Motors Ltd saw opportunity as the bulky vehicles began shedding their image in China as a farm tool. Wei cut back on making sedans and poured resources into its fledgling line of Havals. That gamble paid off as SUVs caught on with drivers who saw them as the safest ride on bumpy, chaotic streets. By 2013, with demand surging, Great Wall had become China’s most profit...
Coral reefs around the world are dying off, alarming scientists. In this May 2016 photo, an underwater photographer documents an expanse of dead coral at Lizard Island on Australia's Great Barrier Reef. The Ocean Agency/XL Catlin Seaview Survey / Associated PressSkift Take: As coral reefs around the world continue to deteriorate, the fate of the Earth's oceans hangs in the balance. — Andrew SheivachmanThere were startling colors here just a year ago, a dazzling array of life beneath the ...
In a speech at the China Development Forum in Beijing on Saturday, Apple CEO Tim Cook rejected isolationism as an economic strategy, and implicitly critiqued President Donald Trump's "America First" trade agenda. During his presidential campaign, Trump criticized Apple for building many of its products in China, but Cook's comments accompanied the announcement that his company will open major new research and development centers there. Cook, as reported by the Wall Street Journal, acknowledged t...
The way things wereWALK into the Shanghai laboratories of Chi-Med, a biotech firm, and you encounter the sort of shiny, cutting-edge facilities common in any major pharma company in America, Europe or Japan. Chi-Med has just had positive results in a late-stage trial of its drug for colorectal cancer, which is called Fruquintinib. If the drug is approved both in China and in Western markets it could be the very first prescription drug to be designed and developed entirely in China that will be o...
ASIA Pacific cities have yet to catch up with their European and North American counterparts when it comes to intensity of investment despite their ever-increasing popularity as global real estate investment destinations, according to a latest report released by international property services provider JLL. Only four cities in the region -- Sydney, Melbourne, Hong Kong and Tokyo -- managed to make into the top 30 list, which ranks world cities by comparing the volume of direct commercial rea...
SHANGHAI shares were generally flat yesterday as caution from a series of global “risk events” later this week prevailed over strong Chinese economic data. The Shanghai Composite Index edged up 0.07 percent to 3,239.33 points. Investors were awaiting the US Federal Reserve’s decision to raise interest rates and policy decisions by the Bank of England and Bank of Japan. Economic data released by the National Bureau of Statistics showed China’s fixed-asset investment ...
Brace yourselves, the most important week for global markets so far this year is under way. Here’s what’s on the agenda: 1. Potential Fed rate hike A raft of positive economic data and a barrage of hawkish rhetoric from Fed policymakers has cemented the case for a U.S. rate rise this Wednesday. Last week, the U.S. payrolls report showed that employers added 235,000 jobs last month, smashing forecasts of 190,000, while Fed chair Janet Yellen said a rate hike would “likely be app...
Next month, 21 women from around the globe will descend on Washington D.C. to kick off the Fortune/U.S. State Department Global Women's Mentoring Partnership. In its 12th year, the program matches women business leaders from countries ranging from Argentina to Zimbabwe with some of the top female executives in the U.S. This year’s mentors hail from companies including Fidelity, Mastercard, IBM, Accenture, and Johnson & Johnson. Here's how it works: U.S. Embassies from around the world ...
AS ANY football fan knows, little delights the Dutch more than beating the Germans. So, as the country prepares for an election on March 15th, it should be cheering an economy that, after lagging behind Germany’s for years, is at last outpacing it. GDP grew by 2.1% last year, which was the fastest rate since 2007 and a stronger performance than its neighbours, including Germany. Unemployment has fallen to 5.3% and more people are in work than before the crisis in 2007-08.After years of belt-ti...
MANY Americans were taken aback when news broke in January that Peter Thiel, an internet billionaire and adviser to Donald Trump, had New Zealand citizenship. For five years this backer of an “America first” president had kept his Kiwi passport quiet. Then the government released details of his $10m-lakeside estate (pictured).A growing horde of rich foreigners see New Zealand as a safe haven. In 2016 overseas investors bought just 3% of all properties. But their purchases were concentrated a...
CHINESE on-demand mobility platform Didi Chuxing announced Thursday that it was setting-up labs in Silicon Valley to attract top engineering talent. The Didi US labs will primarily focus on big-data-based security and intelligent driving technology, and are a landmark step for the company to create a global innovation nexus. "Sweeping changes are taking place in the global transport and automobile industries," said Cheng Wei, founder, chairman and CEO of Didi Chuxing, adding that ...
The stock market could crash. Protectionist trade policies might backfire leading to job losses. Or housing booms in some countries could go bust. The Organization for Economic Cooperation and Development (OECD) looked into its crystal ball Tuesday, and warned that while the global economy is slowly improving now, these are some of the shocks that could derail the still-fragile recovery in the not-too-distant future. Rising protectionism could hurt jobs. Workers producing clothes in a factory i...