Hong Kong Embraces Wealthy Middle East Visitors to Boost Tourism

23-03-2025

Hong Kong is seeking to woo wealthy travelers from the Middle East and Southeast Asia as it looks to revive visitor numbers to the city.
Quick to embrace the trend are the Grand Hyatt, which last year introduced the Koran in rooms, adapted its saunas and steam rooms and added alcohol-free options to minibars, and Chinesology, a high-end restaurant at the International Financial Center where UBS Group AG and Millennium Management have offices. It now offers 20 Chinese dishes and two tasting menus halal-friendly, with prices ranging from HK$880 to HK$1,388 ($113-$179) per person.

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China-Made Tesla Sales Rose in June. Is This the Lifeline TSLA Stock Needed?

Yahoo

24 minutes ago

Yahoo

China-Made Tesla Sales Rose in June. Is This the Lifeline TSLA Stock Needed?

Tesla (TSLA) shares are pushing to the upside on Wednesday after data from the China Passenger Car Association confirmed the automaker's sales of China-made electric vehicles increase 0.8% on a year-over-year basis in June. Though modest, the increase is significant given it snapped TSLA's eight-month losing streak in one of its biggest global markets. Despite today's gain, Tesla stock is down 13% versus its high set in the final week of May. Is UnitedHealth Stock a Buy, Sell, or Hold for July 2025? Is MicroStrategy Stock a Buy, Sell, or Hold for July 2025? Circle Just Applied for a Bank Charter. How Should You Play CRCL Stock Here? Get exclusive insights with the FREE Barchart Brief newsletter. Subscribe now for quick, incisive midday market analysis you won't find anywhere else. While China data sure is positive for investors, it's not very likely to help Tesla shares extend gains further since the automaker's overall deliveries for the second quarter came in down 14% year-over-year on Wednesday. The company delivered just 384,122 vehicles in its fiscal Q2, down significantly from 443,956 deliveries in the same quarter last year – reinforcing concerns that TSLA is losing market share to its Chinese rivals. Tesla Inc has recently had a successful launch of robotaxi services in Austin, but it's still reasonable to assume that continued weakness in the core EV business will make it incrementally difficult for TSLA stock to print new highs in the near term. According to Steve Westly, a former member of Tesla's board, the EV maker needs three things to unlock its path to sustainable share price recovery. Tesla must launch a lower-cost ($25,000) model to compete more aggressively with rivals. Tesla needs regulatory approval for its robotaxi in multiple cities to catch up with Waymo. Tesla has to rebrand itself – which means less politics, more products, and lower prices. Westly remains confident that TSLA has the technology to compete across all verticals, but unless it 'finds a higher gear' – this EV stock may continue to fail in delivering the kind of gains that investors have come to expect of it, he told CNBC in an interview today. Investors should note that Wall Street firms are no longer bullish on Tesla stock either. According to Barchart, the consensus rating on TSLA shares currently sits at 'Hold' only with the mean target of about $297 indicating potential downside of some 5% from here. On the date of publication, Wajeeh Khan did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Sign in to access your portfolio

35-year-old American moved to Chengdu and lives on $30,000 a year: "[It's] poverty in America, but in China I'm living large'

CNBC

38 minutes ago

CNBC

35-year-old American moved to Chengdu and lives on $30,000 a year: "[It's] poverty in America, but in China I'm living large'

In her late 20s, Aleese Lightyear worked in reality TV production and lived in New York City, which she thought was her dream. "At the height of my career in New York, I was probably making $100,000 a year [and] working eight months out of the year, which on paper sounds great, but New York City is one of the world's most expensive cities, so that $100,000 went extremely fast," Lightyear tells CNBC Make It. "I was spending all of my money going out and buying clothes so that I could be trendy and feel like I was living in the 'Sex and the City' New York City dream." As her 30th birthday approached, Lightyear realized she was still working 70 to 80 hours a week, but didn't have any retirement savings. And because she was a freelancer, she didn't have benefits or health insurance. "I should have been saving for those things. I was living check to check, which sucked. My last few years living and working in New York City were some of the most stressful years of my life," she says. "I came up with this idea that I wanted to leave New York because I was tired of working 70 hours a week for ten years. Being in my 20s, I felt like a 50-year-old woman." One day, Lightyear woke up and searched, "How do I make money and travel the world?" The first result was about teaching English. After speaking with a coworker who had taught in South Korea, Lightyear began researching what it would entail to teach overseas with no prior experience. "I kind of put that on pause because I just wasn't sure if that was right for me. It took me about two years to make the decision that I wanted to become a teacher," she says. "Google told me I just needed a TEFL certificate to teach English to foreign language learners, so I enrolled." Lightyear completed a 13-week program to earn her Teaching English as a Foreign Language (TEFL) certification, initially setting her sights on South America. She quickly changed course, however, deciding that if she was going to leave her life in New York behind, she would go as far as possible. "If I'm going to move all the way across the world, I better go to the furthest country that I know absolutely nothing about and have a full adventure, and China just seemed like pure adventure, fun, excitement, and great money," Lightyear says. "I'm someone who has traveled a lot but I'd never been to Asia before, so I didn't really know what to expect and to be honest, my first few days were just a huge blur because there was so much culture shock." Lightyear, 31 at the time, made her official move to Beijing, China in 2019 — and she hasn't looked back. She lived in the Chinese capital for four years before moving to Chengdu, where she is a teacher at a university. Lightyear works 18 hours a week, four days a week and has a yearly salary of about $30,000 USD. "$30,000 a year is poverty in America but in China, I'm living large," she says. Her typical work week is entirely different than it was in New York. In China, she works Mondays, Tuesdays, Thursdays, and Fridays, offering two to three classes a day. Some of her benefits include free health insurance, a travel stipend, a rent stipend, a flight allowance and two months of paid summer and winter vacation. Lightyear took a pay cut when she left her job in Beijing for one in Chengdu. But her life in Beijing had started to feel too similar to her time in NYC, so she has no regrets. "I didn't move all the way across the world to work as much as I did in New York," she says. "My current work-life balance is a dream. I'm able to have time to do so many different hobbies, to take the time to actually learn the language and to do whatever I want when I want, and that feels amazing. I just feel so lucky and happy to be able to have so much time to myself." In Chengdu, Lightyear lives in a pre-furnished three-bedroom, one-bathroom apartment with a balcony and laundry room. Because of the rent stipend she gets, Lightyear only has to pay $278 a month for her accommodations. Lightyear supplements her income as a teacher with content creation and an active YouTube channel. Both of those things allow her to save up to $1,000 a month. It's something she was never able to do living in the U.S. Now that she's been living in China for over five years, Lightyear says when she visits the U.S., she experiences reverse culture shock. She's almost always having to explain to friends, family and strangers why her life now is so much better there than it was before. "For the typical American, there is a lot of confusion and misinformation about what life is truly like in China, but I feel completely safe as a woman, as a woman of color, being independent, doing anything. I feel very at ease in this country," she says. Though she feels comfortable in China, Lightyear says that because the country is so homogeneous, as a person of color she "sticks out like a sore thumb," and it does bother her at times. "I probably cannot go an hour being outside without someone pointing at me and saying, in Chinese, 'there's a black person, look, there's a foreigner," she says. "If I'm going to a touristy spot, the amount of people who take photos of me while I'm not looking or will ask me to take photos, then next thing I know, there's a line of people who want to take photos with me." Despite those uncomfortable moments and the time it's taken to adjust to Chinese culture, Lightyear says her self-confidence has skyrocketed. "I still face a lot of challenges [and] there are so many things I still have no idea about, and in the very beginning, that was the hardest part," she says. "You know the saying that if you can make it in New York, you can make it anywhere? Well, throw that away and apply it to China. If you can make it in China, you can truly make it anywhere. I feel fearless and like there's nothing I can't do." 0.14

How Will Tariffs Impact 4th of July Festivities?

Newsweek

an hour ago

Newsweek

How Will Tariffs Impact 4th of July Festivities?

Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Americans planning to shoot off fireworks and host barbecues for Fourth of July weekend festivities may be spending more than in years past. Why It Matters President Donald Trump's administration is engaged in an ongoing global trade war consisting of unilateral tariffs that have exacerbated not just American businesses and consumers but countries and industries around the world. Negotiations as part of Trump's self-imposed "90 in 90" deadline—a period of 90 days for 90 targeted trade deals or renegotiations globally—have not so far led to significant outcomes or improvements in consumer sentiment. What To Know Nation-specific tariffs have been coupled with tariffs on products like steel and aluminum, the latter of which the U.S. doubled from 25 percent to 50 percent on June 4. Fireworks that are imported from China—which has been involved in a reciprocal tariff battle with the U.S.—are expected to cost more this Fourth of July holiday, and potentially beyond. Fireworks Roughly 99 percent of consumer fireworks and 75 percent of display fireworks come from China, according to the National Fireworks Association (NFA). Current tariffs levied on China by the U.S. on Chinese goods, which were temporarily as high as 145 percent, currently sit at 30 percent. Various varieties of fireworks are seen for sale at a fireworks stand in Arlington, Virginia, on July 2, 2018, ahead of the Fourth of July holiday. Various varieties of fireworks are seen for sale at a fireworks stand in Arlington, Virginia, on July 2, 2018, ahead of the Fourth of July holiday. SAUL LOEB/AFP via Getty Images In an April 3 letter jointly sent by the NFA and National Pyrotechnics Association to Trump, they warned of "a narrow seasonal window" and how not only this year's Fourth of July festivities but also those in 2026 will be negatively affected. The letter stated: "Fireworks businesses rely on a single, very short, selling season, and any disruption could be devastating. Many of these businesses are multi-generational, some with over 130 years of history, employing Americans who have dedicated their lives to this industry. Tariffs will not incentivize U.S. production—they will only increase costs. The reality is that there are no manufacturing alternatives available outside of China." Some industry leaders warn that displays, which typically cost between $7,500 and $15,000, may increase by $5,000 and $15,000 per display. "Nothing says July 4 like fireworks," Ibrahim AlHusseini, managing member of The Husseini Group, told Newsweek. "And 99 percent of fireworks are imported from China. This heavy reliance on imports makes the industry highly sensitive to tariffs." Barbecues/Grills Steel and aluminum tariffs affect those who purchase new barbecue grills or those who already have grills but may need a new propane tank. A June report published by the U.S. Chamber of Commerce, in association with Father's Day, noted that tariffs raise the average $550 cost of a mid-range grill to roughly $715, or a tariff tax of $165. Food The Wells Fargo Agri-Food Institute in a June report found that the average cost of a Fourth of July gathering with 10 people is $130—or 2.2 percent higher than last year, according to USA Today. Food costs are up, too, due to other countries fighting back on tariffs and homing in on agricultural exports. Ground beef is up 7.4 percent over last year, said Wells Fargo, and chicken would make for a cheaper option due to more supply. Even barbecue sauce is up 2.3 percent. What People Are Saying Ibrahim AlHusseini, managing member of The Husseini Group, told Newsweek: "The good news is that for America's 250th birthday, many retailers had the forethought to stock up ahead of the escalation, allowing most prices to remain stable. With gas and cookout prices down, I don't see tariffs having any material impact on the cost of the holiday." NFA President Stacy Schneitter Blake to KCTV (Kansas City) in April: "We've never seen anything this critical. There's been containers on hold in China. At this point, we're just not shipping anymore into the country right now." Pro-Democratic House Majority PAC National Press Secretary Katarina Flicker in a statement: "The GOP tariffs are raising costs on American families, plain and simple, and House Republicans are too spineless to say a word—even as their own constituents pay the price. Come November 2026, HMP will make sure every vulnerable House Republican is held accountable for breaking their promise to lower costs." What Happens Next Prices of beer, wine and spirits, in addition to paper goods and party supplies, are also subject to tariffs. Concerns that tariffs can surge on that July 9 deadline remain.