China Gets More Airtime Around the World as Voice of America Signs Off
Now, since the Trump administration moved to dismantle most of the U.S. Agency for Global Media in March, only the reports from Chinese state media show up.
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Fast Company
18 minutes ago
- Fast Company
Why is tourism down in Vegas this summer? Some blame Trump
Tourism in Las Vegas is slumping this summer, with resorts and convention centers reporting fewer visitors compared to last year, especially from abroad, and some officials are blaming the Trump administration's tariffs and immigration policies for the decline. The city known for lavish shows, endless buffets and around-the-clock gambling welcomed just under 3.1 million tourists in June, an 11% drop compared to the same time in 2024. There were 13% fewer international travelers, and hotel occupancy fell by about 15%, according to data from the Las Vegas Convention and Visitors Authority. Mayor Shelley Berkley said tourism from Canada — Nevada's largest international market — has dried up from a torrent 'to a drip.' Same with Mexico. 'We have a number of very high rollers that come in from Mexico that aren't so keen on coming in right now. And that seems to be the prevailing attitude internationally,' Berkley told reporters earlier this month. Ted Pappageorge, head of the powerful Culinary Workers Union, called it the 'Trump slump.' He said visits from Southern California, home to a large Latino population, were also drying up because people are afraid of the administration's immigration crackdown. 'If you if you tell the rest of the world they're not welcome, then they won't come,' Pappageorge said. Canadian airline data shows fewer passengers from north of the border are arriving at Harry Reid International Airport in Las Vegas. Air Canada saw its passenger numbers fall by 33% in June compared to the same time a year ago, while WestJet had a 31% drop. The low-cost carrier Flair reported a whopping 62% decline. Travel agents in Canada said there's been a significant downturn in clients wanting to visit the U.S. overall, and Las Vegas in particular. Wendy Hart, who books trips from Windsor, Ontario, said the reason was 'politics, for sure.' She speculated that it was a point of 'national pride' that people were staying away from the U.S. after President Donald Trump said he wanted to make Canada the 51st state. 'The tariffs are a big thing too. They seem to be contributing to the rising cost of everything,' Hart said. At downtown's Circa Resort and Casino, international visits have dipped, especially from Canada and Japan, according to owner and CEO Derek Stevens. But the downturn comes after a post-COVID spike, Stevens said. And while hotel room bookings are slack, gaming numbers, especially for sports betting, are still strong, he said. 'It's not as if the sky is falling,' he said. Wealthier visitors are still coming, he said, and Circa has introduced cheaper package deals to lure those with less money to spend. 'There have been many stories written about how the 'end is near' in Vegas,' he said. 'But Vegas continues to reinvent itself as a destination worth visiting.' On AAA's annual top ten list of top Labor Day destinations, Las Vegas slipped this year to the last spot, from number six in 2024. Seattle and Orlando, Florida — home to Disneyworld — hold steady in the top two spots, with New York City moving up to third for 2025. Reports of declining tourism were news to Alison Ferry, who arrived from Donegal, Ireland, to find big crowds at casinos and the Vegas Strip. 'It's very busy. It has been busy everywhere that we've gone. And really, really hot,' Ferry said. She added that she doesn't pay much attention to U.S. politics. Just off the strip, there's been no slowdown at the Pinball Museum, which showcases games from the 1930s through today. Manager Jim Arnold said the two-decade-old attraction is recession-proof because it's one of the few places to offer free parking and free admission. 'We've decided that our plan is just to ignore inflation and pretend it doesn't exist,' Arnold said. 'So you still take a quarter out of your pocket and put it in a game, and you don't pay a resort fee or a cancelation fee or any of that jazz.' But Arnold said he's not surprised that overall tourism might be slowing because of skyrocketing prices at high-end restaurants and resorts, which 'squeezes out the low end tourist.' The mayor said the rising cost of food, hotel rooms and attractions also keeps visitors away. 'People are feeling that they're getting nickeled and dimed, and they're not getting value for their dollar,' Berkley said. She called on business owners to 'see if we can't make it more affordable' for tourists. 'And that's all we want. We want them to come and have good time, spend their money, go home,' the mayor said. 'Then come back in six months.'
Bloomberg
19 minutes ago
- Bloomberg
Bessent Says India's Richest Families Benefit From Russia Deals
US Treasury Secretary Scott Bessent claimed some of the 'richest families in India' benefited from the purchase of Russian crude oil, while reiterating plans to boost tariffs on the South Asian nation. 'We have planned to up the tariffs on India — these are secondary tariffs for buying the sanctioned Russian oil,' Bessent said in an interview to CNBC on Tuesday. Before Russia's 2022 invasion of Ukraine, less than 1% of India's oil came from Russia, 'and now, I believe, it's up to 42%. So India is just profiteering,' he said.
Forbes
an hour ago
- Forbes
China Market Update: Xiaomi's Results Roar (Quietly) As Hong Kong & Mainland China Take A Breather
Xiaomi fell by -1.23% in Hong Kong trading but reported earnings after the market's close. Xpeng fell by -1.85% in Hong Kong trading. A bigger piece of news after the close was that the Ministry of Industry and Information Technology (MIIT) held a symposium on competition in the solar industry, highlighting efforts to standardize competition and promote the orderly exit of outdated production capacity. The MIIT will strengthen price monitoring and enforcement against practices such as sales below cost and false advertising. It will be interesting to watch how US-listed China solar stocks respond, as this could affect Hong Kong and Mainland markets tomorrow. Asian equities were mixed as Vietnam gained 1%, Hong Kong closed lower for the fourth consecutive day, and Mainland China took a breather after its market cap hit a 10-year high . Profit taking centered on growth stocks and sub-sectors, but Tencent (+0.94%) and electronics held up well, aided by Premier Li's positive comments on domestic consumption. East Buy Holding was a notable decliner, dropping -20.89% in Hong Kong and -3.41% in Mainland China after reaching 52-week highs yesterday, reportedly on an unconfirmed rumor. Meanwhile, Mainland investors bought the Hong Kong dip in volume, with $2.38 billion in net buying, and strong flows into the Hong Kong Tracker ETF following Friday's $4.58 billion of net buying. The 1 and 3-Year Loan Prime Rates (LPRs), set at 3% and 3.5% respectively, are not expected to change; the 3-year rate remains the reference rate for mortgages. Diplomatic relations between India and China seem to be improving, as China has agreed to sell rare earths to India following Foreign Minister Wang Yi's visit. Having returned from a family holiday, I'm still shaking off the proverbial mental fog, although my wife insists that's a permanent state, and she's got plenty of evidence, too. I missed that Tong Cheng Travel reported Q2 financial results yesterday after the Hong Kong close, posting beats in revenue, adjusted net income, and adjusted earnings per share (EPS). It is worth noting that 2020 revenue was RMB 5.93 billion, and the 2025 revenue estimate is RMB 19.51 billion, yet the stock has only risen 35% over the past five years. This is fairly typical in our space, where revenues multiply but stock appreciation lags. New Content Read our latest article: Labubus: How Pop Mart's Newest Craze Reflects Chinese Cultural Influence in the U.S. Please click here to read
