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جولای 11, 2022

‘Sell premium’ – Thailand discourages discounts, wants high value tourists

Tourists visit Maya bay after Thailand reopened its world-famous beach after closing it for more than three years to allow its ecosystem to recover from the impact of overtourism, at Krabi province, Thailand, January 3, 2022. Picture taken January 3, 2022. REUTERS/Athit Perawongmetha/File PhotoRegister now for FREE unlimited access to Reuters.comRegisterBANGKOK, July 4 (Reuters) – Thailand’s hotels, businesses and private hospitals should refrain from offering big discounts to lure tourists and focus instead on raising the country’s value as a premium travel destination, government ministers said on Monday.Thailand has received about 2 million foreign visitors in the first six months of this year, a steady revival after its tourism industry almost collapsed due to the pandemic and more than 18 months of complex and costly entry requirements.”We cannot let people come to Thailand and say because it’s cheap,” Deputy Prime Minister Anutin Charnvirakul said at an event at Bangkok’s main international airport to promote tourism.Register now for FREE unlimited access to Reuters.comRegister“Instead they should say ‘because it works, it’s reasonable’, that’s where we can increase value,” he said, echoing remarks by the country’s tourism minister.Anutin likened the approach to that of luxury fashion brand Louis Vuitton.”Hold your ground. Sell premium. The more expensive, the more customers,” he said. “Otherwise Louis Vuitton wouldn’t have any sales.”One of Asia’s most popular travel destinations, Thailand welcomed a record of nearly 40 million visitors in pre-pandemic 2019, who spent 1.91 trillion baht ($53.53 billion), equivalent to 11% of gross domestic product.Arrivals slumped to 6.7 million the following year, and down to 428,000 in 2021, despite calibrated moves to end quarantine requirements.It is forecasting 10 million foreign arrivals in 2022.Earlier this year, Thailand launched a long-term visa programme for wealthy foreigners and skilled workers, sticking to its plan to lure high-spending visitors, despite major jobs and business losses in tourism during the pandemic.($1 = 35.6500 baht)Register now for FREE unlimited access to Reuters.comRegisterReporting by Chayut Setboonsarng and Panarat Thepgumpanat; Editing by Martin PettyOur Standards: The Thomson Reuters Trust Principles. .

جولای 7, 2022

EXCLUSIVE World Cup stadium stands will be alcohol free under Qatari curbs – source

DOHA, July 7 (Reuters) – Qatar’s World Cup stadium stands are set to be alcohol-free, with beer sales outside arenas only allowed before and after some matches, a source with knowledge of plans for the soccer tournament said.This year’s World Cup is the first to be held in a Muslim country with strict controls on alcohol, presenting unique challenges for organisers of an event often associated with beer drinking fans and sponsored by global brewing brands.”At stadiums, the plans are still being finalised, but the current discussion is to allow fans to have beer upon arrival and when leaving stadium, but beer won’t be served during the match or inside the stadium bowl,” the source told Reuters.Register now for FREE unlimited access to Reuters.comRegisterA document dated June 2 and seen by Reuters gives the first insight into how organisers plan to handle the demands of an estimated 1.2 million soccer fans, many of whom are used to drinking beer without limits on match days.Soccer’s relationship with booze has long been a tricky one and in the lead up to the 2014 World Cup, Brazil lifted a ban on alcohol at stadiums, after pressure from governing body FIFA.There has been a question mark over alcohol at this year’s tournament since the Gulf Arab state won hosting rights in 2010. While not a “dry” state like neighbouring Saudi Arabia, consuming alcohol in public places is illegal in Qatar.However, fans at November’s World Cup will also be able to buy beer during restricted times in certain parts of the main FIFA fan zone in the Al Bidda park in Doha, the Qatari capital.”Unlike previous World Cup fan zones, beer won’t be served all day long, but at restricted times,” the source added.Alcohol will also be available for 15,000 to 20,000 fans on a disused corner of the Doha Golf Club, some kilometres away from stadiums and the main fan zone, the document shows.In addition, a sandy plot surrounded by a 3 metre wall and located between the delivery entrance of a hotel and a district cooling plant will be transformed into a 10,000 capacity venue promising Techno music and alcohol, the document shows.A spokesperson for the organisers, Qatar’s Supreme Committee for Delivery and Legacy, said that together with FIFA they will announce plans on the availability of alcohol at the 28-day tournament “in due course”.”Alcohol is already available in designated areas in Qatar, such as hotels and bars, and this will not change in 2022. With the aim of catering to visiting fans in 2022, alcohol will be available in additional designated areas during the tournament,” the spokesperson said.’FAMILY FRIENDLY’Although FIFA’s website advertises free flowing “beers, Champagne, sommelier-selected wines, and premium spirits” in stadium VIP hospitality suites, alcohol was not sold in stadiums in December during a test event for the World Cup.Visitors are prohibited from carrying alcohol into Qatar, even from airport duty free, and they cannot shop at the country’s only liquor store, on the outskirts of Doha, where foreign residents with permits can buy for home consumption.Alcohol can be bought by visitors to Qatar at a handful of licensed hotels and clubs, where a pint of beer can cost $18.The price of beer inside the fan zones and close to the stadium has not yet been agreed, the source said.Earlier this year, another source close to the discussions told Reuters that alcohol prices will be capped in the fan zones, pointing out that at the FIFA Club World Cup in 2019 a pint of beer cost around five pounds ($6.55). read more Although the document anticipates “strong demand for international beverages”, it says the main party zone adjacent to FIFA’s fan festival will be alcohol-free, offering up to 70,000 fans a six kilometre “family friendly” street carnival.Rules about alcohol sales in soccer stadiums vary around the world. In England, alcohol is sold at stadium concourses, but fans cannot drink it in sight of the pitch while in France none is permitted on stadium grounds.Register now for FREE unlimited access to Reuters.comRegisterReporting by Andrew Mills; Editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles. .

ژوئن 10, 2022

Asia Gold High prices drag India discounts to 7-week low; China demand sluggish

A saleswoman displays a gold necklace inside a jewellery showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Kolkata, India, May 7, 2019. REUTERS/Rupak De ChowdhuriRegister now for FREE unlimited access to Reuters.comRegister

India sees discount of up to $10/oz vs $9 last week
Indian buyers will wait for a hefty correction- dealer
Buyers in China cautious, conserving their expenditure – analyst

June 10 (Reuters) – Gold discounts in India this week were stretched to their highest level in seven weeks as higher prices repelled demand, while fresh concerns over the spread of COVID in top-consumer China left buyers reluctant to make purchases.This week, dealers in India were offering a discount of up to $10 an ounce over official domestic prices — inclusive of the 10.75% import and 3% sales levies, up from the last week’s discount of $9.Retail buying in India will remain weak, especially from rural areas as farmers focus on planting of summer-sown crops, said a Mumbai-based dealer with a private bullion importing bank.Register now for FREE unlimited access to Reuters.comRegister“In May, prices were attractive. Retail consumers were buying for weddings. Now buyers will wait for a hefty correction,” the dealer said.Weddings are one of the biggest drivers of gold purchases in India.In China, gold was being sold at a discount of $1.5 to a premium of $0.5 an ounce versus global benchmark spot rates .Physical gold demand in China is pretty sluggish, StoneX analyst Rhona O’Connell said, adding that people haven’t been coming back into the market yet after lockdowns were eased, as they are cautious about the outlook and are conserving their expenditure for now.China’s commercial hub of Shanghai faces an unexpected round of mass COVID-19 testing for most residents this weekend – just 10 days after a city-wide lockdown was lifted. read more COVID-related restrictions weighed on demand in China in May and “the average trading volumes of Au9999 – a proxy of Chinese wholesale gold demand – witnessed the weakest May since 2013,” the World Gold Council said in a monthly note.In Hong Kong, gold continued to be sold at a discount of about $1.8 an ounce to a $1 premium, while in Japan, gold was sold between a premium of 50 cents and at par with the benchmark.Register now for FREE unlimited access to Reuters.comRegisterReporting by Eileen Soreng, Bharat Govind Gautam in Bengaluru, Rajendra Jhadav in Mumbai; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles. .

ژوئن 2, 2022

Shift to premium spirits helps Remy weather China lockdowns

2021/22 current operating profit up 39.9% vs forecast 38.6%
Expects another year of strong growth in 2022/23
Still eyes double-digit organic sales growth in Q1 – CEO

PARIS, June 2 (Reuters) – France’s Remy Cointreau (RCOP.PA) on Thursday predicted a strong start to its new financial year, as broad demand for its premium spirits helps to offset inflationary pressures and the impact of COVID lockdowns in China.The maker of Remy Martin cognac and Cointreau liquor made the upbeat comments after reporting higher-than-expected operating profit growth for its financial year ended March 31.”On the strength of our progress against our strategic goals, new consumption trends and our robust pricing power, we are starting the year 2022-23 with confidence,” Chief Executive Officer Eric Vallat said in a statement.Register now for FREE unlimited access to Reuters.comRegisterThe pandemic has helped Remy’s long-term drive towards higher-priced spirits to boost profit margins, accelerating a shift towards premium drinks, at-home consumption, cocktails and e-commerce.Vallat told journalists that for the new fiscal year, Remy expected “solid profitable growth” as price increases and cost control would help mitigate inflationary pressures.In the short term, Vallat said: “I can confirm we are expecting double-digit organic sales growth in the first quarter despite the lockdown in China and high comparables.”With China accounting for 15-20% of group sales, growth would be led by demand from other regions, notably the United States.Strong demand for its premium cognac in China and the United States, along with tight cost management, lifted the company’s 2021/22 organic operating profit by 39.9% to 334.4 million euros ($356.3 million), beating the 38.6% forecast by analysts.Reflecting its confidence, Remy said it would pay shareholders an ordinary dividend of 1.85 euros per share in cash and an exceptional dividend of 1 euro.”Remy guides to another year of strong growth and margin improvement, led by its strong pricing power, which suggests upside to consensus organic EBIT of +10%,” Credit Suisse analysts said in a note.Remy Cointreau shares jumped more than 3% in early trade, before handing back some gains.The company reiterated its 2030 goals for a gross margin of 72% and an operating margin of 33%. That compares with the 68.6% and 25.5% achieved respectively in 2021/22.($1 = 0.9385 euros)Register now for FREE unlimited access to Reuters.comRegisterReporting by Dominique Vidalon Editing by Sherry Jacob-Phillips and Mark PotterOur Standards: The Thomson Reuters Trust Principles. .

می 30, 2022

Insurance rates jump for Ukraine war-exposed business, sources say

Planes of Aeroflot and Rossiya Airlines are seen parked at Sheremetyevo International Airport, as the spread of the coronavirus disease (COVID-19) continues, outside Moscow, Russia April 8, 2020 REUTERS/Tatyana Makeyeva/File PhotoRegister now for FREE unlimited access to Reuters.comRegisterLONDON, May 30 (Reuters) – Insurance premiums are doubling or more for some aviation and marine business particularly exposed to the war in Ukraine, increasing costs for airline and shipping firms, industry sources say.Global commercial insurance premiums rose 11% on average in the first quarter, according to insurance broker Marsh, which said the war was putting upward pressure on rates.But the overall figure masks sharper moves in some sectors, and only covers the first five weeks following the invasion.Register now for FREE unlimited access to Reuters.comRegisterWar is typically excluded from mainstream insurance policies. Customers buy extra war cover on top.Garrett Hanrahan, global head of aviation at Marsh, said aviation war insurance was no longer available for Ukraine, Russia and Belarus as a result of the conflict.For the rest of the world, aviation war cover has doubled, as insurers try to recoup some of their losses, he said.”The hull war market is beginning to reflate itself through rate rises.”The conflict, which Russia calls a “special military operation”, could lead to insurance losses of $16 billion-$35 billion in so-called “specialty” insurance classes such as aviation, marine, trade credit, political risk and cyber, S&P Global said in a report. read more Aviation insurance claims alone could total $15 billion, S&P Global said, with hundreds of leased planes stranded in Russia as a result of western sanctions and Russian countermeasures.One aircraft lessor described recent rate increases on its insurance as “not a pretty sight”. read more Some aircraft lessors – a particularly exposed sector of the market because their planes are stuck in Russia – were now having to pay 10 times their original premium, one underwriter said, while another said insurers could “name their price” to lessors.In ship insurance, policyholders pay an additional “breach” premium when a ship enters particularly dangerous waters, locations which are updated by the Lloyd’s market.For the area around Russian and Ukrainian waters in the Black Sea and Sea of Avov, this has increased multiple times, three insurance sources said, to around 5% of the value of the ship, from 0.025% before the invasion, amounting to millions of dollars for a seven-day policy.Each time a ship goes into those waters, it has to pay that extra premium.Rates for ships going into other Russian waters have also risen by at least 50% after the Lloyd’s market classified all Russian ports as high risk, two of the sources said.Because of the dangers, some marine insurers have also stopped providing cover for the region. read more Register now for FREE unlimited access to Reuters.comRegisterReporting by Carolyn Cohn, Jonathan Saul and Noor Zainab Hussain, Editing by Angus MacSwanOur Standards: The Thomson Reuters Trust Principles. .