Cuba’s tourism industry, once a vital source of foreign currency, continues to face significant challenges in the wake of the COVID-19 pandemic and tightening US sanctions. Despite signs of recovery in 2023, visitor numbers remain far below pre-pandemic levels. This article explores the factors hindering Cuba’s tourism revival, including the impact of US sanctions and domestic economic challenges.
Discount retailer Big Lots has filed for Chapter 11 bankruptcy and will sell its assets to Nexus Capital Management. The company cited challenging economic conditions and a decline in discretionary spending as contributing factors. While the transaction is expected to close in the fourth quarter of 2024, Big Lots will continue to operate its stores and online platform during this period.
Air New Zealand has reported a significant decline in earnings for the 2024 fiscal year, attributed to a combination of operational and economic headwinds. Despite challenges, the airline saw an increase in passenger revenue driven by capacity expansion, while navigating supply chain disruptions and rising costs.
The IMF confirmed ongoing negotiations with Pakistan regarding an extensive loan program under the Extended Fund Facility. The discussions aim to address Pakistan’s economic challenges, which include a failed tax amnesty scheme. The IMF has also highlighted the need for Pakistan’s Federal Board of Revenue to revoke discretionary powers and revise tax laws related to NGOs and pensioners.
California’s population has increased for the first time since 2019, ending a three-year trend of decline. The state gained over 67,000 residents in 2023, a 0.17% increase. The growth was driven by a rebound in legal international immigration and a slowdown in domestic outmigration. Despite the growth, California still faces economic challenges, including a multi-billion dollar budget deficit and a higher unemployment rate than the national average.
A survey by UOB reveals that higher costs, including inflation, operating costs, and labor costs, have emerged as the primary challenges for Asian businesses in 2023. Despite these headwinds, a significant number of companies remain optimistic about the business environment, with Indonesia and Vietnam exhibiting the highest levels of positivity. In response to these challenges, businesses are prioritizing cost reduction, client acquisition, and digital transformation. Notably, more than 80% of respondents expressed interest in overseas expansion to enhance revenue and profitability, with Southeast Asia being the preferred destination.
Portugal’s 50-year anniversary of democracy is a cause for celebration, with advancements in freedom, healthcare, and education. Despite these achievements, the country still faces challenges in productivity, public services, and GDP per capita. While the European Union provides funds, concerns are raised about their effectiveness in stimulating innovation and addressing the country’s fundamental issues.
The recently published State of Southeast Asia 2024 Survey Report by the ASEAN Studies Centre at ISEAS – Yusof Ishak Institute sheds light on the region’s perspectives on various political, economic, and social issues. The survey highlights the growing influence of China in comparison to the US, the declining popularity of the European Union and India, and the importance of addressing unemployment, economic downturn, and climate change. Additionally, it raises concerns about the diminishing relevance of ASEAN in addressing regional challenges.
