Thailand’s Songkran Festival has surpassed expectations, generating 140 million baht ($ 37.78 Million) and attracting nearly 2 million foreign tourists. The festival, held from April 1-21, witnessed a 37.54% increase in international visitors compared to the previous year, contributing to the tourism revenue. The breakdown of the festival’s revenue reveals expenditures on lodging, dining, souvenirs, travel, recreational activities, tourist services, and other expenses.
ASM Global has secured a contract extension to manage the International Convention Centre Sydney (ICC Sydney) for an additional 10 years. The decision follows a highly positive evaluation of ASM Global’s performance over the past decade, during which it generated significant outcomes for the Darling Harbour Live consortium and the NSW Government. ICC Sydney has hosted over 3,600 core events and attracted 6.4 million attendees in just under seven years, contributing $3.9 billion to the local economy. ASM Global (APAC) Chairman and Chief Executive Harvey Lister AM expressed his pride in the management team’s accomplishments at ICC Sydney.
The warming planet is taking a heavy toll on the US economy, with weather and climate disasters costing over $617 billion between 2018 and 2022. As temperatures rise and extreme weather events become more common, the financial pain for Americans is likely to worsen, leading to higher taxes, pricier housing, and reduced retirement savings.
The annual Clovis Rodeo is estimated to generate approximately $30 million in economic impact this year, a significant increase from last year’s total. The event brings thousands of visitors to Clovis and supports local businesses, including restaurants, bars, and hotels. Businesses like Soups, Scoops and More have experienced increased sales during the rodeo, prompting the owner to adjust store hours to accommodate the influx of visitors.
The Canadian government is proposing changes to the capital gains tax, which have sparked debate among experts and stakeholders. The change would increase the inclusion rate, the share of an individual’s capital gains that are subject to income tax rates, from 50% to 67% for gains of $250,000 or more. The government argues that the wealthiest Canadians should pay their fair share and that only a small proportion of Canadians (0.13%) would be affected by the change. Opponents, including tech executives and doctors, argue that the changes would discourage business investment, harm economic growth, and make it harder to recruit and retain skilled professionals. However, economists emphasize that the impact of these changes is difficult to quantify and may have both positive and negative effects. The government has learned from the controversy surrounding tax changes in 2017 and is taking a more explicit and purposeful approach to connecting the tax changes to new spending proposals.
In response to a series of US trade restrictions imposed during a politically charged election season, the Chinese government has adopted a measured approach under President Xi Jinping. President Biden’s implementation of symbolic measures, such as tariffs on metals scarcely exported to the US by China, has facilitated this restraint.
China is likely to prevent the sale of TikTok to an American entity. President Biden’s signing of legislation potentially banning TikTok from the US market has prompted Beijing to consider retaliation. The government has directed reporters to previous statements vowing to safeguard its interests.
While China has shown restraint in responding to US trade curbs, driving TikTok out of the US could challenge this calibration. American firms with significant exposure to China’s market, including Apple and Tesla, may face retaliation. However, China is unlikely to inflict harm on its own economy amid a property crisis and weak domestic demand.
Beijing’s actions will also consider potential damage to foreign investment in China. Xi’s efforts to attract American CEOs and boost sentiment may be undermined by sanctions on US companies. While China has less-documented weapons at its disposal, such as restricting US access to its economy, alienating foreign firms in the tech sector could hinder China’s development.
Concordia University sports economist Moshe Lander warns that while bars and restaurants near Rogers Arena may benefit from the Canucks’ playoff run, the broader economic impact is likely to be minimal. Lander cites research indicating that playoff excitement does not lead to increased spending but rather redistributes it from other areas of the economy.
The Chicago Bears have presented their proposal for a new stadium, promising no new taxes. The plan would involve debt financing by the Illinois Sports Facilities Authority, with payments secured by future collections from the city’s hotel tax. The economic impact of the project is projected to be $8.4 billion, with an annual impact of $456 million. However, details of the plan remain hazy, including the specific uses of the funds and the timeline for economic impact generation. The proposal also faces potential opposition from Friends of the Park, an advocacy group that has opposed previous waterfront developments.
The Chicago Bears have unveiled a grand plan to transform the city’s lakefront with a new $5 billion enclosed stadium adjacent to Soldier Field. The proposal encompasses not only the $3.2 billion stadium but also an additional $1.5 billion in infrastructure. The team, along with city officials, anticipates significant economic benefits and improved access to the Museum Campus. However, the project hinges on securing public funding, with the team requesting assistance for infrastructure costs. Despite skepticism from state leaders, Mayor Johnson has expressed support, emphasizing the plan’s alignment with Chicago’s long-standing commitment to architectural excellence and public benefit.
TikTok creators and businesses fear the potential impact of a ban on the app, citing its significant role in providing income, entertainment, and employment opportunities. However, lawmakers have expressed concerns about the app’s alleged ties to the Chinese government, raising national security threats.
