Word: shanghais
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With credit tight and customers scarce, chief executives from San Francisco to Shanghai are hunkering down, cutting costs and praying that they can survive the punishing global recession. But not Madhu Rao, the new CEO of Hong Kong - based luxury-hotel operator Shangri-La Hotels and Resorts. Rao, 57, is forging ahead with an aggressive plan to expand Shangri-La's 60-strong network of hotels, even as his business slumps. "We have one single vision," Rao says confidently, "to lift this [company] to another level...
...shock of the slowdown. He remains bullish on the prospects for Asia, and particularly for China, where Shangri-La already has 27 hotels including entries in up-and-coming cities like Wuhan and Dalian, where business has been holding up better than in major metropolitan areas like Beijing and Shanghai. "We do still see medium- to long-term opportunities for growth for all the areas we are getting into," Rao says. "We are in this for the long haul...
...will pay a 50% premium on that. Clearly, for China - whose voracious appetite for metals and minerals drove commodity prices sky high until last year's bust - the timing is now right. "These [Chinese] companies know this slump, while deep, will not last forever," says Xu Minle, a Shanghai-based analyst at logistics company BOC International. "China is now making strategic investments overseas at a comparatively lower cost...
...those commitments, several cities - including Beijing, Tianjin and Shenzhen - have announced policies to encourage companies to keep their workers by reducing the amounts employers must contribute to social welfare programs such as pensions and medical insurance. Local governments are making up the difference with subsidies. The Minhang district in Shanghai alone has set aside a budget of $290 million to assist struggling businesses avoid layoffs. The local government will also cover the expenses for job-training programs. "We want companies to avoid redundancy as much as possible, and as a government department, what we can do is to help them...
...East Access. Continental is launching daily direct service between Newark Liberty Airport and Shanghai on March 25. To celebrate, the airline is offering a special $777 round-trip fare to Shanghai from Newark. From cities such asa Houston, Miami and Cleveland, the fare is just $888 round-trip to Shanghai on flights that connect through Newark. Tickets must be purchased by Feb. 28 for outbound travel from March 25 to April 30; all travel must be completed by June...