China's domestic tourism market is weakening faster than expected, with hotel RevPAR falling. This reflects a broader economic slowdown and fading post-Covid boom. However, inbound luxury travel, boosted by visa-free policies, shows a brighter picture for the industry.
The Reserve Bank of Australia maintained its official interest rate at 4.35% due to a slowing economy and rising unemployment. This decision offers little relief to mortgage holders facing increased costs from previous rate hikes. Higher fuel prices are contributing to inflation.
RBI holds repo rate at 5.25%, lowers FY27 growth forecast to 6.6% from 6.9%, and raises inflation projection to 5.1% from 4.6% due to West Asia conflict's impact on oil prices and supply chains.
Canada's youth unemployment is surging, with the 15-24 age group hitting 14.3% in April, a level not seen outside major crises. Young people like Zack Williams and Angie Naddour in Montreal are struggling to find work, even entry-level positions, as the country enters a technical recession.
China has issued a 12-point plan to strengthen protections for gig economy workers, addressing wage payments, social security, extreme weather protections and algorithm transparency. The State Council and Communist Party's Central Committee target standardized labor practices across the platform economy by 2027, as an economic slowdown drives millions into informal jobs.
Outstanding credit card loans in South Korea rose for three consecutive months to a record 42.99 trillion won ($29.2 billion) in March, as cash-strapped borrowers turned to card firms after banks raised interest rates and tightened lending. The monthly growth slowed to 0.21 percent from 0.7 percent the previous month, reflecting the impact of government efforts to curb surging household debts.
