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1. China launches crackdown on 'illegal securities activities'
Eight China government agencies, including the China Securities Regulatory Commission, launched a crackdown on cross-border activities illegally channeling Chinese capital into overseas futures, funds and security fund products, Reuters reports. The CSRC said such activities “violate Chinese laws, disrupt market order and hurt investors.”
Reuters added China's goal is to safeguard financial market order and protect investor rights and added it plans on imposing “penalties on online brokerages Tiger, Futu and Longbridge for soliciting business in China without an onshore license.”
2. Portman buys Westin Peachtree Plaza
Portman, through its Portman Hospitality Fund 1, acquired the 1,073-key Westin Peachtree Plaza in downtown Atlanta from Marriott International. No price was disclosed.
The hotel has been owned by Marriott since the company bought Starwood Hotels & Resorts Worldwide in 2016. Portman founder, the late John C. Portman Jr., designed and developed the hotel. When it opened in 1975, it was the tallest hotel in the world at 73 stories.
Portman Hospitality Fund 1 buys branded, large, full-service hotels in major U.S. markets. This is the eighth such hotel owned by the fund; last year it picked up the 456-key Westin Cincinnati.
Renovations are planned for the Westin Peachtree Plaza to reposition the hotel in time for Atlanta to host the Super Bowl in 2028.
3. Bank of England might hold interest rates due to Middle East crisis
The U.S., Israel and Iran war and its effect on energy prices might not result in the Bank of England raising its interest rate above the current 3.75%, according to The Wall Street Journal. Alan Taylor, an external member of the bank’s Monetary Policy Committee and a professor of international and public affairs at New York City’s Columbia University, said the “key rate [is] still high enough to restrain economic activity, [and] leaving borrowing costs at their current level might be sufficient to prevent second-round effects.”
The WSJ added that Bank of England Governor Andrew Bailey, along with other members of the MPC, “pointed to moves in financial markets as likely to weigh on the economy and remove the need for an urgent response to the rise in energy costs.”
4. Hotel breakfasts evolve to better suit guests' changing tastes
It’s touted as the most important meal of the day, and hotel developers need to consider how travelers are approaching breakfast differently these days as they plan hotels, writes CoStar News' Natalie Harms.
One major change: Guests aren't sitting down for breakfast as much as they used to.
Steve Palmer, founder, managing partner and chief vision officer at The Indigo Road Hospitality Group, said guests now want a juice bar, to-go coffee and a few sandwich options, because breakfast — and often lunch, too — happens on the go.
5. Alberta moves closer to referendum on leaving Canada
The province of Alberta has moved closer to holding a referendum for provincial citizens to vote if they wish to remain in Canada. In a televised address on Thursday, Alberta’s premier Danielle Smith announced that in the second half of this year, residents will vote on whether or not to start the legal process required for a binding referendum on separation from Canada
The Toronto Star reports Smith outlined the likely text of the question residents will vote on, the wording being, “should Alberta remain a province of Canada or should the Government of Alberta commence the legal process required under the Canadian Constitution to hold a binding provincial referendum on whether or not Alberta should separate from Canada?” Smith said personally she will vote to remain within Canada.