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1. China Unemployment Numbers Near Pandemic High
With Shanghai completely shut down due to continuing COVID-19 lockdown measures, China’s unemployment rate officially rose to 6.1% in April. The BBC said that rate is “the highest level since the 6.2% peak seen in the early part of the COVID-19 pandemic in February 2020.”
According to the country’s National Bureau of Statistics, retail sales experienced the largest fall since the beginning of the pandemic, dropping 11.1% year over year in April, a far worse showing that the 3.5% year-over-year decline in March. Chinese Premier Li Keqiang told the BBC that China’s employment situation is “complicated and grim.”
2. US CEOs Set New Compensation Record for Sixth Year in a Row
CEOs in the U.S. have seen their average compensation rise to record levels for the sixth consecutive year, with their median pay equaling $14.7 million in 2021, according to research from the Wall Street Journal.
According to research by MyLogIQ, the Journal said that while average compensation for CEOs increased by 12% for “most of the executives … most companies recorded annual shareholder returns of nearly 30%.” The report added that large equity awards and multiyear pay packages increased compensation, with nine U.S. CEOs realizing compensation packages of at least $50 million in 2021.
3. Europe Poised for Recovery Past 2019 Levels
Despite lagging the U.S. by several months, Europe now is poised to reach hotel industry performance numbers close or equal to 2019 levels, likely by now or the end of May, according to Robin Rossmann, managing director of STR, CoStar’s hotel analytics firm.
At the recent International Hospitality Investment Forum in Berlin, Rossmann said the United Kingdom has seen a “stronger, faster recovery,” with occupancy in April at approximately 87% of pre-pandemic, while mainland Europe is not far behind.
Rossmann added he is bullish on gateway cities dependent on international travel seeing a quick rebound, too.
“By the time we get to the middle of May, a lot of these European gateway cities will be 90% to 100% recovered to 2019 levels,” he said.
4. High Temperatures Threaten India
Millions of people in India are being subjugated by an intense heatwave, with temperatures in some regions, including capital Delhi, reaching close to 50 degrees Celsius, or 122 degrees Fahrenheit.
Indian Prime Minister Narendra Modi conducted a cross-ministry strategy to help the population counter life-threatening temperatures, according to the Indian newspaper Hindustan Times.
The Indian states of Bihar, Haryana, Himachal Pradesh, Punjab and Uttarakhand have been particularly affected, and while it is expected temperatures will dip by a couple of degrees, that still is not enough to avoid the risk of death, the newspaper added. The average maximum temperature in March, according to the India Meteorological Department was the highest in 122 years.
5. Death Toll Rises to 45 in Havana Hotel Gas Explosion
Emergency teams in Cuba have said they have recovered the final body from the Hotel Saratoga in Havana, Cuba, which was destroyed following a suspected gas blast on May 6. According to FX Empire, the discovery has raised the death toll to 45.
At the time of the explosion, the hotel had been closed for renovation, with its reopening date originally scheduled for Monday. According to the news site, the victims mostly comprised staff but also a small number of passersby.