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The Financial Times has declared this the dawn of the Asian Century, said TFWA President Alain Maingreaud, in his first address as President to the TFWA Asia Pacific Conference earlier this month.
Maingreaud went on to say that experts are predicting that by next year, more than half of the world’s GDP will be generated in the region. Moreover, tourism arrivals are growing at double the rate of the rest of the world. What does it mean for travel retail? Michael Pasternak reports on results from the 2019 TFWA Asia Pacific Conference & Exhibition. See pages 1, 2 & 5.
50 YEAR ANNIVERSARY
CONGRATULATIONS to the indubitable Colm McLouglin, and his lovely wife Breeda. The industry icon, and one of the finest gentlemen in global duty free, is celebrating 50 years in the industry. Page 5.
To read a detailed story of his journey over the past five decades prepared by the staff of Dubai Duty Free, please click here.
SPECIAL REPORT: Latin America’s big economies falter
The International Monetary Fund cut its outlook for global growth to the lowest rate since the financial crisis in 2009 in its latest outlook issued in April. The report says that Latin America is particularly hard hit, as the region’s three largest economies – Brazil, Mexico and Argentina — are all contracting for the first time in three years.
In a very worrisome analysis, Bloomberg says that Latin America “is on the verge of suffering another lost decade.” See review and more details on page 4.
REGIONAL ROUND UP
Miami International Airport reveals plans for a $5 billion expansion. Page 2.
Caribbean gets ready for Hurricane season. Page 3.
Fraport upbeat on plans for airports in Brazil and Peru. Page 3.
18 U.S. airports now using state-of-the-art 3-D checkpoint technology. Page 3.
Chinese travel to the U.S. is falling, says the National Travel and Tourism Office.