Business Travel

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Hilton Worldwide enters Myanmar

Hilton Worldwide has become the first major international hotel company to announce its entry into Myanmar. The company has signed a management agreement with LP Holding Co Ltd to operate the Hilton Yangon, a 300 room hotel which is expected to open in the city's central Kyauktada Township area. It is scheduled to open in 2014. "This agreement is a significant milestone for us as it represents both Hilton Worldwide's and the Hilton brand's entry into Myanmar," said Andrew Clough, senior vice president, development, Middle East & Asia Pacific, Hilton Worldwide. "Backed by a strong partner like LP Holding Co., Ltd, we are very confident that as the first internationally branded hotel in Yangon, Hilton Yangon will set the benchmark for quality hospitality experiences catering to both domestic and international travelers." The 21-storey Hilton Yangon is 14.3 kilometers away from Yangon International Airport and is part of Centrepoint Towers, a mixed-use development which includes high-end retail boutiques and a premium office tower. Situated on the corner of Sule Pagoda Road and Merchant Street, the hotel will be located opposite Yangon's High Court building and Independence Monument Park. As the one of the tallest buildings in the city, it will also offer guests views across the Yangon skyline. "Today's announcement represents our first partnership with Hilton Worldwide and combines the expertise of a truly global, award-winning hospitality company with strong local market expertise," said Richard Mayhew, Director, LP Holding Co., Ltd. "Myanmar, and Yangon in particular, is one of the most sought after destinations in Southeast Asia

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China’s solar giant Suntech bankrupt

China's Suntech Power, one of the world's biggest solar-panel makers, has gone bust. The New York-listed company on Wednesday declared bankrupt and will reportedly reorganise. Suntech was once the world's largest solar panel producer and last week the company's board ousted founder Chinese-born Australian businessman Shi Zhengrong after 12 years in which he led it from nothing to world market domination and then to the edge of ruin. Suntech defaulted on repayments for a $541 million bond issue. At one point the solar giant had as many as 10,000 employees in its hometown of Wuxi and even set up a small assembly plant in the US. Chinese producers have flooded the global market since 2010 and trade disputes over alleged Chinese dumping caused a sudden and spectacular reversal of fortunes for Suntech. The firm recorded a net loss of $1.0 billion in 2011, from a profit of $237 million in 2010. It has yet to report financial results for 2012. Image: © Suntech Copyright is owned by Asia Outlook and/or Outlook Publishing. All rights reserved.

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