Time (trademarked in capitals as TIME) is a weekly American newsmagazine, similar to Newsweek and U.S. News & World Report. A European edition (Time Europe, formerly known as Time Atlantic) is published from London. Time Europe covers the Middle East, Africa and, since 2003, Latin America. An Asian edition (Time Asia) is based in Hong Kong. Time publishes simultaneously in Canada, with separate advertising. The South Pacific edition, covering Australia, New Zealand and the Pacific Islands, is based in Sydney. In some advertising campaigns, the magazine has suggested that through a backronym the letters Time stand for "The International Magazine of Events".