The concession is worth $1.3 billion
business2 days ago
British retailers reported a third straight month of falling sales in August and they expect another decline in September, prompting them to lower their hiring and investment plans, the Confederation of British Industry said on Tuesday.
The CBI said its monthly retail sales balance stood at -27 this month, a less severe fall than July's -43 but the second-weakest reading since April.
Retailers predicted another weak month in September with a gauge of sales expectations at -17.
"Retail sales volumes continued to disappoint in the year to August, with contractions also being seen in the wholesale and motor trade sectors," CBI principal economist Martin Sartorius said.
"Retailers reported increased caution regarding their investment and hiring plans, which seemed to reflect concerns about persistently weak demand conditions," he said.
The retail sector has been hit hard by the squeeze on the spending power of many households while poor weather in recent months has also hurt sales.
A quarterly version of the survey showed investment intentions dropping to -35 in August from -25 in May and a measure of expected employment plans fell to -28 from -18.
A gauge of retailers' expected selling prices eased to +15 from +30 in May.
Separate data published on Tuesday showed shop prices fell in annual terms in August for the first time since October 2021.
Official retail sales data released earlier this month showed British retail sales edged up in July, boosted in part by the men's Euros soccer championship and warmer weather.
The CBI survey was based on responses from 50 retail chains between July 29 and Aug. 14.
The concession is worth $1.3 billion
business2 days ago
Disney and DirecTV reach new licensing agreement
business2 days ago
YPO UAE hosts exclusive event with Feroc Luxury at Dubai Opera
business2 days ago
The advanced air mobility devices are powered by electric motors, aligning with UAE's sustainability goals and reducing carbon footprint
business2 days ago
Considerations are at an early stage and Blackstone may still decide against pursuing a deal, a report said
business5 days ago
The total number of Chinese visitors to the UAE stood at around 1.2 million in 2023
business5 days ago
Companies had select sellers which hurt smaller players, reports find
business5 days ago
The CBUAE explained that banks' capital and reserves do not include subordinated borrowings/deposits, but do include the current year's profits
business5 days ago