Connect with us

Business

China to pass US in retail sales this year: forecast

Published

on

China to honor contributors

NEW YORK: Chinese consumers should outspend their American counterparts in 2019, with retail sales in the Asian giant continuing to grow in the coming years, according to an industry forecast published Wednesday.

Retail sales in China are expected to hit $5.64 trillion, an increase of 7.5 percent over 2018, while Americans are likely to spend $5.53 trillion, a 3.3 percent increase, according to the market research firm eMarketer.

“In recent years, consumers in China have experienced rising incomes, catapulting millions into the new middle class,” Monica Peart, forecasting director at eMarketer, said in a statement.

Growth in China’s retail sector has been driven by online sales, which should expand by 30 percent this year, reaching $1.99 trillion, according to the firm.

This would mean more than 35 percent of all Chinese retail sales will occur online, by far the highest proportion for e-commerce in the world.

By comparison, online sales in the United States represented only 10.9 percent of the overall market in 2019, according to eMarketer.

China’s online retail sales are already greater in value than in the United States and should represent 55.8 percent of global online eCommerce by the end of this year, rising to 63 percent by 2022 — when Americans will account for only 15 percent.

While its market share has steadily declined in recent years, Chinese online retail giant Alibaba should still account for 53.3 percent of online retail in China this year, according to eMarketer.

 

 

app

Business

Iran favors $5b trade volume with Pakistan

Published

on

TEHRAN: Minister of Industry, Mines and Trade Reza Rahmani called for raising the volume of trade exchanges with Pakistan to $5 billion by 2021.

Addressing a ceremony marking Pakistan Day in Tehran on Wednesday, he hoped the goal will be materialized by establishing banking ties and finalization of free trade memorandum of understanding.

He said that Iran and Pakistan boast of numerous commonalities in various sphere including religion, culture and history.

“Iran-Pakistan ties as old as the country’s independence and the two regional big countries’ relations have always been friendly and excellent,” he said.

Iran was the first country which recognized independence of Pakistan and established embassy in Islamabad, Rahmani said, describing Pakistan as major gateway for Iran to enter to the East.

“Iran is also a country with numerous economic potentials,” he said, noting that Iran’s economy and market will not be ignored by the economic activists and political officials.

The two countries are able to develop collaboration in the fields of agriculture, foodstuff, tourism, pharmaceuticals and sports.

Ceremony marking Pakistan National Day attended by diplomats from certain countries including France, Turkey, Azerbaijan, Cuba, Armenia and Palestine was held in Tehran.

 

 

 

 

 

app

Continue Reading

Asia

Tokyo bourse opens modestly higher

Published

on

Tokyo stocks gain on bargain-hunting

TOKYO: The bourse opened here marginally higher today with help from a cheaper yen, but investors were cautious ahead of Easter holidays on overseas markets.
The benchmark Nikkei 225 index was up 0.05 percent or 11.42 points at 22,289.39, while the broader Topix index climbed 0.09 percent or 1.48 points at 1,632.16.

app

Continue Reading

Business

Bahawalpur: FOB compiles reports for reforms

Published

on

BAHAWALPUR: The Secretary, Federal Ombudsman Secretariat and National Commissioner on Children have said that the office of the Wafaqi Mohtasib had compiled reports to recommend recommendations to bring reforms to address maladministration in government departments.
Secretary, Federal Ombudsman Secretariat, Dr. Jamal Nasir and Senior Advisor/ National Commissioner For Children, Ejaz Ahmed Qureshi were addressing a news conference at the regional office of Wafaqi Mohtasib here in Bahawalpur.
They said that following the Swedish ombudsman system, the office of Ombudsman was established in Pakistan to ensure the provision of relief to people in connection with their complaints against federal government departments.
They said that during the last few years, the office of Wafaqi Mohtasib disposed of 75,000 complaints/cases. “Most of the complaints were registered against Wapda, electric companies, Sui Southern and Sui northern gas companies and National Data Registration Authority.
They said that with reviewing the registered complaints, the Federal Ombudsman Secretariat had also been compiling reports to recommend recommendations for bringing reforms in federal government departments and agencies to address the issue of maladministration and corruption.
They said that the office of Federal Ombudsman had also powers to listen to complaints against National Accountability Bureau (NAB) and the Federal Investigation Agency (FIA).
They, however, said that if applications/petitions were submitted in courts against NAB and FIA, then the courts would listen to those cases and would dispose of them.
They said that the Federal Ombudsman had powers of the judge of Supreme Court and he could take suo moto notice against any federal government departments and agencies. “The Federal Ombudsman after founding negligence of officials of federal departments can recommend inquiry and other departmental actions against them,” they said.
They said that 13 offices of the Federal Ombudsman were working in the country including Bahawalpur office which could listen to complaints against federal departments and agencies lodged by people of Bahawalpur, Rahimyar Khan, Lodhran and Bahawalnagar.
They said that Bahawalpur and other neighboring districts had populations in millions, adding that but, the average number of registered complaints with the local office of the Federal Ombudsman in Bahawalpur was 100 per month. They requested the media to highlight the importance and role of Federal Ombudsman so that maximum number of people could move to the local office of Federal Ombudsman in Bahawalpur to get relief on issues and problems pertaining to federal government and departments.
Meanwhile, according to a report issued by the Federal Ombudsman Secretariat Regional Office Bahawalpur, 624 applications/complaints were registered against federal government agencies including Multan Electric Company (MEPCO), Pakistan Post Office (PPO), Sui Northern Gas Pipelines Limited (SNGPL), State Life Insurance Corporation of Pakistan (SLICP) and others. The Bahawalpur office of Wafaqi Mohtasib had disposed of 602 of them.

 

Continue Reading

News Pakistan Trending