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China Retail Sales Slow, Raising Economic Recovery Concerns Private Consumption Yet to Pick up Momentum

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China Retail Sales Slow, Raising Economic Recovery Concerns Private Consumption Yet to Pick up Momentum 10 Established 1961 Business Tuesday, May 18, 2021 China retail sales slow, raising economic recovery concerns Private consumption yet to pick up momentum BEIJING: Chinese retail sales grew at a slower pace than expected last month, data showed yesterday, rais- ing concerns about the recovery in the world’s number two economy. China was the first major economy to bounce back from the coronavirus pandemic thanks to tight lockdowns and mass testing, with factories doing Gulf Bank officer most of the heavy lifting as companies producing everything from protective gear to electronics and other goods sold around the world. selected as part There is a general consensus that as they slowly returned to their normal lives, the country’s army of of DAA board cashed-up consumers would then take over the reins, and while data in recent months has suggested that KUWAIT: Gulf Bank has announced that Mai Al- was the case the latest figures show the rebound will Owaish, Gulf Bank’s Chief Data Officer, has been not be smooth. Retail sales expanded 17.7 percent on- selected as part of the Board of Directors of the year in April, according to the National Bureau of Digital Analytics Association (DAA), an interna- Statistics (NBS), well below the 25 percent forecast in tional association dedicated to advancing the use a Bloomberg survey and almost half the previous of data and influencing legislation that affects data month’s reading. The exceptionally high figures are practices. mostly down to the fact they have a very low base of Al-Owaish was selected to serve as part of the comparison owing to the economy essentially shutting This aerial photo shows a port in Haikou in China’s southern Hainan province. — AFP upcoming term of the Board of Directors of the down last year. DAA, along with six other industry leaders from UOB economist Ho Woei Chen told AFP this was dent the economic recovery, with prices expected to Still, there was more positive news on unemploy- around the world, who were recognized for their the “more worrying aspect”, given that retail sales was spike over the next few months as life gets back to ment, with the urban jobless rate falling to 5.1 per- leadership, business acumen, and knowledge of expected to take over the lead in driving growth from normal and people spend. The country’s factory prices cent, which UOB’s Ho said was the most positive of the data and analytics practice. The DAA is a pro- the second and third quarters on. rocketed at their fastest pace in nearly four years last Monday’s data, given it is the “lowest since fessional association dedicated to advancing the “Private consumption is expected to pick up going month, driven by a sharp rise in demand for key com- November 2019”. “If the labor market continues to use of data worldwide with the aim of under- forward, but the April data shows it is still lagging,” she modities such as copper and iron ore, and observers improve, there are prospects for retail sales to standing and improving the analytics industry said, adding that consumer caution due to virus-relat- say those rises could seep through to consumers. improve further,” she said. through best practices and professional develop- ed uncertainties was likely behind this. Meanwhile, industrial output rose 9.8 percent, in line With vaccines being rolled out around the world, ment. The association is based in the US, with Analysts expect faster retail sales growth in May, as with forecasts but also slower than March. especially in the key US market, and economically international chapters in Germany and Canada. China’s army of consumers came out in force during “Production demand continued to grow... and the painful lockdowns being eased, demand for China’s Al-Owaish is an active member and a mentor the Labour Day holiday. But Nomura chief China economy continued to stabilize and resume develop- goods picked up this year after falling off a cliff in at the DAA, having economist Lu Ting cautioned: “The recent small virus ment,” said NBS spokesman Fu Linghui, though he 2020. Analysts say that April’s data points to a more contributed multiple outbreak in Anhui and Liaoning provinces may have cautioned that the global epidemic situation remained moderate growth outlook in the second quarter. thought leadership some small impact on recovery momentum of the hos- “complicated, and the recovery of the world economy “We expect a slightly weaker industrial production pieces on data models pitality services sectors.” is very uneven”. Julian Evans-Pritchard, senior China growth in May,” said Nomura’s Lu. and mobile analytics. economist at Capital Economics, added that month- This was likely weighed down by new environmen- As part of her Urban jobless rate falls on-month changes showed “momentum in industry tal policies, he said, even as strong export growth will responsibilities at the There are also concerns that surging inflation could continued to soften”, partly due to supply constraints. continue to bolster output. — AFP DAA, Al-Owaish has led multiple task forces, including the HK newspaper DAA’s “Women in Analytics” communi- Mai Al-Owaish ty, and spearheaded shares halted the “Women In Tech Maturity Model” project, a model that was devel- after asset freeze oped to assist tech organizations in measuring their progress in terms of supporting women in tech, and indicating what steps organization can HONG KONG: The trading of stock in Hong Kong’s take to advance their efforts. largest pro-democracy media group was halted yes- On this occasion, Gulf Bank’s Chief Data terday, days after authorities froze the assets of its Officer, Mai Al-Owaish, said, “I am delighted to be jailed owner Jimmy Lai under a new national security selected as a Board of Directors member of an law. The announcement came the same day Lai-who is international data and digital analytics association already in jail-pleaded guilty alongside nine other as prestigious as the Digital Analytics Association. activists to “unlawful assembly” charges, the latest in a I look forward to providing more to the data ana- string of prosecutions brought against the city’s lytics sector through my new position, and pro- democracy movement. viding even greater value for our esteemed Gulf In a statement to the stock exchange, Next Digital Bank clients through innovative digital solutions Limited-which publishes the Apple Daily newspaper- and data-driven products and services.” requested a halt to trading “pending the release of an Al-Owaish joined Gulf Bank in January 2021 as announcement” about Lai’s frozen assets. Hong Kong’s Chief Data Officer, leading the data and analytics Security Bureau on Friday said it was freezing Lai’s practice in Gulf Bank and overseeing the strategy shares in Next Digital as well as the contents of three and implementation of data science to facilitate of his bank accounts, using the security law which the Bank’s digital transformation. As part of her Beijing imposed on the city last year. Crown had been “facilitating” money laundering role, Al-Owaish is also responsible for executing It marks the first time authorities have wielded the Crown Resorts through so-called “high roller” gambling junkets linked Gulf Bank’s digital initiatives and accelerating law to freeze the shares of a listed company’s majority to Chinese triads and other organized criminal groups. innovation with the purpose of creating value for shareholder-a step that could cause further jitters for Blackstone, which owns a 9.99 percent stake in Crown, Gulf Bank’s customers. Al-Owaish brings two investor sentiment in the business hub. A rags-to-rich- rejects Blackstone had already revised its offer from an initial Aus$11.85 decades of experience in the e-commerce and es billionaire, Lai, 73, has long been a thorn in Beijing’s per share to Aus$12.35. analytics field, along with international work side thanks to his caustic tabloids and unapologetic takeover bid But the Crown board told the Australian Securities experience, having worked for 10 years in the support for democracy. Exchange (ASX) the bid still “undervalues” the com- United States with Google partners, offering con- pany, while regulatory requirements “present an unac- sultation services on Google’s data and analytics SYDNEY: Troubled Australian casino operator Crown ceptable level of regulatory uncertainty for Crown solutions. Resorts rejected a takeover bid from US private equity shareholders”. In a separate statement to the ASX, the Al-Owaish is a published author, speaker, and giant Blackstone yesterday, saying the offer “underval- board said it was still considering Star’s proposal, winner of multiple awards. As the recipient of the ues” the gaming group. which offers a combination of Star shares and cash to DAA’s President’s Award, Al-Owaish was recog- The casino operator, which is subject to multiple Crown shareholders. nized for her vital role and impact on multiple ini- inquiries into allegations of money laundering and ties The proposed merger would create a dominant $12 tiatives at the DAA. Her thought pieces on analyt- to organized crime, said the bid of more than Aus$8 billion ($9.3 billion) casino group that would probably ics models were featured in the “Applied billion (US$6.2 billion) was not in the best interests of face close scrutiny from the Australian Competition Marketing Analytics” journal and published in the shareholders. Crown said it was still studying a sepa- and Consumer Commission to proceed. Crown and its “Analytics Interpreted” book. Al-Owaish has also rate merger proposal by rival Australian casino opera- largest shareholder, media scion James Packer, have spoken at the “Women in Analytics” conference in tor Star Entertainment Group.
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