10 Established 1961 Business Tuesday, May 18, 2021 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 : 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 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 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. Blackstone launched its been in the spotlight over allegations that its casinos in Ohio, USA in 2019; the “Analytics One” HONG KONG: In this file photo, Hong Kong pro-democracy bid in March, just weeks after regulators refused to Melbourne and Perth were used to launder the pro- Conference in Chicago, USA in 2020; both media tycoon Jimmy Lai (center) is led into a police van as grant Crown a license to run its flagship casino in a ceeds of crime. Crown’s then CEO and three long-time Google Summits of 2019 and 2020 in California, he heads to court. Hong Kong authorities Saturday gleaming 75-storey Sydney tower, owing to suspected directors resigned in the wake of the Sydney inquiry, USA; and most recently at the Middle East announced they had frozen the assets of Lai, including links to organized crime. Authorities acted on the rec- while executive chairman Helen Coonan accepted its Banking AI & Analytics Summit in 2021. shares in his media publications, for breaching the city’s ommendations of a public inquiry, which reported findings as “warranted”.—AFP national security law. — AFP

regions taking into consideration their competitive border with China that provide easier access to Apple Daily, the city’s most popular tabloid, has advantages. Creating a truly diversified and techno- China’s market. The zone has many other facilities staunchly backed Hong Kong’s pro-democracy cause, Business and logical economy and sustainable economic develop- including storage, production, textile manufacturing, including the huge and often violent protests that ment are long-standing priorities. chemical and metal treatment. swept the international financial hub in 2019. investment The county has made substantial progress in Another important partner for foreign companies Chinese authorities have made no secret of their improving good governance, reforming the civil in Kazakhstan is the Astana International Financial desire to see Apple Daily shut down and Lai silenced. opportunities in service and introducing e-governance. It has been Centre or the AIFC. The Centre serves a diverse Hong Kong police chief Chris Tang has also accused increasing competition, supporting small and medi- customer base: companies and individuals, newcom- Apple Daily of publishing “fake news”. Kazakhstan um-sized businesses, encouraging research and ers and large corporations involved in financial, development, foreign direct investment. Strenuous industrial and trade sectors. The main activities of New conviction efforts have been made to reinforce the rule of law, the AIFC are capital markets, asset management, Apple Daily responded with defiance over the reform judiciary and law-enforcement agencies. private banking, green finance, financial technology. weekend, saying that the company’s own bank KUWAIT: Over the last two decades, Kazakhstan Free trade practices and more prudent monetary and The AIFC has a unique jurisdiction based on the accounts were not affected. “Apple Daily staff vowed has been one of the fastest-growing transition budgetary policies have been pursued. principles, norms and precedents of the law of to continue speaking out for the truth without fear economies. It has taken steps towards institutional Today Kazakhstan is an upper-middle-income England. A special amendment to the Constitution of despite the newspaper group’s challenges,” the paper integration in the global economy, joining the World country with a conducive business environment. Kazakhstan was introduced to this end. The AIFC said in a report over the weekend. Other weekend arti- Trade Organization and signing an Enhanced There is an enormous untapped potential in many Court, which is separate and independent from cles included a column about the persecution of Partnership and Cooperation Agreement with the sectors including ferrous and non-ferrous metallur- Kazakhstan’s judiciary system, comprises the Court Uighur Muslims in China’s Xinjiang region, the use of European Union in 2015. The nation has been work- gy, petrochemicals, machine building, production of of First Instance and the Court of Appeal. public hotlines to report national security offences and ing to adapt best practices and standards recom- construction materials, pharmaceuticals, medical Thus, a foreign company or individual not an editorial on the recent discovery of a senior Hong mended by the Organization for Economic Co-oper- equipment, IT, data storage and processing and oth- acquainted with the Kazakh law has an option to Kong national security police officer at an unlicensed ation and Development. ers. There are more opportunities in creating large enter the Kazakh market incorporating a new entity massage parlor. However, Apple said the company Kazakhstan has been implementing comprehen- ecosystems in the production and processing of in the AIFC under the English common law. A would probably only survive another nine or 10 sive reforms gearing towards equitable distribution meat, fruits, vegetables, cereals, oilseeds and dairy friendly tax regime and operational incentives help months without Lai’s cash, which he has used to prop of benefits and responsibilities, leading role of pri- products. reduce expenses and make the cost of doing busi- the group up. Lai owns around 70 percent of Next vate enterprise, fair competition, increased produc- The country is located along transcontinental ness in the AIFC attractive to its clients and Digital’s shares. The asset freeze comes as Chinese tivity, human capital development, green economy, routes between Europe and Asia. Kazakhstan estab- increase their competitiveness. - Embassy of authorities roll out a relentless and successful cam- environmental protection. It is committed to pro- lished a dry port and a free economic zone on the Kazakhstan, Kuwait paign to silence dissent in Hong Kong.—ÅFP mote a well-balanced economic development of