UK manufacturers plan biggest price rises since 1977: CBI

UK manufacturers plan biggest price rises since 1977: CBI
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Updated 25 January 2022

UK manufacturers plan biggest price rises since 1977: CBI

UK manufacturers plan biggest price rises since 1977: CBI

British manufacturers expect to raise prices by the most since 1977 over the next three months, after facing the biggest increase in costs since 1980 and intense labor shortages, a quarterly survey showed on Tuesday.


The Confederation of British Industry survey showed a rise in orders and the strongest export demand growth since July 2018, but overall optimism fell as businesses battled intense inflationary pressures.


“Global supply chain challenges are continuing to impact UK firms, with our survey showing intense and escalating cost and price pressures,” CBI chief economist Rain Newton Smith said.


British consumer price inflation is rising sharply and hit its highest in almost 30 years in December at 5.4 percent, though there had been some signs in other surveys that the pace of cost growth for businesses was beginning to slow.


Tuesday’s data from the CBI is likely to reinforce the Bank of England’s concern that high inflation is getting baked into businesses’ pricing plans.


The survey showed that the balance of manufacturers expecting domestic prices to rise over the next three months was its highest since April 1977.

The export prices expectations balance was the highest since January 1980.


Average unit costs for manufacturers in the three months to January rose by the most since April 1980, and the percentage of firms reporting difficulties from a lack of skilled workers was the highest since October 1973.


Optimism about the current business situation and prospects for the year ahead both fell to their lowest since January 2021, when the economy was still in lockdown.


However, new orders picked up over the past three months and January’s monthly gauge of new orders held unchanged at +24, just below November’s record reading of +26.

Economists polled by Reuters had forecast a drop to +22. 


Digital transformation, women participation are the need of the hour, says VP Visa CEMEA

Digital transformation, women participation are the need of the hour, says VP Visa CEMEA
Updated 18 sec ago

Digital transformation, women participation are the need of the hour, says VP Visa CEMEA

Digital transformation, women participation are the need of the hour, says VP Visa CEMEA

RIYADH: In a post-pandemic world, digital transformation has been one of the main changes for companies and economies as a whole.

In an exclusive interview with Arab News on the sidelines of the Arab Women Forum in Dubai, Visa CEMEA Vice President of Marketing Christine Harb emphasized the need for digital transformation and women’s representation.

“I believe that digital transformation is done in multiple phases. There are pretty traditional organizations in the way they operate and are trying to move into a more agile space,” she said.

Harb added: “When you look at how digital is transforming the world and the metaverse impacting on organizations, there is a need to rethink how people collaborate and engage. So it’s not just about making sure that you have the right tools or enabling employees and people to connect.”

She explained that the shift is not only in digitizing the economy but also in how women’s representation has been a focus for organizations and educational spheres.

“Now, we are already equipped. So maybe we are on the right track. But, still, a lot needs to be done, mainly around policies and regulations that would protect women and open new doors to them, when it comes to, you know, bigger roles, but also allowing them to be their authentic selves,” she concluded.


Commercial Bank of Kuwait plans to digitize, says CEO

Commercial Bank of Kuwait plans to digitize, says CEO
Updated 21 min 13 sec ago

Commercial Bank of Kuwait plans to digitize, says CEO

Commercial Bank of Kuwait plans to digitize, says CEO

DUBAI: Elham Mahfouz, the chief executive officer of the Commercial Bank of Kuwait, said that robots will play a major role in the future, with 85 million jobs expected to be taken over in the next two to three years.

Speaking to Arab News at the Arab Women Forum, Mahfouz said that the bank’s next plan is digitization and that, in the next two to three years, the look of banks will be different.

CBK is the only bank to have SwatchPAY, which is a smart-watch payment service, she informed.

Beginning her journey in banking around 35 years ago, Mahfouz climbed up the ladder after starting as a credit analyst. She has been the CEO of the bank for the last eight years, she informed.

“Being in a high position can favor the institution if you want to implement certain kinds of dreams that you have to get the institution in a certain way and pave the way with the team,” she added.

Mahfouz told Arab News that one of the things that stood out to her as a woman working in the banking sector was getting more support from males than females.

Self-development, focus, and patience are factors that have influenced her journey to reaching the top post, Mahfouz said.

She added that the following generations are tech-savvy and are very smart when it comes to technological advances. However, Mahfouz said they have to have patience and read more.


Women should not relinquish their rights in business, says Suzy Kanoo

Women should not relinquish their rights in business, says Suzy Kanoo
Updated 17 min 13 sec ago

Women should not relinquish their rights in business, says Suzy Kanoo

Women should not relinquish their rights in business, says Suzy Kanoo

DUBAI: When it comes to taking a huge step like running a family business, most entrepreneurs would flinch, especially in a male-dominated industry. Female successors would instead pass their rights to a male than take the path of leadership.

In an exclusive interview with Arab News, the CEO and president of Khalil bin Ebrahim Kanoo Co. and International Motor Trading Agency, Suzy Kanoo, shared her advice on what women should do when put in that position, and it’s not relinquishing their rights.

Speaking on the sidelines of the Arab Women Forum event in Dubai, Kanoo, who has also authored “Hear Us Speak: Letters from Arab Women,” expressed that one of the main obstacles women face in the business world is not believing in themselves.

“The Japanese call it Ikigai. Find a purpose and passion, do it well, and make sure it benefits society. Whatever it is, anything that you think is insignificant isn’t insignificant for that individual. So, find that purpose and do it well,” she added.

Kanoo has been the voice of the Arab world, and her book discusses real-life stories about Arab women that have experienced physical or emotional abuse but outlived their circumstances.

“My book emphasizes that never let a male, whether a cousin or a brother, force you or coerce you into signing documents asking you to relinquish your rights of the family business,” she said.

Her book brought to light the circumstances of the marginalized women who succumbed to male domination and gave away what was rightfully theirs.

However, Kanoo feels those were different times. She finds Gen Z is the most empowered generation. They believe that nothing should stop them from achieving their goals. In addition, they understand technology better than the previous generations.

But the struggle is not over. Even emancipated women have to fight on multiple fronts. An accomplished writer and businesswoman, Kanoo is currently facing problems with the automotive business. Her production declined by 50-60 percent.

Does that mean she is letting off the reins? No chance. The feisty lady is expanding into different sectors, opening a restaurant from personal investments and launching an advisory company for blockchain technology.

 

 

 

 

 


Egypt expects $8bn investments in energy sector this year, minister says 

Egypt expects $8bn investments in energy sector this year, minister says 
Updated 54 min 24 sec ago

Egypt expects $8bn investments in energy sector this year, minister says 

Egypt expects $8bn investments in energy sector this year, minister says 

RIYADH: Egypts expects that the value of investment in the energy sector would range between $7 to $8 billion during the current fiscal year, the minister of petroleum and mineral resources told Alarabiya. 

Tarek El-Molla added that the figures were under review with international companies, noting that changes in global oil prices require increased investment plans.

He said the government is currently focusing on maximizing the use of natural resources, confirming that Egypt aims to return to the oil production levels of 5 years ago.

 


UAE to build LNG plant to double its export capacity 

UAE to build LNG plant to double its export capacity 
Updated 17 May 2022

UAE to build LNG plant to double its export capacity 

UAE to build LNG plant to double its export capacity 

RIYADH: The Abu Dhabi National Co. plans to construct a new liquefied natural gas plant that would more than double its export capacity amid a growing demand. 

To be built at Fujairah, the plant will be able to produce as much as 9.6 million tons a year, Bloomberg reported. 

Currently, the UAE has three liquefaction plants with a total capacity of 5.8 million tons per annum at Das Island, located inside the Gulf. 

This comes as the UAE races to expand its exports amid a growing demand following Russia’s invasion of Ukraine.