Latest news with #DavidOwen
Egypt Today
11 hours ago
- Business
- Egypt Today
Signs of Stabilization Emerge in Egypt's Non-Oil Private Sector
Egypt's non-oil private sector edged closer to stability in May, as the pace of contraction in business activity and new orders eased, according to the latest S&P Global Purchasing Managers' Index (PMI) report released on Tuesday. The seasonally adjusted PMI rose to 49.5 in May, up from 48.5 in April, signaling a softer economic downturn. Although the index remains just below the critical 50-point threshold that separates expansion from contraction, the upward movement indicates a deceleration in the sector's decline. Both output and new business remained in contraction, but the drops were less severe than in the previous month. A smaller number of companies reported weakened customer demand, hinting at a potential turning point in consumer sentiment. Despite these improvements, firms cut back on purchasing activity at the fastest rate in seven months and continued to reduce staffing levels for the fourth month in a row, highlighting lingering caution in operations and hiring. The output index climbed to 49.5 from 47.4 in April, while the new orders index rose to 49.1, also up from 47.4. These gains suggest a gradually improving business environment, even if growth has yet to fully materialize. Cost pressures, however, remained a challenge. Input prices continued to climb, driven largely by rising supplier costs and ongoing currency fluctuations. In turn, many businesses raised their selling prices to protect profit margins. David Owen, economist at S&P Global Market Intelligence, commented that although May's data still points to contraction, the slowdown in the rate of decline is encouraging, with the figures presenting a gentler drop than both April's results and the long-term average.
Zawya
20 hours ago
- Business
- Zawya
Egypt's non-oil private sector contraction slows in May, PMI shows
CAIRO - Activity in Egypt's non-oil private sector edged closer to stability in May, with softer contractions in new business and output, according to an S&P Global survey released on Tuesday. The headline seasonally adjusted S&P Global Egypt Purchasing Managers' Index (PMI) rose to 49.5 from 48.5 in April, remaining below the 50.0 threshold that separates growth from contraction. Output and new orders continued to decline, but at a slower pace compared to April, as fewer companies reported cutbacks in customer sales. However, businesses reduced purchasing activity at the fastest rate in seven months and trimmed their workforces, with employment dropping for the fourth month in a row. The output sub-index strengthened to 49.5 from 47.4 in April, while the new orders subindex rose to 49.1 from 47.4. Input price inflation increased sharply, driven by rising supplier charges and volatile exchange rates. This led to a fresh rise in selling prices as firms passed on some of the cost increases to customers. "Although many of the key PMI metrics continued to indicate a deterioration in business conditions in May, the overall pace of decline was not as sharp as in April and softer than the survey's historical trend," said S&P Global Market Intelligence economist David Owen. "Output and new orders fell at the slowest rates for three months, helped by renewed growth in the manufacturing sector." Non-oil businesses in Egypt remained cautious about the future, with optimism slightly improved from April but still weak by historical standards. Concerns over stubborn price pressures and low demand continued to weigh on output expectations, S&P Global said. The future output index improved to 53.0 from 52.7 in April.
Reuters
21 hours ago
- Business
- Reuters
Egypt's non-oil private sector contraction slows in May, PMI shows
CAIRO, June 3 (Reuters) - Activity in Egypt's non-oil private sector edged closer to stability in May, with softer contractions in new business and output, according to an S&P Global survey released on Tuesday. The headline seasonally adjusted S&P Global Egypt Purchasing Managers' Index (PMI) rose to 49.5 from 48.5 in April, remaining below the 50.0 threshold that separates growth from contraction. Output and new orders continued to decline, but at a slower pace compared to April, as fewer companies reported cutbacks in customer sales. However, businesses reduced purchasing activity at the fastest rate in seven months and trimmed their workforces, with employment dropping for the fourth month in a row. The output sub-index strengthened to 49.5 from 47.4 in April, while the new orders subindex rose to 49.1 from 47.4. Input price inflation increased sharply, driven by rising supplier charges and volatile exchange rates. This led to a fresh rise in selling prices as firms passed on some of the cost increases to customers. "Although many of the key PMI metrics continued to indicate a deterioration in business conditions in May, the overall pace of decline was not as sharp as in April and softer than the survey's historical trend," said S&P Global Market Intelligence economist David Owen. "Output and new orders fell at the slowest rates for three months, helped by renewed growth in the manufacturing sector." Non-oil businesses in Egypt remained cautious about the future, with optimism slightly improved from April but still weak by historical standards. Concerns over stubborn price pressures and low demand continued to weigh on output expectations, S&P Global said. The future output index improved to 53.0 from 52.7 in April.
Yahoo
2 days ago
- Entertainment
- Yahoo
Like father like son - Corrie superfan follows in late dad's tour guide footsteps
A Corrie superfan has followed in his late father's footsteps and led more than 2,500 tours of the famous TV set visited by thousands each weekend. David Owen, 59, has been leading Coronation Street tours, which were first operated from the old Granada Studios in Quay Street before moving to the current ITV Studios at Media City, since 2014. His late father, Bill Owen, worked as a performer at the old Granada Studios tour for several years, but sadly died in 2013 before David started working there – meaning he 'never got a chance to compare notes with him'. David has been determined to continue his father's legacy, however, and has been leading the 90-minute tours at The Coronation Street Experience at ITV Studios, the world's largest single TV production site, every weekend. He has witnessed tears from guests and a recent proposal during his tours, and said he loves 'seeing the joy it brings to visitors of all ages'. READ MORE: When 'One Punch' Paul Doyle and Billy Webb clashed in nightclub door wars READ MORE: Girl, 13, 'topples into reservoir in front of her dad while taking photo' Speaking about his late father, David, from Dukinfield, Tameside, said: "It's a very special connection between us – in many ways, our lives have been intertwined. "I do feel cheated that I never got to share my tour guide notes with him, as he passed away in 2013, just before I started at Quay Street, but I know he would have been incredibly proud. I can hear him saying, 'That's my boy'." David explained that he has loved Coronation Street for 'as long as (he) can remember'. He recalls watching the 'topical' TV soap with his parents during his childhood in the 1960s and 1970s, and loving the 'northern humour'. He said: "For people of my vintage, it was always a family thing to watch Coronation Street. Back in the day, it was only Mondays and Wednesdays at 7.30pm, both half an hour episodes. "I'd sit down with mum and dad, they had two chairs in the living room, and I'd sit in between them on the floor watching Coronation Street." David said he remembers characters such as Jack Walker, who was the landlord of the Rovers pub, and Albert Tatlock, who was Weatherfield's resident war veteran. He even remembers one specific episode from 1971, which left him unable to sleep for weeks. He said: "There is one episode from 1971 when the character Valerie Barlow got electrocuted by a plug. The socket of a plug fell off and she was electrocuted – it was a hair dryer plug – and it frightened me to death, and it kept me away from plug sockets for years." Growing up, David said he loved watching the 'strong women' in the show, including characters like Annie Walker, Elsie Tanner and Ena Sharples, and one of his current favourites is Glenda Shuttleworth. He said the 'writing is absolutely brilliant' and, given the show references real places near his hometown, he has felt personally connected to it. Moreover, his late father Bill worked at the Granada Studios tour in Quay Street, where the old Coronation Street set was located, further inspiring his love for the soap. "My dad was an amazing man – he was a big extrovert and truly my hero," David explained. "He worked at Granada Studios for many years... but unfortunately, when I started doing guided tours there in 2014, he had not long passed away, so I never got a chance to compare notes with him." Bill passed away in 2013, aged 71, and, around this time, David was made redundant after nearly 30 years in a factory packaging job. He was looking for new opportunities and stumbled across a job advert for the Coronation Street tours and decided to "go for it" – and he was successful. He then started leading tours at the Quay Street site in 2014 before working from the current ITV Studios location in 2018. "It's quite surreal the way it worked out," David said. "I felt very honoured to get the job – one to be following in my father's footsteps, but also to be doing this on such an amazing show." David believes he has led around 2,500 tours for The Coronation Street Experience to date – and he has no plans of stopping anytime soon. David, who won the Lifetime Achievement Award from The Coronation Street Experience in 2022, said "no two tours are ever alike" – and although he has a script to follow, he enjoys injecting his own humour and personality into it. He said he runs three tours on a Saturday and Sunday, and guests from all over the world, including New Zealand and Canada, visit the set. On each day over a weekend, the site can see an average of 1,000 people visiting. Recalling one memory which left two women from New Zealand very emotional, he said: "When we started the tours at Quay Street... the character Hayley Cropper had died after suffering from pancreatic cancer. She had a cardboard flowery coffin, and we had it in the props display, and these two ladies from New Zealand saw her name on it and they were in tears. "We didn't know at the time, but New Zealand were two years behind in the plot lines, so at the time in New Zealand, Hayley was alive and well." Most recently, David witnessed a proposal outside the Rovers pub during one of his tours – and he said it was 'lovely' to see. "They just got a massive round of applause, and they were both in tears," he said. "I was nearly tearing up myself to be honest with you – it was so lovely." David said seeing people's enthusiasm gives him 'such a buzz' and he aims to give every guest 'the best tour possible'. He said leading tours for The Coronation Street Experience, which is operated by Continuum Attractions, is 'an honour' and he hopes to one day feature as an extra in the show. "It's more than just a TV show – it's a huge part of British culture," he said.
Khaleej Times
20-05-2025
- Business
- Khaleej Times
UAE's non-oil sector hiring grows fastest in 11 months
The UAE's non-oil private sector showcased remarkable resilience in April 2025, with employment growth hitting an 11-month high, signalling a vibrant economic landscape driven by rising demand and strategic workforce expansion. According to the latest S&P Global UAE Purchasing Managers' Index (PMI), which held steady at a robust 54.0, the sector continued its upward trajectory, firmly above the 50.0 growth threshold. This sustained performance underscores the UAE's successful diversification efforts, reducing reliance on oil and fostering a dynamic non-oil economy. The standout feature of April's PMI was the sharp uptick in job creation, the fastest since May 2024. David Owen, senior economist at S&P Global Market Intelligence, noted, 'After months of modest payroll increases despite strong sales, hiring activity surged as firms addressed mounting workloads.' Businesses reported a pressing need to tackle backlogs, which, while still significant, eased to a six-month low. This hiring spree reflects the sector's response to sustained demand, with new orders rising sharply, fuelled by a five-month peak in international demand and growing domestic client bases. The UAE's non-oil sector is a cornerstone of its Vision 2030, aiming to build a knowledge-based economy. Employment growth in sectors like technology, tourism, and finance is pivotal, with the UAE's strategic investments in free zones and innovation hubs attracting global talent. In 2024, the non-oil sector contributed over 70 per cent to the UAE's GDP, and this latest data suggests continued momentum. The surge in hiring also aligns with government initiatives like the Emiratisation program, which encourages private-sector employment of UAE nationals, further bolstering local workforce participation. Despite the robust hiring, challenges persist. Owen highlighted that 'employment growth remained modest overall, with some firms struggling to recruit.' Transaction delays and competitive pressures also slowed work completion, though supplier performance improved, with delivery times shortening at the fastest pace since August 2024. This reflects vendors' efforts to scale capacity, supporting firms grappling with rising input demands. Business activity, while still strong, dipped to a seven-month low, tempered by intense competition and rising input costs. Companies reported increased purchasing and staff costs, though many opted to lower prices to attract customers, resulting in a slower rise in output prices compared to March. Input purchases surged, driven by demand for materials, though stock levels remained stable as growth at some firms was offset by reductions elsewhere. Looking ahead, UAE businesses are optimistic about sustained growth. Confidence in future activity rose for the third consecutive month, reaching its highest level in 2025. Firms cite strong sales pipelines and resilient market conditions as key drivers. The UAE's strategic position as a global trade hub, coupled with initiatives like Expo 2020's legacy projects and the Comprehensive Economic Partnership Agreements (CEPAs), continues to attract investment and spur non-oil activity. This employment-driven growth in the UAE's non-oil sector highlights its economic diversification success. As firms navigate recruitment challenges and competitive pressures, the sector's ability to sustain hiring and manage backlogs will be crucial analysts said. With global demand rising and domestic policies fostering innovation, the UAE is poised to maintain its position as a leading non-oil economy in the region, they said.
