Latest news with #Vawda
Fashion Network
12 hours ago
- Business
- Fashion Network
South African clothing retailers add stores as economic forecast weakens
'There is a level of retail saturation in South Africa and when economic growth is so weak, there's limited scope for organic space growth,' said Atiyyah Vawda, an executive director at Avior Capital Markets in Johannesburg. 'So new growth comes from brands they recently acquired and under-penetrated brands that do not have sufficient exposure in particular areas.' Still, retailers have slowed space growth compared to a year ago and carefully evaluate new openings to ensure sufficient returns, Vawda said. 'A huge amount of development is taking place outside of major metro areas in the country,' TFG Chief Executive Officer Anthony Thunström said in an interview Friday. In these areas, 'there's a massive informal economy and a lot of its cash often isn't really measured in official GDP numbers.' Retailers remain selective about store expansion and may open fewer outlets. 'We don't want to get sucked into a space race,' Mr Price CEO Mark Blair told reporters. 'It's not just growth, it's quality space,' that meets strict profitability criteria. Blair said last year, the Durban-based company rejected up to 70% of the locations offered. Clothing retailers account for three of the five worst-performing stocks on the FTSE/JSE Retailers Index this year, with building material retailers occupying the other two spots. Shoppers seeking T-shirts and shoes that fit their budgets are also increasing their online purchases. Almost 6% of TFG's local sales come through its online Bash platform, and the company expects that share to nearly double over the next two or three years. This trend may also temper the growth of full retail outlets, as more orders ship from large distribution centers and so-called dark stores. 'That stock doesn't necessarily have to sit in fully lit stores anymore,' Thunström said. 'We can make it more efficient.' TFG's online unit recently became profitable, about two years ahead of schedule.
Business Recorder
22-05-2025
- Politics
- Business Recorder
Vawda urges tripling defence budget, hails army's victory over India
Senator Faisal Vawda on Thursday called for a threefold increase in Pakistan's defence budget, asserting that the Pakistan Army had secured a major strategic victory against India despite limited resources. Addressing the Senate, Vawda praised Chief of Army Staff General Asim Munir, recently elevated to the honorary rank of Field Marshal, for what he termed a 'disciplined and ethical military response' under trying circumstances. He lauded General Asim Munir's reported directive instructing troops to avoid civilian targets, calling it a testament to Pakistan's commitment to international norms of warfare. 'If we exhibit even the slightest weakness in defence, the gains achieved on the battlefield will be rendered meaningless,' the senator warned, underscoring the importance of strengthening national security even at the cost of developmental spending. He proposed that salaries of armed forces personnel should be doubled as a matter of priority, even if it required reallocating development funds. 'The development should only be considered once the conflict with India is over,' he said. The session also witnessed widespread condemnation of a recent attack on a school bus in Khuzdar, which lawmakers attributed to Indian-sponsored proxies. Senators expressed grief over the loss of innocent lives and reaffirmed their resolve to eliminate such threats. Vawda emphasized the need for political reconciliation, urging the government and opposition to close ranks and present a unified front to the world. 'We are in safe hands and ready to respond,' he said. 'Bilawal Bhutto will lead a delegation abroad to convey our position to the international community. If necessary, we will strike inside enemy lines.' He concluded by urging simultaneous efforts on diplomatic and economic fronts, adding that Pakistan does not seek war but will never forget the martyrdom of innocent children in Khuzdar. 'Victory must not only be on the battlefield, but also in the world's perception,' he said.
Express Tribune
22-05-2025
- Politics
- Express Tribune
Senate condemns Khuzdar school bus attack
Listen to article The Senate unanimously condemned yesterday's terrorist attack targeting a school bus in Balochistan province's Khuzdar district, which claimed the lives of several children. Lawmakers labelled the incident as inhumane and demanded swift action against India-backed terrorist groups allegedly operating in the region. Deputy Prime Minister Ishaq Dar, Senator Irfan-ul-Haq Siddiqui, and others spoke out about India's role in supporting terrorism in Pakistan, calling for firm action against external threats. In his address, Senator Anwar ul Haq Kakar emphasized the need to address the loss of innocent lives and to hold accountable the groups with extremist ideologies, particularly those associated with India's RSS and BJP, for inciting violence in Pakistan. Senator Irfan-ul-Haq Siddiqui also condemned the Khuzdar attack, saying it was unimaginable that such violence could be inflicted upon innocent schoolchildren. He rejected any sympathy for the terrorists and called for decisive military action to eliminate the perpetrators. 'I have spent my entire life with words, but I am at a loss for words to describe the sheer brutality of this incident,' Siddiqui said. Senator Sherry Rehman joined in condemning the attack, calling it an act of inhumanity. She reaffirmed Pakistan's unwavering stance against terrorism, referencing past anti-terror operations and the evidence of Indian involvement in terrorist activities. Rehman emphasised that no dialogue should take place with those who target innocent civilians. 'There can be no talks with such forces of violence,' she stated. AWAMI National Party's Aimal Wali Khan condemned the brutality against children, comparing it to a cruelty that "wouldn't even be inflicted on animals." He criticised the persistent cycle of blame and inaction, asserting that without proper implementation of policies like the National Action Plan, such tragedies would continue. "For 50 years, we've waited for the next incident, blamed others, and moved on," he stated. Khan also raised concerns about the neglect of Waziristan and other tribal areas, emphasising the lack of digital tools and basic infrastructure for children growing up in these regions. "Our children are growing up without basic digital tools,' he remarked. He voiced frustration over a government official's disrespectful language in Senate committees, saying, 'We are not here to be insulted.' He called for the resignation of the official involved, stressing that the issue was not personal but was about standing for the oppressed people of Waziristan and Pakistan as a whole. Vawda seeks increased defence spending Senator Faisal Vawda has called for a significant increase in Pakistan's defence budget, advocating for the doubling of military personnel salaries in response to heightened security concerns, particularly after recent tensions with India. In a Senate session, Vawda proposed that Pakistan prioritise defence spending over the national development budget, citing the growing security threats facing the country. 'We must tighten our belts and reduce the development budget to raise defence spending,' Vawda stated, urging that armed forces' salaries be doubled to reflect the gravity of the situation. With Pakistan's recent response to India's provocations — including the death of 285 Indian soldiers in border clashes — Vawda stressed that India's larger military and historical aggression necessitate a strategic shift in the nation's defence priorities. Vawda also called for political unity, emphasising that the government and opposition must work together to secure the country's defence. 'This initiative can only succeed if all political parties unite under one flag,' he added.
The Sun
25-04-2025
- Business
- The Sun
Gold slips amid hopes of easing US-China trade tensions
GOLD declined more than 1% on Friday and was headed for a weekly fall as news that China has exempted some U.S. goods from its tariffs raised hopes of a de-escalation in trade tensions. Spot gold was down 1.5% at $3,296.19 an ounce as of 1136 GMT. It hit a record high earlier this week. U.S. gold futures shed 1.3% to $3,306.50. 'Gold is facing challenges in sustaining its upward momentum as optimism around a potential U.S.-China trade agreement grows,' said Zain Vawda, analyst at MarketPulse by OANDA. China has exempted some U.S. imports from its 125% tariffs and is asking firms to identify critical goods they need levy-free, according to businesses notified. China has not yet communicated publicly on any exemptions. The U.S. dollar jumped, making bullion more expensive for overseas buyers. 'A U.S.-China trade agreement could push gold down toward $3,000/oz or lower, depending on other influencing factors,' Vawda said. Gold, traditionally seen as a hedge against geopolitical and economic uncertainties has gained more than 25% so far this year. It also touched a record high of $3,500.05 on Tuesday. Meanwhile, Federal Reserve officials indicated they saw no urgency in revising U.S. monetary policy as they sought more information to determine how Trump's tariffs were affecting the economy. Non-yielding bullion tends to thrive in a low interest rate environment. Meanwhile, gold discounts in India jumped this week to the highest level in nearly nine years as high prices deterred buyers, while premiums in China rose to a more than one-year peak. Spot silver fell 0.8% to $33.31 an ounce, platinum also dropped 0.8% at $962.91 and palladium shed 2.1% to $933.67. Silver was headed for weekly gains, while both platinum and palladium were seen falling for the week.
Time of India
25-04-2025
- Business
- Time of India
Gold price in U.S today: Gold falls to $3,306.50 after hitting a record high this week; find out why?
Gold price in the United States fell on Friday, dropping over 1% and poised for a weekly decline, as per a report. The price dropped after reports claimed that China exempted some US goods from its tariffs, which raised optimism of easing trade tensions, as per Reuters. #Pahalgam Terrorist Attack India pulled the plug on IWT when Pakistanis are fighting over water What makes this India-Pakistan standoff more dangerous than past ones The problem of Pakistan couldn't have come at a worse time for D-St Gold Price Declines By 1136 GMT, spot gold was 1.5% lower at $3,296.19 an ounce, after hitting a record high earlier this week, reported Reuters. US gold futures fell 1.3%, to $3,306.50, as per the report. This decline followed as investors became increasingly hopeful the current trade tensions between the world's two biggest economies might soon subside. Impact of US-China Trade Optimism on Gold and US Dollar MarketPulse by OANDA analyst Zain Vawda said, "Gold is facing challenges in sustaining its upward momentum as optimism around a potential U.S.-China trade agreement grows," quoted Reuters. Among the major factors sending gold lower was China's move to exempt certain US imports from its massive 125% tariffs, as per Reuters. While China hasn't made any formal announcement on the exemptions, companies are being notified and have been asked to identify critical goods they need levy-free, according to the report. As the US dollar rose, fueled by this trade optimism, it has led gold prices to be higher for foreign purchasers, according to Reuters. Live Events Vawda also said, "A U.S.-China trade agreement could push gold down toward $3,000/oz or lower, depending on other influencing factors," as quoted by Reuters. Gold Drops After Record Highs Earlier This Week Gold, which is considered a safe asset during economic and geopolitical turmoil, has risen over 25% this year, as per Reuters. Gold price had even reached a record high of $3,500.05 on Tuesday, reported Reuters. While, Federal Reserve officials pointed out that they were in no hurry to revise the US monetary policy as they wanted more information to determine how US president Donald Trump's tariffs were affecting the economy, reported Reuters. FAQs Why did gold fall today in the US? Gold price dropped because of optimism of easing US-China trade tensions , following reports that China had exempted some US goods from its tariffs, as per Reuters. How much did gold prices fall today? Spot gold was down by 1.5% to $3,296.19 an ounce, after hitting a record high earlier in the week, as per Reuters.
