Category: 3. Business

  • Claire’s was glitz ‘heaven’ for kids before Shein and TikTok came along

    Claire’s was glitz ‘heaven’ for kids before Shein and TikTok came along

    Matthew Chattle/Future Publishing via Getty Images Shoppers inside a Claire's store with rows of merchandiseMatthew Chattle/Future Publishing via Getty Images

    Claire’s has appointed administrators in the UK and Ireland

    For Beth Searby, a Saturday as a teenager wasn’t complete without going to Claire’s with her friend.

    But that tweenage rite of passage looks uncertain as the future of the chain hangs in the balance.

    Beth and her friends would use their pocket money in the late noughties to buy magnetic earrings, badges and toe rings from the accessories brand.

    “You never went home empty-handed,” says Beth, now 30.

    Shopping there was like an “analogue Temu,” she says.

    “You could go in with your bits of change that you had left from buying your McDonald’s or your Burger King and you could pick up a pair of earrings or a necklace or a badge to put on your school bag and you’d be spending 50p, £1, £2.”

    Beth Searby A teenager with curly shoulder-length brown hair smiles, in a brown cardigan and patterned shirt and blue necklace, with her elbow resting on a CybermanBeth Searby

    Beth’s teenage years included weekly trips to Lincoln, where she’d invariably end up in Claire’s

    Claire’s has appointed administrators in the UK and Ireland after battling with falling sales and high competition.

    It said its 278 shops in the UK and 28 in Ireland would continue trading while it considered “the best possible path forward”, but it’s stopped online sales.

    Originally a US brand, Claire’s opened its first UK store in the mid-90s and quickly became a mainstay among tweens who flocked there for affordable hair ties, glittery butterfly clips, matching friendship necklaces and lip gloss.

    “It was the ultimate shop for young people,” says Ella Clancy, 29.

    She remembers using her pocket money to buy earrings, scrunchies and Lip Smacker lip balms from Claire’s as a teenager.

    Particularly memorable are the so-called “nerd glasses” she and her friends got there – glasses with chunky, dark frames and no prescription.

    The shops were always “super pink and colourful and girly,” she says.

    “When you’re a little girl, it’s sort of like heaven,” says Vianne Tinsley-Gardener, 23.

    She would go to the Claire’s stores in Braintree, Essex, to buy keyrings, earrings and stationery.

    The shops were full of “unique little knick-knacks”, she says.

    Its lucky dips bags – where you didn’t know what you were getting – and multibuy offers like its five items for £10 deal turned shopping there into a treasure hunt and catered to tweens’ budgets.

    Claire’s was a staple for young people getting their ears pierced, too – and it often had special deals.

    Grace Dean/BBC Rows of matching "best friends" necklaces on rails at Claire's, including butterflies, hearts and other designsGrace Dean/BBC

    Claire’s sells matching friendship necklaces, for which the brand has become well known

    But many Claire’s shoppers found that some point during their time at secondary school, the brand just stopped being cool.

    They turned to places like Accessorize, Topshop and Primark instead.

    This was the case for Ceara Silvano, 23. She remembers it became too “kiddish” when she was about 13 and she started shopping at Primark instead.

    “You do just grow out of stuff like that,” Ceara says – though she still returned later to have her ears pierced at Claire’s.

    Grace Dean/BBC Items on sale at a Claire's store, next to a pink sign that says "Buy 3 get 3 free - absolutely everything"Grace Dean/BBC

    Claire’s still offers deals, like buying three items and getting another three for free

    Al Thomann loved Claire’s when they were younger because of its use of bright colours, glitter and floral designs.

    But as they grew up, they too started to see the brand as “childish” and stopped shopping there.

    “You start to feel like you’re a young adult, and all around me, most of the adults were not shopping at Claire’s,” Al, now 25, says.

    “Aspiring to be an adult meant rejecting that sort of childlike, colourful, rainbow, unicorn whimsy.”

    How young people shop is changing

    Back in the 2000s and 2010s, young people bought things because they liked them, rather than because they were trendy, says Constance Richardson, who owns the personal styling business By Constance Rose.

    But thanks to rising use of social media, young people are keeping up-to-date with what’s stylish online.

    “Shein can spot a trend on TikTok and have that live within days, often for much less money” than Claire’s, says Georgia Wright, a reporter at Retail Gazette.

    Shein, a Chinese online fast-fashion giant, sells a huge range of items including clothes, accessories and stationery for low prices.

    Claire’s, in comparison, doesn’t pounce on trends as quickly, Ms Wright says.

    And it can’t compete on price, Miss Richardson says. “They’re still selling novelty products at a non-novelty price.”

    Grace Dean/BBC Stickers, water bottles and tumblers on sale at Claire'sGrace Dean/BBC

    Claire’s has been trying to follow trends, but Georgia Wright says it can’t keep up with the likes of Shein

    Another factor is that young people are often influenced by creators on social media who are much older than them – and don’t shop at Claire’s.

    “Kids are growing up faster than ever,” says Ms Wright. “You’ve got 11 year olds with five-step skincare routines.”

    At the other end of the spectrum to Shein, they’re turning to more premium brands like Sephora, Space NK and Astrid and Miyu, she says.

    Claire’s “just doesn’t deliver the same excitement,” Ms Wright says.

    Al Thomann A person with shoulder-length wavy hair takes a selfie in a mirror, wearing a purple animal-shaped hat, a necklace and a black t-shirt. In the background is a computer and a fan with the Japanese flagAl Thomann

    Al says they use Claire’s products to display their identity

    But the brand still holds a special place in many people’s hearts.

    Ceara says she feels nostalgic about shopping at Claire’s and wishes she’d kept some items as mementoes.

    Whenever Ella walks past Claire’s stores, “it brings a little smile to my face”.

    And some people say they still enjoy shopping at the brand.

    “As I started university and started thinking about my own sexuality and gender identity and how I wanted to present myself, the sort of items that Claire’s sold once again came back into my field of knowledge,” Al says.

    “All of the really beautiful, very unique earrings and necklaces, bracelets, flower crowns, those kinds of things, were almost instruments to display my own identity in a way that was visible.”

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  • Trump tariffs target ‘Made in USA’ cowboy boots

    Trump tariffs target ‘Made in USA’ cowboy boots


    OUDTSHOORN:

    The manufacture of iconic “made in the USA” cowboy boots is set to suffer from President Donald Trump’s 30-percent tariffs on South African exports that came into force in August.

    Texas’s most renowned makers of the southern US fashion staple source the ostrich leather they require exclusively from the small South African town of Oudtshoorn, 400 kilometres (250 miles) east of Cape Town.

    Known as the world’s “ostrich capital”, Oudtshoorn is nestled in the semi-arid Little Karoo valley just inland from the southern coast and is home to a few hundred thousand people and about as many of the giant flightless birds.

    “We just don’t know how bad the impact will be, but positive it wouldn’t be,” said ostrich farmer Laubscher Coetzee of the tariffs that kicked in after South Africa appeared unable to negotiate a new trade deal with Trump.

    More than half of the global supply of ostrich-derived products — from feathers to leather and meat — comes from nearly 200 farmers around Oudtshoorn who are joined in the Cape Karoo International (CKI) group, said its managing director Francois de Wet.

    South Africa as a whole supplies about 70 percent of the world’s production, he said.

    Luxury handbag manufacturers in France and Italy are among the CKI’s main clients. It also ships 20 percent of its ostrich leather to top Texas bootmakers such as Lucchese, Justin and Rios of Mercedes, whose boots are sold at several hundreds of dollars a pair.

    Ostrich is “an extremely important leather in our industry”, Ryan Vaughan, CEO of the Rios of Mercedes manufacturer, told AFP.

    “It’s very resilient, it forms to the foot,” he said, wearing a typical cowboy hat. Coming from “a long line of cattle ranchers”, his family brand was born in Texas in 1853 and employs 250 people.

    The tariffs “would make a dramatic impact in our business and in the western industry,” he said, “because it’s not just us that build a lot of cowboy boots out of ostrich leather”.

    It is also the case of Tony Lama, an El Paso bootmaker supplied by CKI that has given a pair to every recent Republican president. Donald Trump received cowboy boots emblazoned with “MAGA” made out of “American alligator” skin, according to a press release.

    De Wet from the CKI said he believed the South African supply of ostrich leather to the US manufacturers did not run counter to a push by the Trump administration for production to be brought home.

    The United States did not have enough ostriches to provide the required leather, he said.

    “We export the raw material, the ostrich leather. They can’t produce it from local ostriches in the US. They don’t have them,” he told AFP.

    “They do all the value-adding in the United States,” he said. “So therefore, in terms of the pure definition of what the Trump administration would like to see, in this case, we do it already.”

    The soft skins, recognisable by spots left by the large ostrich feathers, are currently sold to American manufacturers for around $20 a square foot.

    “We exported more than the usual volume of ostrich leather to the US in the past two-three months, so we have a little bit of a buffer,” said de Wet.

    “For the moment we don’t expect any layoffs in the short term,” he said. But “in the long term, if we have to pick up the full tariff, it will definitely… cause a shrinkage of our business.”

    The consumer could also not be expected to pay an extra 30 percent for the already pricey boots, he said.

    “So the tariff will have to be split between the exporter… and the importer, and preferably also a part paid by the end consumer.”

    It is the unique climate of the Little Karoo, which gets less than 400 millimetres (nearly 16 inches) of rain a year, that makes it ideal for ostrich rearing, said Coetzee, a fourth-generation Oudtshoorn farmer.

    “That is the reason the ostrich industry is still here 200 years after (it started),” he said.

    His great-grandfather built the family home in 1896, when the price of ostrich feathers rivalled that of gold because of their value to the women’s fashion industry.

    The extravagant “ostrich palaces” of the time are a reminder of the industry’s previous major crisis, when the market collapsed in the early 1900s as the arrival of the low-roofed motor car ended the fashion for high-feathered hats.

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  • Guselkumab Improves Symptoms, Stigmatization with Long-Term Use for Psoriasis

    Guselkumab Improves Symptoms, Stigmatization with Long-Term Use for Psoriasis

    Long-term guselkumab use may improve skin symptoms, sexual impairment issues, and feelings of stigmatization in those with psoriasis, new data suggest.1

    These findings from the G-EPOSS study were recently published in the Journal of Dermatology and authored by such investigators as Sascha Gerdes, MD, of the Department of Dermatology at the University Medical Center Schleswig-Holstein, Campus Kiel in Germany. Gerdes and colleagues highlighted that issues related to sexual impairment can be experienced by more than half of all patients with psoriasis, especially those with anogenital psoriasis.2

    Additionally, the investigative team noted that perceived stigmatization is often experienced by an even greater number of patients, in turn exacerbating mental health issues and decreasing well-being.3

    “The G-EPOSS study aims to evaluate the long-term effectiveness of guselkumab for improving psoriasis, HRQoL, sexual impairment, and perceived stigmatization outcomes in patients with moderate-to-severe plaque psoriasis in routine clinical practice,” Gerdes and coauthors wrote.1,4 “Primary endpoint findings were previously published; here, we present key secondary endpoints from the final week (W)76 data cut, reporting outcomes across diverse patient subgroups.”

    G-EPOSS Trial Design

    The investigative team highlighted the design of G-EPOSS, noting that the study was an observational, prospective, multi-center investigation carried out in Germany. The team focused their attention on adult patients living with with moderate-to-severe plaque psoriasis. Those deemed eligible to participate in G-EPOSS had a confirmed diagnosis of moderate-to-severe plaque psoriasis with a baseline Psoriasis Area and Severity Index (PASI) score above 3, were at least 18 years of age, and were considered appropriate candidates for systemic medications.

    The implementation among these patients of non-biologic concomitant psoriasis drugs was permitted by Gerdes et al in accordance with routine clinical practice. The investigators’ patient recruitment period took place between October 2019 – August 2021 across 44 study sites. Those involved as participants were then treated with guselkumab 100 mg at the point of baseline, the 4-week mark, and subsequently every 8 weeks until the 76-week mark. This was noted as consistent with local clinical practice and guidelines for prescribing.

    Gerdes and coauthors’ primary endpoint was determined to be attainment of PASI ≤3 at Week 28, and such results were reported previously.4 Over the course of the full 76-week treatment period, the investigative team looked at such secondary endpoints as Dermatology Life Quality Index (DLQI), Nail Psoriasis Severity Index (NAPSI) scores, anogenital Physician’s Global Assessment (aPGA), Relationship and Sexuality Scale (RSS), Patient Benefit Index (PBI), the results of the Perceived Stigmatization Questionnaire (PSQ), and rates of drug survival.

    The team conducted their analyses among those in the overall cohort and in subgroups. These subgroups were defined by patients’ ages, body mass index (BMI), duration of disease, presence of anogenital psoriasis, sex, depression, and attainment of “super-responder” status. The latter group’s status was defined as PASI = 0 at both the 20 and 28-week marks.

    Guselkumab Effects on Psoriasis

    There were 295 patients included in the final analysis. Gerges and colleagues highlighted that at baseline, trial subjects’ mean disease duration had been 17.4 years and their mean PASI and aPGA scores were 15.3 and 2.7, respectively. In terms of prior biologic exposure, it had been observed among 26.4% of the G-EPOSS participants. At the 76-week mark, the team found that 87.5% of subjects reported PASI ≤3, and 47.3% achieved complete clearance (PASI = 0).1

    The investigators noted a substantial increase in response rates among trial participants showing a shorter duration of their disease. Overall, Gerdes et al found that 18.3% of the subjects met the aforementioned criteria for super-response. In those who entered the analysis with nail involvement (NAPSI ≥1) or anogenital disease (aPGA ≥1), complete clearance was seen in 52.2% (NAPSI = 0) and 75.8% (aPGA = 0) by the 76-week mark, respectively.

    Complete clearance of psoriasis in the anogenital region (aPGA = 0) was found by the investigators to be consistently high across all of the BMI categories. The team also noted significant improvements across all of the patient-reported outcomes they had assessed (DLQI, RSS, PSQ), and these benefits extended across each of the subgroups. Those with shorter psoriasis duration tended to report having greater improvement in some measures. 88.1% of subjects at Week 76 showed a PBI of >3, and treatment persistence was estimated at 88.7%. Notably, Gerdes and coauthors found no new safety concerns were during G-EPOSS.

    “The findings emphasize the importance of involving the patient’s view and considering sensitive topics not always openly communicated by patients,” the investigators concluded.1 “In summary, a holistic view of patients and their treatments is important for optimal care; G-EPOSS supports findings that guselkumab not only addresses physical symptoms but also improves overall patient wellbeing.”

    References

    1. S Gerdes, P Weisenseel, D Groß, et al. “Long-Term Impact of Guselkumab on Skin, Sexuality, and Perceived Stigmatization in Patients With Psoriasis in Routine Clinical Practice: Week 76 Effectiveness and Safety Results From the Prospective German Multicenter G-EPOSS Study,” The Journal of Dermatology (2025): 1–14, https://doi.org/10.1111/1346-8138.17866.
    2. JC Cather, C Ryan, K Meeuwis, et al. “Patients’ Perspectives on the Impact of Genital Psoriasis: A Qualitative Study,” Dermatology and Therapy 7 (2017): 447–461.
    3. A Chen, KM Beck, E Tan, J Koo. “Stigmatization in Psoriasis,” Journal Psoriatic Arthritis 3 (2018): 100–106.
    4. S Gerdes, R Ostendorf, A Suss, et al. “Effectiveness, Safety and Impact of Guselkumab on Sexuality and Perceived Stigmatization in Patients With Psoriasis in Routine Clinical Practice: Week 28 Results From the Prospective German Multicentre G-EPOSS Study,” Journal of the European Academy of Dermatology and Venereology 39 Suppl 1 (2024): 15–26.

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  • AU$0.055 (vs AU$0.046 in FY 2024)

    AU$0.055 (vs AU$0.046 in FY 2024)

    ASX:MAM 1 Year Share Price vs Fair Value

    Explore Microequities Asset Management Group’s Fair Values from the Community and select yours

    • Revenue: AU$15.4m (up 19% from FY 2024).

    • Net income: AU$7.15m (up 19% from FY 2024).

    • Profit margin: 47% (in line with FY 2024).

    • EPS: AU$0.055 (up from AU$0.046 in FY 2024).

    We’ve found 21 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free.

    earnings-and-revenue-history
    ASX:MAM Earnings and Revenue History August 16th 2025

    All figures shown in the chart above are for the trailing 12 month (TTM) period

    Microequities Asset Management Group shares are up 5.3% from a week ago.

    Be aware that Microequities Asset Management Group is showing 3 warning signs in our investment analysis and 1 of those is a bit concerning…

    Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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  • HiTech Group Australia’s (ASX:HIT) Dividend Will Be A$0.05

    HiTech Group Australia’s (ASX:HIT) Dividend Will Be A$0.05

    HiTech Group Australia Limited (ASX:HIT) will pay a dividend of A$0.05 on the 17th of September. This makes the dividend yield 5.3%, which will augment investor returns quite nicely.

    AI is about to change healthcare. These 20 stocks are working on everything from early diagnostics to drug discovery. The best part – they are all under $10bn in marketcap – there is still time to get in early.

    If the payments aren’t sustainable, a high yield for a few years won’t matter that much. Based on the last dividend, HiTech Group Australia is earning enough to cover the payment, but then it makes up 175% of cash flows. While the company may be more focused on returning cash to shareholders than growing the business at this time, we think that a cash payout ratio this high might expose the dividend to being cut if the business ran into some challenges.

    Looking forward, earnings per share could rise by 11.5% over the next year if the trend from the last few years continues. Assuming the dividend continues along recent trends, we think the payout ratio could be 64% by next year, which is in a pretty sustainable range.

    ASX:HIT Historic Dividend August 16th 2025

    Check out our latest analysis for HiTech Group Australia

    It’s comforting to see that HiTech Group Australia has been paying a dividend for a number of years now, however it has been cut at least once in that time. This makes us cautious about the consistency of the dividend over a full economic cycle. The annual payment during the last 9 years was A$0.02 in 2016, and the most recent fiscal year payment was A$0.10. This means that it has been growing its distributions at 20% per annum over that time. Dividends have grown rapidly over this time, but with cuts in the past we are not certain that this stock will be a reliable source of income in the future.

    Given that the dividend has been cut in the past, we need to check if earnings are growing and if that might lead to stronger dividends in the future. We are encouraged to see that HiTech Group Australia has grown earnings per share at 11% per year over the past five years. The lack of cash flows does make us a bit cautious though, especially when it comes to the future of the dividend.

    Overall, it’s nice to see a consistent dividend payment, but we think that longer term, the current level of payment might be unsustainable. While the low payout ratio is a redeeming feature, this is offset by the minimal cash to cover the payments. This company is not in the top tier of income providing stocks.

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  • Biometric verification of registered persons: LTBA urges FBR, Nadra to bring in secure mobile app – Business & Finance

    Biometric verification of registered persons: LTBA urges FBR, Nadra to bring in secure mobile app – Business & Finance

    ISLAMABAD: The Federal Board of Revenue (FBR) and the National Database and Registration Authority (Nadra) should jointly implement a secure mobile application for biometric verification of sales tax registered persons.

    According to a letter of the Lahore Tax Bar Association (LTBA) to the FBR Chairman, the association highlighted major challenges faced by certain sales taxpayers under the current biometric verification system and proposed a digital solution aligned with FBR’s commitment to facilitation and innovation.

    Presently, biometric verification for sales tax registration and annually bio metric which required in terms of SRO 350(1)/2024 is conducted exclusively through Nadra’s physical infrastructure. While this may suffice for most residents, it poses considerable challenges for the following categories of taxpayers:

    (I); Individuals temporarily residing or travelling abroad.

    (2); Taxpayers located in remote or underdeveloped areas.

    (3); Elderly or physically challenged individuals who cannot easily access the Nadra facilities.

    Due to the unavailability of a remote verification mechanism, these taxpayers are unable to complete their sales tax registration and annually biometric which required in tarns of SRO 350(1)/2024 dated 07.03.2025, despite their willingness to comply with legal requirements. This creates unnecessary delays, hampers business operations, filing of sales tax returns and discourages potential entrants into the tax system.

    Key challenges included no Remote Option for Overseas Taxpayers and delays in Registration Activation and filing of sales tax returns.

    He LTBA proposed the FBR should consider in coordination with Nadra, the development and deployment of a secure mobile application for biometric verification. This solution may include facial recognition or fingerprint scanning wing smartphone technology and secure integration between the FBR and the Nadra.

    The expected benefits included enhanced taxpayer’s facilitation particularly for overseas Pakistanis and remote areas residents, improved compliance rate with quicker registration and fewer delays; expanded lax base and alignment with FBR’s digital transformation and automation goals.

    The association is confident that this initiative would greatly enhance the accessibility, efficiency, compliance and Inclusivity of FBR’s taxpayers’ registration system and ease filing of sales tax returns and enhance the revenue collection, it added.

    Copyright Business Recorder, 2025

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  • Industrial activity shrinks 3.67% in June

    Industrial activity shrinks 3.67% in June


    KARACHI:

    Pakistan’s large-scale manufacturing (LSM) sector ended fiscal year 2024-25 on a weak note, contracting by 0.74% compared with the previous year, according to provisional data released by the Pakistan Bureau of Statistics (PBS).

    The Quantum Index of Manufacturing (QIM) for June 2025 stood at 112.95, which reflected a modest 4.14% year-on-year growth but also a steep monthly fall of 3.67% from May.

    “Overall, the Large-Scale Manufacturing Sector has shown a growth of -0.74% during July-June 2024-25 when compared with the same period of last year,” noted PBS.

    Also Read: Oil and gas output hits 20-year low

    The LSM, which notes the growth of the industry in the country and contributes around 8% to the national GDP, contracted by 0.03% in fiscal year 2024, following a growth of 0.92% in the preceding year.

    On a cumulative basis, the QIM averaged 114.82 during July-June 2024-25, lower than 115.67 recorded in the corresponding period of 2023-24, highlighting subdued momentum in the industrial economy.
    The contraction was primarily driven by steep declines in cement, iron and steel, non-metallic mineral products, electrical equipment, machinery, and furniture. The cement sector shrank by 4.52% over the year, while iron and steel products fell 8.71%.

    Similarly, production of non-metallic mineral products dropped 7.86%, electrical equipment 11.65%, machinery and equipment 35.46%, and furniture plunged by a sharp 56.26%. The food sector, which carries significant weight in the index, also contracted 3.97%, further dragging down overall performance. Chemicals and fabricated metal products recorded similar negative growth, compounding pressures on the sector.

    Despite the broad-based weakness, certain industries managed to post strong gains, providing some relief. Automobile production surged by an impressive 46.15% during the fiscal year, benefiting from renewed demand and improved supply chain conditions.

    Petroleum products rose 11.92%, reflecting higher refinery output. Garments grew 5.70%, while fertilisers and pharmaceuticals expanded by 1.69% and 2.97%, respectively. Textiles, the backbone of Pakistan’s export sector, showed mixed results; cotton yarn and garments recorded gains, yet overall textile output fell slightly by 0.85%. Beverages and tobacco also managed recoveries after consecutive years of contraction.

    “Notable improvement has been witnessed in many pivotal sectors in recent months,” said Waqas Ghani Kukaswadia, Research Head of JS Global.

    Read: Pakistan demands equal green financing

    Declining inflation supported LSM growth by lowering input costs and strengthening demand, he added. “I believe that easing in outgoing months has improved the growth outlook for the large-scale manufacturing sector.”

    “LSMI growth signals industrial recovery, boosting employment, exports, and government revenues,” said Ali Najib, Deputy Head of Trading at Arif Habib Ltd.

    Strong performance in automobiles and apparel supports demand and investment, while declines in machinery, minerals, and furniture highlight structural weaknesses that could restrain sustainable economic momentum.

    “In my opinion, outlook remains cautiously optimistic, but persistent weakness in machinery and construction-linked sectors may hinder broad-based, sustainable industrial recovery, as indicated by LSMI numbers,” Najib told The Express Tribune.

    Also Read: Govt rejects lower gas tariff plea

    The mixed trends in the LSM sector point to uneven growth and persistent structural weaknesses. While consumer-driven sectors like automobiles and garments showed resilience, industries linked with construction and heavy manufacturing remained under severe stress, reflecting subdued domestic demand and rising input costs.

    Energy shortages, higher financing expenses, and weak investor confidence have further constrained industrial expansion. Analysts caution that without targeted policy support, energy sector reforms, and incentives to boost exports, Pakistan’s manufacturing base will continue to struggle, limiting job creation and undermining the country’s broader economic recovery.

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  • Central Bankers Flock to Jackson Hole at Pivotal Moment

    Central Bankers Flock to Jackson Hole at Pivotal Moment

    A big week is coming up for the Federal Reserve and central bank enthusiasts.

    The Kansas City Fed’s annual Economic Policy Symposium kicks off Thursday evening in Jackson Hole, Wyoming. Chair Jerome Powell in remarks on Friday is expected to unveil the Fed’s new policy framework — the strategy it’ll use to achieve its inflation and employment goals.

    Most Read from Bloomberg

    Powell may also drop some hints about the Fed’s thinking ahead of its September policy meeting. Officials have left interest rates on hold so far this year as they wait to see how the Trump administration’s tariffs impact the economy.

    With inflation still above the Fed’s 2% goal and signs of a slowdown in the labor market, policymakers have become divided on when to resume rate cuts. Powell’s speech could give Fed watchers a fresh update on how much support there is to lower rates in September — at a time the Trump administration is piling on the pressure to start easing.

    Data over the past week likely did little to shift opinions on inflation and the economy. The core consumer price index, which excludes food and fuel, rose in July by the most since the start of the year. Yet the cost of tariff-exposed goods didn’t rise as much as feared.

    A separate report on wholesale inflation suggested price pressures on companies are mounting, however. And a fresh read on retail sales showed American consumers flexed a bit more muscle over the past two months, though a decline in sentiment pointed to anxiety about inflation and the job market.

    What Bloomberg Economics Says:

    “Federal Reserve Chair Jerome Powell has the opportunity to settle the speculation with his speech at the annual Jackson Hole Symposium (Friday). Last year, he used the gathering of central bankers to telegraph that the Fed was ready to cut rates. But the circumstances are different, and we don’t think he’ll be as frank this year.”

    — Anna Wong, Stuart Paul, Eliza Winger, Estelle Ou and Chris G. Collins, economists. For full analysis, click here

    The global nature of the Jackson Hole conference also offers an opportunity for Powell’s peers to express their support amid persistent criticism from President Donald Trump. Central bank independence is likely to be a topic on the sidelines of the confab.

    A handful of economists will present new research papers during the meeting, and there’s usually a panel featuring heads of some of the world’s biggest central banks.

    Elsewhere, central bankers in New Zealand are projected to cut rates in a bid to shore up the labor market. Inflation and retail sales data take top billing in the UK, while purchasing managers indexes for economies across the world will help shed light on the impact of US tariffs.

    Click here for what happened in the past week, and below is our wrap of what’s coming up in the global economy.

    US and Canada

    The US economic calendar lightens up in the coming week and will include several reports on the housing market. Cheaper borrowing costs would stoke demand in a residential real estate sector that’s been bogged down by low affordability.

    On Tuesday, economists expect government figures to show a decline in US housing starts. National Association of Realtors data out Thursday are projected to show sales of previously owned homes hovering near a 15-year low.

    Turning north, Statistics Canada will release inflation data for July, the first of two such reports before the Bank of Canada’s September rate decision.

    The central bank is closely watching core measures and the share of components in the consumer price index basket that are rising, both of which accelerated in the previous month’s data. Signs of cooling would open the door to a rate cut.

    Advance retail sales data for July will shed light on Canadian consumer health after June’s preliminary estimate surprisingly pointed to the strongest spending this year.

    Asia

    The Reserve Bank of New Zealand is the focus on Wednesday, when authorities are expected to resume a monetary easing cycle. Economists forecast the RBNZ will trim its benchmark rate by a quarter-point, to 3%, as officials look to keep a sagging labor market from impeding growth.

    Bank Indonesia is seen keeping its policy settings unchanged the same day. China will likely hold its 1- and 5-year loan prime rates steady.

    Asia sees a slew of indicators that are expected to underscore the impact of US trade policies on the region’s manufacturers. South Korea publishes early trade statistics for August, while Japan, Singapore, New Zealand and Malaysia all release reports for July. Thursday brings manufacturing PMI data for Japan, Australia and India.

    Thailand’s economic growth likely slowed a tad in the second quarter, data on Monday are expected to show, validating the Bank of Thailand’s recent move to to cut its benchmark rate.

    Japan’s national CPI data, scheduled for release on Friday, are forecast to show consumer inflation stayed well above the Bank of Japan’s target in July, backing the case for the BOJ to remain on the path toward gradual rate hikes.

    Hong Kong and Malaysia also release inflation figures in the coming week. Australia issues consumer confidence on Tuesday.

    Europe, Middle East, Africa

    July inflation from the UK is likely to be the week’s most-watched release, with the Bank of England seeing price gains creeping up to a 4% peak in September. Bloomberg Economics is looking for a slight uptick on the month, to 3.7% from 3.6%. Analysts at Bank of America see services inflation edging up.

    The UK also reports retail sales at the end of the week, though before that it will join the region’s other major economies in getting an update on private-sector activity from S&P Global’s Purchasing Managers’ Index.

    Like the euro zone, the UK’s reading has been a point or two above the 50 level that separates expansion from contraction. Analysts will look at how companies in Europe are reacting to the tariff deal between Brussels and Washington after investor confidence sank in Germany.

    Swiss exports, due on Thursday, will shed light on that country’s trade dealings with the US, which ended up hitting Switzerland with the highest tariffs among developed countries.

    Remarks on Wednesday in Geneva from European Central Bank President Christine Lagarde may offer more pointers on the continent’s outlook. Traders have pared bets on further ECB interest-rate cuts but will have an eye on negotiated-wage data due Friday to make sure moderation is continuing there.

    Wednesday sees policymakers convene at Sweden’s Riksbank. They’re likely to keep the benchmark rate at 2%, looking past a temporary summer flare-up in inflation.

    Beyond Europe, South Africa publishes inflation data on Wednesday, with price growth seen accelerating to 3.5% in July from 3%. Israel will set borrowing costs the same day, with analysts looking for rates to be held steady for a 13th consecutive meeting. Rwanda and Botswana set rate policy on Thursday.

    Latin America

    Chile kicks off the week with its second-quarter output report, central bank survey of traders, and quarterly current account data.

    Growth may undershoot central bank forecasts, though the consensus calls for a second-half rebound supported by domestic demand, slowing inflation, and easing financial conditions.

    Brazil’s central bank on Monday posts its usual weekly Focus market readout along with its June economic activity report. May’s month-on-month dip aside, indicators such as the output gap suggest that Latin America’s No. 1 economy is still running hot.

    Argentina on Wednesday delivers June GDP-proxy data on the heels of a disappointing -0.1% month-on-month reading in May. Economists surveyed by the central bank forecast growth of 5% in 2025.

    Closing out the week, Mexico publishes June economic activity data and its final output figures for the three months through June, likely coming in quite close to flash readings of 0.7% quarter-on-quarter and 0.1% year-on-year reported on July 30.

    Uncertainty over Trump’s trade and tariff policies, along with scaled back public investment, are expected to drag on Latin America’s No. 2 economy in the second half and into 2026.

    After consumer prices slowed more than expected in July — excluding services and core readings — mid-month inflation readings on Friday may have reversed course and ticked higher.

    –With assistance from Brian Fowler, Vince Golle, Monique Vanek, Robert Jameson, Laura Dhillon Kane, Mark Evans, Andrew Langley, Beril Akman and Jana Randow.

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  • Canadian government moves to end Air Canada strike, seeks binding arbitration – Reuters

    1. Canadian government moves to end Air Canada strike, seeks binding arbitration  Reuters
    2. Government moves to end Air Canada strike, ordering both sides to bargaining table  BBC
    3. Air Canada travelers brace for impact: What to know if your flight is canceled  AP News
    4. Air Canada no longer wants to negotiate  Canadian Union of Public Employees
    5. Air Canada’s Flight Attendants Begin Strike, Crippling the Airline  The New York Times

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  • Airfares are surging again after a months-long slump as carriers trim flights to ease a capacity glut

    Airfares are surging again after a months-long slump as carriers trim flights to ease a capacity glut

    • The latest consumer price index report showed airfares jumped 4% in July from the prior month, reversing a slump that began early this year. That’s as airlines are reducing the number of flights, easing a capacity glut, while demand has rebounded after President Donald Trump’s trade war slowed travel during the spring.

    Supply and demand are coming back into balance in the airline industry, meaning airfares are shooting higher again after an extended downtrend.

    The latest consumer price index report showed airfares jumped 4% in July from June, marking the first monthly increase since January.

    For much of the peak travel season, consumers enjoyed lower prices. Airfares ticked down 0.1% in June and fell 2.7% in May from the prior month. But those days look to be over for now.

    Airlines are trimming flights more aggressively than usual as the summer winds down. Domestic capacity among U.S. airlines has dropped 6% in August versus July, according to data from Cirium cited by CNBC.

    That’s bigger than the cut of just over 4% during the same period a year ago as well as the 0.6% cut in 2023. And in the pre-COVID summer of 2019, capacity fell by 1.7% between July and August.

    The strike at Air Canada could throw another wrench into capacity as the carrier suspends operations. Canada’s top airline operates around 700 flights per day.

    Earlier this summer, airlines found themselves with too much capacity as their expectations at the start of the year for another travel boom slammed into President Donald Trump’s trade war in the spring.

    After he unveiled much steeper-than-expected tariffs in April, demand for flights slowed as consumers turned cautious about the economy and their finances. To avoid flying empty planes, airlines slashed prices.

    But Trump pulled back from his highest levies and signed several trade deals. With some uncertainty easing, airlines have reported that demand is rebounding. In fact, security screenings at airports in July and so far in August are up from a year ago.

    “The world is less uncertain today than it was during the first six months of 2025 and that gives us confidence about a strong finish to the year,” United Airlines CEO Scott Kirby said last month.

    Introducing the 2025 Fortune Global 500, the definitive ranking of the biggest companies in the world. Explore this year’s list.

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