NEW JERSEY: US shoppers had splurged more than $1.52 billion (SR5.7 billion) online by Thanksgiving evening, and more bargain hunters turned up at stores this year after two weak holiday seasons as retailers opened their doors early on the eve of Black Friday.
At the start of the holiday season consumer spending rose 16.8 percent year-over-year until 5pm ET on Thursday, according to Adobe Analytics, which tracked 80 percent of online transactions at the top 100 US retailers.
Surging online sales and a shift away from store shopping have thinned the crowds typically seen at stores on Thanksgiving evening and the day after, Black Friday, for the past two years. But a strong labor market, rising home prices and stock markets at record highs have improved shopper appetite this year.
Crowds at stores in many locations around the country were reported to be strong, according to analysts and retail consultants monitoring shopper traffic across the US
“The turnout is clearly better than the last couple of years,” said Craig Johnson, president of Customer Growth Partners. “The parking lots are full and the outlet malls are busy.”
The retail consultancy has 20 members studying customer traffic in different parts of the country.
Moody’s retail analyst Charlie O’ Shea, who was in Bucks County, Pennsylvania, reported healthy traffic at local stores including consumer electronics chain Best Buy, clothing store Old Navy and retailer Kohl’s Corp.
“The weather is cooperating and people here are out,” he said.
The National Retail Federation is projecting that sales for November and December will rise 3.6 percent to 4 percent this year, versus a 4 percent increase last year. Non-store sales, which include online sales and those from kiosks, are expected to rise 11 percent-15 percent to about $140 billion.
In New Jersey, around 50 people lined up a Macy’s at the Westfield Garden State Plaza mall before it opened and around 200 people stood outside the Best Buy store, many to pick up their online orders.
“Me and my husband have a bigger place and we need a bigger TV for the living room,” said Jenipher Gomes, who bought a 50-inch Samsung TV at Best Buy for $399.99. Shopper Hammad Farooq said he waited at the store for an hour to shop for laptops and monitors.
In Chicago, shoppers appeared to be slightly less enthusiastic to emerge from their turkey slumber and crowds were thin along the city’s popular shopping destination, State Street.
“There’s a few more people than normal but I wouldn’t call this crowded at all,” Deloitte auditor Eugenia Liew said as she shopped at discount retailer Target. “I expected a lot more people.”
The holiday season spanning November and December is crucial for retailers because it can account for as much as 40 percent of annual sales. Retailers try to attract shoppers with deep discounts.
Average discounts ranged between 10 and 16 percent with the best deals online on Thanksgiving evening available for computers, sporting goods, apparel and video games, according to date from Adobe.
The number of customers shopping on their smartphones surged, accounting for 46 percent of the traffic on retail websites, while traffic from desktop and laptop computers declined 11 percent and nearly 6 percent respectively, according to the data.
US online sales surge as shoppers splurge on eve of Black Friday
US online sales surge as shoppers splurge on eve of Black Friday
Iran ‘categorically’ denies envoy’s meeting with Musk
TEHRAN: Iran’s foreign ministry spokesman on Saturday “categorically” denied The New York Times report on Tehran’s ambassador to the United Nations meeting with US tech billionaire Elon Musk, state media reported.
In an interview with state news agency IRNA, spokesman Esmaeil Baghaei was reported as “categorically denying such a meeting” and expressing “surprise at the coverage of the American media in this regard.”
The Times reported on Friday that Musk, who is a close ally of President-elect Donald Trump, met earlier this week with Iran’s ambassador to the UN, Amir Saeid Iravani.
It cited anonymous Iranian sources describing the encounter as “positive.”
Iranian newspapers, particularly those aligned with the reformist party that supports President Masoud Pezeshkian, largely described the meeting in positive terms before Baghaei’s statement.
In the weeks leading up to Trump’s re-election, Iranian officials have signalled a willingness to resolve issues with the West.
Iran and the United Stated cut diplomatic ties shortly after the 1979 Islamic revolution that toppled the US-backed shah of Iran, Mohammed Reza Pahlavi.
Since then, both countries have communicated through the Swiss embassy in Tehran and the Sultanate of Oman.
The urgency of climate finance: Is the world ready to commit?
BAKU: As global leaders gather in Baku for the COP29 UN climate change conference, the focus on climate finance has never been more pressing. This year’s conference theme, “Accelerating Climate Action for Sustainable Development,” suggests that climate action must advance economic stability as well as address environmental concerns.
Yalchin Rafiyev, Azerbaijan’s lead negotiator for COP29, has said that “trillions of dollars” are needed to fund the fight against climate change — a significant increase from the longstanding annual target of $100 billion, which itself remains unmet. Vulnerable nations are especially affected by this shortfall, lacking the resources to build resilience against climate impacts.
The need for equitable financing
Delegates from developing regions, including African representatives, have called for climate finance to reflect the distinct economic realities faced by less developed countries.
Shaimaa Al-Sheiby, senior director of strategic planning at OPEC, spoke to Arab News about the importance of ensuring that climate finance meets the needs of developing economies
“In many countries, it’s difficult for governments to sustain economic progress without accessible financing,” Al-Sheiby said. She advocated for wealthier nations and financial institutions to play a greater role in “de-risking” investments in developing markets to attract private capital for renewable projects.
Yusuf Idris Amoke, a Nigerian climate adviser, said: “The Global South is on the receiving end of climate impacts while contributing far less to emissions.”
For these countries, the push to phase out fossil fuels often clashes with immediate economic needs, especially given that alternatives are limited and expensive.
“Financing third world countries or the Global South is key,” Amoke added, saying that transitioning without robust financial support is neither equitable nor feasible.
Voluntary carbon markets and climate solutions
Voluntary carbon markets have been gaining traction as a flexible solution for reducing emissions, especially in regions where compulsory systems have struggled to achieve significant results.
These markets encourage companies to take part in climate initiatives by creating financial incentives, which, as Al-Sheiby said, are essential for involving the private sector.
“Private capital is very shy,” she added, saying that risk-reduction strategies could help attract these funds to where they are most needed.
The success of voluntary markets, however, depends on strong regulatory support, transparency and accountability.
Global initiatives and South-South collaboration
The COP29 Presidency has launched the Baku Initiative for Climate Finance, Investment and Trade, a collaborative platform designed to align climate finance and trade with sustainable development priorities. By convening leaders from developed countries and the Global South, the initiative aims to foster equitable climate solutions.
In Africa, Saudi Arabia’s “Empowering Africa Initiative” exemplifies South-South collaboration. Minister of Energy Prince Abdulaziz bin Salman has signed agreements with Ethiopia, Chad, Senegal and other countries to promote energy equity as well as accelerate the continent’s energy transition. These agreements are set to harness Africa’s vast renewable energy potential, including its 10 terawatts of solar capacity.
Abid Malik, ACWA Power’s geo head for Central Asia, highlighted the importance of fostering local expertise during an interview with Arab News. “Our projects in Africa don’t just bring renewable energy; they create jobs, enhance technical skills and empower local communities to take charge of their energy futures,” he said.
The intersection of climate finance and conflict recovery
The recently announced Baku Call on Climate Action for Peace, Relief and Recovery highlights the role of climate action in stabilizing conflict-affected regions. “Climate-induced challenges such as water scarcity and food insecurity are catalysts for conflict,” said Mukhtar Babayev, COP29 president. “Peace-sensitive climate action is crucial for the most vulnerable.”
Gilles Carbonnier, vice president of the International Committee of the Red Cross, highlighted the environmental fallout in conflict zones like Gaza. “In places like Gaza, where infrastructure has been decimated, renewable energy offers a lifeline,” he told Arab News. “Solar microgrids in refugee camps are providing critical electricity for healthcare and other essential services.”
Charting a path forward
The commitments announced at COP29 reflect a growing recognition of the interconnected challenges of climate finance, energy equity and conflict recovery. With asset owners controlling $10 trillion pledging to accelerate private capital deployment and initiatives like BICFIT gaining momentum, the foundations for transformative change are being established.
For vulnerable nations, these efforts offer a glimmer of hope. However, achieving a just transition will require sustained political will and a reimagining of global financing systems. As COP29 unfolds, the world is watching to see if the pledges made in Baku will translate into tangible action.
Indian private university opens first international campus in Dubai
- Indian FM inaugurated the Dubai campus of Symbiosis International University on Thursday
- Under national education policy, New Delhi wants to internationalize Indian education system
New Delhi: A private Indian university has opened its first international campus in Dubai this week, marking a growing education cooperation between New Delhi and Abu Dhabi.
Symbiosis International University is a private higher education institution based in the western Indian city of Pune with at least five other campuses operating across the country, offering undergraduate, postgraduate and doctorate-level programs.
It is considered one of the top private business schools in the South Asian country, ranking 13th in management in the Indian Ministry of Education’s National Institutional Ranking Framework.
SIU’s Dubai campus, which will offer management, technology and media and communications courses, was officially inaugurated on Thursday by Indian Foreign Minister S. Jaishankar and Sheikh Nahyan bin Mubarak, the UAE minister of tolerance and coexistence.
“I am sure that this campus will foster greater collaboration and research linkages between scholars of India and UAE, for mutual prosperity and global good,” Jaishankar said during the ceremony.
“(The) ceremony is not just an inauguration of a new campus; it is a celebration of the growing educational cooperation between our two countries. Right now, Indian curriculum and learning is being imparted through more than 100 International Indian Schools in UAE, benefitting more than 300,000 students.”
Under India’s National Education Policy 2020, New Delhi aims to internationalize the Indian education system, including by establishing campuses abroad.
Another top Indian school, the Indian Institute of Technology-Delhi, began its first undergraduate courses in September, after starting its teaching program in January with a master’s course in energy transition and sustainability.
Initially launched in September with more than 100 students, the SIU Dubai Campus is the first Indian university in Dubai to start operations with full accreditation and licensing from the UAE’s top education authorities, including the Ministry of Education.
“A university setting up a campus abroad is not just a bold step, but a concrete commitment to the goal of globalizing India. They certainly render an educational service, but even more, connect us to the world by strengthening our living bridges,” Jaishankar added as he addressed the students.
Dr. Vidya Yeravdekar, pro-chancellor of Symbiosis International University, said that the school’s establishment in Dubai was in line with the UAE’s education goals.
“Internationalization is central to the UAE’s educational vision,” Yeravdekar said on Friday.
“By opening our campus in Dubai, we are creating a gateway for students from around the world to engage in a truly global academic experience, where they can benefit from international faculty, real-world industry collaborations, and a curriculum that meets the needs of a changing world.”
Riyadh falcon auction soars with $1.6m in sales
- 45-day event celebrates falconry traditions while fostering economic growth
RIYADH: The Saudi Falcon Club concluded its auction season on Friday night, generating nearly SR6 million ($1.6 million) in sales over a 45-day event, the Saudi Press Agency reported on Saturday.
The auction, held at the club’s headquarters in Malham, north of Riyadh, drew 165 falconers and featured 50 falcons from 30 locations from all over the Kingdom.
The season’s highlight was a peregrine falcon chick from the Al-Dabdaba area in the Hafr Al-Batin governorate, which sold for SR400,000 on the sixth night — the highest price of the event.
To support participants, the club organized a closing ceremony featuring substantial prizes, including two cars and 20 cash awards totaling SR100,000.
“Our efforts align with the leadership’s vision to protect and promote authentic falconry traditions while sustaining it as a hobby,” said club spokesperson, Waleed Al-Taweel.
“This auction preserves our cultural legacy and creates economic opportunities in line with Vision 2030.”
Al-Taweel highlighted the club’s transformation of traditional falconry into a thriving economic sector, with its auction platform now the Kingdom’s largest official falcon marketplace, aligning with Vision 2030’s cultural and economic goals.
“Our ambition is to make Saudi Arabia the premier destination for falcon enthusiasts and breeders,” he said.
He also emphasized the club’s focus on market development and conservation, including regulating falcon trade and protecting endangered species through sales bans and awareness campaigns.
The finale saw three falcons sell for a combined SR367,000. The auction has become a key marketplace for local and international falcon-breeding farms, offering business opportunities for professional falconers and showcasing elite breeds.
The club provides extensive services to falconers, including housing and transporting birds to the auction site. Each sale is broadcast live on television and social media, ensuring competitive bidding, according to SPA.
The event plays a vital role in preserving Saudi Arabia’s cultural, economic and historical heritage while supporting falconry activities and developing the local falcon auction market into a global hub. It also aims to regulate the falcon trade in the Kingdom and protect endangered species.
During the club’s first auction in 2020, total sales exceeded SR10 million. The second auction brought SR8.3 million, the third more than SR7 million, and the fourth SR10 million.
Russia captures two villages in eastern Ukraine, defense ministry says, according to agencies
MOSCOW: Russian forces have captured the villages of Makarivka and Leninskoye in Ukraine’s Donetsk region, Russian news agencies reported on Saturday, citing the Russian Defense Ministry.