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
Pakistan’s National Assembly expresses solidarity with Los Angeles fire victims as deaths rise to 24
Pakistan’s National Assembly expresses solidarity with Los Angeles fire victims as deaths rise to 24
- National Assembly passes resolution urging global organizations to come together to aid rehabilitation efforts in Los Angeles
- At least a dozen people remain missing, while 12,000 structures have been damaged or destroyed as per official estimates
ISLAMABAD: Pakistan’s National Assembly this week passed a resolution expressing solidarity with the victims of the raging Los Angeles wildfires, where the death toll has climbed to 24 in the last seven days, state-run media reported.
The blazes in Los Angeles burned for a seventh straight day on Monday, reducing whole neighborhoods to ruins and levelling homes as firefighters continue to battle the flames. More than 100,000 people have been forced to evacuate from Los Angeles, while 12,000 structures have been damaged or destroyed as per official estimates.
Pakistani lawmaker Naveed Jeeva moved the resolution in the National Assembly, Pakistan’s lower house of parliament, on Monday to extend his deepest condolences to families of the Los Angeles fire victims.
“The National Assembly today passed a resolution expressing solidarity with the victims of Los Angeles fire,” state broadcaster Radio Pakistan reported on Monday. “It called upon local and global organizations to come together in the spirit of humanity to aid in recovery and rehabilitation of Los Angeles.”
The wildfires have also dealt a huge economic loss to the city, with private forecaster AccuWeather estimating the damage and economic loss from the blaze at $135bn to $150bn.
Firefighters got a temporary break from the weather this weekend as the Santa Ana winds finally eased. However, weather experts on Monday forecast that the fierce winds are likely to return and threaten the progress made so far on the two massive infernos.
Meanwhile, US President-elect Donald Trump criticized local officials, saying that they had not dealt with the situation properly.
“The fires are still raging in LA. The incompetent [politicians] have no idea how to put them out,” he wrote on his Truth Social media feed. “Thousands of magnificent houses are gone, and many more will soon be lost. There is death all over the place … they just can’t put out the fires. What’s wrong with them?“
Several celebrities residing in Los Angeles have said they lost their homes to the blaze. These include Leighton Meester, Adam Brody, Julia Louis-Dreyfus, Joshua Jackson, Anna Faris, Ricki Lake, Cary Elwes, Cameron Mathison, Spencer Pratt and Heidi Montag.
Many others, including Tara Lipinski, Chrissy Teigen, Britney Spears and more said they have evacuated as the fire continues to spread.
Pakistan eyes foreign investment as Future Minerals Forum kicks off in Riyadh today
- Petroleum Minister Dr. Musadik Malik to represent Pakistan alongside prominent petroleum companies at the three-day conference
- Pakistani delegates to meet regional, international stakeholders to highlight investment opportunities in mining sector, says state media
ISLAMABAD: Pakistan’s Petroleum Minister Dr. Musadik Malik will take part in the Future Minerals Forum (FMF) summit in Saudi Arabia’s capital today, Tuesday, the Press Information Department (PID) said, as Islamabad eyes global partnerships to attract foreign investment in its mining sector.
The Future Minerals Forum (FMF) is the world’s premier platform for minerals, bringing together governments, international organizations, and stakeholders to collectively shape the future of minerals. With 14,000 participants from 178 countries, including 75 government representatives, FMF says it serves as a catalyst for global collaboration.
Pakistan has taken steps in recent months to attract foreign investment in its mining sector. The South Asian country is home to the Reko Diq mine located in the country’s restive southwestern Balochistan province. It is considered one of the world’s largest underdeveloped copper-gold areas by global mining company Barrick Gold Corp, which owns the project jointly with Pakistan. Saudi Arabia offered Pakistan a 15 percent investment stake in the Reko Diq copper and gold mine project, Pakistan’s state media reported in September 2024.
“Pakistan’s Minister of Petroleum and Water Resources Dr. Musadiq Malik alongside key policymakers, state-owned entities and industry leaders will represent Pakistan at the Future Minerals Forum (FMF) in Riyadh from the 14-16th of January,” the PID said, adding that the delegation would aim to “unlock the country’s mining potential and foster international partnerships.”
The statement said Malik will represent Pakistan at the summit alongside prominent Pakistani companies such as Pakistan Petroleum Limited, Oil and Gas Development Company Limited, Mari Energies, Government Holdings (Private) Limited, Pakistan Minerals (Private) Limited, Saindak Metals Limited and others.
The PID noted that Pakistan’s government had introduced investor-friendly policies and offered incentives such as duty exemptions and tax breaks, reiterating that these measures were designed to grow the mining sector.
“During the FMF, the participants and delegates from Pakistan will conduct meetings with relevant regional and international stakeholders at the Pakistan Pavillion and host a 90-minute session, showcasing Pakistan’s geological assets, projects and investment opportunities,” the PID said.
It said Pakistan’s delegation would aim to attract international investors and drive sustainable economic growth in addition to the ministerial round table, where Malik will highlight Pakistan’s potential in the mining sector.
Pakistan set up the Special Investment Facilitation Council (SIFC), a civil-military hybrid body, in June 2023 with the sole purpose of reviving the country’s frail national economy, damaged by low foreign exchange reserves, currency depreciation and record inflation. One of the key sectors that the SIFC targets is mining.
Pakistan’s state broadcaster has said the government expects up to $5 billion investment in the mining and agriculture sector by June 2025.
China's deployment of 'monster ship' alarming, says Philippine security official
- Manila has lodged a protest over the presence of the 165 m long vessel Chinese coast guard vessel 5901
MANILA: The Philippines said China’s deployment of its largest coast guard vessel inside Manila’s exclusive economic zone (EEZ) was alarming and clearly meant to intimidate fishermen operating around a contested shoal in the South China Sea.
“We were surprised about the increasing aggression being showed by the People’s Republic of China in deploying the monster ship,” National Security Council spokesperson Jonathan Malaya said in a press conference on Tuesday.
Manila has lodged a protest over the presence of the 165 m long vessel Chinese coast guard vessel 5901, which was spotted 77 nautical miles off the coast of Zambales province, and demanded its withdrawal from the EEZ, Malaya said.
“It is an escalation and provocative,” Malaya said, saying the presence the vessel was “illegal” and “unacceptable.”
The Philippine Coast Guard said it had deployed two of its largest vessels to drive away the Chinese vessel.
Chinese foreign ministry spokesperson Guo Jiakun said on Monday that its coast guard’s “patrol and law enforcement activities” were “reasonable, lawful and beyond reproach.”
Tensions between the Philippines, a US treaty ally, and Beijing have escalated over the past two years due to overlapping claims in the South China Sea.
In 2016, an international tribunal ruled China’s claims to large swathes of the disputed waterway had no basis, a decision Beijing rejects.
China’s expansive claims overlap with the EEZs of Brunei, Indonesia, Malaysia, the Philippines and Vietnam. The disputed waterway is a strategic shipping route through which about $3 trillion of annual commerce moves.
'Not for the poor': Indonesians in capital face housing, commute woes
- Residents of the megalopolis of 11 million are finding it impossible to climb the property ladder
- The price of a Jakarta house is on average 20 times higher than an employee’s annual salary
JAKARTA: Scrolling on social media, Indonesian moviegoer Jessica Sihotang stumbled across a film depicting a fellow woman in her 30s struggling to make the dream of buying a Jakarta home a reality.
Nearly two million like-minded Indonesians tuned in to watch the protagonist’s house-hunting journey when “Home Sweet Loan” was released last year, the movie’s producer said.
Residents of the megalopolis of 11 million are finding it impossible to climb the property ladder, as space shrinks and prices rise, forcing them to seek faraway homes that come with arduous commutes.
The movie sparked widespread chatter among Jakartans, as its main character’s grievances resonated with their own long-held housing woes.
“I can relate so much. I’ve been thinking about it for the past 10 years,” said Sihotang.
“I want to have my own house, but my savings have never been enough even just for the down payment,” added the 35-year-old university admissions worker.
Jakarta is where Indonesia’s growing wealth gap is most evident — with unofficial slum housing sitting below shiny new apartment complexes and skyscrapers.
Less than two-thirds of Jakartans own a home, according to Indonesia’s Central Statistics Bureau, the lowest figure compared to other provinces.
Sihotang said she cannot afford a home within 60 kilometers (37 miles) of her job.
“I have to find side hustles for additional income, or maybe try my luck for a few years abroad” before buying a property, she said.
The price of a Jakarta house is on average 20 times higher than an employee’s annual salary, a University of Indonesia survey in June found.
Jakartans like Rizqi Arifuddin have resorted to buying a house in neighboring provinces.
The office worker in one of Jakarta’s main business districts commutes by train for an hour from his home in West Java province.
He then jumps on a motorcycle taxi for another half an hour to reach the office.
“I can never afford a house in the city. Even researching the prices makes me upset,” he said.
With limited space available in the cramped capital known for its brutal traffic jams, prices have skyrocketed.
Housing complexes are now being built further from the city to meet demand.
“This is the reality, people are now competing for places which at least have access to mass transportation,” said Yayat Supriyatna, an urban planner from Trisakti University in Jakarta.
“Jakarta is not a place for the poor,” he told AFP.
Some Indonesians like Muhammad Faris Dzaki Rahadian and his wife have chosen to rent, rather than buy, a property close to work.
“Even with our joint income, it is still not affordable,” said journalist Rahadian, 27.
“I don’t think buying is a rational option.”
To address the housing crisis, the government will require employees from 2027 to contribute three percent of their salaries to a savings fund which they can use for housing.
But it has angered Indonesians who think it won’t be enough — or that it could be taken from them by a government many distrust.
“Who’s going to benefit? It seems to me that people are getting constantly pressured,” Supriyatna said.
Despite the grim housing market, some are still holding on to their dreams.
“Having a house, no matter how small is a symbol of peace of mind for me,” Sihotang said.
“It will give me peace when I’m old.”
Fire-ravaged Los Angeles in path of dangerous Santa Ana winds
- Santa Ana winds could reach 75 mph, threatening firefighting efforts
- At least 24 people dead, 12,000 structures damaged or destroyed
LOS ANGELES: Los Angeles firefighters braced for high winds overnight into Tuesday, gusts that could fuel two monstrous wildfires that have already leveled entire neighborhoods, killed at least two dozen people, and burned an area the size of Washington, D.C.
Dry, dangerous Santa Ana wind gusts reached 30 to 50 mph (48 to 80 kph) later on Monday, but the red flag warning was not due to start until 10 p.m. PST (0600 GMT) with the peak winds that could hit 75 mph (120 kph) starting around 4 a.m. Tuesday (1200 GMT), said David Roth, a meteorologist with the National Weather Service’s Weather Prediction Center.
More than 8,500 firefighters attacked the fires from the air and on the ground, preventing the conflagrations at either end of Los Angeles from spreading overnight.
“This setup is about as bad as it gets,” and Los Angeles City Fire Chief Kristin Crowley told Angelenos, “We are not in the clear.”
Officials said the state was pre-positioning firefighting crews in vulnerable areas, not just in Los Angeles but also in other Southern California counties that were also under elevated fire danger.
The two main wildfires erupted last week, fueled by hurricane-force winds bringing dry air from the inland deserts.
At least 24 people have died in the fires since then, the Los Angeles County Medical Examiner reported.
The wildfires have destroyed or damaged more than 12,000 structures, turning entire neighborhoods into smoldering ash and piles of rubble, leaving an apocalyptic landscape.
As of Monday, more than 92,000 people in Los Angeles County were under evacuation orders — down from a previous high of more than 150,000 — while another 89,000 faced evacuation warnings.
The Palisades Fire, which wiped out upscale communities on the western flank of Los Angeles, burned 23,713 acres (96 square km) and was 14 percent contained, a figure representing the percentage of the fire’s perimeter that firefighters have under control.
The Eaton Fire in the foothills of the San Gabriel Mountains east of the city consumed another 14,117 acres (57 sq km) and was 33 percent contained, the California Department of Forestry and Fire Protection (Cal Fire) reported.
A third fire of 799 acres (3.2 sq km) north of town was 95 percent contained and three other fires in the county have been fully brought under control in recent days.
The Eaton fire damaged the Altadena home of Lorraine Bryan, 63, and destroyed two other dwellings on her property. She told Reuters she worries about getting additional doses of insulin that she needs to manage her diabetes.
“I’m worried about insurance and about rebuilding and getting back on my feet,” Bryan said Monday, standing in the doorway of her charred home. “I need my medication. I’m trying to see who can help us.”
Death and arrests
Deputies are finding human remains every day as they search through burned-out parts of Altadena, where the Eaton fire first ignited, Los Angeles County Sheriff Robert Luna said.
“It is a very grim task,” Luna said, adding that he expected the confirmed death toll to rise in the days ahead.
California Governor Gavin Newsom has said the firestorm could rank as the most devastating natural disaster in US history. It is already the costliest wildfire in terms of insured losses.
Los Angeles County District Attorney Nathan Hochman on Monday said 10 people had been arrested in connection to the fires. Nine people were arrested for residential burglaries of fire-stricken areas. One other person was arrested for arson, for allegedly attempting to light a tree on fire in the city of Azusa, about 20 miles (32 km) northeast of downtown Los Angeles.
US Senator Adam Schiff, a Democrat from California, said during a Monday press conference there was “a special place in hell” for looters.
Flanked by law enforcement personnel, he added: “And if the folks behind me have anything to say about it, there’ll be a special place in jail for you too.”
Meanwhile, the Los Angeles Department of Water and Power was sued on Monday on claims that it failed to properly manage water supplies critical to fighting the deadly Palisades Fire, a court filing showed. Residents who sued allege the department should have maintained water in a nearby reservoir, which was dry at the time the fire first erupted last Tuesday.
Aid and politics
“Our hearts ache for the 24 innocent souls we have lost in the wildfires across Los Angeles,” said US President Joe Biden, who announced additional disaster assistance for California, covering costs for debris removal and emergency protective measures.
But top Republicans in the US Congress are considering imposing conditions on disaster aid, accusing the state’s Democratic leadership of mismanaging water resources and forests.
California Governor Newsom and other top Democrats in the state have come under withering criticism for their handling of the fires.
President-elect Donald Trump planned to visit the disaster zone after he is inaugurated next week, a source familiar with the planning said.
With thousands of homeowners facing a costly rebuilding, large commercial banks including JPMorgan Chase and Bank of America have announced plans to ease mortgage repayment conditions for the afflicted. Insurers are looking at historic losses.
