Middle East reaction to Obama - The Independent

MIDDLE EAST

Many in the Middle East welcomed the inauguration, and praised Mr Obama for reaching out to Muslims, but expressed doubts as to how much the new President will change a regional policy that has placed US's energy concerns and the security of Israel as its priorities. "I'm sure Obama will not make a change outside the United States but he's a positive person and his face shines with hope," said a reader of the daily, Al Arabiya. Such doubts have increased since the attacks on Gaza. Through the Arab world there were questions about whether President Obama would continue his predecessor's "blind support" for Israel. Arab websites were full of recommendations for him, but hardline Iranian students burnt an American flag outside the former US embassy.

Iraqis expressed mixed feelings about Mr Obama and his agenda of change. Muna Abdul-Razzaq, a 37-year-old primary school teacher in Mosul, said Iraqis have bad memories of President George Bush "who destroyed Iraq". She added: "We hope that Obama will be more responsible."

Pakinam Amer

Part of a bigger story on world reactions to the inauguration of Barack Obama as the United States 44th president: http://www.independent.co.uk/news/world/americas/world-reaction-new-american-dream-shared-around-globe-1452279.html

Mixed bag for the discounters - FT

By Pakinam Amer

Published: January 3 2009 02:00 | Last updated: January 3 2009 02:00

Intense discount activity on the high street seems to be luring many Londoners into buying more than they would have in previous Christmas sales, writes Pakinam Amer.

Whether in department stores or small boutiques, prices across Oxford Street have been slashed. Gap boasted the biggest percentage discounts, of up to 75 per cent.

But in some stores, at least, more customer traffic did not necessarily mean more profit as bargain-hunters targeted only heavily discounted items. "Films such as Borat and Little Miss Sunshine, at £3 each, each sold around 200 to 300 copies every day during the past week," said an HMV store assistant of the post-Christmas shopping frenzy.

"The relatively older titles are the most popular because the promotions on them are huge, but [we] [get] almost no profits on these."

Many buyers were reluctant to pick up the newly released full-priced movies, he said. "In general, there's more traffic, but less money."

Copyright The Financial Times Limited 2009

Link: http://www.ft.com/cms/s/0/cc7f88c2-d937-11dd-ab5f-000077b07658.html

(This was published with a separate box of vox pops I have done across Oxford Street, plus pictures)

Plunging pound brings joy to tourists - FT

By Pakinam Amer

Published: December 31 2008 02:00 | Last updated: December 31 2008 02:00

Behind headlines of sterling-euro parity, the British high street still offers a wide range of exchange rates as buyers and sellers haggle over the value of the currency in their pocket.

As sterling dropped to new lows yesterday, signs outside bureaux de change along London's busiest shopping street offered variations that ranged from £92 to £96.50 for €100. Several reported increased traffic from European tourists happy to take advantage of the sliding pound.

"Before they used to get £65 for a €100, now they can get up to £95," said Sanjay Arora of Eurochange on Oxford Street. "They can enjoy themselves more with the same amount of money."

"This last week there has been an increase in customers, especially tourists, and especially since Christmas," said Vinicius Maya, an employee at Fast Intertransfers. "Some try to negotiate prices but most are happy. It's almost one to one now."

But with the pound on the ropes, triumphant European visitors are haggling prices down even further to squeeze out better deals.

"That's why they prefer exchange offices to banks and post offices," said John of Star Exchange, who declined to give his surname. "Here, people negotiate and haggle - in a bank you can't," he said. He follows the latest rates on his computer, where the "prices fluctuate by the second".

"Tourists always try to negotiate - most of them bargain even though the prices are so low," agreed Raj Ram of Roundworld Trading, whose bureau is just a few yards further down Oxford Street.

But good news for tourists is crushing for Britons or anyone paid in sterling and looking to travel abroad. "For British people, well, it's a problem," said John of Star Exchange. "British people go around trying to get rates of €1.10 or even €1.50 for their pounds, but this is impossible now. It will be a miserable summer for British people if the prices remain the same."

At Christmas, British people usually bought euros, Mr Ram said, "but this is not happening this year. People are selling but not buying".

In another bureau, a European customer working in the UK was trying to find more euros for her pounds before she travelled home. The customer, who did not give her name, said that for people paid in sterling it was only getting worse. "Last week was better, but everything is changing," she said.

Maria Giraldo, a resident of London who hails from Columbia, said she was planning to go to Paris for the summer, but this might change if the exchange rate continued to worsen. "I could cancel the trip altogether," she said.

The falling pound is not only bad news for UK holidaymakers but for exchanges themselves - at least in the long run. "The holiday season will not last forever," said Margaret, retail manager at TG Money Exchange.

"It's Christmas time so naturally we get more tourists, people coming here on holiday. But we definitely have fewer British clients, and the work with tourists doesn't balance it out," she said. "We're praying for it to stay stable."

But for French tourist Ruffino Gilles,a weak pound meant a longer holiday. "It's cheaper," he said.

Analysis, Page 9

Copyright The Financial Times Limited 2008

Link: http://www.ft.com/cms/s/0/922c802a-d6db-11dd-9bf7-000077b07658.html

Shopping spree offers UK retailers hope - FT

By Tom Braithwaite and Pakinam Amer

Published: December 28 2008 21:52 | Last updated: December 28 2008 21:52

Shoppers have hit the high street in force in the three days since Christmas, offering some hope to retailers, many of which are struggling to stump up cash for rent bills and debt repayments.

John Lewis recorded its best day’s trading on Saturday as consumers who had avoided spending before the festive period splashed out on discounted items. The first day of the promotion saw sales of £21.3m, an increase of 7 per cent on the same day last year.

“We were thrilled,” said Patrick Lewis, retail operations director at the department store chain. “I think a lot of people had kept a little bit up their sleeve.”

Footfall data from Experian showed a 12.5 per cent increase in the number of shoppers on Boxing day as people embarked on a late spending spree, lured by deep discounts in the post-Christmas sales.

At the Harrods sale on Sunday, Melanie Arunachallam, a 32-year-old accountant, said that she was being “very careful” this year with her money. “I’m thinking a lot,” she said as she stood in the shoes section. “Shoes are my priority but I’m not paying more than £200 for a pair.”

Standing in the crowded store, she said: “It looks like people have been saving for this. I certainly have. I have bought very few things this year before Christmas because I was saving up for [the sales].”

In nearby Kensington, Heather Senior, 58, defined herself as an “impulse buyer”, as she sifted through coats in Marks and Spencer.

Mrs Senior said that in spite of the hype she had been underwhelmed by the level of discounting this year, even in Oxford Street, which she visited “to be part of the atmosphere and to see the decorations”. She said that she finished most of her shopping during the pre-Christmas sales, adding: “Anyway, I’m always cynical about sales.”

The improved mood on the high street – whether or not it can last more than a few days – has come too late for Adams, the children’s wear chain, which has filed a notice to appoint administrators.

PwC is expected to step in this week to try to sell the business as a going concern.

With rent falling due for many stores in the last few days after a disappointing pre-Christmas period, other national chains are expected to follow the likes of Adams, Zavvi and Woolworths in appointing administrators.

Retailers are already privately admitting that the traditional sales period in January is likely to be overshadowed by a raft of profit warnings from publicly listed companies and insolvencies from smaller chains.

Mr Lewis refused to draw too much optimism from one day’s bumper trading. “I would say I’m still cautious about the next six months,” he said.

Adding to the uncertainty are the Icelandic government’s plans for Baugur, the investment vehicle that has stakes in companies from Hamleys to House of Fraser.

However, in contrast to some reports, creditors to Baugur are not in favour of a fire sale of the company’s assets.

Copyright The Financial Times Limited 2008

Link: http://www.ft.com/cms/s/0/bc4c1036-d515-11dd-b967-000077b07658.html

Boxing day bargain hunters choosier than ever - FT

By Pakinam Amer

Published: December 27 2008 02:00
Last updated: December 27 2008 02:00

The price cuts may have been among the deepest on record, the crowds heaving but, ominously for Britain's beleaguered retailers, this year's crop of Boxing day shoppers seemed choosier than ever about parting with their cash.

Grappling with the impact of the downturn on family finances, many admitted to nothing more than curiosity about the wares on offer. Some were willing to open their wallets only for a copper-bottomed bargain, noting that the unusually large number of pre-Christmas sales had diminished the number of really good buys on offer yesterday.

Cecilia Smith, a fifty-something teacher and veteran sales shopper, vowed: "I'll only spend if there is a bargain."

Describing herself as hardwired to recognise the best deals, Ms Smith added: "I've bought something from Dorothy Perkins; it was just £3, even the cashier was surprised to see they had something for £3."

Debby King, a housewife, also appeared reluctant to spend, despite choosing to take to the crowded streets of the capital with her son relatively early on Boxing day morning.

"It comes down to what money you've got on you," she said. Food was her priority, she stressed. "After that, if you've got nothing, you've got nothing," she shrugged.

Karen and Rhianna Kang, two sisters in their early twenties who had just finished scouring Top Shop, told the Financial Times they were spending less than in past years, despite saving up specifically for a bit of post-Christmas retail therapy. Each had set a ceiling on the amount of money they would pay for a single item, no matter how strong the temptation. "I won't go over £30," said Karen. "This is my budget, and I find that most clothes are overpriced anyway this year." "Normally, I would go mad on Boxing day, but today I haven't," added Rhianna.

In Westfield, in west London, Europe's biggest shopping centre, the picture was broadly similar. A noticeable number of shoppers emerged empty-handed - despite having pushed and shoved to get across the threshhold of stores that already looked full to bursting.

"People are more cautious. I am more careful. I'm thinking before I'm buying. And I have spent probably about 30 per cent less this year," said Aneela Hafeez, who carried two bags in each hand as she stood outside Monsoon, the clothing retailer.

"At the same time last year, I'd have many more bags."

Copyright The Financial Times Limited 2008

Link: http://www.ft.com/cms/s/0/8378dc04-d3b6-11dd-989e-000077b07658.html