Business
Economic uncertainty blamed for ‘lacklustre’ retail performance last month
Analysists have blamed rising economic uncertainty for a “lacklustre” July that saw Scottish retail sales fall in real terms compared with the same month last year.
According to figures from the Scottish Retail Consortium (SRC) and KPMG, total sales in Scotland rose 0.1% last month compared with July 2024, when they had decreased by 0.9%.
However when adjusted for inflation this represents a year-on-year fall of 0.5%.
Food sales in Scotland were down 1.4% compared with July 2024, when they had decreased by just 0.3%.
This was despite a strong opening to the month when hot weather led to a “boost” in spending on barbecues and summer meals.
Non-food sales on the other hand rose by 1.4% compared with the same period last year, with analysists saying phones and some furniture and toy ranges performed well.
Adjusted for the effects of online sales, non-food sales increased 1.6% on July 2024, when they had decreased by 1.5%.
Ewan MacDonald-Russell, deputy head of the SRC, said: “July was a lacklustre month for Scottish retailers as sales again disappointed.
“When adjusted for inflation retail sales in Scotland fell by 0.5%. That’s a slight improvement on June’s figures, but demonstrates shoppers continue to cut back on shopping as economic uncertainty continues to rise.
“Within the general disappointment there were some bright spots. Food sales shone in the opening half of the month as Scots took advantage of the warm weather to cook barbeque and summer meals.
“Phone sales did well, as did some toys and furniture ranges. Against that televisions continue to disappoint, with few households investing in high-end entertainment despite the summer plethora of sporting events.
“Fashion ranges performed poorly, albeit the likelihood is shoppers did their summer wardrobe shopping earlier in the year when the sunshine emerged.
“The harsh truth is Scots are holding back spending as worries about the economy grow.
“That is leaving shops in the lurch – facing higher costs as a consequence of last year’s UK Government budget without the growth needed to pay those bills.
“With little sight the economic weather will brighten, many retailers, especially those on the high street, face increasingly unpalatable choices in the coming months.”
Linda Ellett, UK head of consumer, retail and leisure at KPMG, described the current trading environment as “challenging” for retailers.
“The UK’s fifth warmest July on Met Office record brought a boost to home appliance and food and drink sales,” she said.
“But rising inflation was also a driver of the latter and monthly non-food sales are only growing at around 1% on average at present.
“With employment costs having risen and inflation both a business and consumer side pressure, it remains a challenging trading environment for many retailers.
“While the majority of consumers that KPMG surveys are confident in their ability to balance their monthly household budgets, big ticket purchases are more considered in the context of rising essential costs and ongoing caution about the economy and labour market.
“Holidays are the priority for many this summer but those heading away have had to account for a higher cost of travel.
“Consequently, spending in some areas of the retail sector remains subdued and competition for consumer spend will remain fierce.”
The figures were published in the SRC-KPMG Retail Sales Monitor for July.
The Oil and Gas Regulatory Authority (OGRA) has approved a fresh increase in the price of liquefied petroleum gas (LPG), raising the cost for both domestic consumers and commercial users.
According to the notification issued, the LPG price has been increased by Rs7.39 per kilogram, setting the new rate at Rs209 per kg for December. As a result, the price of a domestic LPG cylinder has risen by Rs87.21, bringing the new price to Rs2,466.10.
In November, the price of LPG stood at Rs201 per kg, while the domestic cylinder was priced at Rs2,378.89.
The latest price hike is expected to put additional pressure on households already grappling with rising living costs nationwide.
Business
Private sector data: Over 2 lakh private companies closed in 5 years; govt flags monitoring for suspicious cases – The Times of India
NEW DELHI: The government on Monday said that over the past five years, more than two lakh private companies have been closed in India.According to data provided by Minister of State for Corporate Affairs Harsh Malhotra in a written reply to the Lok Sabha, a total of 2,04,268 private companies were shut down between 2020-21 and 2024-25 due to amalgamation, conversion, dissolution or being struck off from official records under the Companies Act, 2013.Regarding the rehabilitation of employees from these closed companies, the minister said there is currently no proposal before the government, as reported by PTI. In the same period, 1,85,350 companies were officially removed from government records, including 8,648 entities struck off till July 16 this fiscal year. Companies can be removed from records if they are inactive for long periods or voluntarily after fulfilling regulatory requirements.On queries about shell companies and their potential use in money laundering, Malhotra highlighted that the term “shell company” is not defined under the Companies Act, 2013. However, he added that whenever suspicious instances are reported, they are shared with other government agencies such as the Enforcement Directorate and the Income Tax Department for monitoring.A major push to remove inactive companies took place in 2022-23, when 82,125 companies were struck off during a strike-off drive by the corporate affairs ministry.The minister also highlighted the government’s broader policy to simplify and rationalize the tax system. “It is the stated policy of the government to gradually phase out exemptions and deductions while rationalising tax rates to create a simple, transparent, and equitable tax regime,” he said. He added that several reforms have been undertaken to promote investment and ease of doing business, including substantial reductions in corporate tax rates for existing and new domestic companies.
Pakistan’s textile exports surged to $6.4 billion during the first four months of the 2025-26 fiscal year, marking the highest trade volume for the sector in this period.
According to the Pakistan Bureau of Statistics (PBS), value-added textile sectors were key contributors to the growth.
Knitwear exports reached $1.9 billion, while ready-made garments contributed $1.4 billion.
Significant increases were observed across several commodities: cotton yarn exports rose 7.74% to $238.9 million, and raw cotton exports jumped 100%, reaching $2.6 million from zero exports the previous year.
Other notable gains included tents, canvas, and tarpaulins, up 32.34% to $53.48 million, while ready-made garments increased 5.11% to $1.43 billion.
Exports of made-up textile articles, excluding towels and bedwear, rose 4.17%, totaling $274.75 million.
The report also mentioned that the growth in textile exports is a result of improved global demand and stability in the value of the Pakistani rupee.
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