South Korea's Lee names new officials
SEOUL: South Korea needs to take measures to support its economy in the short term as it continues tariff talks with the US, its likely new finance minister Koo Yun-cheol said on Sunday after being nominated for the role by President Lee Jae Myung. Koo, a former vice-finance minister, still needs to go through parliament hearings before being confirmed as finance minister.
Other ministerial appointments were also announced by the president's office on Sunday. "We need to take pre-emptive measures and prepare for situations such as the current tariff negotiations with the United States," Koo told a press conference.
Among other ministerial positions, Kim Jung-kwan, president of power plant builder Doosan Enerbility and a veteran bureaucrat in economics, energy and public policy, was nominated to be industry minister. The former head of South Korea's disease control agency, Jeong Eun-kyeong, was nominated for health minister. She was highly praised for her response to the Covid-19 pandemic, becoming one of Time Magazine's 100 most influential people of 2020. — Reuters
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Muscat Daily
5 hours ago
- Muscat Daily
Handbag imports surge in Oman
Omani women drive a surge in handbag imports as lifestyles and spending habits evolve in the Sultanate of Oman Oman recorded a sharp rise in women's handbag imports in 2024, with the total value reaching RO 9.5mn – a 37% increase over the previous year, according to figures from the National Centre for Statistics and Information (NCSI). The data has drawn attention from retailers, social commentators, and economists, who say the trend reflects shifting consumption patterns, increasing financial independence, and a broader cultural shift in women's visibility in public and professional spaces. Retailers in Muscat say international handbag brands have seen growing demand, with premium and mid-range labels performing particularly well. Social media influences 'Brands like Michael Kors, Kate Spade, and even luxury players like Gucci are becoming increasingly popular among Omani women,' said Salim al Hinai, a fashion retail manager in Seeb. 'The younger generation is highly influenced by global fashion trends, and social media plays a big part in shaping their buying choices.' He said the growth of e-commerce and targeted marketing on platforms such as Instagram and TikTok has made international fashion more accessible. The trend is also being seen by social workers and gender experts as an expression of identity and empowerment. 'Handbags today are not just utility items – they're status symbols and forms of self-expression,' said Fatma al Riyami, a Muscat-based social development specialist. 'As more women take up jobs, participate in entrepreneurship, and engage in public life, their choices in personal fashion are becoming bolder and more diversified.' Fatma said the rise in imports is linked to greater financial independence among women, particularly in urban areas. Style statement Dr Ahmed al Maamari, a sociologist, said the trend reflects broader social and economic transformations. 'We're witnessing a cultural shift where consumerism intersects with identity,' he said. 'For many women, owning an international handbag is no longer seen as extravagant but as part of a modern lifestyle. It's also worth noting that many young people are now delaying marriage and choosing to spend more on themselves.' Maamari added that greater global exposure, following the COVID-19 pandemic, has contributed to the rise in demand for branded goods. But not all observers are celebrating the trend. 'There's a growing concern about materialism, especially when families with limited income feel pressured to keep up with trends,' said Aisha al Balushi, a community counselor in Dakhliyah. 'We need to strike a balance between embracing modern fashion and encouraging financial responsibility.' Still, many see the surge as part of a broader transformation in Oman's consumer landscape. 'Whether seen as a reflection of independence, modernity, or rising affluence, the surge in handbag imports is likely to continue as Omani consumers become increasingly brand-conscious and digitally connected,' said Aisha. 'It's a telling sign of the times. The handbag is more than an accessory now – it's a statement.' Work-life-social blend 'I'm definitely a big-bag person, I like designs that can accommodate my work-life-social blend. That said, I keep smaller pouches inside to hold my essentials, so I can easily switch between bags. Practicality matters, but it must come with style,' says Buthaina al Zadjali. 'Sadly, many of the brands I gravitate toward aren't readily available in Oman. So when I travel, I make it a point to visit outlet villages abroad.' She further said, 'Lately, I find myself leaning more toward brands that embrace sustainability and ethical production. Designers like Stella McCartney, Chloé, Cuyana, Matt & Nat, and even Gucci have made notable strides in eco-conscious design. For me, investing in pieces that are not only beautiful and durable but also environmentally responsible adds deeper meaning to each purchase. It is also why I prioritise timelessness – a great bag should last a lifetime, and if possible, beyond.' As is a trend in many families, Buthaina asserts, 'In my family, handbags are more than just fashion. I often pass mine down to my younger sisters and cousin, or we exchange our favourites once we've made good memories with them. For me, it is all about owning pieces that reflect your lifestyle, values, and identity, and a well-chosen bag does exactly that.' Personal style statement I've always believed that a designer handbag is more than just an accessory – it is a wearable work of art, a statement of personal style, and often, a long-term investment. I do love branded handbags, and Hermès sits at the top of my list. Its exquisite craftsmanship and timeless appeal ensure that, when cared for properly, the value of a Hermès piece never truly depreciates. I also admire leather goods from Goyard, Tod's, and Chloé – brands that offer a classic aesthetic with modern versatility. Buthaina al Zadjali I do love branded handbags. It all depends on what I'm looking for – to suit a specific purpose, work, or evening wear. The type of bag really depends on the life stage – when my children were young, I preferred big ones to carry lots of stuff. Now, I prefer medium sized ones. I like leather ones because they have an elegant look. I also like fabric ones for summer and beach bags. We do have a lot of options in Oman with a variety of price ranges. Dr Muna Ismail I don't have a specific favourite brand — I usually choose what suits me best in terms of design and quality. I love leather bags, especially medium to small-sized ones in neutral colours. I mostly use crossbody bags because they're practical and fit my everyday movements. Sometimes I find something I like in local stores, but most of the time I order from international websites for more variety. Khadija al Maamari I don't care about branded bags, but I do love handicrafts. In my twenties, I preferred elegant, distinctive, and colourful styles, and coordinated them with my attire. I had a home business that coordinated bags with the hijab. However, when I became a mother, having a black, spacious, and organised bag was more important. In Oman, there are shops that specialise in branded bags, but very few that sell bags made by local artisans. Ahlam al Moqbali
Observer
20 hours ago
- Observer
The connection: Supply chains and geopolitics
Over the decades, the supply chains have become a highly integrated web of interconnections driven by globalization. However, the global supply chain landscape is experiencing constant reorientation and stress in recent years due to the increasing strain of disruptions. The key events that have impacted the supply chain from all fronts are the Covid-19 pandemic, the Russia-Ukraine war, the Israel-Palestine war, China-US Trade War 1, and Trade War 2, which was initiated by sweeping tariffs introduced by the trump administration in his current second term. Now, the US bombing of three of Iran's nuclear facilities, and the retaliatory response of Iran bombing the US air base in Doha, Qatar, has put the entire Middle East and the world in a state of heightened uncertainty and could trigger a significant disruption of supply chains and a probable spike in oil prices. Energy analysts fear a specter of panic buying in the international energy market if the situation escalates further. To get a perspective, the Strait of Hormuz is the world's most strategic and critical chokepoint, a narrow stretch of water with Iran to the north and the United Arab Emirates (UAE) and Oman to the south linking the Persian Gulf to the Gulf of Oman and the Arabian Sea. It is a vital vein for the passage of Oil and gas shipments. The Strait of Hormuz is critical as 20% of the world's oil and a third of liquefied petroleum Gas (LNG) pass through this narrow strait. The Strait handles 20.3 million barrels of oil daily, making it crucial for global trade and supply. The Middle East region is experiencing protracted uncertainty that could affect the global energy markets. The recent US attack on key Iranian enrichment facilities to destroy Iran's nuclear ambitions could affect the movement of ships in this region. The Strait of Hormuz is also a primary export route of Qatari LNG, with a fifth of the global LNG supply passing through this strait last year. This handout natural-colour image acquired with MODIS on NASA's Terra satellite taken on February 5, 2025 shows the Gulf of Oman and the Strait of Hormuz. — AFP If Iran stops the movement of ships through this Strait, it would be economic suicide for the world. While they have not done it, they are taking actions to interfere with energy shipments by jamming the GPS signals of tankers in this region. According to maritime intelligence reports, 23% of the region's vessels, approximately 1600 ships, have experienced signal jamming. Many shipping giants have temporarily issued standby instructions to their vessels or rerouted them in anticipation and fear of further geopolitical escalations. The closure or any restrictions to this trade route will have far-reaching implications for the world. It could also strain diplomatic relationships, increase energy prices, sharply raise inflationary pressures, and cause shipment delays. Over the years, the US has been worried about the vulnerability of the Strait of Hormuz and has gradually reduced its dependency on Middle East oil. It has grown to become one of the world's largest oil-producing nations. Now, the US imports only 10-11% of its oil requirement from Iraq and Saudi Arabia in the Middle East. However, 84% of Hormuz's shipped oil goes to Asia. The strait is 21 miles wide at its narrowest point, with shipping lanes only 2 miles across. A blockade could halt 20% of global oil instantly. Businesses exploring diversifying logistic pathways face significant operational, economic, and geopolitical hurdles. The Strait of Hormuz remains irreplaceable for bulk shipments; it is, in fact, the most viable option for global trade shipments. Given the geopolitical escalations, trade wars, regional instability, and unpredictability of political decisions, the Strait of Hormuz is more than a strategic trade gateway; it has become a geopolitical weapon, magnifying its significance for sustainable international trade and global supply chains.
Observer
20 hours ago
- Observer
South Korea's Lee names new officials
SEOUL: South Korea needs to take measures to support its economy in the short term as it continues tariff talks with the US, its likely new finance minister Koo Yun-cheol said on Sunday after being nominated for the role by President Lee Jae Myung. Koo, a former vice-finance minister, still needs to go through parliament hearings before being confirmed as finance minister. Other ministerial appointments were also announced by the president's office on Sunday. "We need to take pre-emptive measures and prepare for situations such as the current tariff negotiations with the United States," Koo told a press conference. Among other ministerial positions, Kim Jung-kwan, president of power plant builder Doosan Enerbility and a veteran bureaucrat in economics, energy and public policy, was nominated to be industry minister. The former head of South Korea's disease control agency, Jeong Eun-kyeong, was nominated for health minister. She was highly praised for her response to the Covid-19 pandemic, becoming one of Time Magazine's 100 most influential people of 2020. — Reuters
