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Gold crosses Rs551,500/tola on economic, geopolitical uncertainty

KARACHI: Gold prices in Pakistan surged to an all-time high on Wednesday, crossing Rs551,500 per tola, following a sharp rally in global bullion markets where gold topped $5,300 per ounce for the first time. The surge was driven by economic uncertainty, a weakening US dollar, and investor concerns over the independence of the Federal Reserve ahead of its policy announcement. In the local market, gold per tola jumped Rs21,100 to Rs551,662, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). Likewise, 10-gram gold rose by Rs18,090 to Rs472,961. The…

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Pakistan offers Turkiye rice exports at competitive rates

ISLAMABAD: Pakistan is fully prepared to supply both Basmati and non-Basmati rice to Turkiye at internationally competitive rates and Turkiye can consider increasing imports as Pakistan’s primary objective is to enhance volumes rather than maximise prices in order to safeguard farmer incomes and sustain the agricultural value chain. Federal Minister for Commerce Jam Kamal Khan stated this during a meeting with Turkish Ambassador Dr Irfan Nezirolu. The meeting was held on the directives of Prime Minister Shehbaz Sharif, who has called for strengthening agricultural exports, particularly rice, amid intensifying global…

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Government pitches mineral sector

ISLAMABAD: Pakistan and China on Wednesday underscored plans to deepen cooperation in the mineral sector, positioning mining and downstream processing as a new pillar of bilateral economic engagement, as officials and businesses from both sides gathered at the Pak-China Mineral Cooperation Forum in Islamabad. The forum, held at the Jinnah Convention Centre and organised by the China Chamber of Commerce in Pakistan (CCCPK), brought together federal ministers, diplomats, regulators and industry representatives to discuss policy frameworks, investment opportunities and technological collaboration across the mineral value chain. According to an official…

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Every Pakistani owes Rs333,000

ISLAMABAD: The debt burden of every Pakistani increased by 13% to Rs333,000 in the last fiscal year, while public debt remained a “challenge” due to a budget deficit that exceeded the statutory limit by Rs3 trillion, according to a Fiscal Policy Statement presented to Parliament. Debt per capita increased from Rs294,098 in fiscal year 2023-24 to Rs333,041 in fiscal year 2024-25, the annual Fiscal Policy Statement of the Ministry of Finance stated. Under the Fiscal Responsibility and Debt Limitation Act (FRDL), the ministry is legally bound to submit this statement…

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Trump tells Iran to make nuclear deal or next attack will be ‘far worse’

United States President Donald Trump urged Iran on Wednesday to come to the table and make a deal on nuclear ‍weapons or the next US attack would be far worse. “Hopefully Iran will quickly ‘Come to the Table’ ‌and negotiate a fair and ‍equitable ‌deal — no nuclear weapons — one that is ⁠good for all parties. Time is running out, it is truly of the essence!” Trump wrote in a social media post. The Republican US president, who during his first White House term pulled out of world powers’ 2015 nuclear ⁠deal with…

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President Zardari explores avenues for enhanced cooperation in meeting with Dubai ruler

President Asif Ali Zardari explored avenues for enhanced multi-domain cooperation in a meeting with Dubai’s ruler on Wednesday during a four-day official visit to the United Arab Emirate. President Zardari arrived in the UAE on Monday for the visit. According to a statement issued by the President’s Secretariat, he met UAE Vice President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum at Dubai’s Zabeel Palace today and congratulated him on completing two decades of leadership as the city’s leader while commending the emirate’s transformation into a global centre for…

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Israeli PM vows to disarm Hamas

MEITAR, ISRAEL: Israel on Wednesday laid to rest the last hostage from Hamas’s October 7, 2023 attack, as Prime Minister Benjamin Netanyahu warned at the funeral that the country’s enemies would pay a heavy price for any future aggression. Netanyahu’s threat came as Hamas told AFP it was prepared to carry out a full transfer of governance in Gaza to a 15-member Palestinian technocratic committee established under a US-backed ceasefire plan. Hundreds of mourners packed a stadium in southern Israel on Wednesday for the funeral of Ran Gvili, the last…

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War clouds gather as US, Iran lock horns

WASHINGTON: US President Donald Trump urged Iran on Wednesday to come to the table and make a deal on nuclear weapons or the next US attack would be far worse. Tehran responded with a threat to strike back against the United States, Israel and those who support them. “Hopefully Iran will quickly ‘Come to the Table’ and negotiate a fair and equitable deal — NO NUCLEAR WEAPONS — one that is good for all parties. Time is running out, it is truly of the essence!” Trump wrote on social media. Amid a…

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Britain’s Starmer seeks fresh economic start with China

BEIJING: British Prime Minister Keir Starmer told Chinese President Xi Jinping on Thursday that he wanted to build a “sophisticated relationship” aiming to boost growth and security, signalling a breakthrough in ties after years of acrimony. On the most important day of his four-day visit to China, the first by a British prime minister in eight years, Starmer held talks with Xi at the Great Hall of the People before they lunched together. Starmer, whose centre-left Labour Party government has struggled to deliver the growth it promised, has made improving…

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Zardari seeks rail freight modernisation

ISLAMABAD: President Asif Ali Zardari on Wednesday reaffirmed Pakistan’s commitment to providing institutional facilitation and fast-track approvals to partner enterprises, and underscored the importance of deepening long-term cooperation in rail freight modernisation, inland logistics and integrated freight corridors. The president met with Sultan Ahmed bin Sulayem, Group Chairman and Chief Executive Officer of DP World in Dubai, UAE. The president appreciated DP World’s strong and sustained partnership with Pakistan and its contribution to the country’s logistics, port operations and infrastructure, President Secretariat said in a press release. The meeting reviewed…

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