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Express Tribune
a day ago
- Business
- Express Tribune
Gold falls sharply on US tariff uncertainty
Gold prices in Pakistan fell sharply on Monday, tracking losses in the international market, as investors awaited clarity from the White House over reports of possible US tariffs on imported gold bars as well as key inflation data that could influence the Federal Reserve's interest rate outlook. According to the All Pakistan Sarafa Gems and Jewellers Association, the price of gold dropped Rs3,600 per tola to Rs358,800. The rate for 10 grams declined Rs3,086 to Rs307,613. On Saturday, the yellow metal had closed at Rs362,400 per tola after a decrease of Rs300. Internationally, gold prices retreated as the market weighed unverified reports, circulated late last week by some media outlets, that the US might impose tariffs on one-kilogramme gold bars. The initial report sparked a rally in gold prices, but subsequent denials and the absence of official confirmation from the White House triggered a correction. "Many are treating it as fake news, but investors are still waiting for an official clarification," said Adnan Agar, Director at Interactive Commodities. He noted that the international market saw gold touch a high of $3,401 per ounce and low of $3,341 before settling near $3,347. Spot gold was down 1.2% at $3,356.30 and US gold futures for December delivery fell 2.3% to $3,410.50 an ounce by 1257 GMT, according to Reuters. Agar added that geopolitical developments were also influencing sentiment. "On August 15, Russian President Vladimir Putin is scheduled to meet US President Donald Trump for talks on Ukraine's peace process. If these talks make progress, it could be negative for gold," he explained. Markets are now awaiting Tuesday's US inflation data, which could shape expectations for Fed policy. Agar cautioned that if the tariff reports were eventually confirmed, gold prices could jump sharply; conversely, successful US-Russia peace talks could pressure the metal further. Meanwhile, the Pakistani rupee continued its modest advance against the US dollar in the inter-bank market, rising 0.01% to close at 282.45, up two paisa. Over the previous week, the local currency had strengthened 25 paisa, or 0.09%, closing at 282.47 compared to 282.72 a week earlier, according to data from the State Bank of Pakistan (SBP). Globally, the US dollar held steady following last week's losses, as investors awaited the release of July US Consumer Price Index (CPI) and monitored trade negotiations between Washington and Beijing ahead of a tariff hike deadline. The dollar index was unchanged at 98.25 after declining 0.4% last week.
Time of India
20-06-2025
- Politics
- Time of India
Most complaints from Gurgaon, human rights panel starts camp courts in city, gives nod for online filing
Gurgaon: The Haryana Human Rights Commission (HHRC) received 320 complaints from Gurgaon between April 1, 2024, and March 31, 2025, accounting for the highest number of cases registered this year. The commission recieved a total of 2,442 complaints from across the state during this period. Faridabad, Hisar, Panchkula and Panipat followed Gurgaon with 258, 182, 173 and 113 complaints, respectively, while Charkhi Dadri reported the least number of complaints at 30. In the lower rung, Charkhi Dadri was followed by Fatehabad, Kurukshetra, Jhajjar and Yamuna Nagar with 46, 49, 52 and 57 complaints, respectively. According to Puneet Arora, protocol, information and public relations officer of HHRC, the commission was committed to upholding justice and protecting human rights . "Between Nov 27, 2024, and May 31, 2025, a total of 3,086 cases were resolved, which included suo motu matters and 56 long-pending cases," he said. After a gap of 14 months, HHRC was reconstituted on Nov 27, 2024 under the chairpersonship of Justice Lalit Barta and with Kuldip Jain and Deep Bhatia as members. At the time, the commission had 3,117 pending cases and in the last six months, 1,438 fresh cases were registered. With this, the total number of pending cases with the commission went up to 4,555, out of which 3,086 cases were resolved till May this year. To ensure quicker access to justice for people, the commission holds regular camp courts and takes suo motu cognisance of matters, officials said. "HHRC remains steadfast in its mission to safeguard and promote human rights throughout Haryana. Now, citizens no longer need to travel to Chandigarh or Gurgaon to lodge complaints," said Arora. People can email their grievances free of cost to hhrc-hry@ A camp court in Gurgaon, held twice monthly, hears cases from six southern districts to ensure swift redress. Moreover, during the last year, the commission also inspected jails in Ambala, Kurukshetra, and Kaithal, assessing medical, hygiene, and vocational facilities. The officials concerned were told about the best practices to be followed and necessary reforms to be undertaken. During a visit to Tau Devi Lal Old Age Home in the city, Justice Batra reviewed living conditions and instructed officials to link eligible women with govt schemes like Aadhaar, Ayushman card, old age pension, disability pension, and family ID. At Swami Shraddhanand Orphanage, Karnal, Justice Batra interacted with children, emphasising the importance of education in shaping a strong society. He appreciated the vedic education being imparted to them at the orphanage and motivated children to strive for a brighter future.
Yahoo
08-02-2025
- Business
- Yahoo
Woori Financial Group Inc (WF) Q4 2024 Earnings Call Highlights: Strong Net Income Growth and ...
Net Income: KRW3,086 billion, a 23.1% increase year-over-year. Return on Equity (ROE): Increased by 1 percentage point year-over-year. Cost Income Ratio: Improved to 42.8%. Net Operating Revenue: KRW10,440.5 billion, up 6.1% year-over-year. Credit Cost: KRW1,716.3 billion, a 9.4% decrease year-over-year. Common Equity Tier 1 (CET1) Ratio: 12.08%, a 13 basis point increase quarter-over-quarter. Year-End Dividend: KRW660 per share, total dividends for the year KRW1,201, a 20% increase year-over-year. Loan Growth: Woori Bank's loans totaled KRW333 trillion, a 7.2% increase year-over-year. Non-Interest Income: KRW1,554 billion, a 41.9% increase year-over-year. SG&A Expenses: KRW4.459 trillion, down 0.6% year-over-year. NPL Coverage Ratio: 153% for the group and 247% for the bank. Share Buyback and Cancellation: KRW150 billion announced for 2025. Warning! GuruFocus has detected 5 Warning Signs with WF. High Yield Dividend Stocks in Gurus' Portfolio This Powerful Chart Made Peter Lynch 29% A Year For 13 Years How to calculate the intrinsic value of a stock? Release Date: February 07, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Woori Financial Group Inc (NYSE:WF) reported a 23.1% increase in net income for 2024, reaching KRW3,086 billion, demonstrating strong profit-generating capabilities. The group's return on equity (ROE) increased by 1 percentage point year-over-year, indicating improved capital allocation efficiency. Non-interest income saw a significant growth of 41.9% year-over-year, driven by core fee income and group-wide synergies. The group's credit cost decreased by 9.4% year-over-year, reflecting effective loan loss management and provisioning strategies. Woori Financial Group Inc (NYSE:WF) announced a total dividend of KRW1,201 per share for 2024, marking a 20% increase from the previous year, highlighting a commitment to shareholder returns. The group's net interest margin (NIM) declined by 12 basis points year-over-year, affected by rate cuts from the Bank of Korea and declining market rates. Despite strong performance, uncertainties in Korea and abroad pose challenges, with concerns about weak domestic demand recovery and export slowdowns. The group's CET1 ratio was impacted by a sharp increase in the USD/KRW exchange rate, causing a 40 basis point decline in Q4. The non-banking business faced increased credit costs due to economic slowdown and real estate project finance restructuring. The group anticipates challenges in maintaining non-interest income growth in 2025 due to increased financial condition uncertainties. Q: Some majority shareholders have shown signs of selling their stake. Are there any concerns about overhang issues? A: (Sung-Wook Lee, CFO) The overhang issue from KDIC has been resolved. IMM PE sold their remaining stake due to the fund's closure, and we do not expect further sales from other controlling shareholders. Therefore, we believe any overhang issues have been addressed. Q: Regarding the dividend policy, will the quarterly dividend be applicable after transferring the capital surplus? A: (Sung-Wook Lee, CFO) The transfer of capital surplus will be approved at the General Shareholders' Meeting in March. It will apply to the year-end dividend of 2025 and onwards. Our quarterly dividend policy will remain at 50% of the previous year's dividend, with potential adjustments based on market conditions. Q: What is the exposure and asset quality classification for completed guarantee land trust businesses? A: (Jang Geun Park, CRO) We have 18 remaining projects, down from the previous quarter. We have provisioned KRW210 billion, ensuring sufficient coverage. The FSS recommendations have been addressed, and the impact on our capital ratio is minimal. Q: What is the timeline for achieving the 12.5% CET1 ratio, and how much capital surplus will be converted to non-taxable dividends? A: (Sung-Wook Lee, CFO) We aim for balanced growth within a 4% nominal growth rate, with capital ratio improvements expected quarterly. We plan to convert around KRW3 trillion to non-taxable dividends, providing room for payouts over the next three to four years. Q: How will Woori Financial manage challenges in 2025, including weaker NIM and higher credit costs? A: (Sung-Wook Lee, CFO) We expect interest income to improve slightly due to lower funding costs. Non-interest income growth will continue, supported by our securities arm. Credit costs are expected to decrease, particularly in the banking sector, despite a challenging environment. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
