Latest news with #Vawda
Business Recorder
2 days ago
- Business
- Business Recorder
Gold steadies with focus on US-China talks
NEW YORK: Gold prices held nearly steady on Tuesday as markets turned their focus to upcoming US-China talks and the Federal Reserve's policy decision. Spot gold steadied at $3,313.63 per ounce, by 10:05 ET (14:04 GMT). Prices hit their lowest point since July 9 on Monday after a trade deal between the United States and European Union dampened safe haven demand for the yellow metal. US gold futures was unchanged at $3,311.60. 'The lack of clear details and a defined outline of the announced trade deals... continues to keep market participants on edge,' said Zain Vawda, analyst at MarketPulse by OANDA. Vawda added that a break below $3,300 could trigger a decline toward the $3,000 level in the medium term. US and Chinese officials held more than five hours of talks in Stockholm on Monday aimed at extending their trade truce by three months, with discussions set to resume Tuesday. Analysts note that recent US deals with the EU and Japan offered some relief, but talks with China remain far more complex and prolonged. On the US interest rate front, the US central bank's two-day policy meeting kicks off later in the day, with rates widely expected to remain unchanged. Investors will closely scrutinize the Fed's commentary for any signals on the timing and pace of potential rate cuts ahead. Markets are currently pricing in just under 50 basis points of rate cuts by year-end, with October seen as the most likely starting point, said Peter Grant, vice president and senior metals strategist at Zaner Metals. However, dissent from two Fed members could shift expectations toward a September cut, which could potentially boosting gold, he added. Gold tends to benefit in a low interest rate environment as the reduced yield on competing assets makes the non-yielding metal more attractive to investors. Spot silver fell 0.5% to $37.98 per ounce, while platinum was steady at $1,389.85 and palladium slipped 1.2% to $1,232.67.
Asharq Al-Awsat
2 days ago
- Business
- Asharq Al-Awsat
Gold Steadies with Focus on US-China Talks, Fed Meeting
Gold prices held nearly steady on Tuesday as markets turned their focus to upcoming US-China talks and the Federal Reserve's policy decision. Spot gold steadied at $3,313.63 per ounce, by 10:05 ET (14:04 GMT). Prices hit their lowest point since July 9 on Monday after a trade deal between the United States and European Union dampened safe haven demand for the yellow metal. US gold futures was unchanged at $3,311.60. "The lack of clear details and a defined outline of the announced trade deals... continues to keep market participants on edge," said Zain Vawda, analyst at MarketPulse by OANDA, Reuters reported. Vawda added that a break below $3,300 could trigger a decline toward the $3,000 level in the medium term. US and Chinese officials held more than five hours of talks in Stockholm on Monday aimed at extending their trade truce by three months, with discussions set to resume Tuesday. Analysts note that recent US deals with the EU and Japan offered some relief, but talks with China remain far more complex and prolonged. On the US interest rate front, the US central bank's two-day policy meeting kicks off later in the day, with rates widely expected to remain unchanged. Investors will closely scrutinize the Fed's commentary for any signals on the timing and pace of potential rate cuts ahead. Markets are currently pricing in just under 50 basis points of rate cuts by year-end, with October seen as the most likely starting point, said Peter Grant, vice president and senior metals strategist at Zaner Metals. However, dissent from two Fed members could shift expectations toward a September cut, which could potentially boosting gold, he added. Gold tends to benefit in a low interest rate environment as the reduced yield on competing assets makes the non-yielding metal more attractive to investors. Spot silver fell 0.5% to $37.98 per ounce, while platinum was steady at $1,389.85 and palladium slipped 1.2% to $1,232.67.
Express Tribune
7 days ago
- Politics
- Express Tribune
Senator demands FBR officer's dismissal over public mistreatment
Senator Faisal Vawda has strongly criticised a "Federal Board of Revenue (FBR) officer over mistreatment of the public" and demanded the officer's immediate dismissal, not suspension. The senator's reaction came on viral video making rounds on social media depicting an official in Karachi traffic police uniform intercepting an unregistered vehicle bearing the FBR logo and no number plate. In a tweet shared on X, Vawda expressed disappointment that "neither the Prime Minister, nor the Finance Minister, nor the FBR Chairperson had yet taken action against the official". He noted he had maintained strong working relations with them for the country's progress. 'It must be made clear that suspension is not enough. This officer, who behaves like a tyrant with the very public he is paid to serve, must be dismissed from service,' the senator said, calling such conduct "unacceptable under any circumstances". Read: FBR to purchase new vehicles for field officers worth Rs6bn He further warned that if dismissal proceedings were not initiated before his return to Pakistan, he would raise the matter in the Senate Finance Committee — where he is a member — and summon the officer for accountability. The tweet came after a video circulated on social media showing Karachi traffic police stopping an unregistered vehicle bearing an FBR logo and no number plate. During the encounter, the driver lost his temper and behaved inappropriately with the traffic officers. Earlier, FBR decided to purchase 1,010 new vehicles worth over Rs 6 billion. According to official documents, FBR had issued a letter of intent to a company for the procurement, which was planned in two phases. An advance payment of Rs 3b was to be made for the first batch of 500 vehicles, covering the full cost of that phase. The remaining payment was to be made after the delivery of the first batch. The delivery of all 1,010 vehicles was scheduled between January and May 2025.
Express Tribune
14-06-2025
- Politics
- Express Tribune
Pakistan must act as mediator between Iran, Israel: Faisal Vawda
Senior politician and Senator Faisal Vawda has called on Pakistan to play a mediatory role in de-escalating tensions between Iran and Israel, warning that a full-blown conflict could engulf the region and beyond. Speaking to Express News in an exclusive interview on Saturday, Vawda said war serves no country's interest and emphasised Pakistan's identity as a peace-loving nation. He blamed India for imposing conflict on Pakistan in the past, adding that every human life lost is a loss to the world. He condemned Israel's recent military strikes on Iran, calling them unjustified and dangerous. Vawda said Iran was a neighbouring and brotherly country, and now was the time for Pakistan to step up and play a constructive diplomatic role to prevent further escalation. 'This is the moment for Pakistan to play an important role. We must act as a mediator to stop the war between Iran and Israel. If the conflict escalates, it will first consume the region and then the entire world — that would be dangerous,' Vawda added. He noted that if the Iran-Israel conflict spreads, it could engulf the region and eventually affect the entire world. Citing past examples, he recalled how global powers had played a diplomatic role in defusing tensions between Pakistan and India, and stressed that similar diplomatic intervention is now urgently required. Turning to domestic politics, Vawda criticised the current leadership of the Pakistan Tehreek-e-Insaf (PTI), accusing it of being disloyal to the party's founder, Imran Khan. He claimed that the PTI leadership is deliberately keeping former prime minister behind bars because his release would end their political relevance. 'No one is sincere with the PTI founder. The current PTI leadership wants to keep him in jail. If Imran Khan is released, their politics will vanish,' he claimed. He argued that real politics is absent in the country, and said the political game was just beginning. Vawda hinted at fresh political manoeuvring, stating that the political chessboard was being set and new moves were being considered. He also mentioned increasing tensions in Khyber Pakhtunkhwa and said veteran politician Maulana Fazlur Rehman's experience would be useful in resolving emerging issues. Vawda identified himself as a political student of Asif Ali Zardari, Maulana Fazlur Rehman and Imran Khan. He said that once he placed the political chess pieces, even the pawns would be knocked down. He also expressed strong support for the military and praised Chief of Army Staff, Field Marshal General Asim Munir. Vawda said the army is Pakistan's main line of defence and described Munir as an honest and well-intentioned leader. He added that God had blessed Pakistan with strength through the army chief, and claimed attempts to undermine him had failed. 'I am a supporter of Field Marshal Asim Munir and the armed forces. God has gifted us with strength in the form of Asim Munir. He is honest and well-intentioned.' Vawda lauded Prime Minister Shehbaz Sharif's performance and credited him alongside the military for Pakistan's recent victory over India. 'The credit for the victory over India goes to the field marshal, the armed forces, and the Shehbaz Sharif government. The government is fortunate,' he concluded.
Fashion Network
09-06-2025
- Business
- Fashion Network
South African clothing retailers add stores as economic forecast weakens
'There is a level of retail saturation in South Africa and when economic growth is so weak, there's limited scope for organic space growth,' said Atiyyah Vawda, an executive director at Avior Capital Markets in Johannesburg. 'So new growth comes from brands they recently acquired and under-penetrated brands that do not have sufficient exposure in particular areas.' Still, retailers have slowed space growth compared to a year ago and carefully evaluate new openings to ensure sufficient returns, Vawda said. 'A huge amount of development is taking place outside of major metro areas in the country,' TFG Chief Executive Officer Anthony Thunström said in an interview Friday. In these areas, 'there's a massive informal economy and a lot of its cash often isn't really measured in official GDP numbers.' Retailers remain selective about store expansion and may open fewer outlets. 'We don't want to get sucked into a space race,' Mr Price CEO Mark Blair told reporters. 'It's not just growth, it's quality space,' that meets strict profitability criteria. Blair said last year, the Durban-based company rejected up to 70% of the locations offered. Clothing retailers account for three of the five worst-performing stocks on the FTSE/JSE Retailers Index this year, with building material retailers occupying the other two spots. Shoppers seeking T-shirts and shoes that fit their budgets are also increasing their online purchases. Almost 6% of TFG's local sales come through its online Bash platform, and the company expects that share to nearly double over the next two or three years. This trend may also temper the growth of full retail outlets, as more orders ship from large distribution centers and so-called dark stores. 'That stock doesn't necessarily have to sit in fully lit stores anymore,' Thunström said. 'We can make it more efficient.' TFG's online unit recently became profitable, about two years ahead of schedule.
