Business
Gold up at Rs377,900 per tola in Pakistan following global rally | The Express Tribune
Gold prices in Pakistan rose further on Friday after spot gold went up by $12 to $3,552 per ounce in the international bullion market following the greenback slightly losing value.
The price of 24-karat gold per tola jumped by Rs1,200 to Rs377,900, while 10 grams of gold increased by Rs1,029, hitting Rs323,988 — both all-time highs.
Dealers reported that buyers are increasingly hesitant to make large purchases at these elevated levels. Traders noted that while global momentum drove domestic rates higher, physical demand remained cautious at these high prices.
Also Read: Salaried class pays 21% more tax
Traders in the international market wait for the US non-farm payrolls report, which could influence Federal Reserve interest rate decisions.
Recent increase in the price of yellow metal shows three per cent upward trend for the week after hitting a record high on Wednesday.
Analysts said, expectations of a September Fed rate cut and a weaker dollar have strengthened gold’s appeal as a safe-haven asset amid global economic uncertainty.
Meanwhile, silver also headed for its third straight week of gains, reflecting broader strength in precious metals markets.
Business
Spirit starts monthslong process of dismantling airline after biggest collapse in a generation
Spirit Airlines‘ more than three-decade run ended over the weekend, but on Tuesday it was just starting the monthslong process of dismantling the company after the biggest U.S. airline collapse in a generation.
Spirit and its stakeholders were in bankruptcy court in White Plains, New York, to start that process, which will take months. The hearing included discussions about airport landing fees, aircraft and staffing.
The carrier filed a cumulative wind-down budget of around $217 million, though that number could change.
The budget went out to February 2028. It included more than $52 million in employee costs through July and another more than $52 million for aircraft-related expenses.
The airline had 59 Airbus A320s in service and 63 in storage, as well as 37 of the larger A321s in service, and 13 of them in storage, according to aviation data firm Cirium. More than three-quarters of its fleet was leased.
Spirit shut down operations after years of struggles, most recently from heavy debt loads and a surge in costs.
Spirit’s lawyer, Marshall Huebner of Davis Polk, told a bankruptcy court on Tuesday that the jump in jet fuel prices following the U.S.-Israel attacks on Iran in February left the carrier with no choice but to shut down. That added $100 million in incremental costs for Spirit in March and April, he said.
U.S. bankruptcy court in White Plains, N.Y.
Leslie Josephs/CNBC
Talks for a potential government bailout in the form of a $500 million loan that could have given the government an up to 90% stake in Spirit fell apart late last week, and the carrier officially shut down at 3 a.m. ET on Saturday.
Spirit passengers scrambled to rebook reservations. American Airlines, JetBlue Airways, Southwest Airlines, United Airlines and others said they have flown tens of thousands of Spirit customers who were stranded by the collapse.
Spirit had flown about 50,000 people in the day leading up to its closure. The airline said about 17,000 direct and indirect employees lost their jobs.
“The closing of Spirit Airlines is a sad and unfortunate event that adversely affects many parties, and that’s particularly true for the thousands of folks who are Spirit employees and families who depend on them,” the presiding judge, Sean Lane, said at Tuesday’s hearing.
“The stress level for these employees and affinities is very high, and they likely have many questions,” he continued. “Hopefully there’ll be some information discussed today to provide some answers to some of those questions, or provides information about where to get those answers. Bankruptcy can be a very difficult process, and today is a sad example of that.”
Business
Lidl’s loyalty card becomes less generous, shoppers say
Under the changed system customers collect points rather than reward coupons, with £1 spent equalling one point.
Source link
Business
UK government long-term borrowing costs reach 28-year high
There have been extra jitters in UK government debt markets ahead of Thursday’s local and national elections.
Source link
-
Tech1 week agoA Brain Implant for Depression Is About to Be Tested in Humans
-
Sports1 week agoPro wrestling star Steph De Lander reveals how colleague’s advice helped lead her to title triumph at ACW
-
Tech1 week agoAlmost 90% of women leave tech industry within 10 years | Computer Weekly
-
Business1 week ago‘I had £20,000 stolen and had to fight a 13-month fraud reporting rule to get it back’
-
Entertainment1 week agoNorway joins Type 26 Frigate Programme to boost NATO naval power
-
Entertainment1 week agoMelania Trump says ABC should ‘take a stand’ on late-night host Kimmel
-
Tech1 week agoThis Ambitious Laptop Doesn’t Leave Much Room for Your Hands
-
Business6 days agoPSX plunges over 4,800 points | The Express Tribune
