Business
Gold prices dip, take cue from global market | The Express Tribune

KARACHI:
Gold prices in Pakistan fell on Wednesday, tracking losses in the international market, as investors booked profits after the precious metal scaled the $3,700-per-ounce mark in the previous session. Attention then turned to the US Federal Reserve’s policy verdict, which was expected later in the day.
According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold per tola declined by Rs2,400 to settle at Rs388,600. Similarly, the rate for 10 grams of gold dropped by Rs2,058 to Rs333,161. A day earlier, domestic prices had held steady at Rs388,100 after touching a record high.
Internationally, spot gold was down 0.1% at $3,685.39 per ounce, as of 10:49 am EDT (1449 GMT), after hitting a record high of $3,702.95 on Tuesday, according to Reuters.
Silver prices also followed the downward trend in Pakistan, with the per-tola rate decreasing by Rs109 to Rs4,387, APSGJA said.
Interactive Commodities Director Adnan Agar said the market was closely watching the Federal Reserve’s decision and tone. “If the Fed cuts rates by 25 basis points with a dovish statement, gold could rise again. But if the outlook remains hawkish and data-dependent, prices may fall,” he noted.
Agar cautioned that gold remains heavily overbought after doubling in price over the past two years, rising from $1,800 to $3,700 per ounce without any major correction. “A healthy adjustment towards $3,500-$3,550 is possible before any sustainable rally. Otherwise, the market risks a sharp correction of $300-400,” he added.
Analysts say the outcome of Fed’s meeting will set the short-term trajectory for gold, which has surged on global uncertainties but now faces pressure for a technical correction.
Meanwhile, the Pakistani rupee extended its upward streak against the US dollar in the inter-bank market, posting a slight appreciation. By the day’s close, the local currency stood at 281.50 per dollar, inching up one paisa compared to the previous session. This marked the rupee’s 29th consecutive session of gains. On Tuesday, the currency had ended at 281.51.
The State Bank of Pakistan (SBP) raised a total of Rs195 billion through the auction of short-term government securities but rejected all bids for a longer-term floating-rate bond, reflecting a selective approach to debt management.
The auction for Market Treasury Bills (MTBs) saw strong demand, with the bank accepting Rs201.87 billion in face value out of a total bid amount of over Rs1.07 trillion. In stark contrast, all bids for the 10-year Pakistan Investment Bond — Floating Rate (PFL), which totalled over Rs502 billion, were declined.
The accepted MTB bids carried high yields as cut-off rates ranged from 10.7445% for one-month bill to 10.9999% for 12-month papers, signalling persistent inflationary pressures and a tight monetary policy stance. The complete rejection of all bids for the longer-duration PFL underscores a significant disconnect between investor yield expectations and the central bank’s pricing strategy for long-term debt. This outcome highlights a prevailing investor preference for short-term securities amid ongoing macroeconomic uncertainty.
Business
University students like me are happier living at home – here’s why

Iolo CheungBBC Wales and
Ellie CarterBBC Wales

Leaving home to go to university was once considered a rite of passage.
But university student Kirsty Holpin, who lives with her grandmother and drives to lectures each day, says only two of her course mates actually live on campus.
“The rest of us travel in,” says the 23-year-old, who is one of a growing number of students choosing to live at home with family instead of moving into student digs.
UCAS figures suggest the number of students intending to live at home has doubled in the last 20 years, with rising rent cited as a major factor. Other reasons include shifting priorities towards academic study, rather than drinking and socialising.
Now in her third year studying psychology and criminology at the University of South Wales, Kirsty drives 35 minutes from her home in Fochriw, Caerphilly county, to the campus in Treforest, Rhondda Cynon Taf, to attend lectures.
“When we were pricing it up [for halls] it was extortionate,” she said.
“So as a family it was, ‘would you rather stay home, or go and basically work your butt off to make rent?'”
Kirsty admits that the decision did leave her more “isolated” when it came to social opportunities, but doesn’t regret her choice.
‘Not much of a drinker’
Kirsty admits living on campus would have given her a better social life.
“But I’m not much of a social drinker anyway,” she said.
“And I can always travel down to university if I need to for events, and make time for that.
“At home I have a brilliant, supportive environment, so I can get everything done like assignments – if I was at uni halls, I probably wouldn’t have achieved as much as I have.”
She says blended learning has made things easier for her and others, with more lectures now having the option of being attended remotely.
And without the need to be on campus every day, some students are going to extreme lengths.
“There’s a girl I met last year who was travelling from the West Midlands,” says Kirsty.
“She said it’s much easier to book a hotel room and spend £90 a night when she needs to come down, than spend £600 on rent.”
A recent survey by campaign group Save The Student found that 15% of students in the UK now live with parents or guardians – an increase from 12% in 2020 – with average travel times to campus also rising from 21 to 26 minutes.
“It doesn’t sound like a huge change, but if you look at it in terms of the number of students across the UK, that is quite a significant movement,” said spokesperson Tom Allingham.
In Wales, students now spend an average of £473 a month on rent, while in England the average figure is £556 and in Scotland it is £663, according to Save The Student.
“It’s no surprise that we’re seeing this change, because of factors like the availability and cost of housing, and bills,” says Deio Owen, president of the National Union of Students (NUS) in Wales.
“And stories we see all the time about problems in student housing doesn’t help the narrative, it doesn’t entice people to move to student accommodation.”
But priorities may also have shifted, says Mr Owen, with many students not feeling that a campus lifestyle is key to their university experience any more.
“The traditional idea of people going to university to go out drinking and stuff, that’s not necessarily the de facto behaviour of students anymore,” he says.
“People are deciding to stay in, do sober socials, and students’ unions are key for that to work.
“So it’s crucial that any students who decide not to move to a campus-based university, or close by, don’t miss out on that socialising.”

Isaac Williams, 20, is studying for a Culinary Arts degree at Coleg Llandrillo in Conwy, and says living at his family home and travelling 15 minutes to campus each day “just made sense”.
For him, academic and financial considerations are more important factors than socialising.
“I just want to go to uni so I can get my degree, and have a more successful career,” he says.
“I’ve got a group of friends from other aspects of my life.
“And I have an older brother who’s also staying at home while doing a uni degree. So it just works out well money-wise.”

‘I was getting crazy fomo’
But at the University of South Wales’ freshers event in Cardiff, many students were still keen to embrace the chance to move out of their parents’ house while studying.
“It was just to get the taste of independence, a sort of practice run for living on your own,” said Sophie Davies, 20, from Neath.
Her friend Morgan Lees, 18, from Merthyr Tydfil, added: “Staying at home while being at uni takes away some of the social aspects of it, and that was really important for me.”
Sophie Evans, 20, from Pontypridd, Rhondda Cynon Taf, started off living at home – but only took a month to change her mind and move into university accommodation.
“Everyone else was going out and stuff, I was getting crazy fomo [fear of missing out], and I was booking hotels or staying with people,” she said.
“So I thought it was better if I move away and have that sense of independence, and I did – having to budget by myself and live like a functioning person.”
Joe Williams, 20, from Swansea said the social life had been a key factor in choosing to live on campus.
“Just being around everyone, it was easy,” he said.
“I go back [home] often enough. The costs aren’t too bad, and I was going back home on weekends to work, so it was OK.”
Business
Hyundai outlines ambitious U.S. growth plans weeks after ICE immigration raid at battery plant

Jose Munoz, president and CEO, Hyundai Motor Company, speaks during a media tour and grand opening at the Hyundai Motor Group Metaplant America, March 26, 2025, in Ellabell, Ga.
Mike Stewart | AP
NEW YORK — Hyundai Motor reinforced aggressive growth plans Thursday through the end of the decade, despite lowering its profit outlook for the year due to tariffs.
The new targets call for an operating profit margin this year of between 6% and 7%, down from 7% to 8%, and an increase in revenue of between 5% and 6% — up 2 percentage points — compared with 175.2 trillion South Korean won (US$12.7 billion) in 2024.
The South Korean automaker revised its financial targets Thursday ahead of a CEO investor day in New York City. It is the first time the company has hosted the event outside of South Korea as well as the first time CEO José Muñoz — who was promoted to the top job at the automaker beginning this year — led the meeting.
Along with revising financial targets, the world’s third-largest automaker reconfirmed its ambitious growth plans that include increasing annual sales to 5.55 million by 2030. Such results would mark a roughly 34% increase from its global sales last year of 4.14 million units.
Muñoz opened the meeting by discussing the company’s expansion plans, largely fueled by the U.S., which he called the “engine of growth” for the automaker. Hyundai is currently in the process of investing $26 billion from 2025 to 2028 to expand its operations in America.
“This isn’t just about tariff mitigation, it is about building the most advanced, efficient manufacturing ecosystem in the automotive industry,” he said during the event, adding the U.S. is its largest opportunity for expanding localized manufacturing.
Hyundai aims to have more than 80% of its U.S. vehicle sales be produced locally by 2030. That compares to roughly 40% currently. That is expected to include a Hyundai-developed midsize pickup truck as well as potentially a more rugged SUV than the company currently offers, Muñoz said Thursday.
“I think it’s long overdue,” Muñoz told reporters after the event, calling it “a big opportunity.”
The CEO investor event is occurring at an inopportune time for the company, as well as relations between the U.S. and South Korea.
A masked federal agent wearing a Homeland Security Investigations vest guards a site during a raid where about 300 South Koreans were among 475 people arrested at the site of a $4.3 billion project by Hyundai Motor and LG Energy Solution to build batteries for electric cars in Ellabell, Georgia, U.S. September 4, 2025 in a still image taken from a video.
U.s. Immigration And Customs Enf | Via Reuters
The New York meeting comes weeks after hundreds of workers were arrested during an immigration raid at a jointly owned battery plant between Hyundai and LG Energy Solution in Georgia.
About 475 workers, including more than 300 South Koreans, were arrested in the Sept. 4 raid at the plant in Ellabell, Georgia, according to U.S. immigration officials. Many workers who were detained returned home via a chartered plane following discussions between South Korea and U.S. officials.
Muñoz confirmed Thursday that those detained worked for suppliers, with no Hyundai employees being arrested.
The raid, which was the largest single-site enforcement operation in the U.S. Department of Homeland Security’s history, was conducted over suspicions about “unlawful” visas or immigration status of workers at the site, U.S. officials have said.
At the beginning of the Thursday meeting, Muñoz expressed “our sincere empathy” for the workers and their families who were impacted by the raid. He said he hopes the U.S. and South Korea can work together to resolve the issue and continue the healthy relationship between the two countries.
“As our executive chair said last week, we hope the U.S. and Korea can work on mutually beneficial solutions for short-term business travel, especially for specialized technical expertise,” Muñoz said.
His comments on visas echoed those from Bob Lee, North American president of LG Energy Solution. Lee on Monday said that may be the “one positive” to come from all this and expressed optimism about the company being able to avoid such actions in the future.
“We’re very supportive of this and we’re cautiously optimistic that this type of thing will not happen again,” Lee said at a Center for Automotive Research conference in Detroit.
Business
MPs write to business secretary over JLR supply chain jobs

Richard PriceWest Midlands

About 30,000 people are employed directly by JLR, with a further 200,000 working in the firm’s supply chain.
Antonia Bance – Labour MP for Tipton and Wednesbury and also a member of the Business and Trade Committee – is among the MPs to have written to the business secretary.
She said they were trying to make sure that there was attention on the matter and that the risk to jobs in the supply chain was properly understood.
JLR bosses were limited in what they were able to say, she said, although MPs had received briefings from the firm, but they had not included how long the situation would last.

She said she was hearing from supply-chain firms that said they were experiencing cash-flow problems.
This meant some firms were left unsure whether or not they could continue employing staff.
“A number of the plants in my area have sent all of their staff home and stopped production” Bance said.
“Most of them are continuing to pay their staff, but obviously that’s a real financial strain on these sometimes quite small businesses, particularly when there is no end in sight.”
Firms had gone to their own lenders and had been able to extend their overdraft facilities, she added.
JLR had been considering what it could do to support the supply chain, but Bance believed the government could help with a furlough scheme or by guaranteeing loans.
‘Proud industry’
This would help save jobs and skills in the region, she added.
“We are not talking about businesses who are otherwise in trouble, we’re talking about businesses who are thriving, who are looking to take on more staff, and if this cyber attack hadn’t happened would be running up towards Christmas at full tilt,” Bance said.
It would be “completely understandable” if people starting looking for other jobs if they did not feel firms could continue employing them, she added.
Tata, which owns JLR, should be doing “absolutely everything they can, including financial help,” to ensure the supply chain survived, she said.
“I do think there’s a responsibility on the owners, but I do also think that if we want to be a country that makes things again, if we are proud of our industry – and here in the West Midlands we could not be more proud of what we make and what we sell around the world – government may have to step in.”
Minister for industry Chris McDonald said he had met with West Midlands mayor Richard Parker as well as JLR bosses to discuss their plans and would meet with supply chain businesses in the coming days.
“We know this is a worrying time for those affected, and although Jaguar Land Rover are taking the lead on support for their own supply chain, our cyber experts continue to support them to resolve the issue as quickly as possible,” he said.
The signatories to the letter included:
West Midlands
- Antonia Bance MP
- Alex Ballinger MP
- Chris Bloore MP
- Laurence Turner MP
- Sureena Brackenridge MP
- Sarah Edwards MP
- Josh Newbury MP
- Gurinder Singh Josan MP
- Sonia Kumar MP
- John Slinger MP
- Valerie Vaz MP
- Preet Kaur Gill MP
- Warinder Juss MP
- Liam Byrne MP
- Jodie Gosling
- Cat Eccles MP
- Dr Allison Gardner MP
- Tahir Ali MP
- Jacob Collier MP
- Rachel Taylor MP
- Matt Western MP
- Gareth Snell MP
Merseyside
- Derek Twigg MP
- Anneliese Midgley MP
- Kim Johnson MP
- Maria Eagle MP
- Bill Esterson MP
- Peter Dowd MP
- Ian Byrne MP
- Paula Barker MP
- Marie Rimmer MP
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