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Gold up at Rs377,900 per tola in Pakistan following global rally | The Express Tribune

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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.



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Ferrari chair John Elkann to do community service over tax case

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Ferrari chair John Elkann to do community service over tax case


The chair of Ferrari and Stellantis has agreed to do one year of community service and jointly pay millions of euros to settle a dispute over inheritance tax in Italy.

John Elkann and his siblings Lapo and Ginerva will pay €183m (£159m) to Italian tax authorities, Italian prosecutors said, according to multiple media reports.

Mr Elkann’s lawyer said the agreement did not include an admission of liability from the Ferrari chair and his siblings.

He said the prosecutors’ decisions were an opportunity to bring “this painful affair to a swift and definitive close”.

Mr Elkann, a member of one of the most powerful families in Italy, is the grandson of Gianni Agnelli, the former boss of Fiat.

The tax dispute relates to the estate of Mr Elkann’s grandmother, Marella Caracciolo, who died in 2019.

Mr Elkann will need to suggest where he could do his community service, which Reuters reported could include helping at a centre for the elderly or a centre helping people with drug addiction.

Paolo Siniscalchi, the Elkanns’ attorney, said in a statement to the BBC: “John Elkann’s request for probation must be viewed in this context and does not entail, just as the settlement with the tax authorities does not, any admission of responsibility.

“If this request is granted, the proceedings against him will be suspended, and upon the successful completion of the probationary period, will conclude with a ruling extinguishing all the charges for which John Elkann is currently under investigation.

“This outcome would mirror that of his siblings Ginevra and Lapo, for whom dismissal of charges has been requested.”

Prosecutors had alleged the Elkann siblings failed to declare roughly €1bn in assets and €248.5m in income, on the basis their grandmother was a Swiss resident.

Prosecutors on Monday accepted the agreement to pay millions, and have asked the judge to drop a criminal case against Mr Elkann’s brother and sister, which was dismissed.

The case stems from a wider dispute between the Elkann siblings and their mother, Margherita Agnelli over the estate of Gianni Agnelli. A civil case is ongoing.

Mr Agnelli died more than 20 years ago after building Fiat up from a small car manufacturer into a major conglomerate.

Ms Agnelli, who inherited €1.2bn euros, has been fighting to overturn agreements she signed in 2004 after her father’s death in an attempt to ensure that money goes to her five children from a second marriage and not to her three eldest.

Ms Agnelli’s lawyers said in a statement that they welcomed the outcome of these tax and criminal proceedings.

Mr Elkann is the oldest of Ms Agnelli’s children. He has been chair of Stellantis since 2021, and became chair of Ferrari in 2018, according to Stellantis.

He first joined Fiat’s board in 1997 and was previously the company’s chair.



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Publishers fear AI summaries are hitting online traffic

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Publishers fear AI summaries are hitting online traffic


Suzanne BearneTechnology Reporter

Getty Images Newspapers on sale at a newsagent.Getty Images

Newspapers are banking on online revenue to replace falling circulation

When actress Sorcha Cusack left the BBC drama Father Brown in January, it made headlines, including for the newspapers owned by Reach, among them The Mirror, and the Daily Express.

But the story did not generate the traction the Reach newspapers would have expected a year ago, or even at the start of the year.

Reach put this down to AI Overviews (AIO) – the AI summary at the top of the Google results page.

Instead of clicking through to the story on a Reach newspaper site, readers were happy with the AI overview.

The feature is a concern for newspapers and other media publishers, who have already seen much of their advertising revenue siphoned off by social media.

In a tough market, readers coming via Google search is a valuable source of traffic.

“A major worry, backed by some individual datapoints, has been that AI overviews would lead to fewer people clicking through to the content behind them, with negative knock-on effects for publishers,” says Dr Felix Simon, research fellow in AI and news at the Reuters Institute for the Study of Journalism, University of Oxford.

He points out that it’s hard to know the scale of the problem, as Google does not publish data on click-through rates.

DMG Media, owner of MailOnline, Metro and other outlets, said AIO resulted in a fall in click-through-rates by as much as 89%, in a statement to the Competition and Markets Authority made in July.

It means publishers are not being fairly rewarded for their work, says David Higgerson, chief digital publisher at Reach.

“Publishers provide the accurate, timely, trustworthy content that basically fuels Google, and in return we get a click… that hopefully we can monetise to our subscription service.

“Now with Google Overviews it’s reducing the need for somebody to click through to us in the first place, but for no financial benefit for the publisher.”

“It’s another example of the distributor of information not being the creator of information but taking all the financial reward for it.”

There is also concern over Google’s new tool called AI Mode, which shows search results in a conversational style with far fewer links than traditional search.

“If Google flips onto full AI Mode, and there is a big uptake in that…that [will be] completely quite devastating for the industry,” says Mr Higgerson.

Getty Images The top of a smartphone showing the Daily Mail app.Getty Images

The Daily Mail has one of the UK’s biggest online news operations

“We are definitely moving into the era of lower clicks and lower referral traffic for publishers,” says Stuart Forrest, global director of SEO digital publishing at Bauer Media.

“For most of the last decade Google has introduced more and more features into the SERP [Search Engine Results Page], which reduces the need for consumers to visit a website. That is the challenge that we as a sector face.”

Mr Forrest says he hasn’t noticed a drop in traffic across Bauer’s sites, which include brands Grazia and Empire, as a result of the overview feature. But that could change.

“I absolutely think that as time goes on, as consumers get used to these panels, it’s without doubt going to be a challenge. We are absolutely behaving as if we have to respond to that threat.”

In its defence, a Google spokesperson said: “More than any other company, Google prioritises sending traffic to the web, and we continue to send billions of clicks to websites every day.

In an August blog post, Google’s head of search Liz Reid said the volume of clicks from Google search to websites had been “relatively stable” year-over-year.

She also said the number of quality of clicks had improved slightly compared to a year ago – quality clicks are when a user does not immediately click back from the link.

“With AI Overviews, people are searching more and asking new questions that are often longer and more complex. In addition, with AI Overviews people are seeing more links on the page than before. More queries and more links mean more opportunities for websites to surface and get clicked,” she said in the blog.

A close up of a computer screen showing a Google AI overview

Publishers are trying to work out how to appear in Google summaries

Some in the publishing industry are turning to the courts for redress.

In July, a group of organisations including the Independent Publishers Alliance, tech justice non-profit Foxglove, and the campaign group Movement for an Open Web filed a legal complaint to the UK’s Competition and Markets Authority alleging that Google AI Overviews is using publishers’ content at a cost to the newspapers.

It is asking the CMA to introduce interim measures to prevent Google from “misusing” publisher content in AI-generated responses.

In the meantime publishers are trying to understand how to feature in AIO and hopeful win some click-throughs.

“Google doesn’t give us a manual on how to do it. We have to run tests and optimise copy in a way that doesn’t damage the primary purpose of the content, which is to satisfy a reader’s desire for information,” explains Mr Higgerson.

“We need to make sure that it’s us being cited and not our rivals,” says Mr Forrest. “Things like writing good quality content… it’s amazing the number of publishers that just give up on that.”

Like other publishers, Reach is looking at other ways to build traffic to its news platforms.

“We need to go and find where audiences are elsewhere and build relationships with them there. We’ve got millions of people who receive our alerts on WhatsApp,” Mr Higgerson says.

“We’ve built newsletters. It’s all about giving people what they want when they’re on our website and our brand, so the next time they’re looking, hopefully they aren’t going to a third party to get to us.”

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Murdochs reach deal in succession battle

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Murdochs reach deal in succession battle


A years-long succession battle within Rupert Murdoch’s conservative media empire has drawn to a close, with his son Lachlan set to control the news group.

The deal, which the family announced on Monday, will ensure the ongoing conservative leaning of Fox News, The Wall Street Journal and The New York Post even after 94-year-old Rupert’s death.

Under the agreement Lachlan will control a new trust while siblings Prue MacLeod, Elizabeth Murdoch and James Murdoch will cease being beneficiaries of any trust with shares in Fox or News Corp.

It follows years of tension between the media mogul and three of his children over the future of the family-owned newspapers and television networks.

The Murdoch family’s internal turmoil served as inspiration for the hit television drama Succession. The deal announced on Monday to end the real-life saga ends all litigation over the family’s trust.

Lachlan’s more politically moderate oldest siblings are poised to sell their holdings in Fox and News Corp in the coming months. They will also be named as beneficiaries of a new trust, which will receive cash from the sale of about 14.2 million shares of News Corp. and 16.9 million shares of Fox Corp.

The sale of their shares will add to the three siblings’ existing inheritance, but prevent them from having any influence over the political bent of the family’s media conglomerate.

Lachlan is currently the chair of News Corp, which counts The Wall Street Journal and The Times among its slew of publications. He is widely seen as the most politically conservative of Rupert’s oldest children.

“The leadership, vision and management by the company’s chair, Lachlan Murdoch, will continue to be important to guiding the company’s strategy and success,” News Corp said in a statement announcing the deal.



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