Business
Govt raises Rs974b in PIB auction | The Express Tribune
KARACHI:
The government mobilised Rs973.8 billion through the auction of Pakistan Investment Bonds (PIBs) on Wednesday, reflecting strong investor interest despite expectations of steady rates in the near term.
According to results released by the State Bank of Pakistan (SBP), bids worth Rs1.44 trillion were received against various maturities, including two-year, three-year, five-year, 10-year and 15-year fixed-rate instruments.
The government accepted a total of Rs771.9 billion in competitive bids, while total acceptance, including non-competitive bids and short selling, reached Rs792.7 billion (face value). The total realised amount, including accrued interest, stood at Rs973.84 billion.
Cut-off yields edged higher across most tenors, signalling the cautious stance of investors amid persistent fiscal challenges and inflationary pressures. The two-year PIB was sold at a cut-off yield of 11.4792%, while yields on three-year and five-year papers were 11.4900% and 11.6390%, respectively. The 10-year bond fetched 12.0005% and the 15-year instrument settled at 12.2500%.
The auction saw the highest participation in the 15-year PIB, attracting bids worth Rs539.5 billion, though only Rs340 billion was accepted.
Furthermore, the Pakistani rupee appreciated one paisa against the US dollar on Wednesday, closing at 280.86 in the inter-bank market. The currency has depreciated 0.82% since the start of the current calendar year but has appreciated 1.03% so far in the current fiscal year, according to Ismail Iqbal Securities.
Meanwhile, gold prices in Pakistan slipped even as international bullion rates climbed over 1%, with investors shifting towards safe-haven assets amid stronger-than-expected US private payrolls data.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold dropped Rs1,000 per tola, settling at Rs419,362. Similarly, the rate for 10-gram gold fell Rs857 to Rs359,535.
On Tuesday, the precious metal had already lost Rs3,500 per tola, closing at Rs420,362.
Commenting on the trend, Adnan Agar, Director at Interactive Commodities, said there had been “no significant new development” in the gold market. “Prices were range bound between $3,900 and $4,000 per ounce. Gold hit a low of $3,929 and a high of $3,987, trading near $3,980. The market is making lower lows but remains confined within this range,” he noted.
He added that the $3,930-3,910 zone remained a key support area where prices often rebounded, only to retreat again near the $4,000 level. “Unless there’s a decisive breakout, gold is expected to continue oscillating within this band.”
Business
Joni Lamb, Whose Christian TV Station Went Global, Dies at 65
Joni Lamb, the president of Daystar Television Network, a televangelism broadcaster she founded with her husband, Marcus Lamb, turning their family into stars of Christian entertainment, died on Thursday. She was 65.
In an announcement posted on Daystar’s website, the company described the cause as “serious health matters” exacerbated by a recent back injury. It did not say where she died.
On a trip to Jerusalem in 1983, shortly after the couple married, Mr. Lamb visited the Mount of Olives and felt God telling him to move to Montgomery, Ala., and start a Christian TV station. He and Ms. Lamb poured their energy and modest finances into the effort and began appearing on the air two years later.
By the time they founded Daystar — in Texas in 1997 — they were experienced entrepreneurs and performers. After just a few years, they owned 24 stations around the country. By 2010, they had become the second-largest Christian broadcaster, after Trinity Broadcasting Network, and were reaching more than 200 countries, The Dallas Morning News reported.
Compared with other televangelists, the Lambs “are younger and come across as more ordinary folks,” David Clark, the president of a rival Christian broadcaster, told The Fort Worth Star-Telegram in 2001. “They come across as being sincere.”
Mr. Clark added: “Marc is sharp, and his wife, Joni, is a big asset.”
The Lambs frequently appeared on their own network in a talk show format, discussing the pleasures and challenges of domestic life in a Christian idiom. Ms. Lamb, who liked to break into song, was Daystar’s leading talk show host, over the decades moderating shows like “Taking a Break With Joni” and “Joni Table Talk.” She would often be surrounded by other female regulars, putting questions to a male guest who had wisdom to impart.
The prominent pastor Jentezen Franklin visited earlier this year, for example, to discuss his new book, “The Power of Short Prayers.” The conversation slipped easily into evangelism.
“For someone watching right now: You’ve been listening; God’s opened your heart,” Ms. Lamb said. “In fact, your heart’s already been opened for some time, as you’ve been looking, searching, and you tried everything else. Always say, ‘Why don’t you try Jesus?’ A simple prayer: That will change your life for eternity.”
During the episode she was flanked, as she often was, by her two daughters, Rachel Lamb Brown and Rebecca Lamb Weiss, and referred to her husband by his first name, as if the viewers at home were family friends.
In 2021, Mr. Lamb died, at 64, of Covid-19, after having frequently suggested that people should pray instead of getting vaccinated. Ms. Lamb announced his death on air.
The travails of the Lamb family were often incorporated into the station’s programming. In 2010, Mr. Lamb admitted on live TV to an extramarital affair and described an attempt to extort millions of dollars in blackmail.
“Christian TV took a soap opera turn,” The Dallas Morning News wrote of the episode.
In 2020, Daystar returned a $3.9 million Paycheck Protection Program loan after the CBS program “Inside Edition” investigated the company’s purchase of a Gulfstream jet used by the Lamb family for beach and golf trips.
Four years later, a panel of Ms. Lamb’s talk show regulars questioned her on air about an accusation by her son, Jonathan, that there had been a coverup of a family member’s sexual molestation of his infant daughter. Ms. Lamb denied that any abuse had occurred, and after an investigation, no charges were filed.
Joni Lynn Trammell was born on July 19, 1960, in Greenville, S.C., where she grew up. Her father, Billy Frank Trammell, worked for a local refrigeration and heating company and would evangelize with friends he made playing basketball. Her mother, Sandra (Hudson) Trammell, competed in the Miss Greenville beauty pageant.
The Lambs met at a Greenville church in 1980, when Mr. Lamb, a traveling Pentecostal preacher, was visiting. They married in 1982.
Their early investments in TV stations came fortuitously, at a time of deregulation that The Star-Telegram would describe as “market bottom.” They later made money buying and selling small broadcast towers, and selling airtime to ministries and churches.
In 2023, Ms. Lamb married Doug Weiss, a sex therapist who became a co-host on Daystar. He survives her; other survivors include her three children and several grandchildren.
On air earlier this year, Ms. Lamb told viewers that the Christian faith guaranteed a posthumous reward.
“When you pray that prayer, and you receive Jesus, he forgives your sins,” she said. “When you die, you’re going to heaven.”
Business
US consumer price inflation hits 3.8% in April, highest in nearly 3 years as Iran war fuels energy costs – The Times of India
US inflation rose in April to 3.8 per cent as surging fuel costs amid the ongoing Iran-US conflict drove up consumer prices, hitting a three-year high complicating the Federal Reserve’s path on interest rates.Data released by the Labor Department on Tuesday showed the Consumer Price Index (CPI) increased 0.6 per cent in April after a 0.9 per cent jump in March, the biggest monthly rise since June 2022. On an annual basis, inflation accelerated to 3.8 per cent, marking the highest year-on-year increase, since May 2023.Petrol prices in the US are now more than 28 per cent higher than a year ago, according to official data. AAA estimates show average gasoline prices have crossed $4.50 per gallon, roughly 44 per cent above year-ago levels, squeezing household budgets and raising concerns about broader economic fallout.The spike in energy prices follows the escalation of hostilities between the US, Israel and Iran earlier this year. Markets were rattled after Tehran blocked access through the Strait of Hormuz — a critical global energy route that handles nearly one-fifth of the world’s oil and liquefied natural gas supplies.Core inflation, which excludes food and energy prices, remained relatively contained. Core CPI rose 0.4 per cent month-on-month and 2.8 per cent annually, suggesting that higher fuel costs have not yet fully spread across the wider economy.Food prices also edged higher in April. Grocery costs rose 0.7 per cent from March, led by increases in meat prices after a slight decline in the previous month.The latest inflation reading adds to uncertainty for the Federal Reserve, which had earlier been expected to begin cutting interest rates in 2026. Policymakers are now signalling caution amid fears that prolonged geopolitical tensions and elevated oil prices could trigger another wave of inflation.US President Donald Trump has repeatedly criticised the Fed for not lowering borrowing costs faster to support economic growth. Attention is now turning to Kevin Warsh, Trump’s nominee to succeed outgoing Federal Reserve Chair Jerome Powell, whose Senate confirmation is expected this week.Higher fuel costs are also beginning to weigh on corporate America. Appliance maker Whirlpool Corporation said last week that quarterly revenue fell nearly 10 per cent, warning that the war-driven economic slowdown had severely dented consumer confidence.
Business
EBay rejects £41.4 billion GameStop takeover offer
EBay has turned down a 56 billion US dollar (£41.4 billion) takeover move from GameStop, labelling the proposal as “neither credible or attractive”.
GameStop boss Ryan Cohen launched an unsolicited offer of 125 dollars (£92.40) per share – half in cash and half in GameStop stock – to eBay shareholders last week.
However, the online marketplace’s board confirmed on Tuesday that it had now rejected the move.
In a letter, eBay chairman Paul Pressler said it reviewed the offer but believes that eBay is a “strong, resilient business”.
He added: “We have sharpened our strategic focus, strengthened execution, enhanced our marketplace and seller experience, and consistently returned capital to shareholders.
“With its differentiated global marketplace and a clear strategy, eBay’s board is confident that the company, under its current management team, is well-positioned to continue to drive sustainable growth, execute with discipline, and deliver long-term value for our shareholders.”
GameStop, which runs around 1,600 shops around the US, said it started accumulating eBay shares earlier this year and currently has a 5% stake.
Mr Cohen had previously indicated he would take his proposal directly to eBay shareholders if the company’s board rejected the deal.
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