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In a move aimed at strengthening its operational footprint, Gul Ahmed Textile Mills Limited (GATM), one of the country’s largest textile mills, has decided to acquire a fully equipped industrial plot in Nooriabad’s SITE zone, Sindh. The listed company disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Thursday. “Board of Directors have approved the acquisition of Plot No. A-44, Sindh Industrial Trading Estates Ltd (SITE), Nooriabad, District Jamshoro, together with the land, building, plant, machinery, allied equipment, fittings, and appurtenances thereon, in accordance with applicable law and subject to due completion of necessary corporate, regulatory…

China has accused the United States of trying to undermine its relations with Greece after the US ambassador Kimberly Guilfoyle urged Athens to sell the Chinese-operated port of Piraeus.Guilfoyle called the presence of China’s state-owned shipping giant Cosco at the port in the south of Greece “unfortunate”, in an interview last week with Greek broadcaster Antenna TV.“But I think there are ways around it, that something could be worked out, whether you pursue a path of enhancing output in other areas or perhaps that Piraeus could be for sale,” she said.“I think it’s very important to have American infrastructure here…

A Cambodian beauty queen has stirred controversy in Thailand after giving a political speech accusing Bangkok of provoking conflict during a pageant segment in Phnom Penh, with social media users accusing her of using an international dispute to grab attention.A day after Chouri Laorhours was crowned Miss Teen Cambodia, her tearful speech was posted on the pageant’s social media account.In a video, Laorhours carries a Cambodian flag and starts her speech in Khmer. Speaking “on behalf of all Cambodian people,” she asks for the return of 18 Cambodian soldiers being held by Thailand, according to the Khmer Times newspaper.She then…

Pakistan used a high-level meeting with a visiting Nigerian revenue delegation on Thursday to showcase its ongoing economic reform momentum, as the government highlighted improvements in macroeconomic stability and the government’s push for comprehensive digitisation of the country’s tax and revenue systems. Aurangzeb met a 13-member delegation from the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) of Nigeria, led by Barrister Imo Effiong Akpan, Federal Commissioner, read an official statement. Senior officials of the Finance and Revenue Division were also present during the meeting. The finance minister welcomed the delegation and expressed Pakistan’s commitment to expanding institutional cooperation and dialogue…

Gold prices edged lower on Thursday, weighed down by a stronger dollar and reduced expectations for a Federal Reserve rate cut in December, with investors eyeing a delayed US jobs report. Spot gold was down 0.1% at $4,077.82 per ounce, as of 0449 GMT. US gold futures for December delivery fell 0.2% to $4,076.50 per ounce. “Gold right now is down primarily due to the fact that the rate-cut bets have been pared back quite remarkably in the last two weeks,” OANDA senior market analyst Kelvin Wong said. “In the short-term perspective, this causes gold price to remain lacklustre below…

China Evergrande Group’s famous log-cabin hotel in Quebec, Canada, has been placed in receivership after the defaulted real estate developer failed to make payments on its debt.Fairmont Le Chateau Montebello, which has hosted luminaries including Grace Kelly and Margaret Thatcher, would be put up for sale by PricewaterhouseCoopers LLP, the court-appointed receiver, according to documents filed this week on the accounting firm’s website.Evergrande’s collapse was by far the biggest in a property crisis that dragged down China’s economic growth for years and led to a record spate of distress among developers. The company, which first defaulted in 2021, was once…

The Pakistani rupee recorded marginal improvement against the US dollar in the inter-bank market on Thursday. At close, the currency settled at 280.65, a gain of Re0.01 against the greenback. On Wednesday, the local unit closed at 280.66. Internationally, the US dollar was riding high on Thursday after notching its sharpest gain in six weeks as Fed minutes made a December US rate cut seem less likely, while the yen tumbled on bets that Japan would not immediately step in to stem its weakness. The yen fell 1% to a 10-month low of 157.18 per dollar overnight in a slide…

Buying rally continued at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index closing with a gain of over 700 points on Thursday. Positive momentum persisted throughout the trading session, pushing the KSE-100 to an intra-day high of 163,817.82. At close, the benchmark index was hovering at 162,936.93, a gain of 710.66 points or 0.44%. “The day’s movement reflected a tug of war between cautious bears attempting to cap the rally and resolute bulls defending the upward trajectory,” brokerage house Topline Securities said in its post-market report. Index-heavy stocks including MARI, HUBC, OGDC, PPL, and SYS posted notable gains,…

Dozens of senior officials and diplomats from across Asia, Africa and the Pacific will touch down in Brussels on Thursday, as the European Union tries to convince them it is a more reliable partner than the United States and China.More than 70 delegations will attend the bloc’s fourth Indo-Pacific forum, with more than 50 ministers or vice-ministers expected at talks on Friday, EU officials said. Crucially, neither Beijing or Washington are invited.“There was no invitation to special guests – this is only for our Indo-Pacific partners. It is an occasion to discuss with them in an open and frank way.…

China International Capital Corp (CICC) plans to absorb two smaller brokerages to create a new entity worth 1 trillion yuan (US$140 billion) in assets, as a state-led consolidation gathers pace to meet Beijing’s goal of creating investment banks that can compete with the likes of Goldman Sachs.CICC would take over Dongxing Securities and Cinda Securities through stock swaps with the shareholders of the two peers, it said in an exchange statement on Wednesday night, without giving details. Shares of the three companies will be suspended from trading on the Shanghai exchange for up to 25 days.The consolidation marks the latest…