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Gold prices rose in European trading on Tuesday, extending gains for the third consecutive session and reaching a three-week high, supported by strong investment demand for the precious metal as a safe-haven asset, especially amid expectations of a potential US interest-rate cut in December.   However, gains were capped by the continued strength of the US dollar in foreign-exchange markets, following the Senate’s approval of a preliminary agreement to end the longest government shutdown in US history.   Price Overview   • Gold prices rose 0.8% to $4,149.02 an ounce — the highest since October 23 — from an opening…

Savvy investors, including a buyer of a floor at Opus in Mid-Levels who is connected to the family of a Cambodian Chinese tycoon, are pouncing on Hong Kong’s slumping commercial property market to snap up bargains.The 12th floor of 18 On Lan Street, a Ginza-style commercial building in Central, was handed over to Surplus Inc for HK$34 million (US$4.4 million) on Friday, according to Land Registry records. That represented a 65 per cent loss for the previous owner, Zhou Shubo, who bought the floor for HK$96 million in 2013.Kanika Sam Ang was a director at Surplus, according to Companies Registry…

Indonesia’s move to name Suharto a national hero has revived debate over the country’s uneasy relationship with authoritarianism and whether the legacy of a brutal yet transformative ruler should be celebrated.President Prabowo Subianto, Suharto’s former son-in-law, conferred the honour on Monday, drawing sharp criticism from historians, academics and human rights organisations, who argue the move sanitises one of Southeast Asia’s most repressive regimes.But the muted public reaction also reflects how, for many Indonesians, Suharto’s three-decade rule was synonymous with growth, stability and national pride.Suharto was a “successful autocrat”, Yohanes Sulaiman, an associate professor of international relations at Jenderal Achmad Yani…

Hong Kong ranks fourth globally as a destination for high net worth individuals (HNWIs) thanks to its robust business and economic fundamentals as well as its educational credentials, but trails perennial rival Singapore, according to a Savills study.Dubai took the top spot, followed by New York and then Singapore, with Abu Dhabi in fifth, the consultancy said in its inaugural HNWI Hotspot Index, released on Tuesday.The report analysed nearly 100 destinations on five metrics: business environment and wealth clustering, family infrastructure and cost, legacy planning, lifestyle, and privacy.“Each of these cities offers the full suite of strong business and family…

A senior naval aviation officer appears to have been appointed the Chinese navy’s acting commander, highlighting the armed forces’ focus on joint operations.Vice-Admiral Cui Yuzhong, 61, was the highest ranking naval commanding officer at the commissioning of the Fujian aircraft carrier in the southern province of Hainan last week, according to footage aired by state broadcaster CCTV.Cui is the deputy commander of the People’s Liberation Army (PLA) Navy and appeared walking behind President Xi Jinping and briefing him during an inspection of the vessel on Wednesday.Civilian and military officials are usually carefully vetted before they can attend such an event.Also…

Gold prices in Pakistan increased on Monday in line with their gain in the international market. In the local market, gold price per tola reached Rs435,762 after a gain of Rs5,900 during the day. Similarly, 10-gram gold was sold at Rs373,595 after it registered an increase of Rs5,065, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). On Monday, gold price per tola reached Rs429,862 after a gain of Rs7,400 during the day. The international rate of gold also increased today. As per APGJSA, the rate was at $4,134 per ounce (with a premium of $20),…

LONDON (AP) — Outgoing BBC Director-General Tim Davie has left a broadcast institution in turmoil after U.S. President Donald Trump threatened to sue over the way his speech was edited in a documentary.The publicly funded broadcaster is facing its most serious crisis in years over accusations of bias and misleading editing of Trump’s speech on Jan. 6, 2021, before a crowd of his supporters stormed the Capitol in Washington.The BBC’s chair apologized for an “error of judgment,” and both Davie and head of news Deborah Turness resigned on Sunday.Davie, who had spent two decades at the BBC, oversaw a series…

Japan’s first female prime minister, Sanae Takaichi, secured her party’s nomination by vowing to “work like a horse”. Since taking office on October 21, she has kept her word – but her relentless workload is raising questions about her health.Takaichi arrived at her office at 3am on Friday to prepare for her first parliamentary debate, a budget committee hearing that was due to convene at 9am. Even by Japan’s workaholic standards, such an early start raised eyebrows.“My jaw dropped when I heard it was 3am,” an official told Fuji News Network, speaking on condition of anonymity.Takaichi’s predawn start prompted some…

The first shipment of iron ore from Guinea’s US$20 billion Simandou mine will be flagged off with the project’s inauguration on Tuesday, a development that is set to reshape global supply and pricing once commercial exports reach full capacity.Most of the steelmaking resource extracted from Simandou – the world’s largest known undeveloped reserve of high-grade iron ore – is expected to go to China, given the heavy investments by Chinese firms in the project.However, as railway and port infrastructure nears completion and with full operational ramp-up expected in the coming months, the massive multinational project has been overshadowed by geopolitical…

China has unveiled new measures designed to channel private capital into traditionally state-funded infrastructure projects, as Beijing steps up efforts to reduce investment restrictions and bolster the private economy.The 13-point document released on Monday by China’s cabinet, the State Council, includes measures to encourage private investment in major projects in a range of sectors – from power generation to transport.Any project in areas including rail, nuclear power, hydropower, oil and gas pipelines and the water supply that is expected to generate positive financial returns will now be required to include an evaluation detailing the feasibility of attracting private investment when…