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Reuters

  • Gold steadies as firm dollar offsets rate cut bets

    Gold steadies as firm dollar offsets rate cut bets

    August 5, 2025: Gold prices held steady on Tuesday as a firmer dollar countered support from U.S. rate cut bets, while market participants awaited President Trump’s announcement on new Federal Reserve appointments.

    Spot gold was up 0.1% at $3,376.80 per ounce, by 0947 a.m. ET (1347 GMT) after rising to its highest level since July 24 on Monday. U.S. gold futures also rose 0.1% at $3,430.

    Gold Rates Today in Pakistan

    The dollar was up 0.2%, making greenback-priced gold more expensive for overseas buyers.

    A stronger dollar is pressuring gold right now, but expectations that the Fed will start cutting rates in September remain very supportive for gold, said Bob Haberkorn, senior market strategist at RJO Futures.

    Markets are currently pricing in two rate cuts by year-end, beginning in September after Friday’s unexpectedly weak June hiring data.
    Gold is used as a safe store of value during political and financial uncertainty, and thrives in a low-interest-rate environment as it yields no interest.

    Meanwhile, Trump said he would announce decisions soon on a short-term replacement for Federal Reserve Governor Adriana Kugler, who announced her resignation on Friday, as well as his pick for the next Fed chair.

    Data showed that the U.S. trade deficit narrowed in June on a sharp drop in consumer goods imports, the latest evidence of the imprint on global commerce Trump is making with sweeping tariffs on imported goods.

    Investors now await Thursday’s U.S. jobs data for more clues into the Fed’s potential rate path.

    Spot silver rose 0.4% to $37.53 per ounce, reaching its highest level since July 30.

    “I’m more bullish on silver than gold right now. I think silver could break above $40, and if it does, the next target would likely be around $42,” Haberkorn said.

    Platinum lost 1.3% to $1,312.42 and palladium shed 1.7% to $1,186.18.

    South Africa-based miner Sibanye-Stillwater has asked the United States to consider imposing a tariff on Russian palladium imports to support the long-term viability of U.S. supplies.

  • Shoprite plans to exit these two countries

    Shoprite plans to exit these two countries

    JOHANNESBURG, August 5, 2025: South Africa’s biggest grocery retailer Shoprite said on Tuesday it is selling its operations in Ghana and Malawi, marking another step towards consolidation of its activities across Africa to focus more on its home market.

    The supermarket retailer had expanded extensively in Africa, surpassing rivals such as Pick n Pay and Walmart-owned Massmart to become the continent’s leading food retailer in about 15 countries.

    But forays into markets, including Angola and Nigeria, were marred by currency volatility, double-digit inflation, high import duties and dollar-based rentals.

    On Tuesday it said Shoprite Malawi signed an agreement on June 6 to dispose of five trading stores, pending certain conditions, including approval from the Competition and Fair Trading Commission as well as the Reserve Bank of Malawi.

    In Ghana, the group received a binding offer in June for seven trading stores and one warehouse. The sale is deemed highly probable, Shoprite said.

    By 0753 GMT the company’s shares were down 2.60%.

    The planned sales follow exits from Nigeria, Kenya, Democratic Republic of Congo, Uganda and Madagascar. Shoprite had also restricted capital allocations to its supermarkets outside South Africa.

    The retailer also said it expects headline earnings per share from continuing operations to rise between 9.4% and 19.4% in the 52 weeks ended June 29, up from a restated 11.85 rand in 2024.

    It expects group sales from continuing operations to rise by 8.9% to 252.7 billion rand ($14 billion).

     

  • Titan submersible’s design a primary factor in implosion: report

    Titan submersible’s design a primary factor in implosion: report

    WASHINGTON, Aug 5: A U.S. Coast Guard investigative board concluded Tuesday that the “inadequate design” of the Titan submersible was a primary contributing factor in its implosion in 2023 that left five people dead including a Pakistani father and son.

    The Titan was on a tourist expedition to the wreckage of the Titanic – a British passenger liner that sank in 1912, killing at least 1,500 on board – when it lost contact with its support vessel during descent. Its remains were found four days later, littering the seabed about 1,600 feet (488 meters) from the bow of the Titanic wreck.

    Oceangate Titan Incident- All Stories

    The implosion was preventable, the chair of the U.S. Coast Guard Marine Board of Investigation, Jason Neubauer, said as a 300-page report was released following a two-year probe.

    “There is a need for stronger oversight and clear options for operators who are exploring new concepts outside of the existing regulatory framework,” he said in a statement.

    A media spokesperson at OceanGate, the U.S.-based company that managed the tourist submersible and suspended all operations after the incident, was not immediately available for comment.

    The board determined that the primary contributing factors were OceanGate’s “inadequate design, certification, maintenance and inspection process for the Titan.”
    It also cited “a toxic workplace culture at OceanGate,” an inadequate regulatory framework for submersibles and other novel vessels, and an ineffective whistleblower process.

    The report added “for several years preceding the incident, OceanGate leveraged intimidation tactics, allowances for scientific operations, and the company’s favorable reputation to evade regulatory scrutiny.”

    The board found that OceanGate failed to investigate and address known hull anomalies following its 2022 Titanic expedition. It said data from Titan’s real-time monitoring system should have been analyzed and acted on during that expedition.

    It also criticized OceanGate for failing to properly store the Titan before the 2023 Titanic expedition.

  • Israel said it intercepted missile launched from Yemen

    Israel said it intercepted missile launched from Yemen

    The Israeli military said it intercepted a missile from Yemen early on Tuesday after air raid sirens sounded in several areas across the country.

    The Houthis’ military spokesperson, Yahya Saree, later said the group had attacked Israel with a missile.

    The Iran-aligned group, which controls the most populous parts of Yemen, has been firing at Israel and attacking shipping lanes in what it says are acts of solidarity with Palestinians in Gaza.

    Most of the missiles and drones they have launched have been intercepted or fallen short. Israel has carried out a series of retaliatory strikes.

  • Canada airdrops aid into Gaza, says Israel violating international law

    Canada airdrops aid into Gaza, says Israel violating international law

    Canada said on Monday it delivered humanitarian assistance through airdrops to Gaza, which has been under a devastating Israeli military assault for almost 22 months, with Ottawa again accusing Israel of violating international law.

    “The (Canadian Armed Forces) employed a CC-130J Hercules aircraft to conduct an airdrop of critical humanitarian aid in support of Global Affairs Canada into the Gaza Strip. The air drop consisted of 21,600 pounds of aid,” the Canadian government said in a statement.

    The Canadian Broadcasting Corporation reported that it was Canadian Armed Forces’ first humanitarian airdrop over Gaza using their own aircraft.

    The Israeli military said 120 food aid packages for Gaza’s residents were airdropped by six countries, including Canada. The other five were Jordan, the United Arab Emirates, Egypt, Germany and Belgium.

    Canada said last week it plans to recognize the State of Palestine at a meeting of the United Nations in September, ratcheting up pressure on Israel as starvation spreads in Gaza.
    Canada also said on Monday that Israeli restrictions have posed challenges for humanitarian agencies.

    “This obstruction of aid is a violation of international humanitarian law and must end immediately,” Canada’s government said.

    The Israeli embassy in Ottawa had no immediate comment. Israel denies accusations of violating international law and blames Hamas for the suffering in Gaza.

    Israel cut off food supplies to Gaza in March and then lifted that blockade in May – but with restrictions that it said were needed to prevent aid from being diverted to militant groups.

    Read more: Dire water shortages compound hunger and displacement in Gaza

    President Donald Trump also claimed Hamas were stealing food coming into Gaza and selling it. However, Reuters reported late last month that an internal US government analysis found no evidence of systematic theft by Hamas of US-funded humanitarian supplies.

    Israel says it is taking steps for more aid to reach Gaza’s population, including pausing fighting for part of the day in some areas, allowing airdrops and announcing protected routes for aid convoys.

    The latest bloodshed in the decades-old Israeli-Palestinian conflict was triggered in October 2023 when Hamas attacked Israel, killing 1,200 and taking about 250 hostages, Israeli tallies show.

    Gaza’s health ministry says Israel’s subsequent military assault has killed over 60,000 Palestinians.

    It has also caused a hunger crisis, internally displaced Gaza’s entire population and prompted accusations of genocide at the International Court of Justice and of war crimes at the International Criminal Court. Israel denies the accusations.

  • US could require up to $15,000 bonds for tourist visas under pilot program

    US could require up to $15,000 bonds for tourist visas under pilot program

    The US could require bonds of up to $15,000 for some tourist and business visas under a pilot program launching in two weeks, a government notice said on Monday, an effort that aims to crack down on visitors who overstay their visas.

    The program gives US consular officers the discretion to impose bonds on visitors from countries with high rates of visa overstays, according to a Federal Register notice.

    Bonds could also be applied to people coming from countries where screening and vetting information is deemed insufficient, the notice said.

    President Donald Trump has made cracking down on illegal immigration a focus of his presidency, boosting resources to secure the border and arresting people in the U.S. illegally.

    He issued a travel ban in June that fully or partially blocks citizens of 19 nations from entering the US on national security grounds.

    Trump’s immigration policies have led some visitors to skip travel to the United States. Transatlantic airfares dropped to rates last seen before the COVID-19 pandemic in May and travel from Canada and Mexico to the US fell by 20% year-over-year.

    Effective August 20, the new visa program will last for approximately a year, the government notice said. Consular officers will have three options for visa applicants subjected to the bonds: $5,000, $10,000 or $15,000, but will generally be expected to require at least $10,000, it said.

    The funds will be returned to travelers if they depart in accordance with the terms of their visas, the notice said.

    A similar pilot program was launched in November 2020 during the last months of Trump’s first term in office, but it was not fully implemented due to the drop in global travel associated with the pandemic, the notice said.

    A State Department spokesperson listed the criteria that will be used to identify the countries that will be affected, adding that the country list may be updated.

    Read more: Oman targets 11 million tourists by 2040

    “Countries will be identified based on high overstay rates, screening and vetting deficiencies, concerns regarding acquisition of citizenship by investment without a residency requirement, and foreign policy considerations,” the spokesperson said.

    The State Department was unable to estimate the number of visa applicants who could be affected by the change. Many of the countries targeted by Trump’s travel ban also have high rates of visa overstays, including Chad, Eritrea, Haiti, Myanmar and Yemen.

    US Travel Association, which represents major tourism-related companies, estimated the “scope of the visa bond pilot program appears to be limited, with an estimated 2,000 applicants affected, most likely from only a few countries with relatively low travel volume to the United States.”

    Numerous countries in Africa, including Burundi, Djibouti and Togo also had high overstay rates, according to US Customs and Border Protection data from fiscal year 2023.

    A provision in a sweeping spending package passed in the Republican-controlled US Congress in July also created a $250 “visa integrity fee” for anyone approved for a non-immigrant visa that could potentially be reimbursable for those who comply with visa rules. The $250 fee goes into effect on October 1.

    US Travel said that fee could hinder travel and said “if implemented, the US will have one of, if not the highest, visitor visa fees in the world.”

  • US government restricts sports visas for transgender women

    US government restricts sports visas for transgender women

    The U.S. Citizenship and Immigration Services announced on Monday it has updated its immigration policy to restrict visa eligibility for transgender women seeking to compete in women’s sports.

    Under the policy update, USCIS will consider “the fact that a male athlete has been competing against women” as a negative factor when evaluating visa petitions in categories such as O-1A for extraordinary ability, EB-1 and EB-2 green cards for highly skilled workers, and national interest waivers.

    “USCIS is closing the loophole for foreign male athletes whose only chance at winning elite sports is to change their gender identity and leverage their biological advantages against women,” said USCIS spokesperson Matthew Tragesser.

    “It’s a matter of safety, fairness, respect, and truth that only female athletes receive a visa to come to the U.S. to participate in women’s sports.”

    The move aligns with broader efforts by the administration of U.S. President Donald Trump to regulate transgender participation in athletics and follows similar policies enacted at the state level across the country.

    Read More: World Athletics mandates gene test for female category eligibility

    The United States Olympic & Paralympic Committee last month updated its policy to align with an executive order signed earlier this year by Trump barring transgender women from competing in women’s sports.

    Trump signed the “Keeping Men Out of Women’s Sports” order in February, a directive that supporters said will restore fairness but critics argue infringes on the rights of a tiny minority of athletes.

  • Stokes remains upbeat despite England’s painful loss to India

    Stokes remains upbeat despite England’s painful loss to India

    England captain Ben Stokes tried to focus on the positives after his team’s agonising six-run loss to India in their riveting final India vs England Test at The Oval on Monday.

    Stokes, who did not play in the match due to injury, watched on as the hosts collapsed from 301-3 to 367 all out to give India a share of the series.

    “Credit both teams. The amount of effort from both teams to end up here 2-2 is incredible,” he told reporters.

    “The heart and passion and everything that was shown, especially in our second bowling innings, I thought was outstanding.”

    Ben Stokes, who scored a century and completed a five-wicket haul in the drawn fourth India vs England Test, said England had been well on top at various times in the final game under the captaincy of Ollie Pope.

    “We got ourselves into some good positions throughout the test match, not just the last innings,” he said.

    Read more: Brook regrets risky shot after England lose final Test

    “To come within seven runs of victory, it’s tough to look back and feel anything but disappointment.”

    Stokes felt the loss of Chris Woakes to a shoulder injury on the first day had been a crucial factor in the final India vs England Test.

    The all-rounder did come out to bat with a sling on to try to get England over the line but his absence along with that of Stokes and Jofra Archer left England with an inexperienced pace attack in the final India vs England Test.

    “Losing Woakesy early on in the game changed the whole responsibility on the bowlers in particular, the roles they were selected for,” added Stokes.

    “But you can look back on a test match that goes five days and pick out loads of moments as to why (you lost). For us, to come out here to try and chase that total down in the way that we did was outstanding.”

    Ben Stokes was not critical of the unorthodox or rash shots that caused the dismissals of several England batsmen as the tension mounted around the ground.

    Harry Brook made a brilliant 111 before playing a stroke so reckless his bat flew out of his hand, Jacob Bethell was bowled after charging down the pitch and Jamie Smith played three loose shots in a row at Mohammed Siraj, the last one nicking his bat.

    “That never-say-die, never-back-down attitude we’ve installed in the group nearly paid off for us,” Stokes said.

    “We couldn’t quite get over the line.”

  • Air taxi firm Joby to acquire Blade Air’s passenger business

    Air taxi firm Joby to acquire Blade Air’s passenger business

    August 4, 2025: Joby Aviation will acquire helicopter ride-share company Blade Air Mobility’s passenger business for up to $125 million, Joby said Monday, as it works to speed the deployment of electric air taxis for commercial passenger services.

    Blade’s medical organ transplant division is not part of the deal and will remain a separate public company rebranded as Strata Critical Medical, but will partner with Joby on medical transportation.

    Joby is working to win Federal Aviation Administration certification of its electric vertical takeoff and landing aircraft or eVTOLs.

    Joby CEO JoeBen Bevirt said the company is on track to begin FAA Type Inspection flight testing early next year, a key step before it can begin commercial service.

    Bevirt told Reuters the deal gives Joby existing customers, takeoff and landing locations and a decade of operating experience, which is a “launchpad, a catalyst to really grow the experience” that Blade has built. “We think that clean, quiet aircraft are going to unlock large numbers of new takeoff and landing locations,” Bevirt said.

    Blade Air flew more than 50,000 passengers in 2024 from 12 urban terminals including JFK Airport in New York and Newark Liberty Airport and several Manhattan locations. Blade passenger operations will continue and be led by Blade CEO Rob Wiesenthal as a wholly-owned subsidiary of Joby.

    “We fly more people by helicopter – vertical transportation – than any other company in the world. So with the combination of the infrastructure, the flyers, the routes, a globally recognized brand, it really is to the customer… more of an asset swap,” Wiesenthal said in an interview.

    Wiesenthal added there will be a transition phase where the combined company will operate helicopters and Joby aircraft. At some point over time, it will transition to operating only Joby electric air taxis.

    The acquisition includes all of Blade’s passenger business, including U.S. and European operations. Under the agreement, Joby will pay Blade up to $125 million, including $35 million tied to certain performance milestones and retention of certain key employees.

  • Shein hit with 1 million euro greenwashing fine

    Shein hit with 1 million euro greenwashing fine

    ROME, Aug 4: Italy’s competition authority (AGCM) imposed a 1 million euro ($1.16 million) fine on China-founded online fast fashion retailer Shein on Monday for misleading customers about the environmental impact of its products.

    It is Shein’s second financial sanction by a European competition authority in little more than a month, after France fined the company 40 million euros on July 3 over fake discounts and misleading environmental claims.

    The Italian fine was imposed on Infinite Styles Services Co. Limited, a Dublin-based company that operates Shein’s website in Europe, following an investigation by AGCM launched last September.

    In a statement, Shein said it has cooperated fully with AGCM and took immediate action to address the concerns raised.

    AGCM said the environmental sustainability and social responsibility messages on Shein’s website “were sometimes vague, generic, and/or overly emphatic, and in other cases omitted and misleading.”

    Shein’s claims on circular system design and product recyclability “were found to be false or at the very least confusing”, and the green credentials of its ‘evoluSHEIN by design’ collection were overstated, the regulator said.

    Shein promotes the ‘evoluSHEIN by design’ collection as clothes made using more sustainable and responsible manufacturing.

    AGCM said consumers could be misled to think that the collection was made with materials that are fully recyclable, “a fact that, considering the fibres used and currently existing recycling systems, is untrue”.

    Shein, in its statement, said: “We have strengthened our internal review processes and improved our website to ensure that all environmental claims are clear, verifiable, and compliant with regulations.”

    AGCM also took issue with Shein’s “vague and generic” commitments to cut greenhouse emissions by 25% by 2030 and to net zero by 2050, noting that Shein’s emissions increased in 2023 and 2024.

    The Italian regulator said its overall assessment was influenced by an “increased duty of care” falling on Shein, “because it operates in a highly polluting sector and with highly polluting methods”.

    AGCM is in charge of consumer protection as well as competition.

    ($1 = 0.8642 euros)