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Price of Gold surge by Rs 500 To Rs112,000 Per Tola

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gold

Karachi Sarafa and Jewellers Group reported that the price of 24 karats per tola gold surged by Rs500 and was trading at Rs112,000 on Thursday against its sale at Rs111,500 in the local market the prior day. The price of 10 gram 24 karats also surged by Rs429 and was traded at Rs 96,022 against … Read more

Shaukat Tarin: Pakistani currency will be used for trade with Afghanistan

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Shaukat Tarin

Federal Minister for Finance Shaukat Tarin said that Pakistani currency will be used for two-sided trade with Afghanistan, as an alternative to the US dollar.

The minister exposed it in a meeting of Senate’s Standing Committee on Finance, adding that the bordering counter, where the Taliban has just publicized their temporary government structure, is facing a lack of dollars as international financial institutions have detained its assets.

Shaukat Tarin more stated that Pakistan might refer human resources to Afghanistan to operate many affairs as the Taliban has derived into power again later a break of two decades.

The finance minister also called food prices the main concern of Pakistan and said that the present account shortage has been viewing a rush since April.

The finance minister said to the senators that Pakistan established $450 million from the Asian Development for procurement of COVID-19 vaccines.

He also promised to take the country’s GDP growth to 4.8% during the present fiscal year 2021-22.

Indian hackers targeted the Federal Board of Revenue (FBR) database a few days ago, according to the finance minister, who also stated that the revenue authority’s system is being updated.

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Jurrien Timmer: adoption of bitcoin by El Salvador is “a little bit overplayed”

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Jurrien Timmer

Bitcoin move of El Salvador is “a little bit overplayed” Fidelity Investments director Jurrien Timmer stated.

El Salvador’s adoption of Bitcoin (BTC) as legal tender is broadly famous across the cryptosystem, but one expert believes the rank of the rollout was a little bit overstated.

“Because it’s not like El Salvador has dropped the U.S. dollar as its peg,” Jurrien Timmer clarified. He further said, “It’s not like it switched from dollars as its currency peg to Bitcoin.”

Repeating that the country still has the dollar and individuals can choose to be salaried in dollars or pay in dollars, he further said that the acceptance is on a voluntary basis.

But, paying in Bitcoin is voluntary in El Salvador, local merchants in the country are instructed to accept and process BTC transactions.

Timmer noted that Bitcoin is being verified, for the first time, as a medium of exchange is different from a store of value.

The Fidelity exec likened Bitcoin’s present moment to an “adolescent’s coming of age” like gold was in the 1960s:

“Although it’s in reverse; because gold went from being money to being an asset class in the seventies. Bitcoin is trying to go from being asset class to also being a currency or being money.”

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CrossTower a US crypto exchange reaches India

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CrossTower

CrossTower is making a bet on the increasing crypto market in India even though the doubt over the authorized status of Bitcoin in the country.

US-based cryptocurrency exchange CrossTower is increasing procedures to India even with the continuing legal doubt over local crypto regulation.

CrossTower has set up a local division in India and hurled a crypto trading platform to gain the rising multi-billion dollar market. CrossTower India has now onboarded 35 workers and is seeing to increase its team up to 100 individuals in the next six to nine months.

CrossTower supposes its Indian exchange to fund its plans to increase more across the world. “India will play a pivotal role and we plan to use the country as a hub to expand into other geographies,” CrossTower co-founder and CEO Kapil Rathi said.

The entrance of CrossTower in the market of India aims at the constant uncertainty over the legal status of cryptocurrencies like Bitcoin (BTC) in the country. Numerous suspected government sources had before stoked fears of a future crypto ban, reportedly signifying that the Indian government was forming to carry out a blanket ban on the industry.

Despite this, India’s countrywide investments in crypto rushed 600% over the past year, increasing from $900 million in April 2020 to $6.6 billion in May 2021.

“We believe we are taking a calculated risk,” Rathi said.

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Cardano price Prediction: ADA increase 12% In a Green Day

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Cardano price

Cardano price is trading at $2.5390, up 11.90% on September 9. It is the major one-day percentage increase since August 27.

The change upwards hard up Cardano’s market cap up to $80.7770B, or 3.84% of the total crypto market cap. At its peak, Cardano’s market cap was $94.8001B.

Cardano had traded in a range of $2.3969 to $2.5497 in the earlier twenty-four hours.

Over the past seven days, Cardano has seen a fall in value, as it misplaced 18.06%. The volume of Cardano traded in the twenty-four hours to time of marks was $7.6378B or 4.44% of the entire volume of all cryptocurrencies. It has traded in a range of $2.0316 to $3.0291 in the past 7 days.

Currently, the price of Cardano is still down 18.07% from its all-time high of $3.10 set on September 2.

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The decision to increase electricity rates should be reconsidered, Mian Zahid Hussain

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electricity

The government should consider the option of reducing its expenditure instead of raising the price of electricity, says President All Karachi Industrial Alliance.

Karachi Industrial Alliance President Mian Zahid Hussain has said that it has been decided to increase electricity rates from next month to overcome losses in the power sector and revolving credit.

This should be reconsidered as it will increase the burden on the people, industry, and trade, and also increase general inflation. Instead of raising the price of electricity, the government should consider the option of reducing its expenditure, of which the Percentage has increased.

Mian Zahid Hussain said in a statement that the promise not to increase rates this year could not be fulfilled and now it has been decided to make electricity more expensive from next month to revive the IMF program.

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Winners of Rs 200 prize bond to be announced on September 16

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prize bond

The first prize of Rs. 750,000 will be drawn on Thursday, September 16 under the auspices of the Central Directorate of National Savings, Government of Pakistan.

First prize Rs 7 lacs 50 thousand second prize Rs 2 lacs and 50 thousand for 3 winners, third prize Rs 1,250 for 2397 winners of the lucky draw.

The government announced that income tax collection from the winners of the prize bonds grew 8 percent to reach Rs4 billion during the fiscal year 2020/21.

The sources at the Regional Tax Office (RTO) Karachi, a revenue collecting arm of the Federal Board of Revenue, said the income tax collection from the prize bonds increased to Rs4 billion in the fiscal year 2020/21, compared with Rs3.7 billion in the preceding fiscal year.

The FBR collects income tax on prizes and wins money under Section 156 of the Income Tax Ordinance, 2001.

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IT service provider licensing to be completed soon by FBR

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IT Service

The Federal Board of Revenue (FBR) has allotted instructions for licensing of IT Service Providers, interpreting IT services to retailers experiencing integration with FBR vide SRO 1063 (I)/2021.

The operationalization of licensing rule might yield some time to complete the licensing procedure, said a press release issued by FBR.

In order to ease the retailers and with unified integration, the present IT service providers will remain to offer services to their customers till such time the Board advises the licensed IT service providers.

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Readymade clothing exports rise by 9.83%

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Readymade Clothing

The exports of Readymade clothing in the first month of Final Year 2021-22 raised by 9.83 percent as compared to the exports of the consistent period of last year.

Throughout the period from July 21, Ready-made garments cost US $ 301,188 thousand too were  exported in the present financial year as compared to the exports of valuing the US $ 274,237 of the similar period of last year.

As per the data out by the Pakistan Bureau of Statistics, the exports of Bed wear were improved by 8.28%, worth the US $ 263,343 were exported as compared to the US $ 243,198 of the similar time last year.

Whereas further textile supplies exports improved by 17.98% of worth US $57,537 were exported in the present fiscal year as compared to the exports of valuing the US $48,769 of the similar time of last year.

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Business sentiment of japan shows a major decrease

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business sentiment

The business sentiment of employees in jobs complex to Japan’s economic tendencies experienced the high-pitched downtrend in one and a half years in August, as the country noted successive all-time highs of COVID-19 cases.

Linked with the earlier three months, the surety diffusion index of “economic observers” such as taxi drivers and restaurant workers in the present situation rushed 13.7 points to 34.7 from July, the first drop in three months.

This was the major backdrop ever since a fall of 14.0 points recorded in February last year, when the country’s COVID-19 virus cases instigated increasing and the economic view started to worsen fast.

The newest benchmark index interpretation was the lowest point since 31.2 noted in January this year.

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McDonald’s in El Salvador starts accepting Bitcoin payments

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McDonald’s in El Salvador

McDonald’s in El Salvador is presently accepting cryptocurrency payments via Lightning Network.

After El Salvador accepted bitcoin, BTC as payment is becoming a reality in the country. As the acceptance has opened modern payment options for its citizens.

Aaron van Wirdum a journalist publicized the news after visiting McDonald’s in El Salvador, where he was offered a printed QR code guiding him to an account page on Lightning Network.

Lightning is a layer-two payment protocol planned to create bitcoin transactions more scalable. While BTC has succeeded as an investable asset, its acceptance as a medium of exchange has been partial.

Lightning Network will probably verify invaluable if El Salvador hopes to accomplish the bulk acceptance of Bitcoin payments. Further than instant transactions, however, El Salvador’s Bitcoin strategy could be proven effective by streamlining global payments, growing the wealth of its citizens, and appeal to crypto-focused entrepreneurs of the country.

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Charles Hoskinson: ‘after El Salvador accepts BTC, more countries will admit BTC’

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Hoskinson

Cardano founder, Charles Hoskinson guessed that accepting bitcoin by El Salvador is a great victory for the crypto industry.

Hoskinson expects that the acceptance of BTC by El Salvador will encourage other countries as well to adopt crypto.

Hoskinson said, “The majority of people under the age of 25 have a positive view on cryptocurrencies, and a lot of them own them. That’s the future. Their children will grow up with those values and those beliefs about the nature of money,”

Hoskinson further forecasted that other countries will move into the crypto industry by accepting crypto as part of varied government structures.

He further added that “In the coming years, many more nation-states will use crypto as part of their monetary policy, either as reserves in their central banks or using cryptocurrency rails for central bank settlements, or potentially just simply taking a cryptocurrency — as El Salvador has done — and make it the national currency.”

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Standard Chartered, bitcoin price to touch $100K in 2021 or early 2022

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bitcoin

Experts come to an understanding that a $100,000 price for Bitcoin (BTC) by the end of the year would as well exponentially increase Ether’s price.

Industry experts view the cryptocurrency market fall as a “false dip” although repeating the $100,000 Bitcoin (BTC) price for the end of the year.

In a new report by Standard Chartered’s cryptocurrency research unit, Bitcoin is forecasted to touch $100,000 “in late 2021 or early 2022,” escorted by a vast Ether (ETH) price point.

The research team stated that the price of ethereum is “structurally” valued at $26,000–$35,000, which is 10 times its present value, although for that bitcoin should reach $175,000 to occur.

The co-founder of Zap Pro elaborated the smash in the market of crypto as a false dip he said, “Big finance and the media say it’s because there was a bumpy rollout in El Salvador. I’m in El Salvador right now and things are looking spectacular,”

He further said, “So here we have a president who is breaking new ground, like a top CEO, rolling out innovation. He believes in it: he bought the dip, as everyone should be.”

Spanos supported the idea of BTC’s price of $100,000 at the end of this year along with ETH that it is too seeking to touch $10,000 by then.

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Cryptocurrencies Price forecast: Dogecoin and Ripple

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Cryptocurrencies Price

Latest cryptocurrencies price forecast for Dogecoin (DOGE) and Ripple (XRP). DOGE stays at $0.35, whereas XRP is expected to rise to $3. Dogecoin (DOGE) remains on track to $0.35 & survives volatility Dogecoin (DOGE) has had its refinement after the correction on August 24. Price curved in below $0.30 and cut down into a distribution … Read more

India intends to upsurge energy imports from Russia

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India

India plans to upsurge energy imports from Russia, together with liquefied natural gas (LNG), Indian Ambassador to Russia Venkatesh Varma stated.

Currently, in spite of great mutual investments in the energy division, the import of liquefied hydrocarbons from Russia to India is only 1%.

We intend to increase this share,” the Indian ambassador said.

According to Varma, India’s economy is probably to raise at a rate of 8-10% yearly over the next few years, and energy consumption will be twice.

He stated, “So, great prospects are opening up for Russian companies to participate in shaping India’s energy security,”

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Gold price in the global market fell by 4 dollars to 1824 per ounce

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Gold

Gold price in the global market decreased by 4 dollars per ounce while the price in Pakistan increased by Rs 100 per ounce. The price fell by 4 dollars and the price of gold per ounce in the global market fell to 1824 dollars, In contrast, on the first day of the business week, prices … Read more

Ashraf Bhatti expresses disappointments on government vaccination policies

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Ashraf Bhatti

Can a policy ever be made successful by spreading fear and using force, says All Pakistan Traders Association Central President Ashraf Bhatti.

In a statement, he said, “Can a policy ever be made successful by spreading fear and using force, but it opens the door and government policies fail instead of succeeding.”

The government should run an uninterrupted effective publicity campaign for the implementation of Corona SOPs and at the same time inform the public about Corona vaccination.

Concerns in the minds of the people regarding vaccination should be removed, videos of vaccination abroad should be shown, rulers, politicians, eminent personalities of various sectors, and government officials should be vaccinated at public centers.

It should be shown so that the fears of the people can be allayed. He said that “when a video of one of your provincial ministers going viral on social media saying that neither I nor my secretaries would be vaccinated, there are side effects of vaccination, then people would have concerns. Strategies should be adopted to address this so that people themselves are attracted to it.”

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Russia denies to accept payments in cryptocurrency

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Russia

The government of Russia hangs onto claiming that payments in cryptocurrencies like Bitcoin (BTC) would ruin its financial system.

Dmitry Peskov, the official representative of Russian President Vladimir Putin, demanded that Russia has no motive to identify Bitcoin as legal tender.

The Kremlin representative claimed that tapping cryptocurrencies like Bitcoin in line with traditional cash instruments would take nothing but damages to the country’s financial and economic system.

Peskov reportedly declared that “Clearly, Russia is not ready for such moves,”

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Taiwan police arrest 14 individuals for crypto scamming

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Gwadar

Police of the Taiwan administration have under arrest 14 individuals for running a $5.41-million (150 million New Taiwan dollars) investment cheat over the past year, including more than 100 cryptocurrency investors.

The accused has been charged with fraud, money laundering, and violations of the Organized Crime Prevention Act by the Criminal Investigation Bureau.

CIB investigator Kuo Yu-Chih said that the scam was controlled by a local businessman named Chen, who ran the operation on social media platforms. Chen was also reportedly running Azure Crypto Co, a Taipei-based platform that provides many investment services, together with cryptocurrency transactions.

He explained:

“Chen and his staff set up Web sites, and allegedly used photographs of pretty women to attract mainly male victims, many of whom were in retirement with substantial savings.”

According to Kuo, Chen and his team of scammers guaranteed great returns on cryptocurrencies such as Ether (ETH), Tron (TRX), and Tether (USDT) although giving themselves as financial advisers specializing in cryptocurrency mining.

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In Brazil, Visa is said to be working on integrating Bitcoin payments

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Visa

An executive from Visa Brazil discusses intentions to integrate crypto assets such as Bitcoin into the payments platform.

In the latest interview, Eduardo Abreu, vice president of new business at payments giant Visa, publicized the company’s intent to participate crypto assets onto its platform for equal payments and as a store of value, with the foremost cryptocurrency, Bitcoin (BTC).

In the interview, Abreu shared his certainty that more adoption will need the integration of traditional banking activity in the crypto ecosystem so that clients can transact with sanction and crypto within an equal environment.

There was no exact date of the launch, but it is generally probable in the coming months.

Abreu said, “The great advantage of adopting Bitcoin is, without a doubt, its ease. Without needing to exchange a fiat currency, there is an optimization of exchanges when using Bitcoin,”.

Along with this service, Abreu also recommended the prospect of clients receiving cashback in crypto:

“Brazilians already have the culture of receiving card points, miles, discounts, etc. Why not receive cryptocurrencies with their credit card as well?”

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Ethereum Price Forecast: Is ETH expected to cross $4000?

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Ethereum Price

For the next twenty-four hours, Ethereum price is forecasted to be in the range of $ 3666 and $ 3998 according to the latest ETH Price Prediction.

The recent price of Ethereum is $3,900.02 which is 1.03% lesser than 24 hours ago. ETH was outpaced by Bitcoin in the last 24 hours.

For the first time in a long period, Ethereum indicated a negative rally at the everyday net issuance. On Friday, Ethereum closed lesser, an occasion which was neither likely nor forecast by the investors.

As per reports, the negative issuance was the straight result of the checking of the Ethereum network which occurred in August.

The report further adds that the apparent refit of the Ethereum either finishes or “Burns” a minor part of the fees which the clients pay to get their transactions confirmed.

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120% increase in trade deficit in the first two months of the financial year

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financial year

The first two months of the current financial year saw a 120 percent increase in the trade deficit, the Federal Bureau of Statistics (FBS) said.

Exports increased by 27.59% to 4 billion 57 crores, compared to 3 billion 58 crores in the same period last fiscal year. Imports were 6.99 billion during the period, with a trade deficit exceeding 7 billion 49 crores.

Exports declined by 4.53% in August compared to July this year. The volume of exports in July 2021 was 34 2.34 billion, the volume of exports in August 2021 was 2 billion 23 crore, compared to July this year.

Imports increased by 15.39% in July 2021. The volume of imports was 5 billion 6 crore. In August 2021, the volume of imports was 6 billion 46 crore.

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Karachi traders protest against boundaries obligated on business activities

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Karachi

Traders in Karachi showed a protest against boundaries obligatory on business actions by the Sindh government to restraint the spread of covid.

A great number of traders get together close to the Boulton market, blocking MA Jinnah Road to press the provincial government to admit their request of letting business activities six days a week until 10 pm.

Businessmen Group chairman and Karachi Chambers of Commerce president in their combined announcement insisted the government have pity on owners of shops, cafes, and wedding halls.

They claimed that the government permits businesses to work six days a week until 10 pm and stated concern over traders and shop owners being forced to detect a starvation strike on roads for the approval of their valid demands.

If the boundaries are not reduced, many businesses now suffering losses would stop to exist and hundreds of thousands of individuals would pass away of starvation, scarcity, unemployment, and anxiety, they added.

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Sindh government makes COVID-19 vaccination certificate compulsory

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Sindh government

The Sindh government has suggested making the COVID-19 vaccination certificate compulsory for getting services at banks, post offices, and couriers.

The Sindh government has sent the commendation to the National Command Operation Centre (NCOC) to further constrict the limits to control the COVID-19 spread by accelerating the vaccination process.

The provincial health department marked in its letter to NCOC that the COVID-19 vaccination certificate must be made compulsory for receiving bank services.

All banks and post officers must deliver services only to the vaccinated individuals who have received their National Database and Registration Authority (NADRA) vaccination cards

It has been suggested by the Sindh health department to stop providing services by the said sectors to those who are not possessing the COVID-19 vaccination certificates.

The restaurants and hotels will not deliver meal services and lodging to unvaccinated clients.

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Piaggio set up a Consortium with Honda, KTM, and Yamaha

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Piaggio

Piaggio, an Italian scooter maker stated that it had set up a consortium with Honda Motor Co., KTM AG, and Yamaha Motor Co. to encourage the use of swappable batteries for electric motorbikes and light electric vehicles.

The Swappable Batteries Motorcycle Consortium (SBMC) intends to increase the use of light electric vehicles, for instance, scooters, mopeds, and motorcycles, and support more maintainable management of their batteries.

It will focus on subjects such as battery life, recharging periods, infrastructure, and prices and will work on describing worldwide standard technical provisions for swappable batteries.

The firms in the consortium stated, they welcomed others connecting them to spread out standards to as many firms as possible.

Piaggio Chief of Strategy and Product Michele Colaninno stated that “Urban mobility is going through a delicate transition moment towards electrification. Thanks to this consortium motorbikes will keep their key role,”

Honda’s Motorcycle Operations Chief Officer Yoshishige Nomura stated that the consortium’s goals are expected to make electric motorcycles more suitable for customers, as their “use on large scale can substantially contribute to the creation of a more sustainable society”.

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Pakistani rupee continues to depreciate in the interbank

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Pakistani rupee

The Pakistani rupee continued to depreciate against the dollar during the week in the interbank and local open currency markets.

According to reports, the dollar appreciated by 85 paise against the Pakistani rupee in the interbank market during the last week, pushing the buying price of the dollar from Rs 165.95 to Rs 166.90 and the selling price from Rs 166.15 to Rs 167.

Similarly, the dollar rose by Rs 1 in the local open currency market, pushing the buying price of the dollar from Rs 166.20 to Rs 167.30 and the selling price from Rs 166.60 to Rs 167.60.

The euro and the British pound rose by a record Rs 2 and Rs 2.70, respectively, during the period under review.

The buying rate of the British pound rose from Rs 227.30 to Rs 230.50 and the selling price rose from Rs 229.30 to Rs 232.

The dollar depreciated by 10 paise and the euro by 30 paise in the local open currency market. The pound became 20 paise more expensive.

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Karachi weather forecast: rain is expected from 9 to 10 September

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Karachi

Between September 9 and 10 more rain is expected along with winds and thunderstorms in Karachi, Pakistan Meteorological Department (PMD) has forecasted.

Sardar Sarfraz, Director of PMD Karachi stated that a different low-pressure climate system has been established in the Bay of Bengal.

The official stated, “The rain-bearing system is moving towards the west and it could cause rains in Karachi and other parts of Sindh between Thursday and Friday,”

The most recent rains system’s effects can be perceived in Sindh and northern parts of the country, he said, adding a new low-pressure climate system in the Bay of Bengal might be made after September 10.

For now, the met office allotted a weather alert in view of the predictable heavy rains in the country.

The met office stated, “Continental air is prevailing over most parts of the country.”

“Monsoon currents likely to reach upper and central parts of the country from Tuesday and may persist during the week,” read the announcement.

Further monsoon flows are expected to penetrate the country from September 7 and to be expected to remain till September 11, said the met office.

Under the impact of this weather system, rain-wind-thundershower is predictable in Kashmir, Islamabad, Rawalpindi, Sialkot, Gujranwala, Lahore, Faisalabad, Abbottabad, Peshawar, and other cities of the country with rare gaps.

Dir, Muzaffarabad, Rawalakot, Islamabad, Jhelum, Lahore, and Kasur, in these areas Heavy falls are predictable from September 8 to 10.

Whereas, Rain-wind-thunderstorm is as well expected in Zhob, Musa Khel, Quetta, Ziarat, Kalat, and different parts of Sindh from September 8 to 10.

The met office cautioned that wind-storm might cause harm to the susceptible structures and heavy rainfall may cause urban flooding in Rawalpindi, Gujranwala, and Lahore throughout the period.

The met office too directed all the concerned authorities to stay attentive throughout the prediction period.

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NFT marketplace gets launched by Crypto exchange FTX for US-based users

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NFT marketplace

Crypto exchange FTX has announced a native NFT marketplace planned to exploit the sector’s parabolic development over the last year.

After perceiving the parabolic growth of the nonfungible token (NFT) ecosystem since the turn of the year, the famous crypto exchange FTX has come to be the newest crypto platform to publicize the unveiling of a native NFT marketplace.

Limited for United States-based clients, the platform will allow customers to mint, purchase, and sell NFTs — all traded cross-chain through the Ethereum (ETH) and Solana blockchains.

Deposits and withdrawals are as well likely to be launched in the upcoming weeks, opening up the ability to deposit external NFTs onto the platform.

In a public exhibition of the novel feature, the exchange has hurled a word-art style picture that only reads “Test.” The picture has a present offer of $1,100 and an enduring period of 19 hours.

FTX founder Sam Bankman-Fried said, “It could lead to just incredibly fast and giant adoption. It could also lead, frankly, to sort of a sour taste in people’s mouth if there’s a crash, and no one ever quite figured out what it was.”

FTX is not the first crypto exchange to division into this space throughout 2021. Straight opponent Binance hurled its own NFT marketplace in June with a different “100 Creators” project in partnership with the likes of soccer performers Michael Owen and Alphonso Davies, other than singer-songwriter Lewis Capaldi and artist Trevor Jones.

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