Gold prices increased in both domestic and global markets, with 10 grams of gold becoming Rs 4,544 more expensive, and per tola rising by Rs 5,300.
Following the increase, the price of 10 grams of gold has reached Rs 363,650, while the per-tola price has climbed to Rs 424,162 in Pakistan.
In the international market, the gold price rose by $53, reaching $4,018 per ounce.
CAIRO – The
ceasefire in Gaza
has eased the trauma of Israel’s air strikes and blockade, but a shortage of cash has left Palestinians unable to spend what little money they have without falling victim to wartime profiteers.
Banks, many damaged or destroyed along with homes, schools and other institutions across Gaza during two years of war, began reopening on Oct 16, six days after the ceasefire was announced. Queues soon formed, but people came away disappointed.
“There is no money, liquidity at the bank,” said father-of-six Wael Abu Fares, 61, standing outside the Bank of Palestine. “You just come and do paperwork transactions and leave.”
People need cash for most everyday transactions in Gaza, whether to buy food in the market or pay utility bills, but Israel blocked transfers of banknotes, along with most other goods, following the attack and mass
hostage-taking by Hamas-led militants in October 2023
.
“Banks are open, air-conditioning is on, but they are doing mostly electronic business – no deposits, no withdrawals of cash,” Gaza economist Mohammad Abu Jayyab told Reuters.
“People go to some greedy merchants to cash their salaries and they give them cash for a huge fee, which ranges between 20 per cent and sometimes goes to 40 per cent.”
Mother-of-seven Iman al-Ja’bari longed for a time when transactions at banks used to take less than an hour.
“You need two or three days to go back and forth, back and forth, spending your whole life standing there,” she said. “And in the end, you only get 400 shekels (S$160) or 500 shekels. What can this (amount) buy with the incredibly high prices today that we can’t afford?”
For a few Palestinians, the cash crunch has provided an opportunity to eke out a living. Ms Manal al-Saidi, 40, repairs damaged banknotes to cover some basic needs.
“I work and I make 20, 30 shekels, and I leave with a loaf of bread, beans for dinner, falafel, anything, something simple,” she said, wiping notes.
“Not that I can get (afford) vegetables or anything, no, just enough to get by.”
Some people resort to electronic transfers through bank apps for even small items such as eggs or sugar, but sellers apply additional fees.
The issue of cash supplies into Gaza was not included in
US President Donald Trump’s 20-point peace plan
, which also left the details of reconstruction and security to be decided.
Cogat, the arm of the Israeli military that oversees aid flows into the Gaza Strip, did not immediately respond to a request for comment on whether or when banknotes may be allowed back in.
The shortage of notes and coins has compounded the crisis for Gazans who have lost relatives, jobs and homes, used up their savings and sold their possessions to buy food, tents and medications. Some have resorted to barter to get by.
Palestinian merchant Samir Namrouti, 53, has become used to banknotes that are almost unrecognisable through overuse.
“What matters to me is its serial number. As long as its serial number is there, that’s it, I treat it as money,” he said. REUTERS
CAIRO – The
ceasefire in Gaza
has eased the trauma of Israel’s air strikes and blockade, but a shortage of cash has left Palestinians unable to spend what little money they have without falling victim to wartime profiteers.
Banks, many damaged or destroyed along with homes, schools and other institutions across Gaza during two years of war, began reopening on Oct 16, six days after the ceasefire was announced. Queues soon formed, but people came away disappointed.
“There is no money, liquidity at the bank,” said father-of-six Wael Abu Fares, 61, standing outside the Bank of Palestine. “You just come and do paperwork transactions and leave.”
People need cash for most everyday transactions in Gaza, whether to buy food in the market or pay utility bills, but Israel blocked transfers of banknotes, along with most other goods, following the attack and mass
hostage-taking by Hamas-led militants in October 2023
.
“Banks are open, air-conditioning is on, but they are doing mostly electronic business – no deposits, no withdrawals of cash,” Gaza economist Mohammad Abu Jayyab told Reuters.
“People go to some greedy merchants to cash their salaries and they give them cash for a huge fee, which ranges between 20 per cent and sometimes goes to 40 per cent.”
Mother-of-seven Iman al-Ja’bari longed for a time when transactions at banks used to take less than an hour.
“You need two or three days to go back and forth, back and forth, spending your whole life standing there,” she said. “And in the end, you only get 400 shekels (S$160) or 500 shekels. What can this (amount) buy with the incredibly high prices today that we can’t afford?”
For a few Palestinians, the cash crunch has provided an opportunity to eke out a living. Ms Manal al-Saidi, 40, repairs damaged banknotes to cover some basic needs.
“I work and I make 20, 30 shekels, and I leave with a loaf of bread, beans for dinner, falafel, anything, something simple,” she said, wiping notes.
“Not that I can get (afford) vegetables or anything, no, just enough to get by.”
Some people resort to electronic transfers through bank apps for even small items such as eggs or sugar, but sellers apply additional fees.
The issue of cash supplies into Gaza was not included in
US President Donald Trump’s 20-point peace plan
, which also left the details of reconstruction and security to be decided.
Cogat, the arm of the Israeli military that oversees aid flows into the Gaza Strip, did not immediately respond to a request for comment on whether or when banknotes may be allowed back in.
The shortage of notes and coins has compounded the crisis for Gazans who have lost relatives, jobs and homes, used up their savings and sold their possessions to buy food, tents and medications. Some have resorted to barter to get by.
Palestinian merchant Samir Namrouti, 53, has become used to banknotes that are almost unrecognisable through overuse.
“What matters to me is its serial number. As long as its serial number is there, that’s it, I treat it as money,” he said. REUTERS
Leading Global Automaker to Deploy NVIDIA Blackwell AI Infrastructure Across Manufacturing, Robotics and Autonomous Driving
News Summary:
APEC Summit—NVIDIA today announced it is deepening its collaboration with Hyundai Motor Group to accelerate innovation in autonomous vehicles (AVs), smart factories and robotics with a new NVIDIA Blackwell-powered AI factory.
Building on their strategic collaboration, Hyundai Motor Group and NVIDIA are now entering a new phase of collaboration, shifting from strategic adoption of advanced software platforms and infrastructure to joint innovation of core physical AI technologies. Together, they will codevelop AI capabilities for mobility solutions, a next-generation smart factory and on-device semiconductor advancements to strengthen Hyundai Motor Group’s future capabilities.
As part of this endeavor, Hyundai Motor Group and NVIDIA aim to enable integrated AI model training, validation and deployment using 50,000 NVIDIA Blackwell GPUs.
In addition, in support of the Korean government’s initiative to build a national physical AI cluster, Hyundai Motor Group and NVIDIA will work closely with government stakeholders to accelerate ecosystem development. This will result in an approximately $3 billion investment to advance the physical AI landscape in Korea.
Key efforts include the establishment of an NVIDIA AI Technology Center, Hyundai Motor Group’s Physical AI Application Center and regional data centers. This will also foster dynamic exchanges with NVIDIA’s engineers and technicians, helping cultivate Korea’s next generation of physical AI talent.
“AI is revolutionizing every facet of every industry, and in transportation alone — from vehicle design and manufacturing to robotics and autonomous driving — NVIDIA’s AI and computing platforms are transforming how the world moves,” said Jensen Huang, founder and CEO of NVIDIA. “Together with Hyundai Motor Group — Korea’s industrial powerhouse and one of the world’s top mobility solutions providers — we’re building intelligent cars and factories that will shape the future of the multitrillion-dollar mobility industry.”
“As we enter a new era of AI-powered mobility and smart factories, deepening our collaboration with NVIDIA marks a pivotal step forward,” said Euisun Chung, executive chair of Hyundai Motor Group. “Together, we are not only building advanced technologies but also laying the foundation for a robust AI ecosystem in Korea — one that fosters innovation, nurtures talent and positions us at the forefront of global AI leadership.”
“For Korea to leap forward as a leading nation in AI, the advancement of physical AI is essential — a key initiative championed by the Ministry of Science and ICT. This inaugural step in public-private collaboration to foster physical AI is therefore incredibly significant,” said Bae Kyung-hoon, Deputy Prime Minister, and Minister of Science and ICT of the Republic of Korea. “Korea has a strong foundation in manufacturing. By combining Korea’s rich manufacturing data with NVIDIA’s cutting-edge AI infrastructure, we expect to build a win-win model through collaboration with domestic companies, thereby accelerating innovative AI transformation in manufacturing across industries.”
Hyundai Motor Group Advances Automotive With NVIDIA AI Factory
With its NVIDIA Blackwell-based AI factory, Hyundai Motor Group will deploy essential infrastructure for powering every phase of innovation — bringing together in-vehicle AI, autonomous driving, factory automation and robotics into one intelligent, interconnected ecosystem.
NVIDIA offers the three AI compute platforms that serve as the infrastructure for physical AI and robotics:
Together, these computing platforms form the backbone of AI and car factories, enabling the transportation industry to develop, validate and deploy advanced physical AI at scale.
Building Smart Factories and Safe Cars of the Future
As part of the expanded collaboration, unveiled earlier this year, Hyundai Motor Group will use the NVIDIA Omniverse Enterprise platform to create robust factory digital twins — virtual replicas of manufacturing environments that unify and manage factory data — as well as enable precision control, software- and hardware-in-the-loop validation, discrete event simulation and virtual commissioning.
These physically accurate digital environments accelerate robot integration, optimize production, enable predictive maintenance and pave the way for fully autonomous, software-defined factories — reshaping how vehicles are designed and manufactured.
NVIDIA Omniverse Enterprise also extends to humanoid and robotic systems using NVIDIA Issac Sim™, an open robotics reference framework built on NVIDIA Omniverse. This enables virtual validation of task assignments, motion planning and ergonomic safety before robot deployment on physical production lines, significantly accelerating robot integration and maximizing productivity.
Hyundai Motor Group is also testing the use of the NVIDIA Omniverse and Cosmos platforms on NVIDIA RTX PRO Servers, with NVIDIA RTX PRO 6000 Blackwell Server Edition GPUs, to build digital twins of regional driving environments and conditions, incorporating extensive simulations to advance its development pipeline. These sophisticated capabilities place Hyundai Motor Group at the forefront of scalable, next-generation autonomous driving.
Hyundai Motor Group is developing advanced AI models — built with the NVIDIA Nemotron™ open AI reasoning models and NVIDIA NeMo™ software — to enable over‑the‑air updates of capabilities and features across vehicles.
In addition to autonomy capabilities, Hyundai Motor Group will use these advanced models to develop a range of innovative in‑vehicle AI features, from personalized digital assistants to intelligent infotainment and adaptive comfort systems. This transforms vehicles into continuously learning, evolving intelligent agents.
Inside Hyundai Motor Group vehicles, NVIDIA DRIVE AGX Thor, accelerated compute running on safety-certified NVIDIA DriveOS™ operating system, is set to provide the AI compute power for advanced driver-assistance and next-generation safety features, as well as immersive in-vehicle AI experiences.
With NVIDIA, Hyundai Motor Group is evolving its vehicles and factories from independent systems into a single, interconnected and intelligent ecosystem, setting a new standard for the future of the global automotive industry.
New AI Infrastructure With Over 50,000 NVIDIA GPUs to Boost Chip Design, Digital Twin, Robotics and AI Agent Development
News Summary:
APEC Summit—NVIDIA today announced that it is working with SK Group to build an AI factory to advance semiconductor research, development and production, as well as cloud infrastructure to support digital twin and AI agent development.
SK Group is building an AI factory featuring more than 50,000 NVIDIA GPUs, with the first phase planned for completion by late 2027. Once complete, the system is expected to be one of Korea’s largest AI factories.
The new factory will serve SK subsidiaries — including SK hynix and SK Telecom (SKT) — as well as external organizations through a GPU-as-a-service model, accelerating digital transformation and industrial innovation for Korea’s industries.
Further expanding the NVIDIA and SK Group partnership, the companies are collaborating on the development of SK hynix high-bandwidth memory (HBM) and next-generation advanced memory solutions for NVIDIA GPUs, semiconductor manufacturing and telecommunications infrastructure.
“In the era of AI, a new kind of manufacturing plant has emerged: the AI factory,” said Jensen Huang, founder and CEO of NVIDIA. “SK Group is a vital memory technology partner, helping NVIDIA create the world’s most advanced GPU computing platforms that power global AI progress. We are delighted to partner with SK to build its AI foundation on NVIDIA accelerated computing and software, creating AI factories that will transform SK and energize Korea’s AI ecosystem.”
“SK Group is working with NVIDIA to make AI the engine of a profound transformation that will enable industries across Korea to transcend traditional limits of scale, speed and precision,” said Chey Tae-Won, chairman of SK Group. “With the NVIDIA AI factory as our foundation, SK Group will forge the infrastructure that powers the next generation of memory, robotics, digital twins and intelligent AI agents.”
The SK Group AI factory infrastructure will be available to sovereign model developers participating in the Korea government’s Sovereign AI Foundation Models project. SKT is also taking part in the program as a model developer to provide foundation models for enterprises, industries and researchers working on AI agent and application development.
SK Telecom Advances Physical AI and Robotics With NVIDIA Omniverse
NVIDIA Cloud Provider SKT plans to build an industrial AI cloud with NVIDIA RTX PRO™ 6000 Blackwell Server Edition GPUs in Asia, empowering the nation’s manufacturing leaders to advance physical AI and robotics development.
The initial deployment will include over 2,000 NVIDIA RTX PRO 6000 Blackwell GPUs, and will run NVIDIA Omniverse™ workloads to support SK hynix’s semiconductor manufacturing, fab digital twins and internal AI agents.
SK Hynix Boosts Productivity Through AI Physics, Digital Twins, Robotics and AI Agents
SK hynix is using the accelerated cloud infrastructure from SKT to scale its operations.
SK hynix is tapping NVIDIA CUDA-X™ technologies, including through the NVIDIA PhysicsNeMo™ framework, to accelerate chip design with AI physics. This accelerates technology computer-aided design simulations, enabling SK hynix to deliver next-generation semiconductor products faster and with greater precision. SK hynix is also testing opportunities to accelerate its current use of Synopsys software with NVIDIA Blackwell GPUs for technology computer-aided design and circuit simulation.
To boost efficiency, SK hynix is building autonomous fab digital twins using NVIDIA Omniverse libraries and NVIDIA RTX PRO Servers with NVIDIA RTX PRO 6000 Blackwell GPUs. These digital twins enable real-time simulation, monitoring and optimization of fab operations, resulting in faster production ramp-up, improved operational agility and progress toward fully self-optimizing manufacturing facilities.
SKT is developing a foundation model called A.X. that will power SK hynix’s AI agents, built with NVIDIA NIM™ microservices and the NVIDIA AI Enterprise software platform. These agents will help more than 40,000 employees, production staff and office workers collaborate and solve problems faster, accelerating productivity across chip development and fabrication.
Learn more about these collaborations by joining the NVIDIA keynote and sessions at the SK AI Summit, running Nov. 3-4.
SINGAPORE, October 31 (Reuters) – The world’s biggest oil exporter, Saudi Arabia, may reduce its December crude price for Asian buyers to multi-month lows due to ample supplies, but demand to replace Russian supplies hit by Western sanctions could limit the cuts, sources said.
The December official selling price for flagship Arab Light crude will likely decline by $1.20-1.50 a barrel to a premium over the Oman/Dubai average of between 70 cents and $1 a barrel, after holding steady at $2.20 in the previous two months, five Asia-based refining sources said in a Reuters survey.
Sign up here.
The December OSPs for other crude grades – Arab Extra Light, Arab Medium and Arab Heavy – could fall by $1.20-1.50 a barrel compared with November, they said.
The forecasts mirror a monthly drop in cash Dubai’s premium to swaps, which have averaged $1.12 per barrel so far this month, down $1.73 from September.
The weakness follows rising supply expectations as the Organization of the Petroleum Exporting Countries and its allies, or OPEC+, have boosted their output target by a total of more than 2.7 million barrels per day – or about 2.5% of global supply – in a series of monthly increases.
Two respondents said Saudi may opt for smaller price cuts as a result of increasing demand for spot barrels from China and India to replace Russian supply.
Some buyers from Japan and South Korea have also requested more December-loading Saudi crude, worried that near-term spot prices could rise, they added.
Strong pre-cycle nominations and expectations that Saudi Arabia will have fewer barrels to place next month as refineries come back from maintenance may result in a smaller price reduction, said Richard Jones, a crude oil analyst at Energy Aspects.
Saudi crude OSPs are usually released around the fifth of each month, and set the trend for Iranian, Kuwaiti and Iraqi prices, affecting about 9 million barrels per day (bpd) of crude bound for Asia.
State oil giant Saudi Aramco sets its crude prices based on recommendations from customers and after calculating the change in the value of its oil over the past month, based on yields and product prices.
Saudi Aramco officials as a matter of policy do not comment on the kingdom’s monthly OSPs.
Below are expected Saudi prices for December (in $/bbl against the Oman/Dubai average):
Source: Reuters, trade
Reporting by Siyi Liu in Singapore; Editing by Florence Tan and Neil Fullick
Our Standards: The Thomson Reuters Trust Principles.
Mumbai, 31 October 2025 – Snapmint, one of India’s fastest growing EMI payments platforms (or “the Company”), today announced a new round of funding led by General Atlantic, a leading global investor. The round also saw participation from Prudent Investment Managers, Kae Capital, Elev8 Venture Partners and other existing angel investors. With this new capital, the Company plans to grow its Equated Monthly Instalments (“EMI”) on UPI offering and expand its merchant network. Financial terms of the investment were not disclosed.
Snapmint was founded in 2017 by Nalin Agrawal, Anil Gelra and Abhineet Sawa to bring honest and transparent EMI offerings to mass affluent consumers of India without the need of a credit card. Beyond the conventional categories of electronics, home and travel, Snapmint shoppers also use its EMI-on-UPI offering for fashion, furnishing and other lifestyle purchases. The Company today serves more than 7 million monthly active users across 23,000 pincodes in India and finances more than 1.5 million purchases every month
Nalin Agrawal, Co-founder of Snapmint, said: “We believe India will leapfrog credit cards and go straight to EMI on UPI. We have pioneered EMI on UPI since 2020 and have enabled brands to increase their sales by 10 to 20% with our offering. With this new funding, we are excited to have General Atlantic join our journey to bring EMI payment solutions to more than 100 million consumers in the next few years.”
Shantanu Rastogi, Managing Director and Head of India at General Atlantic, said: “Snapmint has built one of India’s largest EMI-on-UPI platforms, through its strong value proposition of affordability for consumers, and increased sales for merchants. We are excited to partner with Snapmint as it continues to scale its EMI payments platform and expand its network of merchants and customers.”
Prashasta Seth, Managing Partner of Prudent Investment Managers, said: “We are proud to have partnered with Snapmint since 2020 when they first started to build their EMI-on-UPI platform. Over the years, Snapmint has established market leadership and the founders have shown a steadfast commitment to building a sustainable and customer-centric business. As we deepen our partnership, we know that this is just the beginning of an exciting growth journey, and the best is yet to come.”
Radix Capital Advisors, led by Abhishek Taparia, has been Snapmint’s exclusive investment banking advisor since 2019.
About Snapmint
Snapmint is a Mumbai-based EMI payments company that provides seamless EMI payments on UPI without the need of a credit card. Founded in 2017 by IIT Bombay alumni – Nalin Agrawal, Anil Gelra, and Abhineet Sawa, Snapmint is on a mission to provide fair and transparent EMI options to young mass affluent consumers of India. The company has offices in Mumbai, Bangalore, Delhi NCR and Jaipur.
About General Atlantic
General Atlantic is a leading global investor with more than four and a half decades of experience providing capital and strategic support for over 830 companies throughout its history. Established in 1980, General Atlantic continues to be a dedicated partner to visionary founders and investors seeking to build dynamic businesses and create long-term value. Guided by the conviction that entrepreneurs can be incredible agents of transformational change, the firm combines a collaborative global approach, sector-specific expertise, a long-term investment horizon, and a deep understanding of growth drivers to partner with and scale innovative businesses around the world. The firm leverages its patient capital, operational expertise, and global platform to support a diversified investment platform spanning Growth Equity, Credit, Climate, and Sustainable Infrastructure strategies. General Atlantic manages approximately $114 billion in assets under management, inclusive of all strategies, as of June 30, 2025, with more than 900 professionals in 20 countries across five regions. For more information on General Atlantic, please visit: www.generalatlantic.com.
Media contacts
Shilpi Sinha
[email protected]
General Atlantic
Jess Gill
[email protected]
SEOUL, Oct. 31 (Xinhua) — South Korea’s industrial output rebounded in September, with facility investment surging in double digits amid a semiconductor boom, statistical office data showed Friday.
The seasonally-adjusted production index in all industries, which excludes the agriculture, livestock and fishery sector, gained 1.0 percent in September from a month earlier after sliding 0.3 percent in the previous month, according to the Ministry of Data and Statistics.
Output among manufacturers declined 1.1 percent, but production in the construction industry jumped 11.4 percent.
Production in the service industry grew 1.8 percent last month, but output in the public administration sector shrank 1.2 percent.
Semiconductor production soared 19.6 percent in September on a monthly basis, but automotive output retreated 18.3 percent.
Manufacturers posted an average capacity ratio of 73.4 percent in September, down 1.2 percentage points compared to the previous month.
The retail sale index, which reflects private consumption, dwindled 0.1 percent last month after declining 2.4 percent in the previous month.
Facility investment spiked 12.7 percent on strong demand for semiconductor equipment and transport equipment.
The cyclical variation factor for leading economic indicators, which gauges the outlook for future economic situations, added 0.1 point over the month to 102.1 in September.
The reading for coincident economic indicators, which measures the current economic condition, rose 0.2 points to 99.4 in the cited month. ■
SEOUL, Oct. 31 (Xinhua) — South Korea’s industrial output rebounded in September, with facility investment surging in double digits amid a semiconductor boom, statistical office data showed Friday.
The seasonally-adjusted production index in all industries, which excludes the agriculture, livestock and fishery sector, gained 1.0 percent in September from a month earlier after sliding 0.3 percent in the previous month, according to the Ministry of Data and Statistics.
Output among manufacturers declined 1.1 percent, but production in the construction industry jumped 11.4 percent.
Production in the service industry grew 1.8 percent last month, but output in the public administration sector shrank 1.2 percent.
Semiconductor production soared 19.6 percent in September on a monthly basis, but automotive output retreated 18.3 percent.
Manufacturers posted an average capacity ratio of 73.4 percent in September, down 1.2 percentage points compared to the previous month.
The retail sale index, which reflects private consumption, dwindled 0.1 percent last month after declining 2.4 percent in the previous month.
Facility investment spiked 12.7 percent on strong demand for semiconductor equipment and transport equipment.
The cyclical variation factor for leading economic indicators, which gauges the outlook for future economic situations, added 0.1 point over the month to 102.1 in September.
The reading for coincident economic indicators, which measures the current economic condition, rose 0.2 points to 99.4 in the cited month. ■