Category: 3. Business

Gold prices in Pakistan dropped on Tuesday, following a decline in the international market. In the local market, the price of gold fell by Rs. 1,100 per tola, settling at Rs. 356,600.

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 10 grams of gold also slipped by Rs. 943, closing at Rs. 305,727.

A day earlier, gold had risen by Rs. 1,500 per tola, reaching Rs. 357,700 on Monday.

Globally, gold prices also moved down. The international rate was recorded at $3,339 per ounce, including a $20 premium, reflecting a decline of $11, APGJSA reported.

Kot Addu Power Company Limited (PSX: KAPCO) Tuesday said it has submitted a binding offer, along with Fauji Foundation (FF), to Pharaon Investment Group Limited S.A.L for the approved consideration in connection with the proposed purchase of the seller’s entire shareholding in the Attock Cement Pakistan Limited consisting of 84.06 percent of the total issued and paid-up capital.

The offer follows KAPCO’s earlier disclosure on June 3, 2025, and the Public Announcement of Intention issued through Integrated Equities Limited, Manager to the Offer.

As per the public announcement of intention (PAI) submitted to the PSX, the acquirers intend to purchase 84.06 percent shareholding with both acquiring 42.03 percent each of APCL.

Pakistan’s call centers maintained solid growth and expansion within the operations and revenues, which earned over $300 million foreign exchange in the outgoing financial year 2024-25.

According to the data released by State Bank of Pakistan (SBP), the segment of call centers/ Business Process Outsourcing (BPO) made revenues of $328 million from the foreign clients in FY25 as compared to $263 million revenues reported in FY24, showing a double-digit growth of 24.6 percent year-on-year.

President Call Centers Association of Pakistan (CCAP) Adeel Azhar said that call center sector is making significantly strides in the country in terms of expansions and business deals with foreign clients of different countries, including Germany, Spain, Italy, Dubia, US and etc.

Overall 90 percent of the call centers are serving foreign clients whereas rest of the companies are working for multinational and utilities companies in Pakistan, he told ProPakistani.

There are more than 1,000 Call Centers registered with Pakistan Software Export Board (PSEB) and 500 other sizeable call centers operating in different cities. Besides, a number of small call centers are also working for different domestic and international clients as a part of the software houses, digital, or ecommerce agencies. These centers collectively employ over a million people, enhancing Pakistan’s standing as a competitive hub in the global outsourcing market.

The increasing foreign exchange earnings through call center segment is set to increase further which will also increase its contribution and exports of overall IT enabled services, he added.

Despite growth in expansion and revenues, the call center segment is facing a challenge of bad reputation due to emergence of call centers involved in the fraudulent activities.

The local authorities have decided to crackdown the call centers with fraudulent activities and arrested a few people operating their network in Pakistan.

The illicit operations of a small number of so-called “Dabba scam” call centers, reportedly involved in scams targeting Western countries, have raised questions about the industry’s integrity said. Muhammad Umair Nizam, Senior Vice Chairman of the Pakistan Software Houses Association (P@SHA).

Nizam reaffirmed the IT industry’s support for efforts by relevant authorities to eliminate such illegal entities. He stressed the importance of maintaining perspective, noting that the vast majority of Pakistan’s IT and Business Process Outsourcing (BPO) sector operates with integrity and professionalism, delivering high-quality services to international clients.

Addressing comparisons with other countries, Nizam pointed out that India, not Pakistan, is widely recognized as the global hub for large-scale scam operations, often referred to as the “Dabba Capital of the World.” He reiterated Pakistan’s focus on fostering an ethical, globally competitive tech industry. While he supports decisive action against fraudsters, he warned against overreaching crackdowns that could harm the broader, law-abiding IT sector.

As Pakistan rises in the global call center arena, traditionally dominated by India and the Philippines, it is positioning itself as a serious contender.

By Steve Goldstein

Chamath Palihapitiya warns retail investors into putting money into his new special purpose acquisition company.

Chamath Palihapitiya has carried out what some might consider to be a threat – launch a new special purpose acquisition company despite a checkered record in doing so.

In a Securities and Exchange Commission filing, Palihapitiya detailed what will be called the American Exceptionalism Acquisition Corp, which is incorporated in the tax haven of the Cayman Islands.

The new SPAC will seek out to merge or buy a company in the field of energy production, AI, decentralized finance or defense.

The S-1 filing does go through Palihapitiya’s investment history – from his background as a Facebook executive to his successes as a venture-capital investor backing Slack Technologies and Box among others, to the SPAC history.

Using the official numbers, here’s the updated performance record on the person who was nicknamed the SPAC king – not too much different from MarketWatch’s previous tabulation. It leaves out his investment in the SPAC that turned into MP Materials (MP), since he led the private investment in public equity, or PIPE, but didn’t sponsor it himself.

A few of his SPACs never found a merger partner so returned the money to investors.

   Company                                      Return 
   Virgin Galactic                              -98.50% 
   Opendoor Technologies                        -68.30% 
   Clover Health                                -73.50% 
   Social Capital Hedosophia Holdings Corp. IV 
   SoFi Technologies                            137% 
   Social Capital Hedosophia Holdings Corp. V 
   Akili                                        -95.70% 
   Social Capital Suvretta Holdings Corp. II 
   ProKidney                                    -76.40% 
   Social Capital Suvretta Holdings Corp. IV 
   Source: SEC filing/MarketWatch calculations 

“We believe that retail investors should only participate if (a) this investment is a small part of an otherwise diversified portfolio, (b) this investment is a quantum of capital they can afford to completely lose and (c) if they do lose their entire capital, they will embody the adage from President Trump that there can be ‘no crying in the casino.’”

Trump is not actually not known for saying that, though it was what Argentina President Javier Milei said when a cryptocurrency promoted on his social-media handle plunged in value.

Palihapitiya will also take a 30% promote fee, rather than the standard 20%, though it will be conditional on achieving a 50% premium to the IPO price.

Santander U.S. Capital Markets is the underwriter.

-Steve Goldstein

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

  (END) Dow Jones Newswires

  08-19-25 0430ET
Copyright (c) 2025 Dow Jones & Company, Inc.

Japan’s Nikkei share average slipped from a record high to end lower on Tuesday, as investors weighed Wall Street’s muted overnight finish, raising concerns that markets have advanced too far, too fast.

The Nikkei index closed 0.38% lower at 43,546.29, after rising to a record high of 43,876.42 earlier in the session.

The broader Topix also gave up early gains to end 0.14% lower at 3,116.63.

“Caution about the fast-pitched rally prompted investors to book profits,” said Shoichi Arisawa, general manager of the investment research department at IwaiCosmo Securities.

“Sentiment is strong so if the market sees any positive cues, the momentum will be back,” he said.

Wall Street’s main indexes closed roughly flat on Monday, after struggling for direction as investors awaited the Federal Reserve’s annual symposium in Jackson Hole. Investors will monitor the conference, held from August 21-23, where Chair Jerome Powell is expected to speak. It could offer more clarity on the U.S. economic outlook and the Fed’s policy framework. Central banks’ policies will be key for the Nikkei in the coming sessions as there are expectations that the Bank of Japan may raise interest rates at its September policy meeting, said Takamasa Ikeda, a senior portfolio manager at GCI Asset Management. SoftBank Group reversed early gains to end 4% lower on Tuesday, becoming the biggest drag for the Nikkei, following news that the Japanese technology investor is taking a $2 billion equity stake in Intel.

SoftBank shares have surged 36% so far this month, far outpacing the Nikkei’s 9.2% gain.

Uniqlo-brand owner Fast Retailing slipped 1.26%.

Bucking the trend, chip-making equipment maker Tokyo Electron rose 0.83%. Drugmaker Chugai Pharmaceutical jumped 4.46%, providing the biggest boost to the Nikkei.