The consumer price index rose 3.8 percent year-on-year in April, up from March’s 3.3 percent figure.

The report comes as the two-and-a-half month US-Iran conflict churns on. Both sides have refused to make concessions and repeatedly threatened to resume fighting, but neither appears willing to return to all-out war.

About 15 minutes into trading, the Dow Jones Industrial Average was down 0.5 percent at 49,458.97.

The broad-based S&P 500 declined 0.4 percent to 7,384.74, while the tech-rich Nasdaq Composite Index dropped 0.5 percent to 26,135.22.

Both the S&P 500 and Nasdaq ended at records on Monday.

The inflation data means more Federal Reserve officials will support keeping interest rates flat, said Nationwide Chief Economist Kathy Bostjancic.

“This would increase the hurdle for the Fed to cut rates later this year, despite Kevin Warsh coming on to lead the (Fed) and being more inclined to argue for rate reductions,” Bostjancic said in a note.

The planned deployment of the missile - designed to deliver nuclear warheads to strike targets thousands of miles away in the United States or Europe - follows years of setbacks and delays.

Putin, in televised comments, said the yield of the warhead was more than four times greater than any Western equivalent and its range exceeded 35,000 km (21,750 miles).

“It has the ability to penetrate all existing and future anti-missile defence systems,” he said.

Western security analysts say Putin has made exaggerated claims for the capabilities of some of Russia’s new generation of nuclear weapons, part of a modernisation programme he first announced in 2018.

Sarmat has seen failures in the past - one test in September 2024 left a deep crater at the launch silo, according to Western experts.

State TV showed Sergei Karakayev, commander of Russia’s strategic missile forces, reporting to Putin on what he said was a successful Sarmat test-launch on Tuesday.

“The deployment of launchers equipped with the Sarmat missile system will significantly enhance the combat capabilities of the ground-based strategic nuclear forces in terms of guaranteeing the destruction of targets and solving strategic deterrence problems,” Karakayev said.

Since the start of the Ukraine war in 2022, Putin has repeatedly reminded the world of the size and power of Russia’s nuclear arsenal in statements seen by the West as attempts to deter it from intervening too strongly on the side of Ukraine.

The greenback rose sharply in March as the currencies of oil-reliant economies such as Japan and the euro area were heavily sold after oil prices surged following Iran’s effective closure of the Strait of Hormuz.

It weakened again after April 7, the start of a ceasefire, which Donald Trump threatened on Monday to end, dismissing Iran’s proposal as “a piece of garbage.”

The U.S. dollar index, a measure of its value against a basket of major foreign currencies, was up 0.36% at 98.30. It was at 97.85 on February 27 and hit 100.64 in late March. It fell below its pre-war levels late last week.

“It appears unlikely that a breakthrough would be achieved before the Trump-Xi summit later this week,” said Mohit Kumar, an economist at Jefferies.

Trump is expected to arrive in Beijing on Wednesday, where Iran is set to be among the topics discussed with Chinese President Xi Jinping.

Crude oil price supporting dollar

“As long as crude oil prices stay high, because of the U.S.’ blockade [of Iranian ports] and Iran’s threat to tanker traffic in the Gulf, the dollar will stay strong,” said Thierry Wizman, global forex and rates strategist at Macquarie Group.

“The toll that high oil prices will take on the rest of the world’s economies will be much more pernicious than the toll [on] the U.S.,” he added.

Oil prices rose 3% on Tuesday as hopes for a deal to end the war on Iran faded.

Wizman also argued that the U.S. administration has probably decided that its economic blockade of Iran – the ‘economic war’ – could be more effective than resuming bombing runs.

Rate outlook in focus

Investors are also closely watching the monetary outlook, with the Federal Reserve now expected to keep rates higher for longer, while traders are betting that the European Central Bank will hike its depo rate to about 2.75% by year-end from the current 2%.

The euro fell 0.33% to $1.1744.

Eyes will be on a U.S. inflation report due later in the session, which is forecast to show that consumer prices rose 0.6% last month after jumping 0.9% in March, according to a Reuters survey of economists. Estimates ranged from a 0.4% gain to a 0.9% rise.

“Given the likelihood of elevated inflation readings, the CPI on Tuesday and PPI on Wednesday, the case for eventual rate cuts this year looks increasingly difficult to sustain,” said John Velis, head of Americas strategy at BNY.

“The last two weeks’ worth of U.S. macro data showed an economy that is not yet feeling acute pressure from the shocks generated by the Iran conflict,” he added.

Yen still in intervention watch zone

The Japanese yen jumped suddenly in the late Asian session on Tuesday, stoking speculation of a “rate check”, often a precursor to currency intervention.

The dollar was last at 157.57 against the yen, up 0.21% on the day, after U.S. Treasury Secretary Scott Bessent said he had great confidence that Bank of Japan Governor Kazuo Ueda will guide the central bank to a “very successful” monetary policy.

Japan’s authorities have supposedly spent nearly $63.7 billion in the current round of interventions.

The blue-chip FTSE 100 index fell 0.4% as of 1053 GMT, while the midcap FTSE 250 dropped 1.2%.

The declines suggest lingering questions over Starmer’s future even after his impassioned plea on Monday, where he urged voters and Labour Party lawmakers to stick with him and avoid a leadership contest he said would only bring chaos.

Also read: Starmer says his govt is a 10-year project despite calls to quit

More than 80 Labour lawmakers have publicly called for Starmer to set a resignation date so the party could install a new leader in an orderly manner. Starmer, however, has vowed to stay at the helm.

“The markets are pretty nervous. People are just all scratching their heads and saying, ‘What is he (Starmer) doing?’” said David Morrison, senior market analyst at Trade Nation.

Investors were also concerned by the lack of progress in resolving the Middle East conflict. U.S. President Donald Trump said the ceasefire with Iran was “on life support.”

Tehran rejected a U.S. proposal to end the conflict and stuck to a list of demands that Trump described as “garbage”.

Bank stocks in the UK fell 2.3%, dragged lower by a 5.2% decline in shares of Metro Bank and a 3.6% drop in Barclays.

Aerospace and defence stocks also slipped 2%, while the rate-sensitive real estate sector fell 1.9%.

In a statement issued on Tuesday, the CCP said Pakistan Corporate Restructuring Company Limited (PCRCL) is a public limited company licensed by the Securities and Exchange Commission of Pakistan to operate as a restructuring company.

The company primarily deals with the acquisition, management, restructuring and resolution of non-performing assets (NPAs), along with the revival, reorganization and liquidation of financially distressed businesses.

United Ethanol Industries Limited, the acquiring company, is engaged in the manufacture and sale of ethanol and related industrial products. The company operates in the broader agribusiness and industrial sector, producing fuel-grade and industrial-grade ethanol through value-added agricultural processing.

According to the CCP, the transaction involves the acquisition of ordinary shares of PCRCL from eight commercial banks, including United Bank Limited, MCB Bank Limited, Allied Bank Limited, Meezan Bank Limited, Habib Metropolitan Bank Limited, Habib Bank Limited, Bank AL Habib Limited and Bank Alfalah Limited.

During the assessment, the Commission reviewed the competitive impact of the transaction in the market for “resolution of non-performing assets and restructuring advisory/agency services” in Pakistan.

The CCP observed that the transaction constitutes a conglomerate merger because both parties operate in separate and unrelated business segments without any horizontal or vertical overlap.

The Commission concluded that the acquisition is unlikely to substantially lessen competition, create barriers to market entry or strengthen any dominant position in the relevant market.

The transaction was subsequently authorised under Section 31 of the Competition Act, 2010, with the CCP stating that the deal would not adversely affect market structure or competitive dynamics in Pakistan.

The regulator said it remains committed to facilitating investment, supporting business growth and enabling efficient market transactions through timely merger reviews while ensuring a competitive and transparent business environment.

Within this ecosystem, long-term brand partnerships such as the one between Ufone 5G and Peshawar Zalmi illustrate how commercial relationships around the league have shifted from traditional sponsorship visibility to more integrated, content-led participation.

Ufone’s association with Zalmi has extended across multiple PSL seasons and reflects a broader strategic approach that treats the league not just as an advertising opportunity, but as a sustained communication platform. Over time, the partnership has moved beyond static branding placements into campaign-led storytelling, product integration, and audience engagement initiatives that operate across broadcast and digital environments.

One of the more visible outcomes of this collaboration has been the development and amplification of the “Data Bohhaaat Hai” communication line. Rather than functioning as a conventional telecom message focused on technical product specifications, the campaign was positioned within the cultural language of cricket fandom and everyday digital usage. In doing so, it helped translate a functional offering—mobile data—into a more recognisable and conversational reference point within mainstream audiences.
A further layer of the partnership has been the use of player association to reinforce credibility and visibility. Prominent cricketers, including Babar Azam, have been featured in Ufone-led campaigns linked to Zalmi, aligning brand messaging with sporting performance narratives that already command significant public attention during the PSL season.

Beyond commercial messaging, the partnership has also incorporated social and inclusion-oriented initiatives. Through platforms such as “Dil se Ba-Ikhtiar,” Ufone and Zalmi have attempted to extend engagement beyond match-centric activity. This has included women’s participation in creative aspects of the league ecosystem, such as involvement in kit design, reflecting a gradual expansion of who participates in PSL-related cultural production.

The collaboration has further intersected with initiatives like the Zalmi Women League, which contributes to the broader visibility of women’s cricket in Pakistan. While still developing in scale, such efforts indicate how PSL-linked partnerships are increasingly being used to support secondary sporting and social narratives alongside the main tournament.

From a media systems perspective, however, the broader significance of the PSL lies in its unique ability to operate across three simultaneous audience layers. It remains one of the few properties capable of delivering nationwide broadcast reach, concentrated urban youth engagement, and real-time digital visibility within the same live cycle.

At the national level, the PSL continues to function as a shared viewing event, cutting across cities and regions through television distribution. This ensures mass accessibility, particularly in markets where live sporting content is otherwise limited to cricket. In parallel, urban audiences—especially younger demographics—engage with the league as a hybrid entertainment product, shaped by franchise identity, international player participation, and fast-paced match formats.

The third and increasingly dominant layer is digital. PSL matches generate continuous, real-time online engagement through short-form video content, commentary threads, meme culture, and reactive brand activity. This creates a parallel consumption environment in which the match is not only watched but also actively interpreted and redistributed across social platforms as it unfolds.

It is this simultaneity that gives the PSL its commercial and media value. Few other properties in Pakistan are able to compress attention in this way—where television audiences, in-stadium spectators, and digital participants are all reacting to the same moments in near real time. For brands, this creates a rare alignment between reach, immediacy, and cultural relevance.

The Ufone–Zalmi partnership has operated within this structure by increasingly shifting toward always-on content strategies. Rather than relying solely on pre-produced campaigns, much of the activation now takes place during live matches through reactive posts, short-form storytelling, and culturally aligned digital content. This approach reflects a broader change in sports marketing where responsiveness to match moments has become as important as planned messaging.

However, the speed and density of engagement also introduce a degree of volatility. Brand narratives are increasingly shaped by audience interpretation and online discourse, meaning that messaging must align closely with live sentiment to remain effective. In this environment, relevance is not guaranteed by visibility alone, but by timing and contextual fit.

Despite these complexities, the PSL continues to function as one of the most efficient attention-consolidation platforms in the country. It brings together disparate audience segments in a compressed timeframe and converts sporting moments into shared cultural reference points across media formats.
In that sense, partnerships such as Ufone 5G and Peshawar Zalmi are less about traditional sponsorship visibility and more about participation in a broader media system—one in which cricket acts as the organising framework for national attention, urban youth culture, and real-time digital interaction.

The article does not necessarily reflect the opinion of Business Recorder or its owners.

Rupee's Performance Against US Dollar Since 04 March 2025

The Pakistani rupee continued to gain against the US dollar during trading in the inter-bank market on Tuesday.

At close, the local currency settled at 278.66, a gain of Re0.01 against the greenback.

On Monday, the local unit closed at 278.67.

The US dollar held its ground on Tuesday.

The euro last bought $1.1775, while sterling was at $1.3602, both steady on the day. The dollar index, which measures the U.S. currency against six others, was at 97.98.

The dollar initially benefited from safe haven flows when the war first broke out, but has since given up much of those gains and remains choppy on shaky prospects of a peace deal and a ceasefire that appears to be hanging by a thread.

Meanwhile, oil prices rose nearly 1% on Tuesday.

Brent crude futures were up 86 cents, or 0.8%, at $105.07 per barrel, while U.S. West Texas Intermediate gained 99 cents, or 1%, to $99.06 at 0411 GMT.

Both benchmarks increased nearly 2.8% on Monday.

Saudi Aramco CEO Amin Nasser on Monday warned that disruptions to oil exports through the strait could delay a return to market stability until 2027, with the loss of about 100 million barrels of oil per week.

Elsewhere on the supply front, U.S. crude stocks were forecast by analysts in a Reuters poll to be down by around 1.7 million barrels in the previous week.

The delegation presented a comprehensive set of proposals and recommendations for the Federal Budget 2026–27 aimed at strengthening the competitiveness, sustainability and long-term growth of the country’s textile sector and export industry, read an official statement.

During the meeting, the delegation emphasised the importance of maintaining a stable, growth-oriented and internationally competitive policy environment to enable the industry to effectively respond to evolving global market dynamics and increasing regional competition.

The delegation shared a broad range of policy recommendations focusing on taxation reforms, energy affordability, export facilitation, industrial modernisation, liquidity management, investment promotion and ease of doing business.

The proposals were aimed at reducing the cost of production, improving industrial efficiency, enhancing exporters’ liquidity position, encouraging technological upgradation and creating a more predictable and investor-friendly business environment.

The industry representatives stressed that timely policy support and structural reforms would help strengthen Pakistan’s export competitiveness, promote value-added manufacturing, attract fresh domestic and foreign investment and facilitate greater integration into international supply chains.

They noted that improving the operating environment for exporters would support industrial expansion, employment generation and economic growth while also contributing positively towards fiscal stability and foreign exchange inflows.

The delegation also emphasised the importance of addressing long-standing operational and structural challenges affecting industrial productivity and export performance, including the need for efficient refund mechanisms, rationalised energy pricing structures, facilitation for exporters and measures aimed at reducing the compliance burden on businesses.

It was highlighted that such reforms could significantly improve cash flow management, enhance investor confidence and enable industries to allocate greater resources towards expansion, modernisation, and workforce development.

The proposals further underscored the importance of a policy framework that supports innovation, encourages value addition, facilitates small and medium enterprises and promotes industrial diversification in line with changing global demand patterns.

The delegation noted that strengthening the competitiveness of Pakistan’s textile sector would have positive multiplier effects across the wider economy through increased exports, higher industrial output, enhanced job creation and stronger economic resilience.

Aurangzeb appreciated the engagement and reaffirmed the government’s commitment to maintaining regular and meaningful consultations with the business community through the dedicated Tax Policy Office of the Ministry of Finance to institutionalise continuous engagement with chambers, trade bodies and associations throughout the year.

He stated that the initiative is intended to move beyond the previous practice of engaging with stakeholders only in the few months preceding the federal budget and instead ensure a sustained consultative process to support more informed, transparent and responsive economic policy-making.

The finance minister also discussed the government’s ongoing efforts to promote transparency, documentation and improved compliance through digital monitoring systems across key sectors of the economy.

He informed the delegation that digital monitoring mechanisms had already been introduced in several major sectors, including sugar, cement, beverages and tobacco, emphasising that the initiative had been implemented across the board without exception, including in sectors where business units owned by the Prime Minister’s family also operate.

He stated that the objective of the initiative is to improve transparency, enhance efficiency, promote fair competition and strengthen revenue administration through technology-driven systems.

The finance minister invited the textile sector to extend its cooperation towards the gradual implementation of similar digital monitoring mechanisms within the textile industry.

During the discussion, it was shared that certain textile sector associations and industrial units had already been engaging with FBR teams on the matter and that pilot initiatives relating to digital monitoring had also commenced in some units.

Representatives of the textile sector acknowledged the importance of transparency and documentation and agreed to continue consultations with the government and relevant authorities to explore workable solutions that take into account the unique operational structure, supply chain dynamics and complexities of the textile industry.

The meeting was attended by leading representatives of the textile sector, including Khurram Mukhtar, Javed Bilwani, Fawad Anwar, Rehman Naseem, Shahzad Asghar, Amer Abdullah, Kamran Arshad, Shahzad Saleem, Sohail Pasha and Khawaja Masood. The joint industry presentation was submitted by representatives of APTMA, PTEA, PHMA, PTC, PRGMEA, APBUMA, TMA, PDMEA, PBEA and PAKSEA as part of the textile sector’s unified recommendations for the Federal Budget 2026-27.

He said this while chairing an important meeting on food security and the fertilizer stock situation in the country, the Prime Minister’s Office (FO) said today.

The briefing to the meeting informed that, in view of the country’s requirements, the uninterrupted supply of natural gas to factories for local fertilizer production continues.

Adequate fertilizer reserves are available for Kharif crops, the meeting was informed.

Meanwhile, the PM directed that the timely supply of fertilizer to farmers be ensured under all circumstances.

READ MORE: DAP and urea: PM forms body to examine prices and advice solution

He said that in view of the impact on the fertilizer supply chain from Gulf countries, planning should be undertaken for alternative supplies from Central Asian countries.

Adequate fertilizer reserves for the Kharif and Rabi seasons should also be ensured, he said.

“Meeting the needs of the agricultural sector to ensure food security is the government’s top priority,” the prime minister said.

He also directed the relevant ministries and institutions to continuously monitor fertilizer supplies and that strict action must be taken against artificial shortages and hoarding of fertilizer.

During the same period, Netflix contributed more than $325 billion to the global economy and created over 425,000 jobs on productions, it said.

The Los Gatos, California-based company is one of the world’s largest video streaming platforms, with over 325 million paid members as of the end of 2025, having pioneered at-home video entertainment and producing original intellectual properties that have dominated popular culture.

“Today we’re launching the Netflix Effect — a comprehensive look at the economic, cultural and social impact of our films and series, and how it ripples out across economies, industries and everyday life, day after day, week after week,” said Netflix co-CEO, Ted Sarandos.

Indie series ‘Everyone Is Doing Great’ returns… on Netflix

The company has licensed films and series from more than 3,000 companies including public broadcasters, it said.

Non-English language titles represent more than a third of all viewing, compared to less than a tenth a decade ago, Netflix said. Non-U.S. films and series such as “Money Heist,” “Squid Game” and “KPop Demon Hunters” have drawn large global audiences.

Last month, Netflix’s chairman and co-founder Reed Hastings decided to exit the company at a time when the firm is looking for new avenues of growth such as gaming and live entertainment while grappling with slower sales.

The central bank report noted that the Middle East War poses significant risks to the macroeconomic outlook amid heightened uncertainty, where supply chain disruptions are likely to impact inflation trajectory, external trade and remittance flows, and the economic activity in Pakistan.

“However, its impact on overall economic activity is not expected to be significant in FY26,” SBP said.

In its report, the SBP projects real GDP growth close to the lower bound of the earlier projected range of 3.75 to 4.75 percent for FY26.

“Despite momentum in economic activity and higher commodity prices, the current account deficit is now expected to be close to the lower bound of the earlier projected range of 0 to 1 percent of GDP.

“However, a surge in international oil prices and its impact on other commodity prices are expected to keep the NCPI inflation above the upper bound of the medium-term target range of 5 to 7 percent for most of FY27,” it added.

Moreover, workers’ remittances may also be impacted in Q4-FY26, considering that remittances from the GCC countries contributed around 55 percent of total remittances between FY21-FY25, said SBP.

“However, on a full-year basis, remittances are expected to remain strong in FY26, which would partially offset the widening in the trade deficit.”

The central bank report noted that economic indicators improved significantly in H1-FY26.

The average National CPI inflation eased further, while SBP’s FX purchases and net financial inflows shored up external buffers.

“These outcomes were supported by prudent monetary and fiscal policies, ongoing structural reforms, favourable commodity prices and an IMF [International Monetary Fund] program. Specifically, SBP continued a cautious monetary policy stance, maintaining an adequately positive real interest rate on a forward-looking basis, while fiscal balance posted a surplus in H1-FY26.

“The macroeconomic stability, in turn, facilitated growth momentum,” it said.

SBP noted that the spike in energy prices and increased insurance and freight charges are also expected to inflate Pakistan’s import bill and freight service payments.

“However, the government’s decision to pass on the impact of an increase in oil prices to domestic energy prices alongside the implementation of energy conservation measures is likely to help contain domestic demand and thus reduce energy import volumes. In addition, a decline in LNG imports may further reduce energy imports.

“On the other hand, exports are expected to remain weak due to the possibility of slower global economic growth; multi-year low rice prices; closure of Pakistan’s western border; and realignment of global trade flows due to ongoing tariff adjustments.”

SBP revealed that the real GDP in H1-FY26 grew at twice the pace, i.e. 3.8% of the same period last year, mainly driven by a pickup in industrial activity, followed by services and agriculture sectors.

The central bank noted that the momentum in economic activity translated into a volume-driven increase in imports in H1-FY26.

“At the same time, a significant drop in rice exports led to a decline in export earnings. Nonetheless, steadily rising workers’ remittances continued to finance a major part of the deficits in trade, services, and primary income balance, helping to keep the current account deficit at moderate levels,” it shared.

The report further noted that a continued prudent policy mix, an improved external account position and stability in the exchange rate, softened international commodity prices along with downward adjustments in administered electricity tariffs led to a moderation in inflation during H1-FY26.

“The NCPI inflation averaged 5.2 percent in H1-FY26, about 2 percentage points lower compared to the same period last year,” it said.

The report also highlights that the substantial reduction in interest payments and fiscal consolidation measures turned the fiscal balance into a surplus in H1-FY26, for the first time since FY02, while the primary surplus remained at last year’s level.

SBP said that the country’s transition to a sustainable high-growth path requires deep-rooted economic reforms. “These specifically need to address the long-standing issues, including low savings and investment, weak competitiveness, falling exports, subdued foreign direct investment, and the persistently low tax to GDP ratio,” it highlighted.

On climate change, the report found that while Pakistan’s contribution to global greenhouse gas emissions is very low, it is the 15th most affected country by climatic events.

The country is also among those that face high levels of vulnerability to climate change and low levels of preparedness to deal with the ensuing challenges.

This low readiness enhances the risks to the country’s economy.

“Furthermore, Pakistan’s emissions intensity of GDP is relatively high, reflecting structural inefficiencies and a carbon-intensive growth trajectory. This requires substantial investments in climate mitigation and adaptation, which currently remain largely unmet due to low international climate inflows, and challenges to domestic public and private sector financing,” it said.

Federal Minister for Petroleum Ali Pervaiz Malik held a meeting on Tuesday with the Ambassador of the State of Kuwait to Pakistan, Nassar Abdulrahman Jasser Almutairi, as per a statement.

Discussions focused on regional developments, energy cooperation, and the two sides agreed to further strengthen bilateral relations and expand collaboration in areas of common interest.

The minister expressed sincere gratitude to the Government of Kuwait for its timely facilitation and support in ensuring the safe dispatch of the vessel Khairpur, which reached Pakistan carrying diesel supplies during a challenging period.

“He highlighted that the vessel transported approximately 45,000 tons of diesel and 10,000 tons of jet fuel from Kuwait to Pakistan under special approvals, following disruptions caused by the closure of the Strait of Hormuz,” the statement said.

Malik reiterated that Pakistan remained committed to peace and stability, adding that the repercussions of the ongoing conflict were being felt not only across the region but also beyond.

He noted that, with the concerted efforts of the Field Marshal and the Prime Minister of Pakistan, the Khairpur vessel safely completed its journey and reached Pakistan, ensuring continuity in fuel supply and supporting national energy needs, added the press release.

Meanwhile, Almutairi appreciated Pakistan’s peace efforts and stated that Kuwait encourages its brothers in Pakistan to continue their constructive role for peace in the region.

“He remarked that Pakistan has proven itself through its responsible stance and that now Pakistan is being viewed with a renewed and elevated status in the international community.”

Both sides discussed prospects for enhanced cooperation in the petroleum and energy sectors, especially refining.

Similarly, 10-gram gold was sold at Rs422,206 after it accumulated Rs3,515, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

On Monday, gold price per tola reached Rs488,362 after a decrease of Rs5,300 during the day.

The international rate of gold jumped by $41 to reach $4,701 per ounce (with a premium of $20).

Meanwhile, the price of silver also increased by Rs395 to reach Rs8,908 per tola.

The resumption is expected to boost the country’s gold imports, widen the trade deficit and put more pressure on the rupee, which is among Asia’s worst-performing currencies this year.

Worried about mounting pressure on India’s balance of payments and the rupee, Prime Minister Narendra Modi on Sunday urged people to avoid buying gold for a year to help preserve the country’s foreign exchange reserves.

Stronger demand from India, the world’s second-largest gold buyer after China, could also support global gold and silver prices and help local jewellers replenish their inventories.

“We paid a 3% integrated goods and services tax (IGST) at customs to clear gold and silver shipments,” said the head of the bullion desk at a Mumbai-based private bank.

Shares of Indian jewellers slide after Modi urges pause on gold purchases

“Banks waited for more than a month for the government to issue an order that annually exempts them from paying the 3% IGST. But as the government signalled it wanted to curb gold imports, banks gave up hope.”

Banks, which import most of India’s refined gold, halted shipments at the start of the new financial year on April 1 after customs authorities began demanding IGST on the metal. When India adopted the IGST regime in 2017, gold-importing banks were exempted from paying the 3% levy.

Banks have been clearing gold and silver shipments from customs in recent days, a government official said, declining to be named as he was not authorised to speak to the media. The trade sources were also not allowed to speak publicly.

Banks have cleared about 9 metric tons of gold and 34 metric tons of silver so far in May after paying the IGST, the official said.

Supply has improved due to bank imports, but demand remains weak, leaving gold trading at a discount, said Chirag Thakkar, chief executive of bullion importer Amrapali Group Gujarat.

Dealers in India offered discounts of up to $17 an ounce over official domestic prices this week, inclusive of 6% import and 3% sales levies.

India’s gold imports in April are likely to have fallen to a near 30-year low of about 15 metric tons, as banks halted shipments after customs authorities began demanding the IGST.

The wider list of 54 players also includes Slavia Prague striker Tomas Chory and midfielder David Doudera who both received red cards in the weekend derby that was abandoned after fans stormed the pitch and were later removed from the club.

The national team, led by 74-year-old Miroslav Koubek, will face Kosovo on May 31 in Prague before leaving for a training camp in New Jersey to prepare for the tournament in Canada, the United States and Mexico.

Koubek took over the national team following a shock qualification loss to the Faroe Islands and guided the Czechs through the playoffs to their first World Cup appearance since 2006.

The players who featured in the successful playoff wins against Ireland and Denmark make up the core of the squad, including Wolverhampton defender Ladislav Krejci, Olympique Lyonnais midfielder Pavel Sulc and 35-year-old Vladimir Darida, who plies his trade in the Czech top tier for Hradec Kralove.

Hoffenheim striker Adam Hlozek, who has had injury problems, also returns and 17-year-old Sparta Prague midfielder Hugo Sochurek gets a chance to make his international debut.

The Czechs begin their World Cup campaign against South Korea in Group A on June 12 before facing co-hosts Mexico and South Africa.

The envoy shared that Pakistan and Russia are working on the initiative of creating the Pakistan Stream gas pipeline.

“The North-South gas pipeline is a very important initiative, and we will definitely return to it at some point,” said Tirmizi, reported TASS.

“Once the economic cooperation mechanism begins to gain new momentum, the North-South transport pipeline in Pakistan, or Pakistan Stream, will become a landmark agreement between the two countries. It is currently being developed,“ he said, adding that negotiations with the Russian side are ongoing.

The energy crisis associated with the closure of the Strait of Hormuz “has demonstrated that different ways to transport energy resources should exist, not only for Pakistan, but globally,” the diplomat stressed.

Therefore, “Pakistan is in contact with the Russian side, and we expect oil and gas supplies from Russia,” he noted.

Petrol and diesel spot prices have surged to multi-year highs globally as the Middle East conflict disrupted supply, but governments in major economies have held down pump prices to shield consumers from inflation.

A government official had earlier said that India has no plans to compensate oil market companies for these losses.

Modi urges reduced fuel use amid Middle East war disruption

Fuel retailers are incurring losses of about 100 rupees ($1.06) per litre on diesel and 20 rupees per litre on petrol, the official said last month.

Oil Minister Hardeep Singh Puri also said India has crude and liquefied natural gas sufficient for 60 days, and liquefied petroleum gas for 45 days.

“India never imported liquefied natural gas from Russia,” the minister said at an industry event.

The Osaka Exchange (OSE) rubber contract for October delivery  was down 1.6 yen, or 0.39%, at 411.5 yen ($2.61) per kg.

The rubber contract on the Shanghai Futures Exchange (SHFE) for September delivery fell 60 yuan, or 0.34%, to 17,750 yuan ($2,612.14) per metric ton.

The most active June butadiene rubber contract on the SHFE gained 395 yuan, or 2.57%, to 15,765 yuan per metric ton.

Rubber prices are range-bound as traders expect supply to ease as Southeast Asian rubber trees approach the peak harvesting period, though weather-related concerns still linger.

Rubber crops usually experience a low-production season from February to May, followed by a peak harvesting period that lasts until September.

However, the meteorological agency of top producer Thailand warned of heavy rain and flash floods in the south, where the country’s rubber plantations are concentrated, over the next week.

In addition, higher oil prices support natural rubber prices, as its substitute, synthetic rubber, is made from crude oil.

Oil prices rose 1% on Tuesday as talks to end the U.S.-Israeli war on Iran appeared fragile, with Tehran’s response to a Washington proposal highlighting stark differences that have kept supply concerns alive.

Traders are also eyeing U.S. President Donald Trump’s visit to China, where deals on agriculture and commercial aviation are said to be discussed.

The visit is expected to generate positive news, which could boost market sentiment, a Singapore-based rubber trader said.

The front-month rubber contract on Singapore Exchange’s SICOM platform for June delivery last traded at 221.2 U.S. cents per kg, down 0.9%, as of 0700 GMT.

The spread on the bank’s 10-year bond issued in January has narrowed to 70 basis points from 86 bps over the past three months, strengthening its confidence to pursue foreign-currency borrowing in this environment, MD Harsha Bangari told Reuters on Monday.

The U.S.-Israel war on Iran and the subsequent closure of the key Strait of Hormuz has increased shipping costs, disrupted logistics and affected exporter sentiment.

However, the bank will remain cautious on the timing of any fresh borrowing, she said, without specifying when the fundraise would be carried out.

The wholly state-owned EXIM Bank, which provides export financing and backs loans granted by commercial lenders to buyers of Indian goods, expects to tap the domestic market for around 660 billion rupees through instruments such as bonds, certificates of deposit and loans, according to Bangari.

It will raise about $3.5 billion from overseas markets via bilateral and syndicated loans, she added.

MoF asked to redraft Export Import Bank of Pakistan

The planned borrowing is higher than the 860 billion rupees the bank raised in the previous financial year.

Impact of Middle East crisis

The bank, which also extends lines of credit to governments and institutions in developing countries, particularly in Africa, Asia and Latin America, expects loan growth to moderate to 10% in fiscal 2027, from 12% last year, Bangari said, due to the Middle East crisis.

“I have a really robust pipeline and I’m confident that it will be disbursed in the current year,” said Bangari.

However, the pace of contract imports for Indian firms could slow if the uncertainty persists for longer, she added.

The bank’s Middle East and North Africa exposure stands at around 57 billion rupees of the overall exposure of 3.5 trillion rupees, Bangari said, adding that the bank has been conducting a detailed assessment of the potential impact of the war on its loan book.

A memorandum of understanding (MoU) was inked in this regard on Monday.

The Dongjin Group is a company dedicated to the production, R&D and sales of lead-acid batteries and lithium battery packs. Headquartered in Shenzhen, the company has established lithium battery and lead-acid battery factories in Dongguan, Guangdong Province and Xingan County, Jiangxi Province, respectively.

It has also invested and built factories in Bangladesh, Pakistan, India, the Philippines, Turkey, Brazil and other overseas countries.

Chinese investment has emerged as a key pillar of Pakistan’s renewable energy sector, with Chinese companies and financial institutions investing billions of dollars in solar, wind, hydropower, and transmission infrastructure projects in the past decade.

Crown to set up lithium battery plant in Karachi

On Monday, Pakistan’s Ambassador to China, Khalil Hashmi, said more than 300 MoUs and over three dozen joint venture agreements have been signed between Pakistan and Chinese companies, with a combined value exceeding $13 billion.

The envoy revealed that Pakistan is currently engaged in active negotiations with the world’s leading battery manufacturer, CATL, which specialises in lithium-ion and sodium-based battery technologies.

Pakistan is encouraging the company to invest and collaborate in the country, and he expressed hope that significant progress in this regard may emerge during the Prime Minister’s upcoming visit to China.

Economists expect the largest annual increase in U.S. inflation in two and a half years, which would dampen hopes for the Federal Reserve to cut interest rates.

The benchmark three-month copper on the London Metal Exchange declined 0.41% to $13,894 a metric ton as of 0725 GMT, after touching an over three-month high of $13,983 earlier in the day.

The most-active copper contract on the Shanghai Futures Exchange, closed 2.10% higher at 105,510 yuan ($15,528.28) a ton, paring gains from a level of as much as 108,400 yuan, a more-than three-month high, set earlier in the day.

Oil prices advanced as hopes for a Middle East peace deal faded, keeping concerns over energy supply and inflation alive. Brent crude sustained above $105 a barrel.

Traders will also monitor U.S. consumer inflation data due later on Tuesday. In the 12 months till April, the CPI is projected to have advanced 3.7%, which would be the largest annual increase since September 2023 and could reinforce expectations that the Federal Reserve will keep interest rates unchanged for longer.

Still, copper’s Shanghai rally showed that investors remained focused on supply risks. Traders cited lingering concern over concentrate tightness though Freeport-McMoRan pushed back against reports of a further delay at its Grasberg mine in Indonesia.

Traders also pointed to Peru, the world’s third-largest copper producer, after its government authorised state-run Petroperu to seek $2 billion in state-backed loans to sustain operations, which they said raised concern that fuel-supply stress could affect mine logistics in the country.

Expectations that China’s refined copper imports could rise in the second quarter also supported prices, citing firm demand and slower domestic output during smelter maintenance.

Among other metals on the LME, aluminium lost 0.84%, zinc dipped 0.19%, lead dropped 0.33%, nickel shed 1.63% and tin tumbled 1.32%.

Elsewhere on SHFE, aluminium added just 0.04%, zinc climbed 1.06%, lead dropped 0.69%, nickel lost 1.19% and tin rose 0.27%.

The KOSPI closed 2.3% lower at 7,643.15. Earlier in the session, it rose 2.3% to a record high of 7,999.67 but suddenly reversed course to fall as much as 5.1% intra-day.

Chipmaker Samsung Electronics fell 2.3% and peer SK Hynix skidded 2.4%. Earlier in the session, Samsung and SK Hynix gained 2.1% and 4.6%, respectively, to notch record levels.

“External uncertainty triggered underlying profit-taking pressure to explode. While there is little significance to the figure of 8,000 itself, it is up 60% from 5,000 in late March, which is not common,” said Huh Jae-hwan, an analyst at Eugene Investment Securities.

The index rose 4.3% on Monday, reaching near 8,000 levels in less than a week after it breached 7,000, led by strong buyingby retail investors. This prompted authorities to issue a rare warning against taking too much risk on Monday.

U.S. President Donald Trump said that a ceasefire with Iran was “on life support” after Tehran’s response to a U.S. proposal to end the war made clear the two sides were still far apart on a number of issues.

“The recent rally had been concentrated too much on the semiconductor sector,” said Han Ji-young, an analyst at Kiwoom Securities.

The KOSPI has risen 16% this month, bringing its year-to-date gains to over 80%. In the entirety of 2025, it rose 76%, the biggest annual gain since 1999, emerging as the world’s best performer in an artificial intelligence-driven rally.

Presidential policy adviser Kim Yong-beom floated an idea of “citizen dividends”, as he argued in a social media postthat excess earnings in the era of AI should be redistributed to all citizens and South Korea could be the first country to make that happen.

Foreign investors were net sellers of shares worth 5.6 trillion won ($3.76 billion)on Tuesday, while retail investors bought 6.7 trillion won.

Most other index heavyweights also fell sharply. Of the total 899 traded issues, 146 shares advanced, while 733 declined.

The won was quoted 1.1% lower at 1,489.0 per dollar on the onshore settlement platform, hitting its weakest level since April 13.

In a press release, the commission said that the new moon of Zilhajj 1447 AH is expected to be born on May 17 at 1:01am.

The same day, the new moon will be about 18 hours and 30 minutes old, with an estimated 60-minute gap between sunset and moonset along Pakistan’s coastal regions, it added.

Suparco said that based on these astronomical data, the chances of sighting the Dhul-Hijjah moon on the evening of May 17, 2026, are considered favorable, provided the weather remains clear and visibility near the horizon is good.

READ MORE: Eid-ul-Adha: Minister orders SPA to ensure all arrangements

“Accordingly, 1st Dhul-Hijjah 1447 AH is expected to fall on Monday, May 18, 2026, marking the end of the month of Dhul-Qa’dah.

Eid al-Azha is likely to be observed on May 27.”

But, it said, the final decision regarding the sighting of the Dhul-Hijjah moon and the commencement of the new Islamic month will be made by Pakistan’s Central Ruet-e-Hilal Committee.

The S&P/ASX 200 closed 0.4% lower at 8,670.70, sliding 2.4% over the last three sessions.

Australia is set to deliver a lower-than-projected budget deficit later in the day, buoyed by commodity windfalls, as it edges sensitive reforms forward without fanning inflation.

Last week, the Reserve Bank of Australia was forced into a third rate hike this year as stubborn core inflation refused to ease.

The budget offers little immediate upside for rate-sensitive sectors, with tighter fiscal settings likely to prolong pressure, while leaving infrastructure, healthcare and resources relatively unscathed, said Heath Moss, portfolio manager at HLM Investments.

Broader risk appetite remained fragile as oil prices edged higher on fading hopes for a deal to reopen shipping lanes through the Strait of Hormuz.

In Sydney, financials slid 1.6% to a six-week low, with investors awaiting top lender CBA’s results on Wednesday as a barometer for the sector’s outlook.

The bank’s smaller peers ANZ beat forecasts, while National Australia Bank and Westpac fell short.

These so-called Big Four banks fell between 1.4% and 2.1% on Tuesday.

Healthcare sank 1.7% in a sixth straight session, with heavyweight CSL sliding 2.2% to extend Monday’s rout.

Buck­ing the trend, miners advanced 2.5% to their highest level in nearly 10 weeks, as iron ore traded flat after a six-day rally and copper prices firmed. Mining majors BHP and Rio Tinto rose 2.5% and 3.1% to record peaks.

In company news, counter-drone tech firm DroneShield plunged 9.9%, its lowest in over two months, after disclosing a regulatory probe into its November share trading and disclosures. It dragged industrials down 1.2%.

New Zealand’s benchmark S&P/NZX 50 index fell 1% to 13,080.33 points, logging its worst session in over three weeks.

U.S. President Donald Trump called the ceasefire with Iran “on life support” with Tehran rejecting a U.S. proposal to end the conflict and proposing a list of demands that Trump dismissed as “garbage.”

The pan-European STOXX 600 shed 1.1% to 605.79 points, as of 0703 GMT. Regional bourses also moved lower, with London’s FTSE 100 and Germany’s DAX down more than 1%.

A closure of the vital Strait of Hormuz has weighed on energy-dependent European markets, keeping them below pre-war levels, as worries remain over the economic impact of the crisis.

Germany’s April inflation accelerated slightly to 2.9% in April, official data showed on Tuesday. U.S. inflation data later in the day will also be closely gauged to see the impact of the Iran war.

Among early movers, Germany’s Thyssenkrupp fell 2.4% after the conglomerate cut its 2026 sales outlook.

Shares of Bayer gained 1.5% after the German firm reported a better-than-expected quarterly operating profit.

The Nikkei rose 0.52% to 62,742.57, after briefly entering negative territory.

The broader Topix climbed 0.83% to 3,872.9.

“Investors bought back chip-related stocks on dips, which helped the Nikkei to end higher,” said Shuutarou Yasuda, a market analyst at Tokai Tokyo Intelligence Laboratory.

Earlier in the day, investors sold chip-related shares after the South Korean equity benchmark sharply fell.

But Tokyo Electron gave up early losses to end 0.14% higher. Advantest, which fell as much 1.5%, recovered most of its loss to edge 0.26% lower.

Furukawa Electric jumped 16% after the fibre optic cable maker announced a stock split. Its peer Fujikura jumped 11.6%. They became top percentage gainers on the Nikkei.

Ibiden jumped 5.7% after the maker of smartphone components raised its annual sales and profit forecasts.

Technology investor SoftBank Group rose 4.25% ahead of its quarterly results on Wednesday.

Trading houses Mitsubishi Corp and Mitsui & Co rose 4.72% and 3.88%, respectively.

Uniqlo brand owner Fast Retailing fell 3.77%, weighing the most on the Nikkei.

Of the more than 1,600 stocks trading on the Tokyo Stock Exchange’s prime market, 42% rose, 53% fell, and 3% traded flat.

The purchase of Blackstone’s London-based Recognition’s catalog – which features more than 45,000 songs – is part of Sony’s partnership with Singapore investment entity GIC, which announced the deal on Monday.

The Financial Times reported the deal was worth around $4 billion, citing a person familiar with the matter.

Sony and GIC did not immediately respond to an AFP request for comment about the value of the transaction. Recognition declined comment.

The transaction positions Sony for streaming payments for hit songs ranging from Journey’s “Don’t Stop Believin’” and Beyonce’s “Single Ladies (Put A Ring On It)” to Lady Gaga’s “Bad Romance” and Leonard Cohen’s “Hallelujah.”

Indie series ‘Everyone Is Doing Great’ returns… on Netflix

Recognition – originally known as Hipgnosis Songs Fund – went public in 2018 before being acquired in 2024 for $1.6 billion by asset manager Blackstone, which gave it its new name.

The deal “delivers a strong outcome for Blackstone and our investors and represents a further vote of confidence in music rights as an institutionally established asset class,” said Blackstone senior managing director Qasim Abbas.

Sony Music Chairman Rob Stringer said: “We are so proud and excited to represent this incredible catalogue of many of the greatest songs in pop history through this momentous acquisition.”

“I cannot help but feel a sense of emotion, realising that for the first time, a Korean has become the head of the jury” of the world’s top film festival. “The moment has finally come.”

He said he took it as further proof of South Korea’s cultural influence, with Boon Jong Ho becoming the first Korean to win Cannes’ top prize, the Palme d’Or in 2019 with “Parasite”, which went on to win four Oscars.

Park, the maker of arthouse classics such as “Oldboy”, “The Handmaiden” and “Decision to Leave”, said there “was a long period when Korean cinema was treated as if it were from some kind of peripheral nation, yet even during that time, Korea had excellent directors and actors.

“Now Korea is playing a role as one of the central hubs of the film world, and I believe this is a movement befitting the times. It makes me think of a lot of the predecessors who were truly outstanding but never had the opportunity to be recognised internationally.”

His own relationship with the Korean government has not always been smooth. Park was blacklisted for a period with a string of other artists including Boon more than a decade ago.

Since then Park, like Boon, has been embraced by Hollywood, and is about to make a Western called “The Brigands of Rattlecreek” with a galaxy of US stars including Matthew McConaughey and Pedro Pascal.

He told AFP that he loves American Westerns because they are stories about “people building something out of nothing”.

Cannes Film Festival opens, grappling with AI and Hollywood

“Ever since I was young, watching Western movies, I have thought that I wanted to make something like that some day.”

Works that will endure’

The Cannes jury that Park heads also includes Hollywood stars Demi Moore and Ruth Negga as well as Chloe Zhao, the Oscar-winning director of “Nomadland”.

Park told AFP that hoped that the film that wins the top prize will stand the test of time.

“I believe that awards should be given to works that will endure and be agreed upon by everyone 50 or 100 years from now.”

The 62-year-old said he wanted to see the films in the running for the Palme d’Or blind, “with a sense of anticipation and excitement – knowing nothing beforehand.

“I always try to view things through the purest and most primal eyes of an audience member,” he said.

The movies in the running for the top prize include the latest melodrama from Spain’s Pedro Almodovar and as well “Hope” by fellow South Korean director Na Hong-jin, starring real-life partners Michael Fassbender and Alicia Vikander.

Park insisted that he would not favour his compatriot. “Some even joked that I might go out of my way to be harsher on a Korean film, because it wouldn’t look good if I appeared to be favouring it,” he told AFP.

“I intend to judge everything as fairly and objectively as possible.”

The Palme d’Or will be announced at the festival’s closing ceremony on May 23.

The commencement of deliveries further strengthens Chery Master Pakistan’s accelerated expansion strategy, establishing Pakistan’s largest locally assembled plug-in hybrid SUV lineup within just a few months. Following the rapid back-to-back rollout of Tiggo 8 PHEV and Tiggo 9 PHEV within 5 days, alongside the launch of Tiggo 7 PHEV, Chery Master Pakistan has emerged among the fastest automotive brands to introduce three globally benchmark CKD plug-in hybrid SUV models in Pakistan’s automotive history. Following the strong response to earlier launches and ahead-of-schedule delivery rollouts, Tiggo 9 PHEV deliveries further reinforce growing customer confidence in the brand’s execution capability and long-term vision for advanced mobility in Pakistan.

Positioned as the flagship of Chery’s SUV lineup, Tiggo 9 PHEV combines long-range hybrid capability, intelligent technology and premium comfort, introducing a completely new benchmark in Pakistan’s premium SUV segment through Chery’s world’s best plug-in hybrid technology.

Powered by Chery Super Hybrid technology, Tiggo 9 PHEV delivers up to 170 km electric driving range and up to 1,400 km total driving range, producing 610 horsepower and 920 Nm of torque with all-wheel drive capability.

Inside, the Tiggo 9 PHEV features a 15.6-inch infotainment display, 14-speaker Sony audio system, massage seats, and heated and ventilated seating across both rows. Safety remains one of its strongest highlights with 10 airbags, Level 2 Plus ADAS with over 27 intelligent driving functions, and automatic parking assistance, positioning it among Pakistan’s safest and most advanced SUVs.
Commenting on the milestone, Samir Malik, CEO of Master Auto Engineering, said, “Today marks a proud milestone for Pakistan’s automotive industry. Seeing Pakistan’s first premium plug-in hybrid E-SUV reach customers within weeks of local line-off reflects the manufacturing strength, execution capability and decades of industrial legacy behind this partnership. Following the strong response to earlier launches and ahead-of-schedule deliveries, Tiggo 9 PHEV further reinforces our commitment to ensuring Pakistani customers experience the same advanced global vehicles, technologies and engineering standards shaping international markets, delivered faster than ever before without compromising on quality or engineering standards, a momentum we aim to continue with Tiggo 7 PHEV as well. With Pakistan’s largest plug-in hybrid SUV lineup, we are setting new benchmarks for speed, innovation and premium mobility in the local market.”

Globally, Chery has established itself as China’s No.1 automotive exporter for 23 consecutive years, with presence in more than 130 countries and regions and a global user base exceeding 19 million users worldwide.

Backed by Master Group’s deep-rooted automotive ecosystem and industrial footprint in Pakistan, the partnership is built on a strong foundation of manufacturing capability, localization and large-scale operational execution. Through Master Yutong, the Group has achieved approximately 80% market share in Pakistan’s bus segment, while Procon Engineering components are integrated into around 15% of locally assembled vehicles. Its joint venture with Changan has also rapidly emerged among Pakistan’s leading automotive players, becoming the country’s 4th largest automobile brand within a short span. Together, Chery and Master Group continue to strengthen customer confidence through manufacturing excellence, rapid execution and the delivery of globally benchmark technologies and engineering standards to Pakistan.

With volume production underway and customer deliveries now commenced, Tiggo 9 PHEV marks the next phase in Chery Master Pakistan’s accelerated expansion strategy in Pakistan.

James Lafferty and Stephen Colletti – best known for appearing on the soapy series “One Tree Hill” – wrote, directed and star in season two of the show about a group of actors trying to recapture their past glory.

They filmed the pilot for season one in 2017, as the streaming boom was taking hold.

The series premiered in 2021 on Disney-owned Hulu, but now both the new season and past episodes are streaming on Netflix after a global rights deal with Sony Pictures Television.

“It does feel like there are a lot of things that are aligning for… things that are set up really budget-consciously, and that can be shot very efficiently, and have really connected voices behind them,” Lafferty told AFP.

Colletti chimed in that while other opportunities had cropped up, “we didn’t want to do that without trying to get this exact opportunity, which is partner with a global streamer like Netflix and go wide all at the same time.”

Cannes Film Festival opens, grappling with AI and Hollywood

The pair draw on their own life experiences to tell the story of TV actors Jeremy and Seth, who struggle to land new gigs after their hit teen vampire show wraps up.

Lafferty said he was “struck” by the audience response to the first season of “Everyone Is Doing Great.”

He said the show had tapped into “a generation and a time when people are realizing that things aren’t quite turning out the way they thought they were going to.”

“And the question is like, what happens next, and who do you lean on to figure that out?”

Cariba Heine, who co-stars as Izzy, attributed the success of the series to its humor and vulnerability.

The series explores “what really matters in life, which is being there for one another, showing up for one another, and laughing at the ridiculousness that is this life.”