On Wednesday, the Pakistan Stock Exchange (PSX) saw its equity market trading near record highs. Investors were buoyed by strong corporate earnings momentum and ongoing discussions between the government and Moody’s for a potential ratings upgrade, before the market experienced some selling pressure. The PSX’s benchmark KSE-100 Index settled at 136,379.96 points, marking an increase of 440.09 points (0.32%) from its previous close of 135,939.87. During the trading session, the index reached an intraday high of 137,232.10, gaining 1,292.23 points (0.95%). It also touched an intraday low of 135,542.88, reflecting a decline of 396.99 points (0.29%). “Stocks are trading at…
Author: Raja Zahid Khanzada
In a major policy U-turn, the state-run Trading Corporation of Pakistan (TCP) has drastically reduced its sugar import tender from 300,000 metric tons to just 50,000 metric tons. This decision comes as a result of intense pressure from domestic millers and mounting concerns from the International Monetary Fund (IMF) regarding policy violations linked to the ongoing $7 billion loan program, as reported by The News on Wednesday. The TCP’s move, formally announced via an official corrigendum, follows a behind-the-scenes agreement between the federal government and Pakistan’s powerful sugar millers, many of whom are also members of parliament. This deal involves…
Elon Musk’s electric vehicle giant, Tesla, commenced sales of its Model Y cars in India on Tuesday, with prices starting at approximately $69,770, as indicated on its official website. This launch comes as the company prepares to inaugurate its first showroom in Mumbai, India’s bustling financial hub. India currently stands as the world’s third-largest automotive market, though electric vehicles constitute a relatively small segment. Concerns regarding the easy accessibility of charging infrastructure remain a significant deterrent for many affluent buyers considering a switch to electric. As Tesla gears up to navigate India’s busy roads, still predominantly populated by diesel and…
A diagnostic report titled “Pakistan’s Digital Ecosystem” by the Asian Development Bank sheds light on findings from GSMA’s 2023 Mobile Gender Gap Report. This report reveals that women in Pakistan are 35% less likely than men to own a mobile phone (with ownership rates at 52% for women and 81% for men), and 38% less likely to use mobile internet. However, it’s crucial to acknowledge that many women in Pakistan utilize mobile phones and services registered under the names of male relatives. This practice complicates the accurate determination of how many women genuinely have internet access. Several key barriers contribute…
U.S. President Donald Trump has announced a substantial $92 billion plan designed to bolster the rapidly expanding field of artificial intelligence. Speaking in Pennsylvania at the inaugural Pennsylvania Energy and Innovation Summit at Carnegie Mellon University, Trump’s address largely focused on securing America’s dominance over China in the global competition for AI leadership. This strategic move comes amidst growing concerns about whether current systems can adequately support the fast-paced AI boom. Trump stated that the investment would fund new energy and infrastructure projects to meet the escalating electricity demand driven by AI technology. “Today’s commitments are ensuring that the future…
The 48th Annual Convention of APPNA (Association of Physicians of Pakistani Descent of North America), the most influential and dynamic organization representing Pakistani-American doctors, concluded in a magnificent and memorable fashion in Dallas, Texas. This vibrant four-day gathering brought together over 4,000 physicians from the US, Canada, Pakistan, and other nations, alongside their families, community leaders, experts, youth, entrepreneurs, and elected officials. The convention commenced with a recitation from the Holy Quran, followed by the national anthems of Pakistan, the US, and Canada. Dr. Humaira Qamar, APPNA President, and Sanaullah, Secretary, highlighted the organization’s yearly accomplishments and articulated the convention’s…
A critical deadline is rapidly approaching for a potential nuclear deal with Iran. According to sources, U.S. Secretary of State Marco Rubio and the foreign ministers of France, Germany, and the UK have reportedly agreed during a telephonic conversation to set the end of August as the informal cutoff for reaching an agreement. Should no deal be finalized by then, the three European powers plan to trigger the “snapback” mechanism, which would automatically re-impose all UN Security Council sanctions that were lifted under the 2015 Iran nuclear deal. This development unfolds as U.S. President Donald Trump has indicated that while…
Reza Amiri Moghadam, Iran’s Ambassador to Pakistan, has been placed on the United States’ Federal Bureau of Investigation’s (FBI) “most wanted” list. This designation stems from his alleged involvement in the abduction, detention, and probable death of retired FBI special agent Robert A. Levinson, as well as supposed efforts to conceal Iran’s culpability. The U.S. is actively seeking information on Moghadam, whom the FBI identifies as an official within Iran’s Ministry of Intelligence and Security. According to the FBI, Levinson – who retired from the FBI in 1998 and subsequently worked as a private investigator – traveled to Kish Island,…
A perceived lack of openness regarding the US investigations into the infamous sex offender Jeffrey Epstein has created a notable divide between President Donald Trump and his typically loyal Republican base. As Trump grapples with his supporters’ growing obsession with the case – which has long been a hotbed of conspiracy theories – AFP delves into its history and the reasons behind the widespread public anger. Genesis of the Epstein Case Jeffrey Epstein, a wealthy American financier, first faced sex offense charges in 2006 after the parents of a 14-year-old girl informed police that he had molested their…
On Tuesday, US President Donald Trump announced a trade agreement with Indonesia, unveiling a 19 percent tariff on Indonesian goods. The announcement, made via Trump’s Truth Social platform, follows weeks of negotiations aimed at avoiding a steeper 32 percent duty he had previously threatened. Under the finalized agreement, Indonesia will purchase $15 billion worth of US energy, $4.5 billion in agricultural products, and 50 Boeing aircraft—many of them wide-body 777 jets. “As part of the Agreement, Indonesia has committed to purchasing… and avoiding harsher tariffs,” Mr. Trump posted, describing the development as a “great deal, for everybody.” While the move…
