Author: i2wtc

The Pakistan Stock Exchange (PSX) closed the last trading session of the week on a muted note, with the benchmark KSE-100 index slipping 38 points, or 0.03%, to settle at 146,491. The market struggled to hold above the 147,000 mark as investors squared off positions ahead of the weekend. Sentiment remained mixed, with traders opting for a cautious stance while awaiting fresh triggers to guide the next market move, said Deputy Head of Trading at Arif Habib Ltd, Ali Najib. On the sectoral front, EFERT, LUCK, ENGROH, MEBL, and AIRLINK emerged as the major gainers, contributing a combined 512 points…

ISLAMABAD: A catastrophic wave of torrential rains and a deadly cloudburst wreaked havoc across Khyber-Pakhtunkhwa on Friday, leaving at least 198 people dead and 21 injured, while a Pakistan Army helicopter carrying flood relief supplies tragically crashed amid the chaos, killing all five personnel on board, officials confirmed. According to a report released by the Provincial Disaster Management Authority (PDMA), a total of 198 people—comprising 172 men, 14 women, and 12 children—have died in rain-related incidents across the province in the last 24 hours. At least 21 people have been injured, including 18 men. Rescue and relief efforts are underway…

Opendoor shares popped about 10% on Friday after CEO Carrie Wheeler said she’s resigning from the online real estate company, which has seen a surge in recent interest from retail investors.Pressure began building on Wheeler, who took over the top job in 2022, after the company’s quarterly earnings report earlier this month failed to reassure investors that a turnaround is underway. The stock is up more than sixfold since bottoming out at 51 cents in June, a price that put the company at risk of being delisted from the Nasdaq.”The last weeks of intense outside interest in Opendoor have come…

The entrance to the Consumer Financial Protection Bureau (CFPB) headquarters is seen during a protest on Feb. 10, 2025 in Washington, DC.Anna Moneymaker | Getty ImagesA divided federal appeals court on Friday cleared U.S. President Donald Trump to resume mass firings at the Consumer Financial Protection Bureau, ruling that a lower court had lacked jurisdiction in temporarily blocking this.However, the Circuit Court of Appeals for the District of Columbia said on Friday that its decision would not take immediate effect, allowing lawyers representing CFPB workers and pro-consumer organizations to seek reconsideration by the full court of appeals, meaning dismissal notices…

ISLAMABAD: Chief Justice of Pakistan Yahya Afridi has justified his action to not constitute a full court to hear petitions challenging the 26th Amendment in November last year. The dispute began on October 31 last year, when Justice Syed Mansoor Ali Shah and Justice Munib Akhtar, being members of the committee, formally addressed a letter to CJP Afridi, urging him to hold a meeting under the Supreme Court Practice and Procedure Act 2023. The two senior justices requested the meeting specifically to address the petitions contesting the 26th Amendment, which involves changes to judicial authority and tenure. With no response…

A government intervention in struggling chipmaker Intel is “essential” for the sake of national security, analyst Gil Luria said Friday, following a report that the Trump administration is weighing taking a stake in the company.”We’re all capitalists,” Luria, head of technology research at D.A. Davidson, said in an interview with CNBC’s “Squawk Box.” “We don’t want government to intervene and own private enterprise, but this is national security.”Bloomberg reported Thursday that the Trump administration is considering having the U.S. government take a stake in Intel. The news sent Intel shares higher, and the stock climbed more than 4% Friday. Shares…

KARACHI: Pakistan’s economy has navigated one of the most turbulent times in recent history, marked by record inflation, depleted foreign exchange reserves and external account pressures. From inflation peaking at 38% in May 2023 to reserves falling to critically low levels at $4.4 billion, the country faced severe macroeconomic instability. However, decisive monetary tightening, structural reforms and improved external inflows have shifted the trajectory towards stability. Speaking at the Independence Day event, State Bank of Pakistan (SBP) Governor Jameel Ahmad said the economy is now on a path to sustainable growth, with inflation brought down to historic lows, reserves tripled…

Applied Materials shares plunged more than 13% after the semiconductor equipment maker issued weak guidance as it faces demand pressures in China.The company forecasted adjusted earnings of $2.11 per this quarter, falling short of the $2.39 per share expected by LSEG. The company projected $6.7 billion in revenue, versus the $7.34 billion estimate.During an earnings call with analysts, CEO Gary Dickerson said that the current macroeconomic backdrop and trade issues have fueled “increasing uncertainty and lower visibility,” primarily within its China business. He also said the guidance does not account for pending export license applications and assumes a significant backlog.Applied…

Insurance firm Gallagher is tapping into a new kind of summer intern: professional athletes.Last year, the insurance giant expanded its internship program to offer positions to pro athletes, giving them a pathway to prepare for life after sports. In return, Gallagher discovered the stars also tend to shine off the field.”They know what it’s like to work hard and how long that path is to get to success,” said Chris Mead, Gallagher’s chief marketing officer. “They know what it’s like to be part of a team and how to lead one.”This year Gallagher opened the program to eight members of…

This photo taken on Aug. 15, 2025 shows the static fire test of China’s Long March-10 carrier rocket at the Wenchang Spacecraft Launch Site in south China’s Hainan Province. China’s Long March-10 carrier rocket, the country’s new-generation manned launch vehicle, has successfully completed the first static fire test here on Friday, the China Manned Space Agency has announced. (Xinhua/Zhang Bin)WENCHANG, Hainan, Aug. 15 (Xinhua) — China’s Long March-10 carrier rocket, the country’s new-generation manned launch vehicle, has successfully completed the first static fire test on Friday at the Wenchang Spacecraft Launch Site in the southern island province of Hainan, the…