Author: i2wtc

The Pakistan Stock Exchange (PSX) closed at another historic high on Friday as investor confidence soared following the approval of federal budget for FY26. The benchmark KSE-100 index surged 2,332.60 points, or 1.91%, to settle at 124,379. “The market rebounded strongly from Thursday’s brief profit-taking phase, with bullish momentum prevailing throughout the session,” noted Ali Najib, Deputy Head of Trading at Arif Habib Ltd. Institutional investors led the rally amid portfolio rebalancing and optimism about the economic direction set by the newly approved budget. Investor sentiment was further buoyed by robust Roshan Digital Account (RDA) inflows, which reached $10.38 billion…

U.S. President Donald Trump speaks to the media, after the U.S. Supreme Court dealt a blow to the power of federal judges by restricting their ability to grant broad legal relief in cases as the justices acted in a legal fight over President Donald Trump’s bid to limit birthright citizenship, in the Press Briefing Room at the White House in Washington D.C., June 27, 2025. Ken Cedeno | ReutersPresident Donald Trump on Friday called New York City Democratic mayoral candidate Zohran Mamdani “a communist,” and said the Big Apple will become “a communistic city” if he is elected mayor in…

The Supreme Court of Pakistan has overturned its July 12 ruling regarding reserved seats, accepting review petitions and upholding the Peshawar High Court’s decision. As a result, Pakistan Tehreek-e-Insaf (PTI) has lost its reserved seats, which will now be transferred to the government coalition. The constitutional bench of the Supreme Court concluded hearings on the case of reserved seats on Friday. The hearing was conducted by a 10-member bench, instead of the originally planned 11-member bench, with Justice Aminuddin Khan presiding. Following the hearing, the bench reserved its judgment and, after a short break, issued a concise written verdict of…

Nike stock soared 17% on Friday after the company said the worst of its struggles are behind it, following a better than feared fiscal fourth-quarter earnings report. Nike on Thursday reiterated it would take the biggest financial hit from its turnaround plan during the quarter, soothing investors who worried President Donald Trump’s tariff hikes on key Nike manufacturing hubs like China and Vietnam would derail the company’s comeback.Nike posted a poor fourth quarter, as sales dropped 12%, net income plunged 86% and profit margins dwindled. But CEO Elliott Hill stressed the company has emerged from the worst of its slump, and…

ISLAMABAD: Prime Minister Shehbaz Sharif on Thursday lauded the entire economic team, particularly Finance Minister Muhammad Aurangzeb, for their hard work and dedication in preparing the federal budget for the fiscal year 2025-26. He also expressed gratitude to the federal cabinet and the allied political parties for their support in finalizing the budget. Chairing the cabinet meeting, the prime minister also spoke on the recent regional developments and welcomed the ceasefire between Israel and Iran, terming it a crucial step in avoiding further escalation and loss. He thanked God for the peaceful resolution and acknowledged the important role played by…

California Gov. Gavin Newsom sued Fox News on Friday, seeking damages of at least $787 million from the conservative network for allegedly defaming him in misleading comments about a phone call with President Donald Trump.”No more lies,” Newsom wrote in a tweet that announced his lawsuit, which the Democrat filed in Superior Court in Delaware, where Fox News is incorporated.The monetary damages Newsom is seeking almost exactly match what Fox Corp. Fox News, and other Fox cable networks agreed to pay Dominion Voting Systems in April 2023 to settle a Delaware lawsuit alleging they defamed Dominion by falsely claiming its…

Prime Minister Shehbaz Sharif hailed on Friday the federal budget for the fiscal year 2025-26 as one reflective of the needs of the people.  During a meeting with senators and members of the National Assembly a day after the lower house passed a Rs17.6 trillion federal budget he appreciated the hardwork economic team in crafting a budget that represents the aspirations of the Pakistani people and thanked the allied parties for shaping the same.  The National Assembly approved on Thursday the Rs17.6 trillion worth budget along with Rs463 billion new taxes, bringing the digital economy under the purview of tax…

Jensen Huang, CEO of Nvidia, speaks during the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France, June 11, 2025. Gonzalo Fuentes | ReutersNvidia stock rose for a fifth consecutive day Friday as the chipmaker hovered near fresh highs and investors shook off China concerns.The rise in shares has helped the artificial intelligence chipmaking giant regain its seat as the most valuable company. The stock is up 66% since hitting its 52-week low in early April. Its market capitalization last stood at about $3.8 trillion, putting it ahead of Microsoft and Apple.Wedbush…

The Supreme Court on Friday limited federal judges from issuing universal injunctions, which had been used to block President Donald Trump from implementing his executive order ending birthright citizenship.The 6-3 decision, which divided the conservative-majority court along ideological lines, clears the way for the Trump administration to push forward with its efforts to unilaterally upend longstanding U.S. citizenship rules and other major policies.The case centered on nationwide injunctions that federal district court judges had granted in three separate lawsuits challenging  Trump’s citizenship order.Those injunctions temporarily blocked enforcement of the order while the cases moved through the court system.But on Friday, the Supreme Court ruled that, “Universal…

Chief of Army Staff Field Marshal Asim Munir said on Friday that Islamabad seeks peaceful and cooperative relations with Afghanistan and warned Kabul against permitting Indian-sponsored terrorist proxies to operate from its soil.  “We ask only one thing: do not give space to India’s terrorist proxies — Fitna al-Hind and Fitna al-Khawarij,” he stressed, addressing officers of the 52nd Common Training Program in Islamabad. He maintained that Afghanistan remains a “brotherly, neighbouring Islamic country” but it must act responsibly and curb the influence of hostile forces operating in its territory.  The COAS highlighted the crucial role of a transparent and…