Author: i2wtc

KARACHI: The Pakistan Stock Exchange (PSX) lost more ground on Wednesday as early optimism gave way to extensive selling in the second half of the trading session. At close, the benchmark KSE-100 index recorded a loss of 941.03 points, or 0.63%, and settled at 147,494.03. Concerns over severe flooding in the northern regions of the country triggered a shift in investor sentiment, leading to a sharp downturn in equities. The index opened on a positive note, climbing steadily during morning hours and reaching the intra-day peak of 149,238 points. However, the upbeat momentum could not be sustained as news of…

Tareq Amin, CEO of Humain, and Jensen Huang, CEO of NVIDIA, attend the Saudi-U.S. Investment Forum, in Riyadh, Saudi Arabia May 13, 2025. Hamad I Mohammed | ReutersSaudi Arabia is looking to make data its new oil — if artificial intelligence and data center company Humain gets its way.The company, owned by the Saudi kingdom’s massive sovereign wealth fund, the Public Investment Fund, is looking to build out data center capacity in a country with seemingly unlimited land and abundant energy resources.Faced with lower oil prices and soaring costs for domestic megaprojects like the futuristic region of Neom, the kingdom…

Pfizer’s Covid vaccine Comirnaty, seen at a CVS Pharmacy in Eagle Rock, California, Sept. 14, 2023.Irfan Khan | Los Angeles Times | Getty ImagesThe Food and Drug Administration on Wednesday approved the latest round of Covid vaccines in the U.S., but set new limits on who can get them.The agency ended its broader authorization of the shots, only clearing them for people at higher risk of severe illness. That includes those 65 and up and younger adults with at least one underlying condition that puts them at higher risk.The move could complicate access to the shots for millions of Americans,…

LAHORE: Floodwaters from the Ravi River surged into Gurdwara Darbar Sahib in Kartarpur on Wednesday, submerging its courtyard and halting pilgrimage at one of Sikhism’s holiest sites. Visuals from the field showed the shrine’s marble steps and courtyard completely inundated, as floodwater swept into the complex overnight. Around 200 to 300 pilgrims were stranded in Kartarpur Corridor, with the armed forces called in to carry out rescue operations. Officials from the Evacuee Trust Property Board confirmed that floodwater had seeped into the compound, reaching nearly three feet in some areas and forcing pilgrimages to a sudden halt. The Punjab government had…

Nvidia CEO Jensen Huang attends the “Winning the AI Race” Summit in Washington D.C., U.S., July 23, 2025. Kent Nishimura | ReutersNvidia reports fiscal second-quarter earnings on Wednesday after the bell.Here’s how Nvidia is expected to do versus LSEG consensus estimates:Earnings per share: $1.01, adjustedRevenue: $46.02 billionThat would represent 53% year-over-year revenue growth for Nvidia, which carries a market cap of more than $4 trillion and is already the most valuable company in the world.That type of growth would add to a streak of explosive growth for the chipmaker, which has been on a tear since the arrival of OpenAI’s…

Gusto CEO Josh Reeves and Guideline CEO Kevin Busque talk at Gusto’s San Francisco headquarters.Elliott Morin | GustoGusto, a startup with payroll and human resources software, said Wednesday that it has agreed to acquire Guideline, a startup specializing in corporate retirement plans. Terms of the deal weren’t disclosed.Founded in 2011 and based in San Francisco, Gusto is among the world’s most valuable companies backed by venture capitalists, with a $9.3 billion valuation. Gusto originally was named ZenPayroll and provided software that clients could use to run payroll for their employees. In 2015, the company rebranded to Gusto as it started…

White House National Economic Adviser Kevin Hassett prepares to give a live television interview at the White House in Washington, D.C., U.S., August 4, 2025.Jonathan Ernst | ReutersPresident Donald Trump’s top economic adviser, Kevin Hassett, said Wednesday that Federal Reserve Board of Governors member Lisa Cook should go on leave from the central bank even as she plans to file a lawsuit challenging her removal by Trump.”If I were her in her circumstance, I would take leave,” Hassett told reporters outside the White House.”I think it’s the honorable thing to do,” he continued, after a reporter asked about whether Cook…

American Eagle launches AE x Tru Kolors by Travis Kelce.Courtesy: American EagleShares of American Eagle rose Wednesday morning after the apparel company announced a collaboration with football star Travis Kelce, just a day after he and singer Taylor Swift said they were engaged.The stock was up roughly 5% in early trading.Kelce’s sportswear brand, Tru Kolors, is launching a limited-edition collaboration with American Eagle, pairing the jeans brand with Kelce’s picks, including vintage-inspired T-shirts and “reimagined” varsity jackets. The collaboration was more than a year in the making, Kelce said, but the announcement came just a day after his proposal caused…

ISLAMABAD: The central bank admitted on Tuesday that its nearly $8 billion purchases of US dollars were keeping the local currency weak but added that a stronger rupee would make imports cheaper and could in turn put pressure on the external sector. Acting Deputy Governor of the State Bank of Pakistan (SBP), Dr Inayat Hussain, told the National Assembly Standing Committee on Finance that the current US dollar-rupee parity of around Rs282 was “fair.” “Your assertion is correct. If the SBP stops mopping up dollars from the market, it will strengthen the rupee. But imports will increase too,” he said,…

A New Zealand rugby player who had wanted his brain to be studied after suffering from the effects of multiple concussions has died aged 39, police said on Wednesday. Shane Christie, a former Maori All Blacks player, had campaigned for greater awareness in rugby of the impact of repeated blows to the head. After retiring from the game in 2017 Christie reportedly suffered from headaches, memory lapses, speech problems, depression and mood swings consistent with chronic traumatic encephalopathy (CTE). Local media said the death of Christie, who also played for Otago Highlanders, Canterbury Crusaders and the All Blacks sevens team,…