Day: February 24, 2025

Profit-taking, IMF concerns drag PSX into red

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Selling pressure was observed on the bourse on Monday, with investors engaging in widespread profit-taking amid the absence of fresh positive catalysts. Investor sentiment remained subdued, as the ongoing earnings season failed to generate any substantial optimism. Additionally, falling cement prices and looming uncertainty over the upcoming International Monetary Fund (IMF) review further dampened market confidence, keeping participants hesitant to take new positions. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index registered a modest gain of 50.21 points (0.04%) to reach an intraday high of 112,851.14, before retreating as investors…

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Alibaba to invest more than $52 billion in AI over next 3 years

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Alibaba said on Monday it plans to invest at least 380 billion yuan ($52.44 billion) in its cloud computing and artificial intelligence (AI) infrastructure over the next three years. The Chinese e-commerce giant had said it had plans to invest in the sector while announcing its results on Friday, but did not provide an exact figure at the time. Alibaba plans to “invest at least 380 billion yuan over the next three years to advance its cloud computing and AI infrastructure”, a company statement said. The firm said its strategy…

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Govt plans relief for salaried class in upcoming budget: FinMin

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The federal government is planning to ease the financial burden on the salaried class in the upcoming budget, announced Finance Minister Muhammad Aurangzeb on Sunday. His remarks came days after thousands of government employees staged a protest demonstration in Islamabad, demanding withdrawal of pension reforms and increase in pay and allowances. During his interaction with journalists in Lahore, the finance minister highlighted positive economic indicators, including a rise in remittance senders to 35 million and an increase in Roshan Digital Account inflows. Aurangzeb emphasised the private sector’s vital role in…

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German vote winner Merz faces tough talks to build govt

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Germany’s conservative election winner Friedrich Merz vowed to get to work Monday on the arduous task of building a new coalition government, warning “the world isn’t waiting for us”. Merz has warned against more paralysis in Berlin at a time US President Donald Trump is driving head-spinning change, the German economy is in recession, and society split after a polarising campaign. Speaking late Sunday, his victory dampened by a far-right surge, Merz said a united Europe must build up its own defences as he had “no illusions at all about…

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Three years after Russia invasion, UN faces difficult votes on Ukraine

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Defying Kyiv and its European allies, Washington plans on Monday to submit to the United Nations Security Council (UNSC) and General Assembly (UNGA) a draft text that calls for a “swift end” to the Ukraine conflict but makes no reference to its territorial integrity, in an early test of United States President Donald Trump’s muscular approach to the crisis. Since Russian forces invaded Ukraine three years ago, the balance of power at the United Nations has been clear: the UNGA, representing all members, has clearly and overwhelmingly supported Ukrainian sovereignty,…

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Most USAID workers to be fired or placed on leave

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Most employees at USAID will be placed on leave or fired by midnight on Sunday, the aid agency said, as President Donald Trump’s administration plows ahead in slashing government spending. Around 1,600 workers based in the United States will be laid off in a “reduction-in-force” effort, according to a notice on the US Agency for International Development’s website. All other staff directly hired by USAID will be placed on administrative leave globally, except those responsible for “mission-critical functions, core leadership and/or specially designated programs.” The move is a step forward…

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Zelenskiy says he will step down if it ensures Ukraine’s peace

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Ukraine’s President Volodymyr Zelenskiy stated on Sunday that he is prepared to leave office if it guarantees peace for Ukraine, even suggesting that he would trade his departure for the country’s entry into NATO, Reuters reported. “If (it means) peace for Ukraine, if you need me to leave my post, I am ready,” said Zelenskiy, appearing visibly irritated when asked about the possibility of stepping down to secure peace. He added, “I can exchange this for NATO (membership), if that condition is there, immediately.” Zelenskiy’s comments come amid US President Donald Trump’s…

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