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SMIC, the country’s biggest chipmaker, expected a 4 to 6 per cent sequential drop in second-quarter revenue, citing “fab production fluctuation” as a cause that led to a decrease in average selling prices, co-CEO Zhao Haijun said in an earnings call on Friday.The company noted in its earnings report on Thursday that the second half of the year would present “both opportunities and challenges”, as it worked to bolster its “adaptability and risk resilience”.Hua Hong, SMIC’s smaller rival, echoed concerns about the business environment in the months ahead. “The entire semiconductor industry will face greater uncertainties in terms of customer…

US President Donald Trump has signalled he may lower tariffs on Chinese goods to 80 per cent from the current 145 per cent, as Chinese and US trade officials prepare to meet in Switzerland.“80% tariff on China seems right”, he said in a social media post.Trump added that the decision was “up to” US Treasury Secretary Scott Bessent, without giving any further detail.Bessent is scheduled to meet with China’s top economic official, Vice-Premier He Lifeng on Saturday. 08:23China unveils policy package to guard against US tariffs ahead of trade talks in SwitzerlandChina unveils policy package to guard against US tariffs…

Remittances from overseas Pakistani workers clocked in at $3.2 billion for the month of April, up 13 per cent year-on-year, according to State Bank of Pakistan (SBP) data released on Friday. Topline Securities, a brokerage firm in Karachi, noted, “Worker remittances clocked in at US$3.2bn, up 13pc YoY in Apr-2025. “This takes 10MFY25 remittances to US$31bn, up 31pc YoY,” it added. According to the firm, inflows during April were mainly sourced from Saudi Arabia ($725m), UAE ($658m), UK ($535m), and US ($302m). Earlier, the government had set a target of $35bn in remittances for the current fiscal year (FY25), but…

China and Cambodia will hold their seventh “Golden Dragon” joint military exercise starting on Wednesday, and this year’s drills are expected to feature more troops and advanced equipment than previous exercises.The People’s Liberation Army (PLA) Southern Theatre Command announced on Thursday that a departure ceremony had been held at a military port in Zhanjiang in Guangdong province.State broadcaster CCTV showed footage of troops from the army, navy, air force, and logistics support units assembled on the flight deck of the Changbai Shan, a Type 071 amphibious landing ship, as they prepared for deployment.It also showed multiple heavy vehicle-mounted artillery, mortars,…

Indian shares fell for a second straight session on Friday, losing about $83 billion in market value, as intensified military action between India and its neighbouring Pakistan rattled investors. The Nifty 50 fell 1.1% on Friday but closed above the psychologically key 24,000-point mark, while the BSE Sensex also lost 1.1% but ended below the 80,000 level it held the previous day. At its lowest, the market was set to lose $108 billion. The indexes fell about 0.5% on Thursday and have lost about 1.3% this week, snapping a three-week winning run, their longest this year. “With so much escalation,…

ROME (AP) — Speakers blasted songs including “Born in the U.S.A.” and “American Pie” as six cardinal electors from the United States gathered in Rome on Friday to share their thoughts on the election of the first U.S.-born pope, Cardinal Robert Prevost.“I took a look at Bob and he had his head in his hands and I was praying for him,” said Cardinal Joseph Tobin of the moment right after casting his vote in the Sistine Chapel. “And then when he accepted, it was like it was made for him.”One day after the Chicago-born Prevost became Pope Leo XIV, the…

The government is formulating a strategy on tariff rationalisation, it was learnt on Friday. The development came during a consultative meeting on the preparation of the Federal Budget 2025-2026, read a statement released by the Prime Minister’s Office (PMO). During the meeting, chaired by Prime Minister Shehbaz Sharif, the attendees were briefed that consultations with the private sector, including representatives from various sectors of the economy, on budget preparation have been ongoing for the past three months. They were informed that a five-year Trade Policy Framework 2025-2030 will be finalised soon, while the eCommerce 2.0 Framework is also near completion.…

The market has almost come full circle. Following President Donald Trump ‘s announcement of a U.K. trade deal , the S & P 500 on Thursday rose as much as 1.6% to 5,720 — its highest intraday level since late March, when the index was still on the slide from its record-high close of 6,144 on Feb. 19. While losing some steam into Thursday’s close, the S & P 500 was only about 2% below its close on Election Day, Nov. 5. S & P futures were modestly higher Friday morning as the index tries to extend its weekly win…

More companies are making plans to raise funds from first-time stock offerings in Hong Kong, including those from the US, Singapore and mainland China, to capitalise on a rebound in optimism this year and a favourable outlook for Asia’s third-biggest stock market.SAIC Mobility, a ride-hailing unit of a Chinese state-owned carmaker, unveiled its plan on Friday. Singapore-headquartered Mirxes Holding filed a proposal on Wednesday, reviving its plan under the stock exchange’s rule that allows yet-to-be profitable biotechnology firms to raise funds from the public.“We will fully leverage the capital market to drive industrial development, accelerate technology and ecological research and…

More companies are making plans to raise funds from first-time stock offerings in Hong Kong, including those from the US, Singapore and mainland China, to capitalise on a rebound in optimism this year and a favourable outlook for Asia’s third-biggest stock market.SAIC Mobility, a ride-hailing unit of a Chinese state-owned carmaker, unveiled its plan on Friday. Singapore-headquartered Mirxes Holding filed a proposal on Wednesday, reviving its plan under the stock exchange’s rule that allows yet-to-be profitable biotechnology firms to raise funds from the public.“We will fully leverage the capital market to drive industrial development, accelerate technology and ecological research and…