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Shares at the Pakistan Stock Exchange (PSX) recovered nearly 4,000 points on Friday after the index suffered its largest-ever plunge a day earlier, causing losses to the tune of Rs820 billion loss to equity investors following Indian drone attacks in major cities across the country. The benchmark KSE-100 index climbed 799.65, or 0.77 per cent, to stand at 104,326.46 from the previous close of 103,526.81 at 11:06am. At 4:31pm, the index recovered 3647.82, or 3.52pc, to stand at 107,174.63 from the last close. Mohammed Sohail, chief executive of Topline Securities, said that after falling sharply by 6pc yesterday, the stocks…

The Shuangjiangkou hydropower project in southwest China – which will be the world’s tallest dam when completed – began storing water on May 1, its developer said, taking it a step closer to getting up and running.The 36 billion yuan (US$4.9 billion) project in the Aba Tibetan and Qiang autonomous prefecture, in Sichuan province, has been under construction for nearly a decade and will be used for power generation and flood control.It is situated upstream of the Dadu River, which flows from the eastern Tibetan Plateau into the Sichuan Basin.State-owned Power Construction Corporation of China (PowerChina) is building the project…

STOCKHOLM (AP) — The Stockholm City Council has rejected the U.S. Embassy’s demands that it comply with the Trump administration’s rollback of diversity, equity and inclusion policies.It’s the latest in U.S. President Donald Trump’s efforts to terminate such programs within the federal government — and beyond — in what he described in his inauguration speech as a move to end efforts to “socially engineer race and gender into every aspect of public and private life.”Countries and cities across Europe have received similar outreach from U.S. embassies, including France, Belgium and the city of Barcelona, all of which lashed out at…

The US semiconductor giant has notified major Chinese customers, including leading cloud computing services providers, that it aims to release the modified H20 chip in July, two of the sources said.The downgraded H20 represents Nvidia’s latest attempt to maintain its presence in one of its most crucial markets, as Washington expands its efforts to restrict China’s access to advanced semiconductor technology.The H20, which had been Nvidia’s most powerful AI chip cleared for Chinese sales, was effectively blocked from the market after US officials informed the company last month that the product would require an export licence.Nvidia has formulated new technical…

International Steels Limited (ISL), a subsidiary of International Industries Limited, has completed and activated a 6.4-megawatt (MW) solar power project at its factory in Karachi. The listed steel maker shared the development in a notice to the Pakistan Stock Exchange (PSX) on Friday. “We are pleased to inform you that the 6.4MW solar power project at our Karachi factory has been successfully completed and is now fully operational. “This initiative aligns with International Steels Limited’s long-term sustainability strategy, reinforcing our commitment to energy efficiency, environmental responsibility, and cost optimisation,” read the notice. Incorporated on 03 September 2007 as a public…

Some of Asia’s richest families are cutting exposure to US assets, saying President Donald Trump’s tariffs have made the world’s largest economy much less predictable.One family office managing assets for Chinese billionaires exited its US holdings entirely and will shift the proceeds to Asia. A senior executive at one of Europe’s largest private banks said the scale of the recent sell-off from rich clients and institutions around the world is unprecedented over the past three decades and could be the beginning of a more persistent shift. A top bank executive in Asia got rid of 60 per cent of US…

Some of Asia’s richest families are cutting exposure to US assets, saying President Donald Trump’s tariffs have made the world’s largest economy much less predictable.One family office managing assets for Chinese billionaires exited its US holdings entirely and will shift the proceeds to Asia. A senior executive at one of Europe’s largest private banks said the scale of the recent sell-off from rich clients and institutions around the world is unprecedented over the past three decades and could be the beginning of a more persistent shift. A top bank executive in Asia got rid of 60 per cent of US…

LONDON (AP) — Two men were convicted Friday of cutting down the beloved Sycamore Gap tree in northern England in 2023 in an unexplained act of vandalism that caused widespread outrage.A Newcastle Crown Court jury found Daniel Graham and Adam Carruthers guilty of two counts each of criminal damage for felling the tree and toppling it onto the ancient Hadrian’s Wall.The tree was not Britain’s biggest or oldest, but it was prized for its picturesque setting symmetrically planted between two hills along the ancient wall built by Emperor Hadrian in A.D. 122 to protect the northwest frontier of the Roman…

This article is an on-site version of our Unhedged newsletter. Premium subscribers can sign up here to get the newsletter delivered every weekday. Standard subscribers can upgrade to Premium here, or explore all FT newslettersGood morning. The US and UK struck the first Trump-era trade deal yesterday. It was underwhelming. In return for more buying of US farm goods and removing a tariff on US ethanol, the UK will be exempted from metal levies, and will enjoy lower tariffs on (a few) cars. Other promises and frameworks were laid out, without any timelines. Email us: robert.armstrong@ft.com and aiden.reiter@ft.com.  How Berkshire has…

Rupee’s Performance Against US Dollar Since 04 March 2025 The Pakistani rupee declined further against the US dollar, depreciating 0.07% in the inter-bank market on Friday. At close, the local currency settled at 281.71, a loss of Re0.19 against the greenback. On Thursday, the rupee closed the day at 281.52. Internationally, the US dollar headed for a weekly gain on most major peers on Friday as a U.S.-UK trade deal raised hopes of progress in looming US-China talks, while bets of imminent U.S. rate cuts receded after the Federal Reserve indicated it was in no hurry. Financial markets are heading…