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KARACHI: Vice President of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Muhammad Amaan Paracha has said that the federal budget for the new fiscal year does not align with the expectations of the trade, industry, and the general public. He criticised the imposition of taxes on e-commerce transactions, saying it is an unjust move. “Unemployed youth were earning through e-commerce, and this step will stifle their potential,” he said. Expressing serious concern over the 18% tax imposed on solar panels, Paracha said the government has retrieved Rs 3 trillion through the termination of Independent Power Producer (IPP) agreements…

Bitcoin lost ground below $105,000 after news about Israel’s strike on Iran, with the price previously approaching coveted record highs above $110,000 before dropping once more.    Earlier Israeli strikes on Iran today sent bitcoin down to $102,953, threatening to pierce the psychological barrier of $100,000, with traders liquidating positions worth over $450 million in a single day according to CoinGlass data.   When prices fall, traders who are highly leveraged are stopped out of their positions, which cascades into a selloff wave.   Binance data also showed the Net Taker Volumes, an index tracked by Binance, at $197 million,…

Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Markets: Wall Street moved lower Friday afternoon as tensions in the Middle East escalate following Israel’s attack on Iranian nuclear infrastructure. Iranian state TV said that it has suspended nuclear weapons negotiations with the U.S. — the two sides had been set to talk on Sunday. Not long afterward, as headlines around Iranian missile attacks in Israel surfaced, losses in the stock market picked up steam. The Dow Jones Industrial Average…

Vietnam officially gained admission to Brics as a “partner country” on Friday, joining a growing group of emerging economies connected to the bloc’s widening agenda urging global cooperation and governance reform.The announcement came from Brazil, which holds Brics’ rotating presidency in 2025. In a statement, the Brazilian government welcomed Hanoi’s decision, highlighting shared goals of building “a more inclusive and representative international order.”Brazil touted Vietnam’s population of nearly 100 million and its “dynamic economy” as key factors in the country’s admission.“Vietnam stands out as a significant player in Asia,” according to the statement. “The country shares with Brics members and…

Two University of Michigan scholars from China accused of smuggling biological material into the US agreed on Friday to be jailed without bond while their criminal cases are pending in federal court.The decision by Han Chengxuan and Jian Yunqing came amid concerns that the Chinese nationals would flee the US if released on bond while facing criminal charges.That concern has increased in the two weeks since prosecutors charged another Chinese national studying at UM, 19-year-old Haoxiang Gao, with fleeing the US in January to avoid prosecution despite surrendering his Chinese passport and obtaining a second travel document. Gao is accused…

The US dollar is heading for its biggest one-day profit in a month as investors run to buy up the US dollar once more for safety after Israel launched strikes against Iran, prompting Iran to launch drones in response.   Military Escalation    Israel said it targeted a large network of military bases in Iran, with Iran responding by launching a large flock of anti-Israel drones.    Despite the attack, US and Iranian officials are still scheduled to talk in Oman on Sunday to discuss a nuclear deal and stop Iran’s uranium enrichment.    Dollar Regains Haven Status    At…

Sometimes the hardest thing for a long-term investor to do is to sit on their hands. With stocks down Friday as investors digest the news of Israeli strikes on Iran , it’s tempting to buy the dip — or bail before things get any worse. Neither option makes sense in this moment. First, a quick recap of all the movers: The major averages are down, but perhaps not as much as one might expect given the fears the airstrikes could start a broader conflict in the Middle East. The Dow shed 1%, while the Nasdaq fell 0.6% and the S…

European shares closed lower on Friday as Israel’s wide-scale strike against Iran triggered a broad market selloff, with investors rushing to safe-haven assets amid an already uncertain trade environment. The pan-European STOXX 600 index fell 0.9%, briefly hitting its lowest level in three-weeks. The index also marked its fifth consecutive declining session and longest losing streak since September 2024. Israel launched a barrage of strikes across Iran, saying it had attacked nuclear facilities and missile factories. The news sent global risk assets lower and investors moved into traditional safe havens like the dollar and gold. Though Washington said it had…

The US dollar is heading for its biggest one-day profit in a month as investors run to buy up the US dollar once more for safety after Israel launched strikes against Iran, prompting Iran to launch drones in response.   Military Escalation    Israel said it targeted a large network of military bases in Iran, with Iran responding by launching a large flock of anti-Israel drones.    Despite the attack, US and Iranian officials are still scheduled to talk in Oman on Sunday to discuss a nuclear deal and stop Iran’s uranium enrichment.    Dollar Regains Haven Status    At…

Chime made a successful public debut on the Nasdaq Thursday as shares of the fintech name popped 37% — one of many wins for the IPO market in June. Chime’s high-profile initial public offering came on the heels of space tech company Voyager Technologies and stablecoin issuer Circle debuting on Wednesday and last Thursday , respectively. Voyager surged 82% on its first day; Circle flew 168%. Other deals also are in the pipeline, with forthcoming listings from crypto exchange Gemini and cancer diagnostics firm Caris Life Sciences, which is targeting a valuation of up to $5.3 billion. The string of…