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Symmetry Group, a digital technology company based in Pakistan, plans to launch an Initial Public Offering (IPO) for a new subsidiary that will focus on AI-powered solutions. The listed company disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Wednesday. “The Board of Directors of Symmetry Group Limited has approved the initiation of the IPO process for a new subsidiary focused on AI-powered solutions and platforms (including Influsense.ai and Vidfy.ai),” read the notice. The company informed that it plans to raise approximately Rs1.5-Rs2 billion through the IPO. “The board has approved the appointment of KTrade Securities…

US stock indices fell on Tuesday and expanded the losses amid new escalation in the trade war, which threatens a potential recession in the US.    President Trump said during a Fox News interview that the US is undergoing a transition phase, with return of wealth to the US through trade and economic policies, including tariffs to boost local industry.   In yet another escalation, US President Trump raised tariffs on Canadian steel and aluminum imports by an additional 25% to a total of 50%.   Trump said the decision comes in response to Ontario’s decision to impose 25% taxes…

Moment of jeopardy for Europe and USpublished at 14:25 Greenwich Mean Time14:25 GMTPaul KirbyEurope digital editorImage source, Getty ImagesImage caption, France’s cognac producers are bracing themselves as the trade row widensThere is a consensus from drinks producers in the EU and the US that nobody stands to gain from tariffs on alcohol.Whether it’s cognac and champagne from France or prosecco and chianti from Italy, or indeed bourbon from Louisiana, any tariffs are going to hurt.It’s not too late to draw back, and António Costa, who’s head of the EU’s Council of 27 of member states has appealed to the US…

Worldwide sales of electric vehicles (EVs) surged in February, driven mostly by a 76 per cent growth in China even as Europe and the United States erected import barriers to stem the domination of made-in-China marques.Global sales of battery-powered EVs and hybrids jumped to 1.2 million units in February, 50 per cent more than last year, according to data compiled by Rho Motion. About three-quarters of those took place in China, where purchases soared 87 per cent from last year, according to data released separately by the China Association of Automobile Manufacturers.“Much of the growth continues to come from China,…

Buying activity returned to the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining over 200 points during intra-day trading on Wednesday. At 11:05am, the benchmark index was hovering at 114,411.13, an increase of 233.48 points or 0.2%. Buying was observed in key sectors including oil and gas exploration companies, OMCs, refinery and power generation. Index-heavy stocks including HUBCO, ARL, PSO, OGDC, PPL and MCB traded in the green. In a key development, Prime Minister Shehbaz Sharif on Tuesday said the second tranche of about $1 billion from the International Monetary Fund (IMF) is critical, asserting that the government’s…

The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 closed marginally lower after the index failed to sustain the gains it had made during intra-day trading on Wednesday. The KSE-100 started the session positive, hitting an intra-day high of 114,661.89, followed by some selling that pushed the index to an intra-day low of 114,001.50. At close, the benchmark index settled at 114,084.54, marginally down by 93.12 points or 0.08%. The positive movement was primarily fuelled by MARI, BAHL, MLCF, PABC, and DGKC, which together contributed 147 points to the index. Conversely, FFC, OGDC, and ENGROH weighed on the market, pulling the index…

China has summoned executives of Walmart for regulatory talks, bringing the business practices of one of the United States’ most prominent companies under scrutiny and – in the wake of tariff increases from US President Donald Trump – suggesting more punitive action could come in advance of bilateral trade negotiations.Officials from the Ministry of Commerce and other authorities in Beijing held discussions with representatives of the company on Tuesday to address rumours the world’s largest retailer is demanding some of its Chinese suppliers significantly lower their prices.This, according to Yuyuantantian – the social media account of state broadcaster CCTV -…

Rupee’s Performance Against US Dollar Since 17 Jan 2025 The Pakistani rupee remained largely stable against the US dollar, depreciating 0.01% in the inter-bank market on Wednesday. At close, the currency settled at 279.97, a loss of Re0.02 against the greenback. On Tuesday, the rupee had closed at 279.95. Internationally, the US dollar languished near a five-month low versus major peers on Wednesday, as worries about the US economy continued to simmer under President Donald Trump’s unpredictable trade policies. The euro hovered close to a five-month peak on increased optimism for an end to the war in Ukraine. The Canadian…

Rupee’s Performance Against US Dollar Since 17 Jan 2025 The Pakistani rupee remained largely stable against the US dollar, depreciating 0.01% in the inter-bank market on Wednesday. At close, the currency settled at 279.97, a loss of Re0.02 against the greenback. On Tuesday, the rupee had closed at 279.95. Internationally, the US dollar languished near a five-month low versus major peers on Wednesday, as worries about the US economy continued to simmer under President Donald Trump’s unpredictable trade policies. The euro hovered close to a five-month peak on increased optimism for an end to the war in Ukraine. The Canadian…

Oil & Gas Development Company Limited (OGDCL), Pakistan’s leading exploration and production company, has successfully revived hydrocarbon production at Rajian-11, a heavy oil well in the Chakwal district of Punjab. The E&P disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Wednesday. The company said that it achieved this by installing an Electrical Submersible Pump (ESP). “This initiative aligns with OGDCL’s broader strategy to enhance production using advanced artificial lift techniques,” it said. “Extending to 3,774 meters, Rajian-11 had remained suspended since 2020 due to formation challenges. The company successfully completed the well with an ESP…