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Chinese technology company Xiaomi says it has turned a profit from its electric vehicle (EV) and artificial intelligence businesses in the third quarter, marking the first time the units have swung into black, with overall profits surging nearly 81 per cent from a year earlier.The smartphone-to-EV giant’s adjusted net profit in the three months ended September 30 reached 11.3 billion yuan (US$1.6 billion), according to its earnings release on Tuesday. The pre-adjustment profit surged 129.5 per cent year on year. The Beijing-based company’s revenue in the quarter increased 22.3 per cent to 113.1 billion yuan.The strong performance came as Xiaomi…

Singapore should seek deeper integration of new Chinese immigrants to guard against any possibility that the demographic may be used as instruments for “China’s interests”, a former diplomat from the city state has warned.In an essay published in the newly launched (Re)Defining Singapore, Bilahari Kausikan, an ex-permanent secretary at Singapore’s Ministry of Foreign Affairs, argued that the relationship between the city state and China was unique in light of it being the only country outside Greater China with a majority-Chinese population.This meant Singapore’s relations with Beijing were not just foreign policy matters but struck “at the heart of Singapore’s domestic…

Gold prices fell in European trading on Tuesday, extending losses for a fourth straight session and slipping below the psychological 4,000-dollar level per ounce to their lowest in two weeks, pressured by the U.S. dollar’s continued strength in foreign-exchange markets.   More hawkish commentary from Federal Reserve officials has reinforced caution toward further monetary easing, reducing expectations for a U.S. rate cut in December.   Price Overview   Gold dropped 1.2% to 3,998.04 dollars—its lowest since November 7—down from the opening level of 4,045.18 dollars, after touching an intraday high of 4,055.40 dollars.   At Monday’s settlement, gold lost 0.95%,…

Rupee’s Performance Against US Dollar Since 04 March 2025 The Pakistani rupee recorded marginal improvement against the US dollar as it appreciated 0.01% in the inter-bank market on Tuesday. At close, the currency settled at 280.67, a gain of Re0.04 against the greenback. On Monday, the local unit closed at 280.71. Internationally, the Japanese yen slid to its weakest level in more than nine months in early Asian trading on Tuesday as the US dollar benefited from receding expectations that the Federal Reserve would cut interest rates at its policy meeting next month. The US dollar edged as much as…

The Competition Commission of Pakistan (CCP) approved on Tuesday the acquisition of Total System Services LLC (TSYS) by Fidelity National Information Services Inc. (FIS) from Global Payments Inc, a CCP statement said. FIS currently provides core banking software solutions in Pakistan, supporting the digital infrastructure of financial institutions. TSYS, meanwhile, offers card-processing systems and is engaged with only two banks in the local market, according to the statement. “Since both entities operate in separate segments of the financial technology services sector and do not directly compete, the commission concluded that the proposed acquisition does not raise any competition concerns. “The…

Delivering her claims to a crowd of 600,000 at a rally organised by Iglesia ni Cristo – a religious group with historic ties to the Marcos family whose name translates to Church of Christ – Imee, 70, said she felt compelled by duty and conscience to expose her brother’s drug use, which she alleged began in his youth and continued to this day.Reading from prepared remarks, Imee claimed that the president and his wife, first lady Liza Araneta-Marcos, had boasted of “microdosing”, dividing their intake throughout the day, and disguising their drug use as stem cell treatments and blood transfusions.He…

Barkat Frisian Agro Limited (BFAGRO), a joint venture between the Netherlands’ Frisian Egg Group and Pakistan’s Buksh Group, has established its first international subsidiary in Dubai, United Arab Emirates (UAE) as part of its strategy to expand its global footprint and strengthen export operations. The company disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Tuesday. “The company is pleased to announce the successful establishment of its wholly-owned subsidiary company, Barkat Frisian Agro Global L.L.C-FZ. The subsidiary has been incorporated in the Meydan Freezone, UAE. Its registered address is at Meydan Grandstand, 6th floor, Meydan Road,…

Bitcoin continues to plunge as a cryptocurrency sell-off deepens, shaving off gains in share prices that some Hong Kong-listed firms made this year after launching digital asset initiatives.Bitcoin at one point on Tuesday dropped below US$90,000, more than 4 per cent lower than at the start of 2025, after hitting multiple all-time highs this year.The world’s largest cryptocurrency had “underperformed both gold and the Nasdaq amid risk-off sentiment and tight liquidity, exacerbated by the historical leverage flush in the crypto market since October”, said Steven Nie, associate director at Daiwa Capital Markets.Last month, a rout that followed bitcoin reaching a…

Bitcoin continues to plunge as a cryptocurrency sell-off deepens, shaving off gains in share prices that some Hong Kong-listed firms made this year after launching digital asset initiatives.Bitcoin at one point on Tuesday dropped below US$90,000, more than 4 per cent lower than at the start of 2025, after hitting multiple all-time highs this year.The world’s largest cryptocurrency had “underperformed both gold and the Nasdaq amid risk-off sentiment and tight liquidity, exacerbated by the historical leverage flush in the crypto market since October”, said Steven Nie, associate director at Daiwa Capital Markets.Last month, a rout that followed bitcoin reaching a…

The number of affluent Hong Kong residents has risen slightly, as a stock market boom partly offset the impact of the gradually recovering property sector, according to a Citibank Hong Kong study.The population with total net assets of at least HK$10 million (US$1.3 million) increased by 1.3 per cent to 395,000 as of mid-June from a year earlier, the bank said.The bank surveyed more than 2,600 residents aged 21 to 79 in two periods – December 2024 to January 2025 and August to October 2025 – to produce provisional estimates for its latest Hong Kong Affluent Study.Citibank said the number…