Author: admin

Xiaomi, one of Tesla’s biggest challengers in mainland China over the past year, pledged to focus on the safety and reliability of its cars after its factory reached another milestone.Founder and CEO Lei Jun said on Thursday that Xiaomi had raised its full-year delivery target from 350,000 vehicles to 400,000 after ramping up production, but stressed that the quality of the SU7 sedan and YU7 SUVs would not be compromised.“We firmly believe that safety is a foundation and a priority,” he said in a WeChat post. “Based on safety and quality, we are making an all-out effort to accelerate production.”The…

KARACHI: In Gilgit-Baltistan, the estimated annual revenues of the freelancing community has surged to $15 million, greatly surpassing the revenue of IT companies in the region, which stands at $3.5 million per year. According to the Gilgit-Baltistan IT and ITeS Sector Diagnostic Report released by IT industry association P@SHA, the estimated annual revenue generated by the region’s tech sector ranges between $15 million and $18 million. The freelancing community —numbering around 3,000 to 4,000 individuals — earns between $10 million and $15 million annually, while about 110–120 IT companies generate approximately $3.5 million collectively. Gilgit-Baltistan is rapidly becoming a hub…

Malaysia is seeking a foothold in Africa’s fast-changing markets as Prime Minister Anwar Ibrahim tours Ethiopia, South Africa and Kenya this week, casting the continent as a “strategic collaborator” for new supply-chain routes and emerging consumer markets.“Malaysia is deeply rooted in open markets, but we need reliable partners in a rapidly changing world,” Anwar told Ethiopian business leaders on Wednesday, according to local daily The Star.The outreach comes as the Southeast Asian nation tries to recalibrate its trade dependencies. Slower orders from the United States and Europe, along with persistent supply-chain uncertainty, have pushed it to diversify its economic bets,…

US chipmaker Nvidia said it is “disappointed” about current restrictions locking it out of China’s artificial intelligence market, but the company reported record revenues for the third quarter despite shrinking sales in the world’s second-largest economy.Nvidia reported a 62 per cent surge in total revenue to a record US$57 billion, even as its sales in China, including Hong Kong, plunged 63 per cent to US$3 billion in the three months ended October 26, according to the company’s financial report on Wednesday.Sales of the H20, the AI graphics processing unit Nvidia released last year specifically for China, only generated around US$50…

MADRID (AP) — Spain’s Supreme Court on Thursday found the country’s attorney general guilty of leaking confidential information about the boyfriend of a leading conservative politician and government rival.The court banned Attorney General Álvaro García Ortiz from his post for two years in a split vote of 5-2.The decision is a blow to Prime Minister Pedro Sánchez, who defended García Ortiz during the monthslong investigation and trial. Spain’s government said that it “respected the decision but does not share it.”García Ortiz was accused of having leaked an email to journalists and written a press release with personal information about Alberto…

The Asian Development Bank (ADB) has approved loans totalling $330 million to Pakistan for the Second Power Transmission Strengthening Project, one of the government’s top priority investments to expand the national transmission network and enable the evacuation of low-cost renewable and hydropower to major load centres. As per the statement, released on Thursday, the project will construct a new 500-kilovolt, approximately 290-kilometre transmission line and upgrade critical grid infrastructure feeding Islamabad and Faisalabad. “These investments will address long-standing constraints in Pakistan’s north–south power corridor, enabling the transfer of up to 3,200 megawatts of clean energy from hydropower plants in the…

Hong Kong businesses are increasingly turning to Saudi Arabia as their top choice for supply chain diversification amid changing trade conditions, according to an HSBC survey.Nearly a fifth of Hong Kong businesses identified Saudi Arabia as their preferred market to expand production, followed by mainland China at 14 per cent, according to the survey released on Thursday. Interest was strongest among technology, media and telecommunications firms.Favourable policies bolstered the trend, the study said, including a proposed US$1 billion fund between the Hong Kong Monetary Authority and Saudi Arabia’s sovereign wealth fund to help companies from Hong Kong and other Greater…

As 2025 draws to a close, three themes loom large in politics, economics and finance. The first is the unprecedented degree of uncertainty and unpredictability when it comes to the performance of economies and asset prices, amplified by US President Donald Trump’s erratic policymaking.Who would have predicted at the start of this year that the MSCI All Country World Index, a gauge of global stocks, would stand slightly below its all-time high five weeks before Christmas? More surprisingly, who would have bet in April, when Trump launched his assault on the global trading order, that the International Monetary Fund would…

The International Monetary Fund (IMF) has revealed the scale of elite capture across Pakistan’s most influential sectors, warning that entrenched interests in key sectors, including sugar, real estate, agriculture and energy, continue to undermine the country’s reform trajectory. The Technical Assistance Report, Pakistan Governance and Corruption Diagnostic Assessment, released on the Finance Division website late Thursday night, singles out the sugar industry as a textbook example of how the intertwined relationship between economic elites and state regulators combines to capture public benefits at a deep cost to the overall public. “Firms in the sugar sector benefited from favourable government policies,…

The Quad nations have completed a major round of naval drills, pressing ahead with their defence cooperation even as political tensions test the cohesion of the regional security bloc.The decision to continue joint exercises reflects a “growing convergence of strategic interests” among the Quadrilateral Security Dialogue’s members and defence remaining high on the agenda despite trade and other disagreements among some of the bloc’s members, according to analysts.Comprising Australia, India, Japan and the United States, the Quad this week concluded the Malabar exercise aimed at safeguarding a free and open order in the region’s maritime waters.Held between November 10 and…