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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…
ISLAMABAD: The International Finance Corporation will provide a $400 million subordinated loan for Pakistan’s Reko Diq copper-gold mine, according to an IFC disclosure on Friday. The loan adds to a $300 million commitment announced in April, bringing IFC’s total financing for the project to $700 million. The estimated cost of the mine is $6.6 billion, to be funded through a mix of debt and equity from a consortium of lenders. “The estimated total Project cost is $6.6bn, and it will be financed using a combination of debt and equity,” the disclosure said, adding that other parallel lenders will provide the…
The Khyber Pakhtunkhwa (KP) government on Friday presented Rs2.12 trillion surplus budget for the fiscal year 2025-26 with no new tax and an increase of 10% in salary and 7% in pension of its employees. Presenting the annual budget, Finance Minister KP Aftab Alam said the estimated annual expenditures for the new fiscal year would be Rs1.962 trillion with a surplus of Rs157 billion. Giving the break-up, the minister said the government was expecting to get Rs292.340 billion from the federal government for the merged tribal districts including Rs80 billion current budget grant, Rs39.600 annual development programme, Rs50 billion under…
The Sindh government has announced to tax “all services” excluding essential and social services, aiming to “expand the sales tax base and also reduce possible tariff disputes and litigations”, according to budget documents released on Friday. The provincial government announced its budget for the financial year 2025-26 on Friday, with Chief Minister Murad Ali Shah unveiling proposals for Rs3.45 trillion total outlay, with a deficit of Rs38.46 billion. According to Sindh Revenue Board (SRB) website, the general rate of Sindh Sales Tax on services is 15% with the exception of telecommunication services, which are liable to be taxed at 19.5%.…