Business
PSX continues upward momentum amid institutional buying, oil sector boost – SUCH TV

The Pakistan Stock Exchange (PSX) extended its bullish streak on Wednesday, fueled by strong institutional buying, partial disbursement of remittance incentives, and renewed investor confidence across key sectors—particularly oil and gas.
The benchmark KSE-100 Index surged to an intraday high of 144,209.03 points, gaining 1,171.87 points or 0.82%. Earlier in the day, it had touched a low of 143,409.59, still up by 372.43 points or 0.26% from the previous close of 143,037.16.
“A series of positive developments, including a technical breakout above the 140,000 level, has sparked fresh buying, especially in the oil sector following payments to OGDCL,” said Ahfaz Mustafa, CEO of Ismail Iqbal Securities.
Adding to the market’s momentum, the government approved Rs30 billion out of the Rs58 billion pending claims under the Telegraphic Transfer Charges Incentives Scheme (TTCIS), aimed at boosting remittance inflows.
The TTCIS, initiated in 1985, provides a zero-cost send model for eligible remittance transactions.
The reimbursement backlog, caused by a surge in home remittances exceeding allocated funds, will now be cleared in phases through technical supplementary grants.
Separately, the government plans to borrow Rs6.175 trillion from commercial banks via Treasury bills and Pakistan Investment Bonds (PIBs) between August and October, according to the auction calendar issued by the State Bank of Pakistan (SBP).
This includes Rs3.675 trillion in T-bills of varying maturities and Rs2.5 trillion in fixed and floating-rate PIBs.
The strategy, designed to pre-fund budgetary needs ahead of potential monetary easing, aligns with IMF commitments to avoid central bank borrowing.
The SBP held its benchmark interest rate at 11% last week, citing renewed inflation concerns.
Since June 2024, the policy rate has been reduced by 1,100 basis points from a high of 22%.
Meanwhile, Oil and Gas Development Company Ltd (OGDCL) confirmed it received the first Rs7.7 billion interest payment from Power Holding Private Ltd (PHPL) as part of a long-delayed Rs132.7 billion circular debt settlement.
The repayment stems from term finance certificates (TFCs) issued in 2013, with interest payments scheduled through mid-2026.
OGDCL had previously recognised the interest income over the TFCs’ lifecycle, with a carrying value of Rs170 billion as of March 2024.
The firm had booked a Rs23 billion loss due to discounted payment valuation, of which Rs10.6 billion had been reversed by March 2025.
On Tuesday, the Pakistan Stock Exchange (PSX)’s benchmark KSE-100 index closed the trading session at 143,037.16.
The index remained positive throughout the day, reaching an intraday high of 143,281.35 (+1,228.7) and a low of 142,235.71 (+183.07) points.
Business
White House says Trump has fired CDC Director Susan Monarez, will name replacement soon

Susan Monarez, President Donald Trump’s nominee to be the Director of the Centers for Disease Control and Prevention (CDC), arrives to testify for her confirmation hearing before the Senate Committee on Health, Education, Labor, and Pensions in the Dirksen Senate Office Building on June 25, 2025 in Washington, DC.
Kayla Bartkowski | Getty Images
The White House on Thursday said President Donald Trump has fired Centers for Disease Control and Prevention Director Susan Monarez after she refused to resign, and that a new replacement will be named soon.
“The president fired her, which he has every right to do,” White House press secretary Karoline Leavitt said during a briefing.
She said Trump has “the authority to fire those who are not aligned with his mission,” and that he or Health and Human Services Secretary Robert F. Kennedy Jr. will announce a new CDC director “very soon.”
In a statement, lawyers for Monarez said they were “not aware of anything new happening.”
Earlier Thursday, Monarez’s attorney Mark Zaid said Monarez would remain in the role because she is a presidential appointee and only Trump can fire her. Zaid said White House personnel had tried to fire her, not the president.
“Receiving an email from an HR staffer simply saying ‘you’re fired’ is insufficient as a matter of law to constitute the termination of a federal employee, especially one appointed by the president and confirmed by the Senate,” Zaid said.
He also said she “refused to rubber-stamp unscientific, reckless directives and fire dedicated health experts” and that “she chose protecting the public over serving a political agenda.”
“For that, she has been targeted,” he said.
Monarez and Kennedy were at odds over vaccine policy, The New York Times reported Wednesday, citing an anonymous administration official.
Kennedy, a prominent vaccine skeptic, has taken several steps to change immunization policy in the U.S.
Monarez was sworn in on July 31. A longtime federal government scientist, she is the first CDC director to be confirmed by the Senate following a new law passed during the pandemic that required lawmakers to approve nominees for the role.
Trump’s move to oust her is the latest in a leadership upheaval at the CDC.
At least four other top health officials announced Wednesday that they were quitting the agency shortly after HHS said Monarez was “no longer” the director of the CDC in a post on X.
In a Fox News interview Thursday morning, Kennedy declined to comment on “personnel issues.” But he said the agency “is in trouble, and we need to fix it, and we are fixing it, and it may be that some people should not be working there anymore.”
Kennedy said Trump has “very, very ambitious hopes for the CDC right now.” But he said the CDC “has problems,” claiming that the agency took the “wrong” approach when it came to social distancing, masking and school closures during the Covid pandemic.
“We need to look at the priorities of the agency, if there’s really a deeply, deeply embedded … malaise at the agency, and we need strong leadership that will go in there and that will be able to execute on President Trump’s broad ambitions for this agency, the gold standard science and to what it was when we were growing up, which was the most respected health agency in the world,” Kennedy said.
The leadership departures come at a tumultuous time for the agency, which is reeling from a gunman’s attack on the CDC’s Atlanta headquarters on Aug. 8. A police officer died in the shooting.
Correction: This article has been updated to reflect the correct day the White House said Trump fired Susan Monarez after she refused to resign, and to reflect the correct wording of Robert F. Kennedy Jr.’s last quote.
— CNBC’s Angelica Peebles contributed to this report.
Business
Best Buy reports modest sales recovery, but says tariffs are complicating its turnaround

Logo of Best Buy displayed outside a Best Buy store in Edmonton, Alberta, Canada, on March 22, 2025.
Artur Widak | Nurphoto | Getty Images
Best Buy surpassed Wall Street revenue and earnings expectations for its most recent quarter on Thursday, but stuck with its full-year forecast, citing tariff uncertainty.
On the company’s earnings call, CEO Corie Barry said the retailer is “increasingly confident about our plans for the back half of the year.” She said the company is “trending toward the higher end of our sales range.”
Yet she said, “given the uncertainty of potential tariff impacts in the back half, both on consumers overall as well as our business, we feel it is prudent to maintain the annual guidance we provided last quarter.”
The consumer electronics retailer said it expects revenue of $41.1 billion to $41.9 billion and adjusted earnings per share in a range of $6.15 to $6.30 for its full fiscal year 2026. In May, Best Buy had cut its full-year profit guidance from a prior range of $6.20 to $6.60.
The middle of Best Buy’s expected full-year revenue range would be roughly flat to its revenue of $41.53 billion in the previous year. Best Buy said it expects full-year comparable sales, a metric that tracks online sales and sales at stores open at least 14 months, to range between a 1% decline and a 1% increase.
Chief Financial Officer Matt Bilunas said the company’s full-year guidance reflects that some shoppers could hold off on purchases in the third quarter. He said the retailer could see a slowdown in the business in October “as people are waiting for those holiday deals to come.”
For Best Buy, back-to-school season is a crucial time as families and students come to the store for laptops, tablets and more. Barry said the company has seen “a strong customer response” to its sales events during the season.
“These results demonstrate an important aspect of our thesis: Our model really shines when there is innovation,” she said.
Shares of Best Buy were down about 4% in afternoon trading.
Here’s how the retailer did for the three-month period that ended August 2 compared with what Wall Street was expecting, according to a survey of analysts by LSEG:
- Earnings per share: $1.28 adjusted vs. $1.21 expected
- Revenue: $9.44 billion vs. $9.24 billion expected
Best Buy’s net income for the fiscal second quarter of 2026 fell to $186 million, or 87 cents per share, from $291 million, or $1.34 per share, in the year-ago quarter. Adjusting for one-time items, including restructuring charges, Best Buy reported earnings per share of $1.28.
Revenue increased from $9.29 billion in the year-ago quarter.
Best Buy has been navigating a challenging trifecta of factors. Customers have bought fewer kitchen appliances as they put off home purchases and projects because of higher interest rates. Some have hesitated to splurge on pricier items because of tariff-related uncertainty or held out on tech replacements as they wait for new or eye-catching items. The company’s annual sales have declined for the past three years.
To spur growth, Best Buy launched a third-party marketplace earlier this month to offer shoppers a wider selection of consumer electronics, accessories and more. On the marketplace, sellers who apply for the platform can list their own brands and items on Best Buy’s website and app.
The company already increased prices on some items because of tariff-related higher costs, Barry said on a mid-May call with reporters. She did not specify which items now cost more and described price increases as “the very last resort.”
Still, tariffs did not have a material impact on fiscal second-quarter financial results, Barry said on the company’s earnings call Thursday.
Shopping patterns
Barry said that shopping patterns at Best Buy have not changed from previous quarters. She said customers are “resilient, but deal-focused” and have been attracted to the company’s sales events like the one it held in July.
“In the current environment, customers continue to be thoughtful about big ticket purchases and are willing to spend on high price point products when they need to, or when there is technology innovation,” she said.
Best Buy’s comparable sales rose 1.6% in the fiscal second quarter compared to the year-ago period. That marked the company’s highest growth in three years, Barry said on the company’s earnings call.
In the U.S., comparable sales increased 1.1%, as customers bought mobile phones, video gaming equipment and items from its computing category. However, those sales trends were partially offset by weaker sales of appliances, home theaters, tablets and drones, the company said.
Investors have looked for signs that the replacement cycle is picking up about five years after consumers stocked up on laptops, kitchen appliances, computer screens and more during the Covid pandemic.
There were some indications of that rebound in Best Buy’s second quarter. Barry said the retailer’s computing category marked its sixth consecutive quarter of sales growth. It also recorded the highest number of second-quarter laptop unit sales in 15 years, she said.
Gaming in particular had stronger-than-expected sales in the quarter, thanks to the release of the Nintendo Switch 2, Barry said. The retailer capitalized on the highly anticipated launch by offering a way for customers to pre-order and opening stores at midnight when the gaming console dropped on June 5, so customers could line up and get it right away.
In the back half of the year, Barrie said Best Buy will try to rev up sales in slower categories like appliances and home theater by sharpening price points, adjusting the merchandise it sells and expanding the staffing devoted to them. The retailer has increasingly leaned on its vendor partners to staff stores, bringing in employees of Apple and Samsung for example, to support sales in different parts of its stores.
Barry said the retailer expects brands to ramp up those staffing contributions in the back half of the year.
Along with adding more dedicated brand experts to its stores, Best Buy has added new experiences to attract and engage customers. It’s testing mini-showrooms with Ikea that feature kitchen and laundry room appliances and merchandise from both retailers in 10 stores in Florida and Texas. It is also rolling out new experiences with Breville and SharkNinja to show off trendy coffeemakers, beauty items and more, Barry said. And it has areas in stores where shoppers can try out Ray-Ban and Oakley sunglasses with Meta AI technology.
For the Nintendo Switch 2 launch, Best Buy worked with Nintendo to double the space in stores ahead of the June launch. Nintendo also brought game trucks to select stores, physical trailers where customers could play with the new system and try out the latest videogames.
Best Buy’s fiscal second-quarter online sales in the U.S. rose 5.1% year over year and accounted for about a third of Best Buy’s total U.S. revenue in the quarter.
Business
IndiGo Gets Six-Month DGCA Extension To Operate Turkish-Leased Aircraft

Last Updated:
IndiGo welcomed the decision, citing operational stability and continuity amid ongoing global tensions.

A photo for IndiGo flight (PTI)
The Directorate General of Civil Aviation (DGCA) has extended the deadline to IndiGo to operate two leased Boeing 777 aircraft from Turkish Airlines. However, the extension has been granted with some conditions.
“We acknowledge the acceptance of IndiGo’s request for extension to its wet lease arrangement with Turkish Airlines, subject to conditions laid down by the regulator. This approval comes at a crucial time and will help mitigate losses to Indian aviation due to geopolitical restrictions, and greatly benefit Indian travellers during the peak travel season by ensuring a seamless, direct connection to Istanbul and points beyond,” the airline said in a statement.
According to PTI sources, DGCA has granted a six-month extension, allowing the continued operation of two Turkish Airlines aircraft under a wet/damp lease arrangement until February 28, 2026.
The wet lease arrangement involves the leasing of foreign aircraft, along with crew, maintenance and insurance. The extension has been given subject to certain conditions, including that IndiGo may consider getting these or other suitable aircraft on dry lease and operate the same on their AOC (Air Operator Certificate), the sources said.
Under dry lease, only the aircraft is leased. Beyond this extension, IndiGo may either operate the India-Turkey route with their own aircraft or any other wet/damp leased aircraft compliant with existing norms, they added.
IndiGo currently uses the Turkish-leased aircraft for direct flights between Delhi, Mumbai, and Istanbul.
In a statement issued Thursday, IndiGo welcomed the decision, citing operational stability and continuity amid ongoing global tensions.
“We are thankful to the authorities for accepting our request for extension. As always, we continue to be fully compliant with the relevant regulations and conditions of extension laid down by the authorities,” the airline said.
This development comes in the backdrop of strained diplomatic ties between India and Turkiye. In May, following Ankara’s support for Pakistan and its criticism of India’s anti-terror operations, India’s aviation security regulator BCAS revoked the security clearance of Celebi Airport Services India Pvt Ltd, a Turkish ground-handling company, citing national security concerns. In response, some travel portals and associations had even issued advisories urging Indian travellers to avoid visiting Turkiye.
(With PTI inputs)
The News Desk is a team of passionate editors and writers who break and analyse the most important events unfolding in India and abroad. From live updates to exclusive reports to in-depth explainers, the Desk d…Read More
The News Desk is a team of passionate editors and writers who break and analyse the most important events unfolding in India and abroad. From live updates to exclusive reports to in-depth explainers, the Desk d… Read More
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