Connect with us

Business

Stocks fall modestly over investor caution | The Express Tribune

Published

on

Stocks fall modestly over investor caution | The Express Tribune



KARACHI:

The Pakistan Stock Exchange (PSX) fell modestly on Thursday as investors remained cautious owing to the dearth of major positive cues that could revive interest and build confidence.

In a major news report, the global indices provider, MSCI, announced results of its latest review, where it made changes in global indices constituents, effective from the market close on November 24, 2025. Arif Habib Limited (AHL), in its report, mentioned that Pakistan’s market outperformed the MSCI Frontier Market (FM) index by 14.6% in fiscal year 2026 to date.

Earlier, the bourse opened on a positive note and hit the intra-day high of 160,591 points in the very first hour of trading. However, it could not sustain the momentum as selling pressure built, which pulled the benchmark KSE-100 index down to the intra-day low of 158,253 well before midday.

Though the market recovered significantly, it again fell later and closed with modest losses amid lacklustre trading, influenced by the cautious mood of investors. At close, the KSE-100 index posted a decline of 481.40 points, or 0.30%, to settle at 159,096.79.

Topline Securities, in its review, remarked that the stock market lost steam after a lively start to the week. “The market remained lacklustre, with sentiment weighed down by the absence of any major news flow. After oscillating between the intra-day high of 1,012 points and low of 1,325 points, the KSE-100 index eventually settled at 159,097, losing 481 points,” it said. “With no clear drivers in sight, investors chose to stay cautious, leading to another session of muted trading and range-bound activity.” Losses were largely driven by UBL, Meezan Bank, OGDC, Maple Leaf Cement and Engro Holdings, which eroded 285 points from the index, Topline added.

AHL mentioned that Pakistan’s weight in the MSCI FM standard index was expected to be around 6.67%. In the review, Meezan Bank, The Bank of Punjab (BOP) and Askari Bank were added to the FM Standard Pakistan Index. Meanwhile, no deletion was observed.

Overall trading volumes increased to 957.3 million shares compared with the previous tally of 860.3 million. The traded value of shares stood at Rs30.4 billion.

Shares of 476 companies were traded on the ready market, out of which 199 closed higher, 230 declined and 47 remained unchanged.

Bank Makramah led the volumes chart with trading in 93 million shares, losing Rs0.18 to close at Rs5.50.



Source link

Business

Piyush Goyal: India-NZ talks focused on goods mkt access, services – The Times of India

Published

on

Piyush Goyal: India-NZ talks focused on goods mkt access, services – The Times of India


AUCKLAND: The fourth round of the India-New Zealand FTA talks was focused on goods market access, services, economic and technical cooperation, and investment opportunities, and both countries have vowed to wrap up a deal soon.“We look forward to working towards the early conclusion of a balanced, comprehensive and mutually beneficial agreement, in line with the growing strategic and economic convergence between India and New Zealand,” commerce and industry minister Piyush Goyal said on Friday at the end of his official visit to New Zealand.While no timeline has been given about the signing of the FTA, there are expectations that it may be concluded early next year.New Zealand’s trade minister Todd McClay will visit India next month and is expected to carry forward the negotiations.Negotiators from both countries have narrowed down the differences but there are some “nuances” which need to be worked on. The dairy remains a sticking point.But there is growing interest in New Zealand about expanding cooperation with India across sectors such as agriculture, tourism, technology, education, sports, gaming, and drone technology. Given India’s significant advancements in the space sector, including its recent lunar missions, space collaboration was identified as an area for future engagement.During the visit, Goyal also held meetings with business leaders from both India and New Zealand and called for deepening the economic ties between the two countries.





Source link

Continue Reading

Business

‘It’ll be something cool’: Elon Musk promises of moon buggies, humanoid robots after $1 trillion Tesla payday – The Times of India

Published

on

‘It’ll be something cool’: Elon Musk promises of moon buggies, humanoid robots after  trillion Tesla payday – The Times of India


Tesla CEO Elon Musk celebrated shareholder approval of his record-breaking $1 trillion compensation package with a flurry of ambitious promises, from humanoid robots performing surgery to building vehicles for missions to the Moon and Mars.The vote, which saw over 75% of investors back the deal, clears the path for Musk to expand his stake in Tesla to around 25% over the next decade and potentially become the world’s first trillionaire.

Humanoid robots, moon buggies, & new vision

Musk used the meeting to outline Tesla’s futuristic roadmap. He claimed the company’s humanoid robot, Optimus, would soon evolve from handing out candy to performing surgery “with beyond-human precision.”He also teased that both Optimus and Tesla’s vehicles could one day play a key role in establishing bases on the Moon and Mars. “It’ll be something cool — a next-level moon buggy or Mars buggy,” Musk told shareholders, Bloomberg reported.The billionaire added that Tesla aims to boost its car production by roughly 50% by the end of 2026, despite ongoing challenges in its automotive division, which is facing its second consecutive year of declining sales.“It’s not just a new chapter for Tesla, it’s a new book,” Musk declared during the company’s annual meeting in Austin, Texas.“That new book is about massively increasing vehicle production and ramping up Optimus production faster than anything in human history,” he added.

Pay package paves way to trillionaire status

The approval of Musk’s massive stock award cements his control over Tesla at a time when he had hinted he might divert more attention to other ventures if the deal failed. General Counsel Brandon Ehrhart announced that more than three-quarters of votes supported the package, prompting a standing ovation.The plan sets performance targets that could raise Tesla’s market value to $8.5 trillion, enough to make Musk’s total stake worth roughly $2.4 trillion, according to Bloomberg estimates. That figure would surpass the GDP of nearly every country except a handful of the largest economies.“There are significant hurdles,” noted Dan Ives, an analyst at Wedbush Securities. “Musk now has to execute on the most important chapter in Tesla’s history, an autonomous and robotic future.”The compensation plan faced resistance from several institutional investors and proxy advisory firms, including Norway’s Norges Bank Investment Management and Glass Lewis, who cited its “unprecedented scale” and potential dilution of other shareholders.According to Bloomberg, critics also accused Tesla’s board of being overly deferential to Musk. New York State Comptroller Thomas DiNapoli called the deal “pay for unchecked power, not pay for performance,” while Senator Bernie Sanders described it as “totally absurd.”

Musk’s vision: From chips to cybercabs

Musk acknowledged that Tesla’s growth will depend heavily on securing enough chips for its advanced technologies. He suggested that Tesla may build its own semiconductor facility to supplement existing supply from companies like Samsung and Taiwan Semiconductor Manufacturing Co.“Even in the best-case scenario, the chip supply from our partners won’t meet our needs,” Musk said. “So we may have to build a Tesla terafab — like giga, but way bigger” he added.He revealed that three new products are expected to enter production next year — the humanoid Optimus, the long-delayed Semi truck, and the steering-wheel-less Cybercab, Tesla’s autonomous ride-hailing vehicle.

Investor division over xAI investment

While shareholders largely supported Musk’s pay deal, they were split over another proposal — a potential investment in Musk’s artificial intelligence company, xAI. Ehrhart said that although more votes were cast in favor than against, there was “a significant number” of abstentions.The measure was advisory and non-binding, meaning Tesla is not required to follow through. Musk has previously suggested Tesla could inject up to $5 billion into xAI to accelerate development in AI and robotics integration.

A roller coaster ride

Musk’s wealth has seen major swings this year. It peaked around $450 billion in January when he appeared alongside President Donald Trump at his inauguration but fell sharply amid political controversies and consumer backlash. A feud with Trump over policy disagreements later sent Tesla shares tumbling.His fortune has since rebounded, buoyed by a recovery in Tesla stock and rising valuations for SpaceX and his AI venture xAI. As of this week, Musk’s net worth stood at around $460 billion, according to the Bloomberg Billionaires Index.Tesla’s shares slipped as much as 4.8% on Friday morning amid a broader market downturn, even as Musk vowed to “massively scale production and push the limits of human innovation.”





Source link

Continue Reading

Business

FAA announces flight reductions at 40 airports. Here’s where cuts are expected and what travelers need to know

Published

on

FAA announces flight reductions at 40 airports. Here’s where cuts are expected and what travelers need to know


A Republic Airways plane takes off near the air traffic control tower at Ronald Reagan Washington National Airport (DCA) in Arlington, Virginia, US, on Tuesday, Oct. 28, 2025.

Samuel Corum | Bloomberg | Getty Images

Airlines rushed to provide travelers updates this week after the Federal Aviation Administration said it would reduce flights across 40 airports as the longest government shutdown in history continues to drag on.

Many major airlines said they would waive cancellation fees for even their most basic tickets, which often come with penalties for changes.

Transportation Secretary Sean Duffy previously said he would reduce flight capacity by roughly 10%, affecting 3,500 to 4,000 flights daily.

On Thursday, the FAA formalized a list of affected airports and clarified the reductions would begin at 4% and slowly ramp up to 10% by Nov. 14. The reductions began Friday morning with more than 700 flight cancellations.

These are the airports that are expected to be impacted, including some of the country’s largest airports and major international hubs in Atlanta, Chicago, Dallas, Los Angeles and New York City.

Impacted airports:

  1. ANC – Anchorage International
  2. ATL – Hartsfield-Jackson Atlanta International
  3. BOS – Boston Logan International
  4. BWI – Baltimore/Washington International
  5. CLT – Charlotte Douglas International
  6. CVG – Cincinnati/Northern Kentucky International
  7. DAL – Dallas Love
  8. DCA – Ronald Reagan Washington National
  9. DEN – Denver International
  10. DFW – Dallas/Fort Worth International
  11. DTW – Detroit Metropolitan Wayne County
  12. EWR – Newark Liberty International
  13. FLL – Fort Lauderdale/Hollywood International
  14. HNL – Honolulu International
  15. HOU – Houston Hobby
  16. IAD – Washington Dulles International
  17. IAH – George Bush Houston Intercontinental
  18. IND – Indianapolis International
  19. JFK – New York John F. Kennedy International
  20. LAS – Las Vegas McCarran International
  21. LAX – Los Angeles International
  22. LGA – New York LaGuardia
  23. MCO – Orlando International
  24. MDW – Chicago Midway
  25. MEM – Memphis International
  26. MIA – Miami International
  27. MSP – Minneapolis/St. Paul International
  28. OAK – Oakland International
  29. ONT – Ontario International
  30. ORD – Chicago O’Hare International
  31. PDX – Portland International
  32. PHL – Philadelphia International
  33. PHX – Phoenix Sky Harbor International
  34. SAN – San Diego International
  35. SDF – Louisville International
  36. SEA – Seattle/Tacoma International
  37. SFO – San Francisco International
  38. SLC – Salt Lake City International
  39. TEB – Teterboro
  40. TPA – Tampa International

(The airport in Las Vegas was renamed the Harry Reid International Airport in 2021.)

On Wednesday, Duffy said the reduction was a “proactive” measure because of the delays and cancellations already occurring due to the shutdown. Air traffic controllers, who are considered essential employees required to work during a shutdown, have missed paychecks, and the FAA has said the closure has also raised concerns about already thin staffing among controllers.

Duffy said he expects more cancellations as a result of the reduction, which has no set end time.

“We thought 10% was the right number based on the pressure we were seeing,” Duffy added.

Earlier this week, Duffy told CNBC’s “Squawk Box” that he could “shut the whole airspace down” if the shutdown drags on.

FAA Administrator Bryan Bedford said Wednesday that additional measures may be implemented after the reduction, which he said he has never seen before in his time in the industry. The officials said they were planning to meet with airlines to discuss which flights would be cut.

Airline response

In a Wednesday memo to United Airlines employees, CEO Scott Kirby said the carrier will not be reducing long-haul international flying and hub-to-hub flying, instead reducing regional and domestic flights that do not fly between hubs.

The airline also offered all customers refunds even if their flights are not impacted. Kirby said that included “non-refundable tickets and those customers with basic economy tickets.”

On Thursday afternoon, the airline preemptively said it was going to cancel 4% of its flights from Friday through Sunday.

In a statement, Delta Air Lines said it expects to operate the “vast majority” of its flights as scheduled and will offer changes, cancellations or refunds for customers’ flights during the impacted period. Delta also said that would include basic economy fares, without penalty.

The airline added on Thursday afternoon that it will cancel flights a day in advance to allow customers enough time.

Frontier Airlines CEO Barry Biffle said he highly recommends travelers flying Friday or in the next 10 days book a backup ticket on another carrier as the flight reductions begin to avoid getting stranded due to cancellations.

“I’m sorry this is happening. Hopefully the shutdown is over soon,” Biffle wrote on LinkedIn. “Just giving everyone practical travel advice.”

American Airlines said it expects that the “vast majority of customers’ travel will proceed as planned,” adding that the carrier will reach out to travelers proactively as schedule changes occur.

The airline also said that it will offer immediate rebooking options for all impacted travelers and that customers whose flights are canceled for any reason will be able to change their flight or request a refund without penalty. As of Thursday morning, the airline was still awaiting clarifying information from the FAA about which of its flights will be impacted.

Southwest Airlines also released a statement saying that the majority of its flights will not be impacted and that its international flights should operate as usual. The airline said it will “proactively communicate well in advance and will offer flexibility in travel plans.”

The Association of Flight Attendants, representing 55,000 flight attendants at 20 airlines, released a statement Wednesday urging Congress to end the shutdown so air traffic controllers and Transportation Security Administration workers can get paid.

“The false narrative that this shutdown is a choice of either paying federal workers or protecting affordable healthcare is outrageous when both crises were manufactured by the exact people who can fix it,” the statement read.

What travelers need to know

Passengers check in at an American Airlines’ counter at Ronald Reagan Washington National Airport in Arlington, Virginia, the United States, on Oct. 10, 2025.

Li Rui | Xinhua News Agency | Getty Images

Experts recommend consumers who are set to travel in the next week stay on top of flight cancellations and delays through the websites and apps.

Nick Ewen, senior editorial director at travel site The Points Guy, said flexibility “is going to be key” as travelers rush to rebook, adding it’s important to download each airline’s mobile app and enable all notifications.

“A lot of the times, you have to actually enable notifications on individual trips or in your account to text you if there are changes or disruptions,” Ewen told CNBC.

He recommended anyone with nonurgent travel reschedule their trips, though that likely only applies to a small number of travelers, and consider choosing other forms of transportation instead. For essential trips, Ewen said passengers should be prepared for long wait times, use self-service rebooking tools, and be aware of the fact that many other people will also be rebooking and scrambling for limited seats.

Ewen said he has been covering the industry for many years, and the last time he and his colleagues saw a major, national disruption in air travel like this was 9/11.

“The biggest thing is a lot of kindness goes a long way,” he said. “So if you’re at an airport and you find out that your flight is canceled, I promise you screaming at that airline employee is not going to get you rebooked any faster — in fact, it’s probably going to make them less likely to be willing to help you. So recognize that everyone is in this together.”

AAA spokesperson Aixa Diaz said the company recommends arriving at the airport extra early to avoid long lines and avoid checking in a bag if possible in case flights get canceled.

“Ultimately, there’s a lot that’s out of travelers’ control — so control what you can, and be as flexible as possible,” Diaz said.

How the government shutdown will affect your air travel plans

Travel insurance

Travel insurance can reimburse consumers for certain costs and inconveniences incurred from a trip disruption, like flight cancellations, delays, lost luggage, or unforeseen costs for lodging and meals.

Consumers have been buying travel insurance at an elevated rate amid the government shutdown, but travel and insurance experts warn that such policies don’t offer blanket protection for shutdown-related travel snafus, and a lot depends on the fine print.

For example, a policyholder generally can’t get insurance benefits if they choose to cancel their travel plans to avoid any headaches. Cancel-for-any-reason coverage is an exception, though it also comes with its own caveats.

Whether or not a policyholder gets compensated may come down to the rationale an airline provides for a delayed or canceled flight.

Many insurers only pay benefits if a delay or cancellation is attributable to a “common carrier” disruption like a mechanical failure, travel experts said.

“Airlines typically won’t cite causes other than operational terms like ‘mechanical issues’ or general delays, cancellations, or lost belongings, even during a government shutdown,” Lauren McCormick, a spokesperson for Squaremouth, an online platform for comparing travel insurance policies, wrote in a recent blog post. “So, these are generally still covered under most comprehensive travel insurance plans.”

— CNBC’s Phil LeBeau contributed to this report.



Source link

Continue Reading

Trending