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PM in Azerbaijan to represent Pakistan at 17th SCO Summit – RADIO PAKISTAN
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Stocks continue bull-run, reach fresh peak
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KARACHI:Positive momentum continued at the Pakistan Stock Exchange (PSX) on Thursday as the KSE-100 index extended its upward trajectory to close at a new all-time high with addition of 342.63 points.
Investor sentiment remained robust, which propelled the benchmark index to intra-day high of 131,325. At close, the market settled at 130,686.66, higher by 0.26%.
The rally was led by index-heavy sectors, particularly oil & gas, banking and power. However, overall trading remained mixed. Among major triggers, Pakistan’s foreign exchange reserves jumped $5.1 billion to $14.5 billion by the end of FY25. This rise reflects improvement in the current account balance and the realisation of planned inflows.
KTrade Securities wrote in its report that the bourse experienced a mixed day as the KSE-100 index encountered general profit-taking, especially in the banking segment.
Notable gains were witnessed in the oil & gas and power categories where Oil and Gas Development Company, UBL, Hub Power, Pakistan Petroleum and Askari Bank added the most points. The report predicted a broadly optimistic outlook, contingent on continued geopolitical stability.
Arif Habib Limited Deputy Head of Trading Ali Najib commented that the PSX witnessed a tug of war between bulls and bears throughout the session. Ultimately, the bulls prevailed, lifting the benchmark index by 343 points (+0.26%) to close at 130,687.
The session opened on a positive note following the State Bank of Pakistan’s announcement a day ago that its foreign exchange reserves stood at $14.5 billion at the close of FY25, in line with the commitment given to the International Monetary Fund (IMF), it mentioned.
The upbeat development triggered a bullish rally, pushing the index to intra-day high of 131,325 (+981 points, or 0.75%). However, the optimism proved short-lived as profit-taking set in, dragging the index to intra-day low of 129,776 (-568 points, or 0.44%), before buyers regained control.
Top contributors to the index included Oil and Gas Development Company, UBL, Hub Power, Pakistan Petroleum and Askari Bank, which collectively added 487 points. On the flip side, Bank AL Habib, MCB Bank, Meezan Bank, HBL and Millat Tractors pulled the index down by 493 points, AHL added.
Overall trading volumes decreased to 899.8 million shares compared with Wednesday’s tally of 1.03 billion. The value of shares traded was Rs43.3 billion. Shares of 468 companies were traded. Of these, 216 stocks closed higher, 236 fell and 16 remained unchanged.
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‘Let’s address the elephant in the room’
The electric vehicle market continues expanding, and a new car is gaining attention for its sleek aesthetic — without the luxury brand price.
Xiaomi is a Chinese tech company with a strong foothold in the smartphone market. As it expands to selling electric vehicles, the company’s second-ever car, the Xiaomi YU7, is all the rage.
In a YouTube video by Telescope (@telescopesh), a page dedicated to sharing the Chinese car market with the world, the reviewer, Haoran Zhou, talks about the specifics of this hot EV.
“Let’s address the elephant in the room,” the reviewer says. “Is this a Ferrari Purosangue copycat?”
While the 2025 Purosangue starts just under $430,000, according to MotorTrend, Telescope says the Xiaomi YU7 is expected to cost around the same as a Tesla Model Y (approximately one-tenth of that Ferrari). Plus, it comes with all the added benefits of being electric.
Switching to an electric car is a great way to contribute to a greener future. A study from MIT found that cars with internal combustion engines create an average of 350 grams of carbon air pollution per mile driven over their lifetimes, while it was only 200 for EVs that operate on batteries charging on an average U.S. power grid.
“I can definitely understand if you are one of those people who paid over a million euros for a Ferrari Purosangue and this pulls up alongside you … you’ll go: ‘What the hell is that?’” Zhou continues in the video.
While Xiaomi’s first EV, the SU7, sold well, car experts are expecting the new model to do even better. InsideEVs reported: “It feels like Xiaomi has figured out a way to match the aura of an already good design but make it more accessible to people who don’t have as much money.”
Car fanatics shared their excitement for this new electric vehicle in the comments of Telescope’s video.
“Will buy this in a heartbeat!” one user said.
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![[UPDATE] Romero Games Employee Says ‘Whole Studio’ Subject to Layoffs After Microsoft Pulls Funding for New Shooter from Doom Co-Creator John Romero](https://afnnews.qaasid.com/wp-content/uploads/2025/07/1751614671_gettyimages-2148301815-1751541798386.jpg)
[UPDATE] Romero Games Employee Says ‘Whole Studio’ Subject to Layoffs After Microsoft Pulls Funding for New Shooter from Doom Co-Creator John Romero
UPDATE: A Romero Games employee has claimed that Microsoft’s decision to pull funding from the studio’s in-development project has led to the entirety of the studio being laid off.
“Today I found out our whole studio is being let go because of the layoffs at Microsoft,” the staff member wrote via a post on LinkedIn.
“A very sad day,” wrote another employee impacted by layoffs. “It breaks my heart to say that Romero Games fell victim to the 9,100 Microsoft layoffs today. The best team I’ve ever worked with and my dream job gone just like that. It really was a great project and it’s hard to process that it’s over. It’s nothing less than tragic.”
More than a dozen Romero Games employees have now publicly stated they have been impacted by the layoffs and are now looking for work, according to LinkedIn profiles reviewed by IGN. Romero Games formally announced its funding had been pulled just hours ago, as detailed below.
ORIGINAL STORY: Romero Games, the studio founded by Doom co-creator John Romero and Brenda Romero, has said it has been left “heartbroken” after discovering that funding for its next project has been pulled, reportedly as part of Microsoft’s latest cuts, leaving the game and its team at risk.
In a statement, studio director Brenda Romero said the company’s publisher and financial partner confirmed last night it was walking away from the project “along with several other unannounced projects at other studios.”
Brenda and John Romero. Image credit: Shane Anthony Sinclair/BAFTA/Getty Images for BAFTA. A separate post on social media, a now-former Romero Games employee stated that they are now out of work at the developer “due to the recent Xbox layoffs.” IGN has contacted Microsoft for comment.
The news comes just hours after Microsoft’s latest round of mass layoffs impacted numerous internal Xbox studios, resulting in the cancellation of multiple projects including Everwild and Perfect Dark, as well as other, unannounced titles that Microsoft had been funding.
“This was a strategic decision made at a high level within the publisher, well above our visibility or control,” Romero stated. “We deeply wish there had been something, anything, we could have done to prevent this outcome.”
Romero suggested that the publisher’s decision had come as a surprise, as Romero Games had “hit every milestone on time, every time, consistently received high priase, and easily passed all our internal gates”.
For now, Romero Games said it was “currently evaluating next steps and working quickly to support our team”, and asked for anyone with “any opportunities or ways you can help our incredible team” to “please reach out.”
“These people are the best people I’ve ever worked with,” John Romero himself said, sharing the news via social media. “I’m sorry to say that our game and our studio were also affected.”
Romero Games’ recent projects include 2019’s Sigil and its 2023 sequel Sigil 2, as well as mafia strategy game Empire of Sin, launched in 2020.
Little is known of what Romero Games had been working on for the past few years, other than it was a new first-person shooter made with Unreal Engine 5. Back in July 2022, the company said it was expanding to work on the project after securing funding.
“It’s a new dawn for Romero Games,” the studio said at the time. “We’re working with a major publisher to develop John Romero’s next shooter: an all-new FPS with an original, new IP.”
Image credit: Shane Anthony Sinclair/BAFTA/Getty Images for BAFTA.
Tom Phillips is IGN’s News Editor. You can reach Tom at tom_phillips@ign.com or find him on Bluesky @tomphillipseg.bsky.social
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PlayStation’s ‘Helldivers 2’ Coming to Xbox in August
The crossplatform walls are slowly but surely coming down more and more, as Sony Interactive Entertainment’s “Helldivers 2” makes its way to Microsoft’s Xbox gaming console this August.
Formerly a PlayStation and PC exclusive title, the third-person co-op shooter developed by Arrowhead Game Studios and published by PlayStation will launch for Xbox Series X and S on Aug. 26.
“Helldivers 2” is a described as a “cooperative, third-person feast of destruction where players and up to three squadmates step into the boots of an elite class of soldiers whose mission is to spread peace, liberty, and Managed Democracy using the biggest, baddest, and most explosive tools in the galaxy.”
The game launched for PlayStation and PC in February 2024 and was a critical and commercial hit.
“We know gamers have been asking for this for some time and we are so excited to bring more Helldivers into our game,” “Helldivers 2” game director Mikeal Eriksson said in a statement Thursday. “We have so much more in store for the future months and years – and the more players we have the more stories we can tell! The fight for Super Earth has only just begun.”
“Helldivers 2” is coming to Xbox on the heels of Xbox’s releasing one of its current hottest titles on PlayStation: “Indiana Jones and the Great Circle.” Microsoft really kicked off industry-wide conversations surrounding breaking down the barriers for console-exclusive titles early last year and has continued to tease future developments with PlayStation and Switch 2 since. But we have yet to see much movement from the PlayStation and Nintendo direction, with the “Helldivers 2” release on Xbox marking a significant moment.
Watch Thursday’s announcement trailer revealing “Helldivers 2” will be coming to Xbox in the video below.
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ESAs sign Memorandum of Understanding with AMLA for effective cooperation and information exchange
The European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) today announced that they have concluded a multilateral Memorandum of Understanding (MoU) with the European Union’s new Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) to ensure effective cooperation and information exchange between the four institutions.
The multilateral MoU outlines how the ESAs and AMLA will exchange information with one another and cooperate in practice to perform their respective tasks in an efficient, effective and timely manner. The memorandum aims to promote supervisory convergence throughout the EU’s financial sector, enable the exchange of necessary information, and foster cross-sectoral learning and capacity building among supervisors in areas of mutual interest. It is part of the overall cooperation framework that AMLA is required to issue in relation to the financial sector and is an important component of the institutional arrangements going forward.
Petra Hielkema, Chair of EIOPA and Chair of the Joint Committee of the ESAs said: “The memorandum we signed demonstrates the strong commitment of Europe’s financial supervisors to working closely together to combat money laundering and terrorist financing—crimes that undermine social justice and the well-being of our communities. Uncovering companies that engage in or facilitate such activities demands serious effort and dedication. The ESAs stand ready to support AMLA with all the knowledge and information at our disposal so that it can exercise its new powers to ensure that these illicit activities do not go undetected or unpunished on our soil. We look forward to a productive and efficient EU-wide collaboration with AMLA to protect the integrity of the EU’s financial system and create a safer and fairer financial environment for all.”
Bruna Szego, Chair of AMLA said: “This Memorandum marks an important step in delivering a risk focused and integrated European AML/CFT framework. Cooperation between AMLA and the ESAs is essential so that we support each other to effectively deliver on our respective mandates and work together for a safer and more resilient Europe. The fight against crime affects all sectors and we are stronger when we work together.”
About AMLA
The Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) has the objective to transform the anti-money laundering and countering the financing of terrorism (AML/CFT) supervision in the EU and enhance cooperation among financial intelligence units (FIUs). AMLA will directly supervise the EU’s highest-risk financial institutions with significant cross-border exposure. It will exercise indirect supervision across both the financial and non-financial sectors, ensuring that national supervisors apply EU AML/CFT rules consistently and effectively. AMLA coordinates the work of Financial Intelligence Units (FIUs) helping to improve the quality, consistency, and cross-border exchange of financial intelligence. It complements EU AML/CFT rules by developing regulatory and implementing technical standards and issuing guidelines.
About the ESAs
The three European Supervisory Authorities (the EBA, EIOPA and ESMA) have the objective to protect the public interest by contributing to the short, medium, and long-term stability and effectiveness of the financial system, for the Union economy, its citizens, and businesses. The ESAs are tasked with developing and implementing a common regulatory framework and convergent supervisory practices across the EU.
Through the Joint Committee, the ESAs regularly and closely coordinate their supervisory activities within the scope of their respective responsibilities to ensure consistency in their practices. The Joint Committee’s chairmanship rotates annually among the authorities. In 2025, the forum is chaired by EIOPA.
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PM aide slams KP govt for poor handling of Swat tragedy
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ISLAMABAD, Jul 3 (APP):Coordinator to the Prime Minister on Information for Khyber Pakhtunkhwa (KP) Affairs, Ikhtiar Wali Khan criticized the Chief Minister (CM) of KP for mishandling the Swat tragedy, highlighting KP government inefficiency and lack of interest in serving people.
While talking at the press conference on Thursday, he stated that resorting to allegations and propaganda is the hallmark of PTI’s politics, focusing that such tragic incidents could happen all over the world, but the response to those events indicated the performances of the authorities, which the KP government failed to maintain.
It is a matter of grave concern that more than one and a half dozen, including women and children, were stuck in river for two hours seeking help. Those could be saved by minor efforts like dropping rope through a drone and other means, Wali Khan said.
He added that the Pakistan Tehreek-i-Insaf (PTI) government has focused on only one vision: to release their incarcerated leader without considering legal requirements.
“This incident has uncovered the KP government priorities, as the victims were 15 yards away from the mainland, seeking help,” he said.
CM has not officially taken the public into confidence on this incident, as their government was enjoying luxuries, involving corruption, blaming and propaganda against the federal government, dividing people, and others, he focused.
Several examples, followed by other countries during tragic incidents, were quoted by their leader as a precedent, but in the case of the Swat incident, no such practical measures were taken, which clearly indicated an absence of their will for public safety.
While talking about their false claims regarding the non-provision of funds to the provincial, he said, during the current budget, they were expecting 1500-plus billion to be received from the federal government in respect of NPC shares, royalties, and others. While billions of amount were given to the provincial government during 12 years of their ruling.
While talking about the education system in the province under the PTI government, he said the provincial government has announced the construction of schools but has no roadmap for that, while the condition of universities is in a deteriorating state, where most have no vice-chancellor and the remaining ones face financial crises and are on the verge of closing.
On the medical situation in the province, he said, during their rule of 12 years, they have not constructed even a single hospital.
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IMF Rejects Pakistan’s Crypto Mining Power Subsidy Plan
Pakistan’s plan to use surplus electricity for crypto mining has hit a roadblock after the International Monetary Fund (IMF) reportedly rejected a proposal to offer subsidized power to energy-intensive industries, including Bitcoin miners.
Pakistan’s Secretary of Power Fakhre Alam Irfan told the Senate committee on energy that the IMF claimed such measures could distort the energy market and worsen existing issues in the country’s fragile power sector, according to a report from Urdu-language news outlet Independent Urdu.
Although Pakistan has excess electricity, particularly during winter, the IMF remains concerned that pricing schemes could disrupt the market balance, per the report. Irfan said all significant energy policies must be approved by the IMF.
The Power Division’s November 2024 plan proposed a marginal-cost tariff of 22–23 Pakistani rupees (about $0.08) per kilowatt-hour for industries like copper smelting, data centers, and crypto mining. Officials argued the scheme would boost electricity demand and help absorb surplus capacity.
Source: Bitcoin Archive Related: Strategy’s Michael Saylor to help Pakistan with crypto pivot
IMF cites risk of economic imbalances
The IMF reportedly dismissed the plan, comparing it to sector-specific tax breaks that have historically created economic imbalances in Pakistan, the report said.
Irfan noted that the proposal hasn’t been shelved entirely and is under review by the World Bank and other international partners. He said that the government is working on refining the plan with input from these institutions.
Cointelegraph reached out to the IMF for comment but had not received a response by publication.
In May, Pakistan earmarked 2,000 megawatts of surplus electricity for Bitcoin (BTC) mining and AI centers as part of a digital transformation initiative led by the Pakistan Crypto Council and supported by the Ministry of Finance.
At the time, Finance Minister Muhammad Aurangzeb announced tax incentives for AI centers and duty exemptions for Bitcoin miners to attract investors.
Saqib first proposed using the country’s runoff energy to fuel Bitcoin mining at the Crypto Council’s inaugural meeting back in March. The meeting included lawmakers, the Bank of Pakistan’s governor, the chairman of Pakistan’s Securities and Exchange Commission and the federal information technology secretary.
Related: Can Bitcoin fix Pakistan’s energy problem? The 2,000 megawatt mining strategy explained
Pakistan eyes DeFi yields to grow Bitcoin reserve
Saqib announced plans for a national Bitcoin reserve during the Bitcoin 2025 conference, revealing that a discussion with Strategy’s Michael Saylor reaffirmed his conviction in the move.
Saqib has also said the country intends to expand its Bitcoin holdings using yield generated through decentralized finance protocols.
Magazine: Bitcoin vs stablecoins showdown looms as GENIUS Act nears
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Study finds significant uptick in chronic digestive disorders during COVID-19 pandemic
A study led by Cedars-Sinai investigators uncovered a significant uptick in chronic digestive disorders, like irritable bowel syndrome, during the COVID-19 pandemic. The study findings, published in the peer-reviewed journal Neurogastroenterology & Motility, highlight a potential link between pandemic-related stress on the gut-brain axis.
Using data from a national online study, we found that rates of digestive issues such as irritable bowel syndrome and chronic idiopathic constipation rose significantly. These findings underscore the significant toll the pandemic has taken on digestive health.”
Christopher V. Almario, MD, MSHPM, lead author and gastroenterologist at Cedars-Sinai
Also known as disorders of gut-brain interaction, conditions like irritable bowel syndrome and chronic idiopathic constipation are common gastrointestinal disorders driven by complex interactions between the gut and nervous system.
Nearly 40% of people in the U.S. are estimated to meet diagnostic criteria for at least one disorders of gut-brain interaction, making these conditions a major source of healthcare burden and reduced quality of life.
“These disorders involve chronic gastrointestinal symptoms that are often triggered or worsened by psychological stress,” said Almario.
To better understand how the viral infection might be linked with digestive health, researchers analyzed data from over 160,000 adults across the U.S. who participated in a national online survey conducted from May 2020 to May 2022.
Participants completed detailed questionnaires covering digestive symptoms, mental health and lifestyle changes. By tracking responses over time, the researchers observed a steady rise in gut-related health issues that began early in the pandemic and persisted throughout the survey period.
Key findings showed that:
- Rates of irritable bowel syndrome increased from around 6% among U.S. adults in May 2020 to about 11% in May 2022.
- Chronic idiopathic constipation rose slightly from 6.0% to 6.4%.
- Among adults who reported IBS, investigators noted that the prevalence of mixed IBS, a subtype of IBS where a person experiences both diarrhea and constipation, was most commonly reported. The investigators did not observe significant increases in other types of functional digestive disorders.
As doctors uncover the long-term health effects of COVID-19, study investigators hope this study may draw attention to how the virus’ impact on mental health may affect the gut-potentially triggering or worsening disorders like IBS and other gut-brain conditions.
“This research calls for a renewed focus on gastrointestinal health in the post-pandemic era,” said Brennan Spiegel, MD, MSHS, corresponding author of the study and director of Health Services Research for Cedars-Sinai.
Spiegel, director of the Cedars-Sinai Master’s Degree Program in Health Delivery Science and the George and Dorothy Gourrich Chair in Digital Health Ethics, says even those who did not get COVID-19 but endured significant psychological distress also may have had alterations in their gut-brain axis.
“Healthcare providers must be vigilant in recognizing and addressing the long-term effects of the pandemic on digestive health,” said Spiegel.
Source:
Journal reference:
Almario, C. V., et al. (2025). Trends in Prevalence of Rome IV Disorders of Gut‐Brain Interaction During the COVID‐19 Pandemic: Results From a Nationally Representative Sample of Over 160,000 People in the US. Neurogastroenterology & Motility. doi.org/10.1111/nmo.70020.
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Elderly man dies as wildfires rage in Turkey, forcing evacuations and road closures
ANKARA, Turkey — Firefighters on Thursday discovered the body of an elderly man after dousing a wildfire near a village in western Turkey, while crews elsewhere continued to battle another blaze that closed a highway and forced some residents to be evacuated from their homes.
The 81-year-old-man died from smoke inhalation in a village near the town of Odemis, Suleyman Elban, the governor for Izmir province, said. His death marks the first fatality in a series of wildfires across the country that have forced thousands to flee.
A total of 37 other villagers were safely evacuated by security forces and emergency teams, Elban said.
Meanwhile, hundreds of firefighters, supported by aircraft and helicopters, were deployed to extinguish a wildfire blazing in the Aegean coastal town of Cesme, a tourism hotspot some 192 kilometers (120 miles) west of Odemis.
That wildfire, which began on Wednesday, forced the evacuation of three neighborhoods and closed roads. Television footage of the blaze showed flames burning through dried vegetation on both sides of a road.
Elban said the wildfires in Izmir province are believed to have been sparked by electrical lines, which ignited dry grass and spread rapidly due to wind.
Turkey has in the past week battled hundreds of fires across the country that were fuelled by fierce winds, scorching heat and low humidity. The fires, most of which have now been extinguished, led to the evacuation of tens of thousands of people.
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