Prime Minister Shehbaz Sharif on Thursday met Awami National Party (ANP) Senator Aimal Wali Khan, who invited him to attend the party’s upcoming all-parties conference (APC).
The prime minister directed the formation of a committee to represent the Pakistan Muslim League-Nawaz (PML-N) at the conference.
Aimal Wali Khan also extended Independence Day greetings to the prime minister. The meeting also touched upon the country’s overall political situation.
Adviser to the PM Rana Sanaullah and SAPM Talha Burki were also present on the occasion.
Happy Friday from Singapore. Asia markets are set for a mixed open.
Australia’s S&P/ASX 200 was set to start the day marginally lower with futures tied to the benchmark at 8,838, compared with the index’s last close of 8.873.8.
Japan’s Nikkei 225 was set to open higher, with the futures contract in Chicago at 42,795, while its counterpart in Osaka last traded at 42,770, against the index’s last close of 42,649.26.
Futures for Hong Kong’s Hang Seng index stood at 25,316, pointing to a weaker open compared with the HSI’s last close of 25,519.32.
South Korean markets were closed for a holiday.
— Lee Ying Shan
S&P 500 notches third record close in a row
The S&P 500 ticked higher on Thursday to eke out its third record close in a row.
The benchmark added 0.03%, closing at 6,468.54. The Nasdaq Composite slipped 0.01%, finishing at 21,710.67. The Dow Jones Industrial Average shed 11.01 points, or 0.02%, and settled at 44,911.26.
— Lisa Kailai Han
Economist Marc Sumerlin confirms he’s in the running for Fed chair
In a Thursday interview with CNBC, economist Marc Sumerlin confirmed that he’s in the running to be the next Federal Reserve chair.
“I got a call last Wednesday that said there was going to be a list [and] I was going to be on it. That’s as much as I know right now,” he said. “I’m waiting for more guidance on where we go from here.”
Sumerlin also voiced his support for a big interest rate cut. The former senior economist under then-President George W. Bush said that a 50 basis-point rate cut “seems like pretty much a no-brainer to me.”
One basis point equals 0.01%, so a 50 basis-point cut would be half a percentage point.
— Jeff Cox, Lisa Kailai Han
Investors should consider hedging against further market volatility, UBS says
Equities may have further upside from here, but investors should still be mindful of elevated volatility going forward, according to UBS.
“While the VIX index of implied stock volatility has fallen to the lowest level since December last year, market swings could pick up quickly if trade tensions escalate significantly, economic data weakens faster than expected, or if geopolitical risks worsen,” the bank wrote in a Wednesday note to clients. “Investors who are already allocated to equities in line with their strategic benchmarks should consider structured strategies with capital preservation features, while those underallocated should prepare to add exposure on potential market dips or consider a disciplined approach to phasing into stocks.”
UBS added that a “well-diversified portfolio” is suited for helping investors hedge against volatility while also setting them up for future gains.
The Racial Justice Centre is preparing to file a group complaint with the Australian Human Rights Commission after a Sydney restaurant denied dine-in service to people wearing Palestinian keffiyehs during a 20-minute period last weekend.
The legal centre will file the complaint to Australia’s national anti-discrimination body on behalf of six Palestinian complainants, regarding an incident that took place on 3 August at Merivale-owned Jimmy’s Falafel in the Sydney CBD after the Sydney Harbour Bridge march, first reported by the Sydney Morning Herald.
Guardian Australia has spoken to four people, not part of the complaint, who report being told they would be barred from eating inside at Jimmy’s Falafel unless they removed their keffiyehs.
A man who wishes to be identified as Amir – not his real name – travelled from Queensland to Sydney to attend the pro-Palestine protest. Afterwards, Amir and his friend Hasan, who were both wearing Palestinian keffiyehs, went searching for food and stumbled across Jimmy’s Falafel on George Street.
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Amir said while they were asking a restaurant employee if a table was vacant, a security guard approached the pair and said their scarves could not be worn inside the venue and had to be removed if they wanted to dine in.
The security guard said the directive came from the restaurant manager, Amir said. “We were quite shocked that this is happening to us, right in the centre of Sydney,” he said.
Amir, who said he saw other people also being turned away due to wearing keffiyehs, said the pair calmly left the venue.
Keffiyehs, traditional scarves worn across the Middle East, are often worn by people expressing support for Palestine.
A Merivale spokesperson said in a written statement that Jimmy’s Falafel was patronised by many who participated in the Harbour Bridge protest march on 3 August, including “many, many people wearing keffiyehs and hijabs”.
Protesters chant in support of Palestine during march across Sydney Harbour Bridge – video
The statement said that a management decision was made at about 3.55pm “that people carrying large flags and placards should not carry or display them within the Jimmy’s Falafel venue”, after instances of members of the public “yelling obscenities and violent rhetoric” at Merivale venues on George Street, including comments such as “death to the IDF”, “death to all Zionist pigs” and “f***ing Zionist pigs and scum”.
“Jimmy’s staff understood that decision as providing that persons wearing political garb and/or carrying flags and placards should be kindly asked to remove those items (place them in their bags) before entering,” the spokesperson said.
“This meant that for the period 3.55pm to 4.15pm, people wearing political items of clothing were politely asked to remove those items and place them in their bags before entering.”
Merivale CCTV footage, viewed by Guardian Australia, shows that during that 20-minute window, some patrons wearing keffiyehs left the venue or were turned away, while others removed them before entering or ordering takeaway.
The footage shows other diners wearing keffiyehs inside the venue during that period, as well as at other points during the day.
On the footage, which did not include audio, just before the start of the 20-minute period, protesters appear to yell into the venue.
“To be clear, at no time was anyone refused entry or discriminated against due to their political or religious affiliations. As you can imagine, it was a day of thousands of people attending the city. It was a challenging time for venue staff, and we of course have an obligation to their safety and comfort. Merivale is politically neutral and has no interest whatsoever in disabusing any patron of their religious or political views,” the spokesperson said.
“No Merivale venues including Jimmy’s Falafel have policies on customers wearing keffiyehs or other scarves.”
Sharfah Mohamed, a lawyer at the Racial Justice Centre, said: “Our position is that Merivale’s conduct breaches the federal Racial Discrimination Act.”
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Qamar Albashir and his wife, Tanjina Ahmed, who attended the Sydney Habour Bridge protest. Photograph: Qamar Albashir/Supplied
In a written statement, Mohamed said that security personnel “in all types of venues are required to respond to threats to safety on a case-by-case basis based on actual conduct”.
“As to neutrality, there is nothing neutral about banning the cultural garment of a specific racial or ethnic group,” Mohamed said.
Hasan, who requested his last name be withheld, said the security guard did not say why they were not allowed to wear the keffiyehs inside the venue. “We were humiliated. I felt humiliated,” he said.
Hasan, who is Lebanese, said the keffiyeh resonates with Palestinians and is a symbol of “hope and freedom”.
“We just wanted to become one with the Palestinian people and show solidarity with them,” he said.
Amir said he now fears wearing a keffiyeh in public or expressing his opinion about the conflict in the Middle East. “I feel quite shocked, traumatised and humiliated,” he said.
Qamar Albashir said he was wearing a Moroccan scarf when his group of six people approached Jimmy’s Falafel . He said the security guard told the group, which included three people wearing keffiyehs, they could not enter the venue wearing the scarves and would have to remove them to go inside.
“We were kind of dumbfounded. When [they] said we couldn’t go in we ask why not, and the security guard said it was a private establishment. We were lost for words.”
“It felt really horrible. We felt further anguished because our kids were there with us.”
A fourth man, who requested anonymity, said he was also denied entry to Jimmy’s Falafel on the afternoon of the march while wearing a Jordanian keffiyeh.
“We were told by the security guard that we wouldn’t be allowed in because we were wearing scarves,” he said. “We were in shock at first.”
The man said he was accompanied by his wife, who was wearing a Palestinian keffiyeh, and his friend, who was not wearing a scarf. He said the group observed two other groups, where some members were wearing Palestinian keffiyehs, who were denied entry on the same basis.
The man said his friend ordered takeaway food from the venue from the street for the group.
Epic Games is looking into a Fortnite login issue that’s “preventing players from getting in reliably,” according to a 6:39PM ET post on the company’s status website.
I currently can’t get into the game on my Nintendo Switch 2; when I try, the game shows a message that says “unable to sign in to your account for online services” and to “please try again later.” I’ve seen Twitch streamers who are trying to compete in a scheduled tournament that aren’t able to log in or play games, either.
In another update, Epic says that the login issue also affects two of its other games, Rocket League and Fall Guys. The company has also shared that it’s looking into login errors for “titles using Epic Online Services” as well.
“We want to beat Disney in family animation,” then Netflix CEO Reed Hastings said in an interview in September 2020. At the time, anyone would say that was a tall order. Disney has almost a century of experience of producing animated films, dating back to 1937’s “Snow White.” Since then, the studio has produced hits that many kids would be familiar with. Think “Cinderella,” “Alice in Wonderland” and “Sleeping Beauty.” Add to that Pixar’s “Toy Story,” “The Incredibles” and “Inside Out” and it’s not hard to see that Hastings had his work cut out for him. And then came the massively popular “Frozen,” the animated musical that was not only the highest-grossing animated film of all time from 2013 to 2019, but whose merchandise and songs were in every toy store, Disney theme park, and car media system when the kids wanted their 30th replay of “Let it Go.” But now, Hastings — now Netflix executive chairman — may finally have his goal in sight. That comes in the form of “KPop Demon Hunters,” a family-friendly animated musical adventure about a world-famous K-pop group trying to save the world from demons. How it’s done (done, done) The film, released on June 20, has made streaming, music and movie history on the platform. It has become Netflix’s most-viewed animated film of all time, and its second-most viewed movie ever. According to numbers from Netflix, the film has amassed more than 184 million views since its release. The film’s success also extended to music charts. On Tuesday, the song “Golden” from the film topped the Billboard Hot 100 , the ninth song associated with K-pop to conquer the Hot 100 — and the first by female lead vocalists, according to Billboard. In the U.K., “Golden” became the first K-pop song to hit No. 1 on the Official UK Singles Chart in 13 years, following PSY’s “Gangnam Style” in 2012. Statistics that Spotify provided to CNBC revealed that the movie’s soundtrack has counted over 46 million monthly listeners as of Tuesday, and the album has topped Spotify’s Weekly Top Albums Global Chart for every full week since its release, barring a dip to No. 2 for the week of July 17. “KPop Demon Hunters” was released with a single trailer, a far cry in terms of marketing compared with “Squid Game 3,” which was out a week later and had a slew of publicity events, social media marketing, and even live appearances from the actors promoting the series. Iltaek Hong, lead editor at Spotify Korea, told CNBC that “K-Pop is more than just music. It’s a rich cultural experience built around sound, storytelling, performance and deep artist-fan connections.” “That’s exactly what K-Pop Demon Hunters captures, and it’s why both the film and its music have resonated so strongly with global audiences,” he added. Going up, up, up But animated musical movies are not new, so what makes “KPop Demon Hunters” stand out? What fueled its millions of views, week after week? Bernie Cho, president of South Korean artist services agency DFSB Kollective, explained that while the film did not have much marketing on traditional media, it was gaining popularity on social media. KPop Demon Hunters was art imitating life that was imitating art. President, DFSB Kollective Bernie Cho “The movie played into the K-pop playbook of viral videos, of infectious memes, user-generated content. People basically promoted the movie because of its originality and its authenticity. No different than a K-pop boy band or a girl band,” he said. The film has spawned hundreds of shorts on YouTube, from highlights to dance challenges, and even covers of the soundtrack by active K-pop idols. Spotify’s Hong said that level of interaction is what makes K-pop unique and the film’s soundtrack stand out. “It’s not just being listened to, it’s being lived.” “K-pop Demon Hunters was art imitating life that was imitating art,” Cho quipped, referencing the plot point of how Huntr/x — the K-pop group in the movie — draw their power to seal demons from their fans. Cho worked on the film as a music licensing consultant. In an illustration of that full circle, Billboard even came out with their list of top 5 covers of “Golden” from K-pop idols. Director Maggie Kang had said the K-pop groups in the movie were inspired by a multitude of artists, and Cho said, “You have K-pop artists that inspired the movie, now reinterpreting their favorite parts, their favorite scenes, their favorite dance moves, their favorite tracks.” Gonna be, gonna be, golden “It is a potential gold mine. Can Netflix mine all that gold out? That’s the question.” director of insights and content strategy, Greenlight Analytics Brandon Katz But it’s not about the views and streams alone — “KPop Demon Hunters” gives Netflix “their first real, organic, mega hit animated franchise,” said Brandon Katz, director of insights and content strategy at Greenlight Analytics. That gives them the opportunity to show that the platform can develop and expand this intellectual property at the same level of Disney, he added. For starters, Netflix has moved quickly to extend the longevity of the film’s influence. The studio has announced a “sing-along event” for U.S. and U.K. audiences in selected theaters later in August, and the merchandise page for “KPop Demon Hunters” has 187 products, more than Squid Game 3’s 139 products. An exclusive report from The Wrap on July 31 revealed that Netflix has more plans, and is considering two sequels, a short film and a stage musical for the franchise. It is important to develop he emotional ties an audience has with a piece of IP, Katz said, “because the more emotionally invested they are in a franchise, the greater the likelihood that they’ll spend money on it.” “KPop Demon Hunters” has been Netflix’s “biggest home run” in original animated movie-making, Katz said. The way Netflix responds to this phenomenon — such as how it crafts a long-lasting franchise across multiple distribution pathways and how it captures consumer spending — will be critical to maximizing the potential of the film, he added. “It is a potential gold mine. Can Netflix mine all that gold out? That’s the question.”
The human papillomavirus (HPV) vaccine to prevent cervical cancer will be rolled out from September 15 in Sindh, with health officials warning that community mistrust, persistent rumours and gaps in vaccinator training could undermine the campaign.
Around 50% of the target group is enrolled in schools, with coordination underway [between health officials and the] education department to facilitate in-school vaccinations, said Dr Rehan Baloch, speaking at the Globe HPV Seminar at Aga Khan Univeristy (AKU).
“We have earmarked around Rs 200 million for the HPV vaccine, with additional support from Gavi and other partners for advocacy and outreach,” he said, stressing the need for stronger engagement with parents, teachers and healthcare providers.
The campaign will rely on paediatricians, gynaecologists and frontline workers to inform communities about HPV and cervical cancer prevention.
Sindh Expanded Programme on Immunisation (EPI) Project Director Dr Raj Kumar described the rollout as a “historic initiative” and said preparations were focused on operational logistics and microplanning at the union council level, drawing on experience from measles, typhoid and polio campaigns.
Officials said 20 million girls aged nine to 14 are registered in schools nationwide, with the remainder out of school. An estimated 70% of vaccinations will take place in schools and the rest are to be administered in community settings through partnerships with public and private sectors.
What is HPV?
Cervical cancer kills more than 300,000 women worldwide each year, with the heaviest death toll in low- and middle-income countries. In Pakistan, the disease is among the leading cancers in women and is often diagnosed too late, despite being largely preventable through timely vaccination.
The human papillomavirus (HPV) — a sexually transmitted infection — is responsible for 91% of cervical cancers globally. According to the World Health Organization (WHO), more than 291 million women are diagnosed annually and about 340,000 die from the disease, most in countries like Pakistan.
Recent estimates indicate that every year in Pakistan, 5,008 women are diagnosed with cervical cancer and 3,197 die from the disease, according to the Human Papillomavirus and Related Cancers, Fact Sheet 2023.
HPV has over 200 known types, classified into low-risk and high-risk categories. While most low-risk infections are asymptomatic and resolve on their own, high-risk strains HPV 16 and 18 are linked to 70-80% of cervical cancer cases. In Pakistan, nine out of 10 cases are caused by these two strains.
Marc Benioff, chairman and chief executive officer of Salesforce.com speaks during the grand opening ceremonies for the Salesforce Tower in San Francisco on May 22, 2018.
David Paul Morris | Bloomberg | Getty Images
Activist Starboard Value, one of the first investors to publicly push Salesforce to make changes three years ago, increased its stake in the U.S. software company by almost 50% in the second quarter, according to a regulatory filing on Thursday.
The hedge fund reported owning 1.3 million shares in Salesforce on June 30, compared with 849,679 shares at the end of the first quarter when it boosted its stake by almost 52%.
The move comes as the company’s stock price has lost nearly 30% since January and is off nearly 9% over the last 12 months.
Salesforce, which has a market value of $223 billion, came under intense pressure from a handful of activist investors in late 2022 and early 2023. But many who publicly pushed for changes cut their stakes or exited completely by the middle of 2023 after the company reported better results, added a new director to the board and made other changes.
Now the pressure may be increasing again with Starboard, which is known to revisit earlier investments if the company is seen as backsliding on promises, loading up on the stock.
While Salesforce’s stock price gained nearly 100% in 2023, Starboard’s chief executive, Jeffrey Smith, said late last year that the company still had room to become more efficient and profitable.
A Starboard spokesperson could not be reached for comment on Thursday.
The firm also increased its holding in drugmaker Pfizer by 10.5% to 8.5 million shares, less than a year after unveiling a $1 billion stake in the company and pushing it to improve performance.
At Autodesk, where the hedge fund settled its fight with the software design company in April, Starboard cut its stake by nearly 27%, the filing shows.
While Thursday’s filing is backward-looking, the so-called 13F filings, which detail what U.S. stocks a fund manager owned at the end of the previous quarter, are closely watched for possible investment trends.
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