Category: 3. Business

  • ‘Let’s address the elephant in the room’

    ‘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.

    To maximize your savings while owning an EV, solar panels can fuel your vehicle cheaper than using public charging stations or relying on the grid.

    EnergySage makes it easy to compare quotes from vetted local installers and save up to $10,000 on installations.

    Join our free newsletter for good news and useful tips, and don’t miss this cool list of easy ways to help yourself while helping the planet.

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  • Stocks continue bull-run, reach fresh peak

    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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  • 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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  • IMF Rejects Pakistan’s Crypto Mining Power Subsidy Plan

    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