Royal Mail missed its targets by delivering nearly a quarter of first class mail late in the first update since its parent company was bought by a Czech billionaire, figures show.
The company said on Friday it had delivered 75.9% of first class mail within one working day of collection in the three months to 29 June, up from 74.2% the previous quarter but well behind the 93% target set by the regulator, Ofcom.
Its performance on second class was “broadly stable”, with 89.3% of mail delivered within three working days, lagging Ofcom’s target of 98.5%.
EP, the group controlled by Daniel Křetínský, completed a drawn-out £3.6bn takeover of International Distribution Services (IDS) in April after a UK government review under national security laws. Křetínský, known as the Czech Sphinx, owns a collection of businesses including energy assets, and stakes in Sainsbury’s and West Ham United.
In its quarterly update, Royal Mail also said it had managed to deliver 97% of first class mail within three days.
The company has long struggled to deliver mail on time. It has been fined more than £16m over the past two years for failing to meet targets, and Ofcom began an investigation this year after it missed annual targets.
Daniel Křetínský also has stakes in Sainsbury’s and West Ham United. Photograph: David W Černý/Reuters
Jamie Stephenson, interim chief operating officer at Royal Mail, said: “Timely letter deliveries really matter to our customers, and they matter to us too.
“We are taking targeted steps to improve reliability, and we remain focused on delivering a better service for all our customers, every day.”
Last month, Royal Mail was given the green light by Ofcom to drop Saturday deliveries of second-class letters, and to provide services on alternate weekdays from Monday to Friday rather than every day as it attempts to cut costs and make the service more reliable.
Ofcom also lowered targets for first class post to be delivered the next day from 93% to 90%, and for second class within three days from 98.5% to 95%. The changes take effect from next April.
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Tom MacInnes, director of policy at Citizens Advice, said: “It’s no surprise that paying consumers are still being let down by our country’s postal service. For more than half a decade, late deliveries have disrupted lives – causing people to miss medical appointments and benefit decisions – while stamp prices soared.
“Yet, Ofcom has responded by lowering Royal Mail’s delivery targets and slashing its second class delivery requirements in half. These changes don’t guarantee a more reliable or affordable service, but risk making things worse for consumers.”
He added: “Ofcom must ensure reduced deliveries are balanced with targets Royal Mail genuinely has to hit so people finally get the service they deserve.”
Emma Gilthorpe suddenly left after just over a year as Royal Mail’s chief executive in June, weeks after EP completed its IDS takeover.
Gold gains as Powell’s comments fuel rate cut hopes Reuters
Jackson Hole Economic Policy Symposium: Labor Markets in Transition — Demographics, Productivity and Macroeconomic Policy Kansas City – Federal Reserve
Powell suggests rate cuts are coming — but not because Trump demanded them CNN
Gold edges down on stronger dollar, Powell’s remarks in focus Reuters
Gold Price Outlook – Gold Continues to Sit Near 50 Day EMA FXEmpire
Cook, who has been accused of mortgage fraud, says she will not be ‘bullied’ into resigning by the president.
United States President Donald Trump says he will fire Federal Reserve Governor Lisa Cook if she doesn’t quit, intensifying his effort to gain influence over the central bank.
“I’ll fire her if she doesn’t resign,” Trump told reporters on Friday during a visit to a Washington, DC, museum focused on the White House.
Cook, the first Black woman to serve on the Federal Reserve’s Board of Governors, said she had “no intention of being bullied to step down” after Trump on Wednesday called for her resignation on the basis of allegations about mortgages she holds in Michigan and Georgia.
Cook on Wednesday said she took any questions about her financial history seriously as a member of the Fed’s board and was gathering accurate information to answer any legitimate questions.
Asked about the matter on Friday as she attended the Fed’s annual research conference in Jackson Hole, Wyoming, Cook said she had no further comment beyond her earlier statement.
Cook is among three Fed governors appointed by former President Joe Biden whose terms extend beyond Trump’s time in office, complicating the president’s efforts to gain more control by appointing a majority of the seven-member Board of Governors. Two of the Fed’s board members were appointed by Trump – Governor Christopher Waller and Vice Chairwoman for Supervision Michelle Bowman.
Trump has repeatedly criticised Fed Chairman Jerome Powell, whose term ends in May, first over his failure to reduce benchmark interest rates and more recently over cost overruns on a renovation of a Federal Reserve building.
US Federal Housing Finance Agency Director William Pulte raised the allegations against Cook in a post on X on Wednesday, saying she had designated a condo in Atlanta, Georgia, as her primary residence after taking out a loan on her home in Michigan, which she also declared as a primary residence. Pulte told CNBC he is also investigating property Cook has in Massachusetts.
Loans for a primary residence can carry easier terms than those for second homes or investment properties. Pulte said the loans in question date to mid-2021 before Cook was appointed to the Fed and confirmed by the Senate in 2022. Cook, a native of Georgia, was an economics professor at Michigan State University at the time the mortgages were taken out.
Pulte asked US Attorney General Pam Bondi to investigate, and Trump quickly amplified the allegation. The Department of Justice is taking the matter very seriously, a department official told the Reuters news agency earlier this week.
Allegations ‘cobbled together’
Maxine Waters, the top Democrat on the US House of Representatives Committee on Financial Services, blasted Trump’s attack on Cook on Friday, saying in a statement that it was a clear continuation of his ongoing effort to “undermine the independence of the Federal Reserve” and deflect attention to signs of economic challenges caused by his policies.
“Their latest target is Dr. Lisa Cook, a highly qualified, trailblazing economist, and the first Black woman to serve on the Federal Reserve’s Board of Governors since Congress created it in 1913,” Waters said. “Let me be very clear, the allegations against Dr. Cook have been cobbled together as a pretext to try to replace her with someone who will be loyal first to Trump instead of the US Constitution or US law.”
Treasury Secretary Scott Bessent is heading the effort to find a replacement for Powell.
Trump is pushing for early Senate confirmation of loyalist Stephen Miran, head of the Council of Economic Advisers, whom he nominated for a temporary seat on the Fed board, replacing Adriana Kugler. Kugler, the first Latina on the board, resigned abruptly this month, months before her term was due to end on January 31.
ETH surged 13% on Friday after Federal Reserve Chair Jerome Powell’s dovish Jackson Hole speech hinted at an interest rate cut in September.
Onchain and technical indicators signal Ether’s potential to hit $6,000 in the short term.
Ether’s (ETH) price displayed strength at the Wall Street open on Friday, rising 13% to $4,788 following Federal Reserve Chair Jerome Powell’s Jackson Hole speech.
ETH price rallied from $4,200 within minutes, reclaiming $4,600, a level that has suppressed the price over the last seven days, per data from Cointelegraph Markets Pro and TradingView.
This performance follows Powell’s Jackson Hole speech, where he hinted at a potential interest rate cut in September, signaling a dovish stance that boosted market optimism.
Interest rate cut odds for the Sept. 17 FOMC meeting have now jumped to 91.5% from 75% a day prior, according to the CME Group Fedwatch tool.
Target rate possibilities for the Sept. 17 FOMC meeting. Source: CME Group
This adds to the encouraging bullish sentiment that could potentially drive ETH to new highs.
ETH crosses $4,600 with a “god candle,” said analyst Elisa in response to Ether’s reaction, adding:
Several bullish signs suggest that ETH is well-positioned to break out toward fresh all-time highs in the following days or weeks.
Continued spot ETF inflows back ETH price upside
One factor supporting Ether’s bull argument is persistent institutional demand, reflected by significant inflows into spot Ethereum exchange-traded funds (ETFs).
Spot Ether ETFs saw $287.6 million in inflows on Aug. 21, breaking a four-day outflow streak. These investment products have seen net inflows totaling $2.55 billion month-to-date as per data from Farside Investors.
As Cointelegraph reported, Ether continued dominating global exchange-traded products (ETPs) last week, with inflows totaling $2.9 billion, marking growing investor appetite for the altcoin ETPs.
Related: EU exploring Ethereum, Solana for digital euro launch: FT
Exchange supply plummets
ETH balances on exchanges have dropped to nine-year lows, falling to 14.9 million ETH for the first time since July 2016, Glassnode data shows.
ETH supply on exchanges. Source: Glassnode
The total balance between inflows and outflows in and out of all known exchange wallets shows a steep decline since October 2023, when withdrawals from the trading platforms began to surge. This drop accompanies a 180% rise in Ether’s price over the same time period.
Reducing Ether supply on exchanges may signal an incoming price rally fueled by a “supply shortage,” which occurs when strong buyer demand meets decreasing available ETH, according to crypto investor Crypto Virtuos.
“The amount of $ETH held on centralized exchanges has dropped to its lowest level in 9 years,” Crypto Virtuos said in a Monday post on X.
This implies that more people are choosing to hold and stake ETH long-term, resulting in less ETH available for selling.
“Chance of a supply shortage coming. Is ETH ready for its next big move?”
Bull flag breakout places ETH price target above $6,000
From a technical perspective, Ether’s price action has validated a bull flag pattern on the daily chart.
The bull flag resolved when the price broke above the upper trendline at $4,300. ETH could then rise by as much as the previous uptrend’s height. This puts the upper target for the altcoin at $6,150 — up 43% from the current price.
Additionally, the daily relative strength index is positive at 66. This suggests that the market conditions still favor the upside, boosting Ether’s chances of reaching its bull flag target.
Popular trader Merlijn The Trader had a more ambitious target for Ether, saying that breaking out of a four-year downtrend coupled with a bullish cross from the MACD on the monthly chart sets ETH up for a rally toward $10,000.
Other analysts also predict that Ether could reach $10,000 and beyond in 2025, citing institutional demand through spot Ethereum ETFs and ETH treasury companies remains notably strong, suggesting bullish market sentiment.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Crypto market traders were positioned for Jerome Powell to be hawkish in a highly anticipated speech, but they were pleasantly surprised as the Fed chief suggested rate cuts could be coming soon.
Prediction markets bettors now place higher odds of a quarter percentage rate cut in September than they did prior to the speech.
Bitcoin and proxy stocks such as Strategy and Coinbase also surged as the prospect of lower interest rates revived investors’ appetite for risk.
Crypto investors cheered after Federal Reserve Chair Jerome Powell’s speech in Jackson Hole on Friday, latching onto the possibility of a rate cut as soon as next month.
Bitcoin (BTCUSD) was trading at around $116,500 recently, up from a low this morning below $112,000. Bitcoin-proxy stocks also gained, with major bitcoin buyer Strategy (MSTR) rising more than 5% and crypto exchange Coinbase (COIN) up nearly 7%. Altcoins including ethereum (ETDUSD) and solana (SOLUSD) also rose.
While the Fed has held rates steady throughout the year, citing a solid jobs market and concerns over tariff-fueled inflation, Powell now seems open to change. “Overall, while the labor market appears to be in balance, it is a curious kind of balance that results from a marked slowing in both the supply of and demand for workers. This unusual situation suggests that downside risks to employment are rising,” Powell said in prepared remarks Friday morning. He also said “the shifting balance of risks may warrant adjusting our policy stance.”
Fundstrat’s Tom Lee took to social media saying: “Fed Powell speech interpreted as ‘dovish’ as we expected.”
Earlier in the week, crypto traders had positioned for an upset, selling U.S. spot bitcoin in anticipation of more-hawkish comments from the Fed chair. Momentum behind the world’s largest cryptocurrency returned on the prospect of lower rates spurring investor appetites for risk assets.
Crypto natives’ expectations that the Fed would lower its target rate in September had diverged from traditional finance investors’ bets prior to the Jackson Hole speech, but now are more in line with them.
As of Friday afternoon, bettors on prediction markets platform Polymarket placed about an 80% chance of a quarter-point cut next month; before the market’s open, odds were at 56%. CME FedWatch now shows an 87% probability compared to 75% yesterday.
Participant demographic and baseline characteristics
In this pooled analysis of 2 cohorts from 6 studies that assessed B/F/TAF in participants ≥ 50 years of age (compared with participants < 50 years of age), baseline characteristics were evaluated across both treatment-naïve and virologically suppressed cohorts (Table 1).
Table 1 Demographics and characteristics
Among treatment-naïve participants, the median age was 55 years (quartile [Q]1, Q3: 52, 60) for those ≥ 50 years of age (n = 96) and 30 years (Q1, Q3: 25, 37) for those < 50 years of age (n = 538). This cohort included 5 participants ≥ 65 years of age, 91 participants 50 to < 65 years of age, and 538 participants < 50 years of age, for a total of 634 participants in the B/F/TAF analysis set. The majority of participants were male at birth, with 84.4% in the ≥ 50 years of age group and 90.0% in the < 50 years of age. Regionally, 58.3% of participants ≥ 50 years of age and 67.8% of those < 50 years of age were from the United States, with the remainder from other countries. Racially, 61.5% of participants ≥ 50 years of age and 56.5% of those < 50 years of age identified as White, while 31.3% and 33.7%, respectively, identified as Black. Hispanic or Latino ethnicity was reported by 11.5% of participants ≥ 50 years of age and 26.9% of those < 50 years of age. Median baseline HIV-1 RNA level was 4.48 log10 copies/mL (Q1, Q3: 4.00, 4.93) for participants ≥ 50 years of age and 4.41 log10 copies/mL (Q1, Q3: 4.00, 4.86) for those < 50 years of age. CD4 T-cell counts were similar, with a median of 436 cells/µL (Q1, Q3: 235, 601) in the ≥ 50 years of age group and 442 cells/µL (Q1, Q3: 299, 590) in the < 50 years of age group. Among participants ≥ 50 years of age, 16.7% had diabetes, 6.3% had cardiovascular disease, 40.6% had hyperlipidemia, and 47.9% had hypertension. Among participants < 50 years of age, 4.1% had diabetes, 1.5% had cardiovascular disease, 8.9% had hyperlipidemia, and 9.7% had hypertension (Table 1).
For the virologically suppressed cohort, the median age was 56 years (Q1, Q3: 52, 60) for participants ≥ 50 years of age (n = 450) and 39 years (Q1, Q3: 33, 45) for those < 50 years of age (n = 640). This cohort included 54 participants ≥ 65 years of age, 396 participants 50 to < 65 years of age, and 640 participants < 50 years of age, for a total of 1090 in the B/F/TAF safety analysis set. Most participants were male at birth, with 76.0% in the ≥ 50 years of age group and 61.4% in the < 50 years of age group. In terms of region, 72.7% of those ≥ 50 years of age and 45.9% of those < 50 years of age were from the United States. Among those ≥ 50 years of age, 64.7% of participants identified as White, 29.1% identified as Black, and 16.0% reported Hispanic or Latino ethnicity. In the < 50 years of age group, 57.7% of participants identified as White, 25.9% identified as Black, and 20.5% reported Hispanic or Latino ethnicity. Baseline virologic suppression was high, with 98.0% (441/450) of those ≥ 50 years of age and 98.8% (632/640) of those < 50 years of age having HIV-1 RNA < 50 copies/mL. Median CD4 T-cell counts were 640 cells/µL (Q1, Q3: 486, 852) for participants ≥ 50 years of age and 691 cells/µL (Q1, Q3: 523, 887) for those < 50 years of age. Medical history showed a notable prevalence of comorbidities among those ≥ 50 years of age: 11.1% of participants had cardiovascular disease, 16.9% had diabetes, 48.9% had hyperlipidemia, and 40.4% had hypertension. Among those < 50 years of age, 2.3% of participants had cardiovascular disease, 5.9% had diabetes, 18.9% had hyperlipidemia, and 17.3% had hypertension (Table 1).
Virologic Outcomes
In the treatment-naïve cohort, virologic suppression (HIV-1 RNA < 50 copies/mL) at Week 240 was achieved by 98.5% of participants (67/68) ≥ 50 years of age (95% CI: 92.1%−100.0%) and by 98.6% of participants (359/364) < 50 years of age (95% CI: 96.8%−99.6%), as determined by the M = E analysis (P = 0.9139; Fig. 1A). In the M = F analysis, virologic suppression at Week 240 was maintained by 69.8% of participants (67/96) ≥ 50 years of age (95% CI: 59.6%−78.7%) and by 66.7% of participants (359/538) < 50 years of age (95% CI: 62.6%−70.7%), with no significant differences observed between the 2 age groups (P = 0.50).
Fig. 1
Virologic outcomes (M = E) in the treatment-naïve (A) and virologically suppressed (B) cohorts. B/F/TAF, bictegravir/emtricitabine/tenofovir alafenamide; c, copies; HIV-1, human immunodeficiency virus–1; M = E, missing = excluded. Results are shown using the M=E approach unless otherwise indicated. A Treatment-naïve cohort: the rate of virologic suppression (HIV-1 RNA<50 c/mL) with B/F/TAF was similar at Week 240 between age groups (M = E). B Virologically suppressed cohort: the rate of virologic failure (HIV-1 RNA ≥50 c/mL) was low and virologic suppression (HIV-1 RNA <50 c/mL) was high with B/F/TAF at Week 48 in both age groups (FDA Snapshot)
At Week 48 in the virologically suppressed cohort, virologic suppression (HIV-1 RNA < 50 copies/mL), as assessed by the FDA snapshot method, was achieved by 93.6% of participants, with 93.6% of participants (421/450; 95% CI: 90.9%−95.6%) ≥ 50 years of age and 93.6% of participants (599/640; 95% CI: 91.4%−95.4%) < 50 years of age achieving suppression; there were no statistically significant differences between the 2 groups (P = 1.00; Fig. 1B). The proportion of participants with HIV-1 RNA ≥ 50 copies/mL was 0.9% (4/450; 95% CI: 0.2%−2.3%) for participants ≥ 50 years of age and 1.4% (9/640; 95% CI: 0.6%−2.7%) for those < 50 years of age, with no statistically significant differences between the 2 groups (P = 0.58; Fig. 1B). At Week 48, virologic suppression (HIV-1 RNA < 50 copies/mL) was achieved by 99.3% of participants (426/429; 95% CI: 98.0%−99.9%) ≥ 50 years of age and 98.7% of participants (602/610; 95% CI: 97.4%−99.4%) < 50 years of age in the M = E analysis. The difference between the 2 age groups was not statistically significant (P = 0.54). At Week 48, virologic suppression (HIV-1 RNA < 50 copies/mL) was achieved by 94.7% of participants (426/450; 95% CI: 92.2%−96.6%) ≥ 50 years of age and 94.1% of participants (602/640; 95% CI: 91.9%−95.8%) < 50 years of age in the M = F analysis. The difference between the 2 age groups was not statistically significant (P = 0.69). No treatment-emergent resistance to B/F/TAF was observed in either age group through Week 240 in the treatment-naïve cohort or through Week 48 in the virologically suppressed cohort.
CD4 T-cell counts
At Week 240 in the treatment-naïve cohort, CD4 T-cell counts continued to increase from baseline in both age groups (mean [SD] change from baseline: +291 [221.3] for participants ≥ 50 years of age and + 347 [238.2] for those < 50 years of age; least squares mean difference [LSMD]: − 58 [range: − 120, 4]; P = 0.07). At Week 48 in the virologically suppressed cohort, CD4 T-cell count also increased from baseline among participants ≥ 50 years of age and those < 50 years of age (mean [SD] change from baseline: +18 [162.5] and + 4 [174.9] cells/µL, respectively; LSMD: 15 [range: − 7, 36]; P = 0.18), indicating no statistically significant difference between age groups.
Adherence
Adherence to B/F/TAF through Week 240 for the treatment-naïve cohort and through Week 48 for the virologically suppressed cohort is shown in Table 2. In the treatment-naïve cohort, the median adherence rate was high in both age groups, with participants ≥ 50 years of age showing a median (Q1, Q3) adherence of 98.2% (96.7, 99.4) and those < 50 years of age at 97.0% (93.2, 98.9). A greater proportion of participants ≥ 50 years of age achieved an adherence rate of ≥ 95% compared with those < 50 years of age (82.8% vs. 66.3%, respectively; P = 0.002; Table 2). In the virologically suppressed cohort, the median adherence rate was also high for both age groups at Week 48, with a median (Q1, Q3) adherence of 98.8% (96.8, 99.7) for participants ≥ 50 years of age and 98.8% (96.8, 99.7) for those < 50 years of age. The proportion of participants with adherence rates of ≥ 95%, ≥ 85 to < 95%, and < 85% was similar between age groups, indicating consistent adherence across age categories in the virologically suppressed cohort (Table 2).
Outcomes in body weight, lipid profile, renal function, and bone health
Change from baseline in body weight through Week 240 is shown for participants ≥ 50 and < 50 years of age in the treatment-naïve cohort and through Week 48 for the virologically suppressed cohort. In the treatment-naïve cohort, there were no significant overall differences in weight change at Week 240 between participants ≥ 50 years of age and those < 50 years of age. The median (Q1, Q3) weight gain was 4.8 kg (0.7, 10.2) for participants ≥ 50 years of age and 6.4 kg (2.4, 12.0) for those < 50 years of age. At Week 48 in the virologically suppressed cohort, change in body weight was minimal, with a median (Q1, Q3) weight gain of 1.5 kg (–0.8, 3.8) for participants ≥ 50 years of age and 1.8 kg (–0.4, 4.0) for those < 50 years of age. No significant difference in weight change was observed between age groups in either cohort (Table 3 and Supplement Table 1).
Table 3 Bone, renal, and metabolic outcomes
Change from baseline in fasting lipid parameters, specifically the TC: HDL ratio, was assessed across both age groups. At Week 240 in the treatment-naïve cohort, the median (Q1, Q3) change from baseline in TC: HDL ratio was − 0.3 (–0.9, 0.4) for participants ≥ 50 years of age and 0.1 (–0.4, 0.6) for those < 50 years of age. At Week 48 in the virologically suppressed cohort, change in the TC: HDL ratio was minimal, with a median (Q1, Q3) change of − 0.1 (–0.5, 0.4) for participants ≥ 50 years of age and 0.0 (–0.4, 0.3) for those < 50 years of age (Table 3). Additionally, the proportion of participants who initiated lipid-modifying agents during the study was higher among those ≥ 50 years of age compared with those < 50 years of age (5.3% vs. 0.8%, respectively; P < 0.0001).
Change from baseline in eGFR was similar across age groups in both the treatment-naïve and virologically suppressed cohorts. At Week 240 in the treatment-naïve cohort, the median (Q1, Q3) change in eGFR from baseline was − 10.5 mL/min (–19.6, 2.4) for participants ≥ 50 years of age and − 7.7 mL/min (–19.4, 3.0) for those < 50 years of age, with no statistically significant difference between age groups (P = 0.30). At Week 48 in the virologically suppressed cohort, the median (Q1, Q3) change in eGFR was − 0.9 mL/min (–8.1, 5.8) for participants ≥ 50 years of age and − 1.0 mL/min (–9.6, 8.4) for those < 50 years of age (P = 0.92), indicating minimal change and no significant difference across age groups (Table 3).
Change from baseline in BMD was minimal and similar between age groups in both cohorts. At Week 240 in the treatment-naïve cohort, the mean (SD) percent change in hip BMD was 0.3% (3.26%) for participants ≥ 50 years of age and − 0.4% (5.80%) for those < 50 years of age, while mean (SD) percent change in spine BMD was 1.3% (5.64%) and − 0.9% (4.95%), respectively. At Week 48 in the virologically suppressed cohort, the mean (SD) percent change in hip BMD was 0.2% (2.43%) for participants ≥ 50 years of age and 0.1% (2.03%) for those < 50 years of age; mean percent change in spine BMD increased by 0.5% (3.52%) and 0.8% (2.78%), respectively. No significant difference was observed between age groups in either cohort (Fig. 2).
Fig. 2
Percent change from baseline in BMD in the treatment-naïve (A) and virologically suppressed (B) cohorts. BMD, bone mineral density; SD, standard deviation. A Treatment-naïve cohort: mean percent change in hip and spine BMD from baseline to Week 240 in participants ≥50 years of age and <50 years of age. B Virologically suppressed cohort: mean percent change in hip and spine BMD from baseline to Week 48 in participants≥50 years of age and <50 years of age
Other safety outcomes
In the treatment-naïve cohort, TEAEs were reported by 93.8% of participants ≥ 50 years of age and by 95.5% of those < 50 years of age, with study drug–related TEAEs in 26.0% and 28.4% of participants, respectively. Grade 3 or 4 TEAEs affected 31.3% of participants ≥ 50 years of age and 19.0% of those < 50 years of age, with serious TEAEs in 34.4% and 19.1% of participants, respectively. Discontinuation due to TEAEs occurred in 4.2% and 1.1% of participants in the ≥ 50 and < 50 years of age groups, respectively, with 6 deaths (6.3%) among those ≥ 50 years of age and 2 deaths (0.4%) among those < 50 years of age. In the virologically suppressed cohort, TEAEs were observed in 78.7% of participants ≥ 50 years of age and in 77.2% of those < 50 years of age, with study drug–related TEAEs in 12.9% and 12.5% of each group, respectively. Grade 3 or 4 TEAEs were seen in 7.3% and 4.7% of participants ≥ 50 and < 50 years of age, respectively, with serious TEAEs in 8.7% and 4.7%. Discontinuation due to TEAEs occurred in 1.8% of participants ≥ 50 years of age and 0.9% of those < 50 years of age, with 2 deaths reported in each age group (0.4% and 0.3%, respectively; Table 4).
Treatment-emergent diabetes and hypertension
Treatment-emergent (events that occur while on study) diabetes and hypertension through Week 240 for the treatment-naïve cohort and through Week 48 for the virologically suppressed cohort are shown in Table 5. From baseline to Week 240, treatment-emergent diabetes was observed in 5.1% of participants ≥ 50 years of age and 1.7% of those < 50 years of age (P = 0.08). Treatment-emergent hypertension was reported in 19.6% of participants ≥ 50 years of age and 12.5% of those < 50 years of age (P = 0.19). At Week 48 in the virologically suppressed cohort, the incidence of treatment-emergent diabetes was 1.1% in participants ≥ 50 years of age and 1.3% in those < 50 years of age (P = 1.00), while treatment-emergent hypertension was observed in 5.2% of participants ≥ 50 years of age and 2.6% of those < 50 years of age (P = 0.07). No significant difference in rates of treatment-emergent diabetes or hypertension was found between age groups in either cohort (Table 5).
Table 5 Treatment-emergent diabetes and hypertension
In an effort to make personal transport more accessible, Standard Chartered Bank has launched a financing option for Yamaha motorcycles in Pakistan. The bank’s Aasan Instalment Plan allows credit card holders to purchase any Yamaha bike with 0% mark-up, spreading payments over 12 months. This initiative aims to ease the financial burden on buyers, making Yamaha motorcycles more affordable.
Offer Details:
No interest charges during the 12-month tenure.
Available on all Yamaha bike models.
Flexible payment options with zero processing fee for the 0% markup.
The offer provides a budget-friendly way for individuals to buy a Yamaha motorcycle without the usual financing charges. Standard Chartered credit card holders can apply through the bank’s helpline and enjoy easy monthly payments.
Competition in the Market:
While Yamaha offers this no-interest plan, competitors like Honda and Suzuki are also stepping up with installment-based schemes. However, Yamaha’s 0% mark-up on their plan distinguishes it from others, providing a significant advantage in the budget-conscious market.
How to Apply:
Eligibility: Must be a Standard Chartered credit card holder in good standing.
Customers can reach out to Standard Chartered’s helpline at 021-111-002-002 for more details and to place orders.
This limited-time offer underscores the growing demand for affordable financing options and sets Yamaha ahead in the competitive motorcycle market.
JS Bank Limited (PSX: JSBL) reported a sharp decline in earnings for 1HFY25, with consolidated profit after tax falling 45.1% YoY to Rs5.32 bn. Earnings per share dropped to Rs1.99 from Rs3.86 a year earlier, according to the bank’s filing with the PSX.
Key Drivers:
Margin compression: Net mark-up income fell 8.3% to Rs32.45 bn, reflecting lower asset yields despite reduced funding costs.
Non-mark-up income gains: Jumped 40.8% to Rs12.51 bn, mainly due to Rs4.63 bn in securities gains (+281% YoY).
Foreign-exchange income decline: FX revenue fell 61%, reducing a historically important buffer.
Rising costs: Operating expenses surged 26.7% to Rs30.18 bn, pushing the cost-to-income ratio to ~68%.
Higher credit charges: Credit loss allowance jumped 79.8% to Rs2.28 bn, further pressuring profitability.
Pre-tax profit: Declined 36.4% to Rs11.93 bn.
The results highlight underlying pressure on core banking income, with trading gains cushioning the decline. Investors remain cautious, given the reliance on volatile income sources amid rising costs.
JS Bank 1HFY25 Consolidated Figures (vs 1HFY24)
Metric
1HFY25
1HFY24
Change
PAT
Rs5.32 bn
Rs9.70 bn
-45.1%
EPS
Rs1.99
Rs3.86
-48.4%
Net Mark-up Income
Rs32.45 bn
Rs35.38 bn
-8.3%
Non-Mark-up Income
Rs12.51 bn
Rs8.88 bn
+40.8%
Gains on Securities
Rs4.63 bn
Rs1.22 bn
+281%
Operating Expenses
Rs30.18 bn
Rs23.82 bn
+26.7%
Credit Loss Allowance
Rs2.28 bn
Rs1.27 bn
+79.8%
Pre-tax Profit
Rs11.93 bn
Rs18.75 bn
-36.4%
JS Bank’s half-year performance underscores margin pressure, rising costs, and higher credit charges. Future profitability will depend on restoring core income growth and managing expenses without over-reliance on trading gains.
