Category: 3. Business

  • JS Bank Half-Year Profit Slumps 45% Amid Margin Pressure and Rising Costs JS Bank Profit Slumps 45% in 1HFY25 Amid Rising Costs

    JS Bank Half-Year Profit Slumps 45% Amid Margin Pressure and Rising Costs JS Bank Profit Slumps 45% in 1HFY25 Amid Rising Costs

    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.

     

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  • Pop Mart rolling out mini Labubus and a long-fur version of the popular plush toy

    Pop Mart rolling out mini Labubus and a long-fur version of the popular plush toy

    China’s Pop Mart says it is rolling out a mini version of its popular Labubu plush toys this month, along with a new long-fur version of the toothy little monster.

    The Labubu, by artist and illustrator Kasing Lung, first appeared with pointed ears and pointy teeth, in three picture books inspired by Nordic mythology in 2015.

    In 2019 Lung struck a deal with Pop Mart, a company that caters to toy connoisseurs and influencers, to sell Labubu figurines. But it wasn’t until Pop Mart started selling Labubu plush toys on key rings in 2023 that the toothy monsters suddenly seemed to be everywhere.

    Pop Mart said Friday that the mini-sized Labubu vinyl plush pendant, which is part of The Monsters Pin For Love series, will be available in various colors corresponding to letters of the alphabet. They will cost $22.99 each.

    The series also includes 30 letter pendant blind boxes, each with a unique pattern and Monsters charm. They will be priced at $18.99 a piece.

    In addition, Pop Mart is launching the Rock the Universe vinyl plush doll, which is part of The Monsters Big Into Energy Series. The plush, which will have a pearl-and-alloy heart necklace, will be the first of the Monsters to have long fur and uses a specialized dyeing technique that ensures no two figures are exactly alike. The dolls will cost $114.99 each.

    All of the new products will be available starting Aug. 29 on Pop Mart’s website either for in-store pickup or shipping. They will also be available on the company’s app and its official TikTok accounts.

    Labubu has been a bonanza for Pop Mart. Its revenue more than doubled in 2024 to 13.04 billion yuan ($1.81 billion), thanks in part to its elvish monster. Revenue from Pop Mart’s plush toys soared more than 1,200% in 2024, nearly 22% of its overall revenue, according to the company’s annual report.

    Earlier this week Pop Mart reported that its profit attributable to shareholders skyrocketed almost 400% for the first six months of the year. Revenue jumped more than 200% to 13.88 billion yuan ($1.93 billion). Revenue for the Asia Pacific region surged more than 250%, while revenue for the Americas soared more than 1,000%.

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  • Local Models, Slipping Sales, and a Silent Software Shift

    Local Models, Slipping Sales, and a Silent Software Shift

    This article first appeared on GuruFocus.

    Tesla (NASDAQ:TSLA) is quietly switching gears in Chinaand it’s not just about batteries or bodywork. To keep pace with domestic EV rivals, the automaker is now integrating homegrown artificial intelligence from Bytedance’s Doubao and Deepseek into its in-car experience. The move gives drivers access to voice-controlled navigation, entertainment, and cabin controlsall hosted on Bytedance’s Volcano Engine cloud. It’s the kind of localized tech that Chinese consumers have come to expect, especially with competitors like BYD and Geely already layering Deepseek into their systems.

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    What’s missing? Grokthe conversational AI built by Elon Musk’s xAI and embedded in U.S. Teslas. China’s regulatory landscape has likely made it tough for Tesla to bring Grok across the border. Instead, it’s following a playbook similar to BMW, which recently tapped Alibaba’s QWen to power voice functions in its China-focused lineup. It’s part of a broader trend: foreign carmakers leaning into local AI to meet the expectations of a hyper-digitized consumer base in the world’s most advanced EV market.

    But under the surface, there’s another story unfolding. Shipments from Tesla’s Shanghai plant have declined in six of the first seven months this year, with July deliveries down 8.4% from a year ago. The company hasn’t confirmed whether the new AI features are live in vehicles yet, and several owners told Bloomberg they haven’t seen updates. With the last official over-the-air update logged on August 18, investors are left wondering whether this AI pivot is a defensive moveor the beginning of Tesla’s next chapter in China.

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  • Fitch Affirms Sherwin-Williams' IDR at 'BBB+'; Outlook Stable – Fitch Ratings

    1. Fitch Affirms Sherwin-Williams’ IDR at ‘BBB+’; Outlook Stable  Fitch Ratings
    2. Sherwin-Williams stock rating reiterated at Outperform by RBC Capital  Investing.com
    3. Sherwin-Williams (SHW) Up 7.1% Since Last Earnings Report: Can It Continue?  Yahoo Finance
    4. Sherwin-Williams: Navigating Market Challenges with Strategic Positioning and Market Share Opportunities  TipRanks
    5. This Sherwin-Williams Analyst Is No Longer Bearish; Here Are Top 5 Upgrades For Thursday  Benzinga

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  • Predictive value of subgenual cingulate normative connectivity to TMS treatment site for antidepressant response in routine clinical practice: a prospective, multisite cohort study

    Predictive value of subgenual cingulate normative connectivity to TMS treatment site for antidepressant response in routine clinical practice: a prospective, multisite cohort study

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  • Apex Traffic Management ceases trading with loss of 119 jobs

    Apex Traffic Management ceases trading with loss of 119 jobs

    A Lanarkshire contractor which provides road signage and barriers has been placed into administration with the loss of 119 jobs across sites in Scotland and England.

    Apex Traffic Management Limited, which is based in Uddingston, ceased trading after a petition by its directors to Hamilton Sheriff Court.

    The firm primarily provided traffic control equipment and services for roadworks, and its customers included Transport Scotland, Highways England and Amey Construction.

    In recent years it expanded to provide traffic management services to venues including Hamilton and Ayr racecourses and the 2024 Open golf championship at Royal Troon.

    The firm also operated more than 150 sets of roadwork traffic lights.

    The joint administrators, who were appointed on Thursday, and Thomas McKay, a partner at Begbies Traynor, will now supervise the consultation process with staff.

    They will also oversee the liquidation of the business and its assets.

    Mr McKay said the directors had little choice but to place the business into administration after receiving a petition by HMRC for liquidation.

    He added: “Tightening margins, slower debt recovery and resulting cash flow challenges, as well as increased costs of trading, especially higher minimum wage and Employers’ National Insurance Contributions, had led to the firm being unable to meet its ongoing obligations and the business was simply not viable.”

    Mr McKay said he was working closely with Apex’s customers to help them find alternative suppliers and ensure “safe operation of the highways”.

    The administrators are working with the employees and Partnership Action for Continuing Employment (PACE) to ensure the affected employees receive their full redundancy entitlements.

    It is also hoped the majority of staff being made redundant may quickly be re-employed in the sector.

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  • JS Bank Reports PKR 3.49bn PBT in 1H 2025 as Current Deposits Top PKR 200bn

    JS Bank Reports PKR 3.49bn PBT in 1H 2025 as Current Deposits Top PKR 200bn

    Karachi, August 22, 2025 — JS Bank Limited, one of the fastest growing banks in Pakistan, announced its financial results for the half-year ended June 30, 2025. The Bank maintained stable overall income growth, with total income rising to PKR 21.367 billion, reflecting a healthy 10% increase from PKR 19.354 billion earned in the same period last year.

    The Bank reported a Profit before tax of PKR 3.488 billion for the period, as against PKR 5.447 billion for the same period last year, mainly due to lower foreign exchange earnings as well as higher credit loss allowances absorbed as against the comparative prior period. The decline in foreign exchange earnings was largely offset by higher capital gains realised during the current period. On a consolidated basis, JSBL reported Profit after tax of PKR 5.324 billion as against PKR 9.703 billion earned for the comparative period last year.

    A key highlight of the period was the Bank achieving the milestone of crossing PKR 200 billion in Current Account deposits, further strengthening its position as a trusted financial partner. Current Accounts now represent a significant share of JS Bank’s deposit base, with CA mix now over 40%, supporting liquidity and reducing the overall cost of funds.

    Operating expenses grew in line with continued investment in people, technology, and infrastructure to support long-term growth and enhance customer experience.

    Commenting on the results, Basir Shamsie, President & CEO of JS Bank, stated: “JS Bank has always focused on strengthening income diversification and building resilience. The strong growth in non-markup income and securities gains is a testament to the effectiveness of our strategy. Achieving PKR 200 billion in Current Account deposits marks another important milestone in our journey. As we move forward, we remain committed to expanding our footprint, driving digital adoption, and creating sustainable value for our customers and stakeholders.”


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  • Fed chair Powell raises hopes of US rate cut

    Fed chair Powell raises hopes of US rate cut

    Jerome Powell, the head of the US central bank, has given a rocket boost to expectations that there will be an interest rate cut in September, a move President Trump has been demanding for months.

    Speaking to central bankers gathered at Jackson Hole, Wyoming, Powell also argued that the inflationary impact of Trump’s tariffs could prove temporary.

    But he did not, as some had expected, address the additional challenges he has faced in recent months: the political pressure exerted on the US central bank, Trump’s barrage of name-calling and demands for Powell to be removed from his post.

    The shift to a more “dovish” stance, suggesting an easing of the cost of borrowing, sent share prices higher.

    Economists and investors were already expecting borrowing rates to come down from their current 4.25 to 4.5% range. Recent weakness in the US jobs market raised those expectations further, but the impact on prices of Trump’s sweeping tariffs had raised doubts.

    “In the near term, risks to inflation are tilted to the upside, and risks to employment to the downside—a challenging situation,” Powell said.

    Central banks typically cut rates to boost growth if there are signs of slowing economy and falling employment, as it makes it cheaper for consumers and businesses to borrow.

    But boosting growth has to be balanced with keeping a check on rising prices. Higher interest rates can help control inflation, which is often seen as a central bank’s main priority.

    Powell said the effects of tariffs on consumer prices were now “clearly visible” but said that there was a “reasonable” case to be made that inflation would be “relatively short lived – a one-time shift in the price level”.

    He said it would take time for the price changes to work their way through, but he downplayed the likelihood of inflation becoming embedded due to increased wage demands, or higher inflation expectations.

    As interest rates were already “in restrictive territory” – high enough to be having a dampening impact on economic activity – Powell suggested that “the shifting balance of risks may warrant adjusting our policy stance”.

    The only time Powell appeared to make reference to the extra pressure exerted by the Trump presidency was when he cautioned against a presumption that a September rate cut was set in stone.

    He said: “Monetary policy is not on a preset course”.

    Members of the policy making committee would take the decision “based solely on their assessment of the data and its implications for the economic outlook and the balance of risks.

    “We will never deviate from that approach,” he said.

    Friday’s speech is likely to be Powell’s final address to the annual gathering of the country’s central bankers in Jackson Hole, as his term comes to an end in May 2026.

    He was appointed chairman of the Federal Reserve by Trump in 2017.

    Since then however Trump has expressed increasing animosity, hurling personal insults at the central banker, including calling him a “numbskull” and a “stubborn moron”, because he did not support the president’s calls for rapid, large cuts to borrowing rates.

    Trump has also publicly raised the idea of removing Powell from his post early, although it is not clear that he has the legal authority to do so.

    Earlier this week the president called for another of the Fed’s officials, Lisa Cook, to resign, over alleged mortgage fraud. She said she would not be “bullied” into leaving.

    Investors welcomed Powell’s speech, pushing the main American share indexes sharply higher in the minutes after he began speaking. By the end of the day’s trading in the US, the broad S&P 500 index was around 1.5% higher.

    Brian Jacobsen, chief economist at Annex Wealth Management, said the Fed had opted against being the “party-pooper”.

    “Chair Powell has shown he has an open mind to reading the data tea leaves,” he said.

    Diane Swonk, chief economist at KPMG US said: “Powell opened the door a little wider to a cut in rates in September.”

    But she said the Fed clearly remained concerned about the risk of rising prices.

    “There is more caution than the markets are giving him credit for,” she said.

    Capital Economics’ deputy chief North America economist, Stephen Brown, said that while a September rate cut now looked “almost nailed on”, higher job creation or “much more concerning” price data in August could still trigger a delay.

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  • Elon Musk and X reach tentative settlement with laid-off Twitter employees | X

    Elon Musk and X reach tentative settlement with laid-off Twitter employees | X

    Elon Musk and his social media platform, X, reached a tentative settlement on Wednesday with former Twitter employees after a years-long legal battle over severance pay. Former staff had sought $500m in a proposed class action suit against the billionaire.

    A court filing released on Wednesday stated that both parties had reached a settlement agreement in principle and requested that a scheduled 17 September hearing in the case be postponed while they worked to finalize a deal. The filing did not disclose any details of the tentative agreement and it is unclear what level of compensation that former employees may receive.

    Former Twitter employees, led by Courtney McMillian and Ronald Cooper, alleged that the company failed to appropriately pay thousands of workers severance after conducting mass layoffs. When Musk acquired Twitter in 2022, he cut more than 6,000 employees in an overhaul of the company’s workforce, slashing almost the entirety of departments such as content moderation and communications. The layoffs led to several lawsuits, some ongoing, from staff and executives, and foreshadowed how Musk’s “department of government efficiency” would approach its gutting of government agencies earlier this year.

    The lawsuit alleged that laid-off workers were owed at least two months of pay plus additional compensation depending on their time worked at the company, in accordance with a 2019 severance plan. Instead, Musk failed to honor the contract and in some cases paid workers no compensation at all, according to the suit.

    The tentative settlement is a turnaround from last year, when a US district judge dismissed McMillian’s suit in a legal victory for Musk. Judge Trina Thompson ruled last July that the federal Employee Retirement Income Security Act (Erisa) governing benefit plans did not cover the former employees’ claims, forcing the plaintiffs to appeal the decision to a higher court.

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    Musk’s $44bn acquisition of Twitter, which he subsequently rebranded to X, remains an incredibly contentious business deal. Twitter executives, including former CEO Parag Agrawal, are also suing Musk in a separate, still-pending case over allegations that he failed to pay them $128m in severance.

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  • Limited Benefit of Adjuvant Chemotherapy in Older Women With HR-Positive, HER2-Negative Breast Cancer

    Limited Benefit of Adjuvant Chemotherapy in Older Women With HR-Positive, HER2-Negative Breast Cancer

    The use of adjuvant chemotherapy in older women with hormone receptor (HR)-positive, human epidermal growth factor receptor 2 (HER2)-negative breast cancer has been continuously debated. Despite being the most common breast cancer subtype in women aged 70 years or more, clinical decision-making has historically relied on evidence generated from younger cohorts, where the benefits of chemotherapy are more pronounced.1,2

    Results from the phase 3 ASTER 70s trial (NCT01564056), recently published in The Lancet, shed critical light on this issue, suggesting that chemotherapy may offer limited survival benefit in this population while substantially increasing toxicity risks.1,2

    Image Credit: RFBSIP | stock.adobe.com

    The ASTER 70s trial enrolled over 1000 women aged 70 or older with newly diagnosed HR-positive, HER2-negative early breast cancer or isolated recurrence. All tumor specimens were assessed with the Genomic Grade Index (GGI), an 8-gene test used to classify risk. Patients with high-risk disease were randomized to receive adjuvant chemotherapy followed by endocrine therapy or solely endocrine therapy. The median age of the participants was 75 years, and around 40% had a score of 14 or less on the G8 frailty test, indicating common health issues in this group.2

    After a median follow-up of 7.8 years, no statistically significant survival benefit was observed for chemotherapy. At 4 years, overall survival (OS) was 90.5% in the chemotherapy-endocrine group versus 89.3% with sole endocrine therapy. At 8 years, OS was 72.7% versus 68.3%, neither reaching statistical significance (HR, 0.83; 95% CI, 0.63–1.11; P = 0.21).¹ These findings challenge the routine use of adjuvant chemotherapy in older patients with genomically high-risk HR-positive disease.

    Severe adverse effects were seen in 34% of the patients receiving chemotherapy, compared with only 9% in those who received endocrine treatment. Treatment-related deaths occurred only in the chemotherapy group and none in the endocrine-only group.¹ Such toxicity has extreme implications for older patients, since many also face risks of mortality from other non-cancer health issues.

    These results highlight the importance of weighing quality of life against modest, if any, survival gains with chemotherapy. As noted by Sabine Linn, MD, and Florentine Hilbers, MD, in an editorial, the study aimed to detect a large survival improvement but lacked sensitivity to capture smaller subgroup effects; this highlights why careful analysis, and not just a broad restriction on chemotherapy, is necessary for older adults.1

    While providing key insights, the ASTER 70s study had notable flaws. The team used a non-commercial genomic assay, which may reduce how much providers can apply this data in day-to-day clinic operations where tests like Oncotype DX and MammaPrint are more commonly applied. Additionally, competing mortality in older populations diluted the trial’s ability to measure modest benefits from chemotherapy. Finally, subgroup analyses by frailty, age strata, or comorbidity were underpowered, leaving uncertainty about whether specific subsets of older patients could still benefit.²,³

    The ASTER 70s study provides strong evidence that adjuvant chemotherapy offers minimal survival benefit but significant toxicity in older women with high-risk HR-positive, HER2-negative breast cancer. While these facts don’t fully rule out benefit for select subgroups, they highlight the need for tailored care plans, gene risk assessment, and patient-centered care. Pharmacists play a key role in these conversations, aiding both patients and providers in balancing efficacy with tolerability in this vulnerable population.

    REFERENCES
    1. Bankhead C. No chemo benefit in older women with high-risk HR-positive breast cancer. Medical News. August 13, 2025. Accessed August 22, 2025. https://www.medpagetoday.com/hematologyoncology/breastcancer/116983?xid=nl_mpt_Oncology_update_2025-08-15&mh=6d2b5f4f91352444bdf817a9c17750bc&zdee=gAAAAABm4uL9FCoIf1N83nrcwYYqnQUvN6Iw4dbaY-dGva4sOp57nSM2Ew3wD87ohRuoseQBDbCp1MG30J6ETpHXK1wNpp0NgnGTMFXrtFaNfWUoL5ekf-Y%3D&utm_source=Sailthru&utm_medium=email&utm_campaign=Automated%20Specialty%20Update%20Oncology%20BiWeekly%20FRIDAY%202025-08-15&utm_term=NL_Spec_Oncology_Update_Active
    2. Brain E, Mir O, Bourbouloux E, et al. Adjuvant chemotherapy and hormonotherapy versus adjuvant hormonotherapy alone for women aged 70 years and older with high-risk breast cancer based on the genomic grade index (ASTER 70s): a randomised phase 3 trial. Lancet. 2025;406(10502):489-500. doi:10.1016/S0140-6736(25)00832-3
    3. Wildiers H, Kunkler I, Biganzoli L, et al. Management of breast cancer in elderly individuals: recommendations of the International Society of Geriatric Oncology. Lancet Oncol. 2007;8(12):1101-1115. doi:10.1016/S1470-2045(07)70378-9

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