Category: 3. Business

  • Entry-Level Alto gets Pricier; Luxury Land Cruiser gets Big Discount in Pakistan

    Entry-Level Alto gets Pricier; Luxury Land Cruiser gets Big Discount in Pakistan

    KARACHI – Auto industry of Pakistan is still reeling as sales went to all time low in last couple of years. In surprising twist of fiscal priorities in Budget 2025, the government slapped new taxes which pushed price of affordable cars like Suzuki Alto, while slashing duties on imported SUVs like Toyota Land Cruiser.

    The price disparity, which favors wealthy over the average consumer, raised eyebrows across the automotive and economic circles. Long seen as a go-to vehicle for middle-class families and first-time car buyers, the Suzuki Alto has now been pushed further out of reach.

    Alto Prices Pakistan 2025

    After Pak Suzuki’s official price revision notice, the Alto lineup saw increases of up to Rs1lac 80 thousand, with on road price of top of line model now stands at Rs3.32 million.

    Model New Price 
    Alto VXR 2,994,861
    Alto VXR AGS 3,166,480
    Alto VXL AGS 3,326,446

    A targeted tax increase on vehicles with engines of 850cc or less. The General Sales Tax (GST) on such cars has been raised from 12.5% to 18%, coupled with a 1% NEV (New Economic Value) levy. That’s a double hit to Pakistan’s lowest-priced car segment.

    Entry Level Alto Gets Pricier Luxury Land Cruiser Gets Big Discount In Pakistan

    Land Cruiser Prices in 2025

    As all Suzuki vehicles got expensive, luxury SUVs become cheaper due to revised import duty structures as authorities slashed Customs Duty, Regulatory Duty, and cut Additional Customs Duty to 6pc.

    Model Year Price Cut in Lac
    LC300 ZX 2024 76 – 80 lakh
    Lexus LX570 2021 75 – 78 lakh
    LC300 ZX 2023 70 – 71 lakh
    Prado LC150 2021 29 – 30 lakh

    Buyers of Land Cruiser are now saving millions in stark reversal from policies that typically aim to tax luxury more heavily than necessity.

    These plethora of new taxes could deepen economic disparities in already struggling automotive market. While majority of working-class citizens see their affordable car options becoming more expensive, high-income buyers are being incentivized with reduced costs on multimillion-rupee vehicles.

    As government claims reduced duties on imports aim to formalize trade and discourage smuggling and misuse of amnesty schemes.

    Toyota Vitz Latest Rates in Pakistan after Revised Import Duties

     

     

     

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  • Ericsson Enterprise Wireless launches new Solutions Partner Program – Ericsson

    1. Ericsson Enterprise Wireless launches new Solutions Partner Program  Ericsson
    2. Rebranded Cradlepoint to Nix Tiers in Partner Program  Channel Futures
    3. Ericsson Enterprise Wireless launches new Solutions Partner Programme  pcr-online.biz
    4. Summer revamp for Ericsson enterprise wireless partner program  SDxCentral

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  • A Handbook to Evaluating Global AI Investments

    A Handbook to Evaluating Global AI Investments

    Artificial intelligence has emerged as one of the most powerful and pervasive investment themes of the modern era. But investing in AI isn’t as simple as chasing the latest breakthrough or jumping into a hyped fund. Successful thematic investing requires thoughtful evaluation—of the theme itself, the investment vehicle, and the fund’s execution strategy.

    To help financial advisors better assess which funds are the best fit for clients, our 2025 Investing in Artificial Intelligence Funds report shares a practical framework for evaluation—breaking down the investment into three key components.

    1. Evaluating the Theme

    The first step in assessing a thematic fund is evaluating whether the underlying theme is well-defined, investable, and durable.

    Clarity and Investability

    AI is clearly investable, with most funds in this space concentrating on large-cap, highly liquid companies. Our holdings frequency analysis shows a strong consensus on core holdings across AI and big data funds. This is important, as it indicates that investors generally agree on what constitutes AI exposure—typically including chip manufacturers and software firms.

    Performance and Responsiveness

    The Morningstar Global Artificial Intelligence + Big Data Consensus Index—a proxy for the theme—has behaved in line with expectations. It surged after the launch of ChatGPT 3.5 in late 2022 and responded to geopolitical shocks like US export restrictions on AI chips in early 2025. These reactions confirm that the theme reflects real and distinct risk/return drivers.

    Durability and Growth Potential

    AI has been an investable theme via funds since at least 2015, making it one of the more mature technology narratives. Its use cases—ranging from customer service automation to drug discovery—are expanding rapidly. But the theme isn’t without obstacles.

    Inhibitors to Growth

    Two major headwinds could slow AI’s momentum:

    • Energy Consumption: The computing demands of AI are enormous and growing, straining existing power infrastructure and raising sustainability concerns.
    • Regulation: Geopolitical tensions and regulatory actions—such as export restrictions on chips or emerging AI usage laws—could limit global scalability and increase compliance costs.

    2. Assessing the Investment Vehicle

    Once the theme is validated, the next step is selecting the right vehicle. While buying individual stocks can offer precision, thematic funds offer important benefits.

    Why Choose a Fund?

    • Stock-specific risk diversification: They reduce stock-specific risk. For instance, Tesla’s TSLA decline in early 2025 due to Elon Musk’s political activity highlights the downside of concentrated bets.
    • Exposure to the value chain: Funds can target high-potential segments within the theme, from AI infrastructure to applications.
    • Winner-take-all dynamics: In technology themes driven by scale—such as AI and big data—we often see winner-take-all outcomes. By investing in a basket of thematic stocks, investors can ensure exposure to any potential “shooting stars.”

    Portfolio Impacts

    Two major US funds focused on the AI and big data theme illustrate the diversity in approaches.

    Global X Artificial Intelligence & Technology ETF AIQ

    This is the oldest and largest US-domiciled AI ETF, following a rules-based index. It allocates across software (for example, natural language processing, AI-as-a-service) and hardware (for example, chips, quantum computing).

    • Selection: Uses a proprietary scoring system to assess thematic relevance.
    • Weighting: Applies caps (3% maximum per stock) to avoid overconcentration.
    • Stability: Rebalances annually, favoring structured implementation over rapid responsiveness.
    • Limitations: The indexed approach means the strategy is slow to incorporate changes in the market, important IPOs, and so on. Despite being indexed, the selection methodology is not fully transparent, and fees are higher than many more vanilla indexed ETFs.

    Roundhill Generative AI & Technology ETF CHAT

    This newer, actively managed fund targets companies focused on generative AI.

    • Focus: High conviction, fewer holdings (often less than 40), and concentrated sector exposure.
    • Flexibility: Can quickly pivot to new opportunities—like its early investment in CoreWeave, a cloud infrastructure firm that went public in 2025. However, poor timing decisions on investments such as SoundhoundAI SOUN and SenseTime Group have weighed heavily on returns, highlighting how flexibility can work against the fund, too.
    • Challenges: Higher portfolio turnover, greater reliance on manager skill, and higher monitoring demands for investors.
    • Differentiation: Excludes well-known names like Tesla and Netflix NFLX because of limited generative AI exposure, and maintains a 25% allocation to the Magnificent Seven (compared with 20% in Global X).

    Source: Morningstar Direct. Data as of May 31, 2025. * Morningstar Quantitative Rating.

    Each fund has its own strengths. Global X offers broader, more stable exposure, while Roundhill aims for a higher conviction full active strategy—which places a higher emphasis on manager skill and therefore warrants even more rigorous due diligence before investing.

    3. Implementing Thematic Funds Wisely

    Even a well-designed fund can disappoint if misused. Proper implementation is critical.

    Portfolio Fit

    AI and big data funds are typically highly volatile and sit in the high-growth quadrant of the Morningstar Style Box. They’re best deployed as tactical or satellite allocations—not as core holdings.

    • Overlap Risks: Many AI funds have exposure to the Magnificent Seven, already widely held in most portfolios. This concentration risk should be monitored.
    • Growth Bias: AI funds often exhibit high beta, amplifying broader market swings.

    Timing and Behavior

    Investors frequently mistime thematic entries, buying during hype and selling during drawdowns. Given their volatility, AI funds are best approached with a long-term, buy-and-hold mindset.

    Valuation Awareness

    Chasing themes without regard for valuation can lead to underperformance. Using price/fair value metrics may help pick entry points that will give longer-term investors the best chance of success. For instance, investors who bought into AI funds in September 2022—when valuations were lowest—benefited from the subsequent ChatGPT-fueled rally. However, valuation alone isn’t a silver bullet, as sentiment and narrative often drive short-term flows.

    Line graph comparing AI and Big Data theme price/fair value from 2019 to 2025.
    Source: Morningstar Direct. Data as of May 31, 2025.

    Identify the Right AI Funds for Clients

    A winning thematic investment entails selecting the right investment, exposed to the right theme, and deploying it sensibly. By knowing how to efficiently assess US AI funds and beyond, financial advisors can find investment opportunities and deliver value to clients.

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  • Diageo completes sale of shareholding in Guinness Ghana Breweries plc to Castel Group

    Diageo completes sale of shareholding in Guinness Ghana Breweries plc to Castel Group

    Today, Diageo announces the completion of the sale of its 80.4% shareholding in Guinness Ghana Breweries plc to Castel Group. The sale was initially announced on 28th January 2025.

    Diageo has retained ownership of the Guinness brand and other Diageo brands currently produced by Guinness Ghana. Those brands will continue to be brewed, produced and distributed by Guinness Ghana under the terms of new long-term licence and royalty agreements. Guinness Ghana will also continue to distribute Diageo’s international premium spirits brands in Ghana.

    – ENDS –

    For further information, please contact:

    Investor relations:
    Sonya Ghobrial
    Andrew Ryan

     
    +44 (0) 7392 784 784
    +44 (0) 7803 854 842
    [email protected]

    Media relations:
    Clare Cavana
    Isabel Batchelor

     
    +44 (0) 7751 742 072
    +44 (0) 7731 988 857
    [email protected]

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  • China's industry ministry is set to tackle price war in solar sector – Reuters

    1. China’s industry ministry is set to tackle price war in solar sector  Reuters
    2. Cloudy with a chance of bankruptcy: US tariffs hurt China’s solar firms  South China Morning Post
    3. CLSA View on Solar Industry Intact; XINYI SOLAR, GCL TECH Key Beneficiaries  AASTOCKS.com
    4. China Vows to Increase Oversight of Wayward Solar Sector  Bloomberg.com
    5. China’s industry ministry vows to curb solar price dumping  Investing.com India

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  • US factory orders rebound in May on strong aircraft demand – Reuters

    1. US factory orders rebound in May on strong aircraft demand  Reuters
    2. Gold falls to $3,331/oz after U.S. durable goods surprise with 16.4% rise in May  KITCO
    3. US factory orders for May 8.2% versus 8.2% estimate  Forexlive | Forex News, Technical Analysis & Trading Tools
    4. Factory Orders Rise, Exceeding Forecasts and Reversing Previous Decline  Investing.com India
    5. Factory Orders Rose 8.2% in May  Floor Daily

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  • Roundup: Australia pilots new green taxonomy with big banks – Green Central Banking

    1. Roundup: Australia pilots new green taxonomy with big banks  Green Central Banking
    2. Australia’s first Sustainable Finance Taxonomy released  CommBank
    3. Australia launches world’s first sustainable finance rulebook that includes mining  Eco-Business
    4. Australia’s Sustainable Finance Taxonomy: Solving problems or creating new ones?  Australian Energy Council

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  • Updates in GI Cancer From ASCO 2025

    Updates in GI Cancer From ASCO 2025

    Microscopic image of gastric tumor cells – Generated with Google Gemini AI

    At the American Society of Clinical Oncology (ASCO) 2025 Annual Meeting held in June, progress in the treatment of gastrointestinal (GI) cancers took center stage, with several late-breaking abstracts and plenary sessions focused on trials in colorectal, gastric, and gastroesophageal malignancies. In an interview with Targeted OncologyTM, Patrick Boland, MD, medical oncologist specializing in GI cancers at The Rutgers Cancer Institute of New Jersey, discussed some of the biggest abstracts in the space from the meeting.

    ATOMIC: Atezolizumab Plus mFOLFOX6 in dMMR Colon Cancer

    The phase 3 ATOMIC trial (NCT02912559) investigated whether adding atezolizumab (Tecentriq), an anti-PD-L1 antibody, to standard adjuvant mFOLFOX6 chemotherapy could improve outcomes for patients with surgically resected stage III colon cancer with deficient mismatch repair (dMMR).1 This patient population is known to have some resistance to fluoropyrimidines and has shown benefit from immune checkpoint inhibitors in the metastatic setting.

    “These dMMR, MSI-high patients represent probably 10% to 20% of all early-stage colon cancers and about 10% of stage III colon cancers. We know in the metastatic setting that this class of drugs is highly active, and there [are] data that the PD-1 inhibitors have better efficacy than chemotherapy in the metastatic space. So, it’s natural to look at this in the postoperative space: can we cure more patients after surgery?” Boland said in the interview.

    The study randomly assigned 712 patients to either mFOLFOX6 plus atezolizumab for 6 months followed by atezolizumab monotherapy for an additional 6 months, or mFOLFOX6 alone for 6 months. At a median follow-up of 37.2 months, the results demonstrated a statistically significant improvement in disease-free survival (DFS) for the atezolizumab arm. The 3-year DFS was 86.4% in the atezolizumab arm compared with 76.6% in the mFOLFOX6 alone arm, representing a 50% reduction in the risk of recurrence or death (HR, 0.50; 95% CI, 0.35-0.72; P <.0001). The benefits were consistent across various subgroups, including older patients and those with low- or high-risk disease.

    While treatment-related grade 3 or higher adverse events (AEs) were slightly more common in the atezolizumab arm (71.7% vs 62.1%), the safety profile was manageable and consistent with known toxicities of the individual agents.

    “I think it immediately changes the standard, once the regulatory bodies act as they should,” Boland said. “I would expect an approval, and I would expect this is going to become standard of care in clinic for patients who don’t have a contraindication to the addition of immunotherapy.”

    Despite these promising findings, Boland still has questions about the regimen and its potential use in the real world.

    “One question is whether [patients] truly need that full 6 months of treatment,” Boland said. “I think something [else] we will ultimately benefit from is information on [if there are] patients who could get immunotherapy and not chemotherapy.”

    “[A] problem is that our imaging-based staging is suboptimal. So, there is significant risk with neoadjuvant treatment that patients who are [at] low risk for recurrence get an immunotherapy drug which does carry some risks. It’s going to be a balancing act, and there’s more work that needs to be done,” Boland said.

    MATTERHORN: Durvalumab Plus FLOT in Gastric/GEJ Cancer

    Microscopic image of colorectal cancer cells – Generated with Google Gemini AI

    The phase 3 MATTERHORN study (NCT04592913) investigated the efficacy and safety of adding durvalumab (Imfinzi), an immune checkpoint inhibitor, to the standard perioperative FLOT chemotherapy regimen (fluorouracil, leucovorin, oxaliplatin, and docetaxel) for patients with resectable gastric or gastroesophageal junction (GEJ) cancer.2 Despite FLOT being standard of care, recurrence rates remain high, prompting exploration of immunotherapy combinations.

    “This is a patient group that is at quite high risk of recurrence,” Boland explained. “Perioperative treatment…has been the standard for some time now, with FLOT being the standard for patients who are fit enough to receive it, and many patients receiving regimens like FOLFOX that are less aggressive than FLOT due to fitness… We knew that similarly, the PD-L1–targeting drugs, or PD-1/PD-L1 axis-targeting drugs, improve outcomes in the metastatic space. So, it’s a natural question here: Can we improve outcomes by adding these in the perioperative space?”

    MATTERHORN randomly assigned 948 patients to receive either durvalumab plus FLOT or placebo plus FLOT, administered both before (neoadjuvant) and after (adjuvant) surgery, followed by durvalumab or placebo monotherapy. The primary end point was event-free survival (EFS). The results demonstrated a statistically significant improvement in EFS for the durvalumab-FLOT arm, with a hazard ratio of 0.71 (P <.001) and the median EFS not yet reached (95% CI, 40.7-NR), compared with 32.8 months for the placebo-FLOT arm (95% CI, 27.9-NR). An encouraging trend towards improved overall survival (OS) was also observed. Importantly, the addition of durvalumab did not increase the rates of severe AEs or delay surgical procedures or subsequent adjuvant therapy.

    “There was a significant improvement in disease-free survival. It looks like it may translate to a smaller overall survival difference. But given the suboptimal outcome of these patients, I think this will be a standard moving forward,” Boland said.

    Boland highlighted 2 quandaries he still has regarding the MATTERHORN data.

    “There’s a little bit of a dilemma in this space, and I think we still do not fully know how to use the PD-L1 biomarker in the neoadjuvant and adjuvant space[s]. Some data would suggest it matters. At least the data presented thus far in this study suggested PD-L1 did not matter. I think it would still be helpful to see a further PD-L1 breakdown by range.”

    Boland also noted that this regimen is not suited for all patients, raising further questions. “The issue I think we are going to run into in clinic immediately is because many patients are not candidates for FLOT, what are we doing for them? Moving forward, we need more information there, and are there, perhaps, modifications [that] can be made to FLOT to improve tolerability while maintaining the efficacy? I do share some concerns that there may be a move where patients end up getting FOLFOX and durvalumab, which is not really what this study showed. And we have a negative platinum doublet and PD-1 study already.”

    DESTINY-Gastric04: T-DXd in Gastric/GEJ Cancer

    The DESTINY-Gastric04 trial (NCT04704934) was a global, randomized phase 3 study designed to evaluate the efficacy and safety of trastuzumab deruxtecan (T-DXd; Enhertu) compared with ramucirumab (Cyramza) plus paclitaxel in patients with HER2-positive unresectable or metastatic gastric or GEJ adenocarcinoma.3 This study focused on patients who had already received a prior trastuzumab-based regimen, addressing a critical need for effective second-line therapies in this setting.

    The results, based on a planned interim analysis, demonstrated a statistically significant and clinically meaningful improvement in OS with T-DXd. Patients treated with T-DXd achieved a median OS of 14.7 months compared with 11.4 months for those receiving ramucirumab/paclitaxel, representing a 30% reduction in the risk of death (HR, 0.70; P =.0044).

    “Essentially, this study showed us that the outcomes were better when you look at response rate, progression-free survival, and overall survival with use of trastuzumab deruxtecan over paclitaxel and ramucirumab, and that quality of life was preserved. I think there were no surprising new adverse events…. It is a positive study, and I think it reinforces something that we’ve largely already been doing in clinic,” Boland said.

    While treatment-emergent AEs were common in both arms, the safety profile of T-DXd was consistent with previous studies, with no new safety signals. Notably, interstitial lung disease/pneumonitis, a known side effect of T-DXd, occurred in 13.9% of patients in the T-DXd arm, mostly low grade.

    “The other thing we think about [with] HER2-targeting drugs [is] cardiotoxicity. They did not see any increase with this regimen vs ramucirumab-paclitaxel, so that is reassuring,” Boland added.

    These compelling results firmly establish T-DXd as a new second-line standard of care for patients with HER2-positive unresectable/metastatic GC/GEJA. Boland did highlight that HER2 targeting, while perhaps most known in breast cancer, is different in gastric cancer.

    “HER2-targeting is different in gastric cancer as compared [with] breast cancer, where the whole HER2 targeting story really first came into play,” Boland noted. “This study required that patients had HER2 retesting upfront. While some experts have been advocating it for some time, I think there’s some real debate overall as to, do we do that for every patient? I think that question remains, but I think as evidence builds, I think that should be pushing us to look at retesting more routinely as possible. At the very least, it merits a discussion with patients.”

    REFERENCES:
    1. Sinicrope FA, Ou FS, Peters W, et al. Randomized trial of standard chemotherapy alone or combined with atezolizumab as adjuvant therapy for patients with stage III deficient DNA mismatch repair (dMMR) colon cancer (Alliance A021502; ATOMIC). J Clin Oncol. 43, LBA1-LBA1(2025). doi:10.1200/JCO.2025.43.17_suppl.LBA1
    2. Janjigian YY, Al-Batran SE, Wainberg ZA, et al. Event-free survival (EFS) in MATTERHORN: A randomized, phase 3 study of durvalumab plus 5-fluorouracil, leucovorin, oxaliplatin and docetaxel chemotherapy (FLOT) in resectable gastric/gastroesophageal junction cancer (GC/GEJC). J Clin Oncol. 43, LBA5-LBA5(2025). doi:10.1200/JCO.2025.43.17_suppl.LBA5
    3. Shitara K, Gumus M, Pietrantonio F, et al. Trastuzumab deruxtecan (T-DXd) vs ramucirumab (RAM) + paclitaxel (PTX) in second-line treatment of patients (pts) with human epidermal growth factor receptor 2-positive (HER2+) unresectable/metastatic gastric cancer (GC) or gastroesophageal junction adenocarcinoma (GEJA): Primary analysis of the randomized, phase 3 DESTINY-Gastric04 study. J Clin Oncol. 43, LBA4002-LBA4002(2025). doi:10.1200/JCO.2025.43.17_suppl.LBA4002

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  • Can the grid handle electric trucks? | IRU

    Can the grid handle electric trucks? | IRU

    A fully electric truck fleet in Germany would require a quarter of the electricity available for consumption today.

    IRU’s two unique decarbonisation modelling tools, developed in-house and endorsed by a university research team in Austria, have been used in a new IRU Intelligence Monitoring to estimate electric truck energy needs and associated CO₂ savings in Europe.

    Truck electrification is one of several decarbonisation solutions. As battery-electric trucks become more widespread, they will place increasing pressure on national power grids, many of which are not yet prepared for such demand.

    A fully electric truck fleet in Germany or Poland would consume approximately a quarter of the current national electricity supply. For other European countries, consumption ranges between 5-20%.

    The CO₂ savings from replacing diesel trucks with battery-electric ones vary from 0% to over 90%.

    Explore the full results and tools behind the analysis covering 30 countries in this IRU Intelligence Monitoring.

    IRU members and strategic partners have full access to all IRU intelligence services.

    Don’t have access to IRU Intelligence Monitoring? Subscribe to IRU intelligence services.

    Optimise your operations and make informed, future-oriented decisions with IRU intelligence.

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  • US job growth beats expectations in June, unemployment rate dips to 4.1% – Reuters

    1. US job growth beats expectations in June, unemployment rate dips to 4.1%  Reuters
    2. The US economy added a stronger-than-expected 147,000 jobs in June and the unemployment rate fell to 4.1%  CNN
    3. ADP says private sector shed 33,000 jobs in June, first time in two years  Axios
    4. NFP to test health of US labor market as Fed ponders timing of interest-rate cut  FXStreet
    5. NFP was strong: what does it means for markets?  FOREX.com

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