Imran Khan Party Starts New Pakistan Protest With Leader in Jail
The police arrested many supporters of the ex-cricket star when they gathered along with other opposition parties for protest in Lahore, the nation's second biggest city, according to a statement by Khan's Tehreek-e-Insaf party on Tuesday. For security, the authorities have ordered a ban on the assembly of more than four people in different cities.
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25 minutes ago
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Why major chip stocks are in the green, despite Trump's 100% tariff threat
President Donald Trump has announced 100% tariffs on imported semiconductor chips, stunning markets. But major Asian chip stocks rallied as firms with US investments are exempt from the tariffs. US tech market gains as investors see relief from potential tariff impacts. President Donald Trump stunned markets Wednesday by announcing 100% tariffs on imported semiconductor chips — but major chip stocks rallied. Taiwanese chip giant TSMC's stock closed 4.9% higher. In South Korea, Samsung Electronics ended 2.5% higher while SK Hynix reversed losses of over 3% in early trade to close 1.4% up. The rebound came as investors digested news that companies investing in US manufacturing would be exempt. TSMC already operates plants in the US, and both South Korean firms have committed to major US investments. The Trump administration has not released specifics on the tariffs, including when they could come. "The good news for companies like Apple is if you're building in the United States or have committed to build, without question, in the United States, there will be no charge," Trump said at the White House where the tech giant announced a fresh $100 billion investment plan. Officials from Taiwan and South Korea later confirmed that their local chipmakers with US ties would be exempt from the full 100% tariff. The US tech market already rallied overnight, with Apple closing 5.1% higher. The Nasdaq 100 closed 1.3% higher while the S&P 500 gained 0.7%. The development "fits Trump's approach of 'open high, negotiate down,'" wrote Phelix Lee, a senior equity analyst at Morningstar, on Thursday. Lee added that the final tariff rate for chipmakers could be closer to Trump's so-called reciprocal tariffs, which would limit inflation, particularly in consumer goods that rely heavily on chips. Trump has already exempted tech products, including smartphones, computers, and chipmaking gear, from tariffs against trading partners that kicked in on Thursday. Despite broader economic uncertainty and tariff tensions, markets have continued to push higher in recent months. The market rally may just reflect "sheer relief, from averting the worst, dressed up as 'risk on,'" wrote Vishnu Varathan, Mizuho's macro research head for Asia excluding Japan, on Thursday. Varathan added that some industries and trade partners are simply too important to be hit with prohibitive tariffs. "To be clear, the specific case of 100% tariffs on semiconductors ought to decimate the US tech sector, given US share of global chip production is now disproportionately small, underpinning huge reliance on imports of chips," he wrote. That dependence could give trade partners leverage. China, for example, could use its dominance in rare earths as a bargaining chip with the Trump administration, he added. On Tuesday, Trump told CNBC that the US is "getting very close to a deal" with China to extend the two countries' trade truce. "We're getting along with China very well," he told the network. Read the original article on Business Insider Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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an hour ago
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India's State Refiners Buy Oil Elsewhere After Russia Pause
(Bloomberg) -- India's state-owned oil refiners are pulling back from purchases of Russian crude for now, according to people with direct knowledge of the companies' procurement plans, as Washington ratchets up the pressure on New Delhi over the flows with a wave of harsh tariffs. All Hail the Humble Speed Hump Mayor Asked to Explain $1.4 Billion of Wasted Johannesburg Funds Three Deaths Reported as NYC Legionnaires' Outbreak Spreads Major Istanbul Projects Are Stalling as City Leaders Sit in Jail PATH Train Service Resumes After Fire at Jersey City Station Companies including Indian Oil Corp., Bharat Petroleum Corp. and Hindustan Petroleum Corp. plan to skip spot purchases of the crude in the upcoming buying cycle, until there's clear government guidance, said the people, who asked not to be identified as they aren't authorized to speak publicly. On Thursday, IOC bought five million barrels of oil from the US, Brazil and Libya, the latest in a string of purchases for relatively quick delivery. The global oil market has zeroed in on India's crude purchasing after President Donald Trump doubled the levy on all Indian exports to the US as a direct punishment for the country's refiners taking Russian crude. The escalation — which hasn't yet been matched by similar action against China, another major buyer — is meant to put pressure on Moscow to end the war in Ukraine. The tension has swung futures this week as traders assess the odds of disruption to flows, as well as Moscow's ability to find alternative buyers should Indian refiners opt to take fewer barrels. Brent was little changed near $67 a barrel on Thursday, following a five-day drop. Officially, New Delhi hasn't given any direction to refiners to stop buying Moscow's crude, with Prime Minister Narendra Modi's government pushing back against Trump's tariffs. Bloomberg earlier reported that refiners had been asked to draw up plans for buying non-Russian crude. An oil ministry spokesman didn't immediately reply to an email seeking comment. Separately, IOC, BPCL and HPCL didn't reply to messages from Bloomberg seeking comment. Beyond term contracts, oil producers and refiners typically deal with purchases in short-run cycles, with cargoes booked about one-and-a-half to two months ahead of loading. That planned-ahead pattern allows users to ensure they have enough on hand to meet their requirements. The pause will affect buying of Russia's Urals cargoes for October-loading, they added. While overall purchases of October-loading Urals by India's refiners are unlikely to drop to zero, a dip could prompt a rush for other grades, with US, Middle Eastern and African cargoes as alternatives, said traders, who buy and sell across the region. Discussions for October cargoes have not yet started, though traders foresee deeper Russian discounts and more offers to China, which doesn't typically take much of the variety. In late-July, purchases of September-loading Urals concluded with India taking fewer barrels due to pricey offers. Since then, state-owned refiners have issued a slew of tenders, soaking up spot cargoes from other regions. Private processors Reliance Industries Ltd. and Nayara Energy Ltd., meanwhile, have been quiet, with the latter grappling with a steep drop in run rates following sanctions imposed by the European Union. Cargoes of Urals — Russia's benchmark crude grade from the west of the country — for August- and September-loading are likely to be delivered as planned, unless New Delhi advises otherwise, the people said. In recent days, tankers have offloaded some cargoes at Indian ports, albeit with some slight delays. At its peak, India imported more than 2 million barrels a day of Russian oil, up from almost zero purchases before the Ukraine war. 'There would be some operational disruptions for a period, but the crude supply-demand would balance out,' said R. Ramachandran, former director of refineries at Bharat Petroleum. If Russian supplies are more difficult, 'Middle East crudes — with the geographical advantages and a wide range of quality will be a prime substitute, especially from Saudi and Iraq,' he said. --With assistance from Sudhi Ranjan Sen, Lucia Kassai and Alex Longley. (Updates with new purchases in second paragraph. Lowers reference to October-loading cargoes to eighth paragraph.) The Pizza Oven Startup With a Plan to Own Every Piece of the Pie Russia's Secret War and the Plot to Kill a German CEO AI Flight Pricing Can Push Travelers to the Limit of Their Ability to Pay A High-Rise Push Is Helping Mumbai Squeeze in Pools, Gyms and Greenery Government Steps Up Campaign Against Business School Diversity ©2025 Bloomberg L.P. Sign in to access your portfolio
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2 hours ago
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Reactions to Trump demanding Intel CEO's resignation
(Reuters) -U.S. President Donald Trump has demanded the immediate resignation of Intel CEO Lip-Bu Tan over concerns of his extensive investments in Chinese firms, just months after he assumed leadership of the struggling chipmaker. Tan has invested in hundreds of Chinese technology firms, including at least eight with links to the People's Liberation Army, Reuters reported in April. On Wednesday, Reuters exclusively reported that Republican Senator Tom Cotton questioned Tan's ties to Chinese firms and a recent criminal case involving his former company Cadence Design. Some analysts and investors said Tan's deep knowledge of the Chinese semiconductor landscape is a strategic asset. Others see the political pressure as a sign of growing uncertainty around Intel. Here are some key quotes. ANSHEL SAG, PRINCIPAL ANALYST AT MOOR INSIGHTS & STRATEGY "I believe that POTUS shouldn't be calling for any CEO to be stepping down, especially not one who just took the job this year. I think this all boils down to Lip-Bu's past involvement and investment in Chinese semiconductors, which is also what makes him so valuable as CEO." "He's more aware than most people on earth of China's capabilities and should be an asset to the U.S. and Intel." DAVID WAGNER, HEAD OF EQUITY AND PORTFOLIO MANAGER AT APTUS CAPITAL ADVISORS, AN INTEL SHAREHOLDER "While I can understand that many investors likely believe that President Trump has his hand in too many cookie jars, it's just another signal that he's very serious about trying to bring business back to the U.S. He has momentum from the Apple deal and now hoping that a few more businesses fall into place." RYUTA MAKINO, RESEARCH ANALYST AT GABELLI FUNDS, AN INTEL INVESTOR "I think Trump is mostly attacking Lip-Bu because he wanted to stop the manufacturing business if Intel 14A doesn't work out with external customers. More speculation whether Trump is making some deals with TSMC to do something with Intel. I think it's very much a political move." BLAKE ANDERSON, ASSOCIATE PORTFOLIO MANAGER AT CARSON GROUP "Investors remaining focused on issues like these hint that the company's manufacturing turnaround, and long-term viability, may be dependent on factors external to the company and thus increase long-term uncertainty." SHIRAZ AHMED, FOUNDER AND CEO AT SARTORIAL WEALTH "It's not surprising. I mean we're seeing the administration step in and point fingers at private or corporate CEOs. It's not the first time he's done it, it's likely not the last time he'll do it." PHIL BLANCATO, CEO OF LADENBURG THALMANN ASSET MANAGEMENT "It would be setting a very unfortunate precedent. You don't want American presidents dictating who runs companies, but certainly his opinion has merit and weight. The board of Intel will have to determine if that's something they would consider in their evaluation." "But this CEO is fairly new. So on one hand, I don't think the U.S. president has the ability to do that. I'm not sure that that's a good idea for any political official." "But certainly, when you look at where the company stands today, it hasn't benefited greatly over the last few years. And I think it's more than just a CEO issue here. It's the company's need for real, radical change." Sign in to access your portfolio
