Trading halted on Pakistan's benchmark share index, shares sink 6%
KARACHI, May 8 (Reuters) - Trading was halted for an hour on Thursday at the Pakistan Stock Exchange after the benchmark index plunged 6.3%, a notification from the exchange showed, following reports of drones being shot down in major cities including Karachi and Lahore.
Pakistan's international bonds also came under pressure with the 2036 maturity suffering the biggest losses, down more than 1 cent to be bid at 73.8 cents in the dollar, Tradeweb data showed.
Pakistan shot down 12 drones from India that violated its airspace, the military said on Thursday, a day after Indian strikes on multiple targets in the country fanned fears of a larger military conflict between the nuclear-armed neighbours.
"Reports of drones being shot down in major cities including Karachi and Lahore pushed the market down more than 6% in a short span of time, triggering a halt," said Adnan Sheikh, head of research at Pak Kuwait Investment Company.
The country's benchmark share index (.KSE), opens new tab closed down 3.1% after opening down almost 6% on Wednesday.
"The situation has raised fears about an escalation between the two counties, and it represents another example of how the Global South is likely to prove increasingly important for the global backdrop," Jim Reid, global head of macro and thematic research at the Deutsche Bank, said in a note.
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Reuters
11 hours ago
- Reuters
France approaches Renault on drone production, Renault says
PARIS, June 8 (Reuters) - France's defence ministry has approached Renault ( opens new tab with a view to helping to manufacture drones, the automaker said on Sunday, after the ministry last week floated the idea French companies could help with production in Ukraine. "We have been contacted by the defence ministry about the possibility of producing drones. Discussions have taken place, but no decision has been taken at this stage, as we are awaiting further details on this project from the ministry," Renault said in a statement to Reuters. Earlier on Sunday, French news website Franceinfo reported the French carmaker was expected to produce drones in Ukraine. Asked about the report, the ministry told Reuters it was up to the carmaker, without naming it, to say whether it would participate. Also without naming any companies, Defence Minister Sebastien Lecornu told French news channel LCI on Friday that France would set up a partnership between a major French carmaker and a small defence firm to equip production lines in Ukraine for building drones. Drones have played a significant role in Ukraine's defence since Russia's full-scale invasion of the country in 2022, providing surveillance and strike capabilities that have shaped battlefield tactics against Russian forces.
Daily Mail
2 days ago
- Daily Mail
Trump's inks order on US drones after Ukraine's shock attack on Russia while encouraging flying cars
President Donald Trump inked a new executive order on drone use in the U.S. following Ukraine 's stunning attack on Russian air bases – and last year's drone sightings in New Jersey. The new order is intended to boost U.S. national security – but it also encompasses Jetson's-style transport of the future, such as flying cars that could function as air taxes or deliver packages for companies like Jeff Bezos-owned Amazon. The orders are designed to remove regulatory barriers to their development. 'Flying cars are not just for `The Jetsons.´' 'They´re also for the American people,' said Michael Kratsios, assistant to the president and director of the White House office of Science and Technology Policy. More than 20 years after the Concord stopped flying, Americans also could sometime hitch a ride on a cross-country supersonic flight. Trump issued the order because he wants to counter the threats drones pose to national security under new rules released Friday. 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And White House officials said drones are being used to smuggle drugs over the border, and there are concerns about the potential for a disastrous collision between a drone and an airliner around an airport. 'These orders also address the growing threat of criminal, terrorist and foreign misuse of drones in U.S. airspace. We have a responsibility to protect and restore airspace sovereignty,' said Kratsois. With major events like the World Cup scheduled in the U.S. next year, Sebastian Gorka, senior director for counterterrorism on the National Security Council, said it´s crucial to protect the airspace above large public events. A federal task force will be created to review drone threats and existing terrorism task forces will look at drones. 'Drones are a disruptive technology. They have an amazing potential for both good and ill,' Gorka said. 'We will increase the enforcement of current laws to deter two types of individuals: evildoers and idiots - the clueless and the careless.' The orders direct the FAA to expedite a new rule restricting drone flights over sensitive sites and work with the Departments of Justice and Homeland Security to better enforce laws on illegal drone use. The FAA has been testing systems to detect and counter drones that the White House would like to expand to deal with threats to public safety and national security. Among the methods being examined: Using radio signals to jam drones or force them to land. Authorities are weighing whether to deploy high-powered microwaves or laser beams to disable the devices. The order will allow state and local authorities to be trained to respond to unauthorized drones and expand the government´s ability to counter them. Law enforcement agencies also may receive additional training on how to use drones themselves to ensure safety around major events. One of Trump's orders directs the FAA to eliminate the 1973 speed restriction that prohibits flights over Mach 1 and replace it with a noise standard. 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Several companies are also developing flying cars for use as taxis and delivering cargo. They are likely still at least a couple years away from being ready, but orders are designed to remove regulatory barriers to their development. 'Flying cars are not just for `The Jetsons.´' 'They´re also for the American people,' Kratsios said. The executive orders don't ban Chinese-made drones, including those by DJI that are popular in the U.S., but the Trump administration said it will prioritize American-made drones in federal procurement programs and open up grants to help state and local first responders buy U.S. drones. The White House said it would seek to reduce the U.S. reliance on foreign-made drones and restrict foreign devices in sensitive areas. 'This executive order marks a long-overdue investment in drone deterrence,' said Craig Singleton, a senior China fellow at the Washington-based think tank Foundation for Defense of Democracies. 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He called it 'a historic day for the drone industry in the United States.' ___ Funk reported from Omaha, Nebraska. Associated Press writer Leah Askarinam contributed from Washington.
Coin Geek
2 days ago
- Coin Geek
Bitcoin mining trends in May 2025: Global surge amid innovation
Getting your Trinity Audio player ready... As of May 2025, Bitcoin mining is experiencing a transformative phase driven by technological advancements, regulatory shifts, and evolving economic dynamics. With BTC's price soaring past $110,000, the industry is witnessing a global 'digital gold rush' as nations and companies capitalize on the digital currency's bullish momentum. From Pakistan's bold energy allocation to cutting-edge hardware innovations and shifting profitability landscapes, recent news highlights a rapidly evolving sector navigating opportunities and headwinds. This article explores the key trends shaping Bitcoin mining in May 2025, reflecting a mix of strategic national policies, technological breakthroughs, and market challenges. One of the most significant developments is Pakistan's ambitious move to allocate 2,000 megawatts (MW) of surplus electricity to BTC mining and AI data centers, announced at the BTC Vegas 2025 conference. This initiative, led by the Pakistan Crypto Council and Finance Minister Muhammad Aurangzeb, aims to transform the country's underutilized energy capacity—particularly from coal-fired plants operating at 15% capacity—into a revenue-generating asset. Estimates suggest this could yield 17,000 BTC annually, worth approximately $1.8 billion at current prices. Pakistan's strategy includes creating a national BTC reserve and establishing the Pakistan Digital Assets Authority to regulate the sector, positioning the country as a potential hub for digital currency and high-tech industries. However, the International Monetary Fund (IMF) has raised concerns about this allocation amid Pakistan's energy shortages, highlighting the tension between economic innovation and domestic needs. Technological advancements are also reshaping the mining landscape. Bitmain unveiled the Antminer S23 Hydro at the World Digital Mining Summit, boasting an energy efficiency of 9.7 joules per terahash (J/TH), a significant leap from the 1,200 J/TH of 2013 models. Set for release in Q1 2026, this rig reflects a broader trend toward energy-efficient hardware as miners face tighter margins post the 2024 Bitcoin halving, which slashed block rewards. The focus on efficiency is critical, as rising network hash rates—up 6.7% in April 2025—have driven a 6.6% drop in mining profitability. Miners are increasingly replacing older rigs rather than expanding fleets, aiming to survive squeezed margins in a competitive market where hashprice remains below pre-halving levels of $100/PH/s. Regulatory tailwinds fuel optimism, particularly in the United States, which dominates global BTC mining with over 36% of the hash rate. Pro-crypto policies, including Texas's push for a state-run Bitcoin reserve, create a favorable environment. The U.S. has seen persistent demand for BTC through spot exchange-traded funds (ETFs), with $3.3 billion in net inflows in May alone. However, not all news is positive: BlackRock's spot Bitcoin ETF recorded its largest outflow day on May 30, with $430.8 million withdrawn, ending a 31-day inflow streak. This volatility underscores the market's sensitivity to macroeconomic factors, such as rising U.S. Treasury yields and trade tensions with China. Globally, other nations are joining the mining race. Ecuador hosted its first Bitcoin mining event in Guayaquil, signaling a growing interest in Latin America. Meanwhile, countries like Kazakhstan, Japan, Malaysia, and Bhutan continue to embrace legal mining to bolster their economies. The global hash rate is climbing, reflecting increased competition, but this also raises environmental concerns. A recent analysis suggests AI data centers could surpass Bitcoin mining in energy consumption by year-end, potentially consuming as much power as a country like the U.K. This has sparked debates about sustainability, with environmental advocates pushing for greener blockchain solutions. However, miners resist abandoning existing hardware investments. Home mining is also making a comeback, driven by falling energy prices in key U.S. states, cheaper ASICs, and regulatory clarity from frameworks like the EU's MiCA. Platforms like BCC Mining have launched mobile apps offering 'free cloud mining' for BTC, Litecoin, and Dogecoin, lowering barriers for retail miners. However, the profitability squeeze and high initial costs remain hurdles for small-scale operations. Market sentiment remains bullish, with analysts predicting BTC could reach $200,000 to $330,000 by year-end, driven by institutional adoption and post-halving scarcity. U.S. public companies now hold $349 billion in BTC, a 31% increase since January, while ETF inflows outpace mined coins (26,700 BTC bought vs. 7,200 mined in May). Yet, challenges persist: fraud attempts surged 200% in Q1 2025, and miners face delays and tighter margins. Smart miners are shifting to flexible, hosting-first strategies to adapt. As Bitcoin mining evolves, it balances innovation with economic and environmental challenges. Nations like Pakistan are betting on crypto to drive economic growth while technological advancements and regulatory shifts create new opportunities. However, rising hash rates, profitability pressures, and sustainability concerns highlight the need for strategic adaptation. The industry's trajectory in 2025 will depend on navigating these complexities while capitalizing on Bitcoin's unprecedented market momentum. Watch: Bitcoin mining in 2025: Is it still worth it? title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
