China Says Carrying Out US Trade Framework, Rejects ‘Coercion'
Both countries have been acting on the outcomes of the London framework, the ministry said in a statement.
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TechCrunch
33 minutes ago
- TechCrunch
Microsoft is closing its local operations in Pakistan
Microsoft is closing its operations in Pakistan, marking the end of a 25-year presence in the South Asian nation. The Redmond-based company on Friday told TechCrunch that it is changing its operational model in Pakistan and will now serve its customers through resellers and 'other closely located Microsoft offices.' 'Our customer agreements and service will not be affected by this change,' a Microsoft spokesperson said in an emailed statement. 'We follow this model successfully in a number of other countries around the world. Our customers remain our top priority and can expect the same high level of service going forward,' the spokesperson added. The decision will impact five Microsoft employees in Pakistan, according to sources who talked with TechCrunch; they add that Microsoft did not have any engineering resources in Pakistan, unlike India and other growing markets, and had its employees sell Azure and Office products in the country. The closure comes amid broader company restructuring. Pakistan's Information and Broadcasting Ministry described the Redmond company's exit 'as part of a wider workforce-optimization program.' Earlier this week, the company reduced its workforce by 4%, or about 9,000 roles globally. To prepare for this transition, Microsoft had shifted licensing and commercial contract management for Pakistan to its European hub in Ireland over the past few years, while certified local partners have handled day-to-day service delivery, the ministry said. Techcrunch event Save $450 on your TechCrunch All Stage pass Build smarter. Scale faster. Connect deeper. Join visionaries from Precursor Ventures, NEA, Index Ventures, Underscore VC, and beyond for a day packed with strategies, workshops, and meaningful connections. Save $450 on your TechCrunch All Stage pass Build smarter. Scale faster. Connect deeper. Join visionaries from Precursor Ventures, NEA, Index Ventures, Underscore VC, and beyond for a day packed with strategies, workshops, and meaningful connections. Boston, MA | REGISTER NOW 'We will continue to engage Microsoft's regional and global leadership to ensure that any structural changes strengthen, rather than diminish, Microsoft's long-term commitment to Pakistani customers, developers and channel partners,' the ministry noted. Former Microsoft executive and its first lead in Pakistan Jawwad Rehman reported the company's exit in a post on LinkedIn on Thursday. 'This is more than a corporate exit. It's a sobering signal of the environment our country has created . . . one where even global giants like Microsoft find it unsustainable to stay. It also reflects on what was done (or not done) with the strong foundation we left behind by the subsequent team and regional management of Microsoft,' Rehman posted. The exit comes just days after Pakistan's federal government announced its plan to provide IT certifications from tech companies including Google and Microsoft to half a million youth. The move stands in particularly stark contrast to Google, which disclosed a $10.5 million investment in the country's public education sector last year and is also considering Pakistan as a market to produce half a million Chromebooks by 2026. Microsoft's exit reflects broader challenges in Pakistan's tech sector. Unlike India and other regional markets, Pakistan has not established itself as a major engineering outsourcing destination for Western tech giants. Instead, the country's tech ecosystem is dominated by two main players: local companies that have developed their own engineering capabilities, and Chinese firms like Huawei, which have gained significant market share by providing enterprise-grade infrastructure to telecommunications companies and banks. Pakistan's Information and Broadcasting Ministry did not respond to requests for comment.
Yahoo
34 minutes ago
- Yahoo
Zurich to buy cyber insurtech company BOXX Insurance
Zurich Insurance Group has agreed to acquire BOXX Insurance, a cyber insurtech company, for an undisclosed sum. Set up in 2018, BOXX Insurance has customer base of nearly one million globally. It offers products such as Cyberboxx Business Edition and Cyberboxx Home Edition, which provide combined cyber insurance and cybersecurity services for businesses and households, respectively. Additionally, BOXX has developed Cyberboxx Assist, a suite of cybersecurity tools and services. The company's recent growth initiatives include an expansion into the US market and the development of cyber solutions for markets in India, Europe, and Australia. BOXX Insurance CEO and co-founder Vishal Kundi said: "Becoming part of Zurich provides us with the resources and global reach to accelerate our mission. Combining the strengths of both organisations, will enable us to provide even more customers with the protection they need to navigate the digital world with confidence." Upon the acquisition, BOXX will remain as a standalone entity. Zurich Global Ventures CEO Cara Morton stated: "We have had a very successful collaboration with BOXX since 2021, and I am thrilled to strengthen our partnership by welcoming BOXX to Zurich Global Ventures. 'BOXX's digital-first, service-led approach will help us further enhance customer engagement and provide integrated solutions that make people's everyday life easier." Perella Weinberg Partners acted as the financial advisor to BOXX, with Osler, Hoskin & Harcourt providing legal counsel. In April 2025, Zurich invested in Ominimo Insurance, joining as distribution partner and minority shareholder. "Zurich to buy cyber insurtech company BOXX Insurance " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. 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
Yahoo
an hour ago
- Yahoo
Tesla sales down 13.5% in Q2
Tesla sold 384,122 cars in the second quarter, down nearly 60,000 cars, or 13.5% from the sales total a year ago. This marks the largest year-over-year drop in sales in Tesla's history, although it is up 14.1% from its first quarter total. Industry registration data indicates that both US and European sales have fallen sharply, despite an overall increase in electric vehicle (EV) sales in both markets. Tesla also faces increased competition, not only from legacy Western automakers but also from Chinese manufacturers. This competition has significantly impacted Tesla's sales in China, the largest market for both EVs and auto sales, and Tesla's second-largest market. Tesla is poised to lose its title as the world's largest EV maker based on annual sales to Chinese automaker BYD, even though BYD does not sell cars in the US market. BYD has reported it has sold one million EVs in the first half of this year, exceeding Tesla's year-to-date total of around 721,000 units. Analysts point out that while Tesla has recently given its popular Model Y an update, it lacks a more affordable product offering – which has created an opportunity for rivals such as BYD, especially in China. BYD also sold more fully electric cars in Europe than Tesla for the first time ever in April. There are also suggestions that high-profile political activity in the US from CEO Elon Musk has also kept potential Tesla buyers away. "Tesla sales down 13.5% in Q2" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
