Pakistan stock market: KSE 100 jumps 2%, extends gains to 3rd day as India-Pak ceasefire lifts sentiments
Pakistan's stock market rose to its highest since early April today, after surging 9.4% on Monday following the ceasefire announcement, according to Reuters.
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Hindustan Times
a minute ago
- Hindustan Times
Tesla to pay $243 million over fatal autopilot crash
Tesla Inc. was told to pay $243 million in a lawsuit over a 2019 Autopilot crash in Florida that killed a young woman and seriously injured her boyfriend, the first significant court loss for the automaker in litigation related to its driver-assistance technology. Elon Musk's Tesla to pay $243 million in an autopilot crash lawsuit(REUTERS) A jury in Miami federal court found Friday that Tesla was 33% to blame for the collision. A Tesla Model S ran a stop sign at a T intersection in the Florida Keys and rammed into the couple's parked Chevrolet Tahoe while they were standing next to it. Jurors issued their verdict after less than a day of deliberations following a three-week trial. The jury determined that the Tesla S driver was primarily responsible for the crash and that Tesla should pay $42.5 million to compensate the victims for their losses. The panel also ordered Tesla to pay $200 million in punitive damages, but the company said it expects that figure to be reduced by the court. Tesla had argued the driver was entirely at fault because he was distracted when he dropped his mobile phone on the floorboard. 'Today's verdict is wrong and only works to set back automotive safety and jeopardize Tesla's and the entire industry's efforts to develop and implement life-saving technology,' Tesla said in a statement. 'We plan to appeal given the substantial errors of law and irregularities at trial.' The Miami suit is one of a handful of crash cases that have gone to trial and the verdict tarnishes Tesla's near-perfect record in court. The electric-vehicle maker prevailed in two previous trials in California over Autopilot-related crashes and has struck confidential accords to resolve several cases that blamed defective technology for deadly accidents. The verdict comes as Tesla Chief Executive Officer Elon Musk faces enormous investor pressure after the company's stock has been battered, first by his close affiliation with President Donald Trump, and then by his dramatic falling out with the president. Musk has staked Tesla's future in part on autonomous driving as the company is launching a robotaxi business. But when Tesla recently announced disappointing second-quarter earnings, Musk warned that the company is in for a few 'rough quarters' as incentives like the EV tax credit go away in the US. At trial, the jury heard testimony from the driver of the Model S, family members of the woman who died, company engineers and various outside experts who discussed whether Autopilot played a role in the collision. George McGee, the driver of the Model S, had engaged his vehicle's driver-assistance system while traveling home from work. In the moments before the collision, data obtained from the vehicle showed that he had pressed the accelerator to 17 miles (27.4 kilometers) per hour over the posted speed limit, leading him to override the vehicle's adaptive cruise control before he went off the road. McGee testified that he had been on hold on with American Airlines trying to modify an upcoming flight. He said his phone fell and he was looking for it just before the crash. As his car left the road, McGee said he felt the texture of the road change under his tires and he remembered 'jamming on the brakes.' During questioning, he told jurors that he knew he was completely responsible for operating the car, but that he expected Autopilot to assist him in the event he made a mistake. 'In that case, I do feel like it failed me,' he said, according to a transcript of his testimony. The family of Naibel Benavides Leon, the woman who was killed, reached a confidential settlement with McGee in 2021 in a separate lawsuit. Lawyers for the estate of Benavides Leon and her boyfriend, Dillon Angulo, argued Tesla's Autopilot encourages complacency and that the company and Musk have overstated the system's capabilities, leading drivers to be overconfident in its abilities. They also alleged that Tesla failed to add safeguards to ensure the software was only available on roadways where it was designed to be used and features to monitor the attentiveness of drivers. 'Today's verdict represents justice for Naibel's tragic death and Dillon's lifelong injuries, holding Tesla and Musk accountable for propping up the company's trillion-dollar valuation with self-driving hype at the expense of human lives,' Brett Schreiber, lead attorney for the crash victims, said in a statement. Tesla, as it has in other cases, blamed driver error for the collision. Lawyers for the company argued repeatedly that McGee was an aggressive driver with a history of speeding, and that he took his eyes off the road and his hands off the wheel despite warnings in the owners' manual that drivers must stay engaged. The company has maintained there were no defects in its software and that Autopilot operated exactly as designed. Throughout the trial, Tesla defense attorney Joel Smith said no driver-assistance technology on the market in 2019 would have been able to prevent the crash. The automotive industry categorizes automation systems in vehicles from Level 0 to 5, based on what features are available. Level 0 features simply pass on information to the driver, like sounding a warning when you're driving out of a traffic lane. Tesla's Autopilot is classified as Level 2 because it requires constant driver input and supervision. The case is Benavides v. Tesla, 1:21-cv-21940, US District Court, Southern District of Florida (Miami). (An earlier version of the story corrected the damages amount. Updates with additional details about damages in third paragraph.) More stories like this are available on ©2025 Bloomberg L.P.
Hindustan Times
3 hours ago
- Hindustan Times
Donald Trump says he heard India may stop buying oil from Russia: 'Good step'
US President Donald Trump on Saturday said that he had heard that India might no longer buy oil from Russia, though he acknowledged he was not certain about the claim. U.S. President Donald Trump waves as he arrives at Lehigh Valley International Airport in Allentown, Pennsylvania, U.S., August 1, 2025.(Reuters) "I understand that India is no longer going to be buying oil from Russia. That's what I heard, I don't know if that's right or not. That is a good step. We will see what happens," Trump told ANI. Trump's remarks come days after his tirade against India for buying Russian oil and the White House's decision to levy 25 per cent tariffs on all exports to America and an unspecified additional 'penalty' for purchasing Russian energy. In a post on Truth Social, Trump criticised India for maintaining the world's highest tariffs and 'obnoxious' trade barriers while continuing to buy Russian military equipment and energy during the Ukraine war. On Friday, external affairs ministry spokesperson Randhir Jaiswal defended India's procurement of energy and defence hardware from Russia, saying New Delhi and Moscow have a 'steady and time-tested partnership'. 'India and the US share a comprehensive global strategic partnership anchored in shared interests, democratic values and robust people-to-people ties. This partnership has weathered several transitions and challenges,' Jaiswal said in response to several questions regarding Trump's tariff policy. Also Read | US sanctions 6 Indian companies for engaging in petroleum trade with Iran 'We remain focused on the substantive agenda that our two countries have committed to and are confident that the relationship will continue to move forward,' he said. He also pointed to the potential for growing the 'strong defence partnership' with the US and highlighted that India's ties with the US had overcome several challenges and New Delhi is committed to taking the relationship forward.
India Today
4 hours ago
- India Today
Trump orders firing of labour stats chief after weak July jobs report release
Trump fires Bureau of Labour Statistics Comissioner Erika McEntarfer (Photo:Reuters) Accuses her of faking July jobs data, demands immediate replacement Claims lack evidence, BLS denies data manipulation allegations Concerns rise over data quality amid mass federal layoffs US President Donald Trump on Friday (local time) ordered that the commissioner of the Labour Department's Bureau of Labour Statistics Erika McEntarfer be fired after data showed weaker-than-expected employment growth in July and massive downward revisions to the prior two months' job counts. McEntarfer was nominated by former President Joe Biden to serve in the role in 2023 and was confirmed by the US Senate the following year. It was not immediately clear whether McEntarfer, whom Trump accused of faking the jobs numbers, had been fired. Trump took to his Truth Social account to inform about McEntarfer's firing. Trump announced the firing of McEntarfer over his Truth Social account Trump lambasted McEntarfer and accused her of producing fake job numbers. "We need accurate Jobs Numbers. I have directed my Team to fire this Biden Political Appointee, IMMEDIATELY. She will be replaced with someone much more competent and qualified," Trump said. There is no proof that supports Trump's accusations about the BLS tampering with data. The BLS is the statistical agency responsible for creating the employment report, which is closely followed, as well as data on consumer and producer prices. The White House did not respond immediately to questions about Trump's post. ACCUSATIONS As per Reuters, Trump acccused McEntarfer of putting out the job numbers before the elections to help Democrats. The order to dismiss McEntarfer comes at a time when the Trump administration's mass layoffs of federal government workers have raised concerns about the quality of US economic data, long seen as the gold standard. Trump later posted: 'In my opinion, today's Jobs Numbers were RIGGED in order to make the Republicans, and ME, look bad.' After his initial post, Labour Secretary Lori Chavez-DeRemer said on X that McEntarfer was no longer leading the bureau and that William Wiatrowski, the deputy commissioner, would serve as the acting director. 'I support the President's decision to replace Biden's Commissioner and ensure the American People can trust the important and influential data coming from BLS,' Chavez-DeRemer said. Earlier this year, Commerce Secretary Howard Lutnick disbanded two expert committees that worked with the government to produce economic statistics. Lutnick has also floated the idea of stripping out government spending from the gross domestic product report, claiming "governments historically have messed with GDP." ECONOMISTS' OVERVIEW The BLS has already reduced data collection for the consumer price data as well as the producer price report. Economists attributed the sharply slower job growth to Trump's trade and immigration policies. The economy created only 73,000 jobs in July. Data for May and June were revised sharply down to show 258,000 fewer jobs created than had been previously reported. As per a report by CNBC, Laura Ulrich, director of economic research for North America at job site Indeed said that the July figure suggests the job market isn't keeping pace with population growth, and is therefore contracting. With inputs from agencies. US President Donald Trump on Friday (local time) ordered that the commissioner of the Labour Department's Bureau of Labour Statistics Erika McEntarfer be fired after data showed weaker-than-expected employment growth in July and massive downward revisions to the prior two months' job counts. McEntarfer was nominated by former President Joe Biden to serve in the role in 2023 and was confirmed by the US Senate the following year. It was not immediately clear whether McEntarfer, whom Trump accused of faking the jobs numbers, had been fired. Trump took to his Truth Social account to inform about McEntarfer's firing. Trump announced the firing of McEntarfer over his Truth Social account Trump lambasted McEntarfer and accused her of producing fake job numbers. "We need accurate Jobs Numbers. I have directed my Team to fire this Biden Political Appointee, IMMEDIATELY. She will be replaced with someone much more competent and qualified," Trump said. There is no proof that supports Trump's accusations about the BLS tampering with data. The BLS is the statistical agency responsible for creating the employment report, which is closely followed, as well as data on consumer and producer prices. The White House did not respond immediately to questions about Trump's post. ACCUSATIONS As per Reuters, Trump acccused McEntarfer of putting out the job numbers before the elections to help Democrats. The order to dismiss McEntarfer comes at a time when the Trump administration's mass layoffs of federal government workers have raised concerns about the quality of US economic data, long seen as the gold standard. Trump later posted: 'In my opinion, today's Jobs Numbers were RIGGED in order to make the Republicans, and ME, look bad.' After his initial post, Labour Secretary Lori Chavez-DeRemer said on X that McEntarfer was no longer leading the bureau and that William Wiatrowski, the deputy commissioner, would serve as the acting director. 'I support the President's decision to replace Biden's Commissioner and ensure the American People can trust the important and influential data coming from BLS,' Chavez-DeRemer said. Earlier this year, Commerce Secretary Howard Lutnick disbanded two expert committees that worked with the government to produce economic statistics. Lutnick has also floated the idea of stripping out government spending from the gross domestic product report, claiming "governments historically have messed with GDP." ECONOMISTS' OVERVIEW The BLS has already reduced data collection for the consumer price data as well as the producer price report. Economists attributed the sharply slower job growth to Trump's trade and immigration policies. The economy created only 73,000 jobs in July. Data for May and June were revised sharply down to show 258,000 fewer jobs created than had been previously reported. As per a report by CNBC, Laura Ulrich, director of economic research for North America at job site Indeed said that the July figure suggests the job market isn't keeping pace with population growth, and is therefore contracting. With inputs from agencies. Join our WhatsApp Channel
