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A Zim container ship at the Port of Oakland. (Photo: Shutterstock/Daniel Ramirez) Zim Integrated Shipping Services Ltd. results saw a significant turnaround as strategic operational expansions and increased market penetration yielded substantial gains in 2024. The world’s 10th-largest carrier said full-year revenues soared to $8.43 billion, up 63% year over year as net income of $2.15 billion improved a loss of $2.69 billion in 2023. Adjusted earnings before interest, taxes, depreciation and amortization reached $3.69 billion, up 252% y/y. Fourth-quarter revenues climbed to $2.17 billion, an 80% increase from the same period in 2023. Net income stood at $563 million,…

Gold exchange-traded funds (ETFs) have overtaken bitcoin ETFs in assets under management as investors shift toward the traditional safe-haven asset as BTC price tumbled more than 19% over the past three months, while the precious metal climbed 12.5%. Bitcoin ETFs, which saw significant inflows following their U.S. launch in January last year, have experienced major outflows, losing about $3.8 billion since Feb. 24 of this year, according to Farside Investors data. Meanwhile, gold ETFs recorded their highest monthly inflows since March 2022 last month, according to the World Gold Council. These flows have meant that gold ETFs have now “reclaimed…

TURIN: Pakistan’s special athletes made a historic splash at the Special Olympics World Winter Games clinching two gold medals in cross-country skiing and snowshoeing events. Muneeb Ur Rehman led the charge, winning Pakistan’s first gold medal in the men’s 50-meter cross-country skiing event. Moazzam Iqbal followed suit, securing another gold medal in the 800m snowshoeing race. Rovina Qurban added to Pakistan’s medal tally, claiming the silver medal in the women’s 50-meter cross-country skiing event. Muneeb, who hails from Swabi, Khyber Pakhtunkhwa, was overjoyed with his victory. “This is my first time participating in the World Winter Games, and I’ve been…

CNN  —  With his chaotic trade policy, President Donald Trump is digging himself into an economic and political hole so deep, it may prove impossible to climb out. On Wednesday morning, just after markets spent a day reeling from Trump’s on-again-off-again threat to levy extraordinary energy, steel and aluminum tariffs on Canada and to destroy the country’s auto industry, Trump placed tariffs on all steel and aluminum imported from every country around the world, a policy that could drive up prices on a broad range of consumer and industrial goods for Americans. Europe immediately retaliated, adding pressure on a variety…

David Sacks, the Trump administration’s AI and crypto czar, sold over $200 million worth of digital asset-related investments personally and through his firm, Craft Ventures, before starting the job, according to a memo from the White House.Of the the assets sold, the documents said that at least $85 million “is directly attributable to Sacks.” The memo, from White House counsel David Warrington, added that Craft remains an investor in some other funds that have digital assets in their portfolios.The disclosure, dated March 5, is 11 pages long, compared with the two-page document from Robert F. Kennedy Jr., the newly installed secretary of…

In mid-February, President Trump spoke at an investment conference and offered a prediction. “We’re on the verge of soaring markets,” he told the crowd in Miami that evening. “I think the stock market is going to be great.” Unfortunately for him and for investors, it turned out to be tough timing. That Feb. 19 speech ended up taking place during the peak of the recent market, with the S&P 500 (^GSPC) then beginning a now weeks-long decline. And the selling hasn’t abated. Markets are now firmly in correction territory with prices down over 10% this week from the levels on…

Crypto asset manager 21Shares is set to liquidate two actively managed exchange-traded funds (ETFs) tied to bitcoin and ether futures amid a wider market downturn. The funds slated for liquidation are the ARK 21Shares Active On-Chain Bitcoin Strategy ETF (ARKC) and the ARK 21Shares Active Bitcoin Ethereum Strategy ETF (ARKY). Investors can trade shares until the market closes on March 27, with liquidation expected to take place “on or around March 28,” according to a press release. The actively managed ETFs, which have an expense ratio of 1% and 0.93%, respectively, are set to be liquidated as U.S.-listed spot bitcoin…

‘LUMINARA’, the PSL’s 10th edition’s trophy.—courtesy PCB LAHORE: The Pakistan Super League (PSL) is hoping to expand from six to eight teams after the 2025 season, PSL CEO Salman Naseer said on Thursday. First staged in 2016 in the United Arab Emirates due to security concerns, the PSL is now hosted in Pakistan, where it aims to strengthen its commercial appeal and competitiveness. The planned expansion comes at a key commercial juncture for the PSL, with media and sponsorship rights going up for sale. PSL 2026 will also embrace new cities with Peshawar set to host its first exhibition game,…

CNN  —  Inflation slowed more than expected in February and cooled for the first time in five months, but that progress may be short lived as President Donald Trump ramps up his trade war, which threatens to increase prices for Americans. The Consumer Price Index, which measures price changes across commonly purchased goods and services, was 2.8% for the 12 months ended in February, a cooldown from the 3% annual rate notched in January, according to data from the Bureau of Labor Statistics released Wednesday. On a monthly basis, prices rose 0.2%, versus 0.5% in January. Economists were expecting inflation…

LA MALBAIE, Canada — Secretary of State Marco Rubio denied the U.S. was in a trade war Friday as he wrapped up his trip to a meeting of top diplomats from the Group of 7 industrialized democracies.“There’s not a trade war,” Rubio said. “The United States is resetting its trade relations globally to a level of equilibrium, to a level of reciprocity.”That comment was in direct conflict with Mélanie Joly, Canada’s foreign minister, who just hours earlier told reporters that the Trump administration “was engaging in a trade war against Canada” and European countries. On Thursday, President Donald Trump threatened…