A hairstylist’s assist, ‘divine intervention’ and $2.2 million for Inola High School

HONG KONG: The United States Justice Department’s criminal charges against Gautam Adani pose the biggest threat yet to the Asian tycoon’s US$169 billion empire. More importantly, though, it’s also a missed opportunity for India’s opposition, an unexpected gift to president-elect Donald Trump, and an all-around embarrassment for Prime Minister Narendra Modi. The 54-page indictment alleges that Adani Green Energy’s mega 2020 order from Solar Energy Corporation of India had a problem - there were no takers for the expensive power, which jeopardised the lucrative contract. That, the DOJ says, gave rise to a corrupt scheme “to pay over US$250 million in bribes to Indian government officials, to lie to investors and banks to raise billions of dollars, and to obstruct justice”. The case is against group chairman Gautam Adani, his nephew Sagar, who is executive director of the green energy business, and six other individuals. The conglomerate denied the allegations as baseless and said it’s fully compliant with all laws. “All possible legal recourse will be sought,” the group said in a statement. TOO LATE TO SWAY MAHARASHTRA ELECTION The news about the court filing came hours after the end of assembly elections in the western state of Maharashtra, home to India’s financial capital Mumbai. Opposition leader Rahul Gandhi had made crony capitalism - especially Adani’s proximity to Modi - the central piece of his campaign, particularly in the Maharashtra poll. Which is what makes the timing of these charges unfortunate for him. Adani, who owns the two Mumbai airports and supplies electricity to the city, will soon start redeveloping its biggest shantytown. Gandhi and his allies have alleged that the terms of the controversial US$3 billion project were sweetened for Adani by the state government, which is controlled by Modi’s party. Neither Adani nor Modi has responded to the allegations. A change in the local administration might lead to a fresh tender. The outcome of the Maharashtra vote is already sealed. Votes will be counted Saturday (Nov 23), though exit polls suggest that Gandhi’s challenge to dislodge the government probably failed in a close contest. For Trump, though, the indictment couldn’t have come at a better time. His incoming administration will bargain with India for greater market access, especially for US tech firms, from a position of strength. GRAVE CHARGES AGAINST ASIA'S SECOND-RICHEST MAN The Adani Group is yet to comment on the charges, although an early settlement would allow the sprawling conglomerate to continue to access its most-important raw material: Debt financing. Adani’s stocks and bonds are already tumbling. For bankers to take an Adani loan file to the risk committee, the overhang of criminal charges against Gautam and Sagar, who’s part of an elaborate succession plan, must first go away. This is also what Modi will want. The indictment is the biggest blowback against him yet from the ever-expanding corporate-governance saga that has engulfed the infrastructure behemoth. Adani is the prime minister’s longtime friend, and neither Modi’s government nor the ruling party shied away when New York-based Hindenburg Research accused Asia’s second-richest man of “pulling the largest con in corporate history” in January last year. That turned out to be a manageable crisis. The group strenuously denied the short seller’s allegations of stock manipulation and accounting fraud, and the storm appeared to blow over. The conglomerate’s market value doubled from the low it hit in February 2023 , following a US$150 billion-plus selloff. By comparison, the DOJ’s charges are grave. The indictment alleges that Indian state governments weren’t too keen to buy 12 gigawatts - eight from Adani and four from US-listed Azure Power - of what they perceived to be expensive power. According to the court filing, Gautam and Sagar Adani and Ranjit Gupta, the then chief executive of Azure, among others, “devised a scheme to offer, authorise, make and promise to make bribe payments” to government officials in India so they would be persuaded to purchase the electricity. The two groups worked out their respective shares of the bribes, the DOJ noted. Adani and its officers allegedly “relied on the US financial system to perpetuate this fraudulent scheme”. They did this by seeking and securing investors and potential investors physically located in the US and causing wires to be sent and received that passed through New York, the indictment said. POTENTIAL FOR A FULL-BLOWN DOMESTIC SCANDAL The echoes of the case will reverberate through India. So far it’s mostly Gandhi pounding the tables. For regional opposition leaders, Adani’s link with Modi hasn’t exactly been a hot-button issue. That was also the case when in a fresh report in August, Hindenburg alleged that Madhabi Puri Buch, head of the Securities and Exchange Board of India (SEBI), had a potential conflict of interest, raising doubts about the objectivity of SEBI’s ongoing probe into Adani. Buch and the regulator denied the accusations, and the SEBI chief skipped a scheduled appearance before a lawmakers’ committee in October. But the fresh US charges change everything. The indictment alleges that Adani has concealed the “bribery scheme” from investors and financial investors since at least March last year, when Federal Bureau of Investigation agents served Sagar with a search warrant in the US. While concepts like conflicts of interest - or alleged breaches of securities law - require a modicum of financial training, bribery is something every politician understands. Almost US$228 million, the DOJ says, was offered to just one person, identified in the court filing as Foreign Official #1 from the southern state of Andhra Pradesh. There’s plenty here for a full-blown domestic scandal. If this affair drags out, Modi’s own Bharatiya Janata Party may wonder how long it should support a prime minister who at 74 is unlikely to lead it to the 2029 election. In other words, Gandhi’s intuition to stick to the alleged Modi-Adani nexus as a talking point in election campaigns may have been vindicated. In a press conference Thursday, the Congress Party leader called for Buch’s removal and Adani’s arrest. While the DOJ indictment came too late to sway the vote in Maharashtra, it may yet cast a long shadow - both on India’s national politics, and relations with Washington next year.China released three Americans as part of a prisoner swap between the Biden administration and the Chinese government, according to a person familiar with the matter, a rare moment of cooperation between the adversaries. A statement from the National Security Council said the three Americans — Mark Swidan, Kai Li and John Leung — would be reunited with their families “for the first time in many years.” The three had been designated as wrongfully detained in China, and the U.S. statement said there were no longer any Americans held in the country with that status. The NSC didn’t mention that the three were exchanged for Chinese citizens detained in the U.S. But a person familiar with the matter, who asked not to be identified discussing non-public information, said they were swapped for an unspecified number of Chinese. Swidan is a Texas businessman who was on China’s death row for alleged drug trafficking, and Li is a naturalized U.S. citizen who imported solar energy technology. Leung, who is also a Hong Kong permanent resident, was arrested in 2021 and sentenced to life in prison last year on spying charges. ©2024 Bloomberg L.P. Visit bloomberg.com. Distributed by Tribune Content Agency, LLC.CONWAY, Ark. (AP) — Elias Cato scored 23 points as Central Arkansas beat UNC Asheville 92-83 in double overtime on Sunday. Jordan Morris made two free throws with one second left for UNC Asheville (2-3) to force overtime tied at 71. Fletcher Abee's 3-pointer with 33 seconds left in the first overtime tied the game at 79 and led to the second extra period. Michael Evbagharu's layup gave Central Arkansas (2-4) the lead in the second OT and Cato followed with a 3-pointer as the Bears outscored the Bulldogs 21-12 to pull out the victory. Cato added nine rebounds for the Bears. Layne Taylor totaled 19 points, seven assists, six rebounds and five steals. Brayden Fagbemi pitched in with 19 points, seven assists and five steals. The Bulldogs (2-3) were led by Fletcher Abee, who recorded 27 points. UNC Asheville also got 17 points from Josh Banks. Toyaz Solomon finished with 15 points, 15 rebounds and three blocks. The Associated Press created this story using technology provided by Data Skrive and data from Sportradar .

Gerry Dulac: Steelers defense failed to close out a win — againCity of Tahlequah sued; plaintiff alleges leasing transactions altered

A settlement in a class-action lawsuit has been reached for non-unionized and casual federal public servants affected by payroll issues connected with the embattled Phoenix pay system. The out-of-court settlement, which is pending approval by the Quebec Superior Court, could see affected public servants employed between February 2016 and March 2020 receive up to $850 in compensation. The affected categories includes casual employees, student staff, term employees of less than three months, part-time workers and employees appointed by the Governor in Council (GIC). The lawsuit filed by Sarailis Avocats in 2017 sought to bring compensation for employees affected by the Phoenix pay system debacle that has plagued the public service since 2016. The failure of the pay system has so far cost the federal government $3.5 billion as of July, a number that could grow as the government continues to tackle a massive backlog of errors and problematic cases. Phoenix was introduced in 2016 to replace dozens of antiquated pay systems. Instead, the system was riddled with errors and created massive and costly upheaval across the public service. "The Phoenix pay system caused major issues for thousands of federal employees. The Government of Canada was a tough opponent in this case," said attorney Christian Sarailis in a news release on Wednesday. "However, the negotiations have resulted in a fair and equitable settlement for class members to compensate for the moral damages they endured. Without this class action and the sustained efforts since 2017, non-unionized employees would have had little chance of receiving compensation for their moral damages. This is, in our view, a compelling example of justice achieved." Affected employees will be able to submit a claim by internet or mail once the settlement is approved. The maximum amount for the 2016-2017 fiscal year amounts to $350 (February to March) and the maximum amount for the 2017-2018, 2018-2019 and 2019-2020 is $175. In 2019 and 2020, the Government of Canada and a number of public service unions finalized an agreement to compensate unionized employees, current and former, who were paid through the Phoenix pay system. The compensation was a lump-sum payment of up to $1,000 for fiscal year 2016 to 2017 and up to $500 for each of the following three fiscal years, according to the federal government. Unions have been asking the federal government to provide additional damages for workers, citing "stress, aggravation, pain and suffering." "The Government of Canada is committed to ensuring that members who worked for the government are paid properly. The settlement provides for individual payments to class members based on the number of eligible fiscal years in which they worked," the Treasury Board of Canada Secretariat said in a statement. "The Phoenix pay system has caused pay issues and the Government of Canada will continue taking action to ensure all employees are paid correctly." Casual and part-time public servants who already received compensation for issues related to Phoenix will not qualify. Workers can also choose to opt out of the compensation. A hearing with the Superior Court of Quebec is scheduled for Feb. 18. With files from The Canadian Press Shopping Trends The Shopping Trends team is independent of the journalists at CTV News. We may earn a commission when you use our links to shop. Read about us. Editor's Picks 17 Gifts Your Husband Actually Wants 21 Of The Absolute Best Stocking Stuffers For Kids (And They're All From Amazon Canada) 24 Of The Best Host And Hostess Gifts You Can Find Online Right Now Home Our Guide to the Best Portable Induction Cooktops in Canada in 2024 (And Where to Get Them) Our Guide To The Best Water Leak Detectors In Canada In 2024 (And Where To Get Them) Our Guide To The Best Home Weather Stations In Canada In 2024 (And Where To Get Them) Gifts 20 Of The Best Gift Ideas For Men Under $200 13 Of The Best Self-Care Gifts You Can Find On Amazon Canada The Ultimate 2024 Holiday Gift Guide For People Who Love Working Out Beauty 20 Anti-Aging Skincare Products That Reviewers Can’t Stop Talking About 12 Budget-Friendly Makeup Brushes And Tools Worth Adding To Your Kit If You Suffer From Dry Skin, You'll Want To Add At Least One Of These Hydrating Moisturizers To Your Cart Deals Black Friday Has Begun On Amazon Canada: Here Are The Best Deals A Woman Like You: Snag These Black Friday Deals On Our Favourite Lifestyle Products This Week In Gaming: Our Picks For The Best Early Black Friday Deals On Gaming And Tech Ottawa Top Stories DEVELOPING | Striking Canada Post workers rally at head office in Ottawa Youth arrested in death of Perth, Ont. teen now facing first-degree murder charge: OPP Montreal girl, 16, facing charges after being stopped in stolen vehicle on Highway 417 in eastern Ontario Here's when it'll start to snow this Thursday Canada Post strike keeping woman stuck in Ottawa as she waits for U.S. visa Ottawa man charged with attempted murder, assaulting police in Orléans attack 'It's a heavy hit': Canadian travellers cope with weak Canadian dollar Kingston substitute teacher charged for allegedly assaulting students in classroom CTVNews.ca Top Stories Canadian woman shares methanol poisoning story in wake of death investigation in Laos hostel Cuddling on the couch with her dog, Ducky, no one would notice that anything is different about Ashley King. Even when she walks across the living room, she doesn’t miss a step. But the 32-year-old has gotten used to functioning with only two per cent vision. Calgary man dead following tragic incident while helping stranded driver A man died after being pinned under a vehicle while trying to help another motorist in northwest Calgary. W5 Investigates | 'Let me rot in Canada,' pleads Canadian ISIS suspect from secret Syrian prison W5's Avery Haines tells the story of Jack Letts, a Canadian Muslim convert in a Syrian jail, accused of being a member of ISIS. In part two of a three-part investigation, Haines speaks with Letts, who issues a plea to return to Canada to face justice. U.S. university says linebacker remains in stable condition, hours after announcing his death Alabama A&M linebacker Medrick Burnett Jr. remains hospitalized with a head injury suffered in an October game, the school said hours after announcing that he had died. Carrot recall for E. coli risks updated with additional product, correction: CFIA The Canadian Food Inspection Agency (CFIA) has published an update to a recent national recall on organic carrot brands over E. coli contamination risks. DEVELOPING | Liberals, NDP expected to pass GST holiday in House of Commons today, without $250 rebate Legislation to create a two-month-long GST holiday is expected to pass today after the federal finance minister separated the GST break from a promise to also send $250 to most working Canadians in the spring. Five-time Grand Slam champion Iga Swiatek accepts a one-month suspension in doping case Five-time Grand Slam champion Iga Swiatek accepted a one-month suspension after testing positive for the banned substance trimetazidine, a heart medication known as TMZ, the International Tennis Integrity Agency announced Thursday. Montreal billionaire Robert Miller could have as many as 100 victims, lawyer says A Quebec judge is hearing arguments this week in a class-action lawsuit application against Montreal billionaire Robert Miller over allegations he paid minors for sex. A social media ban for under-16s passes the Australian Senate and will soon be a world-first law A social media ban for children under 16 passed the Australian Senate Thursday and will soon become a world-first law. Atlantic First significant snow of the season for parts of the Maritimes Thursday, Friday A low-pressure system moving up the eastern seaboard of the United States is forecasted to bring a mixture of snow and rain into the Maritimes Thursday night into Friday. DEVELOPING | Liberals, NDP expected to pass GST holiday in House of Commons today, without $250 rebate Legislation to create a two-month-long GST holiday is expected to pass today after the federal finance minister separated the GST break from a promise to also send $250 to most working Canadians in the spring. N.B. residents can now pick up government cheques at social development offices New Brunswick residents who receive monthly social assistance payments can now pick up their cheques at social development offices across the province. Toronto Toronto woman injured after falling out of wheelchair provided by Air Canada, husband says What could have possibly been Sheila Rizzuto’s last vacation ever was ruined after she fell out of an Air Canada-provided wheelchair and badly injured herself, according to her husband. Ontario family says dream renovation project has become their 'worst nightmare' A Whitby family says a home renovation project has turned into their 'worst nightmare,' as construction continues into its 17th straight month. Flurries expected in Toronto but a more significant winter storm could be headed for areas north of the city Areas north of Toronto could see a big blast of winter weather starting Thursday night, with Environment Canada warning of a “multi-day lake effect snow squall event.” Montreal Montreal billionaire Robert Miller could have as many as 100 victims, lawyer says A Quebec judge is hearing arguments this week in a class-action lawsuit application against Montreal billionaire Robert Miller over allegations he paid minors for sex. Boeing plane makes emergency landing at Montreal's Mirabel airport after landing gear malfunction No injuries were reported after a Boeing 737 was forced to divert to Mirabel airport after the aircraft experienced a technical issue with the landing gear. Suzuki scores in OT to give the Canadiens a 4-3 victory over the Blue Jackets Nick Suzuki scored 44 seconds into overtime and the Montreal Canadiens beat the Columbus Blue Jackets 4-3 on Wednesday night, snapping a two-game skid. Northern Ontario Province says upgrades to Northern Health Travel Grant coming Dec. 1 Ontario Health Minister Sylvia Jones says improvements to the Northern Health Travel Grant are coming as soon as this weekend. Greater Sudbury buys more property for new events centre Greater Sudbury is purchasing property for its new events centre downtown. The plan is to build the facility in what’s called the South District, a triangle of land within Elgin, Paris and Brady streets. Heavy police presence in Wikwemikong on Manitoulin Island Ontario Provincial Police on Manitoulin Island is advising the public of a heavy police presence in the area of Rabbit Island Road and Thomas Road in Wabozominissing, Wikwemikong Unceded Territory. Windsor 13 vehicles stolen in Windsor this week: WPS Windsor police are warning the public after a series of auto thefts this week. Measures to address abandoned gas wells fall short, professor says New provincial legislation introduced to help address hazardous oil and gas wells remains short of what’s needed, according to an expert on the matter. Windsor Spitfires take big win on home ice The Windsor Spitfires walked away with a big 7-2 win over the Saginaw Spirit on home ice Wednesday night. London Wabigoon Lake Ojibway Nation chosen to host Canada’s deep geological repository The Nuclear Waste Management Organization (NWMO) has chosen Wabigoon Lake Ojibway Nation (WLON) to host Canada’s deep geological repository. Council hikes property tax, water, and sewer bills over $300 on average London home Seemingly defeated by the tough financial situation facing city hall and its municipally funded agencies, council used the final day of budget deliberations to explain their reasons behind a steep property tax increase in the 2025 Budget Update. Fire officials investigating suspicious fire in Wortley Village London fire crews, Ontario Fire Marshal and the London Police Service are investigating a suspicious fire that took place overnight Wednesday. Kitchener One dead, another hurt in Cambridge shooting Waterloo Regional Police are investigating a fatal shooting in Cambridge. Police looking for three suspects in Paris, Ont. theft Ontario Provincial Police were called to a break and enter at a Rest Acres Road business on Wednesday around 3:25 a.m. 'My dear Carmel': Lost letters returned to 103-year-old Guelph, Ont. woman A young history buff was able to reunite a Guelph, Ont. woman with letters written by her husband almost 80 years ago. Barrie 'Intense bands of lake-effect snow' expected in Muskoka: Environment Canada Lake-effect snow expected to dump 30 centimetres on Muskoka region by Friday night Complaints about Wasaga Beach residence lead to police raid, drug trafficking arrests Three individuals face drug-related charges after police received several public complaints about a residence in Wasaga Beach. Armed home invasion under investigation, 3 suspects at large South Simcoe police are investigating a report of an armed home invasion in Bradford West Gwillimbury involving three suspects. Winnipeg Meet the polar bear at Assiniboine Park Zoo not seen by the public Assiniboine Park Zoo is home to several polar bears available for the public to observe any day of the week, but there's one bear at the zoo no visitor has been able to see and her name’s Agee. Voices of youth living with addictions highlighted in Manitoba child advocate report A new report from the Manitoba Advocate for Children and Youth paints a picture of the state of addictions services for young people in the province and what needs to change. Two men randomly stabbed at Polo Park, one person arrested Two men were randomly stabbed at CF Polo Park Mall Tuesday and police have one person in custody. Calgary Cranbrook, B.C., man faces charges in Canada Day crash that killed Calgarian A 34-year-old Cranbrook, B.C., man is facing impaired driving charges in connection with a fatal crash on Canada Day. Calgary man dead following tragic incident while helping stranded driver A man died after being pinned under a vehicle while trying to help another motorist in northwest Calgary. Driver in life-threatening condition after crash near John Laurie Boulevard Calgary police are investigating a crash sent a driver to hospital in life-threatening condition. Edmonton Woman accused in drowning of girl on Alberta lake denied bail The woman accused in the drowning death of a five-year-old girl in an Alberta lake has been denied bail. Edmonton soldier working for NATO dies from 'non-operational' medical complications An Edmonton-based former commanding officer of a Canadian Armed Forces engineering regiment has died in Europe, the Department of National Defence said in a media release on Wednesday. WEATHER | Josh Classen's forecast: Coldest air settles in and snow returns These next few days will be the bottom of the cold spell for the Edmonton region with temperatures several degrees colder than the past week. Regina Regina non-profits say Canada Post strike has brought donations to a standstill The annual donation streams of at least two Regina non-profit organizations are at a standstill due to the Canada Post strike. 'Only thing that works': Push for anti-seizure medication reapproval dominates Sask. legislature A family affected by epilepsy and a neurologist joined the Saskatchewan NDP on Wednesday to push for the province to resume talks for a publicly funded anti-seizure medication. Regina Fire called to apartment, trailer court fires Wednesday night Regina Fire crews dealt with multiple fires on Wednesday night at am apartment and trailer court with no injuries being reported. Saskatoon Saskatoon city council approves $1.2M winter warming centre plan Saskatoon’s new city council has approved the latest cold weather strategy, a $1.2 million plan to operate winter warming centres for those in need. 'Only thing that works': Push for anti-seizure medication reapproval dominates Sask. legislature A family affected by epilepsy and a neurologist joined the Saskatchewan NDP on Wednesday to push for the province to resume talks for a publicly funded anti-seizure medication. DEVELOPING | Liberals, NDP expected to pass GST holiday in House of Commons today, without $250 rebate Legislation to create a two-month-long GST holiday is expected to pass today after the federal finance minister separated the GST break from a promise to also send $250 to most working Canadians in the spring. Vancouver Vancouver city council votes to keep natural gas out of new builds After two days of debate, Vancouver city council rejected a motion to re-allow natural gas heating in new construction. RCMP cruiser rear-ended on Highway 1 in Burnaby There were delays on Highway 1 in Burnaby Wednesday night after a pickup truck crashed into an RCMP cruiser parked at the side of the road. Crew working on Jodi Henrickson documentary notifies B.C. police of possible evidence Homicide investigators visited Bowen Island over the weekend after B.C. filmmakers working on a documentary about the 2009 disappearance of Jodi Henrickson turned up potential evidence in the cold case. Vancouver Island B.C. mom laments 'false hope' as major crime unit declines to reinvestigate daughter's death A Vancouver Island woman who lost her child in 2021 said she wants an apology from Victoria's police chief, after she was given the impression major crime investigators were actively looking into her daughter's death. Fares would need to jump 30% for BC Ferries to 'simply keep up': CEO The head of BC Ferries admits there is so much demand on the corporation and its fleet that resources are pushed "to their limits," and a mammoth increase in ticket prices is needed to keep it running. B.C. legislature not returning until Feb. 18 for throne speech B.C. Premier David Eby's cabinet gave him a warm welcome as he entered the room for their first meeting today. Kelowna Kelowna, B.C., to host the Memorial Cup in the spring of 2026 The Western Hockey League's Kelowna Rockets will host the Memorial Cup in the spring of 2026, the Canadian Hockey League said Wednesday. 545 vehicles impounded in 332 days: BC Highway Patrol pleads for drivers to slow down Mounties with the BC Highway Patrol in Kelowna say they've impounded more than 545 vehicles for excessive speed and aggressive driving so far this year. That works out to more than 1.6 per day. Man in hospital following targeted shooting in Kamloops Police are appealing for information on a targeted shooting that resulted in the hospitalization of a man in Kamloops. Stay ConnectedCompany Declares Quarterly Dividend of $0.17 Per Share LAS VEGAS , Dec. 5, 2024 /PRNewswire/ -- Boyd Gaming Corporation (NYSE: BYD) today announced that its Board of Directors has authorized an additional $500 million under the Company's share repurchase program. Considering the additional authorization, the Company had approximately $843 million remaining in repurchase authority as of September 30, 2024 . Additionally, the Board of Directors has declared a quarterly cash dividend of $0.17 per share, payable January 15, 2025 , to shareholders of record as of December 16, 2024 . About Boyd Gaming Founded in 1975, Boyd Gaming Corporation (NYSE: BYD) is a leading geographically diversified operator of 28 gaming entertainment properties in 10 states, manager of a tribal casino in northern California , and owner and operator of Boyd Interactive, a B2B and B2C online casino gaming business. The Company is also a strategic partner and 5% equity owner of FanDuel Group, the nation's leading sports- betting operator. With one of the most experienced leadership teams in the casino industry, Boyd Gaming prides itself on offering guests an outstanding entertainment experience and memorable customer service. Through a long-standing company philosophy called Caring the Boyd Way, Boyd Gaming is committed to advancing Corporate Social Responsibility (CSR) initiatives that positively impact the Company's stakeholders and communities. For additional Company information and press releases, visit https://investors.boydgaming.com . View original content to download multimedia: https://www.prnewswire.com/news-releases/boyd-gaming-announces-additional-500-million-share-repurchase-authorization-302324275.html SOURCE Boyd Gaming CorporationClosed Core Transformers Market Outlook and Future Projections for 2030Northern Ireland Water strike could see thousands cut off

Check Out What Whales Are Doing With SHOP

Army receives Sabal 20 logistics drone

Frontier Conference announces weekly basketball honorees

The Latest: Police search for man who killed UnitedHealthcare CEO, new photos of suspect released

Buying seen across the board with index-heavy items leading charge A day after witnessing the biggest single-day decline of over 3,500 points, the Pakistan Stock Exchange (PSX) rebounded in emphatic fashion with the benchmark KSE-100 Index gaining nearly 4,700 points, its largest ever single-day point-increase on record, to settle above the 99,000 level for the first time. Bulls made a roaring comeback from the get-go as investors rejoiced over a decline in political turmoil as Pakistan Tehreek-e-Insaf (PTI) ended its three-day protest in Islamabad following a law enforcement crackdown. During trading, the KSE-100 hit an intra-day high of 99,549.81. At close on Wednesday, the benchmark index settled at 99,269.25, an increase of 4,695.09 points or 4.96%. Courtesy: PSX Massive buying was witnessed at the bourse with the index-heavy banking sector leading the rally alongside other sectors including automobile assemblers, oil and gas exploration companies, OMCs and power generation. Index-heavy stocks including HBL, NBP, MCB, OGDC, SSGC and HUBCO traded in the green territory. The final few minutes also saw buying interest, showing that the trend was here to stay. The positive sentiment was a complete turnaround from Tuesday’s bloodbath , as the benchmark KSE-100 Index witnessed the biggest single-day decline, plunging by over 3,500 points to settle at 94,574, with investors viewing Islamabad’s situation as worsening after the Pakistan Army was called in to stop the protest from becoming more violent. However, optimism returned following decisive overnight actions by law enforcement. The police and Rangers on Tuesday cleared Blue Area as well as D-Chowk after launching a late night crackdown on Pakistan Tehreek-e-Insaf (PTI) protesters headed by Bushra Bibi, the wife of Imran Khan, and Chief Minister Khyber Pakhtunkhwa Ali Amin Gandapur. “Pakistan stocks recovered at opening after the opposition protest got over last night,” said Mohammed Sohail, CEO of Topline Securities, in a note. Adding to the positive momentum, the State Bank of Pakistan (SBP) on Tuesday removed the Minimum Profit Rate (MPR) requirement for all conventional banks on deposits from financial institutions, public sector enterprises, and public limited companies. The central bank also directed Islamic Banking Institutions (IBIs) to pay at least 75% of the weighted average gross yield from their investment pools as profit on PKR savings deposits. Internationally, Asian stocks were heavy on Wednesday as investors fretted over what countries could be targeted for tariffs under incoming US President Donald Trump, a day after he pledged new levies on Canada, Mexico and China. Japan’s Nikkei was a stand-out underperformer again on Wednesday, declining 0.9%. The autos sector was the worst-performing industry group on the Tokyo Stock Exchange, dropping more than 3% as both the threat of tariffs and the drag of a stronger yen weighed on the profit outlook. Mainland Chinese blue chips sank 0.4%, although Hong Kong’s Hang Seng managed a 0.1% rise. MSCI’s broadest index of Asia-Pacific shares drooped 0.1%. Meanwhile, the Pakistani rupee recorded a marginal decline against the US dollar, depreciating 0.04% in the inter-bank market on Wednesday. At close, the currency settled at 277.96, a loss of Re0.12 against the greenback. Volume on the all-share index decreased to 1,057.10 million from 1,116.32 million on Tuesday. The value of shares declined to Rs39.55 billion from Rs43.29 billion in the previous session. B.O.Punjab was the volume leader with 114.97 million shares, followed by Hascol Petrol with 106.29 million shares, and K-Electric Ltd with 91.20 million shares. Shares of 453 companies were traded on Wednesday, of which 356 registered an increase, 52 recorded a fall, while 45 remained unchanged.