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Pakistan ex-PM Imran Khan’s party says it aims to form government
© Reuters. Supporters of Pakistani former Prime Minister Imran Khan’s party, the Pakistan Tehreek-e-Insaf (PTI), attend a protest demanding free and fair results of the election, in Peshawar, Pakistan, February 10, 2024. REUTERS/Fayaz Aziz
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By Ariba Shahid and Charlotte Greenfield
ISLAMABAD (Reuters) -Candidates backed by the party of jailed Pakistani opposition leader Imran Khan plan to form a government, a senior aide to the former prime minister said on Saturday, urging supporters to peacefully protest if final election results are not released.
The nation of 241 million people voted on Thursday in a general election, as the country struggles to recover from an economic crisis and battles militant violence in a deeply polarised political environment.
Both Khan and his main rival, three-time former Prime Minister Nawaz Sharif, declared victory on Friday, increasing uncertainty over who will form the next government at a time when swift policy action is needed to address multiple challenges.
Gohar Khan, the chairman of Khan’s Pakistan Tehreek-Insaf (PTI) party who also acts as the former prime minister’s lawyer, called on “all institutions” in Pakistan to respect his party’s mandate.
At a press conference, he said if complete results of the polls were not released by Saturday night, the party would hold peaceful protests on Sunday outside government offices returning election results around the country.
Hundreds of Khan’s supporters rallied in the northwestern city of Peshawar led by two of his aides who said they had been declared losers despite having won the polls.
“We never expected it would happen to us,” said Taimur Khan Jhagra, one of Khan’s former provincial ministers.
The protesters chanted slogans against what they called a vote fraud.
Sharif said on Friday his party had emerged as the single largest group and would talk to other groups to form a coalition government.
By 5 p.m. (1200 GMT) on Saturday, results were still not in for 10 of the 265 seats contested in the election – 48 hours after the polls closed.
The latest tally, posted on the election commission’s website, showed independent candidates had won 100 seats, with Sharif’s Pakistan Muslim League-Nawaz (PML-N) taking 72 seats.
At least 90 of the victorious independent candidates were backed by Khan and his party, a Reuters analysis showed – putting them well ahead of Sharif’s party.
Khan’s supporters were running as independents because they had been barred from contesting the polls under his party’s electoral symbol by the election commission for not complying with electoral laws.
Despite the ban and Khan’s imprisonment for convictions on charges ranging from leaking state secrets to corruption to an unlawful marriage, millions of the former cricketer’s supporters came out to vote for him, even though he cannot be part of any government while he remains in prison.
However, under Pakistan’s electoral laws, independent candidates are not eligible to be allocated reserved seats, 70 of which are meant to be distributed according to party strength. Sharif’s party could get up to 20 of these seats.
Khan’s close aide and media adviser, Zulfi Bukhari, told Reuters the party would announce within the next day the party banner they will ask independents to join. In Pakistan, independent candidates cannot form a government on their own and need to join a party.
“And we have no fear of independents going anywhere, because these are the people who have struggled for the last 18 months and endured all kinds of torture and oppression,” Bukhari told Reuters in a WhatsApp voice message.
Whoever seeks to form the next government would need support from other parties with no one close to the seat threshold for a simple majority in parliament.
Beside Khan and Sharif, the Pakistan Peoples Party of Bilawal Bhutto Zardari, the son of assassinated premier Benazir Bhutto, remains a major player with at least 53 seats.
The rest were won by small parties and other independents. This sets up a period of intense political negotiations over the next few days before a parliamentary vote to elect a new prime minister and government can take place.
“No one can form a government without us,” Bhutto Zardari told local Geo TV.
‘STABLE HANDS’
Pakistan’s army chief congratulated the country on Saturday for the “successful conduct” of the election, saying the nation needed “stable hands” to move on from the politics of “anarchy and polarisation”.
The military remains the country’s most powerful institution and has for decades had a huge role in making and breaking governments. Khan accuses the military of a crackdown on him and his party. The military denies this.
From jail, Khan released an audio-visual message created with artificial intelligence rather than having a statement read out by his lawyers, as is usually the case, in which he rejected Sharif’s claim to victory.
In the message posted on social media platform X, he called on his supporters to celebrate what he called a win that had been achieved despite a crackdown on his party and alleged poll rigging to limit the success of PTI-backed candidates.
The United States, Britain and the European Union on Friday each expressed concerns about the electoral process, urging a probe into reported irregularities.
British Foreign Secretary David Cameron cited “serious concerns” that raised questions “about the fairness and lack of inclusivity of the elections”.
Pakistan’s foreign office responded to the comments on Saturday, saying they ignored the “undeniable fact” that the election had been successfully conducted.
“It is our hope that the process will be concluded effectively and it will reflect the will of the people,” said former Nigerian President Goodluck Jonathan, who is leading the Commonwealth team to observe the voting.
Jonathan called on those with grievances over the election to raise them in line with the laws of Pakistan.
By Sheila Dang
(Reuters) – The Paris Olympics will be a showcase of generative AI for American viewers but European audiences won’t see a similar approach, a contrast that reflects how global media companies are deliberating over the use of the technology.
Comcast (NASDAQ:)’s NBCUniversal is diving into AI for its U.S. broadcast of the Games, including re-creating the voice of a legendary sportscaster, while Warner Bros. Discovery (NASDAQ:)’s sports division in Europe said the tech is still too nascent for roles such as sports commentating.
Warner Bros. Discovery, which will stream the Games on its Max and discovery+ streaming platforms across Europe, received demos from tech companies to translate speech into other languages but the demos have lacked the emotion that comes with heart-racing sports moments, said Scott Young, senior vice president at Warner Bros. Discovery Sports Europe.
“In every part of their (demos), it feels like yes, you’ve translated the words correctly, but you haven’t translated or narrated the feeling,” he said.
For instance, when Italian sprinter Marcell Jacobs stunned the world by winning gold in the men’s 100 metres in Tokyo, Italian commentators screamed their reactions, showing the genuine moment of “experts sitting side-by-side, really living out that story,” Young said. “It is very hard to automatically generate that.”
Meanwhile, U.S. audiences will experience AI when they watch the Games on NBC or streaming service Peacock due to a new partnership between NBCUniversal, Google (NASDAQ:) and Team USA.
AI-enhanced Google Map images of the Olympic venues will help viewers get a feel of Paris and NBC’s hosts will demonstrate how Google AI search can answer questions about the competitions.
NBCUniversal will also use generative AI to create personalised daily briefings of the Olympic events, which will be narrated by an AI re-creation of sports commentator Al Michaels’ voice.
Almost seven million different variations of the daily recaps could be created over the course of the Paris Olympics, NBCUniversal said.
The media company has the largest Olympics broadcast rights deal in the world and paid $7.65 billion to air the Games through 2032.
The Olympic Broadcasting Services, which produces neutral coverage that can be used by media companies around the world, is also embracing AI to assist with quickly cutting vast amounts of footage into brief highlights, but previously told Reuters it remained wary of the risks of deepfakes and “tampering with reality.”
Given how quickly AI capabilities are advancing, it may not be long until European sports fans see more of the technology.
“We’re probably just one Summer Games away from where the real impact will be for us,” Young said.
The next Summer Games are the 2028 Los Angeles Olympics.
On Friday, TD Cowen increased its stock price target for Ultra Clean (NASDAQ: UCTT) shares to $60 from the previous $55 while maintaining a Buy rating on the stock. The firm’s decision came after Ultra Clean reported a stronger-than-expected performance for the June 2024 quarter, which was primarily driven by robust spending on semiconductor processing equipment (SPE) in China, increased demand for high bandwidth memory (HBM), and advanced packaging equipment.
The company’s results for the past quarter outperformed expectations, bolstered by the aforementioned factors. In particular, domestic China SPE spending played a significant role, along with the demand for deposition and etching processes required for HBM manufacturing. Moreover, equipment sales for advanced packaging contributed to the company’s successful quarter.
Looking ahead, Ultra Clean’s guidance for the September 2024 quarter suggests a continuation of these trends. The company anticipates maintaining the momentum with similar driving forces contributing to its performance. Furthermore, growth is expected to extend through the fourth quarter of 2024 and into the calendar year 2025.
The analyst from TD Cowen expressed confidence in the company’s future, stating, “UCTT reported a June ’24 quarter beat attributed to strong domestic China SPE spending, high bandwidth memory (HBM) driving dep/etch demand, and equipment for adv. pkg. The Sept ’24 quarter guide sees much of the same before expected growth through C4Q24/CY25. Reiterate Buy; Price Target goes to $60.”
Ultra Clean’s revised price target and sustained Buy rating reflect the firm’s positive outlook on the company’s performance and growth prospects in the upcoming periods.
In other recent news, Ultra Clean Technology (UCT) reported robust financial performance for Q2 2024, with both revenue and earnings surpassing expectations. UCT’s Q2 revenue reached $516.1 million, a significant increase attributed to strong demand in the domestic China market and AI application suppliers. The company also received the Outstanding Partner Award from Piotech China, which further validates its industry standing.
In terms of future expectations, UCT anticipates Q3 revenue to be between $490 million and $540 million, with EPS ranging from $0.22 to $0.42. CEO Jim Scholhamer predicts sustained high business levels in China throughout the year, and marketing expert Cheryl Knepfler expects solid performance in the litho market moving forward.
These recent developments highlight UCT’s strategic initiatives and its readiness to capitalize on favorable industry trends in the high-tech manufacturing and services landscape.
InvestingPro Insights
Ultra Clean’s recent performance and the optimistic outlook from TD Cowen have been echoed in some of the real-time metrics from InvestingPro. The company’s market capitalization stands at $2.31 billion, and despite a challenging revenue decline of 20.71% over the last twelve months as of Q1 2024, there’s a silver lining with a quarterly revenue growth of 10.25% in Q1 2024. This suggests a potential turnaround or stabilization in the company’s financial performance.
InvestingPro Tips indicate that Ultra Clean is expected to see net income growth this year, which aligns with the positive momentum suggested by TD Cowen. Moreover, the company has sufficient liquid assets to cover short-term obligations, which is a reassuring sign for investors concerned about financial stability. For those looking to delve deeper into Ultra Clean’s financials and future prospects, InvestingPro offers a wealth of additional tips – 11 more to be precise, accessible through the dedicated company page.
Investors interested in Ultra Clean may also take note of the company’s price relative to its adjusted earnings, with a P/E ratio of -68.57, indicating that the market has expectations of future earnings recovery. With the next earnings date set for October 23, 2024, and a fair value estimate by analysts at $55, slightly above the InvestingPro Fair Value of $50.63, there seems to be a consensus on the stock’s potential upside. For those seeking to leverage these insights, don’t forget to use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription at InvestingPro.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
By David Lawder and Marcela Ayres
RIO DE JANEIRO (Reuters) – The U.S. and Brazilian governments announced a climate partnership agenda on Friday, seeking to deepen ties on an issue they seen as key but treated as secondary by opposition in both countries.
Speaking on the sidelines of a G20 finance leaders meeting in Rio de Janeiro, U.S. Treasury Secretary Janet Yellen said that “advancing work on climate and on nature and biodiversity can bring benefits not only to both of our economies but also to the region and to the global economy.”
“We want to be more close,” said Brazil’s Finance Minister Fernando Haddad, adding he expected these guidelines to turn into concrete actions very quickly.
The joint work between the U.S. and Brazil, the two largest economies in the Western Hemisphere, will focus on four key areas, including efforts to facilitate countries’ ease of access to multilateral climate fund resources, a priority for Brazil during its G20 presidency this year.
Yellen also mentioned as pillars of this agenda the aim to bolster clean energy supply chains and efforts to improve the integrity and effectiveness of voluntary carbon markets.
Efforts to mobilize finance and develop innovative solutions to conserve and restore nature and biodiversity, including through multilateral development banks, are also on the agenda.
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