FT News Briefing Imran Khan rises again in Pakistan
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Feb 12, 2024 Imran Khan's unexpected resurgence in the Pakistani political sphere sparks intrigue, despite his current imprisonment. Meanwhile, the country grapples with a power vacuum and economic struggles amid key IMF negotiations. Over in the tech world, EY's burdensome $700 million debt from a failed plan raises eyebrows. Job cuts are rampant as tech giants pivot towards AI, with 34,000 layoffs reported this year. Lastly, Shein eyes an IPO, needing Beijing's approval as it seeks to make waves in the fast fashion market.
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Imran Khan's surprising victory
- Pakistan's recent elections saw Imran Khan's loyalists win, despite his imprisonment and a military crackdown.
- This outcome is a significant setback for the military's influence in Pakistani politics.
Military's influence in Pakistani Politics
- The Pakistani military holds significant power in the country's political landscape, often influencing election outcomes.
- Imran Khan, initially supported by the military, later criticized them publicly after being ousted, leading to a strained relationship.
EY's costly failed project
- EY's failed Project Everest, an attempt to spin off its consulting business, resulted in over $700 million of debt.
- The project's collapse was due to internal conflicts, and the CEO who oversaw it will step down.