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LONDON/MOSCOW: OPEC+ is likely to leave oil output levels for the first quarter of 2026 unchanged at its meetings on Sunday, three delegates from the group said on Saturday, moderating a push to regain market share amid fears of a looming supply glut. The meeting of OPEC+, which pumps half of the world’s oil, comes as oil prices are also under pressure from the prospect of a Russia-Ukraine peace deal. Brent crude closed on Friday near $63 a barrel, down 15% this year. On Sunday, eight OPEC+ countries are likely to keep their policy to pause oil output hikes in…

China’s second fifth-generation fighter jet, the J-35, could find buyers in the Middle East as demand grows for advanced stealth aircraft in the region – though its capabilities remain unknown, according to analysts.A model of the J-35 – made by China National Aero-Technology Import & Export Corporation (Catic) and with a design similar to that of the American F-35 – was on display at the event.Fifth-generation fighters typically feature stealth and supercruise capabilities – meaning they can cruise at supersonic speed without using their afterburners. They are also equipped with integrated avionics, internal weapons bays and advanced sensors.In addition, their…

Spain’s Agriculture Ministry said it has halted all pork exports to China after two wild boar found dead near Barcelona tested positive for African swine flu, the first cases in three decades.The outbreak, the first since 1994, coincides with Spanish efforts to court Beijing and gain market share in the pork sector and after China imposed tariffs on EU pork during an anti-dumping investigation.Spain is the European Union’s leading pork producer, accounting for roughly a quarter of the bloc’s output, ahead of Germany, with annual pork exports of about 3.5 billion euros (US$4.05 billion).The Director-General of Agri-Food Production Health and…

Authorities in mainland China have launched a nationwide campaign to eliminate fire hazards in high-rise buildings, days after Hong Kong’s deadliest blaze in decades tore through a residential complex – claiming at least 128 lives.The Work Safety Committee of the State Council, China’s cabinet, announced the sweeping drive in a notice on Saturday, according to state media.The notice pledged to “identify and rectify” fire risks across high-rise residential and public-use buildings, from tower blocks to offices, hospitals and shopping complexes, state broadcaster CCTV reported.The campaign specifically targets buildings undergoing exterior wall renovations or interior refurbishments, with four priority areas –…

On November 14, Chinese robotics firm UBtech released footage showing hundreds of Walker S2 humanoid robots standing in precise formation inside a warehouse. The machines turned their heads in unison, waved their arms and marched into shipping containers – a scene so visually arresting it evoked sci-fi blockbusters like I, Robot.Brett Adcock, founder and CEO of leading US robotics company Figure, responded with disbelief.He immediately took to social media to suggest the footage was computer-generated.“Look at the reflections on this bot, then compare them to the ones behind it. The bot in front is real – everything behind it is…

Tax experts have termed the Federal Board of Revenue’s (FBR) digitalisation initiatives insufficient, stressing that along with digitalising the tax system, an integrated policy should be formulated to bring non-filers into the tax net. Karachi Tax Bar Association (KTBA) vice president Faiq Raza told Business Recorder the tax-to-GDP (gross domestic product) ratio should increase significantly. Currently, Pakistan’s tax-to-GDP ratio stands at 10-11%, which the FBR aims to increase to 18% by 2027-28. “However, in contrast, only the return filing to GDP ratio is rising, which is not making any substantial difference in revenue,” Raza maintained. According to the KTBA official,…

Pakistan needs to ‘indigenize’ Artificial Intelligence (AI) models, said Federal Minister for IT and Telecommunication Shaza Fatima Khawaja on Saturday. “We cannot just remain consumers of models made in some foreign countries, which do not include and contextualise our cultural identities,” said Shaza in an address. “We need to make sure that our perspectives are a part of the larger machine learning that is happening today. We need to ensure that biases do not go against you,” she said. Talking about government initiatives, Shaza said that the National AI Initiative targets to train one million people in the next five…

Pakistan’s iron and steel scrap imports have surged to their highest level since November 2021, indicating renewed momentum in its construction and steel industries. According to data provided by Topline Securities on Saturday, Pakistan’s iron and steel scrap imports have continued their strong upward momentum, rising to 381,991 metric tons in October 2025. “The highest level since the all-time peak of 464,415 metric tons in November 2021.” “The sustained rise reflects strengthening and improvement in construction activity,” said Topline. Industry observers note that this rebound reflects improving sentiment in the real economy, supported by public-sector development works and a gradual…

In May 2023, Australian economist Paul Sheard published a book, The Power of Money, explaining how governments and banks create money. Things have moved on since then in the world of cryptocurrency, and it is the little understood international politics of money that need clearing up now.Public interest continues to centre upon instruments such as bitcoin and its cryptocurrency imitators, whose huge price swings attract headlines. These are not currencies, however, but “risk assets” as Sheard noted during a recent event at the Foreign Correspondents’ Club of Japan in Tokyo.The focus should be upon developments in the United States, China,…

Georgian authorities detained an opposition party leader Saturday on suspicion of trying to set fire to the Tbilisi City Court office building, the Interior Ministry said.Aleksandre Elisashvili broke into the court chancellery building in the Georgian capital at dawn by smashing a window with a hammer, then poured gasoline on the perimeter of the office, the ministry said in a Facebook statement. The 47-year-old, who founded the Citizens party and was formerly an opposition lawmaker, had a firearm and injured a court official during his arrest, according to the ministry.Video released by authorities appeared to show a handgun on the…