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China has completed its first overseas new-generation radio telescope in northern Thailand, bolstering a global scientific network that monitors deep space signals and tracks subtle shifts in the Earth’s rotation and tectonic plates.The 13-metre (43-foot) radio antenna, jointly developed by the Shanghai Astronomical Observatory and the National Astronomical Research Institute of Thailand, was officially inaugurated in Chiang Mai on May 16, according to the observatory’s WeChat account.Together with a second telescope under construction in Songkhla, southern Thailand, the station will enhance deep-space tracking and high-precision Earth monitoring, contributing to more accurate GPS, climate research and earthquake forecasting. 11:05Space race elevates…
LAHORE: As the Punjab government announced the constitution of a committee to probe alleged bungling in the Ramazan Nigehbaan Package, the opposition has demanded strict action against those involved in misappropriation of the funds meant for deserving people. “An initial inquiry committee is being constituted to closely examine all aspects of this matter,” Punjab Information Minister Azma Bokhari said on Friday. “So far, no audit report regarding the [corruption] in the Ramazan package. The misuse of public tax money will not be tolerated under any circumstances. If any form of corruption or mismanagement is found in the package, those [found]…
LAHORE: Pakistan’s cotton sector is facing its gravest financial crisis in decades, prompting swift government attention after urgent appeals from the Pakistan Cotton Ginners Association (PCGA) and the All Pakistan Textile Mills Association (Aptma). Both associations have launched a high-profile lobbying campaign, writing to Prime Minister Shehbaz Sharif and initiating a nationwide media blitz, demanding the immediate abolition of the Export Facilitation Scheme (EFS) or the removal of sales tax on domestically produced cotton and its byproducts. The premier subsequently sought policy recommendations from the Ministry of National Food Security and Research (MNFSR). In response, the ministry has formally endorsed…
Ehsan Malik, Pakistan Business Council CEO KARACHI: Business leaders have advised the government to avoid surprises in the upcoming federal budget by proposing significant relief for the salaried class, including a reduction in the general sales tax (GST) and the phasing out of the super tax. In addition to balancing the external account and managing the fiscal deficit, Pakistan Business Council CEO Ehsan Malik stated that there is now an urgent need to augment defence spending through higher export earnings. The PBC’s budget proposals aimed to fiscally incentivise the rapid growth of exports and the indigenisation of inputs. Given the…
ISLAMABAD: Short-term inflation, measured by the Sensitive Price Index (SPI), rose 0.41 per cent year-on-year in the week ending May 29 owing to a rise in the retail price of perishable products. The SPI-based inflation recorded a partial increase for the third consecutive week, following a 10-week deflation. The extraordinary spike in the retail prices of sugar, meat and chicken also contributed to reversing the trend during the week under review. The retail price of sugar in the market reached Rs190 to Rs200 per kg. The SPI, however, declined by 0.81pc week-on-week due to drop in rice and wheat prices,…
ISLAMABAD: Following the National Assembly’s Standing Committee’s advice to review the government’s decision regarding the divestment of the Utility Stores Corporation (USC), the Privatisation Commission promised to present the recommendation to the Cabinet Committee. Secretary of Privatisation Usman Akhtar Bajwa informed the standing committee on Friday that the Cabinet Committee and the Federal Cabinet are the appropriate fora for including state-owned enterprises in the privatisation programme. However, he assured that the recommendations from the standing committee would be presented to both the Cabinet Committee on Privatisation (CCoP) and the Federal Cabinet. A senior official from the Ministry of Finance briefed…
KARACHI: The Pakistan Stock Exchange (PSX) continued its upward trajectory as clarity emerged regarding the unveiling of the federal budget for the next fiscal year on June 10. Ali Najib, Deputy Head of Trading at AHL, stated that the Pakistan Stock Exchange (PSX) experienced a positive session. The benchmark index closed at 119,691.09 points, reflecting a gain of 719.68 points, or 0.60pc. This marks an addition of 1,359 points to the index in the last two sessions. The bullish momentum from the previous session continued, with the index briefly approaching the psychological 120,000 mark by recording an intraday high of…
QUETTA: The Public Accounts Committee (PAC) of the Balochistan Assembly has detected massive financial irregularities while reviewing the audit findings related to the Public Health Engineering (PHE) Department and key infrastructure projects. Chairman Asghar Ali Tareen, while presiding over the PAC meeting, uncovered unaccounted expenditures, violations of procurement laws, and delayed mega projects. The meeting was attended by committee members engineers Zamrak Khan Achakzai, Zabid Ali Reki, Ghulam Dostgir Badini, Fazal Qadir Mandokhail, PHE Secretary Imran Gichki, DG Audit Balochistan Shuja Ali, Additional Accountant General Hafiz Noorul Haq, PAC Additional Secretary Siraj Lahri, Director Audit Dr Faiz Muhammad Jaffar, and…
Hong Kong’s corporate activity and yuan-driven business have been revitalised as global market participants strengthen ties to China’s economy amid tariffs and geopolitical tensions, according to a senior executive at Deutsche Bank.Companies and investors have increased their exposure to China and hedged against the US dollar as they adjusted their supply chains and portfolios amid market volatility, said Ole Matthiessen, head of corporate banking for Asia-Pacific, Middle East and Africa, during a briefing in Hong Kong last week.“We are seeing market participants across the corporate and institutional sectors thinking about hedging against risks” amid once-in-a-decade volatility in the foreign-exchange market,…
Hong Kong’s corporate activity and yuan-driven business have been revitalised as global market participants strengthen ties to China’s economy amid tariffs and geopolitical tensions, according to a senior executive at Deutsche Bank.Companies and investors have increased their exposure to China and hedged against the US dollar as they adjusted their supply chains and portfolios amid market volatility, said Ole Matthiessen, head of corporate banking for Asia-Pacific, Middle East and Africa, during a briefing in Hong Kong last week.“We are seeing market participants across the corporate and institutional sectors thinking about hedging against risks” amid once-in-a-decade volatility in the foreign-exchange market,…