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MOSCOW (AP) — Russia marked the 80th anniversary of the defeat of Nazi Germany in World War II with a massive military parade on Red Square on Friday attended by President Vladimir Putin and a slew of foreign leaders, including Chinese President Xi Jinping and Brazilian President Luiz Inácio Lula da Silva.Victory Day, which is celebrated in Russia on May 9, is the country’s most important secular holiday. A Red Square parade and other ceremonies underline Moscow’s efforts to project its global power and cement the alliances it has forged while seeking a counterbalance to the West amid the conflict…

Producers of tungsten products in developed nations, including those in the defence sector, are waking up to the need to diversify their raw material supply sources after three decades of readily available exports from China came to a sudden halt, according to a mines developer.On February 4, Beijing added five critical industrial metals including tungsten to its export restriction list while announcing tariffs on certain American imports, as part of its retaliation against Washington’s decision to raise duties on all Chinese imports by 10 per cent. Export permits have not been issued so far, said Lewis Black, CEO of Canada-based…

Hong Kong stocks rose for the seventh straight trading day on Friday, their longest winning streak in more than a year, after US President Donald Trump said that the trade talks with China on the weekend could lead to “substantive” tariff cuts.The Hang Seng Index edged up 0.4 per cent to 22,859.46 at 10am. The Hang Seng Tech Index was down about 0.8 per cent. On the mainland, the CSI 300 Index fell marginally, while the Shanghai Composite Index eased 0.1 per cent.Chow Tai Fook Jewellery rose 4 per cent to HK$23.55 and Geely Automobile gained 2.7 per cent to…

ISLAMABAD: Special Assistant to the Prime Minister (SAPM) on Industries and Production Haroon Akhtar Khan has assured the Karachi Chamber of Commerce and Industry (KCCI) of addressing all their concerns. The SAPM assured this to the members of the KCCI during a virtual meeting aimed to address several pressing issues concerning Karachi’s industrial sector, including electricity supply, water provision, rising gas levies, tax collection problems, and the challenges faced by exporters. The committees were set up following the prime minister’s directives to ensure a focused and systematic approach to resolving the concerns of local chambers and industrialists. “The goal is…

ISLAMABAD: President of Faisalabad Chamber of Commerce & Industry (FCCI), Rehan Naseem Bharara, called on Federal Minister for Commerce, Jam Kamal Khan on Thursday to discuss key issues faced by the business community and explore avenues for trade facilitation. During the meeting, Bharara highlighted the need for comprehensive reforms in the Federal Board of Revenue (FBR), particularly concerning tariff structures that impact exporters. He proposed that export-oriented trade associations should be given permanent representation on policy-making boards, ensuring that voices from the ground are included in national trade strategies. Federal Minister Jam Kamal Khan assured the FCCI president of the…

KARACHI: Vice Chairman of Pakistan Soap Manufacturers Association (PSMA), Tariq Zakaria held an important extra general body meeting in a local hotel and expressed concern over the new Tax Laws (Amendment) Ordinance 2025, which has issued without consultation with stakeholders and in the absence of parliamentary debate poses severe implications for both the business sector and rule of law, which will cause the worst financial crisis, with which the entire business community of the country in its grip. He objected to Section 138(3A) and 140(6A) of the Income Tax Ordinance, which override judgments of superior courts and render disputed tax…

NEW YORK: Bitcoin topped $100,000 on Thursday for the first time since early February, bolstered by a wide-ranging deal between the United States and the United Kingdom in a sign that perhaps President Donald Trump’s trade war with the rest of the world is easing. By midday, bitcoin was trading at $101,329.97, a 4.7% gain on the day. The world’s biggest cryptocurrency has clawed its way back into positive territory for the year, although it remains below the record high of more than $109,000 reached in January. Ether, the cryptocurrency for the Ethereum blockchain surged more than 14 per cent…

NEW YORK: Bitcoin topped $100,000 on Thursday for the first time since early February, bolstered by a wide-ranging deal between the United States and the United Kingdom in a sign that perhaps President Donald Trump’s trade war with the rest of the world is easing. By midday, bitcoin was trading at $101,329.97, a 4.7% gain on the day. The world’s biggest cryptocurrency has clawed its way back into positive territory for the year, although it remains below the record high of more than $109,000 reached in January. Ether, the cryptocurrency for the Ethereum blockchain surged more than 14 per cent…

KARACHI/ISLAMABAD: Foreign shipping lines are gearing up to impose heavy freight charges while some companies have planned to implement emergency operational recovery surcharge (EORS) by middle of this month. Shipping industry people said that CMA CGM has circulated a letter regarding immediate implementation of EORS on all shipments to and from Pakistan from May 15 until further notice (valid until June 6 for US, Latin America and Australia). CMA CGM said this measure has become necessary due to strong geopolitical developments in the region which have significantly impacted on our operations. The surcharge is essential to maintaining the continuity, safety…

ISLAMABAD: Pakistan’s export of services grew 9.85 per cent to $6.24 billion in the first nine months of 2024-25 from $5.68bn a year ago, driven by a surge in demand for telecommunication, computer, and information services. Services exports have seen positive growth since February 2024. However, there was a 6.50pc decline in August 2024. In rupee terms, the exports improved by 7.41pc to Rs1.734 trillion in 9MFY25 against Rs1.616tr in FY24, according to statistics released by the Pakistan Bureau of Statistics on Thursday. In March, services exports recorded a growth of 4.89pc to $743.32 million as against $708.66m over the…