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Federation of Pakistan Chambers of Commerce and Industry (FPCCI) leader S. M. Tanveer has urged policymakers and stakeholders to adopt the FPCCI’s “District Economy” model to promote a more decentralised and inclusive economic framework across the country. Speaking on Wednesday, Tanveer said the initiative aims to devolve economic decision-making to the district level, empowering local communities and unlocking untapped regional potential. “By doing so, we can unlock the true potential of our nation and build a more prosperous and equitable society for all citizens,” he said. Explaining the concept, the FPCCI leader noted that Pakistan’s economy has long suffered from…
A tentative deal for the management of Chinese short video app TikTok in the United States is facing new pressure after last week’s flare-up in trade tensions between Beijing and Washington, with analysts mixed in their assessment of the pact’s chances for survival.“It’s probably quite hard to see that [deal] happening under such an atmosphere,” said Gary Ng, senior Asia-Pacific economist at Natixis.“I don’t know whether it will collapse or go through … The biggest downside is the US could shut [the app] down and block access.”A flurry of activity in recent weeks from both sides of the divide, most…
Criminal gangs in northern Myanmar targeted Chinese citizens with the support of local political and military leaders, state media has reported.On Wednesday, the national broadcaster CCTV aired a confession from the head of an alleged crime family Wei Huairen, who is also known as Wai San.Wei was handed over to Chinese law enforcement in January.A police officer told the broadcaster that the criminal activities of the Wei family – one of the main ethnically Chinese crime gangs in Kokang – had been “state-authorised”.The broadcaster said the Wei family was different from the other Kokang crime syndicates because its leader directly…
The Hong Kong Monetary Authority (HKMA) has picked the second batch of use cases for testing of generative artificial intelligence (GenAI), as it looks to further promote responsible technological innovation in the financial-services sector.“The second cohort represents a major leap forward in making AI adoption safer and more robust,” said Arthur Yuen Kwok-hang, the authority’s deputy chief executive, in the statement. “The diverse representation of banks in this cohort highlights the industry-wide consensus on AI’s transformative potential.”He added that combined efforts made by the banks, technology firms and academic institutions represented a testament to the HKMA’s commitment to fostering the…
The Hong Kong Monetary Authority (HKMA) has picked the second batch of use cases for testing of generative artificial intelligence (GenAI), as it looks to further promote responsible technological innovation in the financial-services sector.“The second cohort represents a major leap forward in making AI adoption safer and more robust,” said Arthur Yuen Kwok-hang, the authority’s deputy chief executive, in the statement. “The diverse representation of banks in this cohort highlights the industry-wide consensus on AI’s transformative potential.”He added that combined efforts made by the banks, technology firms and academic institutions represented a testament to the HKMA’s commitment to fostering the…
Gold prices rose in European trading on Wednesday, extending their gains for the fourth consecutive session and continuing to set new records, successfully trading above the 4,200-dollar-per-ounce mark for the first time in history. This surge was supported by a decline in the US dollar against a basket of global currencies, particularly following recent comments by Federal Reserve Chairman Jerome Powell, which strengthened expectations of US interest rate cuts in October and December. To reassess those expectations, global financial markets are now awaiting the release of key US inflation data for September in the coming days, which will…
My top 10 things to watch Wednesday, Oct. 15 1. Bank of America’s better-than-expected earnings report this morning showed a level of charge-offs that is incredibly low. Club name Wells Fargo yesterday also set aside less money for losses. Nobody else seems to be warning about lurking bad corporate loans. Is JPMorgan the outlier here? 2. After a great quarter on all metrics for Bank of America and tremendous investment banking and wealth gathering at Morgan Stanley , you have to question whether we should still give net interest income so much attention and instead talk about earnings growth. That…
Several officials in China’s Tibet autonomous region have been punished after being held responsible for a controversial fireworks show at the foot of the Himalayas, an ecologically fragile region.Outdoor apparel brand Arc’teryx worked with Chinese artist Cai Guo-qiang to set off the fireworks as part of a publicity stunt last month. The controversial show triggered widespread debate over environmental preservation and government oversight, leading to an official investigation.According to an investigative report released on Wednesday by the municipal government of Shigatse, the display violated China’s new Qinghai–Tibet Plateau protection law, damaged alpine turf and startled endangered wildlife.Six local officials had…
Nexperia, the European semiconductor subsidiary of Chinese electronics part maker Wingtech, is caught in the crossfire of the US-China tech war and faces an uncertain future amid restrictions from both the Chinese and Dutch governments, according to analysts.The Dutch government has taken over Nexperia, a move that provoked strong opposition from its Chinese owner Wingtech, the Chinese government and players in China’s semiconductor supply chain. They have vowed to fight for control of the Nijmegen-based chipmaker by leveraging key links in China, including a packaging and testing plant in the city of Dongguan in southern Guangdong province.As a leading power-chip…
The latest flare-up in US-China tensions is casting a fresh – albeit limited – shadow over the autumn edition of the Canton Fair, China’s largest foreign trade exhibition, which kicked off on Wednesday.With the threat of a return to triple-digit US tariffs hanging in the air, Chinese exporters in a slew of industries said they were pivoting away from the American market but faced squeezed profit margins and increased credit risks.“We sent many Canton Fair invitations to European and American clients, but many US buyers said they would not attend,” said Louis Huang, a lighting exporter from China’s eastern Zhejiang…