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WASHINGTON: Global finance leaders came to Washington this past week seeking clarity on what it would take to get some relief from President Donald Trump’s tariff assault and on just how much pain it will bring to the world economy. Most headed home with more questions than answers. Many participants in the International Monetary Fund (IMF) and World Bank Spring Meetings had a sense that Trump’s administration was still conflicted in its demands from trading partners hit with his sweeping tariffs. During the whirlwind week, many finance and trade ministers sought to meet US Treasury Secretary Scott Bessent and other…

• Transporters say thousands of trucks are now stranded; cargo being spoilt with each passing day• Ports anticipate crisis; manufacturers face raw material shortages• President wades in to resolve situation KARACHI: Efforts to disperse protesters, who have paralysed cross-country traffic by blocking national highways in parts of Sindh, remained futile on Sunday, with manufacturers saying they have been forced to halt production due to a shortage of raw material, while port authorities also anticipate serious congestion. The road closures in several parts of Sindh are due to continuing protests against the controversial proposal to build new canals on the River…

• Retired public servants re-employed must choose either pension or salary• Condition applies to both contract, regular re-employment after age 60• Move aims to curb rising pension costs under IMF requirements• Govt pension bill estimated at over Rs1tr in current fiscal year ISLAMABAD: The federal government has formally notified that retired public servants rejoining government service, whether on a contract or regular basis, will now have to choose between drawing a salary or receiving their pension and may no longer claim both simultaneously. “It has been decided that henceforth, in an event where a pensioner of the federal government after…

PARIS (AP) — A man suspected of killing a Muslim worshipper in a French mosque has turned himself in to police in Italy, authorities said Monday.French police began searching for the suspect after the attack Friday in the former mining town of La Grande Combe in southern France. The assailant recorded the attack on his phone, and security camera footage showed him shouting insults at God, local media said.The French interior minister’s office said Monday that the suspect had surrendered to police in Italy, without elaborating.Local prosecutor Abdelkrim Grini said Sunday that investigators are taking into account “the possibility that…

Defence spending is on the rise in East Asia as China’s military build-up raises concerns among its neighbours, according to a report by a Swedish think tank.In its annual report on world military expenditure published on Monday, the Stockholm International Peace Research Institute (SIPRI) said total world military expenditure reached US$2.72 trillion in 2024, an increase of 9.4 per cent from 2023, the 10th consecutive year of increases and the steepest year-on-year rise since at least the end of the Cold War.The report said the world’s top five military spenders – the United States, China, Russia, Germany, and India –…

Pakistan’s pharma sector is increasingly deploying artificial intelligence (AI) and advanced technologies to improve drug development processes and detect drug reactions, it was learnt. From startup-led telemedicine platforms to large-scale industry events focused on AI integration, the sector is gearing up for a tech-driven future. Industry leaders Haroon Qasim, who is also a former Chairman of the Pakistan Pharmaceutical Manufacturers’ Association (PPMA), highlighted a transformative shift. “AI and digital technologies are steadily transforming Pakistan’s pharmaceutical sector across multiple fronts—from drug development to patient engagement, the applications are growing,” he told Business Recorder. Pakistan Pharma Summit 2024: experts gather with aim…

LONDON: Confidence among people in Britain about the economy over the next 12 months has fallen to the lowest on record, polling firm Ipsos MORI said on Sunday, with only a small number expecting improvement over the period. Seventy-five percent of Britons expect the economy to get worse over the next 12 months, up 8 percentage points since March, Ipsos said. Just 7% of Britons think the economy will improve over the next year, while 13% thought it would stay the same. The minus 68 net balance represented the lowest degree of optimism since Ipsos began collecting the data in…

The approval of the first four official London Metal Exchange (LME) warehouses in Hong Kong gives a long-awaited boost to the city’s ambition of playing a more integral role in global metals trading.Many industry leaders, including Tiger Shi, CEO of Bands Financial, and Clara Chan, CEO of Hong Kong-listed Lee Kee Group, believe the development marks a pivotal step in strengthening the city’s position as a strategic commodities hub in Asia.The establishment of the LME warehouses in the city will also help align commodity prices in mainland China with the international market, they said.The warehouses mark “a major step forward…

The approval of the first four official London Metal Exchange (LME) warehouses in Hong Kong gives a long-awaited boost to the city’s ambition of playing a more integral role in global metals trading.Many industry leaders, including Tiger Shi, CEO of Bands Financial, and Clara Chan, CEO of Hong Kong-listed Lee Kee Group, believe the development marks a pivotal step in strengthening the city’s position as a strategic commodities hub in Asia.The establishment of the LME warehouses in the city will also help align commodity prices in mainland China with the international market, they said.The warehouses mark “a major step forward…

THE HAGUE, Netherlands (AP) — The United Nations’ highest court opens hearings Monday into Israel’s obligation to “ensure and facilitate” urgently needed humanitarian assistance to Palestinian civilians in the occupied territories, bringing the ongoing conflict in Gaza back into focus in The Hague.A week of hearings has been scheduled in response to a request last year from the U.N. General Assembly, which asked the International Court of Justice to weigh in on Israel’s legal responsibilities after the country blocked the U.N. agency for Palestinian refugees from operating on its territory.In a resolution sponsored by Norway, the General Assembly requested an…