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The owner of the UK’s biggest bioethanol plant has given the government two weeks to come up with a rescue package for the industry after the trade agreement with Donald Trump threatened to swamp the British market with 1.4bn litres of tariff-free ethanol.The ultimatum by ABF Sugar, which owns the £450mn Vivergo plant in Saltend, Hull, was issued following an emergency meeting this week with the UK business secretary Jonathan Reynolds and transport secretary Heidi Alexander.The owners said unless the government tabled a package to save the industry within two weeks, they would open consultations about making the plant’s 160…

A senior Chinese diplomat has urged Israel to halt its military actions against Iran as tensions between the two Middle Eastern rivals mount, warning the escalating conflict could have “serious consequences”.Fu Cong, China’s ambassador to the UN, told an emergency meeting of the UN Security Council on Friday that the surging tensions in the region did not serve the interests of any party.“China urges Israel to immediately stop all risky military actions to avoid further escalation of tensions,” Fu said, according to Chinese state news agency Xinhua.“China condemns Israel’s actions that violate Iran’s sovereignty, security, and territorial integrity, opposes the…

Unlock the White House Watch newsletter for freeYour guide to what Trump’s second term means for Washington, business and the worldDonald Trump has approved Nippon Steel’s $14.9bn bid for US Steel after an agreement to settle national security concerns swayed the US president into backing the takeover.In a White House executive order issued on Friday, Trump approved the “historic partnership”, which comes with conditions including a golden share for the US government and a commitment to invest $11bn by 2028.The deal’s approval caps 17 months of twists and turns since Japan’s largest steelmaker agreed a deal to buy its US…

The Hong Kong government is set to enhance its computing power support for start-ups as part of its ambition to become a leading technology hub, according to the city’s innovation chief, as local start-ups seek global clients at one of Europe’s largest technology shows.Hong Kong planned to establish a new supercomputing centre at Sandy Ridge in the Northern Metropolis – part of a government blueprint that aims to transform a large swathe of land in the New Territories into an economic hub, according to Secretary of Innovation, Technology and Industry Sun Dong.Speaking to the Post on the sidelines of the…

ISLAMABAD: Deputy Prime Minister and Federal Minister for Foreign Affairs Ishaq Dar said that Pakistan is exploring opportunities to enhance cooperation in financial and logistics services including opening of Turkish banks in Pakistan to support bilateral trade flows. In a written reply to a question in the National Assembly on Friday, the minister said that in support of these efforts, the government is also planning to convene the 6th session of the Pakistan-Turkiye Joint Ministerial Commission (JMC) in Islamabad, revitalising institutional framework for economic cooperation. He said that Turkiye has also expressed strong interest in investing in Pakistan’s Special Economic…

Chinese tourism to South Korea is picking up with the end of political instability in Seoul and the two nations pledging closer relations shortly before visa exemptions take effect, travel industry sources said this week.Bookings from China to South Korea for the three months from April to June have been about 24 per cent higher than for the three months ending in February, according to data compiled by China Trading Desk, a travel marketing and technology company. China is South Korea’s largest source of foreign visitors.Chinese bookings rose just 7 per cent year on year in February, making it the…

North Korean leader Kim Jong-un has vowed to build a blue-water navy to counter what he described as growing threats from the United States, an ambition that observers say appears to be linked to broader strategic coordination with key Pyongyang allies China and Russia.Kim made the announcement during a launch ceremony at the northeastern port of Rajin for a newly repaired warship, following an earlier failed launch at the same location, state media reported on Friday.The vessel, “Kang Kon”, is the second 5,000-ton multi-mission destroyer North Korea has launched this year, following the Choe Hyon, unveiled in April. It is…

On May 16, just as US President Donald Trump wrapped up his whirlwind Gulf tour with over US$2 trillion in deals, a little-known Hong Kong fintech firm beat global rivals to bag a contract with a United Arab Emirates (UAE) bank.Evident Group, operator of a digital investment platform for alternative assets and licensed by the Securities and Futures Commission, formed a partnership with Zand Bank, the UAE’s first fully licensed digital bank. The collaboration will provide the Dubai-based bank’s clients with investment opportunities through Evident’s tokenisation technology and infrastructure.The partnership was made possible thanks to the efforts of InvestHK. And…

KARACHI: With a deficit of Rs38.458 billion, Chief Minister Sindh Syed Murad Ali Shah unveiled Rs3.45 trillion provincial budget for the fiscal year 25-26 (FY26) in the Sindh Assembly on Friday, proposing a cut in the sales tax on service to 8 percent amid opposition’s protest. Speaking at the budget session, the chief minister announced the government’s a “forward-looking development agenda” with scores of “transformative new initiatives” across the key sectors including education, health, agriculture, infrastructure, social protection, and local governance. “These initiatives reflect our commitment to equity, innovation, and inclusive growth.” According to the budget documents, the Sindh government…

KARACHI: Despite mounting fiscal pressures, the Sindh government has allocated a record-breaking development budget of over one trillion rupees for the next fiscal year (FY26)-the highest ever in the province history. The Chief Minister Sindh, Syed Murad Ali Shah, on Friday, in his budget speech for FY26 said that the Annual Development Programme (ADP) for FY26 reflects a strategic balance between fiscal prudence and targeted development. “With a focus on social sectors, resilience, and equity, the Government of Sindh is committed to ensuring development that is inclusive, climate smart, and aligned with long-term goals,” he added. As per announcement, budget…