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MADRID (AP) — Inside a sprawling hangar in Spain, workers bolt together a fuselage for European aerospace giant Airbus, which churns out jets and other military equipment.The multinational conglomerate is a rarity in Europe’s defense industry, backed by Spain, Germany, France and Britain. The norm for defense industries on the continent is big-name national champions and hundreds of small companies mostly working to fill orders for state governments.That piecemeal paradigm could hinder Europe’s plan for spending more on defense, which has been given a jolt — and previously unimaginable political backing — following U.S. President Donald Trump’s threats to not…

ISLAMABAD: As prices of medicines have been rapidly increasing in the country, a former deputy director of the Drug Regulatory Authority of Pakistan (Drap) has urged Prime Minister Shehbaz Sharif to play his role for regulating prices of medicines. In a letter available with Dawn, Dr Muhammad Aleem Akhter said the prices of medicines were deregulated against public and national interest. He said that the Drap Act, 2012, clearly empowers the authority to fix prices of all drugs and medicines and this issue was communicated to the PM’s office through a letter dated Oct 20, 2024, but no action was…

ISLAMABAD: As the government announced the closure of a nearly five-decade-old subsidiary of the Pakistan Railways in the name of right-sizing, questions have arisen over the timing of the decision. Documents seen by Dawn suggest that the decision to wind-up Railway Construction Pakistan Ltd (Railcop) comes after a financial scandal involving the use of fake bank guarantees was unearthed in the department. Earlier this month, the Ministry of Railways decided to close Railcop as well as two other entities — the Pakistan Railways Advisory & Consultancy Services (Pracs) and Pakistan Railway Freight Transportation Company (PRFTC). According to office orders issued…

ISLAMABAD: As prices of medicines have been rapidly increasing in the country, a former deputy director of the Drug Regulatory Authority of Pakistan (Drap) has urged Prime Minister Shehbaz Sharif to play his role for regulating prices of medicines. In a letter available with Dawn, Dr Muhammad Aleem Akhter said the prices of medicines were deregulated against public and national interest. He said that the Drap Act, 2012, clearly empowers the authority to fix prices of all drugs and medicines and this issue was communicated to the PM’s office through a letter dated Oct 20, 2024, but no action was…

ISLAMABAD: The federal government has conveyed its displeasure to the Punjab government over delay in approval process for tariff reduction of its two LNG-based power plants of more than 2,400MW, involving about Rs600bn savings over their remaining useful lives of 18 to 23 years. A senior official told Dawn that Central Power Purchasing Agency (CPPA) — a subsidiary of the power division — had been in contact with Punjab’s energy department for completion of formalities to file tariff reduction applications before the National Electric Power Regulatory Authority (Nepra). He said the CPPA management to the government that the case for…

Hong Kong stocks edged down as investors awaited potential stimulus measures from Chinese authorities in an imminent briefing, amid uncertainty about economic support for the country’s recovery and tariff tensions with the US.The Hang Seng Index dropped 0.5 per cent to 21,882.57 as of 9.45am local time. The Hang Seng Tech Index lost 0.2 per cent.On the mainland, the CSI 300 Index slipped 0.2 per cent and the Shanghai Composite Index dropped 0.3 per cent.BYD Electronic International fell 6.6 per cent to HK$32.45, while electric-vehicle maker BYD slid 4.6 per cent to HK$29.40. Ping An Insurance Group declined 2.2 per…

Hong Kong stocks edged down as investors awaited potential stimulus measures from Chinese authorities in an imminent briefing, amid uncertainty about economic support for the country’s recovery and tariff tensions with the US.The Hang Seng Index dropped 0.5 per cent to 21,882.57 as of 9.45am local time. The Hang Seng Tech Index lost 0.2 per cent.On the mainland, the CSI 300 Index slipped 0.2 per cent and the Shanghai Composite Index dropped 0.3 per cent.BYD Electronic International fell 6.6 per cent to HK$32.45, while electric-vehicle maker BYD slid 4.6 per cent to HK$29.40. Ping An Insurance Group declined 2.2 per…

LAHORE: Experts in the seed sector have urged farmers to choose only reputable companies that invest in research and development, producing high-quality seeds better suited to changing weather conditions, helping farmers achieve higher yields and minimise losses. “Farmers in Pakistan, like many around the world, if they use seeds that lack proper genetic traits, can cause significant economic loss. Misleadingly, genetic seeds can lead to crop failure despite farmers invest heavily in fertilisers, irrigation, and labour. This reality underlines the importance of using certified, data-backed seeds from trusted R&D companies,” said the experts. Cost of seed constitutes only 05 percent…

FAISALABAD: Faisalabad Chamber of Commerce and Industry President Rehan Naseem Bharara has said that there is absolutely no justification for closing major highways in Sindh over the issue of canals following Prime Minister Shehbaz Sharif’s decision to convene a meeting of the Council of Common Interests on May 2. He said that in a democratic society, differences are resolved through mutual dialogue. Under this positive thinking, the Prime Minister has called a meeting of the Council of Common Interests to resolve the canal dispute so that differences can be resolved democratically. He said that the earlier demand of the strikers…

KARACHI: Cotton prices have shown overall stability, while trading activity remained limited. New York cotton futures also recorded an improvement in prices. Indications suggest that the EFS (Export Finance Scheme) matter may be postponed until the budget. Frustrated with the government, the PCGA (Pakistan Cotton Ginners Association) has reportedly sent a letter to the Chief Justice of the Supreme Court after approaching the Army Chief, seeking judicial intervention in the matter. Meanwhile, the import bill is rising due to rising imports of cotton, cotton yarn, and textiles, as highlighted by Shahid Rasheed Butt, former President of the Islamabad Chamber of…