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The United States is re-emerging as a pivotal economic partner for Pakistan, underscored by the $7 billion financial close of the Reko Diq project backed by the International Finance Corporation (IFC) and the US EXIM Bank, said Finance Minister Muhammad Aurangzeb on Thursday during a high-level panel discussion in Riyadh. The session, Climate Adaptation & Resilience: How do we secure the capital we need?” at the Global Development Finance Conference – Momentum 2025, was attended by senior global finance leaders including H.E. Zeina Toukan, Minister of Planning and International Cooperation of Jordan; H.E. Qahhorzoda Faiziddin, Minister of Finance of the…
Ant International, HSBC and Swift have successfully tested cross-border transfers of tokenised deposits using an international financial messaging standard, in a move that could streamline global blockchain-based payments and corporate treasury management.The milestone, announced on Thursday, marked the first case leveraging the Swift network and ISO 20022 as a messaging standard in cross-border payments using tokenised deposits.The standard is a universal language for exchanging electronic data in financial business transactions.In the test, Singapore-based Ant International and HSBC connected Ant’s blockchain infrastructure to Swift’s network, allowing real-time cross-border treasury management between HSBC Singapore and Hong Kong through the bank’s tokenised deposit…
PSRM (Pvt.) Limited and K-Electric have entered into an agreement under which a dedicated distribution system comprising a 132 kV grid station and transmission line will be built at Gharo. “The project will ensure reliable and efficient power supply of 15MW supporting the growth in operations of the local steel industry,” the KE said in a press release. The new grid station, it said, is aimed at enhancing power resilience, improving operational efficiency, and supporting future electrification for the steel sector aligning with the companies’ shared commitment to sustainability, reliability, and innovation. “Reinforcing KE’s mission to drive sustainable industrial growth…
Ashfaq Textile Mills Ltd, a Punjab-based textile firm, has decided to suspend operations of 85 Sulzer looms at its Faisalabad facility amid weak demand for woven fabrics. The listed company shared the development in a notice to the Pakistan Stock Exchange (PSX) on Thursday. “The Board of Directors of Ashfaq Textile Mills Ltd, in its meeting held on December 11, 2025, has resolved that due to unfavourable market conditions, the company has decided to suspend operation of 85 Sulzer looms out of the total capacity of 243 Sulzer looms installed in our production facility situated at 18th km, Faisalabad Jaranwala…
The Japanese yen rose in Asian trading on Thursday against a basket of major and minor currencies, extending its recovery for a second consecutive session against the US dollar, supported by a wave of selling in the greenback after the Federal Reserve’s meeting delivered a tone that was less hawkish than markets had expected. The Bank of Japan meets next week, and markets now broadly expect a 25-basis-point rate increase. Investors will be watching Governor Kazuo Ueda closely for clearer guidance on the policy path through 2026. Price overview • USD/JPY today: the dollar fell about 0.35%…
An exhibition based on the works of the celebrated Japanese animator Hayao Miyazaki in the southern Chinese city of Guangzhou has been postponed as relations between the two countries continue to deteriorate.Studio Ghibli, the Oscar-winning anime studio which Miyazaki co-founded, announced the decision on Tuesday without giving a reason.“We apologise to the audience who have been looking forward to this event, and sincerely thank you for your understanding and support,” the statement said. “Looking forward to seeing you again in the near future.”The exhibition at Canton Tower Theatre was scheduled to open on Christmas Day and run until October.Fans who…
LYNGBY, Denmark (AP) — It was a wedding that captivated the world — in 1981, Lady Diana Spencer said “I will” to Prince Charles, becoming Princess of Wales and bringing youth and glamour to Britain’s royal family.More than 40 years after the wedding and many years after the marriage fell apart, royal fans will be able to buy a rare part of that historic day — or perhaps a sip of it.Danish auction house Bruun Rasmussen is putting an exclusive magnum of Dom Pérignon Vintage 1961 champagne that was specially produced for the occasion under the hammer this Thursday.“This is…
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China has urged the Dutch government to push the Netherlands arm of semiconductor manufacturer Nexperia to send personnel to China, Beijing’s commerce ministry said during a press conference on Thursday.The Dutch embassy in China has been asked to urge The Hague’s Ministry of Economic Affairs to “implement the consensus reached in consultations” and encourage the Nijmegen-headquartered company to dispatch its representatives to China “as soon as possible”, ministry spokesman He Yadong said.Wingtech, Nexperia’s Chinese owner, recently sent an invitation asking its subsidiary’s independent directors and equity trustee to visit China to discuss corporate control and restoring stability to the global…
The Competition Commission of Pakistan (CCP) conducted raids on three Lahore-based entities involved in the out-of-home media advertising market as part of an inquiry into alleged cartelisation, price fixing, and coordinated bid rigging in the sector. In a statement on Thursday, it said the raids, including those carried out at two industry associations and an advertising agency, were part of an ongoing inquiry into alleged cartelization in the advertising sector. “The inquiry was launched after a complaint by an advertising agency, which alleged that the association formed a cartel to fix agency commissions and took collective decisions on bids.” CCP…