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Pakistan Customs foiled a major smuggling attempt worth approximately Rs157.7 million at the Sost Dry Port and Baggage Section in Gilgit-Baltistan, the Federal Board of Revenue (FBR) said on Wednesday. Acting on credible information, officials examined two consignments imported from China. During the inspection at the dry port, customs recovered 59,000 units of Nokia 105 mobile phones with batteries, 5,200 pieces of medicine weighing 318 kilograms, 3,000 Sildenafil Citrate tablets, and assorted weapon parts. Pakistan Customs seizes millions in smuggled silver In a separate operation at the baggage section, authorities intercepted 80 bottles (20 litres) of liquor and 40 kg…
Petroleum minister Ali Pervaiz Malik received “positive updates” on the financial close of the Reko Diq Copper and Gold Project on Wednesday, as he discussed wider investment opportunities in Pakistan’s mining and oil and gas sectors in meeting with officials of the Oil & Gas Development Company Limited (OGDCL) and international law firm Milbank. Reko Diq is a massive copper and gold deposit located in Balochistan, Pakistan, which is believed to be one of the world’s largest. The project is a joint venture between Barrick Gold and Pakistani stakeholders. The $7 billion project is expected to start production by the…
The US dollar remained near a one-week low during Wednesday’s trading as markets awaited further economic data and continued to speculate about Federal Reserve policy. Growing expectations of an interest-rate cut by the Federal Reserve in December helped support global equities. The dollar index stayed close to its lowest level in a week, while China’s offshore yuan touched a 13-month high after the Chinese central bank guided the currency toward stronger levels alongside broad US-dollar weakness. With markets becoming more certain about a Fed rate cut next month, traders believe the path for long-term forward premiums will…
While Beijing has remained largely offstage during US President Donald Trump’s latest push to end the war in Ukraine, China still sees significant stakes in how any peace deal could reshape its strategic environment – from the global balance of power to post-war reconstruction opportunities, according to observers.A Trump-brokered peace plan to end the nearly four-year war, first reported last week, remains fluid, but the proposed settlement has reportedly been reduced to 19 points after the original 28-point draft was widely criticised by Ukraine and Europe as too favourable to Russia.Trump, who had sought to accelerate negotiations by setting firm…
The US dollar remained near a one-week low during Wednesday’s trading as markets awaited further economic data and continued to speculate about Federal Reserve policy. Growing expectations of an interest-rate cut by the Federal Reserve in December helped support global equities. The dollar index stayed close to its lowest level in a week, while China’s offshore yuan touched a 13-month high after the Chinese central bank guided the currency toward stronger levels alongside broad US-dollar weakness. With markets becoming more certain about a Fed rate cut next month, traders believe the path for long-term forward premiums will…
The Club’s top 10 things to watch Wednesday, Nov. 26 1. Wall Street’s winning streak continues as stocks opened higher this morning. The S & P 500 and Nasdaq are on track for their fourth consecutive sessions of gains. Investors continue to monitor for updates that could impact the Fed’s interest rate decision next month. Reminder: The stock market is closed on Thursday for Thanksgiving. Trading will resume on Black Friday, the unofficial start of the holiday shopping season, but with an early close at 1 p.m. ET. 2. Nvidia stock rose nearly 2% this morning. The Club stock fell…
A former prominent lawmaker now in hiding has released new videos accusing Philippine President Ferdinand Marcos Jnr’s family of orchestrating massive corruption, escalating a scandal that is fast becoming a test of accountability for one of Southeast Asia’s most politically influential dynasties.Observers told This Week in Asia that although Zaldy Co’s allegations remained unverified and required rigorous fact-checking, they struck at the core of a system where budget power, patronage and family networks had long been intertwined.Co – a former chair of the House of Representatives appropriations committee who fled the country in July and is a fugitive from the…
Over 2,000 years ago, in a secluded bath chamber along the banks of the Nile, Queen Cleopatra of Egypt may have reached for an unlikely luxury: a fibrous, spongelike gourd – the loofah.This porous plant was prized by ancient Egyptian royalty as a natural exfoliant, a symbol of purity and refinement. Light as a feather, yet strong and intricately structured, the loofah scrubbed away impurities – both physical and spiritual – in rituals that blended hygiene with holiness.Today, this unassuming vegetable – Luffa cylindrica – is once again stepping into the spotlight as a powerful weapon shield in the silent…
The US dollar remained near a one-week low during Wednesday’s trading as markets awaited further economic data and continued to speculate about Federal Reserve policy. Growing expectations of an interest-rate cut by the Federal Reserve in December helped support global equities. The dollar index stayed close to its lowest level in a week, while China’s offshore yuan touched a 13-month high after the Chinese central bank guided the currency toward stronger levels alongside broad US-dollar weakness. With markets becoming more certain about a Fed rate cut next month, traders believe the path for long-term forward premiums will…
In this explainer, the Post outlines four roles that US dollar-backed stablecoins play in China’s overseas trade, based on a recent analysis by Zou Chuanwei, the president of the Jiangsu Jinke Research Institute on Digital and Technology Finance, published in Tsinghua Financial Review.How are Chinese traders using US dollar-backed stablecoins?First, some overseas importers face regulatory barriers that restrict them from using traditional US dollars. They can, however, pay with US dollar-backed stablecoins. Overseas importers use the latter to buy goods in mainland China, with onshore converters turning the digital assets into yuan.For Chinese exporters, the process remains similar to that…