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Engro, one of Pakistan’s largest business conglomerates,  has executed a $475 million (Rs133 billion) transaction—financed entirely through 100% Islamic banking—to grow its telecom infrastructure business, marking one of Pakistan’s largest Shariah-compliant deals. This funding has enabled the addition of Deodar, and its 10,000+ telecom towers, to Engro’s portfolio, the conglomerate said in a statement on Saturday. “My congratulations to the Dawood family and Engro, the Islamic bankers and conventional banks, through their Islamic windows, on being able to put together a deal of this size,” said Governor of the State Bank of Pakistan (SBP), Jameel Ahmed, during a celebratory event.…

The World Bank’s Board of Executive Directors has approved $700 million in financing for the Pakistan Public Resources for Inclusive Development – Multiphase Programmatic Approach (PRID-MPA), a multi-year, multi-program initiative to support macroeconomic stability and service delivery. According to a statement on Saturday, the PRID-MPA will enhance spending quality and leverage data and digital tools for improved services. The MPA is intended to support ongoing fiscal reforms, aligned with the IMF-Extended Fund Facility program and the National Fiscal Pact. The MPA will provide up to $1.35 billion in total financing. Of this amount, the World Bank has approved $600 million…

Chinese artificial intelligence firm Zhipu AI has moved a step closer to a Hong Kong initial public offering to raise US$300 million after passing a listing hearing and filing its documents with Hong Kong Exchanges and Clearing on Friday.The Beijing-based start-up, officially named Knowledge Atlas Technology Joint Stock Company Limited and marketed overseas as Z.ai, is widely seen as one of China’s “new AI tigers”.The prospectus did not disclose a fundraising target or timetable, but brokers have said the company could seek about US$300 million as early as January.If successful, Zhipu could become one of the first major large language…

Christmas is a Christian holiday that observes the birth of Jesus. But did you know that the earliest followers of Jesus did not annually commemorate his birth? Or that Santa Claus is inspired by the acts of kindness of a fourth-century Christian saint? And have you heard about the modern-day Japanese tradition of eating Kentucky Fried Chicken on Christmas? Since the early 20th century, Christmas has evolved from a religious holiday to a hugely popular cultural holiday observed by Christian and secular people across the globe who gather with families, exchange gifts and cards and decorate Christmas trees.Here’s a look…

“Outraged” medical professionals across the Philippines are urging Congress to curb or scrap what they call “medical pork” – tax money for patient assistance that is channelled through politicians via personally signed guarantee letters – as lawmakers finalise the 2026 national budget.At least 72 medical and health professional organisations have signed a joint petition denouncing the practice, arguing it allows politicians to influence who receives state medical aid in ways that can be used for political advantage, distorting access to care and weakening the country’s Universal Health Care system.The issue has taken on fresh urgency as Congress prepares to send…

VATICAN CITY (AP) — Pope Leo XIV has summoned the world’s cardinals for two days of meetings to help him govern the church, the Vatican said Saturday, in the clearest sign yet that the new year will signal the unofficial start of his pontificate.The consistory, as such gatherings are called, will be held Jan. 7-8, immediately following the Jan. 6 conclusion of the 2025 Holy Year, a once-every-quarter century celebration of Christianity.Leo’s first few months as pope have been dominated by fulfilling the weekly Holy Year obligations of meeting with pilgrimage groups and celebrating special Jubilee audiences and Masses. Additionally,…

LONDON (AP) — British children’s author and comedian David Walliams has denied allegations of inappropriate behavior after publisher HarperCollins dropped him. Walliams, 54, is one of the U.K.’s bestselling children’s book authors and a former judge on the TV show “Britain’s Got Talent.” In a statement on Friday, HarperCollins said: “After careful consideration, and under the leadership of its new CEO, HarperCollins UK has decided not to publish any new titles by David Walliams. The author is aware of this decision.”A spokesperson for Walliams said in a statement that he “has never been informed of any allegations raised against him…

Khyber Pakhtunkhwa has received a combined Rs6.57 trillion from the federal divisible pool since July 2010, including its National Finance Commission (NFC) share and additional compensation for War on Terror-related costs, shared the Ministry of Finance. According to data released by the Ministry of Finance on Saturday, between July 2010 and November 2025, the federal government transferred Rs5,867 billion to Khyber Pakhtunkhwa (KP) as its share under the NFC Award, along with an additional Rs705 billion to offset the province’s War on Terror-related expenditures. “Under the 7th NFC Award, Khyber Pakhtunkhwa’s share was determined at 14.62% of the provincial share…

Hopes of receiving new ones soon appear dim given the current tensions between the two countries.Tokyo’s metropolitan government has reportedly been in talks with China about receiving new pandas, but there is no sign of agreement in the wake of Japanese Prime Minister Sanae Takaichi’s comments about Taiwan last month.On Monday, the city’s authorities said they would return four-year-old twins Xiao Xiao and Lei Lei, who were born at Ueno Zoo but were always destined to be returned to China.Pandas have been used by China as a long-standing symbol of friendship with other countries. The tradition of panda diplomacy may…

NEW YORK: A Delaware appeals court cleared the way Friday for Elon Musk to receive a long-contested $56 billion Tesla pay package, reversing an earlier judgment in the protracted case. The decision by the Delaware Supreme Court rejects a pair of judgments by Chancellor Kathaleen McCormick of the state’s Court of Chancery and sets the stage for the world’s richest person to get another windfall. In a pair of 2024 rulings, McCormick invalidated the 2018 package, which once loomed as historically large but have since been eclipsed by the tech tycoon’s most recent Tesla package. The five-judge appeals panel determined…