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With Pakistan scheduled to unveil its federal government budget for fiscal year 2025-26, Tola Associates, a tax advisory and consultancy firm, has proposed to raise the defence budget to Rs2.8 trillion, reflecting a 32% increase as compared to the last fiscal, owing to a “war-like situation” with neighbouring India. The tax advisory firm gave the proposal in its report ‘Budget 2025-26 a rare catalyst for course correction’, released on Saturday. “The budgeted defence expenditure stood at Rs2,122 billion for FY25 while the actual expenditure till March 2025 was Rs1,424 billion. [However], due to the ongoing war situation with the neighbouring…

At a military equipment expo held in China’s capital last week, it was hard to miss a lavish exhibition area staged by a Beijing company that attracted plenty of interest, including Chinese military personnel dressed in plain clothes, seeking procurement deals.Among the more prominent vendors was Beijing VRV Software Corporation, which had more than a dozen display boards showcasing the company’s various products, all of which had one thing in common: confidential equipment and technologyBeijing VRV Software is part of a rapidly growing industry that has flourished despite China’s economic slowdown in what Beijing sees as an environment ripe for…

The National Accountability Bureau (NAB) recovered and disbursed over Rs88 billion during the first quarter of 2025 (January–March), it said in a press release on Saturday. The recoveries included direct recoveries worth Rs2.085 billion and indirect recoveries amounting to Rs86 billion, involving public and private lands associated with cases of illegal transfer and occupation. “The disbursed amounts were returned to the relevant affected entities,” the statement read. Regarding indirect recoveries, NAB (Balochistan) retrieved state land measuring 340 acres of Chiltan Park and 250 acres of Forest department which translate into Rs6.45 billion, NAB (KPK) secured Rs0.56 billion in case titled…

China’s top cybersecurity watchdog, in coordination with financial regulators, has shut down over a dozen social media accounts for spreading false financial information, illegally touting stocks, and promoting speculative cryptocurrency trading, according to authorities.The Cyberspace Administration of China (CAC) said on Saturday that the accounts had operated on China’s most popular social media platforms, including Weibo, Douyin, RedNote, and WeChat.The CAC said some accounts had spread false or misleading information about the capital markets, while others had lured investors into paid groups with provocative claims, illegally touting certain stocks as guaranteed wins.Some accounts also encouraged cryptocurrency trading or incited consumers…

Emboldened by lower mortgage rates, Hong Kong homebuyers on Saturday purchased all 216 of the new units offered at Sun Hung Kai Properties’ Sierra Sea project in Sai Sha in the New Territories.All units found buyers within six hours of the sale, which began at 10am, according to agents. Another 25 units were available via tender.Earlier this week, the one-month Hong Kong interbank offered rate (Hibor), which is linked to mortgage loans, fell below 1 per cent for the first time since July 2022. On Friday, the one-month Hibor settled at 0.58964, according to the Hong Kong Association of Banks.“Benefiting…

Pakistan is set to intensify counterterrorism operations in the mineral-rich province of western Balochistan in the aftermath of Wednesday’s suicide bombing on a school bus – which Islamabad had attributed to Indian spies.The attack in the town of Khuzdar, which claimed the lives of five high-school girls and five soldiers, came amid Chinese diplomatic efforts to cool tensions between Islamabad and Kabul over cross-border Pakistani Taliban and Baloch insurgent attacks staged from Afghanistan.A further 51 people were injured in the bombing – including 37 children, seven of whom remain in critical condition.With tensions with New Delhi still running high after…

DUBAI/NEW YORK: Saudi state oil giant Aramco is exploring potential asset sales to free up funds, two people with knowledge of the matter said, as it pursues an international expansion and weathers lower crude prices. Aramco is the world’s largest oil-producing company and the main source of Saudi state revenue. The firm will slash dividend payouts by nearly a third this year as lower oil prices hit its income. The company has asked investment bankers to pitch ideas for how to raise funds from its assets, the people said. They declined to say which assets could be sold or name…

The Pakistan Textile Council (PTC), a not-for-profit research and advocacy platform, says that the industry could immediately contribute $3-4 billion in annual exports, in line with the vision and policies of the federal government, if an enabling environment is provided. The remarks were by PTC Chairman Fawad Anwar during his meeting with Federal Minister for Commerce Jam Kamal Khan. The PTC delegation also included Asif Tata (Chairman, Naveena Group) and CEO Muhammad H. Shafqaat, read a statement released by the Ministry of Commerce on Saturday. PTC says concerned at proposed amendments to EFS The meeting focused on tariff and tax…

CANNES, France (AP) — A major power outage struck southeastern France on Saturday morning, threatening to jeopardize the Cannes Film Festival’s closing celebrations, including the much-anticipated Palme d’Or ceremony.Police said they have opened an investigation into possible arson.Power was restored hours before the ceremony, around 3 p.m. local time, as music began blasting again from beachfront speakers. The end of the blackout was greeted with loud cheers from locals.Earlier, about 160,000 households in the Alpes-Maritimes department lost electricity after a high-voltage line fell Saturday morning, electricity network operator RTE said on X. The outage came hours after a fire at…

Pakistan government is anticipated to unveil a budget outlay of Rs16.9 trillion for the upcoming fiscal year 2025-26, suggesting a notable reduction of 10.6% or Rs2 trillion compared to Rs18.9 trillion originally budgeted for FY2024-25, according to a local research house report. Arif Habib Limited’s (AHL) report titled ‘Pakistan Budget FY26 Preview – budget braces for balance’ anticipated a notable reduction in total expenditure (budget outlay) in the wake of a significant cut in mark-up payment on the debt. IMF, govt to continue FY26 budget discussions ‘over the coming days’ The markup payment on the existing debt is likely to…