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ISLAMABAD: Pakistan&#39;s technology sector generated nearly half the country&#39;s total services exports in five months, outpacing all other industries with a $1.583 billion trade surplus, government figures showed Wednesday. According to the Ministry of Information Technology and Telecommunication, information and communications technology export remittances reached $1.799 billion from July through November. This is an 18.5% increase from the same period last year. The sector exported $356 million in November alone, the ministry said, approaching October&#39;s record of $386 million. The increase comes as Pakistan maintains zero income tax on IT and IT-enabled services exports through June 2025, according to the Ministry of Finance. Freelancers earning up to $12,000 annually are also exempt. The State Bank of Pakistan said record ICT exports and strong worker remittances have improved the country&#39;s balance of payments and current account balance. The central bank increased foreign currency retention limits for exporters from 35% to 50% while simplifying foreign currency account processes. Meanwhile, the Pakistan Software Export Board is establishing 250 e-Rozgaar centers by fiscal 2027 to support jobs and freelancing. The government is also building Software Technology Parks and National Incubation Centers for startups. Officials have set a $5 billion IT export target for the fiscal year ending in June 2026. The ICT industry consistently delivers the highest trade surplus among Pakistan&#39;s service sectors, accounting for nearly half of total services exports, ministry data showed.

Economy

Information and communications technology export remittances reached $1.799 billion from July through November, an 18.5% increase from the same period last year.

Pakistan tech exports hit $1.8B, surpass all services

WASHINGTON:&nbsp;The US Congress on Wednesday permanently ended sanctions imposed on Syria under ousted leader Bashar al-Assad, paving the way for the return of investment to the war-ravaged nation. President Donald Trump had already twice suspended the implementation of sanctions, in response to pleas from Saudi Arabia and Turkey, allies of the new government headed by former jihadist Ahmed al-Sharaa. But Sharaa had sought a permanent end to the sanctions, fearing that so long as the measures remained on the books they would deter businesses wary of legal risks in the world&#39;s largest economy. The Senate passed the repeal of the 2019 Caesar Act as part of a sweeping annual defense package. The Senate voted 77 to 20 in favor of the legislation, which was already approved by the House of Representatives and is expected to be signed by Trump. The repeal, broadly backed by lawmakers of both parties, &quot;is a decisive step toward giving the Syrian people a real chance to rebuild after decades of unimaginable suffering,&quot; said Senator Jeanne Shaheen, the top Democrat on the Senate Foreign Relations Committee. The Caesar Act, named after an anonymous photographer who documented atrocities in Assad&#39;s prisons, severely restricted investment and cut off Syria from the international banking system. The law was intended to prevent the influx of foreign businesses to rebuild Syria at a time when it had seemed that Assad had triumphed following more than a decade of brutal civil war that triggered a massive flow of refugees toward Europe and helped spawn the birth of the Islamic State extremist movement. Sharaa&#39;s fighters seized Damascus a year ago in a lightning offensive. Sharaa -- now dressed in a business suit and seeking better relations with the West -- has impressed Trump, including when they first met during the US leader&#39;s May trip to Riyadh.

Middle East

US Congress permanently repealed Syria’s Caesar Act sanctions, ending Assad-era restrictions to encourage investment and reconstruction after war, following bipartisan approval and earlier suspensions by President Trump



US Congress ends Syria sanctions

KYIV: President Volodymyr Zelensky will be in Brussels on Thursday to convince European partners to use frozen Russian assets to support Ukraine, despite Washington pressuring EU countries against the plan, a Ukrainian official told AFP. The European Union has laid out a plan to use the frozen assets to harness 90 billion euros ($105 billion) for a loan to help Ukraine repel Moscow&#39;s forces, with the money to be paid back by any eventual Russian reparations to Ukraine. &quot;The US administration is pressuring European countries to abandon the idea of using Russian assets to support Ukraine,&quot; a senior Ukrainian official said Wednesday. The plan has the strong backing of many member states, including Germany, but has drawn opposition from others, including Belgium -- home to international deposit organisation Euroclear, which holds most of the assets -- whose leaders fear Russian reprisals. The Ukrainian official said that seven countries so far opposed the plan. Zelensky &quot;is going to Brussels to motivate European countries to adopt this decision&quot; and tap the frozen assets, the source said. Belgian Prime Minister Bart De Wever has been in the spotlight over his opposition to using Russian assets for Ukraine, but there had been speculation that US President Donald Trump&#39;s administration was also weighing in on the debate. Washington appears to view the assets as a key bargaining chip and has looked to tempt Moscow to play ball by dangling the prospect it could get back some of the cash. A US official, speaking on condition of anonymity, told AFP on Wednesday that the Europeans were &quot;quietly asking us to intervene on this matter as they do not want to be publicly against it&quot;. &quot;They are afraid of the long-term damage it will do to long-term investments in their system and the credibility of their institutions,&quot; they added. A previous version of Trump&#39;s plan to end the war also provided for Washington to use some frozen Russian assets for a US-led reconstruction of the war-torn country. Around 200 billion euros in Russian central bank assets were frozen over Moscow&#39;s February 2022 invasion of Ukraine. White House deputy press secretary Anna Kelly said: &quot;Both the Ukrainians and the Russians have clearly stated positions regarding the frozen assets, and our only role is to facilitate a back-and-forth that can ultimately result in a deal.&quot;

Europe

President Zelensky seeks EU support to use frozen Russian assets for Ukraine, despite reported US pressure opposing the plan over fears of retaliation, investment risks, and use of assets as leverage

US 'pressuring' EU not to use frozen Russian assets for Kyiv: senior Ukraine official

LOS ANGELES: The Oscars will be available to watch exclusively on YouTube from 2029, the Academy of Motion Picture Arts and Sciences announced Wednesday.&nbsp;The new multi-year deal means Hollywood&#39;s most prestigious awards ceremony will be viewable only on streaming for the first time, ending a decades-long relationship with US broadcaster ABC.&nbsp;&quot;We are thrilled to enter into a multifaceted global partnership with YouTube to be the future home of the Oscars and our year-round Academy programming,&quot; Academy CEO Bill Kramer and Academy President Lynette Howell Taylor said in a statement.&nbsp;The annual Academy Awards, which celebrate the year&#39;s top achievements in film and draw the world&#39;s biggest A-list stars to a Hollywood theater, are regularly watched by around 20 million Americans and millions more globally.&nbsp;ABC&#39;s latest contract to broadcast the show had been due to end in 2028, with the 100th Academy Awards. The Disney-owned channel will continue to air the Oscars up until then.&nbsp;But the new deal with Google-owned YouTube represents a radical new direction for the show, and an industry that has long been wary about the impact of streamers on cinema.&nbsp;Hollywood has endured a challenging contraction in recent years, as it grapples with younger generations&#39; changing viewing habits.&nbsp;The most recent Oscars were viewed by 19.69 million people, a figure boosted by the ceremony being shown live simultaneously on Disney&#39;s streamer Hulu along with ABC for the first time.&nbsp;Disney said the broadcast was the most-watched Oscars in five years, although the Hulu stream was beset by technical glitches that left some viewers unable to see the final prizes.&nbsp;During the Covid-19 pandemic, Oscars ratings sank as low as 10.4 million.&nbsp;The Academy Awards telecast regularly topped 40 million just a decade ago

Artificial Intelligence

From 2029, the Oscars will stream exclusively on YouTube under a multi-year deal, ending ABC’s decades-long broadcast role after 2028, reflecting Hollywood’s shift toward streaming as TV ratings decline and changing viewing habits worldwide audiences.

Oscars to stream exclusively on YouTube from 2029: Academy

ISLAMABAD: Pakistan on Wednesday launched its fourth Hangor-class submarine, &ldquo;Ghazi,&rdquo; at the Shuangliu Base in China&rsquo;s Wuhan, the official statement said, marking another milestone in the Pakistan Navy&rsquo;s submarine modernization program.&nbsp;In a statement, the Inter-Services Public Relations (ISPR) said the launch reflects steady progress on the bilateral submarine project between Pakistan and China.&nbsp;&ldquo;The Pakistan Navy has achieved a major milestone as all four submarines being constructed in China are now undergoing rigorous sea trials and are in the final stages of handover to Pakistan,&rdquo; the ISPR said.&nbsp;The military&rsquo;s media wing said the submarine program is being executed under an agreement signed between the governments of Pakistan and China for the acquisition of eight Hangor-class submarines.&nbsp;&ldquo;Under this contract, four submarines are being built in China, while the remaining four will be constructed in Pakistan by Karachi Shipyard and Engineering Works Limited under Transfer of Technology,&rdquo; the statement added.&nbsp;According to the ISPR, the Hangor-class submarines will be equipped with advanced weapons and sensors, enabling them to engage targets from standoff ranges.&nbsp;It said submarines would play a &ldquo;key role in maintaining peace and stability in the region.&rdquo;&nbsp;Senior officials from Pakistan and China attended the launching ceremony, underscoring the &ldquo;deepening bilateral cooperation&rdquo; between the two countries in the defense sector.&nbsp;The Hangor-class project is a central component of the Pakistan Navy&rsquo;s efforts to enhance its undersea warfare capabilities and strengthen maritime security.

Security

Pakistan Navy’s fourth Hangor-class submarine, Ghazi, launched in China, all four China-built vessels undergo sea trials, while remaining submarines will be locally built under technology transfer agreement.

Pakistan launches fourth Hangor-class submarine ‘Ghazi’ at China shipyard naval

ISLAMABAD: Wicked: For Good has positioned itself as the early technical frontrunner of the 98th Academy Awards season, appearing on 10 Oscar shortlists announced by the Academy of Motion Picture Arts and Sciences across 12 categories.&nbsp;In a statement released by the Academy Press Office, the musical sequel was named among the shortlisted contenders for casting, cinematography, makeup and hairstyling, original score, sound, and visual effects, along with two original song entries, The Girl In The Bubble and No Place Like Home.&nbsp;&ldquo;The shortlisted films represent exceptional achievement across craft disciplines,&rdquo; the Academy said in its official announcement, noting that the selections were drawn from hundreds of eligible submissions worldwide.&nbsp;Several other high-profile titles also made strong impressions. Frankenstein, Sinners and One Battle after Another each secured places on six shortlists, while Avatar: Fire and Ash and F1&nbsp;followed closely with five appearances apiece.&nbsp;The Academy released shortlists in animated short film, casting, cinematography, documentary feature, documentary short, international feature film, live action short film, makeup and hairstyling, original score, original song, sound, and visual effects.&nbsp;In the international feature film category, 15 films advanced from a pool of 86 submissions. Among them were Palestine&rsquo;s Palestine&nbsp;36, Brazil&rsquo;s The Secret Agent, and Argentina&rsquo;s Bel&eacute;n, reflecting the Academy&rsquo;s increasingly global slate.&nbsp;Documentary feature film also narrowed to 15 titles from 201 eligible entries, including 2000 Meters to Andriivka&nbsp;and Mr. Nobody against Putin. Meanwhile, the animated short film category reduced 113 qualifying films to 15, and live action short film trimmed 207 entries to the same number.&nbsp;The casting category, which includes 10 shortlisted films, continues to stand out as one of the Academy&rsquo;s newest awards, formally recognizing casting directors for their role in shaping on-screen ensembles.&nbsp;The 98th Academy Awards ceremony is scheduled to take place on March 15 next year at the Dolby Theatre at Ovation Hollywood.

Entertainment

The movie is positioned as a major contender ahead of the January 22, 2026 nominations announcement.

‘Wicked: For Good’ leads Oscar shortlists with 10 technical nods

PARIS: The winners of the 2026 World Cup will receive $50 million in prize money as part of a record financial contribution for the tournament from FIFA, world football&#39;s governing body announced on Wednesday.&nbsp;The total World Cup prize fund of $655 million (558.5 million euros) represents an increase of almost 50 percent from the $440 million distributed to teams taking part in the last tournament in Qatar in 2022.&nbsp;However, next year&#39;s World Cup -- to be held in the United States, Mexico and Canada from June 11 to July 19 -- will be the first to feature 48 teams, a 50 percent increase from the 32 teams last time.&nbsp;The Argentine Football Association received $42 million in prize money after Lionel Messi inspired them to glory three years ago, when they won on penalties in the final against France.&nbsp;France received $30 million for their run to the final. This time, the beaten finalists will pocket $33 million, with the third-place finishers collecting $29 million and the other defeated semi-finalists getting $27 million.&nbsp;Teams eliminated in the group phase will receive $9 million, while all 48 participating nations will get an additional $1.5 million to cover &quot;preparation costs.&quot;

Football

FIFA announced a record $655 million prize fund for the expanded 2026 World Cup, with winners earning $50 million, higher payouts across all stages, and all 48 teams receiving added preparation funding from governing body.

Winners of 2026 World Cup to pocket $50 million in prize money

NEW YORK: Warner Bros. Discovery on Wednesday rejected a hostile takeover bid by Paramount launched last week to trump plans by streaming giant Netflix to acquire the Hollywood giant and owner of CNN.&nbsp;In a statement, Warner Bros. said the terms of the Netflix merger were better, while the Paramount offer &quot;once again fails to address key concerns that we have consistently communicated...throughout our extensive engagement and review of their six previous proposals.&quot;&nbsp;&quot;We are confident that our merger with Netflix represents superior, more certain value for our shareholders,&quot; it said.&nbsp;Netflix shocked the industry on December 5 by announcing it had sealed an agreement to buy the film and television studio for nearly $83 billion, the entertainment industry&#39;s biggest consolidation deal this decade.&nbsp;Three days later, Paramount -- whose CEO is David Ellison, the son of Larry Ellison, an ally of Donald Trump -- launched an all-cash tender offer valuing the entertainment giant at $108.4 billion.&nbsp;US President Donald Trump said last week that he wanted to ensure CNN gets new ownership as part of the Warner Bros. Discovery sale, targeting the news outlet he has long feuded with.<figure class="fr-media"><figcaption class="caption-cover-image text-sm text-gray-600 italic"> </figcaption></figure>

Film & TV

Warner Bros. Discovery rejected Paramount’s hostile bid, backing Netflix’s $83 billion merger as offering greater certainty and value. Paramount countered with a $108 billion cash offer, amid political scrutiny over CNN’s future ownership and influence.

Warner Bros. Discovery rejects Paramount bid

ISLAMABAD: Pakistan&rsquo;s Information Minister Attaullah Tarar on Wednesday demanded public apologies and corrections from international media outlets that published unverified claims linking Pakistan to the Bondi Beach shooting incident in Australia, calling the reporting a &#39;vicious disinformation campaign.&#39; Addressing a press conference in Islamabad, Tarar presented video clips and timelines to show how several outlets circulated claims that one of the attackers was Pakistani without verification. &nbsp;&ldquo;A false and deliberate misinformation campaign was launched from hostile countries to malign Pakistan,&rdquo;&nbsp;Tarar said. In the aftermath of the attack, several Indian and Israeli media outlets identified an individual named Naveed Akram as a &ldquo;Pakistani attacker.&rdquo; The assertion was later disproved after a Pakistani-Australian man sharing the same name publicly rejected any involvement in the incident. &ldquo;This is not me, and I have no connection whatsoever to that incident or to the person involved,&rdquo; Akram said, explaining that his personal photographs were taken from social media and wrongly attributed to the suspect. He said the false identification had serious personal consequences. &ldquo;I am stressed and scared and cannot even step outside safely,&rdquo; he said, describing the compounded trauma of witnessing the tragedy and then being misidentified online. Tarar said official clarifications later confirmed there was no Pakistani link to the incident.&nbsp; He cited a police statement from India identifying one of the attackers as a resident of Telangana, Hyderabad, holding an Indian passport issued by the Indian embassy in Sydney.&nbsp; The information minister added that Philippine authorities also verified the individual had traveled to the Philippines on an Indian passport. &ldquo;There was not a shred of evidence linking Pakistan to the incident,&rdquo; Tarar said, praising Australian authorities for waiting for verified facts before drawing conclusions. &ldquo;Now my question is, who&rsquo;s going to cover the damage that was caused to Pakistan through these fake posts and false information?&rdquo; The minister said the misinformation campaign coincided with Pakistan&rsquo;s commemoration of the December 16 APS Peshawar martyrs, calling the timing &ldquo;particularly painful.&rdquo; He reiterated Pakistan&rsquo;s long-standing position against terrorism. &ldquo;Pakistan has lost more than 90,000 lives to terrorism and has consistently condemned it in all forms and manifestations,&rdquo; Tarar said. He said Pakistan was not initiating legal action at this stage but expected corrections and apologies in line with journalistic norms. &ldquo;I think an apology would be nice,&rdquo; he said. &ldquo;It is part of journalistic norms to tender an apology on incorrect news posted and disseminated.&rdquo; Tarar confirmed that Pakistan&rsquo;s foreign missions have been provided verified information and video material to support expatriate communities affected by the false claims. &ldquo;All our embassies have been shared this video and the correct information, and they are available to our citizens for any assistance,&rdquo; he said. Pakistan&rsquo;s government condemned the Bondi Beach attack immediately after the incident and expressed solidarity with the Australian government and people. Tarar said both Prime Minister Shehbaz Sharif and President Asif Ali Zardari issued strong condemnations from the outset.&nbsp;

Foreign Affairs

Information Minister Attaullah Tarar says international media spread false, unverified claims linking Pakistan to the Bondi attack and must issue public apologies and corrections.

Pakistan demands apologies over false Bondi attack reports, disinformation campaign

STRASBOURG:&nbsp;EU chief Ursula von der Leyen said Wednesday the bloc must take a decision on financing Ukraine at a crunch summit this week, with leaders under pressure to agree a plan to use frozen Russian assets. &ldquo;There is no more important act of European defense than supporting Ukraine&#39;s defense. The next days will be a crucial step for securing this, it is up to us to choose how we fund Ukraine&#39;s fight,&rdquo; von der Leyen told EU lawmakers. &ldquo;We know the urgency. It is acute. We all feel it. We all see it.&rdquo; 90B Euro loanVon der Leyen is pushing a plan to use frozen Russian central bank assets to provide Kyiv a 90-billion-euro loan over the next two years -- but that move faces fierce opposition from Belgium, which hosts most of the funds. Belgium fears the scheme could open it up to Russian reprisals and is insisting on rock-solid guarantees from other EU countries that they will share any legal and financial liabilities. Attempts to reassure the Belgian government have so far failed to break the deadlock, setting up a potentially marathon round of wrangling at the summit starting Thursday. In theory other EU leaders could override Belgium and ram the initiative through with a weighted majority -- but that would be a nuclear option that few see as likely for now. Fallback plan&nbsp;Von der Leyen&#39;s executive has floated a potential fallback plan of the EU raising the money itself to lend Ukraine. Diplomats have said that scheme appears to be a non-starter as it requires unanimous approval from the EU&#39;s 27 leaders and Hungary has ruled it out. &ldquo;We will have to decide which way we want to take, which route we want to take -- but one thing is very, very clear, we have to take the decision to fund Ukraine,&rdquo; von der Leyen said. &ldquo;This is also about strengthening Ukraine&#39;s ability to secure a real peace, one that is just, one that is lasting, and one that protects Ukraine and Europe.&rdquo;

Ursula von der Leyen tells EU lawmakers, ‘There is no more important act of European defense than supporting Ukraine's defense. The next days will be a crucial step for securing this, it is up to us to choose how we fund Ukraine's fight.’ 

Pakistan tech exports hit $1.8B, surpass all services

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Latest News

US Congress ends Syria sanctions

US 'pressuring' EU not to use frozen Russian assets for Kyiv: senior Ukraine official

Oscars to stream exclusively on YouTube from 2029: Academy

Pakistan tech exports hit $1.8B, surpass all services

Pakistan launches fourth Hangor-class submarine ‘Ghazi’ at China shipyard naval