Faraz Saeed

Muhammad Ibrahim

Pakistan Finance Minister Muhammad Aurangzeb gestures while presenting the Pakistan Economic Survey 2025-26 during a news conference in Islamabad on June 11, 2026. (Faraz Saeed/Pakistan TV Digital)

Economy

Finance Minister Muhammad Aurangzeb says stronger fiscal performance, rising remittances, expanding technology exports and improving investor confidence are helping strengthen economic resilience as Pakistan advances reforms to support private-sector activity and sustainable growth.

Pakistan records 3.7% growth, economy reaches $452 billion milestone

Web Desk

ISLAMABAD: The State Bank of Pakistan has launched its first-ever Research Agenda for 2026-2029, outlining a comprehensive roadmap aimed at strengthening evidence-based policymaking and addressing the country&rsquo;s most pressing economic challenges, said a statement from the country&#39;s central bank on Thursday. According to the statement, the initiative seeks to deepen research on inflation, financial stability, and long-term economic development as Pakistan navigates an increasingly complex global and domestic economic environment. The SBP statement added that rapid technological change, climate-related disruptions, geopolitical uncertainties, and persistent structural weaknesses have made economic policymaking more challenging than ever.&nbsp;<div class="fr-embed"><div class="twitter-tweet twitter-tweet-rendered" style="display: flex; max-width: 550px; width: 100%; margin-top: 10px; margin-bottom: 10px;"><iframe id="twitter-widget-1" scrolling="no" frameborder="0" allowfullscreen="true" style="position: static; visibility: visible; width: 550px; height: 649px; display: block; flex-grow: 1;" title="X Post" src="https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-1&features=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%3D%3D&frame=false&hideCard=false&hideThread=false&id=2064968546929795250&lang=en&origin=https%3A%2F%2Fmain.d1wrm1qseko1cp.amplifyapp.com%2Farticles%2F&sessionId=e22c25f3fe8e9f979775494362a6886772c197fe&theme=light&widgetsVersion=6a3ad42b224df%3A1778106238597&width=550px"></iframe></div></div> &quot;The new agenda is designed to provide policymakers with stronger analytical tools to respond to these evolving realities.&quot; The statement further said that the three-year framework is built around three major themes: Inflation Dynamics and Monetary Policy; Financial Sector Deepening; Soundness and Efficiency; and Structural Transformation and Economic Development. &quot;Under the first theme, the State Bank plans to examine inflation behavior, monetary policy transmission, inflation expectations, and the potential adoption of a flexible inflation-targeting framework. The agenda also highlights emerging issues such as digital finance, virtual assets, central bank digital currencies, artificial intelligence, and the transition towards a more Shariah-compliant banking system,&quot; it elaborates.<img src="https://paktv-assets-7d41fab8.s3.eu-west-2.amazonaws.com/8dc2d89d-fad9-4d1e-8121-83265d7d41f8.png" style="width: 781px;" class="fr-fic fr-dib"> The statement further explains that the second theme focuses on strengthening Pakistan&rsquo;s financial sector by exploring ways to improve financial inclusion, expand credit access, enhance banking efficiency, and evaluate the impact of liquidity management and regulatory policies on economic growth. &quot;The third theme addresses broader structural challenges facing the economy, including informality, export competitiveness, foreign investment, remittances, climate risks, technological change, and governance reforms needed to support sustainable growth,&quot; the statement added. Importantly, the SBP has invited academics, policymakers, researchers, and industry experts to collaborate on the agenda. The central bank also plans to support selected priority research projects, encouraging a wider national effort to generate actionable policy recommendations. Officials say the initiative aligns with SBP Vision 2028 and will help strengthen the foundations for price stability, financial resilience, and inclusive economic development in Pakistan.

State Bank of Pakistan launches its first Research Agenda 2026–2029; Focuses on inflation, financial sector reforms, and economic transformation; Invites academics and researchers to support evidence-based policymaking.

Pakistan's central bank launches 3-year research roadmap for smarter economic policymaking

ISLAMABAD: Pakistan has established its first-ever public sector data governance institution, marking a major step toward improving transparency, decision-making, and investor confidence in the country&#39;s power sector, said a statement from the Ministry of Energy on Thursday.&nbsp;According to the statement, the Ministry of Energy (Power Division) formally launched the Power Sector Data Governance Council (PSDGC), a high-level body tasked with overseeing data management across the energy sector.&nbsp;The statement said that the council has been created to address longstanding challenges arising from fragmented and inconsistent data systems maintained by various generation, transmission, distribution, and regulatory entities.&nbsp;&ldquo;The government has also introduced a comprehensive Data Governance Framework aligned with internationally recognized DAMA-DMBOK standards,&rdquo; added the statement. The statement further said that a key component of the initiative is the development of a Centralized Data Repository, which will consolidate sector-wide information into a single authoritative platform.&nbsp; The council includes representation from major power sector institutions and has been established in collaboration with the Pakistan Digital Authority to ensure compliance with national digital governance standards.&nbsp;It described the PSDGC as a pioneering model that could eventually be replicated across other sectors, including health, water, transport and finance, to improve governance and policy outcomes nationwide.

Launches its first public-sector Data Governance Council, introducing a centralized power sector data system aimed at improving transparency, planning, efficiency, and attracting greater international investment.

Pakistan establishes first-ever Council to boost transparency, investment

ISLAMABAD: Pakistan recorded its highest-ever monthly workers&rsquo; remittances inflow, receiving a record US$ 4.25 billion in May 2026, according to the latest data released by the State Bank of Pakistan (SBP) on Wednesday. The landmark figure represents an increase of more than 20% compared to April 2026 and over 15% higher than the amount received during the same month last year, highlighting the continued confidence of overseas Pakistanis in the country&rsquo;s economy. The latest inflows have pushed cumulative workers&rsquo; remittances during July-May of fiscal year 2025-26 to US$ 38.1 billion, reflecting a 9% year-on-year increase. With one month remaining in the fiscal year, Pakistan is now on course to surpass the US$ 41 billion mark in annual remittances for the first time in its history, according to financial experts.<div class="fr-embed"><div class="twitter-tweet twitter-tweet-rendered" style="display: flex; max-width: 550px; width: 100%; margin-top: 10px; margin-bottom: 10px;"><iframe id="twitter-widget-0" scrolling="no" frameborder="0" allowfullscreen="true" style="position: static; visibility: visible; width: 550px; height: 898px; display: block; flex-grow: 1;" title="X Post" src="https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=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%3D%3D&frame=false&hideCard=false&hideThread=false&id=2064575139464044980&lang=en&origin=https%3A%2F%2Fmain.d1wrm1qseko1cp.amplifyapp.com%2Farticles%2F&sessionId=4fa70f2c1c55d42c742db5f5da3a3e5307dd6fd3&theme=light&widgetsVersion=6a3ad42b224df%3A1778106238597&width=550px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</iframe></div></div> Khurram Schehzad, advisor to Pakistan&rsquo;s finance minister, in a post on X said that the unprecedented inflow is a major boost for Pakistan&rsquo;s external sector at a time when the country is focused on strengthening macroeconomic stability and rebuilding foreign exchange reserves. Workers&rsquo; remittances remain one of Pakistan&rsquo;s most reliable sources of foreign exchange, providing critical support to the balance of payments and helping ease pressure on the national currency.&nbsp; The sustained growth in inflows has also enhanced the country&rsquo;s ability to manage external financing requirements and improve investor confidence. Schehzad&nbsp;also described the record inflows as a powerful vote of confidence by overseas Pakistanis, whose contributions continue to play a vital role in supporting economic resilience.&nbsp; Millions of Pakistani expatriates working across the globe, particularly in Gulf countries, regularly send money home to support their families and communities.<img src="https://paktv-assets-7d41fab8.s3.eu-west-2.amazonaws.com/ed33fd04-e2bd-4253-b2a4-d4e90f0b5857.png" style="width: 655px;" class="fr-fic fr-dib">Pakistan is among the world&rsquo;s largest recipients of workers&rsquo; remittances, receiving tens of billions of dollars annually from its diaspora. For countless households, these funds serve as an economic lifeline, helping cover essential expenses such as food, housing, education, healthcare, and other daily needs. According to SBP data, Saudi Arabia and the United Arab Emirates remained the largest contributors to Pakistan&rsquo;s remittance inflows, accounting for more than half of the country&rsquo;s record $38.3 billion received during fiscal year 2024-25.&nbsp; Other major sources include the United Kingdom, the United States, and other Gulf Cooperation Council countries. State Bank of Pakistan said that remittances during May 2026 were mainly sourced from Saudi Arabia ($1,025 million), the United Arab Emirates ($1006.6 million), the United Kingdom ($645.5 million), and the USA ($349.8 million). Analysts believe the continued growth in remittances reflects stronger formal banking channels, improved digital transfer mechanisms, and sustained employment opportunities for Pakistani workers abroad. Khurram Schehzad&nbsp;further said that the May performance further reinforces the importance of overseas Pakistanis in the national economy and underscores the increasingly strategic role remittances play in maintaining financial stability and supporting long-term economic growth.

Pakistan receives a record $4.25B in remittances in May 2026, pushing FY26 inflows to $38.1B and strengthening foreign reserves, currency stability, and household incomes nationwide.

Pakistan records historic $4.25B remittances in May

Syed Ahmed Raza

ISLAMABAD: Pakistan&#39;s Minister for Planning, Development and Special Initiatives Ahsan Iqbal on Tuesday reaffirmed Pakistan&#39;s commitment to the second phase of the China-Pakistan Economic Corridor (CPEC), describing it as a comprehensive roadmap for sustainable development and warning that misinformation and fake news remain major challenges to strategic initiatives worldwide.&nbsp;Addressing a ceremony organized by Xinhua News Agency in connection with the construction of CPEC, 75 years of Pakistan-China friendship and global governance initiatives, the minister said it was a matter of great pride for the government and the people of Pakistan that the two countries were celebrating 75 years of an unbreakable bond.&nbsp;Iqbal said CPEC Phase-II would play a central role in helping Pakistan achieve its long-term development goals.&nbsp;Key corridorsHe said the new phase of the flagship project encompasses five key corridors &mdash; Growth, Livelihoods, Innovation, Green and Open Corridor &mdash; aimed at promoting economic modernization, technological advancement, environmental sustainability and regional connectivity.&nbsp;&ldquo;The Open Corridor is intended to bring other countries into the framework of CPEC and transform it into a project for broader regional development,&rdquo; he said, adding that the second phase had been designed in accordance with Pakistan&#39;s emerging economic and development requirements.&nbsp;Reflecting on the evolution of CPEC, the minister said the project began as a vision that was transformed into reality through the joint commitment and hard work of the leadership and teams of both Pakistan and China. He recalled that agreements worth $46 billion signed during Chinese President Xi Jinping&rsquo;s 2015 visit to Pakistan laid the foundation for CPEC&#39;s first phase, which delivered major infrastructure and energy projects within a short period. Iqbal also highlighted the growing importance of information security and public trust in today&#39;s interconnected world, warning that fake news and disinformation were increasingly being used to create polarization, weaken institutions and undermine relations between countries.&nbsp;Combating misinformation&ldquo;We experienced this during the first phase of CPEC when a concerted campaign was launched against the project. Through facts and effective communication, we successfully countered that narrative,&rdquo; he said.&nbsp;He stressed the need to build national consensus and strengthen the information domain to combat misinformation and safeguard strategic national interests.&nbsp;Highlighting the strength of Pakistan-China ties, Iqbal said the relationship had continued to deepen over the decades and was entering a new era of cooperation. He noted that the friendship would reach another milestone this year when Pakistan&#39;s first astronaut travels to space with China&#39;s support.&nbsp;Speaking on the occasion, Minister for Information and Broadcasting Attaullah Tarar said Pakistan and China were celebrating 75 years of diplomatic relations built on mutual trust, respect and unwavering support.&nbsp;He said Prime Minister Shehbaz Sharif&rsquo;s recent visit to China had elevated bilateral relations to new heights and reaffirmed both countries&rsquo; commitment to expanding cooperation under CPEC and other strategic initiatives.&nbsp;&ldquo;Many countries describe their ties as friendly or brotherly, but Pakistan and China have the distinct honour of being iron brothers,&rdquo; Tarar said.&nbsp;The minister reaffirmed Pakistan&#39;s support for President Xi Jinping&rsquo;s Global Governance Initiative, saying it was helping enhance the representation of developing countries and improving livelihoods across the Global South.&nbsp;Strengthening bilateral tiesHe said CPEC had brought the people of Pakistan and China closer together and emphasised that media cooperation, cultural exchanges, and people-to-people contacts would be vital to further strengthening bilateral ties.&nbsp;Speaking to Pakistan TV Digital, Chinese scholar Ma Zheng, a research fellow from Sun Yat-sen University and visiting faculty member at NUST, underscored the importance of grassroots engagement between the two countries.&nbsp;Drawing on her personal experience of studying and conducting research in Pakistan for several years, she said future cooperation should focus not only on major infrastructure projects but also on education, healthcare, culture and livelihood initiatives that directly benefit ordinary people.&nbsp;&ldquo;We must strengthen people-to-people connections and create platforms that allow both sides to better understand each other and work together on issues that improve daily life,&rdquo; she said.&nbsp;Comprehensive partnershipJameel Bhatti, Deputy Bureau Chief of Xinhua News Agency in Islamabad, said the 75-year Pakistan-China relationship had evolved from a diplomatic friendship into a comprehensive strategic cooperative partnership.&nbsp;He highlighted China&#39;s support for Pakistan during difficult periods, including natural disasters, as well as the transformative impact of CPEC on Pakistan&#39;s energy sector, infrastructure and regional connectivity.&nbsp;Bhatti said projects such as the Sahiwal and Port Qasim power plants helped address Pakistan&#39;s electricity shortages, while modern highways and the development of Gwadar Port had significantly improved connectivity and economic prospects.&nbsp;He stressed that people-to-people exchanges, educational cooperation, media engagement and youth interactions would be essential for ensuring that Pakistan-China friendship remains strong and vibrant for future generations.

File photo: Minister for Planning, Development & Special Initiatives of Pakistan, Ahsan Iqbal Chaudhary. (X/@betterpakistan)

Addressing a ceremony organized by Xinhua News Agency in connection with the construction of CPEC, 75 years of Pakistan-China friendship and global governance initiatives, the minister says it is a matter of great pride for the government and the people of Pakistan that the two countries are celebrating 75 years of an unbreakable bond.

Pakistan's planning minister terms CPEC Phase-II comprehensive roadmap for sustainable development

ISLAMABAD: Pakistan&rsquo;s Prime Minister Shehbaz Sharif ordered to speed up the privatization of state-owned power distribution companies, declaring it a priority to address losses in the sector, the Prime Minister&rsquo;s Office reported Tuesday. In a post on X, the PMO stated that PM Sharif chaired a review meeting on the privatization of power distribution companies (DISCOs). He directed officials to complete the entire process transparently while establishing a strong regulatory framework afterward. <div class="fr-embed"><div class="twitter-tweet twitter-tweet-rendered" style="display: flex; max-width: 550px; width: 100%; margin-top: 10px; margin-bottom: 10px;"><iframe id="twitter-widget-0" scrolling="no" frameborder="0" allowtransparency="true" allowfullscreen="true" style="position: static; visibility: visible; width: 550px; height: 720px; display: block; flex-grow: 1;" title="X Post" src="https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=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%3D%3D&frame=false&hideCard=false&hideThread=false&id=2064241715079491679&lang=en&origin=https%3A%2F%2Fmain.d1wrm1qseko1cp.amplifyapp.com%2Farticles%2F6456%2F&sessionId=f04d6cca543b23ee2e3e293f87027bda39cea71a&theme=light&widgetsVersion=6a3ad42b224df%3A1778106238597&width=550px" data-tweet-id="2064241715079491679">&nbsp;</iframe></div></div> In the first phase, Islamabad Electric Supply Company, Gujranwala Electric Power Company and Faisalabad Electric Supply Company will be privatized, according to briefing information provided at the meeting. The Cabinet&#39;s Privatization Committee has approved the transaction structure for these three companies, as per the meeting briefing. Expressions of interest for the three DISCOs have been published in national and international newspapers, according to the briefing. Investor outreach is underway. Roadshows will begin this month to attract bidders, the meeting was informed. International road shows targeting investors from Saudi Arabia, T&uuml;rkiye and China are also in the works. The meeting was attended by Deputy Prime Minister and Foreign Minister Ishaq Dar, Minister for Economic Affairs Ahad Khan Cheema, Minister for Finance and Revenue Muhammad Aurangzeb, along with senior government officials.

Pakistan plans to offer three electricity distribution companies to investors first, with domestic and international outreach efforts underway as officials seek bidders under an approved transaction structure.

Pakistan accelerates privatization of three power distribution companies

Pakistan’s federal budget 2026-27 will be presented on June 10 after months of consultations, revenue estimates, and planning: A budget outlines government priorities, taxation policies, development spending, and economic direction.

How Pakistan's federal budget is made: A journey from government offices to parliament 

ISLAMABAD: Deputy Prime Minister and Foreign Minister Ishaq Dar on Monday chaired a high-level meeting to review the auto and auto parts policy, with special emphasis on accelerating Pakistan&rsquo;s transition toward electric vehicles, said a statement on Monday. According to the statement, the meeting was briefed on a range of measures to promote EV adoption across the country, strengthen domestic manufacturing capabilities, and facilitate industry growth through supportive government policies.&nbsp; The statement added that participants were informed that the proposed measures would help create new employment opportunities, enhance exports, and contribute significantly to Pakistan&rsquo;s efforts to mitigate climate change.<div class="fr-embed"><div class="twitter-tweet twitter-tweet-rendered" style="display: flex; max-width: 550px; width: 100%; margin-top: 10px; margin-bottom: 10px;"><iframe id="twitter-widget-0" scrolling="no" frameborder="0" allowfullscreen="true" style="position: static; visibility: visible; width: 550px; height: 672px; display: block; flex-grow: 1;" title="X Post" src="https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=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%3D%3D&frame=false&hideCard=false&hideThread=false&id=2063909605252706629&lang=en&origin=https%3A%2F%2Fmain.d1wrm1qseko1cp.amplifyapp.com%2Farticles%2F&sessionId=e1355c80472608bd6cd3aed0bbafbf3c816d8636&theme=light&widgetsVersion=6a3ad42b224df%3A1778106238597&width=550px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</iframe></div></div> Addressing the meeting, Dar underscored the importance of developing a competitive, innovative, and sustainable automotive ecosystem.&nbsp; He said a future-ready automotive sector would support economic growth, strengthen industrial capacity, generate skilled employment, and advance environmental sustainability. To ensure a comprehensive and consultative policy framework, the statement said the deputy prime minister directed the formation of a subcommittee to conduct a detailed review, in consultation with all relevant stakeholders, and to finalize the draft policy. Ministers, senior government officials, policy experts, and economists attended the meeting.

Deputy Prime Minister and Foreign Minister Senator Ishaq Dar chaired a meeting on Monday to review the Auto and Auto Parts Policy, with a particular focus on accelerating Pakistan’s transition towards Electric Vehicles (@DPM_PK)

Deputy Prime Minister Ishaq Dar chaired a high-level meeting reviewing the Auto and Auto Parts Policy, focusing on EV adoption, local manufacturing, job creation, exports, and environmental sustainability.

Pakistan accelerates EV transition with review of auto and auto parts policy

ISLAMABAD: Pakistan has underscored the importance of ensuring that critical development requirements are reflected in the upcoming federal budget as the government intensifies consultations ahead of the fiscal year 2026-27 budget, expected to set the country&#39;s economic and development agenda for the coming year.&nbsp;The emphasis came during a meeting chaired by Deputy Prime Minister and Foreign Minister Ishaq Dar alongside Finance Minister Muhammad Aurangzeb, bringing together senior federal and Khyber Pakhtunkhwa officials as part of the government&#39;s ongoing pre-budget consultation process.&nbsp;According to a statement issued by the Deputy Prime Minister&rsquo;s Office, discussions focused on provincial development priorities, ongoing and proposed projects, and measures aimed at supporting economic growth and public welfare.&nbsp;The consultations form part of the government&#39;s broader effort to align federal spending priorities with development needs across the country while sustaining economic stability and growth.&nbsp;As Pakistan prepares to unveil its federal budget for 2026-27, policymakers are seeking to balance fiscal discipline with investments in infrastructure, public services and economic expansion.&nbsp;&nbsp;The upcoming budget is expected to outline measures designed to strengthen revenue collection, support development projects and create conditions for long-term economic resilience.&nbsp;The Deputy Prime Minister&rsquo;s Office said the meeting placed particular emphasis on &ldquo;ensuring that key development needs are appropriately reflected in the upcoming Federal Budget.&rdquo;&nbsp;The session was attended by Special Adviser to the Prime Minister Tariq Bajwa, the Adviser to the Chief Minister of Khyber Pakhtunkhwa on Finance, the province&rsquo;s Chief Secretary, the Federal Finance Secretary and other senior federal and provincial officials.&nbsp;The consultations come as the government finalizes budget proposals and economic measures for the next financial year.&nbsp;Earlier on Friday, the finance minister said expanding the tax base remained a key priority in order to reduce the burden on existing taxpayers and improve revenue generation.&nbsp;Addressing a joint news conference in Islamabad alongside Minister of State for Finance Bilal Azhar Kayani, Aurangzeb said Pakistan&rsquo;s economy had remained stable despite challenges posed by last year&rsquo;s floods and ongoing regional tensions.&nbsp;He said the country had managed these challenges through its own resources and stressed that broadening the tax net was essential for strengthening public finances.&nbsp;&ldquo;In order to generate revenue, the expansion of the tax net is inevitable,&rdquo; the finance minister said.&nbsp;As part of that effort, the government announced an optional fixed tax scheme for small traders and retailers aimed at simplifying tax compliance and encouraging greater participation in the formal economy.&nbsp;Providing details of the initiative, Bilal Azhar Kayani said the scheme carries a fixed tax rate of one percent, with any withholding tax already paid adjusted against the final liability.&nbsp;He said the minimum tax payment under the scheme would be Rs25,000, while businesses with higher turnover would pay tax at one percent of their sales volume.&nbsp;According to Kayani, the scheme has been introduced following consultations with traders and retailers and will apply to businesses with annual turnover of up to Rs200 million.&nbsp;He said participants in the scheme would be exempt from using point-of-sale (POS) machines and would not be subject to routine audits under the general tax framework.&nbsp;&ldquo;Retailers and small traders under the fixed tax scheme will be exempt from general audits,&rdquo; Kayani said, adding that a dedicated committee would address any audit-related concerns.&nbsp;He said both existing tax filers and non-filers would be eligible to join the scheme, provided qualifying businesses met the prescribed turnover criteria.&nbsp;Kayani also outlined enforcement measures for businesses that neither register under the fixed tax scheme nor comply with the general tax regime.&nbsp;&nbsp;He said such entities would face fines of Rs10,000 in the first month, Rs25,000 in the second month and Rs50,000 in the third month.&nbsp;The proposed measures signal the government&#39;s continued focus on expanding documentation of the economy, improving tax compliance and mobilizing domestic resources as it prepares to present its budget strategy for the next fiscal year.

Pakistan has underscored the importance of ensuring that critical development requirements are reflected in the upcoming federal budget as the government intensifies consultations ahead of the fiscal year 2026-27 budget, expected to set the country's economic and development agenda for the coming year

Pakistan intensifies budget consultations to align growth and development priorities

ISLAMABAD: Pakistan&rsquo;s national flag carrier has announced the resumption of direct flights between Islamabad and Beijing from next month, restoring a key air link between Pakistan and China after a month-long suspension and improving connectivity between the two strategic partners.&nbsp;The route was suspended in April as rising jet fuel prices, driven by tensions in the Middle East, pushed operating costs sharply higher.&nbsp;The restoration of direct flights comes as Pakistan and China seek to deepen economic, educational and people-to-people exchanges, with growing demand from students, business travelers, tourists and families moving between the two countries.&nbsp;According to a report published by the Associated Press of Pakistan (APP) on Friday, the revival of the Islamabad-Beijing-Islamabad service is expected to provide passengers with more convenient travel options while strengthening transportation links between the two nations.&nbsp;The report said the renewed service would offer competitive fares, generous baggage allowances and a more comfortable travel experience, while significantly improving connectivity between the two capitals.&nbsp;&ldquo;The restored route is particularly welcomed by the large number of Pakistani and Chinese students pursuing higher education in each other&rsquo;s countries,&rdquo; the report said.&nbsp;Educational institutions, student groups and travel industry stakeholders have described the development as &ldquo;timely,&rdquo; especially with the start of upcoming academic sessions and the peak summer travel season approaching.&nbsp;Industry observers believe the direct service will &ldquo;facilitate smoother mobility&rdquo; for students, academics and researchers while supporting broader educational exchanges between Pakistan and China.&nbsp;The route is also expected to benefit tourists and families by reducing travel times and providing greater flexibility compared with indirect flight options, according to the report.&nbsp;The resumption of the Islamabad-Beijing service marks another step in strengthening transportation and people-to-people connectivity between Pakistan and China, reflecting the growing volume of travel and exchanges between the two countries.&nbsp;According to APP, the restoration of the route underscores the airline&rsquo;s role in facilitating travel and supporting the longstanding friendship and strategic partnership between Pakistan and China.

Pakistan’s national flag carrier announce resumption of direct flights between Islamabad and Beijing from next month

Pakistan, China resume direct flights after month-long suspension

BUENOS AIRES: Temperatures in the Antarctic Peninsula have reached a record-breaking high of 15.4C for June, and ice is melting at abnormal rates during the current winter, climate scientists told AFP on Thursday. Esperanza Base, an Argentine research station located in the north of the peninsula, recorded the unprecedented figure on June 6. The previous highest temperature on record for that month -- 13.3C -- dates back to 1998. The current heat also significantly exceeds Esperanza&#39;s June average of -6.2C. Such a figure is &quot;very unusual for this time of year,&quot; Jose Luis Stella, a climatologist at Argentina&#39;s National Meteorological Service, told AFP. Argentine bases Marambio and San Martin also recorded unequalled temperatures between June 5 and 6. Marambio recorded 11.8C, surpassing a previous high of 9.2C and its June average of -10.7C. San Martin meanwhile saw 9.4C compared to its previous 7.8C record and June average of -5.6C. &#39;Confirms a trend&#39;The northern Antarctic heatwave is not an isolated event, University of Groningen professor Raul Cordero told AFP. &quot;It confirms a trend,&quot; he said, warning that &quot;these kinds of events will continue to occur with increasing frequency&quot; if global warming is not derailed. Thomas Caton Harrison, a polar climate scientist at the British Antarctic Survey, believes a combination of factors including climate change resulted in the current heat. &quot;There is credible evidence that climate change is playing a role, but the effect is complex in this region,&quot; he said. &quot;Because Antarctica sees such big swings in temperature, we have to collect lots of data over many years to build a picture of the underlying climate.&quot; Both specialists agree that regional temperatures have been rising for years and are already showing visible effects. &quot;A surprising amount of precipitation has been falling as rain rather than snow,&quot; Caton Harrison said. &quot;This has implications for polar ecosystems such as penguin colonies,&quot; he said, adding that &quot;it poses a challenge to my colleagues working on Antarctic bases because a lot of liquid rain has been falling and creating runoff and ice.&quot; Esperanza Base has been recording above-zero temperatures daily for three consecutive weeks. This trend has caused &quot;large areas in the far north of the white continent to remain free of snow,&quot; according to Cordero, who called it &quot;an unusual scene in the Antarctic landscape during winter.&quot;

Climate

Temperatures in the Antarctic Peninsula reach a record-breaking high of 15.4C for June, as ice melts at abnormal rates during the current winter.

Antarctic Peninsula sees record high June temperatures

MEXICO CITY: Mexico ignited their World Cup party with a dominant 2-0 victory over nine-man South Africa on Thursday as the biggest ever edition of the global footballing showpiece kicked off at the iconic Estadio Azteca. Julian Quinones scored the opening goal of the tournament and veteran striker Raul Jimenez added a second as the co-hosts&#39; bid for qualification from Group A got off to smooth start. South Africa meanwhile never looked like spoiling the opening day fiesta, and finished with only nine men after Sphephelo Sithole and Themba Zwane were sent off. The Mexican-colored red, green and white smoke from pre-game fireworks had barely dissipated before Quinones fired the hosts into the lead on nine minutes, drilling a low shot through the legs of South Africa&rsquo;s goalkeeper and captain Ronwen Williams. A deafening roar cascaded down from the stands of the Azteca, the footballing cathedral that became the only stadium to host games at three different World Cups. South Africa coach Hugo Broos had warned his players to be ready for the intimidating atmosphere created by a capacity 80,824 crowd at the imposing concrete arena. But South Africa&rsquo;s players looked to have a bad case of stage fright as Mexico&#39;s fans &nbsp;greeted each completed pass with a raucous chorus of &quot;Ole!&quot; in the opening minutes Sithole seemed particularly affected, being caught in possession trying to play out of the back for Quinones&#39; opening goal. Sithole&#39;s miserable afternoon ended with a 49th minute dismissal after bundling over Mexico&rsquo;s Brian Gutierrez when clean through on goal. Mexico rammed home their advantage in the 67th minute, with a fine counter attack culminating in Roberto Alvarado crossing for Wolverhampton Wanderers forward Jimenez to nod home at the far post. It got worse for South Africa in the 84th minute when Zwane was dismissed after a VAR review for flinging an arm into the face of Alvarado. There was still time for late drama when Mexican defender Cesar Montes was shown a red card for a clumsy challenge on Khulisa Mudau on the edge of the penalty area.

Football

Mexico launches World Cup campaign with a 2-0 win over South Africa at a packed Estadio Azteca, while the visitors finish with nine men after two red cards.

Mexico beat South Africa to kick off World Cup

NEW YORK: Taylor Swift on Thursday became the youngest woman ever inducted into the prestigious Songwriters Hall of Fame, another milestone in the 36-year-old US pop star&#39;s record-breaking career. The female record was previously held by Carole Bayer Sager, who was 43 when she joined in 1987. Stevie Wonder remains the youngest person ever admitted, at age 32 in 1983. Artists become eligible for the Hall of Fame 20 years after the release of their first commercial track. For Swift, that was &quot;Tim McGraw,&quot; released in June 2006. Her success since is undeniable: the American artist has recorded 12 albums spanning country, pop, and folk, earning her 14 Grammy Awards in the United States, including four Album of the Year trophies -- a record. &quot;Swift&#39;s ability to shapeshift as a songwriter, to inhabit different sonic landscapes and write as credibly in the world of one genre as she does another is part of her superpower as a songwriter,&quot; reads her bio on the Hall of Fame website. &quot;It also represents the boldness and bravery of her artistry: to explore new frontiers when the most practical next step would be to keep mining the material that has gotten you the success in the first place.&quot; Swift appeared on the red carpet in New York on Thursday wearing a strapless black dress with floral motifs ahead of the naming ceremony. &#39;Great honor&#39;Also inducted on Thursday were Gene Simmons and Paul Stanley of KISS, the band behind hits such as &quot;Rock and Roll All Nite&quot; and &quot;Detroit Rock City.&quot; &quot;It doesn&#39;t suck,&quot; Stanley told AFP when asked how it felt to join the prestigious songwriting ranks. &quot;It&#39;s really hard to digest the idea. I certainly don&#39;t consider myself in that rarified air of some of the writers, but if you wanna be in that club, I&#39;m there.&quot; Kenny Loggins, the hitmaker behind movie soundtrack classics like &quot;Footloose&quot; and &quot;Danger Zone&quot; from &quot;Top Gun,&quot; was inducted into the Hall of Fame as well. &quot;It&#39;s a great honor and I appreciate it,&quot; Loggins told AFP. &quot;It&#39;s the culmination of a lifetime writing, and that&#39;s exciting for me.&quot; Canadian singer Alanis Morissette, inescapable in the 1990s, and American record producer Walter Afanasieff were also among the total of nine songwriters joining the Hall of Fame this year. Estimates put Taylor Swift&#39;s worldwide sales at over 250 million album-equivalents. Her most recent tour in 2023 and 2024, titled &quot;The Eras Tour,&quot; brought in a record sum of around two billion dollars. She is also the female artist with the most songs ever to reach the top 10 list compiled by Billboard, the leading US music magazine. Swift is omnipresent in the media. After unveiling a country track for the soundtrack of the film &quot;Toy Story 5,&quot; she was at Madison Square Garden on Wednesday for a game of the NBA Finals.

Entertainment

Taylor Swift becomes the youngest woman ever to be inducted into the prestigious Songwriters Hall of Fame, another milestone in the 36-year-old US pop star's record-breaking career.

Taylor Swift becomes youngest woman in Songwriters Hall of Fame

This live blog follows the latest developments across the Middle East crisis, including regional diplomacy, maritime security, ceasefire negotiations, and economic fallout.<hr>Catch up: Yesterday&rsquo;s top developments<ul style="list-style-type: square;"><li style="font-size: 14px; color: rgb(0, 0, 0);">Iran has not made a final decision on the deal: FM spokesperson</li><li style="font-size: 14px; color: rgb(0, 0, 0);">&lsquo;We&#39;ll probably have a signing in Europe,&rsquo; says Trump on Iran war</li><li style="color: rgb(0, 0, 0);">Islamabad backs diplomacy, dialogue</li><li style="font-size: 14px; color: rgb(0, 0, 0);">Three Indian sailors killed aboard ship hit by US off Oman</li><li style="font-size: 14px; color: rgb(0, 0, 0);">Kremlin calls on US, Iran to &#39;return to negotiating table&#39;</li></ul><hr> Egypt urges US, Iran to seize &#39;available opportunity&#39; for deal after Trump cancels strikesPublished: June 12, 2026 | 03:49 GMT | by AFP Egypt urged the United States and Iran to seize what it called an &quot;available opportunity&quot; for a deal to end the war, after President Donald Trump withdrew his threat to carry out further strikes on Tehran. Cairo&#39;s foreign ministry said in a statement late Thursday it hoped &quot;the available opportunity will be seized to reach a deal on the various outstanding issues and to prepare the atmosphere for reaching an end to the war and beginning a new phase of regional stability&quot;. <hr> Trump says &lsquo;we ended the war with Iran today&rsquo;Published: June 12, 2026 | 02:45 GMT | by Web Desk US President Donald Trump, during a tele-rally in support of Senate candidate Barry Moore, claimed that the war is now over, according to local media outlets. &ldquo;I don&rsquo;t know if you heard, but we ended the war with Iran today, and they have agreed never to have a nuclear weapon, something that we, we insisted on,&rdquo; Trump said in the audio clip. <hr style="box-sizing: border-box; height: 0px; overflow: visible; clear: both; user-select: none; break-after: page;"><br style="box-sizing: border-box; color: rgb(65, 65, 65); font-family: sans-serif; font-size: 14px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">Japan, S. Korea markets jump after Trump cancels Iran strikesPublished: June 12, 2026 | 01:59 GMT | by AFP Japan&#39;s Nikkei share index soared more than three percent Friday after US President Donald Trump withdrew his threat of further strikes against Iran and said a deal to end the war could be signed in coming days. At around 0015 GMT the Nikkei 225 was up 3.5 percent, while South Korea&#39;s benchmark Kospi index jumped 7.59 percent. <hr style="box-sizing: border-box; height: 0px; overflow: visible; clear: both; user-select: none; break-after: page;"><br style="box-sizing: border-box; color: rgb(65, 65, 65); font-family: sans-serif; font-size: 14px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">Iran&rsquo;s FM spokesman condemns US attacks on Indian vesselsPublished: June 11, 2026 | 23:40 GMT | by Web Desk Iran&rsquo;s Foreign Ministry Spokesman&nbsp;Esmaeil Baqaei&nbsp;condemned the US attacks on Indian commercial vessels, which killed at least three Indian nationals. In a post on X, he said that these attacks &quot;stand as clear evidence of America&rsquo;s ongoing policy of armed robbery and State piracy.&quot; <hr style="box-sizing: border-box; height: 0px; overflow: visible; clear: both; user-select: none; break-after: page;"><br style="box-sizing: border-box; color: rgb(65, 65, 65); font-family: sans-serif; font-size: 14px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">Iran has not made a final decision on the deal: FM spokespersonPublished: June 11, 2026 | 21:55 GMT | by Web Desk Iran&rsquo;s Foreign Ministry Spokesperson Esmaeil Baqaei said Iran has not made a final decision about a deal, according to Iran&rsquo;s official news agency&nbsp;IRNA. &quot;Once the relevant authorities reach a conclusion on the details of the draft text of an agreement, Iran&rsquo;s government will make a formal announcement,&quot; he said. <hr style="box-sizing: border-box; height: 0px; overflow: visible; clear: both; user-select: none; break-after: page;"> &lsquo;We&#39;ll probably have a signing in Europe,&rsquo; says Trump on Iran warPublished: June 11, 2026 | 20:05 GMT | by Web Desk US President Donald Trump on Thursday said a deal to end the Middle East war was nearing completion, describing it as a &ldquo;great settlement&rdquo; and indicating that a formal signing could take place in Europe within days once the remaining documents are finalized. &ldquo;We just made a great settlement of the war with Iran,&rdquo; Trump told reporters in the Oval Office.&nbsp; &ldquo;Subject to finalization of documents, which should get done over the next few days, we&#39;ll probably have a signing, maybe in Europe.&rdquo;&nbsp; He added that the agreement would ensure &ldquo;Iran will never have a nuclear weapon,&rdquo; calling it the central objective of months of negotiations and conflict. Trump also said he believed Iran&#39;s Supreme Leader Ayatollah Mojtaba Khamenei had approved the proposed arrangement.&nbsp; Asked whether Khamenei had personally given the green light, Trump replied: &ldquo;I understand the answer is yes.&rdquo; He described the agreement as &ldquo;a very strong memorandum of understanding.&rdquo; The US president said he had spoken with leaders from across the region, including Israel, Qatar, the United Arab Emirates, Saudi Arabia, Bahrain and Kuwait, as diplomatic efforts intensified ahead of a possible signing ceremony.&nbsp; Trump said the Strait of Hormuz would reopen once the agreement is finalized and argued that the deal had already boosted market confidence, pointing to rising stock markets and falling oil prices. Trump also singled out Pakistan for its role in the diplomatic process, praising both Prime Minister Shehbaz Sharif and Field Marshal Asim Munir.&nbsp; &ldquo;Pakistan was fantastic,&rdquo; he said. Referring to Munir, Trump added: &ldquo;He&#39;s a great, great general. He&#39;s so great that he&#39;s actually a field marshal.&rdquo;&nbsp; Pakistan has played a central mediation role in recent months, hosting talks and maintaining engagement with Washington, Tehran and regional partners in support of a negotiated settlement. <hr style="box-sizing: border-box; height: 0px; overflow: visible; clear: both; user-select: none; break-after: page;"><br style="box-sizing: border-box; color: rgb(65, 65, 65); font-family: sans-serif; font-size: 14px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">Read our June 11 live blog for earlier developments&nbsp;<a href="https://www.pakistantv.com/article/middle-east-june-11-2026" target="_blank" style="color:#0073e6;" rel="noopener noreferrer">here</a>

Middle East

Americas

Says a 'great settlement' with Iran has been reached and approved by Iran's Supreme Leader; Trump praises Pakistan for a 'fantastic role' in mediation, calling Field Marshal Asim Munir a 'great general'; Iran's foreign ministry spokesperson denies that any final decision on a deal with the US has been made.

Trump says Iran deal nearing signing, praises Pakistan's role

ISLAMABAD: Pakistan on Thursday rejected any attempt to draw a &ldquo;false equivalence&rdquo; between the situation in Indian Illegally Occupied Jammu and Kashmir (IIOJK) and matters relating to Azad Jammu and Kashmir (AJK), while also raising concerns over India&rsquo;s expanding strategic capabilities. Speaking at the weekly media briefing in Islamabad, Foreign Office Spokesperson Tahir Andrabi said Pakistan was addressing issues in Azad Jammu and Kashmir within a &ldquo;democratic and constitutional framework&rdquo; and rejected recent remarks by the Indian leadership and its foreign affairs office. &ldquo;Any attempt to conflate the two is misleading and does not withstand objective scrutiny,&rdquo; Andrabi said. Responding to questions regarding Indian statements on AJK, the spokesperson said Pakistan rejected India&#39;s remarks &ldquo;in their entirety.&rdquo; &ldquo;It&rsquo;s untenable for a state like India, which has consistently denied the people of Jammu and Kashmir their right to self-determination, to claim concerns over the rights of Kashmiris,&rdquo; he said. The remarks come amid continued tensions between Pakistan and India over the disputed Jammu and Kashmir region, a longstanding issue between the two nuclear-armed neighbours.&nbsp; Pakistan maintains that the final status of Jammu and Kashmir should be determined in accordance with relevant United Nations Security Council resolutions and the aspirations of the Kashmiri people. The spokesperson said India&rsquo;s statements appeared aimed at diverting attention from the &ldquo;unresolved status of Jammu and Kashmir&rdquo; and what he described as its &ldquo;abysmal record&rdquo; in IIOJK. &ldquo;We also reject any insinuation of a false equivalence between the situation in Indian Illegally Occupied Jammu and Kashmir and matters relating to Azad Jammu and Kashmir,&rdquo; Andrabi said. &ldquo;Indian Illegally Occupied Jammu and Kashmir is an illegally annexed, internationally recognized disputed territory whose people have suffered systemic abuses under draconian laws and have been denied their rights, including the right to self-determination, as affirmed by the relevant UN Security Council resolutions and as promised by the Indian founding fathers to the Kashmiri people,&rdquo; he added. Concerns over India&#39;s strategic capabilitiesThe Foreign Office also commented on a recent Stockholm International Peace Research Institute (SIPRI) report suggesting India may have altered aspects of its traditional nuclear posture by reportedly deploying nuclear warheads during peacetime alongside developments in missile systems. Andrabi said Pakistan did not wish to endorse SIPRI&rsquo;s methodology but noted that the findings were &ldquo;not surprising.&rdquo; &ldquo;We do not wish to endorse or lend credence to SIPRI&rsquo;s methodology. Its findings, nevertheless, are &lsquo;not surprising,&rsquo;&rdquo; he said, adding that Pakistan had consistently raised concerns regarding India&rsquo;s continued &ldquo;vertical proliferation.&rdquo; The spokesperson said open-source assessments might not fully reflect the actual scale of India&rsquo;s nuclear arsenal. &ldquo;We also believe that open-source estimates, such as SIPRI&rsquo;s, may not fully reflect the actual scale of India&rsquo;s nuclear arsenal, which may actually be higher than the existing estimates,&rdquo; he said. According to Andrabi, Pakistan remained &ldquo;cognizant of developments in India&rsquo;s strategic capabilities,&rdquo; including the canisterization of missile systems, the expansion of sea-based nuclear-capable submarines and the pursuit of longer-range missile systems extending beyond India&rsquo;s immediate region. &ldquo;These developments enhance operational readiness, complicate crisis stability, and carry implications that extend beyond South Asia, with grave consequences for international peace and security,&rdquo; he said. Reiterating Pakistan&rsquo;s position, Andrabi said the country did not seek an arms race. &ldquo;Pakistan does not seek an arms race and matching warheads or arms and ammunition by number. However, we remain mindful of the evolving security environment. We will continue to take measures essential for preserving strategic stability and deterring India&rsquo;s aggression,&rdquo; he said. The spokesperson urged the international community to closely monitor developments related to India&rsquo;s strategic capabilities and their potential impact on regional and global security. He also called on countries supplying advanced technologies to India to consider the wider implications of emerging capabilities being incorporated into India&rsquo;s strategic posture. &ldquo;These developments threaten consequences far beyond South Asia into the wider world,&rdquo; Andrabi said.

Foreign Affairs

Pakistan also voices concern over India's evolving strategic capabilities, saying recent assessments reinforce longstanding fears about regional stability and urging the international community to closely monitor developments with wider security implications.

‘False equivalence’: Pakistan rejects Indian remarks on Kashmir

PARIS: A leather bag made from Tyrannosaurus rex cells failed to sell on Thursday, the Paris auction house Drouot said, commenting that bids were well below expected. Auctioneers Giquello had touted the &quot;one-of-a-kind&quot; piece to sell for more than $500,000 but bids barely broke the $150,000 mark, said the Drouot house where the sale took place. Unveiled in the spring in Amsterdam, the bag was created from traces of collagen from the femur of a T‑Rex found in the US state of Montana 25 years ago. &quot;In recent years, we&#39;ve developed techniques -- biotechnologies that allow us to instruct a cell culture to produce, so to speak, genuine T‑Rex skin in the laboratory,&quot; Iacopo Briano, a palaeontology expert associated with the sale, recently told AFP. He noted the material differs from vegan leather, which is mostly made from plastic. &quot;In this case, it&#39;s derived from a cell culture, so it&#39;s 100 percent skin. And at the same time, it comes from an animal that went extinct 67 million years ago!&quot; he said. With no precedent to go on, Alexandre Giquello, whose auction house is organising the sale, explained they had to &quot;come up with a price&quot; that would reflect both the amount of investment required to create the bag and its rarity. Giquello estimated the value at between 300,000 and 500,000 euros ($346,000 to $576,000).

Wildlife

A handbag created from lab-grown material derived from Tyrannosaurus rex collagen fails to sell at auction, attracting bids far below expectations despite its rarity and estimated value of up to $576,000.

First leather bag made from T-Rex cells fails to sell at Paris auction

ISLAMABAD: Pakistan on Thursday held funeral prayers for military personnel martyred in an army helicopter crash near Muzaffarabad, with Prime Minister Shehbaz Sharif and senior civilian and military leaders attending the ceremony, according to the military&#39;s media wing. The funeral prayer was offered at Chaklala Garrison in Rawalpindi for the martyrs of the Mi-17 helicopter crash, the Inter-Services Public Relations (ISPR) said. PM Sharif, Chief of Army Staff and Chief of Defense Staff Field Marshal Syed Asim Munir, Foreign Minister Ishaq Dar, Defense Minister Khawaja Asif, Information Minister Attaullah Tarar, senior civil and military officials, relatives of the martyrs, and members of the public attended the service. The crash occurred Wednesday near Muzaffarabad, the capital of Azad Jammu and Kashmir, during takeoff.&nbsp; The military said the helicopter went down because of a technical fault, and all personnel on board were martyred. A board of inquiry has been ordered to determine the exact cause of the accident. Earlier in the day, a separate funeral service for two Christian soldiers martyred in the crash was held at Christ Church in Rawalpindi and attended by political and military leaders. The ceremonies highlighted the participation of Pakistan&#39;s diverse communities in national service and remembrance. Addressing the gathering, PM Sharif said the martyrs&#39; &quot;devotion to duty, professionalism, and commitment to safeguarding the motherland will remain a source of inspiration for future generations.&quot; He said the sacrifices made by Pakistan&#39;s armed forces for &quot;peace, security, and national sovereignty can never be forgotten,&quot; and reaffirmed the nation&#39;s support for the families of the martyrs. The ISPR said the martyrs would be laid to rest in their respective hometowns with full military honors. Separately, President Asif Ali Zardari and PM Sharif expressed grief over the crash and offered condolences to the families of the martyrs. &quot;The entire nation pays tribute to the great sacrifice of the martyrs and shares the grief of the families,&quot; Zardari said in a statement. Interior Minister Mohsin Naqvi also expressed condolences, extending sympathies to the families of the personnel martyred in the accident. The military leadership, including Field Marshal Munir and all ranks of the Pakistan Army, expressed deep sorrow over the loss of life and conveyed condolences to the bereaved families.

Security

Prime Minister Shehbaz Sharif, senior military commanders and government officials attended funeral prayers in Rawalpindi for army aviation personnel lost in the Mi-17 accident, while separate services were held for two Christian soldiers before burial with full military honors.

Pakistan honors helicopter crash martyrs at Rawalpindi funeral service

NEW YORK: Elon Musk&#39;s SpaceX on Thursday confirmed it will begin trading on the Nasdaq exchange Friday in the biggest initial public offering in history, a blockbuster market debut that could propel the entrepreneur to trillionaire status. In a filing with the US markets regulator, the company priced more than 555 million shares at $135 each, placing SpaceX among Wall Street&#39;s most elite companies with a valuation of just under $1.8 trillion. The offering will raise a record $75 billion, easily outranking Saudi Aramco&#39;s $29.4 billion debut in 2019, until now the biggest ever. Underwriters hold an option to buy nearly 83 million additional shares, which would push the total above $86 billion if exercised in full. Goldman Sachs, Morgan Stanley and Bank of America led a syndicate of more than 20 banks on the deal. The space and rocket company, co-founded by Musk in 2002, will trade under the ticker symbol &quot;SPCX,&quot; with a parallel listing on Nasdaq Texas. All eyes will be on how Wall Street absorbs the offering, which could send tremors across global markets. As is traditional for high-profile debuts, executives are expected to ring the opening bell on Friday to mark the start of the session -- in this case at New York&#39;s Times Square, home of the Nasdaq. SpaceX will be the first out of the gates among the tech and AI giants eyeing public markets, with OpenAI and Anthropic expected to follow -- both having recently filed with regulators for their own market debuts. The IPO is Musk&#39;s biggest financial gamble yet, with his xAI company and the X social media platform (formerly Twitter) also included in the offering after the multi-billionaire folded them into the company earlier this year. The offering was more than four times oversubscribed by major banks and financial institutions, according to Bloomberg, with interest from everyday investors reported to also be high. More than 20 percent of the shares will be reserved for these retail investors, a far greater proportion than is typically allocated in IPOs, giving Musk&#39;s legions of fans a chance to buy a slice of the company. Data centers in spaceThe success of the IPO rests squarely on investors&#39; faith in Musk as a visionary entrepreneur. The tech multi-billionaire will serve as chief executive, chief technology officer and board chairman of the newly traded company. The IPO is expected to mint thousands of new millionaires and many billionaires, with former and current employees -- and a long list of investors -- from the company&#39;s near quarter-century history looking to cash in. The financials of the company are giving some on Wall Street pause, as the valuation largely depends on Musk delivering on promises worthy of science fiction, including putting data centers in space as well as people on Mars using as yet unproven technology. While the company is growing fast -- revenue hit $18.7 billion in 2025 -- it is also losing money, producing a net loss of $4.9 billion. In an extraordinary prediction, SpaceX&#39;s filing claims it can pull in over $28.5 trillion in revenue from its various markets. Musk&#39;s fortune on Thursday stood at $782 billion according to the Forbes list of the world&#39;s richest people, nearing three times the wealth of number two, Google co-founder Larry Page. A successful IPO could make him the first trillionaire in history on Friday.

Artificial Intelligence

SpaceX confirms a record $75 billion IPO, valuing the company at nearly $1.8 trillion, as investors back Elon Musk’s space, AI and long-term technology ambitions worldwide for growth.

SpaceX to make historic IPO that could make Musk a trillionaire

LONDON: British Defense Secretary John Healey sensationally quit on Thursday, accusing beleaguered Prime Minister Keir Starmer and the finance ministry of failing to commit enough money to protect the country. His shock resignation weakens Starmer&#39;s authority further at a precarious moment for the embattled Labour leader, a week before a by-election that could prompt a bid to replace him. In stinging criticism, Healey warned that Starmer&#39;s long-awaited Defense Investment Plan (DIP) for funding over the next decade&mdash;which the premier has yet to publish&mdash;risked making Britain &quot;less safe.&quot; &quot;You have been unable, and the Treasury has been unwilling, to commit the resources that the nation needs to defend the country at this time of rising threats,&quot; Healey wrote in a resignation letter to Starmer posted on his X account. &quot;After explaining to you that I would not be able to accept a DIP settlement that does not give our Forces the resources they need, I am now left with no other option than to submit my resignation.&quot; Healey&#39;s sudden departure comes after months of delays to the defense plan, which Starmer has insisted he will publish before a NATO summit in Turkey beginning on July 7. Starmer&#39;s centre-left government, elected in July 2024 following 14 years of Conservative rule, has pledged to ramp up defense spending, with priority given to NATO commitments. The rise comes amid threats from Russia and as US President Donald Trump repeatedly urges NATO allies to spend more and become less reliant on Washington for security. &#39;Grave moment&#39;Starmer has vowed to raise defense spending to 2.5 percent of gross domestic product from next year, increasing to three percent if Labour wins the next general election, expected in 2029, before reaching 3.5 percent in 2035. British media has for weeks been reporting on behind-the-scenes battles within the government over the DIP settlement. In his resignation letter, Healey said he was first given full sight of DIP on Monday, and it sees defense spending rise to only 2.68 percent of GDP in 2030. A source close to the former defense secretary told AFP the deal offered by the Treasury did not put a date on the three percent commitment. The plan &quot;falls well short of what is required for defense and the country at this dangerous time,&quot; Healey wrote. &quot;Without a DIP that meets the moment in this way, I am being forced to make decisions that would reduce the readiness of our forces and increase the risk to personnel on operations, and could make the country less safe.&quot; Tan Dhesi, chair of parliament&#39;s defence committee, said the government must take Healey&#39;s warning &quot;with the utmost seriousness&quot;. &quot;That a defence secretary of his integrity and commitment has felt compelled to resign in response to the inadequacy of the proposed defence settlement is a grave moment,&quot; the Labour MP said in a statement. Starmer faces political peril in next Thursday&#39;s contest when Greater Manchester mayor Andy Burnham stands for the Makerfield parliamentary seat. Both men have said they would participate in any Labour leadership race, although none has yet been triggered. Wes Streeting quit as health secretary last month following disastrous local and regional election results for Labour and has also said he would run in any future contest. Healey, 66, has been previously talked about as another potential contender, but there was no immediate suggestion that his resignation is linked to the leadership speculation. It &quot;underlines that Starmer has become a lame duck prime minister who cannot get decisions through his own government,&quot; Patrick Diamond, a politics professor at Queen Mary University of London, told AFP. The investment plan, originally due to be published in late 2025, has repeatedly been pushed back, to the frustration of industry and others. Healey&#39;s resignation &quot;creates a sequence of political headaches in terms of a replacement, and trying to get the defence investment plan published,&quot; said Ed Arnold, senior associate fellow at the RUSI think-tank. A government source insisted that Starmer had made Britain &quot;safer,&quot; adding the defense spending proposals &quot;will deliver the capability our armed forces need.&quot;

Europe

British Defense Secretary John Healey sensationally quit on Thursday, accusing beleaguered Prime Minister Keir Starmer and the finance ministry of failing to commit enough money to protect the country

UK defense minister quits with stinging rebuke of PM Starmer

JERUSALEM: Radio France Internationale (RFI) condemned Thursday Israel&#39;s entry ban on French reporter Alice Froussard, who freelances for the station and other outlets, as &quot;an obstacle to press freedom&quot;. &quot;Israeli authorities have not provided any justification to RFI for this decision,&quot; the broadcaster said in a statement. &quot;RFI&#39;s management offers its full support to Alice Froussard and protests against this expulsion, which constitutes an obstacle to press freedom and comes at a time when journalists are facing increasing difficulties in covering current events in the region,&quot; it added.

Calls it an as "an obstacle to press freedom"