ISLAMABAD: Amid looming international default threat on national fuel supplier — Pakistan State Oil (PSO) — owing to a record Rs775 billion receivables, the government on Tuesday approved extending sovereign guarantee for Rs50bn commercial borrowing and fixed Rs8,500 per 40kg minimum intervention price for raw cotton known as phutti to revive a faltering cash crop. The decisions were taken at …

Prime Minister Shehbaz Sharif said on Wednesday that the threat of Pakistan defaulting on its debts was “now over” and that a staff-level agreement with the International Monetary Fund (IMF) would happen “soon”. Addressing a delegation of Council of Pakistan Newspapers Editors (CPNE) in Islamabad, the premier said his government had successfully managed to save the country from default. He …

The Foreign Office (FO) on Wednesday reacted strongly to a series of suggestions made by former US envoy for Afghanistan Zalmay Khalilzad, saying Pakistan did not need “unsolicited advice” on the challenges it faces. A day earlier, Khalilzad, who had served as the special envoy for Afghan reconciliation under both the Trump and Biden administrations, said that Pakistan was “underperforming …

LAHORE: As their demand for the accountability of Imran Khan seems closer to materialising, the younger generation of Sharifs — Maryam Nawaz and Hamza Shehbaz — are all set to wade into the arena of electoral politics from Lahore. Following Hamza’s return from an extended trip abroad in what is being seen by some observers as a bid to “claim …

China warned on Tuesday that Australia, Britain and the United States were treading a “path of error and danger” after they unveiled a nuclear-powered submarines deal. Australia announced on Monday it would buy up to five US nuclear-powered submarines, then build a new model with US and British technology under an ambitious plan to bulk up Western muscle across the …

Lahore jumped more than 10 places to become the city with the worst air in the world in 2022, according to an annual global survey by a Swiss maker of air purifiers. The report published on Tuesday by IQAir also said that Chad in central Africa had replaced Bangladesh as the country with the most polluted air last year. IQAir measures air …

NEW YORK: Riyadh Air and Saudia reached agreements to purchase 78 Boeing 787 Dreamliner planes to support Saudi Arabia’s expanding aviation plans, Boeing announced on Tuesday. The order — which could reach as many as 121 planes with options — constitutes the fifth largest by commercial value in Boeing’s history. The contracts are part of “a blueprint for economic and …

PALO ALTO: Alphabet Inc’s Google on Tuesday unveiled a flurry of artificial intelligence (AI) tools for its email, collaboration and cloud software, taking aim at Microsoft Corp days before its rival is expected to make a similar announcement. In a replay of last month’s dueling chatbot launches by the tech giants, Alphabet touted a “magic wand” for its popular Google …

NEW YORK: Moody’s Investors Service on Tuesday revised its outlook on the US banking system to “negative” from “stable”, citing heightened risks for the sector after the rapid unraveling of SVB Financial Group fuelled fears of contagion. Bank runs at Silicon Valley Bank, Silvergate Capital Corp and Signature Bank have deteriorated the operating environment for the sector that is now …

WASHINGTON: Ned Price, who explained US foreign policies to the world at the State Department’s daily news briefings, will step down next week for a new, policy-focused job in the same department. Mr Price, the department’s spokesman since the first day of the Biden administration, will now work directly for US Secretary of State Antony Blinken. “This will be my …