Category: Popular News

Oil rises on optimism about US-China talks easing trade tensions

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Oil falls

LONDON: Oil prices climbed on Tuesday as investors awaited the outcome of U.S.-China trade talks and as Saudi Arabia’s crude supply to China is set to dip slightly. Brent crude futures rose 34 cents, or 0.5%, to $67.38 a barrel by 1045 GMT. U.S. West Texas Intermediate crude was up 33 cents, or 0.5%, at $65.62. On Monday, Brent had risen to $67.19, the highest since April 28, buoyed by the prospect of a U.S.-China trade deal. U.S.-China trade talks were set to continue for a second day in London…

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Rs17.6 Trillion Federal Budget 2025–26 to Be Unveiled Today

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Buget-25-26

ISLAMABAD: The federal government will unveil the Rs17.6 trillion Budget 2025–26 in the National Assembly today, with Finance Minister Senator Muhammad Aurangzeb set to present the financial plan and deliver his second budget speech. The Finance Bill 2024 will also be laid before the Senate, as mandated under Article 73 of the Constitution. According to official sources, the government anticipates gross federal revenues of Rs19.4 trillion, with the Federal Board of Revenue (FBR) tasked with collecting Rs14,130 billion in taxes. The target includes Rs6,450 billion in direct taxes, Rs4,900 billion…

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Development Banks Commit €3 Billion to Combat Ocean Plastic by 2030

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plastic-pollution

NICE, FRANCE: A coalition of major development banks has pledged at least €3 billion (\$3.4 billion) by 2030 to fight ocean plastic pollution, in what remains the world’s largest coordinated initiative to tackle the crisis. The announcement coincides with the launch of the second phase of the Clean Oceans Initiative (COI) at a UN conference in Nice. Led by the European Investment Bank (EIB) alongside French, German, Spanish, and Italian development banks and the European Bank for Reconstruction and Development (EBRD), the COI aims to stem the rising tide of…

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US-China Trade Talks Resume in London Amid Rare Earths Dispute

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US-China

LONDON: Senior US and Chinese officials convened in London on Monday in a bid to ease escalating trade tensions that now threaten to disrupt global supply chains, particularly over the export of rare earth minerals. The high-stakes dialogue, held at Lancaster House, marks a follow-up to last month’s preliminary trade agreement in Geneva, which temporarily cooled tensions between the two powers. However, US officials have since accused Beijing of stalling on its commitments—especially regarding the shipment of rare earths, critical for electric vehicles, semiconductors, and defense equipment. White House economic…

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Budget FY26: Govt Shifts from Broadening Tax Base to Raising Rates Amid Record Revenue Target

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ECONOMIC-SURVEY

ISLAMABAD: With limited room for fresh tax measures, the Shehbaz Sharif-led coalition government is pivoting from “broadening the tax base” to a new rhetoric of “equity,” effectively justifying higher taxes on lower-income groups as it targets a record Rs14 trillion in revenue for FY2025-26 — a 22% increase over the outgoing fiscal year. In line with IMF commitments, the government estimates autonomous revenue at Rs12.845 trillion, based on 4.2% GDP growth and 7.5% inflation. To bridge the gap, new tax measures worth Rs655 billion and enforcement-driven revenue of Rs400 billion…

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