Tokyo, October 9, 2025 – The space brewing equipment jointly developed by Mitsubishi Heavy Industries, Ltd. (MHI) and DASSAI Inc., a sake company based in Iwakuni City, Yamaguchi Prefecture, and ingredients will be launched by the Japan Aerospace Exploration Agency (JAXA) for the DASSAI MOON Project, a project to brew sake in space. The launch will take place from Tanegashima Island on October 21, 2025 using H3 Rocket No. 7, a new mainstay launch vehicle built in Japan.
The items will be transported to the International Space Station (ISS) using HTV-X, a new Japanese-built unmanned cargo transfer spacecraft that will undergo its first demonstration test with this launch, and arrangements are being made with JAXA for the brewing test to be conducted in the Japanese experiment module Kibo on the ISS by astronaut Kimiya Yui. The Japanese-led mission aims to brew sake in space for the first time in the history of humanity.
■ About the DASSAI MOON Project
In 2024, DASSAI commenced the DASSAI MOON Project, seeking to build a brewery on the surface of the moon and brew its sake there with the aim of improving quality of life in activities on the moon in future. In Phase 1 of the DASSAI MOON Project, planned jointly by DASSAI and MHI, the world’s first test brewing of sake in space will be conducted in an environment simulating the gravity of the moon’s surface in the Japanese experiment module Kibo in the fall of 2025. Past link: https://dassai.com/us/news/info/005853.html
■ Schedule and mission details for Phase 1 of the DASSAI MOON Project
The ingredients from DASSAI (rice, malt, yeast, and water) and purpose-built space brewing equipment that will be used on the mission will be launched from the Tanegashima Space Center at approximately 10:58am on Tuesday, October 21, 2025 and taken to the ISS. The items will be launched on the new Japanese-made H3 rocket, which commenced operation in 2024, together with the HTV-X, the resupply vehicle being used to transport them to the ISS, which is being taken to space for the first time. Upon arrival at the ISS, the brewing equipment will be set up and water will be placed inside to start multiple parallel fermentation, a fermentation reaction unique to Japanese sake, for the test brew. DASSAI will brew the sake during the mission and MHI has been developing the space brewing equipment. Processes such as the loading of the equipment on the rocket at the launch site, followed by the launch and the operations at the ISS, will be a collaborative effort between JAXA and various Japanese administrative bodies, companies such as MHI, and other organizations, for an all-Japanese technological endeavor.
Testing in orbit will commence around 10 days after the launch, with the sake brewed in a 1/6G environment, equivalent to the gravity of the moon’s surface, over a period of approximately two weeks while various data is monitored from Earth. After the fermentation in space is completed, the raw sake will be frozen and stored in orbit; it is expected to be brought back to earth no sooner than the end of the year. After being collected, the raw sake will be thawed and refined on Earth, half of the collected sake will be sent to the purchaser, while the remaining half will be analyzed to glean information for future Japanese space industry development.
I recently spent time in Saudi Arabia, Kuwait, and the UAE — my second trip to the region in 2025 — with local KKR colleagues, CEOs, CIOs, business executives, and investors. KKR has been on the ground in the region for over sixteen years, but the firm’s momentum certainly accelerated after the landmark 2019 ADNOC Oil Pipelines deal, which created a template for investment in the Middle East. That momentum has increased further still since the appointments of General David Petraeus (U.S. Army, Retired) as Chair of KKR Middle East and Julian Barratt-Due as head of our dedicated regional investment team, and with two transactions announced this year.
Ahead of my trip, Aidan Corcoran and other colleagues on the global macro team, in conjunction with our EMEA deal teams, conducted substantial preparatory work by revisiting the opportunity set in the region, focusing this trip on the countries sharing a political and economic union as part of the Gulf Cooperation Council (GCC). As detailed below, five key areas stood out:
1. There is a clear, shared push to diversify the region’s economies. Pro-growth policy frameworks — driven by focused and effective leadership — are helping to make that a reality, including a thoughtful approach to financial services. All told, the GCC markets now rank among the top five regions globally for IPO activity, with markets like the UAE showing meaningful gains in capitalization relative to GDP, signaling improving liquidity and broader investing options. We expect this dynamic to strengthen further as foreign ownership increases and corporate governance continues to improve. At the same time, GCC governments are doubling down on hospitality, real estate, healthcare, and digitalization. Importantly, these changes are occurring against a backdrop where current oil prices largely stay the same, underscoring our view that sound policy implementation — not higher commodity prices — holds the key to success, including attracting more foreign capital into the region.
2. The labor force in the region is changing – and for the better, but more can be done. Already, more women are joining the workforce, which is a tailwind. Consider that Saudi Arabia has driven a remarkable rise in women entering the workforce — from 18% in 2010 to 36% now, and likely to reach 40% ahead of 2030; however, there is also a need for more local worker training (and retraining). That said, during this transition period locals do have more access to high quality healthcare, Internet, and impressive public transportation than we see in other growth markets. Overall, we think more policies that encourage broad-based growth in financial services, technology, healthcare, and leisure/travel, for example, should also accelerate some of the positive momentum we believe can be unleashed in the region’s services economy.
3. The infrastructure opportunity is especially noteworthy, driven by sizable investment plans that will be needed to hit national strategic and economic goals across the region. We see upside across diversified PPPs, the energy transition, the digital economy, and broader corporate infrastructure, each strong areas for foreign capital deployment. In particular, low energy costs and ample land make this region appealing for the digital transformation we are seeing across key industries, including the reshaping of financial services as parts of the sector decentralize. Artificial intelligence is also a centerpiece of government leadership, a backing that we believe has already begun to pay handsome dividends.
4. However, more work is needed to attract foreign capital into the liquid capital markets. We believe more focus on improving external shareholder returns as well as offering securities and indices that are reflective of the region’s improving GDP-per-capita could significantly boost capital flows into the GCC states (Exhibit 1). Ultimately, we think these types of initiatives will be required to move investor mentality from valuing equities off dividend yields to price-to-earnings ratios.
5. On the private side, however, we believe the story is compelling for those who are willing to create a domestic presence as well as leverage their global footprint. Local national champions want foreign capital and their operational expertise to expand abroad, but — more importantly — they also want more foreign capital to help ‘right-size’ and improve existing local businesses as well as to increase investment behind rising GDP-per-capita stories. As such, we continue to believe the opportunity for global players with a local presence, particularly in Asset-Based Finance, Structured Credit Solutions, and Preferred Equity, is quite compelling. The reality is that the region has many attractive ‘hard assets’ with contracted revenue streams where traditional securitization technology can both unlock value for owners and expand the potential market for allocators of capital beyond what currently exists in the region, we believe.
Importantly, our latest trip only confirms our central thesis laid out earlier in March 2025 (see Thoughts From the Road: Europe and the Middle East) that the GCC region has transformed itself from ‘just’ a fundraising hub for global investors to one of domestic opportunity for global investors, especially on the infrastructure side. The region boasts strong structural GDP growth, liberalizing capital markets, and economic diversification. A pro-business philosophy, competitive taxes, low government leverage, and compelling demographics all serve as positive macro tailwinds for investors as well as companies targeting new markets for growth. Overall, our base view is that this region is potentially on track to challenge existing financial hubs, especially on the human talent front, such as Hong Kong, London, Dublin, and Singapore.
EXHIBIT 1: We Think Broadening of GCC Capital Markets Sectoral Composition May Be Warranted
The CR-V, which originally stood for “Comfortable Runabout Vehicle,” was developed as an innovative SUV model under the concept of the “Creative Mover*2” series, which aimed to support people in creating more fun and enjoyable lifestyles, pioneering a new genre of “urban SUV” that offered excellent comfort and runabout capability. In the 30 years since the initial launch in Japan, in 1995, CR-V has gained and maintained popularity all around the world.
While expanding sales into more markets, CR-V continued to advance in line with the needs of the customer in each era. In July 2024, the CR-V e:FCEV was launched*3 as the first fuel cell vehicle with plug-in charging capability by a Japanese automaker*4. In August 2025, cumulative global unit sales of CR-V reached 15 million units. Based on total unit sales over the past ten years (2015-2024), the CR-V is the best-selling Honda automobile model, establishing itself as an important model representing the Honda SUV lineup.
In 2022, Honda launched the sixth-generation CR-V model lineup. The CR-V e:HEV, a hybrid variant featuring a comfortable cabin space and dynamic driving with the Honda two-motor hybrid system, has been well received by many customers around the world, mainly in North America and China, and is scheduled to be launched in Japan as well, in the near future. Prior to the Japan launch, the CR-V e:HEV Prototype will be exhibited in the Honda booth at the Japan Mobility Show (Press days: Oct. 29 – 30, Public days: Oct. 31 – Nov. 9, 2025).
Including CR-V models, Honda will continue to offer a lineup with a wide variety of mobility products and services that will contribute to making life more enjoyable for more customers around the world.
TOKYO, Japan ― Renesas Electronics Corporation (TSE:6723), a premier supplier of advanced semiconductor solutions, today introduced a new family of magnet-free inductive position sensor (IPS) ICs that can be fully customized for various coil designs compatible with a wide range of industrial applications such as robotics, medical and healthcare, smart buildings, home appliances and motor commutation. Built for high resolution, precision, and robust performance, the new RAA2P3226, RAA2P3200, and RAA2P4200 sensor ICs offer a cost-effective alternative to traditional magnetic and optical encoders, which can be bulky, expensive, and require frequent maintenance. Renesas also launched a web-based design tool that allows customers to easily create custom sensing elements to meet their specific system needs.
Operating on non-contact coil sensor technology, Renesas IPS products use a simple metallic target and dual-coil or single-coil configurations to detect absolute rotary, linear, or arc positions. These sensor ICs are designed to maintain stable operation even in environments with elevated temperatures (-40 to 125°C), particulate matter, moisture, mechanical vibration and electromagnetic interference. Moreover, they are immune to stray magnetic fields and require no maintenance, unlike magnetic- or optical encoder-based sensors. Their durability and low upkeep make them a reliable and cost-effective sensing solution for motor drives, actuators, valves, service robots and infrastructure applications, where reliability and long-term performance are critical.
All three products offer high precision in detecting target positions, with accuracy better than 0.1 percent of the full-scale electrical range. Two of the products, the RAA2P3226 and RAA2P3200 operate at 600K RPM (electrical) with propagation delays under 100ns, which is imperative in high-speed motor applications. The advanced RAA2P3226 supports dual-coil sensing with up to 19-bit resolution and 0.01° absolute accuracy, providing the high-precision performance required for robotic applications. The RAA2P4200 targets low-speed applications such as medical devices and power tools and the RAA2P3200 is optimized for high-speed motor commutation. All three products include automatic calibration and linearization to simplify integration and improve system-level performance.
In addition to these three products, Renesas will also introduce automotive-grade IPS, RAA2P452x and RAA2P4500, which will be available later this year. The dual-channel RAA2P452x allows customers to achieve ASIL D safety compliance when paired with Renesas MCUs. This automotive-grade solution offers a cost-effective option for low-speed body control and chassis systems without compromising quality.
Designing with inductive position sensors typically involves integrating a PCB, an IC with passive components, and a metal target mounted to the moving part. The most complex part is the external sensing element, such as the transmitter and receiver coils, which must be precisely configured to realize accuracy and customized to the system’s mechanical and environmental requirements. Renesas’ web-based Inductive Position Sensor Coil Optimizer tool tackles this challenge by automating coil layout, simulation, and tuning, significantly reducing the learning curve for developers. With this tool, engineers can also obtain accurate performance estimates and overcome manufacturing constraints by optimizing the coil layout.
“Our new web-based coil design tool is a game changer for inductive position sensing,” said Leopold Beer, Vice President of the Sensors Division at Renesas. “In the past, developers had to rely on chip suppliers for technical expertise when working with inductive position sensors. We completely removed this hurdle. This intuitive tool lets developers fully customize the sensing element and automatically fine-tunes it to achieve maximum accuracy and robustness at the system level. This dramatically lowers the barrier of entry and enables more customers, regardless of their expertise level, to confidently integrate inductive position sensing into their designs.”
Key Features of the RAA2P3226, RAA2P3200 and RAA2P4200
RAA2P3226
Dual-coil IPS for full inductive robotic joints, logistic and industrial robots/Cobots
Output interfaces: UART, ABI, Step-Dir, I²C
Up to 19-bit resolution and 0.01° absolute accuracy (integrated Vernier)
Automatic Gain Control (AGC) to compensate for air-gap variations
16-point linearization feature to improve the accuracy
True-power-on position information at the start-up
Rotary On-axis and off-axis, arc and linear implementations possible
Industrial-grade temperature range: -40°C to 125°C
Supply voltage: 3.0V to 5.5V
RAA2P3200
High-speed, low-latency IPS for motor commutation, E-bikes and industrial robots/Cobots
Output interfaces: SPI, UART, ABI, UVW or Step-Dir
Automatic Gain Control (AGC) to compensate for air-gap variations
16-point linearization feature to improve the accuracy
Rotary On-axis and off-axis, arc and linear implementations possible
Industrial-grade temperature range: -40°C to 125°C
Supply voltage: 3.0V to 5.5V
Overvoltage, reverse polarity, and short-circuit protection
RAA2P4200
Single-coil design for low-speed service robots, power tools and medical applications
Output interfaces: Analog, PWM, I²C
Automatic Gain Control (AGC) to compensate for air-gap variations
16-point linearization feature to improve the accuracy
Rotary on-axis and off-axis, arc and linear implementations possible
Industrial-grade temperature range: -40°C to 125°C
Supply voltage: 3.0V to 5.5V
Overvoltage, reverse polarity, and short-circuit protection
Replacing the ZMID4200 device
Winning Combinations
Renesas combined the RAA2P3226 with other compatible devices to develop two winning combinations: Mini BLDC Servo and Turntable System. Winning Combinations are technically vetted system architectures from mutually compatible devices that work together seamlessly to bring an optimized, low-risk design for faster time to market. Renesas offers more than 400 Winning Combinations with a wide range of products from the Renesas portfolio to enable customers to speed up the design process and bring their products to market more quickly. They can be found at renesas.com/win.
Availability
The RAA2P3226, RAA2P3200 and RAA2P4200 are available in volume production, along with evaluation kits. The automotive-grade RAA2P452x and RAA2P4500 will be in production in Q4/2025. The Inductive Position Sensor Coil Optimizer is available now and supports all Renesas IPS products. For more information, visit https://www.renesas.com/IPS.
About Renesas Electronics Corporation
Renesas Electronics Corporation (TSE: 6723) empowers a safer, smarter and more sustainable future where technology helps make our lives easier. A leading global provider of microcontrollers, Renesas combines our expertise in embedded processing, analog, power and connectivity to deliver complete semiconductor solutions. These Winning Combinations accelerate time to market for automotive, industrial, infrastructure and IoT applications, enabling billions of connected, intelligent devices that enhance the way people work and live. Learn more at renesas.com. Follow us on LinkedIn, Facebook, X, YouTube, and Instagram.
(Remarks) All names of products or services mentioned in this press release are trademarks or registered trademarks of their respective owners.
The content in the press release, including, but not limited to, product prices and specifications, is based on the information as of the date indicated on the document, but may be subject to change without prior notice.
In September, securities lending revenues hit $1,412 million, marking an impressive 46% year-on-year increase. All asset classes performed remarkedly well with positive year-on-year revenue growth being seen across the board. Revenues remained strong, following on from an impressive summer period. A continuation in the strong performance in both Asia equities and Exchange Traded Products continued as the two asset classes remained the standout performers.
All equity markets performed well during the month with Americas equities average fees growing by 27% year-on-year, leading to a 61% increase in revenues. Balances continued to reach new highs as valuations grew throughout the period with lendable surpassing $26T. Asia equities experienced a similar trend with demand in Hong Kong and South Korea continuing to push regional returns higher. Growth in revenues continued to stall across Taiwan as average fees declined by 13% year-on-year to 2.41%. In Europe Sweden, Germany and the UK all topped the revenue table with double digit year-on-year revenue growth, three stand out European markets included Denmark, Turkey and Italy which showed year-on-year revenues growth of 205%, 1496% and 84% respectively. Substantial increases in balances were also seen across all three of these countries.
Exchange Traded Products continued their impressive run as revenues continued to show strong year-on-year growth and average fees increased by 24%. This revenue growth was seen across all three regions with Asia ETFs posting 121% growth. Average fees also increased as did balances and lendable. Utilization topped 10%, increasing in relation to August.
Across the fixed income asset classes year-on-year revenue growth was strong across Asian government bonds (+39%) and European government bonds (+9%). Americas government bonds posted a 5% year-on-year decline in revenues as average fees fell 8% to 18bps. This was despite a 3% increase in balances.
Corporate bond revenues remained steady during the month, posting a more modest 1% year-on-year increase. Average fees continued to decline but balances grew which offset any financial impact.
Reinforces HSBC’s strategic priorities and long-term investment in Hong Kong
Preserves Hang Seng’s brand, heritage, and distinct customer proposition
The Proposal includes an offer of HK$155 for each Scheme Share, representing a 33% premium over the undisturbed 30-days average closing price of HK$116.5 per share.
HK$106 billion privatisation offer values 100% of Hang Seng at HK$290 billion on an equity value basis.
The Proposal represents a significant investment into the Hong Kong economy and includes a commitment to retain Hang Seng’s brand, heritage, and distinct customer proposition.
The proposal is in line with HSBC’s strategy to increase leadership and market share in areas where it has clear competitive advantages and the greatest opportunities to grow and support its clients.
HSBC aims to grow in Hong Kong by strengthening the banking presence of HSBC Asia Pacific and Hang Seng, focusing on their relative strengths and competitive advantages, while allowing all customers to choose where to bank.
All capitalised terms which are used in this press release but not otherwise defined herein shall have the meanings ascribed to them in the Joint Announcement dated 9 October 2025. This press release should be read in conjunction with the Joint Announcement, a copy of which is available here (opens in new window).
9 October 2025 – HSBC Holdings plc (“HSBC Group” or “HSBC”) today announced that HSBC Group, together with The Hongkong and Shanghai Banking Corporation Limited (“HSBC Asia Pacific”), a wholly owned subsidiary of HSBC, has put forward a conditional proposal to privatise Hang Seng Bank Limited (“Hang Seng”) through a scheme of arrangement (the “Proposal”). If approved, the Proposal would result in HSBC Asia Pacific acquiring all remaining shares of Hang Seng held by the minority shareholders and the withdrawal of listing of the Hang Seng shares from the Hong Kong Stock Exchange.
Providing immediate cash returns to Hang Seng minority shareholders at an attractive and significant premium
The Proposal offers a Scheme Consideration of HK$155 for each Scheme Share, representing a 33% premium over the undisturbed 30-days average closing price of HK$116.5 per share. This represents an attractive and significant premium to Hang Seng’s historical trading prices, and analyst consensus targets, and is more than Hang Seng’s highest share price in 3.5 years.
The valuation of Hang Seng implied by the Scheme Consideration is HK$290 billion, representing a 1.8x 1H25A price-to-book multiple, which is significantly higher than comparable Hong Kong peers. This offer is final and will not be increased further, underscoring HSBC’s confidence in the fairness and attractiveness of the offer.
Through this Proposal, HSBC is providing Hang Seng minority shareholders with an opportunity for immediate cash realisation, enabling them to realise the benefits from HSBC’s investment in Hang Seng without needing to wait for future dividends.
Capturing Growth Opportunities in Hong Kong
The Proposal is aligned with HSBC’s strategic priority to grow its business in Hong Kong while becoming simple and agile. Hong Kong is one of HSBC’s home markets and HSBC benefits from the proud heritage and brand strength of both HSBC Asia-Pacific and Hang Seng.
The Proposal represents a significant investment into Hong Kong, which underlines our confidence in the growth potential for both HSBC Asia-Pacific and Hang Seng. The Proposal will unlock opportunities for further investment and improvements in operational leverage.
Preserving Hang Seng’s Brand and Heritage While Unlocking Growth
HSBC recognizes the proud legacy and near-100-year history of Hang Seng and is committed to retaining Hang Seng’s separate authorization as a licensed bank under the Hong Kong Banking Ordinance with its own governance, brand, distinct customer proposition and a branch network. Hang Seng’s existing customers will continue to enjoy Hang Seng’s products and services while gaining greater access to the full breadth of HSBC’s global network and full product suite. This strategic alignment is expected to drive stronger growth by leveraging Hang Seng’s competitive strengths and HSBC’s network and products.
Proposal to be fully funded by HSBC’s own resources
HSBC Group will fund the Scheme Consideration with its own financial resources. The expected day one capital impact of the Proposal is approximately 125 basis points which would arise following the approval of the relevant resolutions by the requisite majority at each of the Hang Seng Court Meeting and the Hang Seng General Meeting.
HSBC expects to restore its CET1 ratio to its target operating range of 14.0%-14.5% through a combination of organic capital generation and not initiating any further buybacks for three quarters following the date of this announcement. A decision to recommence buybacks will be subject to HSBC’s normal buyback considerations and process on a quarterly basis. The share buyback announced on 31 July will continue in accordance with its terms. HSBC continues to target a dividend payout ratio for 2025 of 50% of earnings per ordinary share excluding material notable items and related impacts.
HSBC expects that this investment in Hang Seng will be accretive to earnings per ordinary share.
Georges Elhedery, Group CEO of HSBC, commented:
“Our offer is an exciting opportunity to grow both Hang Seng and HSBC. We will preserve Hang Seng’s brand, heritage, distinct customer proposition and a branch network, while investing to unlock new strengths in products, services, and technology to deliver more choice and innovation for customers. Our offer also represents a significant investment into Hong Kong’s economy, underscoring our confidence in this market and commitment to its future as a leading global financial centre, and as a super-connector between international markets and mainland China.
“This proposal fully meets our criteria for value-accretive investments: it aligns with our strategy, enhances growth and scale, does not distract us from organic growth, and delivers greater shareholder value than buybacks.
“Together, HSBC and Hang Seng form a well-positioned platform with two iconic banking brands working side by side to deliver lasting value for customers, employees, and shareholders.”
Further information on conditions to the Proposal is provided in Hang Seng 3.5 announcement
A Scheme Document will be dispatched to Hang Seng minority shareholders in due course, providing further information on the Proposal. The Scheme will become effective subject to the satisfaction of conditions, including Hang Seng shareholder approvals, and sanction by the High Court.
Further information is provided in the 3.5 Announcement issued by HSBC Group, HSBC Asia-Pacific and Hang Seng earlier today.
Media enquiries:
Aman Ullah +852 3941 1120 aspmediarelations@hsbc.com.hk
Neil Fleming +44 (0)7384792051 neil1.fleming@hsbc.com
Note to editors:
HSBC Holdings plc HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 57 countries and territories. With assets of US$3,214bn at 30 June 2025, HSBC is one of the world’s largest banking and financial services organisations.
Read the full media release: HSBC proposes to privatise Hang Seng Bank by scheme of arrangement
(PDF 165KB)
A representation of the virtual cryptocurrency Bitcoin is seen in this picture illustration taken October 19, 2021. — Reuters
Pakistan is a country of intelligent people who are seriously thinking about creating a niche for cryptocurrency mining through blockchain technology.
That is precisely why the government took the initiative to form the Pakistan Crypto Council and the Pakistan Virtual Asset Regulatory Authority. The Pakistan Crypto Council is responsible for developing policies, infrastructure and regulations for blockchain technology and digital assets.
The Virtual Asset Authority will oversee compliance protocols and issue licenses to virtual asset service providers, such as cryptocurrency exchanges, for the trading of cryptocurrencies. The State Bank of Pakistan has yet to recognise cryptocurrency as legal tender for the digital economy. The crypto bet is too big to ignore. It has its own pros and cons.
It is a complex digital world developing through the strong backing of AI as a resource. A country like Pakistan needs to tread carefully when developing and dealing with this immense treasure trove. Cryptocurrency is one of the businesses Pakistanis are already engaged in, with millions currently venturing through illegal, informal channels. Now that the government has announced the allocation of 2,000 megawatts of electricity for crypto mining, it is a significant step forward in realising the dream of creating virtual asset reserves to boost investment and economic growth. There is an immediate need to establish a regulatory framework for creating such reserves based on crypto mining using the most modern blockchain technology. Pakistan can become a regional digital hub if resources are properly utilised. Proper utilisation of resources requires a policy framework with adequate digital infrastructure and a regulatory mechanism in place.
Cryptocurrency mining is a lengthy and energy-intensive process that consumes a significant amount of electricity. A country like Pakistan, which faces significant constraints in generating and consuming power affordably, may encounter substantial difficulties when venturing into such mining businesses involving blockchain technology. However, it is a fact that Pakistan has significant potential to generate cheap power by utilising its abundant resources in the form of water, wind and solar energy.
Hydropower, wind, and solar energy may be the best forms of clean energy for such ventures to create digital and virtual asset reserves. Fossil fuels, coal and thermal power are the most expensive forms of energy and are not ideally suitable for crypto mining businesses. Pakistan is more reliant on such expensive forms of energy, for which we are paying capacity charges that add to the volume of ever-rising circular debt. The utilisation of expensive electricity may not be beneficial for crypto mining businesses, and this needs to be thoroughly reviewed as a policy for better outcomes in utilising energy for virtual digital assets.
Bitcoin devours more electricity than many countries. There is a long-standing debate on multiple options for utilising cryptocurrency mining to create inexpensive, secure, and reliable digital reserves for economic growth. One can discuss Bitcoin, often considered digital gold, and the amount of electricity its mining consumes. Countries like Iceland, Paraguay and Norway have the largest share of renewables in their energy mix but represent only 1.1 per cent of the Bitcoin network.
The most popular cryptocurrencies in vogue are Bitcoin, Ethereum, Tether, XRP, Cardano, Solana, etc. They have their own value systems determined by the demand and supply mechanism. They are all major energy consumers in their mining operations. Although Pakistan has a capacity of around 45,000MW of electricity generation, it may, as experienced by Iran and Kazakhstan, face the worst kinds of electricity shortages.
Financial experts hold varying viewpoints on the incorporation of cryptocurrencies into national reserves. The government’s decision has already sparked intense debate among political economists and technological circles regarding the best way to utilise cryptocurrency mining to create virtual digital asset reserves in countries like Pakistan. Proponents consider cryptocurrencies, in support of their arguments, as contributing to financial stability, hedging against inflation and being business-friendly. The regulation of cryptocurrencies and their volatility will remain a major concern.
The cybersecurity of digital currencies is another significant concern for policymakers. Financial fraud and the illegal use of money, including terror financing, may become a headache if these currencies are not strictly regulated with strong security protocols in place. Despite all sorts of reservations, most economists today favour cryptocurrency options as the only way forward for the digital world.
There is a real danger that virtual digital currency options may become new cryptocurrency casinos, which must be avoided at all costs. The real economy, based on large-scale manufacturing and industrial growth that boosts exports, needs to be developed. Virtual assets, unless brought under a strict policy framework, often become imaginary reserves. Nevertheless, the importance of digital currencies cannot be overstated, as new digital currencies and stablecoins are becoming new rails for cross-border settlement, avoiding invisible taxes and traditional transfer fees that unnecessarily create hurdles for businesses. If digital currencies are left unregulated, they will expand through informal channels. Smart integration through a strong regulatory framework and oversight may deliver results. Financial inclusion can revolutionise the country’s economy.
A strong policy framework, digital infrastructure and regulatory mechanism can ensure a thriving financial landscape based on virtual asset reserves, transforming Pakistan into a regional digital currency hub. It requires a lot of energy, along with substantial power bills, to keep the crypto regime afloat. Crypto mining using blockchain technology is an expensive affair, burdening the economy itself unless its full potential is exploited. It also entails social and political costs in case of failure. The fallout is so severe that no one can recover from crypto shocks, as seen in the Binance exchange scandal, where billions were lost in no time. Such situations must be avoided at all costs. A strong crypto infrastructure, a well-defined regulatory framework and a robust cybersecurity regime can prevent such scandals. These need to be developed.
Another serious concern is that inequality can dangerously increase, as 38 per cent of the population is uneducated and illiterate and cannot benefit from the rapid modern transition in the field of digital currencies. The example of Nigeria is particularly relevant here, where people could not benefit from the digital transformation in the cryptocurrency world simply because a few wealthy individuals extracted the majority of the value by utilising cryptocurrencies. Wealth concentrated in a few hands, with the elite diaspora outpacing economic growth, creates the specter of inequality, stifling real progress as capital flows into unproductive sectors of the economy. Crypto businesses may become gambling dens. The need of the hour is to avoid such a worst-case scenario in the days to come.
Stringent regulatory conditions enforced through a regulatory framework can help avoid traps in illegal cryptocurrency transfers and plug loopholes. The need of the hour is to empower the people of Pakistan through fast and efficient digital transfer mechanisms, free from invisible taxes and transfer fees. That is quite possible through cryptocurrency. We can revolutionise our economy by creating digital virtual asset reserves, avoiding traditional gold, silver or dollar reserves. The government must ensure a very strong regulatory regime, digital infrastructure and cybersecurity oversight mechanism to prevent any future major crypto scams.
Where the risks loom large in the face of AI-backed crypto and digital currency businesses, there are innumerable benefits and opportunities as well. Pakistan’s crypto bet can transform the entire economic and financial landscape. There is an immediate need to harness cheap power generation potential to help realise the crypto mining digital dream. Renewable clean energy options will work well to capitalize on crypto mining using blockchain technology. Avoiding invisible taxes on transferring money through traditional channels can boost economic transformation.
The risks of attracting FATF conditions are real due to the volatility of cryptocurrency and its payment systems. However, the fact remains that significant investments and trade inflows resulting from the digital cryptocurrency transformation can substantially boost economic growth.
The writer is a former additional secretary and can be reached at: hassanbaig2009@gmail.com
BEIJING, Oct. 8 — China saw steady growth in consumption during the eight-day National Day and Mid-Autumn Festival holiday, with the “super golden week” spurring diverse spending patterns, official data revealed on Wednesday.
Key retail and catering enterprises reported a year-on-year sales increase of 2.7 percent during the holiday, per data from the Ministry of Commerce.
From Oct. 1 to 7, the passenger traffic of 78 pedestrian streets and business districts monitored by the ministry rose 8.8 percent year on year, and their business revenues grew 6 percent.
The holiday saw new spending trends, with green, smart and China-chic products gaining significant traction. According to the data, sales of green organic food surged 27.9 percent year on year, while sales of smart home appliances and China-chic clothing increased 14.3 percent and 14.1 percent.
This year, the National Day holiday coincided with the Mid-Autumn Festival, extending the public holiday period from Oct. 1 through Oct. 8. Healthier, low-sugar and low-fat mooncakes became a holiday favorite, reflecting a consumer shift toward quality and health-oriented choices.
Services consumption also gained significant momentum. A slate of high-quality domestic films spurred a movie-going frenzy, with China’s holiday box office exceeding 1.79 billion yuan (252 million U.S. dollars) as of 3 p.m. on Wednesday.
Various sports events also ignited spectator enthusiasm, boosting spending on catering services, as well as related cultural and creative products.
NEW YORK, Oct. 8, 2025 /PRNewswire/ — Omnicom (NYSE: OMC) will publish its third quarter 2025 results on Tuesday, October 21, 2025 after the New York Stock Exchange close of trading. The company will also host a conference call to review such financial results on Tuesday, October 21, 2025, starting at 4:30 p.m. Eastern Time. A live webcast of the call will be available at Omnicom’s investor relations website, investor.omnicomgroup.com, along with the related earnings press release and slide presentation. A webcast replay will be made available after the call concludes.
About Omnicom Omnicom (NYSE: OMC) is a leading provider of data-inspired, creative marketing and sales solutions. Omnicom’s iconic agency brands are home to the industry’s most innovative communications specialists who are focused on driving intelligent business outcomes for their clients. The company offers a wide range of services in advertising, strategic media planning and buying, precision marketing, retail and digital commerce, branding, experiential, public relations, healthcare marketing and other specialty marketing services to over 5,000 clients in more than 70 countries. For more information, visit www.omnicomgroup.com.
