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  • Japanese rubber futures snap winning streak on lower oil prices – Markets

    Japanese rubber futures snap winning streak on lower oil prices – Markets

    SHANGHAI: Japanese rubber futures snapped a two-day winning streak on Thursday, marking its biggest drop in more than one week, amid lower oil prices and concerns that intensifying price competition in China’s automotive sector could pressure prices.

    The Osaka Exchange (OSE) rubber contract for December delivery ended daytime trade down 2.5 yen, or 0.8%, at 310.5 yen ($2.16) per kg. The rubber contract on the Shanghai Futures Exchange (SHFE) for September delivery dipped 75 yuan, or 0.53%, to 14,015 yuan ($1,956.88) per metric ton.

    The most active August butadiene rubber contract on the SHFE fell 45 yuan, or 0.4%, to 11,185 yuan ($1,561.74) per metric ton. Oil prices eased, reversing gains from the previous session, on concerns that potentially higher US tariffs being reinstated could lower fuel demand. Natural rubber often takes direction from oil prices as it competes for market share with synthetic rubber, which is made from crude oil.

    A notable Chinese Communist Party publication urged for stricter measures against competitive practices that lead to price wars in the automobile sector in China.

    This follows appeals from car dealers, who have urged automakers to revise their sales strategies that compel dealers to sell new cars at prices below cost. Automobile sales could influence the intensity of automobile manufacturing, which involves using rubber-made tyres. Lower automobile prices, driven by fierce competition, exert a downward pressure on rubber tyre prices.

    The yen weakened slightly to 143.84 per dollar. A stronger currency makes yen-denominated assets less affordable to overseas buyers. Japan’s Nikkei share gauge eked out a small gain even as uncertainty over a trade deal with the United States and the threat of heavy tariffs kept a lid on investor optimism.

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  • Sami Wahid joins Coca-Cola Pakistan & Afghanistan Region as new GM – Business & Finance

    Sami Wahid joins Coca-Cola Pakistan & Afghanistan Region as new GM – Business & Finance

    KARACHI: Sami Wahid has assumed the role of General Manager for the Pakistan and Afghanistan Region of Eurasia & Middle East Operation Unit of The Coca-Cola Company. With nearly two decades of expertise in marketing, sales, strategy, and general management, Mr. Wahid brings a comprehensive approach to strategic planning and commercial operations leadership.

    Prior to joining Coca-Cola, Wahid served as Managing Director at Mondelez Pakistan, where he drove sustainable growth and progress across various Middle East, North Africa, and Pakistan markets. He has had a remarkable track record for driving transformational growth, creating an innovative culture, while driving brand and business success.

    Sami is a strong advocate for sectoral growth, representing industry’s interests on key matters before regulatory authorities and is particularly passionate about environmental, governance and sustainability. Sami Wahid has also served as the Senior Vice President of the American Business Council. He believes in driving initiatives that create a meaningful impact for the community at large.

    Copyright Business Recorder, 2025

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  • IND vs ENG 2025: Shubman Gill’s record-smashing masterclass – Young captain lights up Edgbaston in historic feat | Cricket News

    IND vs ENG 2025: Shubman Gill’s record-smashing masterclass – Young captain lights up Edgbaston in historic feat | Cricket News

    Shubman Gill (Pic credit: BCCI)

    It was a day dominated by India and their captain Shubman Gill, who scored a majestic, record-breaking double century. The 25-year-old’s knock powered India to a massive first-innings total of 587 and cemented his place among the game’s greats.By stumps on Day 2 of the second Test, England found themselves staring at a mountain, reeling at 77 for 3, still trailing by 510 runs.Go Beyond The Boundary with our YouTube channel. SUBSCRIBE NOW!Gill’s monumental 269 was not just a career-best – it was a statistical spectacle that obliterated long-standing Indian records in overseas Tests. In only his second Test as captain, Gill surpassed legends such as Virat Kohli, Sachin Tendulkar and Sunil Gavaskar, compiling a catalogue of elite milestones in one extraordinary knock.“I worked on a few things before the series,” Gill said after the day’s play. “Looking at the results, they are working for me.”

    Supreme confidence, record feat: Shubman Gill’s double ton impresses Ravindra Jadeja

    Here are the major records smashed by captain Gill in Birmingham:* Highest by an Indian captain in TestsGill’s 269 now stands as the highest score by an Indian Test captain, overtaking Kohli’s unbeaten 254 against South Africa in 2019. It is only the second double hundred by an Indian captain in an overseas Test, after Kohli’s 200 in Antigua in 2016.* Record in England and outside AsiaIn England, Gill’s effort is now the highest score by an Indian batter, bettering Gavaskar’s 221 at The Oval in 1979 and Dravid’s 217 in 2002. His 269 also tops Sachin Tendulkar’s 241* at Sydney in 2004 as the highest Test score by an Indian outside Asia.* Among India’s All-Time BestOverall, Gill’s 269 is the third-highest away Test score by an Indian, behind only Sehwag’s 309 (Multan, 2004) and Dravid’s 270 (Rawalpindi, 2004). It’s the seventh-highest Test score for India across all venues.He also became only the fifth batter ever, after Sehwag, Tendulkar, Rohit Sharma and Chris Gayle (the lone non-Indian), to notch up double hundreds in both Tests and ODIs.

    Yashasvi Jaiswal on Gill’s Hundred & Leadership

    * Rarified company at EdgbastonAt Edgbaston, only Graeme Smith (277, 2003) and Zaheer Abbas (274, 1971) had scored more as visiting batters. Gill’s 269 is now the third-highest score at the venue by a tourist, and the eighth-highest overall by a visiting batter in England.* Elite company in captaincy debut trailGill is now one of only seven players to hit centuries in each of their first two Tests as captain. Indians Vijay Hazare, Gavaskar and Kohli had achieved this before. At 25 years and 298 days, he is also the second-youngest Indian skipper to post a double ton, after MAK Pataudi.Only Graeme Smith scored a double century in England at a younger age among captains, doing so twice in 2003 at age 22.

    Chris Woakes on Gill’s Impactful Ton | Big Boost for India at Edgbaston

    Shubman Gill’s knock in context of India’s batting historyIndia’s 250-plus scores in away Tests:309 – Virender Sehwag vs PAK (Multan, 2004)270 – Rahul Dravid vs PAK (Rawalpindi, 2004)269 – Shubman Gill vs ENG (Edgbaston, 2025)254 – Sehwag vs PAK (Lahore, 2006)Youngest to score a Test double hundred as India captain23y 39d – MAK Pataudi vs ENG, Delhi, 196425y 298d – Shubman Gill vs ENG, Edgbaston, 202526y 189d – Sachin Tendulkar vs NZ, Ahmedabad, 199927y 260d – Virat Kohli vs WI, North Sound, 2016Among Indian captains, only Kohli (7 double tons) has more, but Gill’s has a unique prestige – it came outside the subcontinent, the first ever by an Indian skipper in SENA countries.


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  • Beyond the bailout band-aid

    Beyond the bailout band-aid



    Packs of freshly printed 20 USD notes are processed for bundling and packaging at the US Treasury’s Bureau of Engraving and Printing in Washington, DC July 20, 2018. — AFP

    A recent World Bank study, ‘Foreign Direct Investment in Retreat: Policies to Turn the Tide’, highlights a concerning decline in foreign direct investment (FDI) inflows to emerging and developing economies, which have reached their lowest levels since 2005.

    Globally, the FDI-to-GDP ratios for these economies have diminished from approximately 5.0 per cent in 2008 to alarmingly low levels around 2.0 per cent in recent years.

    Pakistan, which relies heavily on FDI and external financing to address significant infrastructure deficits, stimulate exports, create employment opportunities and mitigate the impacts of climate change, is particularly affected by this global trend. The report indicates that four out of six Emerging Market and Developing Economies (EMDE) regions have experienced a continuous decline in FDI, with nearly 60 per cent of EMDEs reflecting lower FDI-to-GDP ratios in the period from 2012 to 2023 compared to 2000 to 2011.

    This decline exacerbates Pakistan’s well-documented economic vulnerabilities, characterised by chronic current account deficits, an unsustainable external debt burden, and periodic balance-of-payments crises. As of December 2023, Pakistan’s external debt had risen to $131 billion, with Chinese financing constituting over $68 billion through a network of more than 400 projects initiated since 2000. CPEC has raised concerns due to escalating debt repayments amidst unclear debt-equity arrangements and substantial interest obligations. With debt servicing alone consuming approximately $30 billion annually, Pakistan is at significant risk of falling into a debt trap. The drastic reduction in foreign exchange reserves, plummeting to a low of $4.1 billion in June 2023 before rebounding to $13.15 billion by early 2024, shows the country’s structural volatility.

    Despite stabilisation measures, Pakistan faces nearly $6 billion in scheduled payments before June 2025, alongside a current-account deficit of $269 million during the same timeframe. The ongoing inflationary pressures, with double-digit price growth anticipated in 2024 and monthly year-over-year rates peaking at 29 per cent, further complicate economic forecasting.

    Nevertheless, 2024 has presented indications of macroeconomic adjustment. The IMF approved a new loan worth $7 billion in September 2024, contingent on implementing structural reforms and disciplined fiscal measures. Credit rating agencies, including Fitch and Moody’s, have responded positively, raising Pakistan’s outlook to ‘CCC+’ and ‘Caa2’, respectively. These upgrades follow a significant 450-basis-point reduction in policy rates since mid-2024 and a moderation in inflation, with consumer prices declining from near 30 per cent to below 13 per cent by early 2024.

    Domestic investment, measured as a share of GDP, remains at a fifty-year low. However, the newly established Special Investment Facilitation Council (SIFC), designed to stimulate investment and streamline regulatory processes, has achieved mixed but predominantly incremental results. Its initiation led to a 10 per cent increase in exports to $30.64 billion during FY2024, while foreign inflows to local government bond markets amounted to $875 million, among the highest in Asia. Pakistan’s stock market also experienced a remarkable 73 per cent surge, making it the best-performing exchange globally in 2024, buoyed by IMF reserves, currency stabilisation and moderated inflation.

    Despite these positive developments, the gains remain fragile. The robust financial momentum of the SIFC masks deeper structural issues. Pakistan continues to depend on short-term mechanisms such as IMF assistance, sovereign bond offerings and temporary investment pledges rather than pursuing sustainable macroeconomic reforms. The SIFC’s reactive strategy neglects essential long-term policy realities, as regulatory unpredictability, inadequate institutional quality, inconsistent tax and tariff frameworks and sectoral distortions persist unaddressed.

    Key sectors, including energy, infrastructure, manufacturing and agriculture, remain hindered by inefficiencies. The World Bank’s global guidance emphasises that sustained FDI necessitates incentives for engagement and substantial improvements in governance, legal certainty, competitive market conditions and human capital development. These foundational aspects have historically been weak within Pakistan’s economic framework.

    The World Bank articulates a comprehensive three-pronged strategy for revitalising FDI in emerging markets and developing economies (EMDEs): enhancing attractiveness, maximising domestic benefits and promoting global cooperation. When adapting this framework to the context of Pakistan, a multifaceted roadmap emerges.

    To begin with, significant improvements in institutional strengthening and rule of law are essential. This includes enhancing transparency and consistency in investment regulations, facilitating effective dispute resolution, ensuring robust contractual enforcement and strengthening anti-corruption mechanisms. Implementing a streamlined, e-governance-driven investment regime would alleviate bureaucratic challenges and counteract the arbitrary policymaking that currently discourages foreign investors.

    Achieving macroeconomic stability and currency predictability remains paramount. Continued fiscal discipline, particularly under the auspices of the IMF, is critical. Efforts to reduce budget deficits, normalise monetary policy and rebuild reserve buffers to a target of $20 billion would send strong signals of confidence to potential investors. A carefully managed and predictable exchange rate policy would further assuage concerns regarding abrupt currency devaluations.

    Regarding trade and investment liberalisation, Pakistan should reevaluate existing restrictions on FDI, particularly in the finance, energy, telecommunications and logistics sectors. Re-engaging in bilateral investment treaties, simplifying joint venture frameworks and expanding privileges within free trade zones are viable strategies to attract both public and private capital. Sectoral upgrading with linkages is also crucial. Beyond merely enticing prominent investments, FDI must foster the growth of domestic industries. Instituting mandated local content requirements, initiating supplier development programmes, enhancing vocational training and offering research and development incentives, especially in renewable energy, high-value agriculture, export-oriented manufacturing and digital services, will enhance the benefits of investment spillovers.

    Effective domestic resource mobilisation and sovereign fund deployment are essential. The government must judiciously realign the Pakistan Sovereign Wealth Fund (PSWF), established in 2023 and capitalised with Rs2.3 trillion (approximately $8 billion) worth of profitable state-owned enterprise equity. While the IMF has expressed concerns regarding its governance structure, effective deployment of public–private partnerships in the energy, logistics, and mining sectors could attract capital from the

    Gulf states and private institutional investors. Enhancing transparency and compliance with anti-money laundering regulations will further bolster credibility.

    For Pakistan to secure substantial FDI gains, immediate stabilisation must evolve into sustained governance and structural reforms over the next 12 to 24 months. Key challenges to monitor include political instability, the risk of populist policy reversals, currency devaluation and sporadic security incidents – all of which could undermine investor confidence.

    Pakistan’s macroeconomic conditions are at a critical juncture. The decline in FDI is not an isolated phenomenon; it is indicative of systemic deficiencies that have been exacerbated by global trends. Nonetheless, the country is not devoid of potential for recovery. Evidence suggests that Pakistan has begun to gain momentum, characterised by a reliable rescue package, stock and bond inflows and the initial signs of FDI recovery.

    The forthcoming challenge lies in translating this momentum into enduring structural renewal. Should Pakistan successfully implement the World Bank’s three-pronged policy strategy anchored in macroeconomic stability, institutional strengthening and strategic global cooperation, it can shift towards sustainable, investment-led growth.

    This transformation would necessitate disciplined fiscal, monetary and exchange rate policies, a transparent investment framework that upholds the rule of law; a bold reimagining of major projects such as CPEC and KPEC to optimise domestic benefits and sovereign equity rather than accruing debt; effective mobilisation of domestic institutional capital through the Pakistan Sovereign Wealth Fund (PSWF) and reformed state-owned enterprises (SOEs); as well as targeted trade liberalization and investment law reforms to regain access to Gulf, Asian and Western FDI.

    If Pakistan successfully navigates this transition, FDI could approach 3-4 per cent of GDP. Although this would still fall short of the peaks observed, it would signify a substantial improvement from current lows. Such inflows could finance critical infrastructure, support export expansion, and promote sustainable employment opportunities. The alternative recurrent crises are unsustainable.

    As highlighted by the World Bank, FDI is not a guaranteed advantage; it necessitates a convergence of investor confidence, regulatory stability, and global engagement. Pakistan’s trajectory since 2022 resembles a turbulent rollercoaster, marked by abrupt shocks, emergency interventions, macroeconomic recalibrations, and cautious optimism. What remains absent is a durable transformation.

    If political leaders, technocrats and society as a whole commit to the arduous task of overcoming political cycles, entrenched interests and capacity constraints, Pakistan can transform FDI challenges into an opportunity for developmental renaissance. The stakes are considerable: bridging the infrastructure deficit, alleviating poverty and steering a population of 240 million towards innovation and prosperity.

    Pakistan finds itself at a crossroads in today’s volatile global and domestic landscape. A reformist agenda aligned with the World Bank’s pragmatic guidance presents a pathway toward recovery and a lasting economic redefinition. The decisive question remains: will Pakistan seize this opportunity?


    The writer is a trade facilitation expert, working with the federal government of Pakistan.


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  • Oil Edges Higher After U.S. Takes Measures to Curb Trade of Iranian Oil – WSJ

    1. Oil Edges Higher After U.S. Takes Measures to Curb Trade of Iranian Oil  WSJ
    2. US issues first wave of Iran sanctions after ceasefire in 12-day war  Al Jazeera
    3. US slaps sanctions on Iran’s oil smuggling network, Hezbollah finance firm  The Times of Israel
    4. Sanctioning Senior Members of Longstanding Hizballah Financial Institution Al-Qard Al-Hassan (AQAH)  U.S. Department of State (.gov)
    5. US targets Iran oil trade, Hezbollah with new sanctions  The Hill

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  • BMW M2 CS becomes the new affordable ‘Ring king – Torquecafe.com

    BMW M2 CS becomes the new affordable ‘Ring king – Torquecafe.com

    1. BMW M2 CS becomes the new affordable ‘Ring king  Torquecafe.com
    2. 2026 BMW M2 CS Sets a New Nürburgring Record for a Compact Car  Car and Driver
    3. BMW M2 CS Wins 2025 BMW M Award  BimmerLife
    4. New Compact King at the ‘Ring: BMW M2 CS Obliterates Nordschleife Record  duPont REGISTRY News
    5. BMW Teases M2 CS Nürburgring Lap Time. How Fast Is It?  BMW Blog

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  • At 90, the Dalai Lama braces for final showdown with Beijing: his reincarnation

    At 90, the Dalai Lama braces for final showdown with Beijing: his reincarnation


    Hong Kong
    CNN
     — 

    For much of the past century, the Dalai Lama has been the living embodiment of Tibet’s struggle for greater freedoms under Chinese Communist Party rule, sustaining the cause from exile even as an increasingly powerful Beijing has become ever more assertive in suppressing it.

    As his 90th birthday approaches this Sunday, the spiritual leader for millions of followers of Tibetan Buddhism worldwide is bracing for a final showdown with Beijing: the battle over who will control his reincarnation.

    On Wednesday, the Dalai Lama announced that he will have a successor after his death, and that his office will have the sole authority to identify his reincarnation.

    “I am affirming that the institution of the Dalai Lama will continue,” the Nobel Peace laureate said in a video message to religious elders gathering in Dharamshala, India, where he has found refuge since Chinese communist troops put down an armed uprising in his mountainous homeland in 1959.

    The cycle of rebirth lies at the core of Tibetan Buddhist belief. Unlike ordinary beings who are reborn involuntarily under the influence of karma, a revered spiritual master like the Dalai Lama is believed to choose the place and time of his rebirth – guided by compassion and prayer – for the benefit of all sentient beings.

    But the reincarnation of the current Dalai Lama is not only pivotal to Tibetan Buddhism. It has become a historic battleground for the future of Tibet, with potentially far-reaching geopolitical implications for the broader Himalayan region.

    “He has been such a magnet, uniting all of us, drawing all of us,” said Thupten Jinpa, the Dalai Lama’s longtime translator, who assisted the leader on his latest memoir, “Voice for the Voiceless.”

    “I often say to the younger-generation Tibetans: We sometimes get spoiled because we are leaning on this very solid rock. One day, when the rock goes away, what are we going to do?”

    In that memoir, published this year, the Dalai Lama states that his successor will be born in the “free world” outside China, urging Tibetans and Tibetan Buddhists globally to reject any candidate selected by Beijing.

    But China’s ruling Communist Party insists it alone holds the authority to approve the next Dalai Lama – as well as all reincarnations of “Living Buddhas,” or high-ranking lamas in Tibetan Buddhism.

    At the heart of this clash is the ambition of an officially atheist, authoritarian state to dominate a centuries-old spiritual tradition – and to control the hearts and minds of a people determined to preserve their unique identity.

    Beijing brands the current Dalai Lama a dangerous “separatist” and blames him for instigating Tibetan protests, unrest, and self-immolations against Communist Party rule.

    The Dalai Lama has rejected those accusations, insisting that he seeks genuine autonomy for Tibet, not full independence – a nonviolent “middle way” approach that has earned him international support and a Nobel Peace Prize.

    To his Tibetan followers, the self-described “simple Buddhist monk” is more than a spiritual leader or former temporal ruler of their homeland. He stands as a larger-than-life symbol of their very existence as a people, defined by a distinct language, culture, religion and way of life that critics say Beijing is trying to erase.

    But the Dalai Lama’s death could also pose a new dilemma for the Communist Party. Some younger Tibetans in exile view his “middle way” approach as overtly conciliatory toward Beijing. In the absence of a unifying figure to guide the exile movement and temper its more radical factions, demands for full Tibetan independence could gather momentum.

    The 14th Dalai Lama, Tenzin Gyatso, was only 15 when communist troops – having won the Chinese civil war – marched into Tibet in 1950 to bring the remote Himalayan plateau under the control of the newly founded People’s Republic.

    The Communist Party claims it “liberated” Tibet from “feudal serfdom” and reclaimed a region it says has been part of China for centuries. But many Tibetans resented what they saw as the brutal invasion and occupation by a foreign army.

    The resistance culminated in an armed uprising with calls for Tibetan independence in March 1959, sparked by fears that Chinese authorities were planning to abduct the Dalai Lama. As tensions mounted and the People’s Liberation Army fired munitions near the Dalai Lama’s palace, the young leader escaped the capital Lhasa under cover of night. The Chinese army ultimately crushed the rebellion, killing tens of thousands of Tibetans, according to exile groups, though the exact number remains disputed.

    After fleeing to India, the Dalai Lama established a government-in-exile in Dharamshala. Since then, he has come to represent Tibet, said Ruth Gamble, an expert in Tibetan history at La Trobe University in Melbourne, Australia.

    “Before the 1950s, the idea of Tibet was much more diffuse – there was a place, there was a state, and there were all of these different communities. But over the years, he’s almost become an abstract ideal of a whole nation,” she said.

    The Chinese Communist Party has waged a decades-long campaign to discredit the current Dalai Lama and erase his presence from Tibetan life, while tightening restrictions on religious and cultural practices. The crackdown often intensifies around sensitive dates – especially his birthday – but devotion to the spiritual leader has quietly endured.

    “Despite all these years of banning his photos, in every Tibetan heart there is an image of the Dalai Lama there. He is the unifying figure, and he is the anchor,” Jinpa, the translator, said.

    It’s a profound emotional and spiritual loyalty that defies the risk of persecution and imprisonment — and one that the Communist Party deems a threat to its authority, yet is eager to co-opt.

    Over the years, Beijing has cultivated a group of senior Tibetan lamas loyal to its rule, including the Panchen Lama, the second-highest figure in Tibetan Buddhism after the Dalai Lama himself.

    The Chinese government-selected 11th Panchen Lama Gyaincain Norbu at the Great Hall of the People in Beijing on March 4, 2024.

    Historically, dalai lamas and panchen lamas have acted as mentors to each other and played a part in identifying or endorsing each other’s reincarnations – a close relationship likened by Tibetans to the sun and the moon. But in 1995, years after the death of the 10th Panchen Lama, Beijing upended tradition by installing its own Panchen Lama in defiance of the Dalai Lama, whose pick for the role – a six-year-old boy – has since vanished from public view.

    Beijing’s Panchen Lama is seen as an imposter by many Tibetans at home and in exile. He is often shown in China’s state-run media toeing the Communist Party line and praising its policies in Tibet. Last month, in a rare meeting with Chinese leader Xi Jinping, the Tibetan monk reaffirmed his allegiance to the rule of the Communist Party and pledged to make his religion more Chinese – a tenet of Xi’s policy on religion.

    Experts and Tibetan exiles believe Beijing will seek to interfere in the Dalai Lama’s eventual succession using a similar playbook – appointing and grooming a candidate loyal to its rule, with the backing of the state-appointed Panchen Lama and other senior lamas cultivated by the government.

    That could lead to the emergence of two rival dalai lamas: one chosen by his predecessor, the other by the Communist Party.

    Jinpa, the Dalai Lama’s translator, is unfazed by that prospect.

    “Personally, I don’t worry about that, because it’s kind of a joke. It’s not funny because the stakes are so high, but it’s tragic,” he said, referring to Beijing’s likely attempt to appoint its own dalai lama. “I just feel sorry for the family whose child is going to be seized and told that this is the dalai lama. I’m already feeling sad for whoever’s going to suffer that tragedy.”

    For his part, the current Dalai Lama has made clear that any candidate appointed by Beijing will hold no legitimacy in the eyes of Tibetans or followers of Tibetan Buddhism.

    “It is totally inappropriate for Chinese Communists, who explicitly reject religion, including the idea of past and future lives, to meddle in the system of reincarnation of lamas, let alone that of the dalai lama,” he writes in “Voice for the Voiceless.”

    With his characteristic wit and playful sense of humor, he adds: “Before Communist China gets involved in the business of recognizing the reincarnation of lamas, including the dalai lama, it should first recognize the reincarnations of its past leaders Mao Zedong and Deng Xiaoping!”

    A picture of the 4-year-old 14th Dalai Lama taken in September 1939 in Kumbum, Tibet.

    Tibetan Buddhism reveres its spiritual leader as the human manifestation of the Bodhisattva of Compassion – an enlightened being who, rather than entering nirvana, chooses to be reborn to help humanity. The current Dalai Lama is the latest in a long lineage of reincarnations that have spanned six centuries.

    The search for a dalai lama’s rebirth is an elaborate and sacred process. Important clues are the instructions or indications left by a predecessor (it could be as subtle as the direction in which the deceased dalai lama’s head was turned). Additional methods include asking reliable spiritual masters for their divination, consulting oracles, and interpreting visions received by senior lamas during meditation at sacred lakes.

    Following these clues, search parties are dispatched to look for young children born after the dalai lama’s death. Candidates are subject to a series of tests, including identifying objects that belonged to the previous incarnation.

    But the dalai lama’s reincarnation hasn’t always been found in Tibet. The fourth dalai lama was identified in the late 16th century in Mongolia, while the sixth was discovered about a century later in what is currently Arunachal Pradesh, India.

    The current Dalai Lama, born into a farming family in a small village in the northeastern part of the Tibetan plateau, was identified when he was two years old, according to his official biography. He assumed full political power at 15, ahead of schedule, to guide his distressed people as they faced advancing Chinese Communist forces.

    If the next dalai lama is to be identified as a young child, as per tradition, it could take some two decades of training before he assumes the mantle of leadership – a window that Beijing could seek to exploit as it grooms and promotes its own rival dalai lama.

    “For us, the one recognized by the Dalai Lama, born in exile, is the real one. So as far as the matter of faith is concerned, I think there is no issue. It’s just the politics and geopolitics,” said Lobsang Sangay, the former prime minister of the Tibetan government-in-exile in Dharamshala.

    For instance, Beijing could pressure other countries to invite its own dalai lama for ceremonies, said Sangay, now a senior visiting fellow at Harvard Law School.

    Tibetan Buddhism is a form of Vajrayana Buddhism – one of the major branches of the faith – which is widely practiced in Mongolia and the Himalayan regions of Bhutan, Nepal and India.

    These countries – and to a lesser extent, other nations with large Buddhist populations such as Japan and Thailand – could be forced to choose which dalai lama to recognize, according to Gamble in Melbourne. “Or they may and say: ‘We’re not going to get into it.’ But even that might anger the Chinese government,” she added.

    Aware of his own mortality, the Dalai Lama has been preparing the Tibetan people for an eventual future without him. He laid what he sees as the most important groundwork by strengthening the institutions of the Tibetan movement and fostering a self-reliant democracy within the exile community.

    The Potala Palace in Lhasa, seen here in 2020, was the winter home of the Dalai Lama until he went into exile in 1959.

    In 2011, the Dalai Lama devolved his political power to the democratically elected head of the Tibetan government-in-exile, retaining only his role as the spiritual head of the Tibetan people.

    Sangay, who took up the baton as the political leader of the exiled government, said that by making the transition to democracy the Dalai Lama wanted to ensure Tibetans can run the movement and the government on their own, even after he is gone.

    “He has specifically said: ‘You cannot just rely on me as an individual… I’m mortal. The time will come when I won’t be there. So it is for the Tibetan people, while I’m here, to transition to full-fledged democracy – with all its ups and downs – and to learn from it and grow, mature and be stronger, moving forward,’” he said.

    That goal has taken on added urgency as the Tibetan movement for safeguarding their culture, identity and genuine autonomy increasingly finds itself in a precarious moment.

    Under leader Xi Jinping, Beijing has ramped up security and surveillance in its frontier regions, intensified efforts to assimilate ethnic minorities, and rolled out a nationwide campaign to “sinicize” religion – ensuring it aligns with Communist Party leadership and values.

    The Chinese government says it has safeguarded cultural rights and religious freedom in Tibet and touts the region’s economic development and significant infrastructure investment, which it says has improved living standards and lifted hundreds of thousands of people out of poverty.

    United Nations experts and the Dalai Lama have expressed concerns over what they call an intensifying assimilation campaign by the Chinese government, following reports that Chinese authorities have closed a large number of rural area Tibetan language schools and forced about a million Tibetan children to attend public boarding schools. Officials in Tibet have strongly pushed back on the accusations.

    And as China’s political and economic clout has grown, the Dalai Lama’s global influence appears to be waning, especially as old age makes it difficult to sustain his extensive globe-trotting. The spiritual leader has not met a sitting US president since Barack Obama in 2016, after numerous visits to the White House since 1991.

    But some Tibetans remain hopeful. Jinpa, the translator, said that while the Dalai Lama is still alive, Tibetans must find ways to establish a sure footing for themselves.

    “My own feeling is that if we can get our act together and the dalai lama institution continues with a new dalai lama being discovered, the power of the symbol will be maintained,” he said.

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  • The clever ways Neanderthals got their fat long before modern humans

    The clever ways Neanderthals got their fat long before modern humans

    New research uncovers a “fat factory” run by Neanderthals 125,000 years ago, revealing they planned and processed bone grease on a scale and with a complexity long thought unique to our own species.

    Study: Large-scale processing of within-bone nutrients by Neanderthals, 125,000 years ago. Image Credit: Adobe Firely

    In a recent study published in the journal Science Advances, researchers and archaeologists present and elucidate data from Neumark-Nord (Germany), comprising the remains of bones from 172 or more large mammals found in the lake landscape at a waterside site. Astonishingly, the bones were found to have been deliberately transported to the location and processed for their ‘bone grease’ (lipid and marrow) by Neanderthals of the Last Interglacial Period.

    Aptly named a “fat factory”, this marvel of ancient hominid ingenuity marks the earliest well-documented case of large-scale bone grease processing, pushing back the timeline for this technology by more than 80,000 years. The findings reveal Neanderthals’ ability to support high-energy requirements and demonstrate a previously underappreciated sophistication in resource use and subsistence planning. Neanderthals, it seems, weren’t just hunter-gatherers; they were capable of complex and strategic resource exploitation.

    Background

    Human evolutionary studies pay special attention to dietary data, given the latter’s key role in facilitating the expansion and development of hominid species. Fat consumption and processing, in particular, are highly sought-after data sources due to their crucial role in the diets of hunter-gatherers and foragers. Fat is a fuel (life-saving in colder environments) and a precious resource for any meat-heavy diet.

    Decades of archeological research have revealed that ancient humans (confirmed as early as 28,000 years ago, but presumably earlier) exploited ‘bone grease’, a lipid-rich substance obtained from the hollow cavities of vertebrae, long-bone epiphyses (joints), and other skeletal elements. This process was exceedingly time- and effort-intensive, but it rewarded these early humans with a calorie-dense food source that was critical to their survival.

    Homo neanderthalensis are a now extinct species of ancient hunter-gatherers that lived between ~243,000 and 40,000 years ago. Like their later relatives, these animal-food-source-dependent hominids are well-documented to have opportunistically scavenged fat-rich marrow from long bones by breaking the bones to access the marrow and, in some ethnographic analogues, by further processing fragments to extract grease through boiling.

    At Neumark-Nord, direct evidence for boiling is not present; however, there is substantial evidence for intensive bone fragmentation, fire use, and clustering of heated bone fragments, suggesting some form of lipid extraction involving heat.

    However, until now, no evidence of this process involving resource intensification practices of any sort has been discovered, suggesting Homo sapiens (us) as the original inventors of comparatively large-scale and systematically organized bone processing.

    The present study, however, provides robust zooarchaeological and stratigraphic evidence that Neanderthals undertook large-scale bone grease extraction at a dedicated location, predating prior firm evidence by at least 80,000 years.

    About the study

    The present study reinvestigates data from Neumark Nord, a preserved lakeside camp in eastern Germany where Neanderthals lived during the Last Interglacial. Earlier excavations (2004-2008) revealed open landscapes and evidence of large-game hunting, including elephants. However, the present research identified carcass remains found at the lakeshore with patterns of percussion damage, chopping marks, and refitable shaft segments, suggesting deliberate breakage.

    The study leveraged the MONREPOS Archaeological Research Centre and Museum for Human Behavioural Evolution’s comparative collection for taxonomic identification of recovered archeological remains, crown height measurements for age-determination, and high-resolution microscopes in tandem with standardized zooarchaeology and taphonomy methods (e.g., Number of Identified Specimens [NISP]) for species abundance computations, skeletal element representation, and bone indices.

    Study findings

    By combining bone breakage analysis, refitting fragments, and wear patterns, researchers established that carcasses were partially butchered elsewhere, transported to the lake, then systematically processed to expose marrow and grease. In doing so, this study emphasizes that Homo neanderthalensis, and not we (Homo sapiens), were engaged in the earliest well-documented process of large-scale bone-lipid extraction at a dedicated site, marking a level of behavioral complexity previously thought to be unique to later humans.

    Spatial analysis, pollen-based and luminescence stratigraphy dating, and validated these findings, further revealing that the observed patterns in which carcass remains clustered in the lakeside processing area, distinct from hunting debris or habitation refuse, underscored the site’s specialized function, dating the context to the Last Interglacial (~120,000 years ago). Named the “fat-factory,” this bone-lipid extraction site predates hypotheses of the process’s invention by more than 80,000 years, let alone archeological confirmations that are a mere 28,000 years old.

    Taxonomic identification revealed that Neanderthals brought at least 172 large mammals, mainly horses, bovids, and cervids, which they butchered and transported from distinct but nearby hunting and butchery grounds to a fat factory for processing. Long bones show consistent percussion fractures, chopping marks, and clean longitudinal splits, standard methods to access marrow and grease that remained hidden to humanity until thousands of years later.

    The scale and specialization of these practices emphasize nutritional planning: fat-rich bones were centrally processed and potentially shared across groups. It evidences behavioral complexity, carefully balancing transport logistics, site maintenance, and energy budgeting for maximum productive benefit, innovations previously thought to be restricted to advanced food-processing societies that emerged much later in human history.

    The authors note, however, that while evidence points to specialized processing and possible resource sharing, limitations of the archaeological record mean that the precise social dynamics and duration of site use remain unresolved.

    It is also important to note that these discoveries were made possible by the exceptional preservation conditions at Neumark-Nord, which enabled an unusually high-resolution archaeological and environmental reconstruction. This does not necessarily indicate that such behaviors were unique to this location or time.

    Conclusions

    Neanderthals at Neumark Nord weren’t just hunters and foragers; they were skilled subsistence strategists who developed a specialized food-processing system tens, if not hundreds, of thousands of years earlier than previously believed. This discovery elevates their status as planners, not just the brutish eaters that most of us consider them to be.

    In doing so, this paper enriches our understanding of Neanderthal social and dietary adaptations. It reminds us that even 125,000 years ago, early humans conceptualized and enacted intricate and energetically efficient behaviors to master their nutritional landscapes, although much about their social organization and the precise processes remains open for further research.

    The study also highlights the diverse range of Neanderthal subsistence strategies that could be employed in response to local environments, resources, and preservation—a reminder to interpret archaeological evidence within its full ecological and taphonomic context.

    Journal reference:

    • Kindler, L., Gaudzinski-Windheuser, S., Scherjon, F., Garcia-Moreno, A., Smith, G. M., Pop, E., Speth, J. D., & Roebroeks, W. (2025). Large-scale processing of within-bone nutrients by Neanderthals, 125,000 years ago. Science Advances, 11(27), DOI – 10.1126/sciadv.adv1257, https://www.science.org/doi/10.1126/sciadv.adv1257

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  • US President Donald Trump said on Thursday that a phone call earlier in the day with Vladimir Putin resulted in no progress at all on efforts to end the war in Ukraine, while a Kremlin aide said the Russian president reiterated that Moscow would keep pushing to solve the conflict’s “root causes.” The two leaders did not discuss a recent pause in some US weapons shipments to Kyiv during the nearly hour-long conversation, according to a readout provided by Putin aide Yuri Ushakov. US attempts to end Russia’s war in Ukraine through diplomacy have largely stalled, and Trump has come under increased pressure – including from some Republicans – to increase pressure on Putin to negotiate in earnest. “I didn’t make any progress with him at all,” Trump told reporters in brief comments at an airbase outside Washington, before departing for a campaign-style event in Iowa. Putin, for his part, has continued to assert he will stop his invasion only if the conflict’s “root causes” have been addressed – Russian shorthand for the issue of Nato enlargement and western support for Ukraine.

  • Within hours of the call’s conclusion, an apparent Russian drone attack sparked a fire in an apartment building in a northern suburb of Kyiv. In Kyiv itself, witnesses reported explosions and sustained heavy fire overnight as air defence units battled drones over the capital, while Russian shelling killed five in the eastern part of the country.

  • Ukrainian President Volodymyr Zelenskyy told reporters in Denmark earlier in the day that he hopes to speak to Trump as soon as Friday about the ongoing pause in some weapons shipments, which was first disclosed earlier this week. The diplomatic back-and-forth comes as the US has paused shipments of certain critical weapons to Ukraine due to low stockpiles, just as Ukraine faces a Russian summer offensive and increasingly frequent attacks on civilian targets.

  • A senior commander meanwhile warned that the death of an experienced Ukrainian F-16 fighter pilot in battle against Russian drones showed the high-risk tactics Kyiv will increasingly adopt if it is unable to obtain critical new air defences. Dozens of people have been killed during intensifying Russian airstrikes on Ukrainian cities in recent weeks, a trend officials have said will worsen if Kyiv’s allies do not step up supplies of critical munitions. At the funeral for fighter pilot Maksym Ustymenkoin, Oleh Zakharchuk, deputy commander of Ukraine’s western air command said: “Everyone must understand that there is no such thing as enough weapons. If we cannot use the missiles because we do not get them, then it will be very difficult.”

  • Russia killed two people in an airstrike on the central Ukrainian city of Poltava on Thursday and damaged a military draft office there in what Kyiv said was a concerted campaign to disrupt recruitment for its war effort. The strike on Poltava, which also injured 47 people and caused a fire at the city’s main draft office, followed a drone attack on Monday near a recruitment centre in Kryvyi Rih. Both cities are regional capitals. “We understand that their [Russia’s] goal is to disrupt the mobilisation process,” Vitaliy Sarantsev, a spokesperson for Ukraine’s ground forces, told Ukraine’s public broadcaster.

  • The Russian military said Thursday it had captured the village of Milove in Ukraine’s northeastern Kharkiv region, opening a new front on their shared border. Ukraine did not immediately comment on Russia’s claim. Milove lies on a section of the border that Moscow’s forces had not penetrated since their offensive began in 2022, and was home to several hundred people before the conflict.

  • The US company Techmet is likely to bid in the first pilot project of the Ukraine-US joint Reconstruction Investment Fund on a lithium mine in the centre of the country, Ukraine’s first deputy prime minister said on Thursday. Yulia Svyrydenko, writing on Facebook, reported on a meeting between Zelenskyy and US businesses, with much of the focus on the fund, meant to exploit Ukrainian minerals and rare earths. Svyrydenko said Ukraine hoped to have three pilot projects up and running in the first 18 months of operation, including the lithium mine in Kirovohrad region.

  • A deputy commander of the Russian navy who had previously led one of the military’s most notorious brigades was killed near the frontline with Ukraine, Moscow confirmed. Maj Gen Mikhail Gudkov, who was responsible for Russia’s marine units, was killed on Wednesday in a Ukrainian missile attack on a field headquarters in the Kursk region, amid reports the position had been revealed by poor security.

  • An explosion Thursday killed a former official in the Russian-occupied eastern Ukrainian city of Luhansk, local Moscow-installed authorities said. There have been a series of assassinations in occupied Ukraine and inside Russia during Moscow’s full-scale offensive that have been linked to – or claimed by – Kyiv’s security services. “Today, as a result of a vile attack in the centre of Luhansk, the former head of the administration of our regional capital, Manolis Pilavov, was killed,” the Russian-backed head of the region, Leonid Pasechnik, said on Telegram.

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  • Asian Shares Open Cautiously on Tariff Angst: Markets Wrap

    Asian Shares Open Cautiously on Tariff Angst: Markets Wrap

    (Bloomberg) — Asian shares traded in a tight range Friday after President Donald Trump’s threat to impose higher tariffs outweighed the sentiment from a stronger US jobs data.

    The MSCI Asia Pacific Index swung between small gains and losses at the open after US stocks closed at a record Thursday in a shortened session ahead of Friday’s Independence Day holiday. Trump said his administration may begin sending out letters to trading partners as soon as Friday, setting unilateral tariff rates, ahead of the July 9 deadline for negotiations.

    Treasuries fell and the dollar rose Thursday in a sign traders see less pressure on the Federal Reserve to cut interest rates after US jobs growth exceeded expectations in June. Swap traders saw almost no chance of a July Fed cut, compared with a roughly 25% probability seen before the data. The chance of a move in September ebbed to about 70%.

    “The solid June jobs report confirms that the labor market remains resolute and slams the door shut on a July rate cut,” said Jeff Schulze at ClearBridge Investments. “A wage-price inflationary spiral shouldn’t be a near-term concern, setting up something resembling a ‘Goldilocks’ scenario.”

    Meanwhile, Trump secured a sweeping shift in US domestic policy as the House passed a $3.4 trillion fiscal package that cuts taxes, curtails spending on safety-net programs. The 218-214 vote in the House Thursday sends the legislation to Trump, in time for a July 4 deadline he set.

    The president said he plans to sign the bill on Friday at a 4 p.m. ceremony at the White House.

    A $5 trillion increase in the US debt limit in the package eliminates the risk of a market-rattling payment default the Treasury had forecast could come as soon as mid-August without congressional action.

    “The removal of the risk that the Treasury Department would exhaust the capacity to fund itself is a highly welcome development for all market players,” Chris Weston, head of research at Pepperstone Group, wrote in a note. “The Treasury department will soon look to ramp up bill issuance.”

    In Asia, Hong Kong’s de-facto central bank bought the city’s dollar again to defend its foreign-exchange peg. The Hong Kong dollar has had a wild ride recently with two previous rounds of intervention failing to send funding costs high enough to dampen bearish currency bets. 

    Separately, Treasury Secretary Scott Bessent on Thursday questioned Fed officials’ judgment on rates, reiterating his view that two-year yields are a signal their benchmark rate is too high.

    “The committee seems to be a little off here in their judgment,” Bessent said in an interview on Fox Business, referring to the Fed’s rate-setting Federal Open Market Committee.

     

    Some of the main moves in markets:

    Stocks

    • S&P 500 futures fell 0.2% as of 9:25 a.m. Tokyo time
    • Japan’s Topix rose 0.1%
    • Australia’s S&P/ASX 200 rose 0.2%
    • Euro Stoxx 50 futures rose 0.4%

    Currencies

    • The Bloomberg Dollar Spot Index fell 0.1%
    • The euro was little changed at $1.1767
    • The Japanese yen rose 0.2% to 144.64 per dollar
    • The offshore yuan was little changed at 7.1689 per dollar

    Cryptocurrencies

    • Bitcoin fell 0.4% to $109,550.34
    • Ether fell 0.3% to $2,591.6

    Bonds

    • Japan’s 10-year yield advanced 1.5 basis points to 1.455%
    • Australia’s 10-year yield advanced three basis points to 4.21%

    Commodities

    • West Texas Intermediate crude was little changed
    • Spot gold was little changed

    This story was produced with the assistance of Bloomberg Automation.

    –With assistance from Richard Henderson.

    ©2025 Bloomberg L.P.

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