Category: 3. Business

ISLAMABAD: Pakistan’s external debt and liabilities, currently standing at around $130 billion, are heavily concentrated in five major currencies, with the US dollar alone accounting for nearly 58 per cent of the total burden, according to the government’s latest Debt Management Strategy (DMS) for 2026-2028.

“The external debt portfolio is predominantly denominated in a few major currencies. The United States Dollar leads with a 57.8 per cent share, followed by Special Drawing Rights (SDRs) at 29.88pc, Chinese Yuan 5.21pc, Japanese Yen 3.95pc, and the Euro 2.62pc,” the DMS revealed.

The Finance Ministry’s strategy underscores that external financing will continue to rely mainly on multilateral and bilateral sources offering concessional terms and longer maturities. However, in an effort to diversify, Pakistan plans to re-enter international capital markets with new instruments, including Panda Bonds, Sustainable Bonds, and Eurobonds — subject to favourable global interest rate conditions and domestic economic stability. A $1 billion Panda Bond program has already been established, with the first issuance of $200-250 million scheduled for FY2026, followed by additional tranches in the medium term. Preparatory work is also under way for the launch of Sustainable Bonds, backed by a newly developed Sustainable Financing Framework, which is currently under cabinet review. This framework will guide the structure, maturity, and repayment terms of all future sustainable bond issuances.

Although access to Eurobond markets has remained constrained since 2022, the strategy outlines a plan for re-entry into international capital markets as conditions improve. In the meantime, Panda Bonds — Renminbi-denominated securities in the Chinese market — are being developed as an alternative, supporting diversification of funding sources, lowering borrowing costs, reducing refinancing risk and enhancing Pakistan’s financial integration with Chinese markets.

To actively manage foreign exchange risks, the government intends to employ hedging instruments while also developing domestic futures and interest rate swap markets. Innovative options, including debt-for-nature swaps, are under consideration to help manage external liabilities while aligning with climate goals.

Domestic debt is expected to remain the primary source of government financing during the strategy period. Under the IMF programme, the ceiling for government guarantees is set at Rs5,600 billion as of end-June 2025. By March 2025, guarantees worth Rs405 billion—equivalent to 0.35 percent of GDP—had been issued, raising the total outstanding stock to Rs4,548 billion. These include guarantees extended to state-owned enterprises such as TCP and PASSCO for commodity-related financing.

Eight Sleep, a startup that sells $3,000 AI-powered mattresses with a monthly subscription fee, just raised $100 million in Series D funding, hoping to bolster a relatively novel idea within the consumer discretionary sector.

The round—led by Founders Fund, Y Combinator, Valor Equity Partners, and HSG (formerly Sequoia China)—also drew investments from F1 driver Charles Leclerc and McLaren Racing CEO Zak Brown.

The deal pushes the company’s valuation to about $500 million, with more than $500 million in Pod sales reported since launch.

Eight Sleep’s “Pod” system uses water-filled tubes in a mattress cover to adjust bed temperature between 55°F and 110°F (13-43 °C).

Built-in sensors track heart rate, breathing, and heart rate variability, which an AI system called Autopilot uses to tweak the environment in real time.

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Prices start at $2,500 for the mattress topper, and climb over $4,000 for the whole system. Then there’s a $17–$25 monthly subscription for “advanced features”—because yes, even your mattress now needs a membership plan.

The company has amassed a high-profile fan base, including Elon Musk and Mark Zuckerberg. Scarlett Johansson swears by it, and biohacker Bryan Johnson, who spends $2M a year on anti-aging, is another user.

“This new funding enables us to accelerate the deployment of AI for sleep optimization, expand into medical applications like menopausal sleep and sleep apnea, and bring our technology to millions of people around the world,” CEO Matteo Franceschetti said in the announcement. The former lawyer, turned sleep obsessive, founded the company in 2014 after struggling with his own sleep issues.

But not all the feedback has been positive. On social media, users have shared stories about glitches that cause the system to stop working entirely, leaving them with an expensive, non-functional bed. Others have reported issues with water leaks and connectivity problems.

The system’s AI has been called a “black box” by some users, who complain it does not provide transparent data.

Eight Sleep’s new funding will support the development of what it calls a “Sleep Agent,” an AI that will run thousands of nightly simulations to further refine a user’s rest. The company is also seeking FDA approval for medical applications of its technology, including treating menopausal hot flashes and sleep apnea..

The company says its AI models have processed over 1 billion hours of sleep data. With $100 million in fresh capital, the bet for Eight Sleep remains that its blend of hardware and software will continue to find a decent resting place, no matter the price.

LAHORE:

Oil Marketing Companies (OMCs) have once again raised concerns over challenges being faced by the petroleum sector, urging the government to resolve long-standing issues that directly impact supply chain sustainability and the financial health of the industry.

In a letter addressed to the government and the Oil and Gas Regulatory Authority (OGRA), Oil Marketing Association of Pakistan (OMAP) Chairman Tariq Wazir Ali highlighted that despite repeated engagements with concerned authorities, several matters remain unresolved, creating uncertainty for companies operating in the sector.

The communication reflects the growing frustration within the OMC community over delays in decision-making and the absence of a clear policy direction. The letter points out that issues related to pricing mechanisms, margins, taxation complexities, and regulatory processes continue to weigh heavily on the sector’s overall performance. They argue that without timely government intervention, the sustainability of fuel supply to the public could face challenges, particularly at a time when the economy is struggling and energy affordability has become a national concern.

The letter further stated that the sector has remained patient despite increasing financial pressures. “The companies are performing a critical role in ensuring uninterrupted fuel availability, but we cannot sustain operations indefinitely under the current policy uncertainties. There has to be clarity and fairness in the regulatory framework if the industry is to serve both the government and the consumers effectively,” it said.

Ali also highlighted that companies have already made massive investments in the sector. “Investments have already been made, including Rs81 billion in storage facilities, which make up nearly half of the country’s total capacity, and Rs75 billion in retail networks and other assets. These investments have made the market more competitive and consumer-friendly,” he added.

He stressed that regulatory bodies must acknowledge the limitations of existing mechanisms and encourage collaboration to ensure a stable supply chain. According to the OMAP chairman, the current environment makes it difficult for OMCs to operate profitably, while being expected to maintain nationwide availability of petroleum products without compromise. “This dual pressure is not sustainable in the long run, and we urge the government to address our concerns without further delay,” he said.

Responding to the concerns raised in the letter, an OGRA spokesperson clarified the organisation’s position. “OGRA actively reviews and resolves industry issues within its purview. Moreover, there are numerous issues which pertain to policy, and those fall under the domain of the federal government and not under OGRA’s jurisdiction,” the spokesperson explained.

This clarification underlines the distinction between regulatory functions and policy-making responsibilities, a difference that often creates misunderstanding within the industry. While OGRA has the mandate to ensure compliance, fair play, and protection of consumer interests, broader matters like pricing policies, taxation regimes, and structural reforms lie with the federal government.

Ali, however, has urged both the regulator and the government to work in harmony, stressing that a disjointed approach leads to delays and confusion that directly impact market stability.

Industry stakeholders and observers believe the petroleum sector’s challenges mirror the broader governance and policy coordination issues facing the economy. Unless there is a concerted effort, OMCs fear that not only their operational capacity but also the reliability of fuel supplies could be compromised. With the stakes so high, the industry’s call for immediate attention from policymakers is likely to gain momentum in the days to come, they added.

TOKYO, Japan, August 21, 2025 ― Renesas Electronics Corporation (TSE: 6723), a premier supplier of advanced semiconductor solutions, today introduced the RA4C1 microcontroller (MCU) group based on an 80MHz Arm^® Cortex^®-M33 processor. The new devices offer ultra-low power consumption, advanced security features, abundant communication interfaces, and segment LCD support. This unique set of features and performance metrics is ideal for battery-powered applications that need strict security, including gas, water, and industrial flow meters, as well as smart locks, thermostats, building controls, and industrial user interfaces. These new MCUs exactly match the requirements for system control applications used in utility meters worldwide.

The RA4C1 MCUs employ proprietary low-power technology that delivers 168µA/MHz active mode at 80MHz and a standby current of less than 1.79µA with all the SRAM retained; the RA4C1 also supports a real-time clock (RTC) with its own dedicated power domain, supporting easy battery backup for the time. This exceptional performance, coupled with support for input voltages as low as 1.6V, helps customers to design battery-powered applications that use smaller batteries or provide higher performance for the existing battery size.

Strong security is an essential requirement for metering systems. The RA4C1 MCUs offer an RSIP-300 security engine that provides an isolated subsystem managed and protected by dedicated control logic. The new devices also include support for a 256-bit hardware unique key and True Random Number Generator (TRNG), key management functionality with the ability to generate wrapped keys, SHA algorithms, hardware acceleration of AES, and ECC supporting NIST and Brainpool curves with a key length of up to 384 bits.

Renesas’ new MCUs also provide a feature set that meets all the needs of metering system designers. A 512Kbyte dual bank on-chip flash enables easy and secure software updates with 96kbytes of SRAM and 8kbytes of data flash for on-chip data storage. Peripherals include a low-power ADC, an on-chip temperature sensor accurate to 1 percent, and an on-chip LCD controller to drive low-power segment displays.

The RA4C1 MCUs are supported by Renesas’ Flexible Software Package (FSP). The FSP enables faster application development by providing all the infrastructure software needed, including multiple RTOS, BSP, peripheral drivers, middleware, connectivity, networking, and TrustZone^® support, as well as reference software to build complex AI, motor control, and cloud solutions. It allows customers to integrate their own legacy code and choice of RTOS with FSP, thus providing full flexibility in application development. The FSP eases migration of existing IP to and from either RA6 or RA2 Series devices.

“Renesas’ RA4C1 Group MCUs offer an unmatched solution for metering applications, a very larger market that is growing rapidly,” said Daryl Khoo, Vice President of Embedded Processing Marketing Division at Renesas. “It’s an example of our sales, marketing, and engineering teams working together with our customers to develop the right product for the right market at the right time.”

Key Features of the RA4C1 MCUs

• Core: 80MHz Arm Cortex-M33 with TrustZone
• Memory: 256 – 512Kbytes dual bank flash, 96Kbytes SRAM, and 8Kbytes data flash
• Peripherals: CAN FD, LPUART, SCI, SPI, QSPI, I²C, ADC, real-time clock with battery backup, temperature sensor, low-power timer, segment LCD
• Packages: 10mm x 10mm LQFP64; 14mm x 14mm LQFP100
• Security: Unique ID, RSIP security engine supporting TRNG, AES, ECC, Hash, and lifecycle management

Winning Combination

Renesas has combined the new RA4C1 Group MCUs with numerous compatible devices from its portfolio to offer the Smart 1-Ph E-Meter Winning Combination. 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 RA4C1 MCUs are available now, along with the FSP software. Renesas is also shipping an RA4C1 Evaluation Board. More information is available at renesas.com/RA4C1. Samples and kits can be ordered either on the Renesas website or through distributors.

Renesas MCU Leadership

A world leader in MCUs, Renesas ships more than 3.5 billion units per year, with approximately 50% of shipments serving the automotive industry, and the remainder supporting industrial and Internet of Things applications as well as data center and communications infrastructure. Renesas has the broadest portfolio of 8-, 16-, and 32-bit devices, delivering unmatched quality and efficiency with exceptional performance. As a trusted supplier, Renesas has decades of experience designing smart, secure MCUs, backed by a dual-source production model, the industry’s most advanced MCU process technology, and a vast network of more than 250 ecosystem partners. For more information about Renesas MCUs, visit renesas.com/MCUs.

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.

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James Hardie Industries Plc shares plummeted for a second day, with analysts rushing to cut their price targets after disappointing earnings results and concerns over the US housing market.

The Australian building materials maker dropped as much as 10% in Sydney on Thursday after a slew of brokers trimmed their share-price expectations. The stock tumbled 28% on Wednesday, the most since November 1973, after the company’s quarterly profit sank and it warned demand for repairs and new construction in North America remains challenging. Its US-listed shares plunged 34%.

Kaushik Rudra, global head of fixed-income research at Standard Chartered Plc, has retired after 17 years at the bank, according to a company email.

Becky Liu and Gordian Kemen will co-head emerging-markets rates research and strategy following Rudra’s departure, according to the email. Liu was head of China macro strategy in Hong Kong and Kemen was head of emerging markets sovereign strategy.