Category: 3. Business

The Pakistan Telecommunication Authority (PTA) has issued a detailed advisory urging citizens to adopt stronger password practices to safeguard their personal data and online accounts.

The advisory emphasizes the importance of password security, particularly for financial services and email accounts, which are prime targets of cyberattacks.

According to the guidelines, users should create complex passwords that include upper and lower-case letters, numbers, and special characters. PTA stressed the need for enabling two-factor authentication (2FA) on all critical accounts to add an extra layer of protection against cyber threats.

The authority advised users to avoid reusing the same password across multiple applications and to change their passwords regularly. Citizens were further cautioned against using easily guessable passwords, such as dictionary words or personal information like birth dates, which make accounts more vulnerable to hacking attempts.

PTA also recommended prioritizing biometric or facial recognition features for financial services and applications, highlighting that traditional passwords can often be compromised. The advisory noted that biometrics provide a stronger level of authentication compared to text-based passwords.

The authority reiterated that a password is the first line of defense against cyber threats, and strengthening it is crucial for digital safety. By following these guidelines, users can better protect their personal data, financial transactions, and online communications from unauthorized access.

ISLAMABAD:

Pakistan on Tuesday decided to seek renegotiation of its Liquefied Natural Gas (LNG) import deal with Qatar after its industry slowed down and power demand slumped, resulting in over 50 surplus cargoes during the next one-and-half years alone.

The deal, which will expire in 2031, has left the policymakers with two options — either keep shut its 400 mmcfd per day cheaper local gas production facilities along with diversion of expensive surplus gas to subsidised residential use or seek renegotiation of the deal.

The Economic Coordination Committee (ECC) of the cabinet has allowed the Petroleum Division to engage with Qatar to renegotiate the import volumes to minimise diversion of imported gas to residential consumers and import only what is required, according to the people who attended the closed-door ECC meeting.

Petroleum Minister Ali Pervaiz Malik is expected to travel to Qatar, as the Pakistani authorities are not still sure whether Qatar would also be willing to reopen the import volumes, the sources added.

Based on the official assessment, there will be at least 51 surplus cargoes worth $1.2 billion to $1.5 billion from July this year to December 2026, according to the sources.

After assuming office in March this year, Ali Pervaiz Malik has been advocating that either the Power Division fulfil its responsibilities by lifting the promised 600 mmcfd imported gas quota or there will not be any other option but to seek renegotiation.

According to a terse Finance Ministry statement on the matter, “the ECC reviewed the overall gas sector supply situation in the country and directed the Ministry of Petroleum to take effective measures to control losses in the sector and ensure operational efficiency”.

The sources said that given the surplus imported expensive gas, the government has three options. Pakistan may ask Qatar to reduce the numbers of monthly cargoes to around 6 to 7 from the existing 9. The second option is that the government may seek an extension in the expiry period with the request to postpone the delivery of the surplus cargoes beyond the original expiry period of 2031.

The sources said that the third option of Non-Performance Damages (NPD) clause is given in the contract under which Qatar can sell gas to the third party and claim losses from Pakistan, if the price of selling the gas is lower than the contract price.

Pakistan is obligated to pay for contracted LNG volumes even if not consumed. The contract allows flexibility to adjust intake by up to three cargoes per year.

The Pakistan-Qatar LNG deal consists of two major agreements signed in 2016 and 2021, aimed at addressing Pakistan’s energy needs through long-term LNG supply contracts.

The sources said that Pakistan will get an opening for terminating the deal in 2026, if both the sides do not agree on a new price of the gas. The 2016 deal allows termination after 11 years, which is the year 2027, if price renegotiation fails in 2026. The 2021 deal has a shorter 4-year review period, also starting in 2026, but a fixed end date of 2031 unless renegotiated or terminated early.

The 15-year agreement enables Pakistan to import up to 3.75 million tonnes per annum (MTPA) of LNG to address its energy shortfall. The 2016 deal had been signed at 13.37% of the Brent crude oil price. Each cargo corresponds to roughly 100 million cubic feet per day (MMCFD), totaling 500 MMCFD.

The 2021’s 10-year deal, provides up to 3 MTPA of LNG at a lower rate than the 2016 deal. It was signed to replace expiring, costlier contracts and ensure supply security.

The price of the 2021 deal was 10.2% of Brent crude, a 31% reduction compared to the 13.37% rate of the 2016 deal.

Pakistan has already deferred five cargoes from the 2016 deal to 2026 without financial penalties.

Due to sluggish economic growth causing lower electricity demand from the national grid and the overall low demand and highly unaffordable prices, the government was not fully running-the LNG fired power plants, which was one of the reasons for the import of gas.

Due to roughly Rs3,500 per mmbtu imported gas price, the government also cannot divert the gas to households without incurring heavy losses.

LNG was primarily imported to meet the demand of power sector while balance was made available to industry. The LNG Sale Purchase Agreements (SPAs) carried 100% take or pay clause for PSO/PLL whereas instead of mirroring the same clauses, the Gas Supply Agreements (GSAs) with power plants were executed initially at 66% of minimum take-or-pay and later revised to 50% with effect from January this year, the sources added.

Before the commissioning of these LNG based power plants, it was assumed that these plants being most efficient would be placed higher in Economical Merit Order (EMO) and/or to be declared as must-run plants for peak loads which did not happen, they added.

With the passage of time, LNG demand of power sector has reduced substantially due to availability of generation from other sources which has led to issues of surplus LNG in the system. This LNG glut in system has further been exacerbated with drastic decline in LNG consumption by captive power plants owing to imposition of grid transition levy.

The sources said that SNGPL has reported that around 11 cargoes are surplus for July to December 2025 period and similarly for calendar year 2026 some 40 LNG cargoes are estimated to be surplus, considering the projected demand of power sector and demand destruction in the CPPs.

This translates into $1.2 billion to $1.5 billion unnecessary import bill for a country whose almost 100% foreign exchange reserves are based on foreign loans.

The sources said that the SNGPL is constrained to divert expensive RLNG to domestic sector. To deal with issue of surplus LNG, SNGPL resorts to curtailment of gas production form local fields, which ranging between 250 to 400 mmcfd, to maintain the integrity and safety of the system owing to higher line pack pressures.

Curtailment of local production in turn is impacting the revenues of exploration and production companies besides impacting the production of condensate, crude oil and LPG from oil and gas fields, they added. As per the Estimated Revenue Requirements (ERR) for CFY as determined by OGRA, the cost of diversion of RLNG to domestic sector on SNGPL network has been estimated at Rs242 billion against 24 cargoes which led to increase in consumer gas prices, the sources said.

The only option for Pakistan now remains to request the brotherly country to review the deal in the light of these developments, the sources added.

Dozens of Microsoft employees occupied the company’s east campus in Redmond, Washington to protest against what they say is the use of its software by the Israeli military to carry out operations in Gaza and enable the surveillance of Palestinians.

Three months after the company said it was launching an independent investigation into the use of its Azure software, current and former staff occupied a space they declared the “Free Zone”, holding placards that read “Join The Worker Intifada – No Labor for Genocide” and “Martyred Palestinian Children’s Plaza”.

The protests, organised by the No Azure for Genocide group, has demanded Microsoft divest from Israel. Earlier this year, employee Joe Lopez interrupted a speech by CEO Satya Nadella at the annual developer conference.

“Satya, how about you show how Microsoft is killing Palestinians,” said Lopez.

Demonstrator Hossam Nasr said on Tuesday they had decided to escalate their actions because there had been no adequate response from Microsoft.

He felt personally motivated to speak out more vigorously after the Israel Defense Forces (IDF) carried out the targeted killing of the high-profile Al Jazeera journalist Anas al-Sharif, one of five members of the media who was killed earlier this month in the operation.

“I watched him report on Gaza relentlessly, through starvation, through extermination campaigns, through bombing. He was the voice of the business. He was intentionally targeted,” said Nasr, 26, who worked for Microsoft for three years but was fired last year after organising a vigil for Palestine outside the company’s offices.

“It happened the same week news came out from the Guardian that Microsoft is storing mass surveillance data collected from calls from Palestinians.”

Earlier this month, the Guardian and Israel’s +972 Magazine revealed Israel’s military surveillance agency, Unit 8200, was making use of Azure to store countless recordings of mobile phone calls made by Palestinians living in the West Bank and Gaza.

The company said it was not aware “of the surveillance of civilians or collection of their cellphone conversations using Microsoft’s services”.

The protest at Microsoft comes against the backdrop of increased warnings from organisations such as the UN about “widespread starvation, malnutrition and disease” in Gaza. The Gaza health ministry has estimated at least 62,000 Palestinians have been killed since the IDF launched its operations in the aftermath of Hamas’s 7 October attacks.

Nasreen Jaradat, 29, a Microsoft employee, said: “Every single second that we wait, things are worse and worse in Palestine.”

She added: “People are getting hungrier and hungrier. More and more people are being bombed and maimed. It’s time for us to escalate, however we can.”

The protest ended after about two hours when police told the demonstrators to leave and said they would be arrested for trespassing.

A Microsoft spokesperson said the group of demonstrators “was asked to leave, and they left”.

The spokesperson said it had nothing to add to a statement made last week about an inquiry it had undertaken into allegations Azure was being used to surveil Palestinians.

“Based on these reviews, including interviewing dozens of employees and assessing documents, we have found no evidence to date that Microsoft’s Azure and AI technologies have been used to target or harm people in the conflict in Gaza,” it said.

Microsoft employs as many as 47,000 people at Redmond. While some took the flyers handed out on Tuesday by the activists and read them, others continued to tuck into their lunches in the restaurants that surrounded the square.

One 28-year-old employee who was watching the protests said he sympathised with the demonstrators but did not think they would have much impact.

“I don’t think it will,” said the man, who asked not to be named.

The demonstrators say their efforts are part of a process to educate people.

“I think we are inspiring conversation among the people who work at Microsoft to feel more comfortable talking about this with each other and about how their work is contributing to genocide,” said another employee, Julius Shan, 28.

People are still learning how the company is linked to genocide, he said. “But that’s the nature of learning new information.”

LONDON — Britain abandoned its demand that Apple provide so-called backdoor access to any encrypted user data stored in the cloud, U.S. Director of National Intelligence Tulsi Gabbard said Monday.

Gabbard indicated London and Washington had resolved their high-stakes dispute over electronic privacy, writing on X that she and President Donald Trump and Vice President JD Vance spent the “past few months” working with the U.K. government.

“As a result, the UK agreed to drop its mandate for Apple to provide a ‘back door’ that would have enabled access to the protected encrypted data of American citizens and encroached on our civil liberties,” she said.

The dispute surfaced at the start of the year with a news report that British security officials had issued the U.S. tech giant with a secret order requiring the creation of backdoor access to view fully encrypted material.

Apple challenged the order, which raised fears of electronic spying by national security officials.

The British government reportedly served Apple with what is known as a “technical capability notice” ordering it to provide the access under a sweeping law called the Investigatory Powers Act of 2016, which has been dubbed the snoopers’ charter.

The U.K. Home Office did not respond directly to Gabbard’s statement, saying it “does not comment on operational matters, including confirming or denying the existence of such notices.”

“We have long had joint security and intelligence arrangements with the US to tackle the most serious threats such as terrorism and child sexual abuse, including the role played by fast-moving technology in enabling those threats,” the office said. “We will always take all actions necessary at the domestic level to keep UK citizens safe.”

Gabbard previously said a demand for backdoor access would violate the rights of Americans and raise concerns about a foreign government pressuring a U.S.-based technology company.

Apple did not immediately respond to a request for comment. The company had reacted to the order by withdrawing its Advanced Data Protection encryption feature for new users in the U.K. and disabling it for existing users.

The opt-in feature protects iCloud files, photos, notes and other data with end-to-end encryption when they are stored in the cloud.

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Associated Press writer Sylvia Hui contributed to this report.

The Chinese yuan has strengthened steadily against the US dollar this year, with the offshore yuan gaining over 2 percent year-to-date.

Economists attribute the increase to both external and domestic drivers. Globally, the US economy has been weighed down by high interest rates and trade policy uncertainties, weakening the dollar index. Meanwhile, domestically, China”s resilient economic fundamentals, continued policy support, and more flexible exchange rate management have bolstered the renminbi.

As of 4:30 pm on Tuesday, the offshore yuan, according to Wind Info, stood at 7.1857 per US dollar, up more than 2 percent since the start of the year.

Wen Bin, chief economist at China Minsheng Bank, said, “Washington’s new tax cuts and spending law, coupled with a downgrade of US sovereign credit rating, have heightened concerns over the sustainability of US fiscal policy, lending support to the yuan’s appreciation against the dollar.”

At home, China has continued to roll out countercyclical, growth-stabilizing measures. With relatively steady economic data, advances in technological innovation and industrial upgrading, steps to curb “involution-style” competition that help stabilize prices, and recovering risk appetite in financial markets have all provided a firmer footing for the currency, Wen said.

Duan Chao, chief macro analyst at Industrial Securities, said China’s economy has shown notable resilience this year. Despite tariff-related headwinds from the United States, exports grew 7.2 percent year-on-year in the first half. He argued that China’s commitment to high-quality development helps counter external uncertainties and contributes stability to global growth — a foundation for a stable yuan that is likely to persist.

Duan added that China’s economic resilience has kept the yuan steadier than the dollar, while policies introduced after US President Donald Trump’s return to the White House have created major uncertainties, denting confidence in holding US assets over the long term.

The US dollar closed the first half of 2025 with its steepest drop since 1973, as the dollar index, which measures the greenback against a basket of currencies of the US’s key trading partners, slid about 11 percent during the first six months.

While the currency rebounded 3.2 percent in July, recovering part of its losses, Morgan Stanley Research forecast further weakness, warning of an additional 10 percent decline by the end of 2026.

The downturn was fueled by April’s tariff announcements and the resulting policy and economic uncertainties, compounded by mounting concerns over growth, inflation and public debt.

With the delayed effects of tariffs on growth and jobs, coupled with ongoing policy risks, downward pressure on the dollar is expected to persist. Foreign investors have also increased hedging on currency exposure to US assets, a move Morgan Stanley said will likely deepen the dollar’s slide.

In contrast, during this period, the steady performance of China’s economy provided strong support for the yuan exchange rate. Accelerated cross-border capital inflows and increased holdings of yuan assets also boosted the currency, said Wang Youxin, a senior researcher at a research institute backed by Bank of China.

China’s central bank released its monetary policy implementation report for the second quarter of 2025 on Friday.

The report reaffirmed the need to pursue a managed floating exchange rate regime based on market supply and demand with reference to a basket of currencies. It stressed upholding the decisive role of the market in the formation of the exchange rate, enhancing the resilience of the foreign exchange market, stabilizing expectations, firmly correcting pro-cyclical behavior, addressing any conduct that disrupts market order, and guarding against the risk of exchange rate overshooting, so as to keep the yuan exchange rate basically stable at an adaptive and equilibrium level.

A research note from China Galaxy Securities pointed out that the central bank’s remarks once again sent a policy signal of its commitment to maintaining basic stability in the currency market, helping guide market expectations and providing a proactive response to the potential rise in global financial market uncertainties.

SEOUL, August 20, 2025 – Hyundai Motor Group (the Group) has reinforced its leadership in the software-defined vehicle (SDV) era by sharing the latest technology standards and software development system with its key partners, strengthening the foundation for collaboration.

Today, the Group hosted the ‘Pleos SDV Standard Forum’ at the Software Dream Center in Pangyo, Korea. The event brought together core engineering leaders from 58 key partners, including Hyundai Mobis, Hyundai Kefico, Bosch, Continental, HL Mando, and other vehicle control system specialists.

This forum, held as the automotive industry undergoes a major shift from hardware to software-centric development, aimed to accelerate the transition to SDVs. It serves as a way to transform supply chains and enhance the industry’s adaptability to this transformation.

The White House confirmed on Tuesday that the Trump administration is working on a deal that could see the US government taking a 10% stake in chip giant Intel.

“The president wants to put America’s needs first, both from a national security and economic perspective,” White House press secretary Karoline Leavitt told reporters.

The potential deal could involve swapping government grants for Intel shares, according to US Commerce Secretary Howard Lutnick.

The move could help Intel as it struggles to compete with rivals like Nvidia, Samsung and TSMC, particularly in the booming artificial intelligence (AI) chip market. Intel has been contacted by the BBC for comment.

The US wants a stake Intel in exchange for grants approved during the Biden administration, Lutnick said on CNBC on Tuesday.

“We should get an equity stake for our money,” he added. “We’ll get equity in return for that… instead of just giving grants away.”

The potential deal, which was first reported last week, aims to help Intel build a flagship manufacturing hub in the US state of Ohio. At the time, a White House spokesman told the BBC that the reports “should be regarded as speculation” unless officially announced.

Last week, Intel did not comment directly about reports but said it was “deeply committed to supporting President Trump’s efforts” to strengthen manufacturing and technology in the US.

On Monday, Japanese investment giant Softbank said it would buy a $2bn (£1.5bn) stake in Intel.

After the announcement, Intel’s shares rose by almost 7% in New York on Tuesday.

Walmart has recalled some shrimp products in 13 US states after one shipment of seafood tested positive for radioactive contamination.

The US Food and Drug Administration said varieties of frozen shrimp sold under Walmart’s Great Value label could have been exposed to a dangerous isotope in shipping containers.

One sample of breaded shrimp tested positive for the substance, but this positive sample “did not enter US commerce”, the FDA said.

Consumers are advised to throw away recently bought Walmart shrimp that matches this description – and not to eat or serve it.

“The health and safety of our customers is always a top priority,” a Walmart spokesperson told the BBC. “We have issued a sales restriction and removed this product from our impacted stores. We are working with the supplier to investigate.”

The spokesperson added that consumers who bought the recalled products can visit any Walmart location for a full refund.

The recalled shrimp was sold at Walmart locations in Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Missouri, Mississippi, Ohio, Oklahoma, Pennsylvania, Texas and West Virginia, and shoppers in those states were advised to be cautious.

It came from an Indonesian supplier that has since had a number of shipping containers denied entry to the US, the FDA said.

One shipment tested positive for Cesium-137, the radioactive form of the chemical element Cesium.

The amount contained in the tested shipment held by the FDA was not enough to pose acute harm to consumers, but exposure over time could pose an elevated risk of cancer by damaging living cells in the body, said officials from the agency.

The UK Space Agency will cease to exist as an independent entity to cut the cost of bureaucracy, the government said on Wednesday.

It will be absorbed by the Department for Science, Innovation and Technology (DSIT) in April 2026.

The government says this will save money, cut duplication and ensure ministerial oversight.

But one leading space scientist said the move would lead to disruption in the short term and the UK losing ground to its international competitors over the long run.

Dr Simeon Barber of the Open University feared that scrapping UKSA would lead to Britain’s space sector “losing focus”.

“Around the world countries have been recognising the importance of space by setting up national space agencies, and for the government to be scrapping ours seems like a backward step,” he said.

UKSA was created 2010 in response to the growing importance of the sector to the economy.

The development of small spacecraft, satellites and space instrumentation is a field that the UK excels at, thanks in part due to the agency. Its role is to develop the country’s space strategy, coordinate research and commercial activities and liaise with international partners.

During its tenure UKSA saw a UK astronaut, Tim Peake launched into space to work on the International Space Station and the development of Britain’s own capability to launch small satellites and other small payloads into space from Scotland.

The space sector generates an estimated £18.6bn a year and employs 55,000 people across the country.

The agency, its budget and activities will now be absorbed into DSIT. It follows a commitment from Prime Minister Keir Starmer to reduce costs and cut the number of arms length government bodies, known as quangos (quasi-autonomous non-governmental organisations), starting with the abolition of NHS England announced in March.

Space minister Sir Chris Bryant said: “Bringing things in house means we can bring much greater integration and focus to everything we are doing while maintaining the scientific expertise and the immense ambition of the sector.”

The merger will see the agency become a unit within DSIT, staffed by experts from both organisations and retaining the UKSA name.

But supporters of the space agency, such as Dr Barber fear that this will mean a loss of the agency’s dynamic, proactive approach which has proved to be so successful for the UK’s space science and its space industry.

He said there was a danger of moving to more bureaucratic, less incentivised ways of working, which he said were more typical of government departments, and were the reason the agency was created in the first place.

“It feels like we’re going to get stuck in the mud again,” he told BBC News.