The Islamabad Capital Territory (ICT) administration has declared Wednesday, August 13, 2025, as a local holiday within the revenue limits of the federal capital.
The notification, issued by the Office of the District Magistrate on August 12, states that the holiday will apply to all offices except those providing essential services, including the Metropolitan Corporation Islamabad (MCI), Capital Development Authority (CDA), ICT Administration, ICT Police, Islamabad Electric Supply Company (IESCO), Sui Northern Gas Pipelines Limited (SNGPL), and hospitals.
The District Magistrate has directed that the notification be circulated to relevant federal ministries, departments, and media outlets to ensure public awareness.
It is worth noting that August 14, 2025, will also be observed as a public holiday to mark Pakistan’s Independence Day. This means residents of Islamabad will enjoy two consecutive days off on August 13 and 14.
Pep Guardiola is the foremost football genius of his generation, revolutionising the game with imaginative tactics such as having the best players and the most money. But he has a particular expertise when it comes to wingers: consider Jack Grealish, now binned to Everton; Savinho, in the process of being binned to Spurs; Jérémy Doku, once fun, now ineffective; Julián Alvarez, binned to be brilliant at Atlético Madrid; Ferran Torres, binned after two seasons; Nolito, binned to Sevilla after a season; all acquired for a combined total of roughly £234.4m.
Consequently, one can only imagine Rodrygo’s excitement at the prospect of joining Manchester City from Real Madrid, who have decided that, though he offers goals, assists, energy, effort, experience, selflessness, variety, balance and big-game performances, he simply isn’t famous enough or attention-seeking enough to remain part of their squad. They value him at £87m – or, if he moves to the Etihad, £29.99 in two years’ time.
None of this is to decry Guardiola’s expertise when it comes to midfielders: in other City news, James McAtee is the latest to be deemed sub-par, following Cole Palmer, Morgan Rogers and Roméo Lavia out of the club. Nottingham Forest are close to agreeing a deal for the 22-year-old and, having paid £52m for Anthony Elanga, expect the price to be somewhere in the region of £9067m; Matheus Nunes, Nico González and Matteo Kovacic are all expected to remain in situ.
Elsewhere Chelsea are, of course, in the market. They are contemplating a bid for Piero Hincapié, the Bayer Leverkusen centre-back, but any move may be affected by their apparent antipathy towards Newcastle. Having already deprived them of João Pedro and Liam Delap, they are now trying to give Liverpool £43m for Ibrahima Konaté because, as last season proves, a frequently injured and inattentive defender is a mark of champions. Though this profile would need replacing, Arne Slot might well repurpose some loot for the acquisition of Alexander Isak, who will only contemplate reintegrating or signing a new contract if he is informed there is no prospect of a move to Anfield.
Meantime, the feelgood story of the summer continues apace as Eddie Howe seeks a centre-forward, any centre-forward, prepared to play for him. As such, Newcastle are talking to Rennes about Arnaud Kalimuendo … but so too are Brentford, whose negotiations are the more advanced. Stay tuned for yet more heartwarming hilarity.
Howe is also interested in Bilal El Khannouss, Leicester’s attacking midfielder, but so are Leeds, while Everton, having been rebuffed in various attempts to sign Tyler Dibling, will instead try for Tyler Durden. Should he fail to materialise, they too will contact the KP Stadium, with Abdul Fatawu the target.
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Down the East Lancs Road and to Old Trafford where, holding a placard reading “I AM THE TRUTH”, Rasmus Højlund has chained himself to the Manchester United team bus; shortly afterwards, Ruben Amorim ordered its sending to the breaker’s yard. However there is interest in the player from Italy, with Inter, Roma and Juventus joining Milan in the chase, but the smart money is on him joining his fellow reject Scott McTominay at Napoli and proving once again the old adage that when you leave United, the only way is stratospheric. Maybe they’ve got more in common with City than they think.
Pillar Two aims to create a fairer and more stable international tax system by protecting the tax base and curbing tax avoidance by multinational corporations. The publication of the Global Anti-Base Erosion Model Rules (Pillar Two) by the OECD in December 2021, outlined a global minimum taxation for international companies. It was implemented in Ireland in 2023 by way of Section 94 of the Finance (No.2) Act 2023’s insertion of (a new) Part 4A of the Taxes Consolidation Act (TCA) 1997.
The regulatory framework of Pillar Two stipulates that in certain cases, a top-up tax must be levied on large multinational companies. To determine this tax, the tax base ‘GloBE Income’ is set in relation to the predefined recorded taxes ‘Adjusted Covered Taxes’. This allows for the identification of the states in which a multinational group of companies (MNE Group) is subject to an effective tax rate of less than 15%. When a group of companies has an effective tax rate of less than 15% in a certain country, a top-up tax is generally levied at the level of the ultimate group company within the framework of the ‘Income Inclusion Rule’ (IIR) and ‘Qualified Domestic Top Up Tax’ (QDTT). In the event that the low taxation is not (or is not fully) compensated for by the IIR, the ‘Undertaxed Profits Rule’ (UTPR) applies, the aim being to raise the effective tax rate of multinational groups to a minimum of 15%. However, the top-up tax is only calculated after deduction of a substance-related discount, so that ultimately only the ‘excess’ profit is subject to taxation.
In the Irish context, Pillar Two’s target group and addressees are constituent entities located in Ireland that are part of an MNE Group. The prerequisite for designation as an MNE Group is that it achieves a turnover threshold of at least €750 million in the consolidated financial statements of the ‘Ultimate Parent Entity’ in at least two of the four previous financial years.
Though simple in theory, in practice, there is considerable scope for uncertainty as by implementing these rules into Irish tax law, new laws have been introduced (which require interpretation), and ordinary accounting is interrupted by the increased administrative burden of the minimum tax assessment. The starting point for the calculation of GloBE Income is the result of the included group entity according to the annual financial statements (before consolidations of intra-group transactions). The result of the included company is generally to be calculated in accordance with the accounting standard used in the preparation of the consolidated financial statements of the group parent company. In addition, there are various adjustments and voting rights which must be carefully exercised. For example, uncapitalized tax deferrals on loss carryforwards can lead to an effective tax rate of less than 15% in the year of loss offsetting. This would trigger the application of Pillar Two provisions, and so the delta between the actual tax rate and the 15% minimum rate would be subject to tax.
Some uncertainties can be preempted or clarified in Irish tax law by way of Revenue Opinions or Confirmations in accordance with Tax and Duty Manuals Part 37-00-40. However, the parameters for seeking a Revenue Opinion are relatively narrow. The question therefore arises as to whether Pillar Two risks can be insured.
Pillar Two coverage: W&I insurance or tax insurance
Two types of policies can be used to insure tax risks:
Warranty and indemnity (W&I) insurance, which is used to insure unknown tax risks that emanate from events in the past. Placed in the context of a corporate transaction, the provisions of W&I insurance are linked to the warranties and indemnities provided by a seller to a buyer in a sale and purchase agreement. A significant part of the cover is protection in the event that a seller has not disclosed relevant information to a buyer, or for risks which have not been discovered in due diligence.
Tax insurance is a form of standalone insurance that covers both known and unknown tax risks that have arisen in the past or may arise in the future. It has a much broader scope of application than W&I insurance and so can cover tax risks outside of an M&A transaction, e.g. those risks for which a resolution might otherwise be sought by seeking a Revenue Opinion or Confirmation.
Insurer appetite — W&I Insurance
Approximately a third of insurers are willing to provide insurance cover for tax risks related to Pillar Two under a W&I insurance policy. Another third have clear reservations about providing coverage under W&I insurance, while the final third have yet to take a position. A list of reasons for the reluctance to offer tax cover under a W&I insurance policy includes:
Pillar Two being typically outside of the scope of tax due diligence
Lack of experience or lack of market consensus
The accounting standard may lead to risk allocation uncertainty (in the context of de-/first-time consolidation)
Liability for a third-party tax is difficult to assess without considering the position of both sides of a transaction
Certain issues are outside of the control of the parties (such as which countries have implemented the rules)
Uncertainty regarding political decision-making on Pillar Two implementation
Insurer appetite — Tax insurance
The picture as relates to standalone tax insurance is clearer, and here there is a general willingness among insurers active in the Irish market to provide cover for Pillar Two risks. Insurers will consider areas such as:
Risks around inconsistency in implementation and interpretation in national law or tax authority commentary.
The Group’s use of Safe Harbor Rules.1
Risks related to the question of whether the non-consolidation of MNE Groups/units of companies is correct (this is likely to be particularly relevant at the time of first filing Pillar Two returns).
The majority of insurers surveyed will consider covering known Pillar Two risks under a tax insurance policy.
A person stands on the shore near Chenab River near the Line of Control (LOC) on May 2, 2025. — AFP
The Provincial Disaster Management Authority (PDMA) of Punjab on Tuesday warned of possible flooding in rivers due to rains in upper parts of the country along with possible water release by India in the coming days.
“There is a fear of India releasing water into the Sutlej River in two days. There has been an unusual increase in water levels of Indian dams,” said a PDMA spokesperson.
The Bhakra, Pong and Thein dams in India have reached 61%, 76% and 64% of their total capacity, respectively, he added.
With a warning issued for medium to high level flood in the Chenab River, the PDMA director general (DG) has said that the situation of rivers and dams was being monitored round the clock.
The official further warned that there is a chance of further increase in water flow in the Sutlej River.
The development came a day after the authority issued a flood advisory as the province braces for a seventh spell of monsoon rains from August 13.
A new monsoon spell is likely to cause rising water levels in major rivers, including the Sutlej, Ravi, Chenab and Jhelum, as well as their adjoining streams and tributaries.
Commissioners, deputy commissioners, and all relevant departments have been instructed to remain on high alert, the advisory read.
The recent monsoon spell wreaked havoc across Pakistan with scenes of urban flooding, flash floods and landslides resulting in over 300 deaths, while several others are still missing, along with damage to infrastructure.
Gilgit Baltistan, which hosts several tourist hotspots, was also battered by flash floods and landslides, with Chief Minister Haji Gulbar Khan, last month, saying that at least 10 people were killed and four others were injured in the region in floods triggered by intense monsoon rains.
Reimagining one of the most storied kits in our history, the design focuses on the details, from the engineered devil-base fabric to the authentic three-stripe tape and flat-knit crew collar and cuffs.
After last year’s celebrated reintroduction of the adidas Trefoil logo on our third jersey, its return honours the logo’s historic legacy in the sport, as well as acknowledging the rising role of fashion in today’s game.
The black engineered base fabric features a subtle, yet striking, club devil motif, woven directly into the design, a nod to one of the most iconic symbols in our history. The modern black-and-yellow shield crest further celebrates the club’s DNA, while yellow-and-blue accents on the collar and flat-knit cuffs add a fresh twist to a classic silhouette.
Finished with the fabled three adidas stripes in bold yellow across the shoulders and the Trefoil logo in yellow on the chest, the jersey seamlessly blends heritage with timeless adidas Originals design.
Report says China telling companies not to buy Nvidia’s H20 chips
China is reportedly dissuading companies from purchasing Nvidia’s H20 chips.
Nvidia’s rock-and-a-hard place position on selling AI chips to China might have just worsened, as that country has reportedly told companies not to buy them.
Notifications have been sent to several firms, dissuading them from using the H20 processors, which Nvidia (NVDA)developed specifically for the Chinese market, Bloomberg reported Tuesday, citing sources. That especially applies to any company using the processors related to any government activity, the report added.
The purported development follows a Financial Times report on Sunday that Nvidia and Advanced Micro Devices had worked out a deal to give 15% of revenue from China chip sales to the U.S. government in exchange for export licenses to sell in the country again.
Analysts have said that such a deal would set a dangerous precedent for those companies by paying the U.S. government to sell their own chips. Nvidia’s H20 and AMD’s MI308 chips were designed specifically to meet U.S. export rules, but were banned from selling those to China in April by the administration of U.S. President Donald Trump.
Read: Nvidia and AMD reportedly strike deals with Trump – but analysts see a ‘slippery slope’
Sources told Bloomberg that China’s apparent reluctance to allow companies to purchase Nvidia’s H20 chip also applies to AI accelerators from AMD, though the report said it’s not clear if the guidelines also apply to its MI308 chips.
Bloomberg reached out to China’s Ministry of Industry and Information Technology and the Cyberspace Administration of China for comment, but neither responded. MarketWatch has reached out to Nvidia and AMD for comment.
Shares of both companies were tilting modestly lower ahead of Tuesday’s open, according to Robinhood. Monday saw Nvidia stock fall 0.3% and AMD lose 0.2%.
-Barbara Kollmeyer
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
ISLAMABAD, Aug 12 (APP):Prime Minister Muhammad Shehbaz Sharif on Tuesday directed the National Disaster Management Authority (NDMA) to further enhance coordination with provincial governments for the effective relief and rehabilitation of those affected by recent rains and floods.
The prime minister issued these instructions during a meeting with NDMA Chairman Lieutenant General Inam Haider Malik, who briefed him on ongoing relief operations and preparedness measures for any potential emergencies, a Prime Minister’s Office news release said.
Reviewing progress on strengthening early warning mechanisms, the prime minister emphasized that the advanced information system in Gilgit-Baltistan should be made fully operational at the earliest, with close collaboration between NDMA and the Ministry of Climate Change.
PM Shehbaz stressed that people in vulnerable areas must be provided timely alerts to minimize risk during adverse weather conditions.
He reaffirmed the government’s commitment to ensuring swift assistance and rehabilitation for all affected communities.
(Bloomberg) — US stock futures edged higher, mirroring the subdued tone across most asset classes, as investors stayed on the sidelines ahead of Tuesday’s inflation report that could reshape expectations for interest rate cuts.
Contracts for the S&P 500 rose 0.2%. The dollar traded flat. US Treasuries saw muted action with the yield on 10-year notes dropping less than one basis point to 4.28%. Gold ticked higher.
Europe’s Stoxx 600 index rose 0.3% as luxury names outperformed after Washington extended a trade truce with Beijing. A gauge for Asian stocks advanced 0.5%.
Tuesday’s inflation report arrives after traders in recent weeks ramped up expectations for Federal Reserve policy easing this year, aiming to bolster a labor market showing signs of softening. Still, investors remain attuned to the risk of persistent price pressures — particularly in the face of shifting US tariff policies — and the potential for a stagflationary backdrop.
Money markets show traders have priced in more than two rate cuts by December, with about an 80% probability of a quarter-point reduction next month. The core consumer price index, regarded as a measure of underlying inflation because it strips out volatile food and energy costs, is expected to show a 0.3% increase for July, compared to 0.2% in the previous month.
“If we get a continued slowdown in the employment picture, we expect the Fed to deliver rate cuts even in the face of sticky inflation,” said Mohit Kumar, chief European strategist at Jefferies International. “However, a sticky inflation picture will prevent an aggressive easing policy.”
Markets Live Strategist Garfield Reynolds says:
Global equities look nervous heading into Tuesday’s US CPI release, given the potential the data could disrupt expectations for Fed interest-rate cuts that have helped to prop up risk appetite in the US and beyond. Asian stocks may face a more perilous risk-reward set up given this local investor hesitance.
Meanwhile, China urged local companies to avoid using Nvidia’s H20 processors, particularly for government-related purposes. The move will complicate the chipmaker’s attempts to recoup billions in lost China revenue as well as the Trump administration’s unprecedented push to turn those sales into a US government windfall.
Some of the main moves in markets:
Stocks
The Stoxx Europe 600 rose 0.3% as of 8:28 a.m. London time S&P 500 futures rose 0.2% Nasdaq 100 futures rose 0.1% Futures on the Dow Jones Industrial Average rose 0.2% The MSCI Asia Pacific Index rose 0.5% The MSCI Emerging Markets Index was little changed Currencies
The Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1616 The Japanese yen fell 0.1% to 148.32 per dollar The offshore yuan was little changed at 7.1956 per dollar The British pound rose 0.1% to $1.3446 Cryptocurrencies
Bitcoin rose 0.2% to $119,132.36 Ether rose 1.6% to $4,314.48 Bonds
The yield on 10-year Treasuries was little changed at 4.28% Germany’s 10-year yield was little changed at 2.70% Britain’s 10-year yield advanced three basis points to 4.60% Commodities
Brent crude rose 0.4% to $66.89 a barrel Spot gold rose 0.1% to $3,347.30 an ounce This story was produced with the assistance of Bloomberg Automation.
