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  • PM in Azerbaijan to attend ECO summit – Newspaper

    PM in Azerbaijan to attend ECO summit – Newspaper

    PRIME Minister Shehbaz Sharif arrives at the Islamabad airport before his departure to Azerbaijan—APP

    ISLAMABAD: Prime Minister Shehbaz Sharif arrived in Azerbaijan on Thursday for a two-day official visit to attend the 17th Summit of the Economic Cooperation Organisation (ECO).

    Upon arrival at Fuzuli Airport in Shusha, the premier was received by Azerbaijan’s Minister for Culture Adil Karimli, Ambassador to Pakistan Khazar Farhadov, Pakistan’s Ambassador to Azerbaijan Qasim Mohiuddin and senior diplomats and government officials.

    PM Shehbaz was accompanied by Deputy Prime Minister and Foreign Minister Ishaq Dar, Minister for Information and Broadcasting Attaullah Tarar and Special Assistant to the Prime Minister Tariq Fatemi.

    The premier will address the ECO Summit being held in Khankendi, Azerbaijan. In addition, he will hold bilateral meetings with other world leaders participating in the summit.

    According to the Foreign Office, the prime minister will “share Pakistan’s perspective on key regional and global challenges, reaffirm Pakistan’s commitment to the ECO Vision 2025, and advocate for enhanced intra-regional trade, transport connectivity, energy cooperation, and sustainable development”.

    He will also hold meetings with other ECO leaders on the sidelines of the summit to discuss matters of mutual interest, the statement added.

    The theme of the summit is “New ECO Vision for a Sustainable and Climate Resilient Future”.

    Published in Dawn, July 4th, 2025

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  • DVIDS – News – NATO-Afghanistan Link Holds Lessons for Future, Gates Says

    NATO and Afghanistan are now intertwined, and the experience holds many lessons for the alliance’s near- and long-term strategy, Defense Secretary Robert M. Gates said here today.

    NATO’s effort in Afghanistan shows not only how far the alliance has come from its original mission of confronting the Cold War era’s Soviet threat, but also how far it has to go to become a force for the 21st century, the secretary said at the 44th Munich Conference on Security Policy.

    “There is little doubt that the mission in Afghanistan is unprecedented,” Gates said. “It is, in fact, NATO’s first ground war, and it is dramatically different than anything NATO has done before. However, on a conceptual level, I believe it falls squarely within the traditional bounds of the alliance’s core purpose: to defend the security interests and values of the trans-Atlantic community.”

    With the fall of the Soviet Union, Western planners tried to imagine what the threats of the future would look like, the secretary said. “Afghanistan was, in reality, becoming exactly what we were discussing in theory,” he said.

    The threats to the world have profoundly changed, Gates said, and Afghanistan demonstrates them all. Instability and conflict abroad do threaten people thousands of miles away. Terrorists and criminals take advantage of the latest technologies to spread their hate or sell their goods. Economic, social and humanitarian problems know no borders. Drug traffickers find common ground with terrorists increasing the resources available to extremists in the region, while increasing the drug flow to European streets. Safe havens, combined with a lack of development and governance, “allow Islamic extremists to turn a poisonous ideology into a global movement,” Gates said.

    After the Sept. 11, 2001, terrorist attacks in the United States, NATO nations set out to transform the alliance. Leaders decided NATO needed an expeditionary force capable of dealing with threats of this type – capable of helping other nations help themselves to avoid Afghanistan’s fate.

    “At the time, I imagine many were unsure of what, exactly, this would look like – what new structures, training, funding, mindsets, and manpower would be needed,” Gates said. “Since then, however, we have applied our vision on the ground in Afghanistan.”

    Today, 43,250 troops from some 40 allies and partner nations serve under NATO command, thousands of miles from the alliance’s geographic borders. Growing numbers of reconstruction and security training teams are making a difference in the lives of the Afghan people. NATO’s offensive and counterinsurgency operations in the South have dislodged the Taliban from their strongholds and reduced their ability to launch large-scale or coordinated attacks.

    “Due to NATO’s efforts, … Afghanistan has made substantial progress in health care, education, and the economy – bettering the lives of millions of its citizens,” Gates said. “Through the Afghan mission, we have developed a much more sophisticated understanding of what capabilities we need as an alliance and what shortcomings must be addressed.”

    Since NATO’s November 2006 summit in Riga, Latvia, Gates noted, there has been much focus on whether all allies are meeting their commitments and carrying their share of the burden.

    “I have had a few things to say about that myself,” he said. “In truth, virtually all allies are fulfilling the individual commitments they have made. The problem is that the alliance as a whole has not fulfilled its broader commitment from Riga to meet the force requirements of the commander in the field.”

    Gates said he wants the allies and associated nations to look at the requirements and try to find creative ways to fill them, and by doing so ensure all NATO countries contribute. “But we must not – we cannot – become a two-tiered alliance of those who are willing to fight and those who are not,” he said. “Such a development, with all its implications for collective security, would effectively destroy the alliance.”

    NATO officials are working on a strategic vision document to assess the achievements the alliance and its partners have made in Afghanistan and produce a set of realistic goals and a roadmap to meet them over the next three to five years.

    “We continue urgently to need a senior civilian – a European in my view – to coordinate all nonmilitary international assistance to the Afghan government and people,” he said. “The lack of such coordination is seriously hampering our efforts to help the Afghans build a free and secure country. The really hard question the alliance faces is whether the whole of our effort is adding up to less than the sum of its parts, and, if that is the case, what we should do to reverse that equation.”

    The alliance must be willing to discard bureaucratic hurdles that have accumulated over the years and hinder progress in Afghanistan, Gates said.

    “This means more willingness to think and act differently — and quickly — to pass initiatives such as the NATO Commander’s Emergency Response Fund,” he said. “This tool has proven itself elsewhere, but will, for NATO, require a more flexible approach to budgeting and funding.”

    NATO also needs a common set of training standards for everyone going to Afghanistan, he added, whether they are combat troops conducting counterinsurgency operations, civilians working in provincial reconstruction teams, or members of operational mentoring and liaison training teams.

    “Unless we are all on the same page – unless our efforts are tied together and unified by similar tactics, training and goals – then the whole of our efforts will indeed be less than the sum of the parts,” he said.

    The secretary also said he’s worried about a governmental theology “about a clear-cut division of labor between civilian and military matters – one that sometimes plays out in debates over the respective roles of the European Union and NATO, and even among the NATO allies.” The argument echoes the same discussion in the United States that seeks to use all elements of national power against an enemy or ideology.

    “For the United States, the lessons we have learned these past six years – and in many cases re-learned – have not been easy ones,” Gates said. “We have stumbled along the way, and we are still learning. Now, in Iraq, we are applying a comprehensive strategy that emphasizes the security of the local population – those who will ultimately take control of their own security – and brings to bear in the same place and often at the same time civilian resources for economic and political development.”

    U.S. servicemembers have learned that war in the 21st century does not have stark divisions between civilian and military components, but a continuous scale that slides from combat operations to economic development, governance and reconstruction – frequently all at the same time, the secretary said.

    “The alliance must put aside any theology that attempts clearly to divide civilian and military operations,” he said. “It is unrealistic. We must live in the real world. As we noted as far back as 1991, in the real world, security has economic, political, and social dimensions, and vice versa.

    “In the future, the EU and NATO will have to find ways to work together better, to share certain roles – neither excluding NATO from civilian-military operations nor barring the EU from purely military missions,” he said. Gates added he fully agrees with comments yesterday by NATO Secretary General Jaap de Hoop Scheffer and French Defense Minister Herve Morin that NATO and the EU must have a complementary relationship.

    “At the same time, in NATO, some allies ought not to have the luxury of opting only for stability and civilian operations, thus forcing other allies to bear a disproportionate share of the fighting and the dying,” Gates said.

    The last few years have seen a dramatic evolution in NATO’s thinking and in its posture, Gates said. “With all the new capabilities we have forged in the heat of battle – and with new attitudes – we are seeing what it means to be expeditionary,” he said. “We must now commit ourselves to institutionalize what we have learned and to complete our transformation.”

    Gates said the alliance must find the resolve to work together through a new set of challenges “so that, many years from now, our children and their children will look back on this period as a time when we recommitted ourselves to the common ideals that bind us together — a time when we again faced a threat to peace and to our liberty squarely and courageously, a time when we again shed blood and helped war devastated people nourish the seeds of freedom and foster peaceful, productive societies.”

    “That mission drew us together in 1948 and keeps us together today,” he said.

    Story by Jim Garamone, American Forces Press Service







    Date Taken: 02.09.2008
    Date Posted: 07.03.2025 21:13
    Story ID: 523369
    Location: WASHINGTON, US






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  • Jane Street barred from Indian markets in probe by SEBI

    Jane Street barred from Indian markets in probe by SEBI

    A general view of the SEBI (Securities and Exchange Board of India) building is seen in the business district of Mumbai, India, on July 1, 2025.

    Nurphoto | Nurphoto | Getty Images

    The Securities Exchange Board of India (SEBI) has temporarily barred Jane Street Group from accessing India’s securities market, after it accused the U.S. firm of widespread market manipulation.

    According to an interim order posted on the regulator’s website on Thursday, Jane Street’s “entities are restrained from accessing the securities market and are further prohibited from buying, selling or otherwise dealing in securities, directly or indirectly.”

    SEBI also issued an interim order to freeze over 48.4 billion Indian rupees ($566.3 million) from Jane Street in alleged illegal gains. It further stated that banks have been directed to ensure that “no debits are made, without permission of SEBI,” for accounts held by Jane Street’s entities either jointly or individually.

    Jane Street disputed the findings of SEBI’s interim order and said it will further engage with the regulator, in response to queries from CNBC. A Jane Street spokesperson added that the firm “is committed to operating in compliance with all regulations in the regions we operate around the world.”

    “Without any plausible economic rationale”

    The firm allegedly used various strategies to artificially influence India’s benchmark Nifty 50 index — which tracks the country’s top 50 companies — and profit from significantly larger positions in index options.

    According to SEBI’s 105-page interim order, Jane Street would aggressively buy large amounts of stocks and futures that are part of the BANKNIFTY index, which tracks the performance of India’s banking sector, early in the trading day. The firm would then place large bets that the index would decline later in the day.

    Jane Street would then sell off the positions it had bought earlier, dragging the index lower and making their earlier bets in the options market far more profitable.

    While Jane Street would incur some losses, SEBI contended that it was part of a “deliberate strategy to manipulate indices to the advantage of the trading and positions,” and the losses were offset by the firm’s much larger and profitable options trade.

    While these actions were not a breach of any regulation, SEBI said that the “intensity and sheer scale” of their intervention, and the rapid reversal of their trades “without any plausible economic rationale, other than the concurrent activity in and impact on their positions in the BANKNIFTY index options markets,” was manipulative.

    SEBI said that repeated instances of manipulative trading continued even after an “explicit advisory” was issued to the firm in February 2025 by the National Stock Exchange of India.

    “Such egregious behaviour, in clear disregard/ defiance of the explicit advisory issued to them by NSE in February 2025, amply demonstrates that unlike the vast majority of Foreign Portfolio Investors and other market participants, [Jane Street] Group is not a good faith actor that can be, or deserves to be, trusted,” the regulator said.

    “The integrity of the market, and the faith of millions of small investors and traders, can no longer be held hostage to the machinations of such an untrustworthy actor,” SEBI added.

    SEBI’s move comes as several other global trading firms, from Citadel Securities and IMC Trading to Millennium and Optiver, have been stepping up their presence in India, to ride on its booming derivatives markets.

    The Indian regulator had previously expressed concerns over practices such as algorithmic trading, which SEBI said in a September 2024 report allowed proprietary traders and foreign portfolio investors to make 610 billion Indian rupees in profits in FY 2024, while retail investors and other market participants lost the same amount during that period.

    — CNBC’s Aparajita Saxena contributed to this report

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  • Are you at risk? Waist size, not weight, could affect fertility in women

    Are you at risk? Waist size, not weight, could affect fertility in women

    New research reveals that women with higher levels of hidden visceral fat face greater infertility risk, even if their BMI is normal, spotlighting the need for better screening tools in reproductive health.

    Study: Association of relative fat mass with female infertility: a cross-sectional study based on NHANES 2017–2020. Image Credit: Neirfy / Shutterstock

    In a recent study published in the journal Scientific Reports, researchers examined the associations between relative fat mass (RFM) and female infertility.

    Infertility is the inability to achieve pregnancy after one year of regular, unprotected sex. It affects about 10% to 15% of couples worldwide and significantly impacts mental and physical health. The etiology of infertility is diverse and complex, including reproductive system abnormalities, lifestyle factors, immunological diseases, and endocrine disorders. The relationship between infertility and obesity has attracted substantial interest in recent years.

    Female infertility could be due to tubal disease, ovarian dysfunction, polycystic ovary syndrome (PCOS), and endometriosis. PCOS is characterized by hyperandrogenism, insulin resistance, and impaired ovarian follicular function; these abnormalities are particularly more pronounced in females with obesity. Evidence suggests that obesity is positively correlated with infertility risk.

    RFM is a more effective measure of visceral fat than body mass index (BMI). RFM is calculated using the formula: RFM = 64 − (20 × height/waist circumference) + 12 (for females). RFM integrates waist circumference (WC), more accurately reflecting visceral fat distribution. Unlike BMI, which may fail to identify women with normal weight but excess visceral fat, RFM offers improved screening for metabolic and reproductive risk.

    Besides, visceral fat directly affects fertility and ovarian function by influencing chronic inflammation and insulin resistance, which are better captured by RFM. While RFM correlates with metabolic diseases, how it relates to the female reproductive system, particularly infertility, is poorly defined.

    The study also notes that infertility and obesity are both linked to psychosocial impacts such as stress, anxiety, and depression, highlighting the need for a holistic approach to reproductive health.

    About the study

    In the present study, researchers examined the associations between RFM and infertility in females. The National Health and Nutrition Examination Survey data from 2017 and 2020 were used in the current analyses. Females aged 20–44 were included; those with a history of oophorectomy or hysterectomy, or missing RFM or infertility information were excluded. The primary exposure was RFM, calculated from an individual’s height and WC.

    The primary outcome was infertility, ascertained using questionnaire items asking whether participants attempted to achieve pregnancy for a year without success or if they consulted a healthcare provider for being unable to conceive. Covariates included age, ethnicity, marital status, education level, BMI, household income, alcohol intake, menstrual cycle regularity, sleep disorders, smoking status, and prior treatment for pelvic infection or pelvic inflammatory disease.

    The association between infertility and RFM was assessed using multivariate logistic regression models. One model was adjusted for sociodemographic variables, while another was adjusted for all covariates. In addition, RFM was stratified into quartiles to test linear trends. The study also employed restricted cubic spline analysis to assess the shape of the association, confirming a linear relationship.

    Finally, subgroup analyses were performed to evaluate the stability of the association(s) across various demographic factors, including ethnicity, education, income, BMI, alcohol consumption, smoking, sleep patterns, menstrual cycle regularity, and history of pelvic infection or pelvic inflammatory disease.

    Findings

    The study included 1,487 females, with a mean age of 31.9 years and RFM of 41.2. Of these, 200 subjects were infertile. Most participants were non-Hispanic White (29%), followed by non-Hispanic Black (28%), and Mexican American (14%). Around 56% of participants were married or cohabiting, and 36% were unmarried. Most participants did not smoke (70%) or have trouble sleeping (77%), and had regular menstrual cycles (93%).

    Infertile females were older, married or cohabiting, and had higher RFM than those without infertility. The mean RFM was 42.8 for the infertile group and 40.9 for those without infertility. The researchers noted a significant correlation between RFM and infertility. The crude (unadjusted) model showed that the infertility risk increased by 4% for each unit increment in RFM.

    In the fully adjusted model, after accounting for all covariates, each unit increase in RFM was associated with a 6% higher risk of infertility (odds ratio [OR] = 1.06, 95% confidence interval [CI]: 1.01–1.12, p = 0.019).

    The relationship of RFM with infertility remained after adjusting for sociodemographic variables or all covariates. Further, the highest quartile of RFM had a significantly higher risk of infertility than the lowest quartile. Specifically, the risk of infertility in the highest quartile was 2.38 times higher than in the lowest quartile (OR = 2.38, 95% CI: 0.99–5.70), although the confidence interval included 1.00, indicating borderline statistical significance for this finding. T

    here was a significant and linear association, with infertility risk increasing continuously with an increase in RFM. Restricted cubic spline analysis confirmed that this association was linear rather than nonlinear.

    Results were stable across subgroups. The study found consistent associations across major demographic and clinical subgroups, including ethnicity, education, income, BMI category, alcohol and smoking status, sleep disorders, menstrual cycle regularity, and history of pelvic infection.

    Conclusions

    Taken together, the findings indicate a significant association between RFM and female infertility, with similar results across different subgroups. The study’s limitations include its cross-sectional design, which precludes causal inference, and poor generalizability due to the sample’s limited representation of the United States population.

    Additionally, unmeasured confounding factors could not be entirely ruled out. Overall, RFM could be used as a potential infertility screening indicator, particularly in women who may have normal BMI but elevated visceral fat.

    Future studies should evaluate its clinical significance, including through prospective and multi-level research addressing genetic, lifestyle, and environmental factors.

    Journal reference:

    • Tang Q, Zhang Q, Xia R, et al. Association of relative fat mass with female infertility: a cross-sectional study based on NHANES 2017–2020. Scientific Reports, 2025, DOI: 10.1038/s41598-025-08595-x, https://www.nature.com/articles/s41598-025-08595-x

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  • Healthy lifestyle more beneficial than anti-diabetes drug in long run, study finds, ET HealthWorld

    Healthy lifestyle more beneficial than anti-diabetes drug in long run, study finds, ET HealthWorld

    Adopting a healthier lifestyle is more effective than using the anti-diabetes drug metformin, with the benefits persisting over 20 years later, according to a study.

    The US Diabetes Prevention Program, launched in 1996, enrolled 3,234 patients with prediabetes from 30 institutions across 22 states. The study aimed to compare the benefits of metformin and a lifestyle modification that included exercise and a healthy diet.

    Researchers from The University of New Mexico, US, found that making lifestyle changes lowered the development of diabetes by 24 per cent, while the anti-diabetes drug lowered it by 17 per cent.

    The findings are published in The Lancet Diabetes and Endocrinology journal.

    The team noted that differences between the two approaches — taking metformin and adopting a healthy lifestyle — were seen in the first few years since the study’s start and were durable.

    After the first three years, lifestyle interventions, such as weight loss and increased physical activity, led to a 58 per cent reduction in the onset of type 2 diabetes, compared to a 31 per cent reduction with metformin.

    “The data suggests that those people who didn’t get diabetes also didn’t get diabetes after 22 years,” author Vallabh Raj Shah, professor emeritus at The University of New Mexico’s School of Medicine, said.

    Participants in the lifestyle modification group experienced an additional 3.5 years without diabetes, while those in the metformin group gained an extra 2.5 years.

    “Within three years (since the study started), they had to stop the study because lifestyle was better than metformin. That means lifestyle, which everybody is banking on, is more effective — that is the news,” Shah added.

    The authors wrote, “During follow-up, compared with placebo, diabetes incidence rate was reduced in the (intensive lifestyle intervention) group (by 24 per cent), and in the original metformin group (by 17 per cent), with corresponding increases in median diabetes-free survival of 3.5 years and 2.5 years.”

    • Published On Jul 4, 2025 at 06:42 AM IST

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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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  • 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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  • 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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