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  • China’s Xi says Taiwan ‘reunification’ must happen as history cannot be stopped

    China’s Xi says Taiwan ‘reunification’ must happen as history cannot be stopped

    The tide of history cannot be stopped, Chinese President Xi Jinping said on Thursday, ​while urging peaceful “reunification” with Taiwan and making no mention of using force, though he still drew a firm rebuff from Taipei.

    China views democratically-governed ‌Taiwan as its own territory, despite Taipei’s strong rejection of that claim, and has repeatedly offered a “one country, two systems” model of autonomy not supported by any major Taiwanese political party.

    Resolving the Taiwan question is an “unwavering historical mission” of China’s Communist Party, Xi said in a speech in Beijing’s Great Hall of the People.

    “The tide of history cannot be stopped,” Xi added. “The complete reunification of ​the motherland must be realised, and it will certainly be realised.”

    Taiwan’s government dismissed the remarks.

    Its Mainland Affairs Council said neither the government nor Taiwan’s people ​could accept “one country, two systems,” which would ultimately mean submitting to the Communist Party’s authoritarian rule.

    “As for the wording on Taiwan ⁠unification, it isn’t much different from the past,” council spokesperson Liang Wen-chieh told reporters.

    Xi’s comments came in a speech on the 160th birthday of revolutionary hero Sun ​Yat-sen, who helped lead a 1911 revolt that ended centuries of rule by emperors and empresses and ushered in the Republic of China.

    Xi said China adheres to “peaceful reunification ​and the policy of ‘one country, two systems’” and is willing to talk to Taiwan while upholding the “one-China principle”, or Beijing’s position that both sides of the Taiwan Strait are one country.

    All Chinese, including those in Taiwan, should join hands to jointly oppose Taiwan independence “separatist” forces and strive for peaceful development of cross-Strait ties, Xi added.

    Despite Xi not mentioning the use of force, which China ​has never renounced for Taiwan, its military operates around the island on a daily basis and is extending its reach further into the Pacific.

    Taiwan’s defence ministry said it ​had detected 29 Chinese military aircraft, including J-16 fighter jets and drones, carrying out a “joint combat readiness patrol” around Taiwan in conjunction with Chinese warships, starting on Thursday.

    Taiwan tells people to stay away

    Xi’s ⁠speech comes a week ahead of the APEC summit in China’s southern tech hub of Shenzhen, where he is due to again meet US President Donald Trump, and also a little more than two weeks before important local elections in Taiwan.

    Last month, Taiwan called on its people to steer clear of any of China’s events to mark the Sun anniversary, saying China had a distorted view of him and his legacy.

    Beijing calls Sun a great national hero and patriot, as well as the forerunner of the 1949 communist ​revolution that forced the defeated Republic of ​China government to flee to Taiwan, ⁠where it remains to this day.

    Xi said Sun was a great national hero, a great patriot and a “great pioneer of China’s democratic revolution”.

    “Mr Sun Yat-sen consistently upheld the unity of the country and the solidarity of the nation, and he firmly opposed ​all words and actions that split the country or the nation,” he added.

    ‘Father of the nation’

    In Taiwan, Sun is officially ​considered the “father of the ⁠nation” and his portrait hangs in the presidential office, though his political philosophy, “Three Principles of the People”, is no longer a required text for schoolchildren.

    While Taiwan President Lai Ching-te and his ruling Democratic Progressive Party champion Taiwan’s separate identity from China, they have been striking a tougher tone with Beijing on the role of the Republic of China.

    Taiwan has ⁠been particularly upset ​by Beijing’s effort to claim credit for the victory in World War Two, saying it was the ​Republic of China government that fought alongside the allies, as the People’s Republic of China did not exist at the time.

    China says Lai is a “separatist” and has refused to speak with him. Lai says only ​Taiwan’s people can decide their future.

    Source: dawn

  • Gold price in Pakistan plunges by Rs10,900 per tola

    Gold price in Pakistan plunges by Rs10,900 per tola

    Gold prices in Pakistan decreased on Thursday in line with their loss in the international market. In the local market, gold price per tola reached Rs416,536 after a massive decline of Rs10,900 during the day.

    Similarly, 10-gram gold was sold at Rs357,112 after it fell by Rs9,345, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

    On Wednesday, gold price per tola reached Rs427,436 after a decline of Rs3,400 during the day.

    The international rate of gold declined by $109 to reach $3,940 per ounce.

    Meanwhile, the price of silver also decreased by Rs163 to reach Rs4,782 per tola.

    Source: brecorder

  • Imran Khan’s sisters Noreen, Uzma released from Kot Lakhpat jail

    Imran Khan’s sisters Noreen, Uzma released from Kot Lakhpat jail

    Pakistan Tehreek-e-Insaf (PTI) founder Imran Khan’s two sisters, Noreen Niazi and Dr Uzma Khan, have been released from Lahore’s Kot Lakhpat Jail after nearly one and a half months in detention.

    PTI legal adviser Rana Mudassar Umar confirmed their release in a post on social media platform X, saying that both sisters had safely returned home.

    According to sources cited by Aaj News, PTI Chairman Barrister Gohar Ali Khan played a key role in securing their release through special efforts.

    Noreen and Dr Uzma were taken into custody on September 21 under Section 3 of the Punjab Maintenance of Public Order (MPO) Ordinance, 1960, ahead of protests announced by the PTI.

    Meanwhile, another sister of the PTI founder, Aleema Khan, was also taken into custody on September 20. However, no information regarding her release has emerged so far.

    Source: brecorder

  • Palm extends gains on firmer rival Dalian

    Palm extends gains on firmer rival Dalian

    KUALA LUMPUR: Malaysian palm oil futures rose for a second straight session on Thursday, supported by gains in other major vegetable oils markets, although weaker crude oil prices, ample inventories and profit-taking kept gains in check.

    The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange gained 29 ringgit, or 0.66%, to 4,439ringgit ($1,087.99) a metric ton at the close.

    The market traded higher following bullish rallies in rival Dalian during Asian trading hours as well as overnight soyoil futures in Chicago, said Anilkumar Bagani, head of research at Mumbai-based vegetable oil broker Sunvin Group.

    But he said lower energy prices and large Malaysian stockpiles prompted some traders to lock in profits after prices reached a key resistance level.

    Dalian’s most-active soyoil contract rose 0.46%, while its palm oil contract added 2.55%. Soyoil prices on the Chicago Board of Trade were down 0.44%.

    Oil prices moved slightly lower after recovering from earlier losses, as persistent geopolitical tensions in the Middle East and Russia offset pressure from rising crude output.

    Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.

    The Malaysian ringgit, weakened 0.15% against the dollar, making palm oil a little cheaper for overseas buyers.

    Source: brecorder

  • Pearl Continental owner says ‘not a party’ to Thatta Cement-Fauji Foundation restructuring deal

    Pearl Continental owner says ‘not a party’ to Thatta Cement-Fauji Foundation restructuring deal

    Pakistan Services Limited, which owns and manages the Pearl Continental (PC) Hotels chain, said on Thursday it was not a party to, and had not been notified of, a definitive agreement between Thatta Cement Company Ltd (THCCL) and Fauji Foundation (FF) over its proposed restructuring.

    The response came a day after Thatta Cement disclosed to the Pakistan Stock Exchange that it had entered into a definitive agreement with Fauji Foundation in connection with the proposed restructuring of PSL.

    Pakistan Services said, “It has neither been notified of nor is it aware of the execution of any definitive agreement between THCCL and FF in connection with the proposed restructuring of the company”.

    “The company, therefore, is not a party to the definitive agreement as referred to in the aforesaid disclosure,” it said.

    Thatta Cement, in its filing on Wednesday, had said: “Thatta Cement Company Limited has entered into a definitive agreement with Fauji Foundation in relation to the proposed restructuring of Pakistan Services Limited, subject to the requisite corporate, regulatory and other necessary approvals.”

    Neither filing disclosed the terms, structure, or valuation of the proposed restructuring.

    The development came days after Fauji Foundation, one of Pakistan’s largest conglomerates, acquired a 19.70% stake in PSL for approximately Rs6.55 billion, i.e. $23.7 million.

    Fauji Foundation acquired 6,406,797 voting shares of Pakistan Services on November 2, 2026, at Rs1,022.42 per share, taking its total shareholding in the company to 19.70% of its voting shares.

    Pakistan Services Limited was established in 1958 as a public limited company. The company’s primary business involves owning and managing the “Pearl Continental” chain of hotels. It also grants franchises for the use of its trademark and name and operates a smaller budget hotel property in Lahore.

    The company has observed significant changes in shareholding in recent years.

    Last year in July, AKD Group Holdings (Private) Limited acquired a 27.95% stake in PSL for over Rs6.36 billion. On the same day, Dawood Jan Mohammad acquired 28% of PSL’s voting shares at Rs700 per share.

    Following this, Thatta Cement Company Limited announced its acquisition of a 28% stake in PSL for Rs6.45 billion (Rs710 per share).

    In September 2026, Thatta Cement Company Limited reached an in-principle understanding for a proposed restructuring of PSL to amicably resolve the matter pending before the Islamabad High Court.

    Source: brecorder

  • Sukuk market growing at 22% CAGR, but foreign investment remains underwhelming, says Aurangzeb

    Sukuk market growing at 22% CAGR, but foreign investment remains underwhelming, says Aurangzeb

    Finance Minister Senator Muhammad Aurangzeb said Pakistan’s Sukuk market has grown at a compound annual growth rate of around 22%, but foreign investment in Sharia-compliant instruments remains underwhelming and needs to be actively promoted.

    The finance minister made the comments while addressing a ceremony marking the achievement of Rs10 trillion in Sovereign Sukuk, alongside the issuance of Hybrid and Short-Term Sukuk.

    “It is not about the absolute numbers that we are celebrating today, but the efforts taken to diversify the Sukuk market and introduce greater flexibility in sovereign financing instruments,” he said.

    • Sukuk, also known as Islamic bonds, are financial instruments that comply with Islamic law (Shariah) and its investment principles. Unlike traditional bonds, which represent debt and pay interest, Sukuk represents ownership in a tangible asset or a pool of assets. Investors in Sukuk receive a share of ownership or profits generated by these underlying assets, rather than just receiving interest payments.

    He highlighted the introduction of hybrid government Sukuk, developed by the Ministry of Finance Debt Management Office in conjunction with the State Bank of Pakistan, as an important development. “This instrument combines different Sharia-compliant structures and provides greater flexibility in the use of government-owned assets.”

    Aurangzeb sets priorities for Pakistan’s G-24 Chairmanship

    Another key step, he said, was the introduction of shorter-tenor Sukuk, including three- to six-month instruments. “This was a big gap in the market and was an important step towards developing a credible Sharia-compliant yield curve across different maturities.”

    Despite the progress, Aurangzeb said foreign investment in recent months in Sukuk remained below potential.

    “Foreign investment in Sukuk quite frankly remains underwhelming,” he said. “Therefore, there is a need to highlight and actively promote Sukuk among international investors and diversify foreign portfolio investment into Sharia-compliant instruments.”

    He said banks, primary dealers and brokers would “all have to work together on this”.

    On retail participation, Aurangzeb said digital platforms were key to scaling up the market. He noted the State Bank’s platform and telecom platforms to facilitate retail investment and Sukuk.

    “The way to move forward and scale it up is through digital platforms.”

    For the long-term corporate debt market, he said the first mandate had been given by the Ministry of Power for National Grid Company to issue its first-ever listed Sukuk. “If successful, this would set a benchmark for other corporates to come in.”

    “These are the areas where we need to constantly work together, including SBP, SECP, PSX and CDC, to develop a more comprehensive Sukuk market ecosystem,” he said.

    Source: brecorder

  • At COP31, PM Shehbaz calls for grant-based finance, resilience funding for climate-vulnerable countries

    At COP31, PM Shehbaz calls for grant-based finance, resilience funding for climate-vulnerable countries

    Prime Minister Shehbaz Sharif on Thursday called for grant-based finance and improved resilience and adaptation funds for climate-vulnerable countries at COP31, being held in Turkiye’s Antalya.

    This year’s summit focuses on transitioning toward a low-carbon future.

    Delegates from nearly 200 countries are meeting in the Mediterranean resort city of Antalya as global greenhouse gas emissions show little sign of falling, while wars, inflation and other crises compete for political attention.

    Addressing the summit, Prime Minister Shehbaz Sharif highlighted Pakistan’s efforts to promote clean energy but warned that “national effort cannot replace a fair and just global response”.

    “When climate disasters strike, vulnerable countries need timely help and finance that does not deepen their debt,” Shehbaz said, adding that Pakistan called for “grant-based finance, including public-private partnerships, alongside a significant increase in resilience and adaptation funds, which amount to survival funds, especially for struggling economies”.

    He said clean energy sources accounted for nearly 55pc of Pakistan’s energy needs, adding that the country was advancing electric mobility and had set a target of reducing projected emissions by about 50pc by 2035.

    Recalling the 2025 floods in Khyber Pakhtunkhwa’s Buner district, the prime minister said: “In August 2025, a young man in Buner was just two days away from his wedding when flash floods swept through his village. A home preparing for celebrations became a house of mourning.”

    “Their grief was personal, yet the warning signs were global,” the prime minister said, noting that this was the story of “millions of people in Pakistan and across the developing world”.

    “People who have contributed the least to climate change bear its heaviest consequences,” he added.

    Addressing the summit, PM Shehbaz also recalled the 2022 floods in Pakistan, noting the economic damage and mass displacement the catastrophe caused.

    More than 1,700 people lost their lives, and economic losses exceeded $30bn,” the prime minister said.

    PM Shehbaz recalled his speech at the UN General Assembly in 2022. “I had warned that what is happening in Pakistan will not stay in Pakistan, and unfortunately, that warning has become a stark reality.

    “The future we feared has become the present we are living,” he said.

    Underscoring the need for global solidarity, the premier remarked, “Climate change knows no borders and no nation can face it alone. Solidarity must mean real action.”

    He then expressed gratitude to Turkish President Recep Tayyip Erdogan for his country’s support for Pakistan during the 2010 and 2022 floods.

    Addressing the summit, PM Shehbaz also warned against the weaponisation of water.

    “No nation should be allowed to put the lives and livelihoods of people downstream at risk. Water-sharing agreements must be honoured in letter and spirit,” the premier said.

    Concluding his address, PM Shehbaz said world leaders had gathered at the summit to “shoulder a shared responsibility to protect life on this earth.”

    “Let our success be measured not by promises we make here but by the families we protect, the resources we deliver, and the meaningful action we sustain,” he hoped.

    On Tuesday, PM Shehbaz addressed a high-level dialogue on clean energy transition, titled ‘35 by 35: Powering the Future’, where he highlighted Pakistan’s solar power boom.

    “In just two years, Pakistan has added nearly 22 gigawatts of rooftop solar capacity — a quiet revolution by ordinary citizens seeking affordable power and a cleaner, more predictable future.”

    He had affirmed that Pakistan fully supports the ‘35-by-35 Global Electrification Pledge’, wherein countries agree to aim to increase electricity’s share of total final energy consumption to around 35 per cent by 2035 in line with global climate objectives. The prime minister also held several bilateral conversations with world leaders and international organisations on the sidelines of the summit on Wednesday.

    Dozens of leaders are speaking during the “high-level segment” taking place on Wednesday and Thursday, including Erdogan, Iran’s President Masoud Pezeshkian and Brazilian President Luiz Inácio Lula da Silva, whose country hosted last year’s climate talks.

    “Nature — no less than people — is also paying a heavy price for armed conflicts. The starkest example of this is Gaza… what has taken place in Gaza is not only a genocide, but it is also an ecocide,” Erdogan said to applause on Wednesday.

    The United States, the world’s largest historical emitter, has skipped the talks for the second year in a row after President Donald Trump — who has called global warming a hoax — withdrew the US from climate cooperation following his return to office in 2025.

    Negotiators from nearly 200 countries are seeking agreement on a plan to increase the share of electricity in global energy use and revive stalled efforts to move away from fossil fuels.

    On Wednesday, the UN chief told world leaders at the summit that the slow international response to climate change so far had placed the world on a path to destruction.

    Governments must fight harder to preserve the planet for future generations, he said, in comments that set the tone for two days of rapid-fire speeches by world leaders.

    “The brutal truth is that the climate crisis is outrunning us. This is the path to mutually assured destruction,” Guterres said, pointing to rising emissions, global temperatures and worsening climate-driven disasters.

    “But science is not telling us to surrender. It is telling us to fight harder.”

    Source: dawn

  • China says US using spy claims to justify technology ‘blockade’

    China says US using spy claims to justify technology ‘blockade’

    Beijing accused the United States on Thursday of using spurious spying claims as a pretext to impose a technological “blockade” on China, following claims that Nvidia boss Jensen Huang was the victim of a Chinese espionage plot.

    “China’s technological progress is driven by independent innovation and open cooperation. The US side should stop fabricating such ‘spy’ narratives as a pretext for imposing a technological blockade,” foreign ministry spokeswoman Mao Ning told a regular briefing.

    Huang, who co-founded Nvidia and turned it into the world’s leading supplier of the chips that power AI, has admitted to having an extramarital affair, reportedly with Alice Huang.

    She is a reported to be a former executive at Singapore-based Megaspeed and is thought by US officials to have worked for Chinese intelligence.

    The Nvidia boss has spent years lobbying against curbs on sales of advanced chips to China.

    US President Donald Trump last year cleared Nvidia’s H200 chips for export there over objections from hawks in both parties who fear Beijing winning the race to dominate in AI technology.

    China has dismissed the claims about spying on Huang as “groundless speculation” and “an attempt to smear China”.

    The furore comes ahead of a meeting next week between Trump and President Xi Jinping at the APEC gathering in Shenzhen in southern China.

    Source: dawn

  • South Korea shares close down amid Nvidia leadership uncertainty

    South Korea shares close down amid Nvidia leadership uncertainty

    SEOUL: Round-up of South Korean financial markets:

    South Korean shares fell on Thursday amid uncertainty surrounding Nvidia’s leadership.

    The won strengthened, while the benchmark bond yield fell.

    The benchmark KOSPI closed down 32.63 points, or 0.61%, at 5,342.73.

    Chipmaker Samsung Electronics rose 0.97%, while peer SK Hynix lost 1.80%. The Nasdaq and S&P 500 ended Wednesday more than 1% higher and the S&P 500 technology sector was up 2.7%.

    Tech stocks rebounded after a selloff following last week’s US midterm elections, driven by concerns over tighter AI regulation and the sustainability of the sector’s rally.

    Nvidia’s board is met on Wednesday to decide whether to oust CEO Jensen Huang, a source familiar with the matter told Reuters, as the world’s dominant supplier of AI processors grapples with reports of two extramarital affairs involving its longtime leader.

    Among other index heavyweights, battery maker LG Energy Solution slid 1.79%, while Hyundai Motor and sister automaker Kia Corp were down 2.20% and down 1.06%, respectively.

    Steelmaker POSCO Holdings shed 0.54%, while drugmaker Samsung BioLogics rose 1.33%.

    Of the total 911 traded issues, 271 shares advanced, while 595 declined.

    Foreigners were net buyers of shares worth 374.6 billion won.

    The won was quoted at 1,333.9 per dollar on the onshore settlement platform, 0.27% higher than its previous close at 1,337.5.

    In offshore trading, the won was quoted at 1,334.6 per dollar, up 0.3% on the day, while in non-deliverable forward trading its one-month contract was quoted at 1,333.0.

    The KOSPI has risen 26.78% so far this year. In money and debt markets, December futures on three-year treasury bonds lost 0.01 point to 103.50.

    The most liquid three-year Korean treasury bond yield was flat at 3.733%, while the benchmark 10-year yield fell by 2.9 basis points to 3.923%.

    Source: brecorder

  • Europe’s STOXX 600 hits record high on strong earnings, easing Mideast tensions

    Europe’s STOXX 600 hits record high on strong earnings, easing Mideast tensions

    Europe’s benchmark STOXX 600 hit a record high ‌on Thursday, boosted by strong corporate earnings, easing geopolitical tensions and investors rotating out of AI-linked stocks in Asia and the US.

    The pan-European ​STOXX 600 gained 0.3% to 665.38 points by ​0806 GMT, after closing at record levels in the ⁠previous session.

    Equity benchmarks in most major regional markets ​were also higher, with Germany’s DAX rising 1% to a ​new high.

    Strong corporate earnings despite pressure from energy-driven inflation and expectations for higher interest rates have supported European equities in recent months.

    STOXX 600 ​companies are on track to post quarterly profit growth of 25%, ​the strongest in four years, according to LSEG-compiled data, with energy companies ‌providing ⁠a major boost.

    Siemens rose 3.8% after the industrial technology group raised its growth outlook, while Merck gained 1.6% after the drugmaker increased its 2026 profit guidance for a third time this ​year.

    Investors were also ​relieved by ⁠lower oil prices, a key import cost for Europe, that slipped below $100 a barrel after ​the US said no imminent attacks on Iran ​were ⁠likely.

    The region’s smaller exposure to AI-linked stocks has also helped it outperform Asian and US peers at a time when traders ⁠scrutinize ​the AI trade.

    The STOXX 600 has ​risen 4.7% so far this quarter, while the S&P 500 is down 0.4%.

    Source: brecorder

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