World

Karachi: In a major step toward accelerating Pakistan’s digital and financial inclusion landscape, Mashreq has officially launched Mashreq NEO, the country’s first Islamic-first digital banking platform. The launch is a significant milestone for the MENA-based financial institution as it expands its digital footprint into Pakistan. Fully operational nationwide, Mashreq NEO offers a seamless, paperless, and Shariah-compliant digital banking experience designed for both resident and non-resident Pakistanis. Customers can open accounts within minutes, access profit-bearing current and savings accounts, and enjoy free digital transactions along with nationwide ATM availability. A key highlight of the platform is its Shariah-compliant remunerative current account, offering a market-first profit rate of up to 5% per annum. Additionally, its Islamic savings account delivers competitive returns of up to 10%, further strengthening its appeal in a country where Islamic banking adoption continues to grow. “Mashreq’s mission has always been to advance how people bank, save, and grow,” said Fernando Morillo, Group Head of Retail Banking at Mashreq and Chairman of Mashreq Bank Pakistan. “The launch of Mashreq NEO underscores our long-term commitment to empowering individuals and businesses in one of the world’s most dynamic digital markets with our global innovation legacy.” Built on a cloud-based infrastructure aligned with State Bank of Pakistan regulations, Mashreq NEO integrates international-grade security, scalability, and transparency. The bank aims to onboard 10 million customers within the next five years, with a strong focus on salaried professionals, freelancers, women entrepreneurs, and overseas Pakistanis. The platform’s debit cards, powered by leading payment networks, provide access to exclusive discounts at more than 30,000 outlets nationwide. For Non-Resident Pakistanis based in the UAE, the bank will offer instant account opening and zero-fee remittances by leveraging Mashreq’s global systems. “Pakistanis have always found a way to adapt, innovate, and move forward. It’s time their banking did the same,” said Muhammad Hamayun Sajjad, CEO of Mashreq Bank Pakistan. “Our Islamic-first digital model is designed to make everyday banking simple, transparent, and inclusive.” Industry observers note that Mashreq NEO’s entry aligns with the country’s broader push toward a digitally enabled financial ecosystem, as highlighted in recent analyses calling for deeper integration of digital channels to expand financial inclusion. With its global expertise and localized approach, Mashreq NEO aims to serve as a bridge between technological innovation and Pakistan’s evolving financial needs offering secure, ethical, and accessible digital banking to millions across the country.

LAHORE: Bangladesh’s High Commissioner Iqbal Hussain Khan announced that Mahan Air is likely to start three weekly flights between Karachi and Dhaka from next month. This would be a major step for trade between the two brotherly nations and a significant leap in strengthening connectivity.Speaking at the Lahore Chamber of Commerce & Industry (LCCI), the High Commissioner added that the visa process has been simplified. He said visas are now being issued on the joint recommendation of LCCI and the Bangladesh Honorary Consulate in Lahore, adding that visas will be issued to members within three to four days, making travel between the two countries faster and easier.The High Commissioner was warmly received by LCCI President Faheem ur Rehman Saigol. Senior Vice President Tanveer Ahmed Sheikh, EC Member Shouban Akhtar, former EC Member Naeem Hanif, and diplomat Mahfujol Hassan from the Bangladesh High Commission were also present at the event.LCCI President Faheem ur Rehman Saigol emphasized the historical and cultural ties between Pakistan and Bangladesh, describing the two countries as sharing a common heritage. He said Pakistan can increase rice exports to Bangladesh and also seek guidance from Bangladesh in the garments sector. He noted that both nations have opportunities to collaborate in IT, automobiles, and other industries. Currently, bilateral trade stands at approximately 700 million dollars, but there is potential to increase it to 3 billion dollars over the next few years. President Saigol added that direct flights would further enhance trade relations, and LCCI is ready to provide full support to the Bangladesh High Commission in this regard.The High Commissioner invited the LCCI President to lead a delegation to Bangladesh, to which President Saigol responded positively, stating that a delegation would visit Bangladesh soon. Highlighting trade opportunities, High Commissioner Khan said Pakistan can export rice to Bangladesh, while Bangladesh can supply fresh pineapples to Pakistan. He also pointed out significant potential in textiles and ready-made garments.He further mentioned that a direct cargo shipping service will soon be launched. While a cargo service between the two countries has been operational since last December, rising trade demand now requires a dedicated direct cargo route.In the education sector, the High Commissioner encouraged both countries to collaborate. The Higher Education Commission of Pakistan will soon send a delegation to Bangladesh, comprising representatives from twelve universities, with the aim of attracting more Bangladeshi students to study in Pakistan.He also highlighted Pakistan’s tourism sector as an area with considerable potential. The High Commissioner stressed the shared culture, history, and values of the two nations, describing them as closely connected and united as one community.

Islamabad: Pakistan and Malaysia have agreed to establish a new cooperation framework aimed at enhancing maritime training programs and deepening collaboration in the port sector. The breakthrough came during a bilateral meeting between Federal Minister for Maritime Affairs, Muhammad Junaid Anwar Chaudhry, and Malaysia’s Deputy Minister of Transport, Datuk Hasbi bin Habibollah, held on the sidelines of international maritime events in the United Kingdom on Tuesday. Both ministers reviewed existing cooperation under various MoUs and identified new areas for joint ventures, including faculty and cadet exchange programs, specialized training in port management, and technology transfer initiatives. Minister Chaudhry emphasized that the enhanced partnership will significantly boost Pakistan’s maritime human resource capabilities and modernize Gwadar and Karachi ports. An official statement from the Ministry termed the talks “highly productive,” adding that working groups will be formed soon to finalize actionable plans before the next Joint Ministerial Commission meeting.

Belém, Brazil: The COP30 climate summit, which was not attended by the biggest emitter the United States of America, wrapped up on Saturday as one of the most fractious gatherings in three decades, with delegates voicing fury over the absence of any fossil fuel mention in the final agreement. Hosted by Brazil under President Luiz Inácio Lula da Silva, the event exposed deepening rifts between fossil fuel producers like Saudi Arabia and advocates for rapid decarbonization, including the EU and over 80 nations pushing for coal, oil, and gas phase-out roadmaps.Initial drafts hinted at vague transitions, but these were swiftly axed to preserve consensus, as COP President André Corrêa do Lago warned against forcing divisive issues. A Brazilian-style “mutirão” dialogue backfired, with Arab states boycotting talks. Brazil salvaged face by proposing informal roadmaps on deforestation and energy outside formal texts, earning applause but lacking binding force. “We make energy policy in our capitals, not yours,” a Saudi delegate rebuked EU pressure. The near-collapse underscored the COP’s eroding unity, leaving vulnerable nations frustrated.

Saudi Arabia’s Chief of General Staff, General Fayyad bin Hamed Al-Ruwaili, met with Prime Minister Shehbaz Sharif on Monday to discuss ways to further enhance defence and security cooperation between the two nations, according to the Prime Minister’s Office. During the meeting, the prime minister extended warm regards to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and Crown Prince Mohammed bin Salman. He reaffirmed Pakistan’s commitment to strengthening its longstanding ties with Saudi Arabia across defence, security, and economic sectors. Prime Minister Sharif expressed gratitude for Saudi Arabia’s “steadfast support and solidarity,” emphasizing that bilateral relations are grounded in shared faith, common values, and mutual trust. Recalling his recent visits to Riyadh, he highlighted the Strategic Mutual Defence Agreement and underscored Pakistan’s determination to expand defence cooperation through joint training, exercises, and knowledge exchange. He also stressed both countries’ shared resolve to combat terrorism and extremism, while promoting regional peace and stability. General Al-Ruwaili conveyed greetings from the Saudi leadership and reiterated Riyadh’s intent to further elevate its strategic partnership with Pakistan. The meeting included Deputy Prime Minister and Foreign Minister Ishaq Dar, Chief of Army Staff Field Marshal Syed Asim Munir, Defence Minister Khawaja Muhammad Asif, SAPM Tariq Fatemi, and senior officials from both sides. Earlier on Monday, General Al-Ruwaili also met with Pakistan’s COAS Field Marshal Syed Asim Munir at the General Headquarters, where they discussed matters of mutual interest, focusing on bolstering military and security cooperation. According to the ISPR, the discussions reviewed ongoing collaboration in defence, training, and counter-terrorism—key pillars of the Pakistan-Saudi partnership. The visiting official appreciated Pakistan’s support to the Saudi Armed Forces across multiple areas and reaffirmed Riyadh’s commitment to deepening bilateral cooperation.

New Delhi/Kabul: India will soon start regular air cargo flights connecting Delhi, Mumbai and Amritsar with Kabul and Kandahar, a senior Ministry of External Affairs official confirmed on Friday, marking a major step to deepen economic engagement with Taliban-ruled Afghanistan.The decision follows intensive talks with visiting Afghan Acting Minister of Commerce and Industry Haji Nooruddin Azizi, who led a 45-member business delegation to New Delhi this week. Azizi pressed India to accelerate trade and establish dedicated cargo hubs inside Afghanistan, highlighting urgent needs for wheat, rice, life-saving medicines, and industrial raw materials after repeated border closures with Pakistan caused severe shortages.With land routes through Pakistan disrupted by recent military skirmishes, Afghanistan has suffered multimillion-dollar losses in perishable exports and critical imports. The new air corridor will initially operate several weekly freighters, with plans to scale up based on demand. Indian officials described the initiative as “humanitarian and commercial,” emphasizing that engagement remains technical and does not imply political recognition of the Taliban regime.Azizi also renewed requests for smoother customs clearance at Indian ports and faster business visas. Both sides explored joint investments in Afghan mining, agriculture processing, and pharmaceutical sectors. Trade volume, already close to $1 billion annually despite challenges, is projected to grow significantly once air and alternative sea routes via Chabahar Port in Iran are fully operational.

Indianapolis/New York: Eli Lilly and Company (LLY.N) achieved a historic milestone on Friday, becoming the world’s first pharmaceutical company to surpass a market capitalization of $1 trillion. Shares closed at a record high, pushing the century-old drugmaker into an elite group previously reserved for technology behemoths such as Apple, Microsoft, and Nvidia. The breakthrough caps a remarkable 2025 for Lilly, with its stock surging more than 35% year-to-date. Investors have rewarded the company for its dominant position in the fast-expanding market for GLP-1 receptor agonists — medications originally developed for diabetes that have revolutionized obesity treatment. Demand for Lilly’s tirzepatide-based products, sold as Mounjaro for diabetes and Zepbound for chronic weight management, continues to outstrip supply despite aggressive manufacturing expansion. Analysts project combined annual sales of the two brands could exceed $30 billion by 2028, with some forecasts reaching $50 billion as indications broaden to include sleep apnea, heart failure, and fatty liver disease. The valuation triumph highlights a broader shift on Wall Street, where healthcare stocks — long viewed as defensive plays — are now trading at premium multiples typically seen in high-growth tech. Lilly now ranks among the ten most valuable companies globally, surpassing established giants like Tesla and Walmart. CEO David Ricks called the milestone “a testament to our innovation engine and the life-changing impact of our medicines,” while pledging continued investment in next-generation obesity and cardiometabolic therapies.

Madrid/Brussels: Employees of fast-fashion giant Zara are preparing coordinated demonstrations outside flagship stores in seven European nations on November 28, coinciding with Black Friday – one of the retail sector’s busiest shopping days. The action aims to pressure parent company Inditex into restoring a pre-pandemic profit-sharing bonus system for store and warehouse workers.Organized under the banner of Inditex’s European Works Council, the protests are being led by Spain’s prominent CCOO labor union in partnership with counterparts in Belgium, France, Germany, Italy, Luxembourg, and Portugal. Demonstrators plan to gather in high-traffic urban locations, highlighting what they describe as unfair distribution of the company’s substantial earnings amid rising living costs.A key spokesperson for CCOO at Inditex explained that the bonus program, which once rewarded frontline staff based on overall performance, was eliminated in the wake of COVID-19 disruptions. With Inditex now reporting robust post-pandemic recovery and record revenues, unions argue it’s time to reinstate equitable rewards for those driving sales.This isn’t the first time Zara workers have targeted peak shopping periods: similar actions in Spain during the 2022 Black Friday season successfully secured significant pay hikes months later. Inditex, the world’s leading fashion retailer by sales, has yet to issue an official response to the latest demands. Analysts suggest the timing could amplify visibility but risks disrupting consumer experiences during a critical revenue period for the industry.