World

New Delhi: India’s telecom ministry has ignited a fierce political and industry debate with a confidential November 28 directive mandating that all new smartphones be preloaded with the state-owned Sanchar Saathi app, aimed at bolstering cyber security amid rising scams and thefts.The app, which tracks and blocks stolen devices using IMEI verification, must be non-deletable and pushed via updates to existing phones within 90 days. Targeting firms like Apple, Samsung, Xiaomi, Vivo, and Oppo, the order seeks to safeguard India’s 1.2 billion telecom users from fraud and counterfeit devices—successes already credited with recovering thousands of lost phones and curbing millions of fake lines.Yet, the move has triggered widespread concerns over privacy and potential surveillance. Opposition leader Rahul Gandhi and Congress Party lawmakers decried it as a “snooping tool,” vowing parliamentary scrutiny and demanding a rollback. Privacy advocates echoed fears of unchecked government access to 735 million smartphones.Apple (AAPL.O), powering 4.5% of the market, plans to resist, citing global policies against third-party preloads that compromise iOS security. Sources say the company will urge New Delhi for alternatives, like user prompts. Other Android makers are reviewing compliance, highlighting tensions between national security and user rights in the world’s second-largest smartphone market.

Karachi: Atif Ikram Sheikh, President FPCCI, has apprised that the EU’s GSP Plus Monitoring Mission, headed by Sergio Balibrea, Trade Mission Lead, has visited the Federation of Pakistan Chambers of Commerce & Industry (FPCCI) Head Office, Karachi, to review Pakistan’s progress under the GSP+ scheme; and, explore avenues for enhanced cooperation.Mr. Atif Ikram Sheikh added that the EU’s GSP Plus Monitoring Mission held a comprehensive meeting with Mr. Saquib Fayyaz Magoon, SVP FPCCI; Ms. Qurat Ul Ain, VP FPCCI; Mr. Zubair Baweja, Chairman of FPCCI’s Pakistan–EU Business Forum and Dr. Mirza Ikhtair Baig, member National Assembly of Pakistan & former SVP FPCCI – along with senior FPCCI members of FPCCI’s Pakistan–EU Business Forum.Mr. Atif Ikram Sheikh elaborated that the delegation reviewed Pakistan’s progress under the GSP+ arrangement; which has significantly contributed to enhancing Pakistan’s exports to the European Union. He highlighted that the GSP+ scheme remains a key driver of sustainable economic growth, export diversification, job creation and stronger Pakistan–EU trade relations. He noted that Pakistan’s exports to the EU have risen from $5.4 billion in 2013 to $13.54 billion in 2024 – although the export basket remains dominated by textiles; which accounts for nearly 82% of the total exports of Pakistan to the EU.Mr. Sergio Balibrea, Trade Mission Lead, acknowledged Pakistan’s progress and efforts; but, emphasized the need for sustained reforms, institutional strengthening and effective implementation mechanisms. Whereas, both the sides reaffirmed their commitment to strengthening a broad-based, long-term and forward-looking partnership under the EU-Pakistan Strategic Engagement Plan. They agreed to continue institutional dialogue and boost cooperation in trade, climate resilience, skills development and optimal utilization of the GSP+ framework for mutual benefit.Mr. Saquib Fayyaz Magoon, SVP FPCCI, informed that the Mission also discussed Pakistan’s compliance with the 27 international conventions on human rights, labour rights, environmental protection, good governance and climate action requirements – essential for the continuation of GSP+ status.SVP FPCCI shared industry insights regarding labour laws, working conditions, workplace safety, gender equality, women’s economic participation and ongoing efforts to eliminate child labour from various sectors. He maintained that, on the back of strong religious and cultural practices, traditions and norms, many industrialists in Pakistan routinely and diligently take care of their labour force, women workers and other vulnerable individuals in their respective industries. These include provision of Zakat, healthcare services, educational support for the labour force’ children and marriage support funds for the children of the workforce as well.Ms. Qurrat Ul Ain, VP FPCCI, presented major investment opportunities in Pakistan across renewable energy, mining, infrastructure, telecommunications, engineering, pharmaceuticals, agribusiness, textiles, leather and value-added manufacturing. She stressed upon the promotion of joint ventures and partnerships with European companies – and, emphasized on the much-needed collaboration on SME development, women entrepreneurship, vocational training, CSR initiatives and human development programs.Mr. Zubair Baweja, Chairman of FPCCI’s Pakistan–EU Business Forum, outlined key challenges faced by exporters – including compliance with EU standards; sanitary & phytosanitary (SPS) issues; emerging regulatory requirements, particularly the EU Medical Device Regulation (MDR) – and limited awareness among SMEs regarding certification and documentation processes. He proposed enhanced EU technical assistance, capacity-building programs and awareness sessions for exporters in diversified and unconventional sectors as well.

LONDON: Bitcoin crashed below the psychologically important $90,000 level on Monday, extending its sharpest monthly decline since the 2021 crypto crash, as broader risk aversion swept global markets.The world’s largest cryptocurrency plunged as much as 6.1% during the session, hitting an intraday low near $85,000 before recovering slightly. By 09:42 GMT, Bitcoin was trading down almost 5% at $86,754 – marking its largest single-day drop in over a month and hovering dangerously close to November’s eight-month low of $80,553.Analysts at Jefferies led by Christopher Kumar pointed to a cocktail of crypto-negative factors weighing on sentiment, including Bitcoin’s rising correlation with equities and renewed macro risk aversion. U.S.-listed spot Bitcoin ETFs suffered record outflows in November, with LSEG data showing the worst monthly redemptions on record as investors fled risk assets.The selloff mirrored sharp declines in global stock markets, underscoring Bitcoin’s evolution from “digital gold” to just another high-beta risk asset. Traders now eye the $80,000 support level, with a break of which could trigger another leg lower in the ongoing correction.

BEIJING: China’s People’s Bank of China (PBOC) doubled down on its stringent anti-crypto policy Saturday, cautioning against a recent uptick in virtual currency speculation and pledging a robust crackdown on stablecoin-related illegalities. In a statement following Friday’s virtual currency regulation coordination meeting, the PBOC emphasized that cryptocurrencies lack legal tender status and deem related business activities as illegal financial operations. Stablecoins, in particular, were flagged for inadequate customer identification and anti-money laundering safeguards, heightening risks of money laundering, fraud, and illicit cross-border transfers. “We will intensify efforts to combat these illegal activities and safeguard economic and financial stability,” the central bank declared. This echoes October remarks by Governor Pan Gongsheng, who vowed ongoing suppression of domestic crypto operations while monitoring overseas stablecoin developments. China has prohibited crypto trading since 2021, though Bitcoin mining is quietly rebounding in energy-abundant provinces via cheap power and data centers. Meanwhile, Hong Kong’s stablecoin framework remains license-free.

Moscow/New Delhi: Russian President Vladimir Putin is scheduled to visit India on December 4-5, invited by Prime Minister Narendra Modi, to strengthen bilateral ties and address global issues, according to statements from the Kremlin and India’s Foreign Ministry. This marks Putin’s first trip to India since December 2021, shortly before Russia’s military actions in Ukraine began in February 2022. During the two-day state visit, Putin will engage in talks with Modi and meet President Droupadi Murmu separately. The agenda includes signing various intergovernmental and commercial agreements, emphasizing the “particularly privileged strategic partnership” between the nations. The Kremlin highlighted cooperation in political, trade, economic, scientific, technological, cultural, and humanitarian areas. The visit comes amid U.S. pressure, with President Donald Trump urging Modi to halt Russian oil purchases. India, a major buyer of Russian crude, is expected to see imports drop to a three-year low in December, down from November highs, as refiners seek alternatives to comply with Western sanctions, per trade sources. This diplomatic engagement underscores Russia’s efforts to bolster alliances amid geopolitical tensions, while India navigates energy security and international relations.

KARACHI: Head of Vietnam’s Trade Mission in Karachi, Ms. Nguyen Thi Diep, while expressing satisfaction over the upward trajectory of bilateral trade, said she was optimistic that trade between Vietnam and Pakistan would soon surpass the US$1 billion mark. “Vietnam and Pakistan have consistently maintained strong and friendly relations, particularly in the fields of business and trade. Bilateral trade has risen from just US$54 million in 2006 to US$905 million in 2022, while in 2024 it stood at US$850 million”, she noted during a meeting held at the Karachi Chamber of Commerce & Industry (KCCI) with the visiting Vietnamese delegation.The meeting was attended by President KCCI Muhammad Rehan Hanif, Senior Vice President Muhammad Raza, Chairman Diplomatic Missions & Embassies Liaison Subcommittee Ahsan Arshad Sheikh, Former Vice President Haris Agar, and members of the KCCI Executive Committee.Ms. Nguyen Thi Diep highly appreciated KCCI for hosting the delegation, adding that the Vietnam Trade Mission in Karachi remained grateful for the Chamber’s continuous support and cooperation in promoting bilateral business relations. “We greatly value KCCI’s facilitation and look forward to further strengthening our collaboration”, she said.She informed that Vietnam’s major exports to Pakistan include black and green tea, black pepper, cashew nuts, fish products, synthetic yarn & fiber, iron & steel, machinery & equipment, natural rubber, and chemicals. Pakistan, she noted, is the largest importer of Vietnamese tea, while Vietnamese black pepper ranks No. 1 in Pakistan. Conversely, Pakistan exports cotton and cotton-based products, including yarn, fabrics, denim, along with leather, pharmaceutical products, surgical & dental instruments, and sports goods including Sialkot-made footballs. Highlighting the vast potential for Pakistani exporters, she pointed out that Pakistan’s exports currently account for less than 2 percent of Vietnam’s total imports, despite the fact that many major Pakistani export products enjoy strong demand in the Vietnamese market.To capitalize on these opportunities, she proposed that KCCI should send a high-level business delegation to Vietnam to meet leading business chambers and industry groups. She also recommended that KCCI facilitate seller–buyer delegations to participate in trade fairs and exhibitions in Vietnam to deepen commercial engagement.Responding to KCCI’s invitation for the upcoming My Karachi Exhibition, she assured that all relevant details would be circulated among Vietnamese businesses and importers, who will be encouraged to visit Pakistan and actively participate in the event.President KCCI Rehan Hanif, while warmly welcoming the Vietnamese delegation, stated that Vietnam is globally admired for its remarkable agricultural excellence, particularly in rice, seafood, coffee, spices, fruits, and processed foods. He said that Pakistan greatly values the opportunity to learn from Vietnam’s experience, exchange best practices, and explore partnerships that can enhance productivity, innovation, and value addition across Pakistan’s agrifood sector. He noted that Vietnam’s transformation, from a modest economy in 2000 to a dynamic economy exceeding US$485 billion in 2025, stands as an inspiring example of resilience, discipline, and strategic reforms. “Pakistan, with its vast industrial base, fertile resources, and youthful population, sees Vietnam not only as a valuable partner but also as a model for export-led growth”, he remarked. He further highlighted that Karachi, being the country’s premier port city, offers an exceptionally conducive environment for trade and investment. As the gateway to Central Asia, the Middle East, and Africa, and with regional connectivity rapidly expanding through CPEC and the Gwadar Port, new opportunities are emerging for joint ventures, logistics partnerships, and regional distribution networks benefiting both Pakistan and Vietnam.He emphasized that Pakistan’s competitive strength as one of the world’s largest Halal food markets, providing foreign investors, including Vietnamese exporters, access to a massive global Halal consumer base. Collaboration in Halal-certified meat, processed foods, and value-added agri-products, he noted, can generate substantial business potential.Highlighting the vast untapped opportunities in bilateral trade, investment, and technology transfer, he identified promising avenues of cooperation including food technology and processing, agricultural machinery and automation, biotechnology and seed development, cold-chain logistics, advanced packaging solutions, renewable energy for agro-industries, and IT solutions for agriculture and supply chains. “Vietnamese delegation’s visit to KCCI serves as an excellent platform for meaningful B2B engagement and for building partnerships that are sustainable, mutually beneficial, and future-oriented”, he added while inviting the delegates to participate in the upcoming My Karachi Exhibition scheduled for February next year.

Alibaba Group has thrown its hat into the red-hot AI wearables ring, launching the Quark AI glasses in China today—a sleek bid to disrupt Meta’s dominance in the sector. Priced accessibly from 1,899 yuan ($268) for the base G1 model, the eyewear-like device is powered by Alibaba’s in-house Qwen large language model and companion app, blending everyday style with cutting-edge smarts.Unlike Meta’s bulkier Ray-Ban smart glasses or Oculus headsets, Quark’s black plastic frames mimic ordinary spectacles, prioritizing subtlety over spectacle. The premium S1 variant, starting at 3,799 yuan ($537), ups the ante with built-in micro-OLED displays that overlay contextual info—like real-time translations or product prices—directly into the user’s view. Both models boast swappable lenses for customization and deep ties to Alibaba’s ecosystem, enabling seamless Alipay payments, Taobao shopping scans, and on-the-go voice queries.First teased in July, the glasses hit major platforms like Tmall, JD.com, and Douyin immediately, with pre-orders already surging. Analysts hail the move as Alibaba’s rare consumer hardware push amid its AI pivot, potentially capturing a slice of the $50 billion wearables market where Meta holds sway. “This isn’t just tech—it’s lifestyle integration,” said Alibaba exec Wu Xiaoguang. Early buzz suggests strong holiday uptake, but privacy concerns and battery life will test its mettle against Silicon Valley giants.

In a bold move shaking transatlantic ties, two Swiss lawmakers have petitioned prosecutors to investigate whether high-value gifts bestowed on U.S. President Donald Trump by Swiss business tycoons— including a custom Rolex desk clock worth $130,000 and a one-kilogram gold bar engraved with “45” and “47”—breach Switzerland’s stringent anti-bribery statutes.The probe request, filed by Green Party parliamentarian Franz Grüter and Social Democrat Priska Seiler Graf, stems from a November 15 delegation of Swiss industry leaders to Mar-a-Lago. Amid Trump’s aggressive 39% tariffs on Swiss exports like watches and pharmaceuticals, the group presented the opulent items in a bid to soften trade blows. Days later, tariffs plummeted, sparking whispers of quid pro quo.Grüter decried the gifts as “a blatant attempt to buy influence,” arguing they undermine Switzerland’s reputation for neutrality and ethical governance. The gold bar, from a Zurich refiner, and the Rolex timepiece— a gold-plated heirloom from the luxury firm’s CEO—were touted as “tokens of appreciation,” but critics liken them to scandals ensnaring figures like Sen. Bob Menendez.Swiss prosecutors must now assess if the presents, exceeding federal gift limits, constitute corruption under Article 322 of the penal code. White House spokespeople dismissed the inquiry as “baseless sour grapes,” insisting the tariff relief reflects fair negotiations. As U.S.-Swiss trade hinges on billions, this saga could chill future diplomacy, with EU allies watching closely for precedents in Trump’s dealmaking era.