World

As Black Friday shoppers flood stores nationwide, small U.S. retailers are battling severe inventory shortages triggered by President Donald Trump’s escalating tariffs on Chinese imports. The policies, which spiked to 180% threats in April before settling at 20%, have upended supply chains, forcing mom-and-pop businesses to navigate delays, skyrocketing costs, and uncertain sourcing just as the holiday rush peaks.November and December typically generate a third of annual profits for these firms, but this year, chaos reigns. New York-based Loftie, a sleep wellness brand, sources sunrise lamps from China and now holds just 10% of needed stock. Founder Matt Hassett lamented, “It’s been very difficult to prepare. We could’ve made 50% more sales if we had enough inventory.” A late shipment arrives today, but shelves will remain sparse.Similarly, Brooklyn’s Lo & Sons, purveyors of travel bags, scouted factories in India and Cambodia but returned to China amid higher alternative costs. CEO Derek Lo said, “The uncertainty prevented us from placing purchase orders. Now we’re sitting on lower-than-ideal inventory.”Analytics firm RapidRatings reports small retailers (assets under $50 million) saw margins plummet to -20.7%, with 36% at bankruptcy risk—triple that of giants like Walmart. Executive Chairman James Gellert noted, “For the first time since the pandemic, average profit has dipped into negative territory, disproportionately impacting smaller companies.”Some, like jewelry brand Haus of Brilliance, shifted to Thailand and the U.S., but CEO Monil Kothari warns of lingering shortages into 2026. With early over-orders risking unsold stock and job cuts looming, experts urge policy clarity to avert a retail reckoning. Black Friday foot traffic surges, but for small sellers, the real bargain is survival.

Tai Po, Hong Kong: A ferocious fire that erupted yesterday in a densely packed residential complex has claimed at least 44 lives, including a firefighter, and left 279 people unaccounted for, marking the city’s deadliest inferno in nearly three decades.The blaze tore through seven of eight 32-storey towers at Wang Fuk Court in the northern Tai Po district, starting around 2:50 p.m. local time. Flames, fueled by flammable bamboo scaffolding and substandard polystyrene foam used in renovations, spread rapidly, billowing thick black smoke across the skyline and trapping residents on upper floors.cc84bf0afb87Hong Kong Chief Executive John Lee called it a “massive catastrophe,” declaring a No. 5 alarm—the highest level. Over 900 residents were evacuated, with 45 hospitalized in serious condition. Rescue teams, battling falling debris and intense heat, began searching lower floors today, aided by 26 units and drones.Police arrested three construction firm executives on manslaughter charges, citing “gross negligence” in using non-fireproof materials.01511b Chinese President Xi Jinping offered condolences and 2 million yuan ($282,000) in aid.As searches continue amid smoldering ruins, questions swirl over building safety regulations. Officials vow spot checks on similar sites. Families cling to hope, but the toll rises.

Where Are the World’s Rare Earth Minerals? (Jan 2025)One country dominates: China controls 44 million metric tons of reserves and ~70% of global production. That single red slice is bigger than the rest of the planet combined.Second place? Brazil with 21M tons… yet it produces less than 1% of world supply.The rest is scattered: India 6.9M, Australia 5.7M, Russia 3.8M, Vietnam 3.5M, USA 1.9M, and tiny Greenland 1.5M. Everyone else is a rounding error.Reality check: your smartphone, EV battery, wind turbine, and missile guidance system all depend on 17 obscure elements that mostly come from one geopolitical rival.Diversifying supply is now a national security issue for the West. Mines take 10–15 years to open. We’re late.Source: USGS 2025

ROME: Italy’s competition watchdog has escalated its probe into Meta Platforms Inc. (META.O), accusing the tech giant of leveraging its market dominance to stifle rivals via AI enhancements in WhatsApp.The Italian Antitrust Authority (AGCM) announced Tuesday that it is expanding a July-launched inquiry, now targeting the September 2024 rollout of updated WhatsApp Business Service terms and the seamless embedding of Meta AI functionalities within the app. Regulators allege these moves could hinder innovation, limit market entry for competing AI chatbots, and curb overall output in the burgeoning sector.“By mandating AI integrations without opt-out options, Meta risks entrenching its control, sidelining developers and users seeking alternatives,” the AGCM stated in a release. The probe examines potential breaches of EU antitrust laws, focusing on non-consensual data usage for AI training and the bundling of services that disadvantages third-party providers.Authorities are mulling provisional remedies, such as temporary suspensions of the new terms or AI features, to prevent irreparable harm during the investigation.This marks the latest EU scrutiny on Big Tech’s AI ambitions, following similar cases against Google and Apple. Meta, which counts over 2 billion WhatsApp users globally, has yet to comment. The case could set precedents for cross-border digital enforcement.

MUMBAI: Arch-rivals India and Pakistan will renew their blockbuster rivalry in a high-voltage Twenty20 World Cup clash on February 15 in Colombo, the International Cricket Council (ICC) confirmed Tuesday while unveiling the tournament draw.The 20-team showpiece, scheduled from February 7 to March 8, will be co-hosted by India and Sri Lanka, with matches split across five Indian and three Sri Lankan venues. The March 8 final is set for Ahmedabad’s Narendra Modi Stadium, but will shift to Colombo if Pakistan qualifies – a contingency reflecting the strained bilateral ties that have prevented cricket between the neighbours on Indian soil since 2016.Pakistan, placed in Group A alongside New Zealand, Afghanistan and Ireland, will play all its league matches in Sri Lanka due to ongoing political tensions. India, heading Group B with Australia, England and Bangladesh, will contest all games at home.The top two from each of the five groups advance to the Super Eight stage, followed by semi-finals and the final.The fixture comes nine months after May’s brief military flare-up that cast a shadow over the Asia Cup, where India refused the trophy from Pakistan’s Interior Minister and ACC chief Mohsin Naqvi.Despite the off-field frost, the ICC expects record global viewership when the two nuclear-armed nations collide in what remains world cricket’s most watched contest.

Manila, 26 November 2025 – The Asian Development Bank (ADB) has approved an additional $48 million loan to complete the delayed Balochistan Water Resources Development Sector Project in Pakistan, aimed at tackling severe water scarcity in the country’s largest province.The funding will finalize critical components including the Churi Infiltration Gallery subproject, development of the Siri Toi Dam command area, and watershed management initiatives previously stalled due to budget constraints. An innovative piped irrigation network will replace traditional open channels in the Siri Toi area, promising higher efficiency, reduced water losses, and better service delivery.Balochistan, home to 13 million people, relies on agriculture for nearly two-thirds of its economic output and 60% of employment. Yet frequent droughts, poor water management, and climate change have pushed poverty rates almost double the national average.“The project in the Zhob and Mula river basins supports livelihoods and creates economic opportunities, especially for women in agriculture,” said ADB Pakistan Country Director Emma Fan.Upon completion, Siri Toi Dam will store 36 million cubic meters of water, irrigating 16,592 hectares and bolstering climate-resilient farming. Watershed measures including afforestation and check dams will curb soil erosion and flood risks.Co-financed by Japan-funded trusts through ADB, the initiative seeks sustainable, equitable water management for long-term prosperity in one of Pakistan’s most vulnerable regions

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.