World

New Delhi/Hong Kong: In a bold and unprecedented move, Air India has urged the Indian government to diplomatically plead with Beijing for permission to fly through a highly sensitive Chinese military airspace in Xinjiang, revealing the crippling financial damage caused by Pakistan’s ongoing overflight ban.A confidential Air India document submitted to Indian authorities in late October, reviewed by Reuters, estimates the Pakistan airspace closure—imposed after April tensions—is costing the Tata-owned carrier a staggering $455 million annually in lost profit, pushing fuel costs up 29% and adding up to three hours on long-haul routes to North America and Europe.To survive, Air India wants emergency access to the restricted Hotan-Kashgar corridor and diversion rights to military-dominated airports in Xinjiang’s west, currently off-limits to all foreign carriers. The route sits inside the People’s Liberation Army’s Western Theater Command—the same unit tasked with any potential India conflict—and is surrounded by 20,000-ft peaks that pose severe decompression risks.Analysts call approval “highly doubtful” given recent Chinese airbase expansions at Hotan and Beijing’s iron grip on military airspace. Without the shortcut, Air India warns routes like Mumbai-San Francisco are “becoming unviable,” forcing technical stops and driving passengers to foreign rivals with shorter Pakistan-permitted paths.The airline, still reeling from June’s deadly Gujarat Dreamliner crash, has already axed Delhi-Washington flights and slashed 15% capacity on remaining U.S./Canada routes. Air India is also quietly seeking temporary government subsidies and relief from $725 million in pre-privatisation tax liabilities.Neither Air India, India’s aviation ministry, nor Chinese authorities have commented.

Islamabad: The United States’ chargé d’affaires in Pakistan, Natalie A. Baker, has urged Islamabad to protect its economic sovereignty by steering clear of problematic foreign debt arrangements. In comments made informally to the media at the President’s House, she emphasized that Pakistan must “cautiously guard its economic independence.” Baker called on the government to fully implement its planned privatization programme, and to adhere completely to the reform agenda set by the International Monetary Fund (IMF). She argued that such measures are critical to ensuring Pakistan’s long-term economic sustainability. Regarding Pakistan’s ties with China, Baker said Islamabad is “a free and sovereign country” that can cooperate with any nation — but warned that projects which risk becoming debt traps are a global concern. She added that Washington supports Pakistan’s economic stability and reiterated the importance of Pakistan’s sovereignty, calling its protection “extremely important to the US.”

Tensions between Pakistan and Afghanistan have intensified in recent weeks as border clashes, militant attacks, and stalled peace talks push relations between the two neighbours to one of their lowest points in years. The crisis escalated after a series of deadly incidents along the frontier, leaving dozens dead and hundreds injured. Pakistan has accused Afghanistan’s Taliban-led government of allowing the Tehrik-e-Taliban Pakistan (TTP) to use Afghan territory as a base for planning and launching attacks. Kabul, however, firmly denies the allegation, insisting it does not permit militant groups to operate from its soil. Pakistan has experienced a significant surge in TTP-led violence targeting both civilians and security forces. In response, Islamabad claims to have carried out strikes on suspected TTP hideouts inside Afghan territory — a move that has further strained the relationship. Efforts to defuse the situation have so far failed. Negotiations held in Doha and later in Istanbul ended without a breakthrough. Pakistani officials say they have no immediate plans for a fresh round of talks, though both countries had earlier agreed to honour a ceasefire framework. The border closure has also deepened economic pressure on Afghanistan, which relies heavily on Pakistan’s ports for trade access. Analysts say this dependence underscores Islamabad’s leverage, though it also complicates humanitarian and commercial flows across the region. At the heart of the dispute lies a historical fault line: the Durand Line. The colonial-era border drawn in 1893 has never been fully accepted by Afghanistan, fuelling decades of mistrust and periodic conflict. Experts also point to Pakistan’s past support for certain militant factions in Afghanistan — a strategy aimed at securing influence in Kabul — which they say has now backfired as the TTP grows more potent inside Pakistan. With diplomatic avenues stalled and border security deteriorating, observers warn that the conflict risks widening unless both sides return to negotiations and take concrete steps to control cross-border militancy.

TORONTO: Canada’s Barrick Gold Corp. is exploring a dramatic overhaul, with its board contemplating a breakup into two distinct companies—one anchored in stable North American operations and the other handling riskier assets in Africa and Asia—according to four sources close to the matter. This potential demerger could unwind key elements of the 2019 merger with Randgold Resources, jettisoning high-volatility holdings acquired under former CEO Mark Bristow.The strategy gained traction following interim CEO Mark Bristow’s recent pivot toward North American priorities, spotlighting the lucrative Nevada Gold Mines joint venture with Newmont Corp. and the promising Fourmile project, slated for test production in 2029. Sources indicate the split aims to unlock undervalued assets, shielding them from geopolitical headwinds that have plagued Barrick’s international portfolio. Investors, frustrated by the stock’s 52% five-year gain lagging peers like Agnico Eagle’s 142%, have long advocated for such a divide to capitalize on gold’s historic rally.Complicating the picture: Potential outright sales of African mines and Pakistan’s Reko Diq copper-gold project, once financing is locked in. In Mali, Barrick seeks to settle a bitter dispute with the military junta—triggering a $1 billion write-down and employee detentions—before offloading Loulo-Gounkoto, its former crown jewel. Other assets in the Democratic Republic of Congo, Tanzania, Papua New Guinea, and the Dominican Republic could follow suit.Barrick’s shares surged 3% on the Toronto Stock Exchange Friday, closing at C$25.45, buoyed by Jefferies’ ratings upgrade post-Hill’s comments. “There’s immense value in Nevada alone,” noted an anonymous investor, estimating it could rival top global gold firms if standalone. While Bristow dismissed speculation Monday, ongoing deliberations signal a shareholder-responsive era. As gold hovers near $2,700/oz, this restructuring could redefine Barrick’s 130% YTD surge, prioritizing resilience over sprawl in a volatile world.

In a relief for millions of cord-cutters, Walt Disney Co. and Alphabet Inc.’s YouTube TV announced a multi-year carriage agreement on November 14, 2025, swiftly restoring access to ESPN, ABC, Disney Channel, and other networks after a contentious 15-day blackout that disrupted NFL viewings and college football marathons. The impasse, sparked by expired licensing terms in late October, saw subscribers lose over 20 Disney channels, prompting a surge in customer service complaints and threats of cancellations.The new pact, details of which remain confidential, likely includes higher affiliate fees for Disney amid rising content costs, potentially hiking YouTube TV’s base plan from $82.99 monthly—though no immediate price bump was confirmed. Restoration began within hours, with full access expected by early next week. Industry analysts hail the resolution as a win for streaming stability, averting broader fallout in a market where live sports drive 40% of subscriptions. Disney, fresh off NBA rights deals, bolsters its linear TV revenue, while YouTube TV—boasting 8 million users—retains its edge over rivals like Hulu + Live TV.This deal underscores escalating tensions in media negotiations, as streamers demand value from premium sports amid ad revenue dips. For fans, it’s back to seamless Thursday Night Football; for execs, a blueprint for future pacts in a fragmented ecosystem.

McMillon is on right. Furner (left) has served as President and CEO of Walmart U.S. since 2019, overseeing the company’s largest operating segment and its more than 4,600 stores (Walmart) In a surprise announcement that marks the end of an era for the world’s largest retailer, Walmart Inc. revealed that CEO Doug McMillon will retire in February 2026 after more than a decade steering the company through seismic shifts in retail. McMillon, who ascended to the top role in 2014, has overseen Walmart’s pivot to e-commerce dominance, aggressive investments in automation, and expansions into healthcare and advertising—propelling annual revenues past $650 billion. The move comes amid robust growth, with Q3 2025 earnings showing a 5.3% sales bump, fueled by grocery strength and Walmart+ membership surges.Board members elected John Furner, the 52-year-old president and CEO of Walmart U.S., as McMillon’s successor, effective Feb. 1, 2026. Furner, a 30-year company veteran who began as a teenager stocking shelves, brings deep operational savvy from leading the $420 billion U.S. division. Analysts praise the internal promotion for ensuring continuity in Walmart’s low-price strategy while navigating AI-driven supply chains and tariff threats. McMillon will advise the board through 2027, easing the transition.Shares dipped 1.2% post-announcement, reflecting investor jitters over leadership change, but experts see stability ahead. As Furner inherits a resilient giant, questions swirl on accelerating digital innovation to counter Amazon’s grip. Walmart’s saga underscores retail’s evolution: from big-box behemoth to omnichannel powerhouse.

In a pivotal move signaling the end of an era, Apple Inc. has ramped up its succession planning for longtime CEO Tim Cook, with reports indicating he could step down as early as next year. According to the Financial Times, the tech giant is meticulously preparing for this leadership shift to ensure seamless continuity in its innovation-driven empire. Cook, who succeeded Steve Jobs in 2011, has overseen Apple’s transformation into a trillion-dollar behemoth, navigating challenges from supply chain disruptions to antitrust scrutiny.The company is unlikely to announce a successor before its critical Q1 earnings report in late January 2026, which will encompass holiday sales data—a period vital for assessing iPhone demand and services growth. Insiders highlight the board’s focus on internal candidates to preserve Apple’s culture of secrecy and excellence. This proactive approach comes amid broader industry pressures, including AI competition from rivals like Google and regulatory hurdles in the EU and US.As Apple eyes a post-Cook future, investors remain optimistic, with shares holding steady. The transition underscores the company’s maturity, but questions linger: Can the next leader match Cook’s supply-chain wizardry and diplomatic prowess? For now, Apple’s ecosystem—bolstered by Vision Pro and potential AI integrations—stands resilient, poised for whatever comes next.

London: PayPal announced its relaunch in the United Kingdom on Wednesday, two years after Brexit-induced restructuring scaled back operations, aiming to reclaim its foothold in the competitive digital payments arena with enhanced consumer tools.The platform, a staple for online and in-store transactions, will now offer UK customers seamless access to worldwide debit cards sans foreign transaction fees, alongside credit card options and the PayPal+ loyalty program. This rewards ecosystem allows users to earn points on purchases redeemable across partner merchants, fostering repeat engagement in a post-pandemic e-commerce surge.“Post-Brexit, we’ve realigned to deliver value tailored for British shoppers,” said PayPal UK head Alex Clavell. The move coincides with rising fintech adoption—UK digital wallet usage hit 65% this year—positioning PayPal against rivals like Apple Pay and Revolut.Integration with major retailers like Tesco and ASOS is underway, promising frictionless checkouts. Analysts forecast a 15% uptick in UK market share within quarters, bolstered by regulatory nods. For consumers weary of hidden fees, this relaunch injects affordability and rewards into everyday spending, potentially injecting £500 million in transaction volume annually. As economic pressures linger, PayPal’s bet on loyalty could redefine wallet wars.

Riyadh YouTube sensation MrBeast is bringing his viral challenges to life with Beast Land, a groundbreaking theme park opening November 13, 2025, in Riyadh, Saudi Arabia. As part of Riyadh Season, this neon-lit wonderland spans massive zones packed with custom games like Tower Siege—where players catapult balls into giant tubes—Drop Zone trapdoor battles, Airmail precision throws, and Dungeon Escape mazes.Visitors can tackle rollercoasters, interactive rides, and high-stakes competitions for huge prizes, including the world’s largest prize wall. “We built games that don’t exist anywhere else,” MrBeast announced on X. The park promises unmatched fun for families and fans, blending thrill, creativity, and interactivity.MrBeast will grace opening night, exciting millions. Tickets start at 25 SAR via WeBook, with options for full access. Running until late December, Beast Land redefines entertainment in the Kingdom.