OpenAI eyes Middle Eastern and Indian money for Stargate project

OpenAI, the company behind ChatGPT, is looking to raise billions of dollars from investors in the Middle East and India, according to The Information. The report said that the AI company has spoken to Saudi Arabia’s Public Investment Fund (PIF), India’s Reliance Industries, and existing shareholder United Arab Emirates’ MGX about its $40 billion financing. The money would help fund its bold new project called Stargate — a plan to build the infrastructure needed to power the next generation of AI. The investors could each contribute at least hundreds of…

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PSX slips as profit-taking follows all-time high

The stock market ended in the red on Thursday as it reversed course from a record-breaking rally as participants moved to secure profits, moderating optimism linked to budget stability and inflow trends. “The market has been rallying for the last few sessions due to budget expectations. A mute budget which stays the path on consolidation and keeps continuity gives certainty to the market,” said Ahfaz Mustafa, CEO of Ismail Iqbal Securities. “This along with remarks by the finance minister for further rate cuts is fueling the market,” he added. The…

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The Czech Republic has trained 18 Ukrainian pilots. The training is the result of unique international cooperation

By Muhammad Sohail On Thursday, June 12, a two-year training project for Ukrainian civil pilots, implemented as part of the government’s Ukraine Program, was officially concluded. The training began in June 2023 and ended in May 2025, when 18 students received European pilot licenses corresponding to EU standards. The training took place in the Czech Republic and allowed for the continuation of professional training even when it was not possible due to the security situation in Ukraine. The project was implemented through the cooperation of academic and private entities and…

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FBR chief hopeful of achieving tax target next fiscal year

Federal Board of Revenue (FBR) Chairman Rashid Mahmood Langrial said on Wednesday that the country would not witness a revenue shortfall in the next fiscal year, saying the tax target set in a “conservative” manner. His statement came a day after the federal government unveiled the Rs17.57 trillion ($62.24 billion) budget. The budget targets higher revenues and a significant reduction in the fiscal deficit under International Monetary Fund (IMF)-backed reforms. The government is targeting 4.2% GDP growth in fiscal 2026, up from 2.7% this year, which was revised down from…

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Govt’s rightsizing plan aimed at ensuring lasting economic stability: PM’s adviser

Salman Ahmad, a member of the Economic Advisory Council, has said that the government is implementing a strategic rightsizing initiative aimed at cutting redundant spending, and laying the groundwork for long-term economic stability. Speaking on Geo News programme ‘Capital Talk’, he said the move, endorsed by Prime Minister Shehbaz Sharif, is part of broader structural reforms to break Pakistan’s boom-bust cycle and reduce the tax burden on citizens. He explained that wherever public funds are being spent without delivering benefits — especially in ministries devolved to provinces after the 18th Amendment…

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Trump touts ‘done’ deal with Beijing on rare earths, Chinese students

WASHINGTON: President Donald Trump said on Wednesday that US reached a deal with China after two days of talks. Trump said on his Truth Social platform that China would supply rare earth minerals and magnets — vital elements for US industries — while Washington would allow Chinese students to remain in US universities. His post came hours after top US and Chinese negotiators announced a “framework” agreement late Tuesday following two days of marathon talks in London. “Our deal with China is done,” Trump wrote, adding that the agreement was…

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Are govt’s FY26 growth targets achievable? analysts aren’t so sure

Unveiling its annual budget on Tuesday, the federal government laid out bold plans to accelerate economic growth, a move analysts view with scepticism given Pakistan’s current economic constraints. The budget targets higher revenues and a significant reduction in the fiscal deficit under International Monetary Fund (IMF)- backed reforms. Yet, defence spending was hiked 20%, excluding military pensions, after last month’s conflict with India. Finance Minister Muhammad Aurangzeb said in a post-budget press conference on Wednesday that customs duties have been cut or removed on thousands of raw materials and intermediate…

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World Bank ends decades-long freeze on nuclear energy funding

The World Bank has lifted its long-standing ban on financing nuclear energy projects, marking its return to the sector for the first time in decades, President Ajay Banga announced on Wednesday. In an email to staff, Banga said the bank would collaborate closely with the International Atomic Energy Agency (IAEA) to enhance its advisory capabilities, particularly around non-proliferation safeguards and regulatory frameworks. The move comes as developing countries face a projected doubling of electricity demand by 2035. To meet this rising need, annual investment in energy infrastructure — including generation,…

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Nuclear deal: US envoy to hold talks with ‘Iranian foreign minister on Sunday’

WASHINGTON: US Special Envoy Steve Witkoff is scheduled to meet Iranian Foreign Minister Abbas Araghchi in Oman on Sunday to discuss Tehran’s expected response to Washington’s latest nuclear proposal, a US official said late Wednesday. The meeting follows Iran’s announcement on Monday that it will soon present a counter-proposal, rejecting the US offer as “unacceptable.” Meanwhile, US President Donald Trump signalled scepticism, telling a podcast the same day that he is less confident Iran will agree to halt uranium enrichment. Trump has been seeking a new nuclear deal to place…

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US jails ex-CIA analyst Asif Rahman over Iran attack strategy leak

WASHINGTON: The United States has jailed Asif William Rahman, a former CIA analyst, to 37 months in prison for unlawfully retaining and transmitting Top Secret National Defence Information to people who were not entitled to receive it, information which was publicly posted on social media platforms in October 2024. Court documents reveal that Rahman, 34, of Vienna, Virginia, was an employee of the CIA since 2016 and had a Top Secret security clearance with access to Sensitive Compartmented Information (SCI) until his employment was terminated after his arrest. Some media reports have…

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