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WASHINGTON: President Donald Trump on Friday blocked US photonics firm HieFo Corp’s $3 million acquisition of assets in New Jersey-based aerospace and defence specialist Emcore, citing national security and China-related concerns. In an order released by the White House, Trump said HieFo was “controlled by a citizen of the People’s Republic of China” and that its 2024 acquisition of Emcore’s businesses led the president to believe that it may “take action that threatens to impair the national security of the United States.” The order did not name the individual or…

LAHORE: The Punjab Revenue Authority (PRA) has recorded a 35% increase in revenue collection during the first half of the current financial year, following the implementation of a series of reforms, according to a statement issued on Saturday. During July-December of the ongoing financial year, the PRA collected Rs149.5 billion in total revenue, compared with Rs112.1 billion collected during the same period of the previous financial year. The authority attributed the increase to reforms introduced to improve tax administration and strengthen transparency and efficiency in the collection system. The statement…

ISLAMABAD: Pakistan frequently announces foreign investment commitments with great fanfare. Headlines proclaim “$10 billion pledged,” “$25 billion in MoUs signed,” and “strategic investors ready to pour capital.” Yet months or even years later, the physical evidence – actual investment inflows, factories, exports and jobs — often fails to materialise. This persistent gap between expectation and reality is not incidental; it is structural. The root cause is straightforward. Most MoUs are ceremonial. They signal intent but do not create binding financial commitments. Understanding this distinction is key to analysing Pakistan’s perennial…

ISLAMABAD: Year 2026 could be a defining period for Pakistan’s economy. After the hard-won stabilisation of 2025, the country faces a clear test: whether stability can be converted into lasting progress. For more than a decade, GDP growth has barely kept pace with population growth, leaving incomes stagnant and widening the gap with regional peers. If stabilisation fails to deliver jobs and rising incomes, public support for reform will inevitably weaken. The central challenge of 2026, therefore, is to pivot from stabilisation to inclusive, accelerated growth and turn fragile stability…

HOUSTON:A day after President Nicolas Maduro said Venezuela was open to negotiating a deal with the United States to combat drug trafficking, an allegation for which US President Donald Trump has provided no evidence, the US military carried out a large-scale air strike on Venezuela and captured President Maduro on Saturday. The developments have drawn renewed attention to Venezuela’s oil industry, which holds the world’s largest proven reserves but has struggled for years with falling production, sanctions and underinvestment. Venezuela has the largest known oil reserves globally, estimated at 303…