Chinese government to sell sovereign bonds worth $340bn by year-end

The issuance of a total of 3.45 trillion yuan in local government special bonds for infrastructure has been completed by the end of June. (Shutterstock)
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Updated 29 September 2022
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Chinese government to sell sovereign bonds worth $340bn by year-end

RIYADH: China will sell sovereign bonds totalling $340 billion in the final months of this year as the Asian giant taps the remaining annual quota and refinances maturing special bonds.

The government has issued 1.09 trillion yuan ($151 billion) of general bonds so far this year ⁠— less than 40 percent of the budgeted central deficit of 2.75 trillion yuan for 2022, Bloomberg reported based on its calculations.

According to the report, the government is expected to issue a total of 2.45 trillion yuan in sovereign bonds between October and December, which comprises 1.66 trillion yuan of new bonds and 786 billion yuan to refinance maturing special debts.

Meanwhile, Reuters, citing people familiar with the matter, said that the treasury bond issuance plan was made during a meeting of the finance ministry on Wednesday.

According to the Reuters report, the ministry also urged local governments to complete issuing the roughly 500 billion yuan in special bonds by the end of October under carryover quotas from previous years, the sources said.

The issuance of a total of 3.45 trillion yuan in local government special bonds for infrastructure has been completed by the end of June.

Amid weak consumption recovery and softening export growth, authorities are doubling down on an infrastructure push, dusting off an old playbook by issuing debt to fund big public works projects to revive the economy.

China’s economy generally recovered and stabilized in the third quarter and the country will push ahead with its economic program in the fourth, state media quoted Li Keqiang, premier of the State Council of the People’s Republic of China, as saying on Wednesday.

But with few signs China will significantly ease its zero-COVID policy soon, many analysts expect the economy to grow by just 3 percent this year, which would be the slowest since 1976, excluding the 2.2 percent expansion during the initial COVID hit in 2020.

(With input from Reuters)


Pakistan’s stock exchange halts trading for an hour, exchange notification shows

Updated 16 min 24 sec ago
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Pakistan’s stock exchange halts trading for an hour, exchange notification shows

  • A 5 percent increase in KSE-30 index from previous day’s close led to market halt as per stock market regulations
  • Development takes place amid Saturday’s ceasefire announcement between India and Pakistan after clashes

Pakistan’s stock exchange halted trading on Monday for an hour, according to an exchange notification, after the benchmark KSE-100 share index rose 8.84 percent in early trade.

A 5 percent increase in the KSE-30 index from the previous trading day’s close led to a market halt as per stock market regulations. All equity and equity based markets have been suspended, as per the notification.

Markets will reopen at 10:42 a.m. local time (0542 GMT).

Saturday’s ceasefire in the Himalayan region, announced by US President Donald Trump, followed four days of intense firing and diplomacy and pressure from Washington.
Indian shares also rallied on Monday. 


Pakistan says will prioritize water treaty, Kashmir and ‘terrorism’ in potential talks with India 

Updated 12 May 2025
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Pakistan says will prioritize water treaty, Kashmir and ‘terrorism’ in potential talks with India 

  • India last month unilaterally suspended decades-old treaty, which ensures water for 80 percent of Pakistani farms
  • Both nuclear-armed nations agreed to a ceasefire on Saturday after exchanging missile and drone attacks last week

ISLAMABAD: Pakistan’s Defense Minister Khawaja Muhammad Asif said Islamabad will prioritize the Indus Waters Treaty (IWT), the Kashmir dispute and “terrorism” issues in potential talks with India, state-run media reported on Monday, days after armed clashes between the two concluded. 

India and Pakistan exchanged missiles and drone attacks last week, which saw the worst fighting between the nuclear-armed neighbors in decades before the two sides declared a ceasefire brokered by the US on Saturday. Tensions escalated after India blamed Pakistan for being involved in an attack in Indian-administered Kashmir in Pahalgam, where 26 tourists were killed. Islamabad denied involvement.

After the Pahalgam attack on April 22, India suspended the decades-old IWT unilaterally, prompting Pakistan to say that it considered any attempts to stop or redirect the flow of its waters “an act of war.” Another bone of contention between the two countries is the issue of the disputed territory of Kashmir. Both countries claim the Muslim-majority region in full but govern only parts of it. They have fought two out of three wars since 1947 on the disputed territory. 

“When asked about potential talks, he [Asif] emphasized that Pakistan would prioritize three major issues of contention including Indus Waters Treaty, Kashmir and terrorism which need to be resolved to ensure peace in the region,” state broadcaster Radio Pakistan reported. 

Speaking to a private television channel, Asif was quoted by state media as saying that the Pakistani armed forces’ capabilities are “globally recognized and admired.” The minister said Pakistan’s military response has left India disappointed and their “arrogant posture reduced to nothing but dust.”

“Khawaja Asif stated that India’s policymakers have been compelled to reassess their policies in light of Pakistan’s strong response,” Radio Pakistan said. 

Militancy has also been a major issue between the two nuclear-armed nations. India accuses Pakistan of arming and supporting separatist militants in the part of Kashmir that it governs. Islamabad denies the allegations and says it only extends moral and diplomatic support to the people of Kashmir and has always defended their right to self-determination. 

The IWT ensures water for 80 percent of Pakistani farms. India said it held the treaty, which was signed between the two states in 1960 and has been in force since then, in abeyance following the Pahalgam attack. 

The IWT grants Pakistan rights to the western rivers — Indus, Jhelum, and Chenab — for irrigation, drinking, and non-consumptive uses like hydropower, while India controls the eastern rivers — Ravi, Beas, and Sutlej — for unrestricted use but must not significantly alter their flow. 

India can use the western rivers for limited purposes such as power generation and irrigation, without storing or diverting large volumes, according to the agreement.

Pakistan’s Federal Minister for Kashmir Affairs Amir Muqam said any attempt to stop Pakistan’s share of water could lead to dangerous escalation between the two countries. 

“Stopping or reducing our share is absolutely not acceptable and can lead to further and dangerous escalation,” he told Arab News on Sunday. “The revival of the Indus Waters Treaty in its current form remains a top priority on the agenda in any negotiations between the two countries.”


Israel is not committed to any ceasefire or prisoner release with Hamas

Updated 12 May 2025
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Israel is not committed to any ceasefire or prisoner release with Hamas

DUBAI: Israel's Prime Minister Benjamin Netanyahu said Israel did not commit to any ceasefire or prisoners’ release with Hamas in a statement early on Monday.

The agreement only stipulates a safe corridor that would allow Israeli-American hostage Edan Alexander’s release he said.

Negotiations for a possible deal to secure the release of all hostages in Gaza would continue "under fire, during preparations for an intensification of the fighting", Netanyahu said in a statement released by his office.
 


Pakistan’s Sajid Ali Sadpara summits seventh-highest mountain without supplemental oxygen 

Updated 12 May 2025
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Pakistan’s Sajid Ali Sadpara summits seventh-highest mountain without supplemental oxygen 

  • Sajid Ali Sadpara, son of legendary climber Ali Sadpara, summited Nepal’s Dhaulagiri mountain on May 10
  • Pakistan has produced several professional climbers who have summited some of the world’s tallest peaks

ISLAMABAD: Pakistani climber Sajid Ali Sadpara has successfully summited the world’s seventh-highest mountain in Nepal, Dhaulagiri, without the use of supplemental oxygen, the mountaineer said recently. 

Sadpara is the son of legendary Pakistani climber, Muhammad Ali Sadpara, who died in his quest to summit K2, the second-highest mountain in the world, in February 2021. Pakistani officials also declared Iceland’s John Snorri and Chile’s Juan Pablo Mohr, who were on the quest with Ali Sadpara to summit the mountain, dead. 

Alpine Club of Pakistan’s Secretary Karrar Haidri told the Associated Press of Pakistan that Sadpara was able to achieve the feat with the support of Seven Summit Treks, a commercial adventure operator based in Nepal. 

“Alhamdulilah [praise be to Allah], Dhaulagiri summit without oxygen and unsupported yesterday 10 May with the team of Seven Summit Treks,” Sadpara posted on his Facebook page on Sunday. 

In one of the images he uploaded with the post, Sadpara can be seen holding up the Pakistan flag as he reached the summit. 

Dhaulagiri is located in the Dhaulagiri mountain range of Nepal’s Himalayas. It is also known as the “White Mountain” and is considered very popular among the eight-thousanders for expeditions. It lies northwest of Pokhara, an important tourist center in Nepal. 

Pakistan has produced several professional climbers, both men and women, who have summited some of the world’s tallest peaks. Its Gilgit-Baltistan is a sparsely populated northern region administered by the country as an autonomous territory.

It is home to some of the tallest peaks in the world and a major tourist destination. Thousands of tourists and foreign climbers visit the region each year for expeditions on various peaks, paragliding and other sports activities.


Indian army reports ‘first calm night’ after Kashmir truce with Pakistan holds

Updated 12 May 2025
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Indian army reports ‘first calm night’ after Kashmir truce with Pakistan holds

  • India, Pakistan agreed to a ceasefire on Saturday after worst fighting between neighbors in decades
  • Both sides accused each other of violating ceasefire hours after it was announced by US President Trump

POONCH, India: The frontier between arch-foes India and Pakistan was peaceful and had the “first calm night in recent days,” the Indian army said Monday, after a surprise weekend ceasefire.

The truce was agreed to on Saturday after four days of missile, drone and artillery attacks between the two countries which killed at least 60 people and sent thousands fleeing.

It was the worst violence since the nuclear-armed rivals’ last open conflict in 1999 and sent global shudders that it could spiral into full-blown war.

There were initial doubts as the two sides accused each other of breaching the ceasefire just hours after it was unexpectedly announced by US President Donald Trump on social media.

“The night remained largely peaceful across... Kashmir and other areas along the international border,” the Indian army said.

“No incidents have been reported, marking the first calm night in recent days,” the statement added.

It was also the second straight night without gunfire or shelling at Poonch, the frontier town in the part of divided Kashmir administered by India.

Poonch was one of the worst-hit regions in the latest conflict, with at least 12 residents killed and most of the estimated 60,000 residents fleeing their homes.

On Sunday, people started trickling back to the town, although many still remained worried that the ceasefire would not last.

The alarming spiral toward all-out conflict began before dawn on Wednesday, when India launched missile attacks destroying what it called “terrorist camps” in the Pakistani part of Kashmir.

This followed an April 22 attack on tourists in Indian-administered Kashmir, which killed 26 civilians.

India accused Pakistan of backing the attack but Islamabad denied involvement and immediately responded to the strikes with heavy artillery fire.

It claimed to have downed five Indian fighter jets — something New Delhi has not commented on.

Militants have stepped up operations in Kashmir since 2019, when Indian Prime Minister Narendra Modi’s Hindu nationalist government revoked the region’s limited autonomy and took it under direct rule from New Delhi.

Divided Muslim-majority Kashmir is claimed in full by both countries, who have fought several wars over the territory since their independence from Britain in 1947.