India become number one Test side overtaking Australia

India's players pose with the trophy after winning the fifth and last Test cricket match between India and England at the Himachal Pradesh Cricket Association Stadium in Dharamsala on March 9, 2024. (AFP)
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Updated 10 March 2024
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India become number one Test side overtaking Australia

  • India clinch number one spot after beating England 4-1 in five-match series
  • India are already the number one team in One-Day and T20 internationals

NEW DELHI: India have climbed to the number one spot in Test cricket rankings following an emphatic 4-1 series victory against England.

The Indian team moved past Australia who are now second in the table, according to the rankings released by the International Cricket Council late Saturday.

India lost the opening Test against England before bouncing back to win the remaining four matches, including the final game which ended in Dharamsala on Saturday.

In January, India had slipped to second place in Test rankings after a drawn 1-1 series against South Africa.

Australia overtook India at the top after sweeping the three-Test series at home against Pakistan.

Currently Australia lead the two-Test series against New Zealand 1-0 following their 172-run victory in Wellington.

India will remain at the top regardless of the outcome of the second New Zealand-Australia Test in Christchurch.

India are already the number one team in one-day and T20 internationals.

They are also at the top of the ICC World Test Championship Standings table


Pakistan moves to cut import tariffs in bid to boost exports, attract investment

Updated 18 sec ago
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Pakistan moves to cut import tariffs in bid to boost exports, attract investment

  • Pakistani exports rely heavily on imported inputs, making import duties important for export competitiveness
  • Government plans to phase out additional customs and regulatory duties in Pakistan in the next five years

KARACHI: Pakistan on Friday approved a major reduction in import tariffs as part of its broader effort to revive the economy, boost exports and attract foreign investment, an official statement circulated by the Prime Minister’s office said.

The move comes as Pakistan emerges from a prolonged economic crisis and shifts from restrictive import controls, previously used to protect dwindling foreign currency reserves, toward policies aimed at sustaining growth and attracting investment. With inflation easing and macroeconomic indicators improving, the government is working on tariff reforms to boost industrial productivity.

Pakistani exports, especially in textiles, engineering and pharmaceuticals, rely heavily on imported inputs, making import duties a key factor in export competitiveness. The issue came up for decision during a high-level meeting on the National Tariff Policy, chaired by Prime Minister Shehbaz Sharif in Islamabad.

“In line with the government’s economic recovery plan, the prime minister has taken a historic step by approving a gradual but significant reduction in import tariffs,” the statement said, calling it “a key milestone” in achieving economic stability and enabling export-led growth.

Under the approved changes, Pakistan will phase out additional customs duties, currently ranging from two to seven percent, along with regulatory duties, between five and 90 percent, over the next four to five years.

The government will also cap general customs duties at 15 percent, compared to current rates that sometimes exceed 100 percent, and limit tariff slabs to four categories to reduce complexity and ensure a level playing field across industries.

The policy shift is expected to support the government’s goals of curbing unemployment, containing inflation further and providing dignified employment opportunities, particularly for educated youth.

Sharif also ordered the formation of an implementation committee to oversee the rollout of the tariff reforms and reiterated that economic revival remained his administration’s top priority.


Pakistan says agreed with India for ‘phased de-escalation’ after last week’s strikes

Updated 16 May 2025
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Pakistan says agreed with India for ‘phased de-escalation’ after last week’s strikes

  • The latest conflict between India and Pakistan had sparked global concerns that it could spiral into a full-blown war
  • Four days of intense drone, missile and artillery strikes left around 70 people, including civilians, dead on both sides

ISLAMABAD: Pakistan has agreed with India for “phased de-escalation” after last week’s military conflict between the nuclear-armed neighbors, the Pakistani foreign office said on Friday, adding that military officials from both countries had been in “periodic contacts.”

The latest conflict between India and Pakistan had sparked global concerns that it could spiral into a full-blown war before a ceasefire was announced by United States President Donald Trump. Fighting began when India launched strikes on May 7 against what it called “terrorist camps” in Pakistan following an April attack in Indian-administered Kashmir which killed 26 people.

New Delhi blamed Islamabad for backing the militants it claimed were behind the attack — the deadliest on civilians in Kashmir in decades. Pakistan denies the charge and has demanded a credible, international probe into the assault. Four days of intense drone, missile and artillery exchanges left around 70 people, including dozens of civilians, dead on both sides.

Speaking at a press briefing in Islamabad, Pakistani foreign office spokesman Shafqat Ali Khan said the ceasefire between both nations was achieved through “facilitation of several friendly nations,” reiterating Islamabad’s support for President Trump’s announcement of engaging with Pakistan and India to seek a resolution to the Kashmir dispute.

“I would like to highlight that Directors General of Military Operations of Pakistan and India have maintained periodic contacts since 10th May 2025. Both sides have agreed on a structured mechanism for phased de-escalation,” he said, adding that Pakistan was committed to the ceasefire.

“As a goodwill gesture, Pakistan handed over an Indian Border Security Force constable on May 14, 2025. In return, India released a sepoy of Pakistan Rangers.”

There was no immediate response from New Delhi to Khan’s statement but it came hours after Indian Defense Minister Rajnath Singh said the International Monetary Fund (IMF) should reconsider a one-billion-dollar loan to Pakistan, alleging Islamabad was “funding terror.” Both India and Pakistan, who are members of the International Atomic Energy Agency, have also accused each other of failing to control their nuclear weapons.

“I believe a big portion of the $1 billion coming from IMF will be used for funding terror infrastructure,” Singh told troops at an air force base in western India. “I believe any economic assistance to Pakistan is nothing less than funding terror.”

The IMF last week approved a loan program review for Pakistan, unlocking a $1 billion payment which the state bank said has already been received. A fresh $1.4 billion loan was also approved for Pakistan under the IMF’s climate resilience fund.

Khan said at a time when the international community was actively promoting regional peace and stability, India’s rhetoric reflected a “persistent tendency to distort facts, justify aggression, and cast unwarranted aspersions” on Pakistan’s nuclear assets.

“Pakistan as a responsible state remains committed to the ceasefire and to taking necessary steps toward de-escalation and regional stability,” he said.

“Given India’s belligerent posture, we call upon our international partners to ensure that India honors its commitments and refrains from further aggression. Should India resume hostilities, Pakistan will have no choice but to respond.”

Bitter rivals India and Pakistan have fought three wars, including two over the disputed region of Kashmir, since gaining independence from British rule in 1947. Both claim the Himalayan territory in its entirety but rule it in part.

India has long battled an insurgency on the side it rules by armed separatists fighting for independence or a merger with Pakistan. New Delhi accuses Pakistan of backing the militants, Islamabad says it only offers political and diplomatic support to the Kashmiris.

The region has long been described as the “nuclear flashpoint” of South Asia and prompted President Trump last week to offer Washington’s mediation to resolve the issue.

“Pakistan firmly believes in peaceful coexistence. We prioritize dialogue and diplomacy over conflict and confrontation. We have consistently advocated for meaningful engagement and result-oriented dialogue to resolve all outstanding issues, including the core dispute of Jammu and Kashmir,” Khan said.

“A just and peaceful settlement of these disputes remains indispensable for lasting peace in South Asia.”

India has for years insisted Kashmir is a bilateral issue and not allowed any third-party mediation.


UK, Pakistan foreign ministers meet after India conflict

Updated 16 May 2025
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UK, Pakistan foreign ministers meet after India conflict

  • The conflict between nuclear-armed neighbors India, Pakistan sparked global concerns that it could spiral into a full-blown war
  • Four days of intense drone, missile and artillery exchanges, killed around 70 people, including dozens of civilians, on both sides

ISLAMABAD: UK Foreign Secretary David Lammy met with his Pakistani counterpart in Islamabad on Friday, a week after the country’s most serious military confrontation with India in decades.

The latest conflict between nuclear-armed neighbors India and Pakistan had sparked global concerns that it could spiral into a full-blown war before a ceasefire was announced by United States President Donald Trump.

Lammy was received by Pakistan’s Foreign Minister Ishaq Dar at the Foreign Office, images broadcast by state television showed.

UK Foreign Secretary David Lammy (L) in a meeting with  Pakistan’s Foreign Minister Ishaq Dar in Islamabad, on May 16, 2025. (PMO)

The United Kingdom was among several nations to urge de-escalation after last week’s clashes, and Prime Minister Keir Starmer said at the time that Britain was “urgently engaging” with both countries.

Iran’s Foreign Minister Abbas Araghchi and Saudi Arabia’s Minister of State for Foreign Affairs, Adel Al-Jubeir, separately visited both countries last week offering to mediate.

Fighting began when India launched strikes on May 7 against what it called “terrorist camps” in Pakistan following an April attack in Indian-administered Kashmir which killed 26 people.

New Delhi blamed Islamabad for backing the militants it claimed were behind the attack — the deadliest on civilians in Kashmir in decades. Pakistan denies the charge.

Four days of intense drone, missile and artillery exchanges ensued, leaving around 70 people, including dozens of civilians, dead on both sides.

Both India and Pakistan are members of the International Atomic Energy Agency and have accused each other of failing to control their nuclear weapons.


Flydubai begins operations in Pakistan’s northwest as first flight lands in Peshawar

Updated 16 May 2025
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Flydubai begins operations in Pakistan’s northwest as first flight lands in Peshawar

  • Peshawar is one of the oldest cities in South Asia, which features several cultural and historical landmarks
  • Flydubai will operate daily flights between Dubai and Peshawar, offering customers ‘more options for travel’

ISLAMABAD: Flydubai, an Emirati government-owned airline, has launched its daily flights to the northwestern Pakistani city of Peshawar, the Pakistani Airports Authority (PAA) said on Friday.

Peshawar in Pakistan’s northwestern Khyber Pakhtunkhwa province has a rich history that makes it one of the oldest cities in South Asia. Peshawar features cultural landmarks like the historic Bala Hisar Fort and the Qissa Khwani Bazaar, which once served as a gathering places for traders and poets.

The inaugural flydubai flight arrived at Peshawar’s Bacha Khan International Airport at around 12:30am on Friday, carrying 164 passengers, according to the PAA. It was given a water cannon salute upon arrival at the airport, followed by a ceremony to mark the start of airline operations in Peshawar.

“Flight FZ-375 departed back to Dubai at 2:20am with 184 passengers,” the PAA said in a statement. “Flydubai will operate seven flights a week.”

Officials celebrate the inaugural flight of UAE’s flydubai operations between Peshawar and Dubai at the Bacha Khan International Airport in Peshawar on May 15, 2025. (Photo courtesy: CAA)

Flydubai has built a growing network of more than 130 destinations, 97 of which were underserved markets and did not previously have direct air links to Dubai, according to the airline, which has a fleet of 89 Boeing 737 aircraft.

The airline first started operating flights to Pakistan in 2010 with the launch of flights to the southern port city of Karachi. In addition to Islamabad and Lahore, the carrier also flies to Faisalabad, Multan, Quetta and Sialkot cities of Pakistan.

Flydubai this month said its flights to Peshawar airport will operate from Terminal 2 at Dubai International (DXB).

“Flydubai will operate a daily service between Dubai and Peshawar, offering customers from the UAE and the region more options for travel,” it said.


Pakistan plans more innovative ‘funding products’ as it issues $106 million Shariah-compliant bonds

Updated 16 May 2025
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Pakistan plans more innovative ‘funding products’ as it issues $106 million Shariah-compliant bonds

  • The proceeds of Green Sukuk are going to be used for key water-related infrastructure projects in the country, the finance minister says
  • Pakistan has seen erratic changes in its weather patterns leading to frequent heat waves, untimely rains, and droughts in recent years

KARACHI: Pakistan has issued the inaugural Shariah-compliant Green Sukuk bonds worth Rs30 billion ($106 million), its finance minister said on Friday, amid Islamabad’s plans to launch innovative “funding products” for local and foreign investors.

The Pakistani government this month approved the issuance of Green Sukuk that has been structured to support projects aligned with environmental sustainability, including renewable energy and green infrastructure initiatives, marking a milestone in sustainable finance.

The inaugural $106 million bonds, which will be listed on the Pakistan Stock Exchange, has brought the percentage of the South Asian nation’s Shariah-compliant bonds to about 14 percent in our overall debt profile, according to Finance Minister Muhammad Aurangzeb.

“Climate change is an existential threat for Pakistan,” the minister said at a gong ceremony at the stock market in Karachi. “The proceeds of this Green Sukuk are going to be used for key water-related infrastructure projects across Pakistan.”

Pakistan has seen erratic changes in its weather patterns which have led to frequent heat waves, untimely rains, cyclones and droughts in recent years. Scientists have blamed the events on human-driven climate change. In 2022, devastating floods, blamed on human-driven climate change, killed more than 1,700 Pakistanis, affected another 33 million and caused the country over $30 billion in economic losses.

In November, Pakistan received $500 million from the Asian Development Bank (ADB) as proceeds of a loan for the Climate Change and Disaster Resilience Enhancement Program, while the World Bank in January pledged $20 billion in loans to Pakistan under its 10-year framework that focuses among other things on the country’s increased resilience to climate-related disasters and better food security.

Last week, the International Monetary Fund (IMF) also approved $1.4 billion in climate financing for Pakistan.

“This is all there for us to use vis a vis adaptation, financing but also with very concrete reform measures which are required,” Aurangzeb said.

“One should never be complacent about the financing because the gap that we talk about is a very big gap but we should at least use the financing that is available for now.”

Pakistan is in the process of restructuring and reorganizing our debt management office in line with global best practices, according to the finance minister.

The South Asian country will soon be launching various funding products in terms of the demand that it has to meet domestically as well as with international investors.

“We will continue to engage the investor community very proactively to get your feedback,” he said. “So stay tuned. You will be hearing more from this space as we go forward.”