Latest News
PM Shehbaz reaffirms ‘all-weather’ friendship as Chinese Communist Party minister visits Islamabad
Prime Minister Shehbaz Sharif underlined the need for ongoing political interaction and frequent party-to-party contacts to enhance Pakistan-China relations even further. He referred to the decades-old friendship between the two countries as a relationship based on mutual trust and common interests.
The prime minister said this while visiting a team led by Liu Haixing, minister of the International Department of the Central Committee of the Communist Party of China (IDCPC) who arrived in Islamabad on Monday, November 2.
Welcoming the visiting minister and his delegation, PM Shehbaz reiterated Pakistan’s commitment to its iron-clad, time-tested and All-Weather Strategic Cooperative Partnership with China. “The relationship is based on mutual trust, respect and deep-rooted bonds between the peoples of the two countries,” he said.
Prime minister highlighted the need for continuous political dialogue and institutional cooperation to keep the bilateral relations on a fast track and to take the partnership to new heights.
PM Shehbaz praised the key role of the IDCPC in developing institutional ties and fostering cooperation between political leadership of Pakistan and China.
He stressed the need for regular contacts between the ruling parties of the two nations, saying they might further cement their long-standing connection and create deeper understanding between their political institutions.
Prime Minister reaffirmed Islamabad’s commitment to work closely with Beijing and welcomed the shared commitment to enhance cooperation in several key sectors including trade, investment, regional connectivity, infrastructure development, information technology and modernisation of agriculture.
These areas continue to be key items in the broader cooperation agenda between the two countries with both sides wanting to intensify economic engagement and expand areas of cooperation.
Liu Haixing communicated to the prime minister the congratulations and best wishes of the Chinese leadership and reaffirmed Beijing’s commitment to further deepening its age-old friendship with Pakistan.
The visiting minister said the strong momentum in high-level contacts and party-to-party interactions are important for further building the tight partnership between the two nations.
He also reaffirmed China’s commitment to continue working with Pakistan to enhance their long-time alliance and deepen cooperation through political and institutional channels.
The conference also afforded the two parties an opportunity to exchange perspectives on regional and international issues. Both sides underlined their commitment to continue tight coordination and collaboration on issues of mutual concern through bilateral engagement and multilateral fora.
The talks highlighted the two countries’ ongoing focus on political consultations and diplomatic cooperation in their efforts to improve their partnership amid changing regional and global trends.
Following the meeting, PM Shehbaz threw a banquet for Liu Haixing and the accompanying Chinese group, demonstrating the importance Pakistan attaches to its relationship with China.
Latest News
LHC issues show-cause notice to senior police officer
The Lahore High Court (LHC) on Tuesday issued a show-cause notice to the Superintendent of Police (SP) Model Town,
The court ordered the SP concerned to appear before it today (3 Nov). It also warned him of contempt of court proceedings against him if he does not appear before the court.
Citizen Muhammed Sajid has moved the petition which would be heard by Justice Tariq Mehmood Bajwa.
Business
Saudi Aramco profits surge 34.6% in third quarter
Saudi oil company Aramco said Tuesday its third-quarter net earnings soared 34.6 percent as the Middle East war has kept crude prices high and the kingdom’s energy infrastructure regularly struck.
Since hostilities erupted in July, Yemen’s Iran-aligned Houthis have routinely targeted Saudi tankers, pipelines, storage facilities and refineries but have stepped up their attacks in recent weeks.
The monarchy also has had to deal with the Houthis and Iran disrupting commerce in the straits of Bab al-Mandeb and Hormuz making exports more difficult.
But Aramco, Saudi Arabia’s economic engine and one of the world’s most valuable firms, posted soaring earnings in the third quarter, powered in large part by stubbornly high oil prices.
The company stated net profit in the third quarter was 135.9 billion riyals ($36.2 billion), compared with roughly 101 billion riyals in the same time a year earlier.
The results come as energy majors throughout the world have seen profits jump on the back of interruptions to oil and gas supplies in the Middle East pushing up refining margins and prices.
But the head of Aramco cautioned the dispute was still a major drag on energy security.”Geopolitical uncertainty and attacks on key energy facilities continued to amplify the global energy supply crisis in the third quarter of 2026, with serious implications for global energy security,” said president and CEO Amin H. Nasser in a statement.
Adjusted net income, excluding exceptional items, was 116.9 billion riyals.
An outside estimate based on 12 experts estimates puts the median analyst expectation for third-quarter adjusted net income at $30.66 billion.”The earning results are likely to be rosier (compared) to a year ago, when oil prices were much lower, but less promising compared to last quarter,” Robert Mogielnicki, a research fellow at the Arab Gulf States Institute, told AFP.
Aramco’s net profit rose 44 percent year-on-year to 122.6 billion riyals in the second quarter.
The Middle East war, which began on February 28 with Israeli and U.S. assaults on Iran, has disrupted global energy markets, triggered a global run on critical reserves, and fed inflation.
And as conflict continues to rage in the Gulf, Ukrainian drones have also struck Russian energy infrastructure, causing Moscow to block shipment of several items – particularly petrol and diesel.
The Houthis said last month they attacked Aramco’s headquarters, a sprawling complex of buildings and housing in the eastern part of the kingdom.
Saudi officials stated a structure was damaged in the region housing the operations center of Aramco, while two employees of the business, who spoke to AFP on condition of anonymity, said a tower in the headquarters was hit.
- A tight spot – With the Strait of Hormuz in dispute, US Navy naval escorts have been allowing millions of barrels of crude to flow through the vital waterway each day.
US Central Command said last month it had assisted Gulf nations export more than 1.5 billion barrels of crude oil through the strait since the summer, and enabled more than 3,000 commercial boats transit over the past six months.
But the rise in Gulf exports has done nothing to stop market volatility.
Oil prices dropped more than seven percent on Monday as signals that Tehran and Washington were resuming communication raised hopes for an end to the Middle East turmoil.
Back in the kingdom, months of uncertainty have compounded economic challenges.
Saudi Arabia has raised its estimated budget deficit for 2026 to 245 billion riyals, or 4.9 percent of gross domestic product, from an initial forecast of 165 billion riyals. Government receipts were higher than previously forecast.
Government spending will rise 9.3 percent more than previously predicted, but the finance ministry expects the Saudi economy would shrink 3.6 percent in 2026, as oil-related activity will fall 21.8 percent.
The kingdom aims to lower its deficit to 191 billion riyals in 2027, or 3.6 percent of GDP, while continuing to invest in economic diversification programs.
The IMF now expects Saudi Arabia’s GDP to shrink by 3.3% at the end of the year, five percentage points less than its previous prediction in July.
Business
Binance to reopen withdrawals for more assets on several networks
Binance announced on Monday that it will reopen withdrawals for more assets on networks including as BSC, ETH, SOL, XRP and SUI.
Reopenings will commence at 04:00 GMT on Tuesday, the business said.
Some crypto-assets on networks ARBITRUM, OPTIMISM, TRX, and BASE will also be restored for withdrawals at the same time.
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