The $2 billion loan was due in March and has been extended for one year. Beijing had communicated the decision to Islamabad, sources say. Pakistan’s cash-strapped economy is struggling to stabilize from a financial crisis and secured a $3 billion standby arrangement from the International Monetary Fund last summer. Pakistan’s vulnerable external position means that […]
China has consented to give Pakistan an additional two years to repay a $2 billion debt. Pakistan Day, which falls on March 23, was when this debt was due. China originally intended to increase the interest rates on this loan, but it appears that they have changed their minds and chosen to lengthen the payback […]
China has agreed to roll over a $2 billion debt on existing terms after initially seeking a hike in price, as Pakistan’s policy to maintain foreign exchange reserves through deposits by three countries is becoming costly due to a 118% surge in interest cost. The Ministry of Finance officials said that an understanding has been […]
One important development in high-speed transportation is the China Aerospace Science and Industry Corporation’s (CASIC) maglev train. With the use of strong magnets that both push the train ahead and lift it above the tracks, this train minimizes friction and reaches previously unheard-of speeds. It runs on the maglev (magnetic levitation) technology. Its latest accomplishment […]
What they refer to as the first AI child in history has been unveiled by Chinese scientists. The Beijing Institute for General Artificial Intelligence (BIGAI) is the organization that developed Tong Tong, the AI. Tong Tong is a virtual AI avatar that was initially displayed to the public in Beijing. Tong Tong, according to BIGAI, […]
Curious tourists grabbed out cell phones to record the stunning show as 500 drones with dazzling lights soared into the sky at the old resort town of Shexiang in southwest China’s Guizhou Province, producing designs resembling a dragon, a phoenix, and a lotus in succession. The local tourism firm in charge of resort administration leased […]
This overshadowed overall fiscal first-quarter sales and profit that beat analysts’ targets, powered by iPhone growth, sending Apple shares down 3% in after-hours trade. The results confirmed some analysts’ concerns that the company’s signature product is losing ground in the key Asian market where consumers are buying foldable phones and phones from Huawei, powered by […]
China has demanded “restraint” from Pakistan and Iran in response to Tehran’s airstrike on its territory, which left two children dead and three females injured. Speaking at a routine briefing on Wednesday, foreign ministry spokesperson Mao Ning said, “We call on both sides to exercise restraint, avoid actions that would lead to an escalation of […]
That raises the official number of fatalities from the magnitude 6.2 quake that rocked the northwestern provinces of Qinghai and Gansu almost two weeks ago to 151. The final bodies were found in Qinghai at 1:16 a.m. (1716 GMT Saturday), state media reported. The earthquake, whose epicenter straddled Qinghai and Gansu, was the most serious […]
The top US military officer held a virtual meeting with his Chinese counterpart on Thursday, the Pentagon said, in the first such conversation in over a year amid hopes by US officials that it could lead to a broader restoration of ties between the two militaries. The video meeting came after US President Joe Biden and […]
