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China provides $6m grant to Pakistan for rebuilding flood-hit homes in Balochistan – SUCH TV
Pakistan has received a $6 million grant from China to help rebuild homes destroyed by floods in Balochistan, state media reported on Tuesday. The ongoing monsoon rains have killed 802 people and injured 1,088 nationwide, including 24 fatalities in Balochistan since June 26.
According to the National Disaster Management Authority (NDMA), 30 houses have been completely destroyed and 145 partially damaged in the province during this monsoon season.
“The monthly foreign economic assistance report for July 2025 shows that China’s $6 million grant has been disbursed,” the Associated Press of Pakistan (APP) reported.
The aid will provide displaced families with durable housing solutions and is part of China’s broader support to Pakistan, which also includes funding for infrastructure, energy, and scientific research.
Khurram Shehzad, adviser to Pakistan’s finance minister, said China’s assistance highlights its commitment to strengthening infrastructure and housing in the country’s most vulnerable areas.
China has previously aided Pakistan following floods with grants, relief supplies and reconstruction support.
The two countries are close allies and have been jointly working on multibillion-dollar energy and infrastructure development projects under the China-Pakistan Economic Corridor (CPEC).
It is unusual for a senior figure at the Bank to be so forthright on market movements.
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People walk past a Nike store in New York City, on April 2, 2025.
Kylie Cooper | Reuters
Nike announced a new round of layoffs Thursday affecting approximately 1,400 employees across the organization, mostly concentrated in its technology department.
In a note from COO Venkatesh Alagirisamy, the company said the layoffs were part of Nike’s broader “Win Now” turnaround strategy aiming to reshape its technology team, modernize its Air manufacturing, move some of its Converse Footwear operations and integrate its materials supply chain work into its footwear and apparel supply chain teams.
“Collectively, these changes will result in a reduction of approximately 1,400 roles in global operations, with the majority in technology,” Alagirisamy wrote. “These reductions are very hard for the teammates directly affected and for the teams around them, too.”
A Nike spokesperson said the layoffs are about better positioning the organization for the current pace of sports and accelerating its growth. The layoffs affect employees across North America, Asia and Europe and represent less than 2% of the company’s total global head count.
“This is not a new direction,” Alagirisamy wrote. “It is the next phase of the work already underway.”
Affected employees will be notified beginning Thursday, Nike added.
CEO Elliott Hill has been working to turn Nike around after years of slumping sales. While Hill has made some initial progress, it’s come with some bumps in the road.
Nike announced 775 job cuts in January, primarily at its U.S.-based distribution centers, due to the company’s work in accelerating its use of automation. At the time, the company said the cuts are part of Nike’s goal to return to “long-term, profitable growth.”
Those layoffs came on top of a round of cuts last summer that affected less than 1% of Nike’s corporate staff as part of the company’s efforts to realign the business.
In its third fiscal quarter earnings report last month, the retailer warned that sales will continue to fall for the rest of the year, primarily led by an anticipated 20% decline in China during the current quarter.
— CNBC’s Jessica Golden contributed to this report.
A key reason for the layoffs is Meta’s increased spending in other areas of the company, including AI, for which it will this year spend $135bn (£100bn). This is roughly equal to the amount it has spent on AI in the previous three years combined, according to a person who viewed the memo.
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