Business
Finance Minister vows to continue structural reforms – SUCH TV
Minister for Finance and Revenue Muhammad Aurangzeb has reiterated Pakistan’s commitment to continue structural reforms for a sustainable transition from stabilization to growth.
He was addressing a session titled “Global Trade Tensions: Economic Impact and Policy Responses in MENA” at the 23rd edition of the Doha Forum today.
Muhammad Aurangzeb underlined the importance of sustained structural reforms in taxation, energy, state-owned enterprises, and private-sector development.
Speaking on the occasion, Finance Minister of Qatar Ali Bin Ahmed Al Kuwari highlighted Qatar’s strong and expanding partnership and bilateral trade relations with Pakistan, particularly in LNG supply and Qatari imports of agricultural and textile goods.
He highlighted Qatar’s keen interest in collaborating with Pakistan on AI strategy and capability development.
Deputy Managing Director of the IMF Bo Li lauded Pakistan’s reform trajectory and resilience-building efforts, terming it a very good example of embarking on the right path of reform and resilience.
He highlighted that in addition to the 7 billion dollar stabilization programme, the IMF is extending 1.3 billion dollars to Pakistan under the Resilience and Sustainability Facility aimed at strengthening fiscal, financial, and physical resilience to climate-related risks.
He elaborated that the programme will support Pakistan in advancing green budgeting, integrating climate-risk assessments into financial regulation, improving climate-related data disclosure, and enhancing climate-resilient infrastructure planning.
The discussion also touched on Pakistan’s evolving relationships with China and the United States.
Muhammad Aurangzeb reaffirmed that Pakistan’s approach remains pragmatic and nationally focused. He said Pakistan views its partnerships with both China and the United States as complementary.
He highlighted CPEC Phase 2.0 with China, shifting from government-to-government infrastructure to business-to-business investment, and emerging collaboration with the United States in minerals, mining and digital technologies.
Laura CressTechnology reporter
Getty ImagesX has blocked the European Commission from making adverts on its platform – a move which comes a few days after it fined Elon Musk’s site €120m (£105m) over its blue tick badges.
Nikita Bier, who has a senior role at the social media site, accused the European Union (EU) regulator of trying to “take advantage” of “an exploit” in its advertising system to promote its post about the fine on Friday.
“It seems you believe that the rules should not apply to your account,” he said. “Your ad account has been terminated.”
A European Commission spokesperson told BBC News the Commission “always uses all social media platforms in good faith”.
X’s fine, issued on Friday, was the first under the EU’s Digital Services Act.
The EU regulator said the platform’s blue tick system was “deceptive” because the firm was not “meaningfully verifying users”.
“This deception exposes users to scams, including impersonation frauds, as well as other forms of manipulation by malicious actors,” it said.
It claimed X was also failing to provide transparency around its adverts, and was not giving researchers access to public data.
The social media platform has been given 60 days to respond to the Commission about concerns surrounding its blue checkmarks, or face extra penalties.
Following the fine, Elon Musk posted on his platform to say the EU “should be abolished”, and retweeted a response from another X user comparing it to fascism.
US Secretary of State Marco Rubio and the Federal Communications Commission (FCC) accused the EU regulator of attacking and censoring US firms, adding, “the days of censoring Americans online are over”.
‘Never been abused like this’
The dispute originated with Mr Bier, who accused the Commission of activating a rarely-used account “to take advantage of an exploit”.
He claimed it had posted a link which itself deceived users – tricking them into thinking it was a video “to artificially increase its reach”.
He said the “exploit”, which had “never been abused like this”, had now been removed.
Ad accounts on X are used by businesses to create and analyse paid advertising campaigns and run “promoted” posts on the site, separate from the users’ X profile.
In response, a European Commission spokesperson told BBC News that it was “simply using the tools that platforms themselves are making available to our corporate accounts”.
“We expect these tools to be fully in line with the platforms’ own terms and conditions, as well as with our legislative framework,” it said.
And it is not the first time there has been disagreement between X and global regulators.
In 2024, Brazil’s Supreme Court lifted a ban on X after it agreed to pay 28 million reais ($5.1m; £3.8m), and blocked accounts accused of spreading misinformation.
The previous year, Australia’s internet safety watchdog fined it A$610,000 ($386,000; £317,360) for failing to cooperate with a probe into anti-child abuse practices.
Business
Asian banks are healthier! Lenders across Asia–Pacific stronger than the US; what Moody’s report shows – The Times of India
Banks across the Asia–Pacific region are displaying stronger capital health than lenders in the United States and Western Europe, Moody’s said in its latest survey. The agency’s comparison of the largest banking institutions across major markets shows Asia–Pacific banks have accumulated strong capital levels under what it describes as tighter and more cautious regulatory oversight.The survey found that the risk-weighted asset (RWA) profiles of large Asia–Pacific banks correspond closely with their actual credit losses over the past decade, indicating that the risk assigned to their assets reflects the ground reality. At the same time, the report stresses that RWA densities are not uniform across the region and vary by market. RWAs measure the level of risk in a bank’s portfolio by assigning higher weights to assets considered riskier, meaning institutions with higher RWA density have a greater proportion of high-risk assets on their balance sheets.A notable highlight of the study is the capital strength of major private sector banks in India. Moody’s stated, “Large private sector banks in India have high CET1 capital adequacy and leverage ratios because their internal capital generation has outpaced their RWA growth in the past couple of years, and they can raise equity easily from capital markets when needed.” CET1, or Common Equity Tier 1 capital, comprises retained earnings and equity shares and is the core line of defence against losses. Higher CET1 ratios translate to a greater capacity to absorb shocks without affecting depositor safety.By the end of 2024, the average CET1 ratios of large banks in Hong Kong, India and Korea in the sample stood at 18.0%, 14.7% and 14.5%, respectively. These figures stand higher than the 13.5% reported by the four biggest US banks and the 13.8% recorded by the top six banks in Western Europe, according to the report.While Moody’s says Asia–Pacific banks can raise equity from capital markets with relative ease when required, it also notes that state-owned banks remain weaker than their private counterparts on capital and leverage.The agency attributes higher RWA densities in India, Vietnam and some Chinese lenders to the continued use of the standardised approach for calculating risk weights, a method based on fixed regulatory prescriptions rather than banks’ own internal assessments. In India, regulators have announced plans to permit banks to move to the IRB (Internal Ratings-Based) approach by 2028, a transition expected to reduce RWA density if implemented successfully.For India, the sample in the survey consisted of State Bank of India, Axis Bank, ICICI Bank and HDFC Bank, representing roughly half of the country’s total banking system assets. Overall, the report examined 35 banks across eight major Asia-Pacific banking systems, covering 75% of the total assets of all rated banks in these markets.
Business
How To Apply For Insurance Claim After Accident? Where Does Licence Validity Come In? | Explained
Last Updated:
Even if your driving licence has expired, the law protects accident victims. Learn how insurance claims work and what the 30-day grace period covers
The rules for insurance claims following a road accident differ depending on whether it is a third-party claim or an own damage claim.
The Punjab and Haryana High Court has clarified that a driving licence remains valid for 30 days after its expiry. If an accident occurs on the 30th and final day of this grace period, the insurance company is legally required to honour the claim.
According to The Tribune, the licence in the case under consideration expired on June 4, 2001. The 30-day grace period began on June 5, meaning the licence remained valid until July 4, 2001. The accident took place on July 4, 2001, at around 10:45 am, and as it fell within the grace period, the licence was deemed legally valid.
Insurance Claims In India: What The Law Says
The rules for insurance claims following a road accident differ depending on whether it is a third-party claim or an own damage claim.
Third-Party Insurance: Mandatory for All Vehicles
Under Section 146 of the Motor Vehicles Act, 1988, third-party insurance is compulsory for every vehicle in India. Third-party claims relate to:
- Injury or death of a third party
- Damage to third-party property
The Supreme Court has consistently ruled that even if the driver has no licence, an expired licence, a suspended licence or a licence of the wrong category, the insurance company must still compensate the victim or their family.
This obligation remains even if:
- The driver has no driving licence at all
- The licence has expired
- The licence is suspended
- The licence belongs to an incorrect vehicle category
- The driver only holds a learner’s licence
‘Pay and Recover’ Principle
The Supreme Court frequently applies the pay and recover principle:
- The insurer must first pay compensation to the victim.
- The insurer may then recover the amount from the vehicle owner.
In 2023, the Supreme Court reaffirmed that the victim must not suffer because the driver lacked a valid licence.
Own Damage Claims: Strict Rules Apply
The rules for own damage claims are entirely different. Every motor insurance policy clearly states that the driver must have:
- A valid driving licence
- A proper licence for the vehicle category
If, at the time of the accident:
- The driver had no licence, or
- The licence had expired, or
- The licence was not appropriate for that vehicle,
the insurance company will reject the own damage claim entirely.
This position was upheld by the Supreme Court in Dharmendra Goyal vs Reliance General Insurance (2022) and reaffirmed in multiple judgements between 2023 and 2025.
The National Consumer Commission (NCDRC) issued similar rulings in dozens of cases.
Grace Period And Licence Validity
If an accident occurs within the 30-day grace period after the licence has expired, insurance policies provide full coverage, both for:
- Third-party claims, and
- Own damage claims
This rule is applicable nationwide.
When Is Renewal Necessary?
According to Section 15 of the Motor Vehicles Act, 1988 and the Central Motor Vehicles Rules, 1989:
30-Day Grace Period
- The licence remains fully valid for 30 days after expiry.
- There is no penalty if renewed within these 30 days.
Penalties After The Grace Period
- After 30 days: Rs 300 fine, increasing to Rs 1,000 per year.
- After 1 year: The applicant must take the driving test again.
- After 5 years: A complete restart is required, including a new learner’s licence.
Renewal Made Easier (2025 Guidelines)
The Ministry of Transport’s 2025 guidelines confirm:
- The 30-day grace period applies across India.
- Driving licences can be renewed instantly online via the Parivahan.gov.in portal.
Click here to add News18 as your preferred news source on Google. December 08, 2025, 14:12 IST
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