Business
IMF relief sought on flood losses | The Express Tribune
ISLAMABAD:
Pakistan on Wednesday informed the International Monetary Fund (IMF) that its economy suffered Rs744 billion in losses due to floods, with 60% of the damage occurring in the agriculture sector and again sought adjustment of these losses against the programme targets.
The preliminary damage assessment has been shared with the IMF, as Finance Minister Muhammad Aurangzeb confirmed that the review talks concluded with the global lender on Wednesday. The talks were aimed at securing two loan tranches totalling around $1.2 billion under separate loan programmes.
Aurangzeb said that the IMF had shared the Memorandum for Economic and Financial Policies (MEFP) and that the Staff-Level Agreement for completing the second review would be announced after further discussions. The MEFP is a set of policy documents agreed upon by both sides. “There has been a broader consensus with the IMF,” said the finance minister during an informal discussion outside the Q Block with journalists from two media outlets.
Sources said that towards the conclusion of the talks, discussions focused on adjusting the impact of the floods against the programme’s targets of primary budget surplus and provincial cash surplus. The finance ministry also briefed the prime minister in this regard, they added.
The IMF had set the primary budget surplus target at Rs3.1 trillion and had earlier indicated roughly Rs500 billion adjustments within the budget to offset the flood impact. Sources said that the finance ministry wanted the IMF to allow adjustments against the target to the extent of the actual damages.
According to preliminary findings shared with the IMF, the economy sustained Rs744 billion in losses. After adjusting these losses, the economic growth is now projected to remain at 3.5%, against the annual target of 4.2%. The revised growth projection is still about 1% higher than the World Bank’s recent projection of 2.6%, which also cited flood damage.
Of the Rs744 billion losses, Punjab bore Rs632 billion, according to initial assessments. Khyber-Pakhtunkhwa (K-P) reported Rs51.3 billion in losses, followed by Sindh with Rs32.2 billion, another Rs12.6 billion in K-P, and Rs6.8 billion in Balochistan.
Flooding in three rivers and flash rains in the country’s upper regions inundated large areas, forcing the evacuation of 6.5 million people.
The projected Rs744 billion losses are double the earlier Rs370 billion estimate shared with the IMF.
Details show the agriculture sector sustained Rs439 billion in losses, roughly 60% of the total. Almost all these were crop-related. As a result, agriculture growth is now projected at 3%, compared to the 4.5% target. Growth in the crops sub-sector is expected to fall below 1%, against the target of 5.4%. Crops on 3.3 million acres and 22,841 livestock were affected.
Roughly one-third of the cotton crop was destroyed, with output now projected at 7.2 million bales, a reduction of up to 3.4 million bales, as per preliminary estimates.
Authorities estimated that 12.6% of the rice crop was damaged, with expected production at 8.9 million tonnes, representing a loss of 600,000 to 1.2 million tonnes. Sugarcane production has been revised to 79 million tonnes, reflecting losses between 1.3 million and 3.3 million tonnes, or 4% of budget estimates. Maize production is projected to decline by 13%, with output capped at 9.2 million tonnes.
The industrial sector sustained Rs48 billion in losses, with its annual growth rate revised slightly down to 4.1%, according to the assessment.
The services sector is projected to have suffered the second-highest losses of Rs257 billion, reducing its growth forecast by 0.4% to 3.6%. Within services, the transport and storage subsector incurred the highest loss, Rs150 billion, cutting its growth rate almost by half to 1.9%. Real estate activities recorded Rs55 billion in losses, while wholesale and trade sectors lost Rs40 billion.
Preliminary assessments showed that 229,763 houses were damaged, 790 bridges destroyed, and 866 water infrastructure systems washed away. About 2,811 kilometres of roads were damaged.
In Punjab alone, 213,097 houses were damaged, followed by 6,370 in Balochistan, 3,332 in Sindh, 3,222 in K-P, 2,417 in Azad Kashmir, and 1,260 in Gilgit-Baltistan. In Punjab, 1,216 kilometres of roads and 462 bridges were destroyed, while 5,467 livestock perished.
A total of 1,037 deaths and 1,067 injuries were reported nationwide. The highest number of deaths, 509, occurred in K-P, followed by 322 in Punjab, 90 in Sindh, 38 each in Balochistan and Azad Jammu and Kashmir, 31 in Gilgit-Baltistan, and nine in Islamabad.
Floodwaters also affected eight mines and 1,297 commercial shops. About 2,267 educational institutions, 243 health facilities, and 129 public buildings were damaged. The floods disrupted normal life in 70 districts, affecting 6.5 million people, of whom four million were relocated to safer areas.
1710175205-0/image-(9)1710175205-0-640x480.webp "UAE announces b AI investment in Africa | The Express Tribune")
Business
Tech spectrum tussle: US majors push Wi-Fi use for entire 6GHz band as Jio, Vi seek mobile allocation; Airtel, Qualcomm call for deferment – The Times of India
US technology giants Apple, Amazon, Cisco, Meta, HP and Intel have jointly opposed demands from Reliance Jio and Vodafone Idea to allocate spectrum in the 6GHz band for mobile services, instead urging that the entire band be reserved for Wi-Fi use, reported PTI.In a joint response to Trai’s consultation paper for the next round of spectrum auctions, the companies said technical and commercial readiness in the 6GHz band “is not established” for mobile services and asked the government to avoid setting timelines for auction of the 6425-6725 MHz and 7025-7125 MHz ranges.“We do not recommend setting timelines for any future auction of the 6425-6725 MHz and 7025-7125 MHz ranges for IMT… TRAI, together with the Department of Telecommunications, should review the allocation of the upper 6 GHz band following the outcomes of WRC-27,” the joint submission said, adding that any unused upper 6GHz spectrum should be made available for unlicensed use in the interim.The government has said 400 MHz of 6GHz spectrum is immediately available for auction, an additional 300 MHz will be available by 2030, and 500 MHz in the lower band will be delicensed for low-power applications such as Wi-Fi.Jio has demanded inclusion of the entire 1200 MHz available in the 6GHz band in the auction, even though the government has decided to delicense 500 MHz in the lower range. Vodafone Idea has sought the sale of 400 MHz currently available for use. Airtel has asked the government to defer auction of the 6GHz band due to concerns over device availability, equipment readiness and global harmonisation.Qualcomm echoed similar concerns, stating, “The upper 6 GHz band is critical for mobile growth in India… By deferring the auction… until after WRC-27, India safeguards its 6G future, aligns with global standards, and honours its leadership aspirations.”Telecom industry body COAI, whose members include Jio, Airtel and Vodafone Idea, opposed delicensing. “Delicensing is misleading and counterproductive… Licensed IMT spectrum ensures quality-of-service, predictable performance and nationwide scalability,” COAI said, warning that allowing unlicensed Wi-Fi deployments could reduce exchequer revenues and give “disproportionate advantage to foreign OTT players”.The newly identified 6425-6725 MHz and 6725-7125 MHz bands form part of the upper 6GHz range, while the 5925-6425 MHz band has been earmarked for unlicensed low-power applications.
New Delhi: Union Minister for Commerce and Industry Piyush Goyal on Sunday met with Isaac Herzog, President of Israel, to further strengthen the strategic partnership between India and Israel.
During the discussions, Goyal conveyed warm greetings from the people of India and highlighted opportunities for deeper collaboration across trade, investment, innovation, and technology.
During the meeting, Goyal shared the positive outcomes of the recently held Business Forum and CEOs Forum, which brought together business leaders from both countries. He also underscored the first major step towards Free Trade Agreement (FTA) negotiations, highlighting its potential to boost economic engagement and facilitate bilateral trade.
In a post on social media platform X, he wrote, “Honoured to call on H.E. @Isaac_Herzog, President of the State of Israel. Conveyed the warm greetings of the people of India. Our discussions covered the full spectrum of our strategic partnership, including trade and investment, science & technology, innovation, and deeper economic engagement.”
Goyal emphasised India’s robust growth story and the wide-ranging opportunities available for Israeli partners in sectors such as science and technology, innovation, and investment. The discussions reflected a mutual commitment to deepening economic ties and leveraging each country’s strengths for strategic and commercial collaboration, he added.
“Shared the positive outcomes of the Business Forum and the CEOs Forum, and the first big step towards FTA negotiations. Also underlined India’s robust growth story and the wide-ranging business opportunities for Israeli partners,” the post added.
Earlier, during his meeting with Israel’s Prime Minister Benjamin Netanyahu, Goyal highlighted the successful Business Forum and CEOs Forum, which attracted over 60 members of the Indian business delegation.
During his visit to Israel, Goyal held a series of wide-ranging engagements, further strengthening bilateral cooperation across agriculture, technology, innovation and trade. During his meetings on 21 November, Goyal met with Israeli Minister of Agriculture and Food Security Avi Dichter for a detailed discussion on advancing agricultural collaboration.
Minister Dichter briefed Goyal on Israel’s 25-year food security roadmap, its advanced seed-improvement strategies, and the country’s global leadership in water-reuse technologies for agriculture.
Earlier, on 20 November 2025, Goyal commenced his official engagements with a meeting with Israel’s Minister of Economy, Barkat. The two leaders reviewed the current trajectory of bilateral trade and explored new areas of cooperation.
Business
‘Stakes are high.’ With shutdown over, airlines predict record numbers of travelers this Thanksgiving
A travelers check flight information at LAX as the shutdown passes the one-month mark, leaving essential workers unpaid in Los Angeles, California, on November 5, 2025.
Grace Hie Yoon | Anadolu | Getty Images
U.S. airlines are predicting another record Thanksgiving holiday travel period and are upbeat now that the travel-snarling government shutdown has ended.
Airlines will carry more than 31 million people between Friday, Nov. 21, and Monday, Dec. 1, Airlines for America, a lobbying group representing the largest U.S. carriers, predicted Thursday. The busiest days are expected to be the Sunday after Thanksgiving, with about 3.4 million people flying, followed by the Monday after Thanksgiving, with around 3.1 passengers.
Airline executives have expressed relief after the longest-ever government shutdown ended Nov. 12. Shortages of air traffic controllers, who were required to work without their regular pay, delayed and canceled flights, disrupting travel plans for some 6 million people, A4A said.
The industry is now pushing lawmakers to pass legislation to ensure that air traffic controllers are paid in the case of another shutdown, with executives complaining in recent weeks about air travel becoming a political bargaining chip. The latest bill funds the government only through January, so industry members are hoping to avoid a repeat of the closure just before winter break and spring break seasons begin.
Bank of America estimated the big network airlines could see an operating income hit of $150 million to $200 million and smaller carriers would see an impact of $100 million because of the shutdown, but airlines haven’t yet come out with revised estimates.
Some travelers appeared to be waiting until the shutdown ended before booking their travel.
United Airlines said bookings between Nov. 15 and Nov. 16 were up 16% compared with the prior weekend, when air travel disruptions spiked.
The carrier also said bookings for international trips are at a record for the holiday period, up 10% over last year, with Cancun, Mexico, and major European hubs in London and Frankfurt, Germany, as top destinations.
Overall, United forecast it will fly 6.6 million customers between Nov. 20 and Dec. 2., up more than 4% from last year.
The largest U.S. carriers’ international capacity is up about 5% between Nov. 26 and Nov. 30 compared with a similar period last year, according to aviation-data firm Cirium, while domestic capacity is about 2% higher.
American Airlines said it plans to run 80,759 flights from Nov. 20 through Dec. 2., more than any airline.
“The Thanksgiving holiday period is one of the most condensed and most important for our customers — the stakes are high, and the American team is ready to deliver,” American’s Chief Operating Officer David Seymour said in a news release.
Not all airlines have beefed up their schedules, however. Budget carrier Spirit Airlines, in its second bankruptcy in less than a year, has slashed capacity and furloughed hundreds of pilots to cut costs as it seeks to find more solid financial footing.
Spirit’s domestic flying capacity is down close to 40% from a year earlier, Cirium data shows.
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