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Ransomware attacks often now target backup data directly, experts warn Zero Trust principles are key to data protection 59% of organizations experienced ransomware attacks in 2023 Ransomware attacks have increasingly become a top concern for businesses worldwide, targeting organizations of all sizes and industries. Recent research by Object First has highlighted key vulnerabilities and the growing importance of modern backup technologies in combating ransomware threats. The survey revealed many businesses are still using outdated technologies that leave their backup data vulnerable to attack, suggesting they are not yet adequately prepared to fend off modern ransomware attacks. The state of backup security Backup data is becoming a prime target for cybercriminals, therefore organizations need to rethink their backup security practices to adopt more resilient, ransomware-proof solutions. The report revealed while over a third (34%) of respondents pointed to outdated backup systems as a major weakness, making them easier targets for ransomware attackers, 31% cited a lack of backup data encryption , which prevents sensitive data from being securely stored and transferred. In addition, failed data backups were identified by 28% of respondents as another key vulnerability. These failures leave organizations unable to restore their systems after an attack, often resulting in lengthy downtimes and expensive recovery processes. More troubling is the finding that ransomware attacks are increasingly targeting backup data directly. Normally, backups are considered a last line of defense in the event of an attack. However, with attackers now focusing on compromising this data, simply having backups is no longer enough. This shift has led to a growing need for immutable storage backup systems designed to ensure data cannot be altered or deleted by ransomware once it is stored. Are you a pro? Subscribe to our newsletter Sign up to the TechRadar Pro newsletter to get all the top news, opinion, features and guidance your business needs to succeed! An overwhelming 93% of survey respondents agreed that immutable storage is essential for protecting against ransomware attacks, while 84% of IT workers highlighted that they need better backup security to meet regulatory compliance. This need for enhanced security is further evidenced by the fact that 97% of respondents plan to invest in immutable storage solutions as part of their cybersecurity strategy. Immutable storage is built on Zero Trust principles, a security model that assumes no user or system is inherently trustworthy. This approach focuses on continuously validating every access request and limiting permissions to minimize the risk of unauthorized access. The Object First survey found that 93% of IT professionals believe aligning their backup systems with Zero Trust principles is key to safeguarding their data from ransomware. Zero Trust architecture ensures that even if cybercriminals gain access to a system, they are limited in their ability to manipulate or delete critical data. While the need for enhanced security is clear, the survey also revealed that managing backup storage systems remains a challenge for many organizations. Nearly 41% of IT professionals stated that they lack the skills necessary to manage complex backup solutions, and 69% reported that budget constraints prevent them from hiring additional security experts. “Our research shows that almost half of organizations suffered attacks that targeted their backup data, highlighting the criticality of adopting backup storage solutions that are ransomware-proof,” said Andrew Wittman, Chief Marketing Officer at Object First. Microsoft is releasing Microsoft 365 Backup Take a look at the best business cloud storage Data backup and recovery tools are failing businesses
GameZone has successfully brought Tongits into the digital age. This innovative platform has seamlessly integrated the beloved card game, creating an immersive online experience that pays homage to its rich cultural heritage while embracing modern technology. GameZone’s user-friendly interface and premium design offer players a sophisticated environment to showcase their skills and potentially earn substantial rewards. The platform’s commitment to excellence extends beyond gameplay, providing a range of services including game customization options and carefully curated tournaments that cater to players of all skill levels. The Tongits online experience on GameZone comes in several exciting variants, each designed to appeal to different player preferences: To celebrate the holiday season and showcase its commitment to the Tongits go download community, GameZone has launched three exciting promotions: The Christmas Bonanza, running from November 23 to December 31, offers players the chance to win one of 39 Yamaha Mio Gravis motorcycles. Daily tournament winners will be awarded these coveted prizes, with entry as simple as placing a bet on any GameZone offering. This promotion not only adds excitement to daily gameplay but also provides players with the opportunity to win a substantial real-world prize. The Free Bonanza features four no-cost tournaments with varying schedules and prize pools. Players can register through the GameZone promo tab to participate and compete for bonus rewards. This promotion is particularly appealing to new players or those looking to hone their skills without financial risk. From December 4 to 8, the Champions Cup offline tournament will determine the ultimate Tongits player. The champion will walk away with a grand prize of Php 300,000, while second and third place finishers will receive Php 100,000 and Php 60,000, respectively. This high-stakes tournament showcases GameZone’s commitment to fostering competitive play and recognizing top talent in the Tongits community. These promotions underscore GameZone’s dedication to creating a vibrant Tongits kingdom ecosystem by rewarding players with exciting competitions and substantial prizes. By offering a mix of online and offline events, GameZone caters to a wide range of players and helps bridge the gap between traditional card game enthusiasts and the digital gaming world. Unlocking Your Tongits Potential While natural talent in how to play Tongits is rare, GameZone believes that with the right approach, anyone can elevate their gameplay. The platform offers comprehensive guidance for beginners who may lack understanding of the game’s intricacies, often leading to aggressive and miscalculated plays. GameZone aims to change this by providing a roadmap for players to become ultimate Tongit masters. The journey to Tongit mastery begins with consistent practice. Players are encouraged to dedicate time to regular gameplay, whether through traditional setups or online platforms. Engaging with a diverse range of opponents helps expand game experience and familiarize players with various skill levels within the Tongits community. This exposure to different playing styles is crucial for developing adaptability and refining one’s own strategy. Self-reflection is key to improvement. After each game, players should analyze their moves and decision-making processes. Keeping a journal to document challenges encountered and interesting strategies observed can help identify patterns and areas for growth. This analytical approach allows players to learn from both successes and failures, accelerating their progress and deepening their understanding of the game. Participation in high-stakes situations, such as tournaments, can significantly enhance a player’s basic knowledge and understanding of the game while exposing them to different playing styles and strategies. The pressure of competitive play forces players to think quickly and make decisive moves, skills that are invaluable in all forms of Tongits. Mastering the fundamentals is crucial for any aspiring Tongits champion. This includes thoroughly learning card rankings, understanding how to form melds (sets and sequences), and familiarizing oneself with the scoring system. Attention to game details such as exposed and concealed melds, as well as going out rules, is essential. Players should practice the flow of the game, including drawing cards, discarding, and picking up from the discard pile. Special hands like the Tongits go (going out with no discard) and Royal Flush should be studied and understood, as these can be game-changing when executed correctly. As players progress, focus shifts to advanced strategies. This includes evaluating starting hands, determining optimal approaches for each game, and understanding when to pursue different winning combinations. Proficiency in card counting becomes crucial, allowing players to monitor discarded cards and anticipate those still in play. This skill not only improves decision-making but also helps players gauge the potential hands of their opponents. The psychological aspects of the game, such as bluffing and reading opponents, become increasingly important at higher levels of play. Expert players learn to control their emotions and maintain a poker face while simultaneously picking up on subtle cues from their opponents. This balance of self-control and perceptiveness can often be the deciding factor in close games. Developing keen observation skills is another critical aspect of mastery. Players must train themselves to pay close attention to opponents’ behaviors and tells, noticing reactions when drawing cards, discarding patterns, and changes in demeanor throughout the game. Quick mental calculations of potential scores for oneself and opponents become second nature to expert players, allowing for more strategic decision-making in the heat of the moment. Learning from experienced players is invaluable in the journey to Tongit mastery. GameZone encourages players to seek out books, articles, and online resources written by seasoned Tongits Go players. Watching videos of professional tournaments can provide insights into high-level decision-making processes, allowing aspiring players to learn from the best in the field. Joining online forums or communities allows players to discuss strategies, share experiences, and learn from fellow enthusiasts. These platforms create a supportive environment where players can ask questions, seek advice, and engage in discussions about various aspects of the game. Finding a mentor—an experienced player who can offer personalized advice and feedback—can significantly accelerate skill development. A mentor can provide tailored guidance, helping players identify and overcome their specific weaknesses while honing their strengths. This is a special report for Formula 1 fans and our F1 readers.
One week into a new Syria, rebels aim for normalcy and Syrians vow not to be silent again DAMASCUS (AP) — A transformation has started to take place in the week since the unexpected overthrow of Syria’s President Bashar Assad. Suddenly in charge, the rebels have been met with a mix of excitement, grief and hope. And so far the transition has been surprisingly smooth. Reports of reprisals, revenge killings and sectarian violence are minimal, looting and destruction has been quickly contained. But there are a million ways it could go wrong. Syria is broken and isolated after five decades of Assad family rule. Families have been torn apart by war, former prisoners are traumatized, and tens of thousands of detainees remain missing. The economy is wrecked, poverty is widespread, inflation and unemployment are high. Corruption seeps through daily life. Christians in Syria mark country's transformation with tears as UN envoy urges an end to sanctions DAMASCUS, Syria (AP) — In churches across long-stifled Syria, Christians have marked the first Sunday services since Bashar Assad’s ouster in an air of transformation. Some were in tears, others clasped their hands in prayer. The U.N. envoy for Syria is calling for a quick end to Western sanctions as the country’s new leaders and regional and global powers discuss the way forward. The Syrian government has been under sanctions by the United States, the European Union and others for years as a result of Assad’s brutal response to what began as peaceful anti-government protests in 2011 and spiraled into civil war. Israel will close its Ireland embassy over Gaza tensions as Palestinian death toll nears 45,000 DEIR AL-BALAH, Gaza Strip (AP) — Israel says it will close its embassy in Ireland as relations deteriorate over the war in Gaza, where Palestinian medical officials say new Israeli airstrikes have killed over 30 people including children. Israel's decision to close the embassy came in response to what Israel’s foreign minister has described as Ireland's “extreme anti-Israel policies.” Ireland earlier announced that it would recognize a Palestinian state. And the Irish cabinet last week decided to formally intervene in South Africa’s case against Israel at the International Court of Justice, which accuses Israel of committing genocide in Gaza. The Palestinian death toll in the war is approaching 45,000. The GOP stoked fears of noncitizens voting. Cases in Ohio show how rhetoric and reality diverge AKRON, Ohio (AP) — Ohio's Republican secretary of state and attorney general sought to reassure voters before the November election that the state's elections were being vigorously protected against the possibility of immigrants voting illegally. That push coincided with a national Republican messaging strategy warning that potentially thousands of ineligible voters would be voting. The officials' efforts in Ohio led to charges against just six noncitizens in a state with 8 million registered voters. That outcome and the stories of some of those now facing charges show the gap both in Ohio and across the United States between the rhetoric about noncitizen voting and the reality that it's rare and not part of a coordinated scheme to throw elections. South Korean leaders seek calm after Yoon is impeached SEOUL, South Korea (AP) — South Korea’s opposition leader has offered to work with the government to ease the political tumult, a day after the opposition-controlled parliament voted to impeach conservative President Yoon Suk Yeol over a short-lived attempt to impose martial law. Liberal Democratic Party leader Lee Jae-myung, whose party holds a majority in the National Assembly, urged the Constitutional Court to rule swiftly on Yoon’s impeachment and proposed a special council for policy cooperation between the government and parliament. Yoon’s powers have been suspended until the court decides whether to remove him from office or reinstate him. If Yoon is dismissed, a national election to choose his successor must be held within 60 days. Storms across US bring heavy snow, dangerous ice and a tornado in California OMAHA, Neb. (AP) — Inclement weather has plagued areas of the U.S. in the first half of the weekend, with dangerous conditions including heavy snow, a major ice storm and unusual tornado activity. An ice storm beginning Friday created treacherous driving conditions across Iowa and eastern Nebraska. More than 33 inches of snow was reported near Orchard Park, New York, which is often a landing point for lake-effect snow. On Saturday, a tornado touched down in Scotts Valley, California, causing damage and several injuries. In San Francisco, a storm damaged trees and roofs and prompted a tornado warning, which was a first for a city that has not experienced a tornado since 2005. Small businesses say cautious shoppers are seeking 'cozy' and 'festive' this holiday season With a late Thanksgiving, the holiday shopping season is five days shorter than last year, and owners of small retail shops say that people have been quick to snap up holiday décor early, along with gifts for others and themselves. Cozy items like sweaters are popular so far. Businesses are also holding special events to get shoppers in the door. But there’s little sense of the freewheeling spending that occurred during the pandemic. Overall, The National Retail Federation predicts retail sales in November and December will rise between 2.5% and 3.5% compared with same period a year ago. US agencies should use advanced technology to identify mysterious drones, Schumer says After weeks of fear and bewilderment about the drones buzzing over parts of New York and New Jersey, U.S. Sen. Chuck Schumer is urging the federal government to deploy better drone-tracking technology to identify and ultimately stop the airborne pests. The New York Democrat is calling on the Department of Homeland Security to immediately deploy advanced technology to identify and track drones back to their landing spots. That is according to briefings from his office. Federal authorities have said that the drones do not appear to be linked to foreign governments. West Africa regional bloc approves exit timeline for 3 coup-hit member states ABUJA, Nigeria (AP) — West Africa’s regional bloc ECOWAS has approved an exit timeline for three coup-hit nations. It comes after a nearly yearlong process of mediation to avert the unprecedented disintegration of the grouping. The president of the ECOWAS Commission, Omar Touray, said in a statement: “The authority decides to set the period from 29 January, 2025 to 29 July 2025 as a transitional period and to keep ECOWAS doors open to the three countries during the transition period." In a first in the 15-nation bloc’s nearly 50 years of existence, the military juntas of Niger, Mali and Burkina Faso announced in January that they decided to leave ECOWAS. Pope Francis makes 1st papal visit to France's Corsica awash in expressions of popular piety AJACCIO, Corsica (AP) — Pope Francis on the first papal visit ever to the French island of Corsica on Sunday called for a dynamic form of laicism, promoting the kind of popular piety that distinguishes the Mediterranean island from secular France as a bridge between religious and civic society. The one-day visit to Corsica’s capital Ajaccio, birthplace of Napoleon, on Sunday is one of the briefest of his papacy beyond Italy’s borders, just about nine hours on the ground, including a 40-minute visit with French President Emmanuel Macron. It is the first papal visit ever to the island, which Genoa ceded to France in 1768 and is located closer to the Italian mainland than France.Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Atif Ikram Sheikh has said the US is one of the few countries in the world with which Pakistan enjoys a bilateral trade surplus, and Pak-US trade volume crossed the $7 billion mark in 2023 and continues to increase in 2024 as it has crossed $6.3 billion in the first 10 months. "From the perspective of the business, industry and trade community, we believe that this volume can potentially be doubled within a short span of a few years, given the demand for Pakistani products in the US, surging information technology exports and anticipated diversification of Pakistani export basket for the US," he said, according to a statement released by the FPCCI on Tuesday. Ambassador of Pakistan to the US Rizwan Saeed Sheikh stressed that Pakistan has a very large and influential diaspora of 1 million Pakistani-Americans in the US, Pakistan is the largest importer of American cotton in the world, 40,000 Pakistani doctors are working in America, 5,000 Pakistani nursing staff will soon be exported to the US and pharmacists are expected to follow. He said the US considers Pakistan as a strategic partner, bilateral defence ties remain strong and the US continues to be one of the top countries from where Pakistan receives foreign remittances. Ambassador Sheikh explained that the economies of California and Texas are the world's fourth and sixth largest respectively, and things which seem impossible in political diplomacy can be achieved in economic diplomacy, and "that is where our emphasis is." The FPCCI president said the US GSP programme may be renewed and expanded, and Pakistani exporters should remain agile and committed to making full use of the opportunities the enormous export market of the US has to offer. He said that 55% of Pakistani exports to the US comprise textiles, however, other sectors are catching up as IT exports to the US have crossed the $1 billion mark. COMMENTS Comments are moderated and generally will be posted if they are on-topic and not abusive. For more information, please see ourThe head of a Canadian political party that has been keeping Prime Minister Justin Trudeau in power says he will vote in favor of a motion of no-confidence, effectively assuring the Liberals will be removed from power early next year. Trudeau has been under increasing pressure to quit since Finance Minister Chrystia Freeland resigned over a policy clash. Here are some potential ways forward for Canada: If Trudeau resigns, the Liberals will name an interim leader to take over as prime minister while the party sets up a special leadership convention. The challenge for the party is that these conventions usually take months to arrange and if an election does occur before then, the Liberals would be in the hands of a prime minister not chosen by members. This has never happened in Canada. The Liberals could try to run a shorter convention than usual, but this might prompt protests from candidates who felt this placed them at a disadvantage. There is no way Freeland could quickly be named prime minister on a permanent basis, since tradition dictates that the interim leader does not run as a candidate to lead the party. Unlike Britain, where party leaders are chosen by the parliamentary caucus and can be removed quickly, the Liberal leader is selected by a special convention of members. There is therefore no formal party mechanism to remove Trudeau if he wants to stay. That said, if members of his own cabinet and a large number of legislators call for him to go, he may conclude his position is untenable. Canadian governments must show they have the confidence of the House of Commons elected chamber. Votes on budgets and other spending are considered confidence measures and if a government loses one, it falls. In virtually all cases, an election campaign starts immediately. The House of Commons closed for the winter break on Tuesday and does not return until Jan. 27. The government can use procedural maneuvers to avoid being brought down on a spending measure but it must allocate a few days each session to opposition parties when they can unveil motions on any matter, including no-confidence. Assuming the government allocates the opposition days at the end of the session, the most likely time for Trudeau to be brought down would be in the last 10 days of March. This would trigger an election at some point in May. Ultimate constitutional power in Canada lies with Governor General Mary Simon, who is the personal representative of King Charles, the head of state. She can in theory remove Trudeau, but in real life this would not happen. “The governor general won’t dismiss a prime minister who still holds the confidence of the Commons,” said Philippe Lagasse, a professor and constitutional expert at Ottawa’s Carleton University. Trudeau could prorogue parliament, which would formally end the current session and give him some breathing space. Under this scenario, the return of the House would be delayed by several weeks, allowing the government to unveil a new plan for how it plans to run the country. This would have the advantage of delaying any motion of no-confidence, but it could further anger Liberal legislators, especially if Trudeau were still prime minister. Source: Reuters
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Town Board member Michael Aragosa criticized Acting Supervisor Robert Kirkham Jr. for not providing Town Board members with information on a series of fourth-quarter budget adjustments until just hours before last week’s Town Board meeting. Aragosa said he did not receive information regarding the transfers until 2:45 p.m. last Wednesday — just over four hours ahead of the 7 p.m. meeting that same day. “I mean it’s outrageous,” Aragosa said. “I can’t imagine why there’s not outrage from everybody on this board that we are not getting our resolutions sooner than we are.” Aragosa, a Democrat in his second term, said lawmakers for months have not received information pertaining to pending resolutions and pushed back on Kirkham’s categorization that the budget adjustments were “not something that is extraordinary.” “Sure, they’re standard adjustments, but we need to be able to see them,” Aragosa said. “We need to be able to see them so that we can know what we’re voting on. It’s not — it’s no way to run a town government.” The documents were also not available for the public’s viewing 24 hours prior to the meeting as required under the state’s Open Meetings Law. “If the agency in which a public body functions maintains a regularly and routinely updated website and utilizes a high speed internet connection, such records shall be posted on the website to the extent practicable at least twenty-four hours prior to the meeting,” the law reads. Aragosa ultimately voted in favor of the budget transfers, but said he would not do so on any resolution moving forward until documents are provided to lawmakers at least 48 hours in advance. “That’s where I’m at,” he said. “Going forward, I’m done.” Kirkham pushed back, saying Aragosa should have been more proactive in seeking information on the proposed transfers, noting he has an open-door policy and is available to discuss any issue that may be of concern. “The agenda went out on Friday. And the agenda stated that there were going to be quarterly adjustments,” Kirkham said. “You chose not to reach out and have any discussion with me. I have an open-door policy. Our comptroller has an open-door policy. So to conduct yourself in this manner, I think, is uncalled for.” But Aragosa was not the only lawmaker to raise concerns about not receiving meeting documents in a timely manner. Board member Brendan Gillooley, a Conservative backed by Democrats, ultimately voted against the transfers because he did not have time to review the proposal. “We didn’t have time to look at it,” he said. “That’s the issue.” At one point, the meeting devolved into a back and forth between Aragosa and Kirkham with the men talking over each other. The exchange was ultimately disrupted by the town’s attorney, Jeffrey Siegel. “There should be some democrum here,” Siegel said. “One person at a time.” It’s not the first time that Aragosa and Kirkham have clashed in recent months. In October, Aragosa raised concerns about a series of pay raises for elected officials included in the town’s operating budget that amounted to just over $13,000. Aragosa felt it was an inappropriate time for the raises. Kirkham accused him of trying to gain political traction. The budget was ultimately approved in a 4-0 vote. Aragosa and Kirkham did not return a request seeking comment for this story.Textile industry in Pakistan: Challenges, opportunities and future prospects In 2024, Pakistan’s textile industry, once cornerstone of national economy, stands at critical crossroads In this picture taken on July 20, 2023, a worker operates a machine preparing fabric at a textile mill in Lahore. — AFP The textile industry in Pakistan is a testament to the country’s resilience and adaptability in the face of global economic slowdown triggered by the increased production costs. googletag.cmd.push(function() { googletag.display('div-gpt-ad-1700472799616-0'); }); In 2021, the sector achieved a landmark, with textile exports reaching a record $19.9 billion, accounting for more than half of Pakistan’s total exports. This milestone highlighted the industry’s critical role in the national economy and showcased its potential as a global player in the textile market. However, the journey has been far from smooth. Amidst the global economic slowdown triggered by the increase in energy expenses, Pakistan’s industrial manufacturing sector has been adversely affected, mirroring the situation in other parts of the world. The textile industry, which has been a crucial sector of Pakistan’s economy since its inception, contributing significantly to the country’s GDP, employment, and exports, faces additional challenges due to the country’s struggling economy and prolonged periods of political instability. In 2024, Pakistan’s textile industry, once a cornerstone of the national economy, stands at a critical crossroads. Once globally competitive, it now faces unprecedented challenges threatening its global standing. Meanwhile, Bangladesh, a major competitor in the textile sector, is grappling with a severe crisis, prompting international buyers to seek alternative suppliers. This presents a potential opportunity for Pakistan. Textile industry is well-positioned to absorb Bangladesh’s displaced orders provided the government eases stifling policies. Bangladesh’s textile industry, known for its low-cost garment production, has been hit by political instability, energy shortages, rising labour costs, and environmental challenges. Global brands that once depended on Bangladesh are now searching for alternative suppliers. Unfortunately, Pakistan is unable to fill this gap due to its own set of challenges. High energy costs, heavy taxation, lack of technological investment, and supply chain disruptions have restricted the growth pace. Global conditions are generally favourable for exports, with American and European brands shifting away from China and Myanmar. This is the time to re-design export strategies to grab these huge export opportunities that will lead to economic prosperity for the country. Resolving Pakistan’s energy crisis is crucial. Stable and affordable energy could be a game-changer for the industry as high energy costs are a significant burden, directly affecting the competitiveness of Pakistani textiles in the global market. Power tariff has exceeded a critical threshold of over 14 cents/KWh, which is almost twice the average faced by competing economies like Vietnams, India, and Bangladesh. Similarly, gas/RLNG tariff for industries has reached to $13.5 per mmbtu, which makes the industry unviable within the region. Gas is the basic fuel for the export-oriented textile value chain. However, gas supply to highly efficient captive co-generation power plants will be discontinued from January 1, 2025. This move will hamper the industrial manufacturing leading to a large-scale industrial closure and massive unemployment. Huge investments of billions of rupees will become sunk cost as additional investments will be required for grid connectivity. DISCOs inability (outages/fluctuations) to maintain stable and consistent power will enormously damage the highly automated machines leading to heavy losses. Large-scale manufacturing (LSM) units with power demands exceeding 10 MW per hour, will be required to install own grids, which is a time-consuming process that requires billions of rupees in investment. Unwarranted delay in payment of outstanding refunds is inflicting a severe strain on the highest growth-oriented and employment providing textile industry. This poses a substantial financial burden on exporters as a significant portion of exporters’ working capital (more than Rs300 billion) remains trapped in the refund regime on account of Sales Tax, Income Tax, Duty Drawback etc, resulting in the burden of paying interest on outstanding refunds. The advance income tax on exporters has doubled in the last federal budget, including 1pc minimum tax (advance under Section 154) and an additional 1pc advance tax under Section 147. This has severely affected exporters’ cash flow. Manufacturers involved in domestic textile trade pay only 1.25pc advance tax, while exporters bear a heavier burden. Since exporters already pay 29pc income tax on earnings, we recommend that individual exporters’ Q1FY25 reviewed accounts by the chartered accountants be analysed by FBR. Exporters with low profitability whose tax liability is covered by Section 154, advance tax should be exempt from Section 147 advance tax. The Sales Tax Act 1990 holds exporters responsible for the GST input across the entire supply chain. This is both illogical and unfair, as exporters can only be accountable for their direct business partners and have no access to FBR systems to track the supply chain origin. Exporters are one of the most compliant sectors, providing detailed monthly disclosures under the sales tax regime. The 12pc sales cap and Form H already provide a complete accounting of materials and finished products. We request this anomaly be corrected, and that a regulatory framework be established to prevent harassment. In terms of subsection 7 of Section 3, a registered person can be made liable to withhold sales tax charged by his supplier on his supplies to the extent and manner prescribed in 11th schedule of the Sales Tax Act 1990. The exporters maybe declared as withholding agent in terms of subsection 7 of Section 3 and extent of withholding against all of their purchases may be notified in the 11th schedule of the Act. The EFS scheme was launched after thorough deliberation to document the export value chain and support export-oriented businesses. However, the recent budget removed the scheme for domestic trade, despite being revenue-neutral (due to zero-rating of GST on exports). This withdrawal has negatively impacted the textile value chain’s cash flow and is a major obstacle to achieving double-digit growth. Rationalising the scheme will help address these concerns. Expanding export markets beyond traditional regions will reduce reliance on a few large buyers and tap into emerging markets in Africa and Latin America. Pakistan’s textile industry is at a pivotal moment. While Bangladesh’s crisis has created an opening, Pakistan’s internal struggles have hindered the sector’s ability to capitalise on it. However, with the right mix of investment, government support, and a focus on sustainability, Pakistan still has the potential to re-emerge as a global leader in textiles.
Sterling dropped versus the dollar and rose against the euro on Monday, with political troubles in France and the so-called Trump trade back in focus. The euro fell on Monday on growing concerns about a possible government collapse in France, which would stall plans to curb a burgeoning budget deficit. Meanwhile, the greenback rose as President-elect Donald Trump marked a shift from his prior advocacy of a weaker dollar by demanding that BRICS member countries not create or support another currency that could replace the dollar. “High rates and relatively low exposure to the risk of Trump tariffs mean that the pound’s path of least resistance is probably up from here,” said Enrique Diaz-Alvarez, chief financial risk officer at Ebury. Sterling was down 0.22% to $1.2708 after increasing 1.64% last week in its biggest weekly rise since mid-August. Ebury’s Diaz-Alvarez flagged that last week’s rebound restored sterling to the top of the 2024 rankings, reclaiming the title from the dollar, although just barely. On Friday, the Bank of England warned that higher trade barriers could hit global growth and feed uncertainty about inflation, potentially causing volatility in financial markets and pushing up borrowing costs for businesses and consumers. However, money markets kept pricing just 75 bps of BoE rate cuts by the end of 2025, while discounting an ECB depo rate below 1.7% from the current 3.25% The pound rose 0.35% versus the euro to 82.75 pence not far from its 2-1/2-year high. It hit 82.58 pence per euro around mid-November, its highest level since April 2022. Markets also await the Bank of England Decision Maker Panel on Dec. 5, which could provide some clues about the inflation outlook and the Bank of England monetary easing path. Citi forecast some modest upside risks to price expectations and wage growth to be steady at 4.1% before moderating further in the months ahead. “We see the risks as broadly balanced here (in terms of wage growth),” Citi said in a research note. “The crystallization of a higher national living wage could put some upside pressure here.” Source: Reuters (Reporting by Stefano Rebaudo Editing by Gareth Jones)