Cash-strapped Pakistan has slashed its trade deficit by a staggering 43 per cent to USD 27.55 billion in the fiscal year 2023.

The government's stringent control over imports played a vital role in this significant reduction, as it aimed to stabilise the country's critically low foreign exchange reserves and mitigate the risk of default.

In the previous fiscal year 2022, the trade deficit had widened to a daunting USD 48.35 billion, causing concern about the country's economic stability.

However, the government's strict administrative measures on imports and the impact of floods in 2022 negatively affected the domestic economy, resulting in a provisional growth rate of only 0.3 per cent in FY23, compared to 6.1 per cent in FY22.

Recent data from the Pakistan Bureau of Statistics (PBS) said that imports decreased by 31 per cent to USD 55.29 billion in FY2023.

This is a significant drop from the record high of USD 80.13 billion in FY22.

Meanwhile, export earnings contracted by nearly 13 per cent to USD 27.74 billion in the import-dependent domestic economy during FY23, compared to USD 31.78 billion in FY22.

President Joe Biden plans to host Sweden’s prime minister at the White House on Jul 5  in a show of solidarity as the United States presses for the Nordic nation’s entry into NATO, a week before the alliance's summit.

Biden and Prime Minister Ulf Kristersson will “review our growing security cooperation and reaffirm their view that Sweden should join NATO as soon as possible,” the White House said in a statement announcing the meeting. The leaders also will discuss the war in Ukraine and matters involving China.

Sweden and neighbouring Finland ended their longstanding policy of military nonalignment after Russia invaded Ukraine in February 2022. Both applied for NATO membership, seeking protection under the organization’s security umbrella.

Finland, which shares a more than 800-mile or 1,300-kilometer border with Russia, joined NATO in April. But Sweden, which has avoided military alliances for more than 200 years, has seen its ascension delayed by Turkey and Hungary; NATO requires the unanimous approval of all members to expand.

NATO had hoped the road to Sweden’s membership would be smoothed out before the alliance’s summit on July 11-12 in Vilnius, the capital of Lithuania. Sweden’s entry would be a symbolically powerful moment and the latest indication of how Russia’s war is driving countries to join the alliance. Those hopes have dimmed.

Turkish President Recep Tayyip Erdogan has resisted, with his government accusing Sweden of being too lenient toward groups that it says pose a security threat, including militant Kurdish organizations and people associated with a 2016 coup attempt in Turkey.

Last week, he condemned Sweden over a Quran-burning protest. Swedish police allowed the protest outside a mosque in central Stockholm, citing freedom of speech after a court overturned a ban on a similar Quran burning.

NATO Secretary-General Jens Stoltenberg said he would gather senior officials from Turkey, Sweden and Finland to try to overcome Turkey’s objections.

Hungary also has yet to ratify Sweden’s bid. Hungarian lawmakers said a long-delayed parliamentary vote on that would not happen until the autumn legislative session.

The United Nations nuclear chief was to visit Japan's tsunami-wrecked nuclear power plant  on Jul 5 after the agency affirmed the safety of a contentious plan to release treated radioactive water into the sea.

On his way to the Fukushima Daiichi plant, a highlight of his four-day Japan visit, International Atomic Energy Agency chief Rafael Mariano Grossi joined a meeting of government and utility officials, as well as local mayors and fishing association leaders, and stressed the continuous presence of this agency throughout the water discharge to ensure safety and address the residents' concerns.

The IAEA, in its final report released , concluded the plan to release the wastewater — which would be significantly diluted but still have some radioactivity — meets international standards, and its environmental and health impact would be negligible.

But local fishing organizations have rejected the plan because they worry that their reputation will be damaged even if their catch isn't contaminated. It is also opposed by groups in South Korea, China and some Pacific Island nations due to safety concerns and political reasons.

Fukushima's fisheries association adopted a resolution on June 30 to reaffirm their rejection to the treated water discharge plan.

A massive earthquake and tsunami on March 11, 2011, destroyed the Fukushima Daiichi plant's cooling systems, causing three reactors to melt and contaminating their cooling water, which has leaked continuously. The water is collected, treated and stored in about 1,000 tanks, which will reach their capacity in early 2024.

The government and the plant operator, Tokyo Electric Power Company Holdings, say the water must be removed to prevent any accidental leaks and make room for the plant's decommissioning.

Japanese regulators finished their final safety inspection last week, and TEPCO is expected to get the permit for the release in coming days. It could then begin gradually discharging the water any time through an undersea tunnel from the plant to a Pacific Ocean location 1 kilometer (1,000 yards) offshore. But the start date is undecided due to protests at home and abroad.

China doubled down on its objections to the release in a statement, saying the IAEA report failed to reflect all views and its conclusions were "largely limited and incomplete." It accused Japan of treating the Pacific Ocean as a sewer.

Hero MotoCorp  has said it has started bookings for the Harley-Davidson X440 motorcycle across the country with deliveries expected to commence from October onwards.

The 440-cc bike, which is being manufactured by Hero MotoCorp at its Neemrana plant, could be booked online with a booking amount of Rs 5,000. The bookings commenced at 4:40 pm on Jul 4.

The Harley-Davidson X440 marks Hero MotoCorp and Harley-Davidson's foray into the 440cc segment for the first time in India.

In October 2020, Hero MotoCorp and Harley-Davidson announced a partnership for the Indian market. The deal envisaged Hero MotoCorp developing and selling a range of premium motorcycles under the Harley-Davidson brand name in the country.

It is also entrusted to take care of service and parts requirements for Harley bikes. It also has the mandate to sell Harley accessories and general merchandise, riding gear and apparel through a network of brand-exclusive Harley-Davidson dealers and its existing sales network in the country.

Walmart Global Tech, the technology arm of Walmart, has appointed Balu Chaturvedula as its new country head for India. Chaturvedula recently served as vice President, Supply Chain Technology for Walmart’s US Omni Tech organisation.

He succeeds Hari Vasudev, who will transition to a global role in Bentonville, Arkansas as executive vice President, Global Tech Platforms. Chaturvedula joined Walmart in 2015, and during his tenure, he played a vital role in building the fulfilment technology. With nearly three decades of experience in the tech industry, Balu has played an integral role in nurturing the supply chain talent in India.

Prior to Walmart, Chaturvedula worked with organisations such as HP, Yahoo! and Motorola. Balu holds an engineering degree from the University of Madras and an executive management degree from UC Berkeley. 

Roberto Firmino signed for Al-Ahli  to become the latest star to head to Saudi Arabia's lucrative Pro League.

The Brazil striker left Liverpool at the end of last season after a trophy-filled eight-year spell, which saw him lift every major club title.

Now, at the age of 31, he will join a host of other top soccer stars in Saudi Arabia as the oil-rich kingdom embarks on a spectacular attempt to raise the profile of its league.

Al-Ahli, based in Jeddah, has already signed former Chelsea goalkeeper Edouard Mendy this offseason.

It is one of four teams that recently came under the ownership of the kingdom's sovereign wealth Public Investment Fund.

Other Saudi Pro League teams have secured star signings such as Karim Benzema, N'Golo Kante, Kalidou Koulibaly and Marcelo Brozovic.

Cristiano Ronaldo started the trend when he joined Al-Nassr in January.

The Indian men’s football team emerged victorious in a thrilling penalty shootout against Kuwait 5-4 in a thrilling penalty shootout, securing the SAFF Championship 2023 title at Bengaluru’s Sree Kanteerava Stadium. Ranked 100th in the latest FIFA rankings, India triumphed in their ninth SAFF Championship out of 14 editions. This victory marked their second consecutive triumph after winning the Intercontinental Cup the previous month.

India, serving as the hosts, remained undefeated throughout the SAFF Championship 2023. They defeated Pakistan and Nepal while drawing against Kuwait in the group stage. In the semifinals, they overcame Lebanon in a penalty shootout and replicated the same feat against Kuwait in a nail-biting final. In addition to the medals, the team was awarded a cash prize of USD 50,000, equivalent to INR 41 lakh.

Kuwait football team received the award for finishing runners-up in the SAFF Championship 2023. While all the players received medals, the team also got a cheque of US Dollar 25,000 which is around 20 lakh and about 50 thousands in Indian currency.

Awardees of the tournament

Fairplay Award-------   Nepal football team

Best Goalkeeper         --------Anisur Rahman Zico

Highest Goal-Scorer----------   Sunil Chhetri (6 Goals)

Most Valuable Player (MVP)------       Sunil Chhetri

Ahead of the 2024 Lok Sabha polls and the State polls scheduled for the end of this year, the Bharatiya Janata Party announced new chiefs for four states.

The BJP announced new party presidents for four states besides appointing the former Andhra Pradesh Chief Minister as a member of the party national executive committee.

BJP national president JP Nadda appointed Union minister G Kishan Reddy as new chief of the Telangana unit of the party replacing Sanjay Bundi while former CM and senior BJP leader Babulal Marandi was appointed as chief of the Jharkhand unit.

Similarly, former CM Kiran Kumar Reddy, who has recently joined the BJP, was announced as a member of the BJP National Executive Committee.

The BJP announced Sunil Kumar Jakhar as the new chief of Punjab BJP while former Union minister D Purandeswari has been appointed as the new party chief of Andhra Pradesh.

Purandeswari is the daughter of Telugu Desam Party founder and former Andhra Pradesh Chief Minister NT Rama Rao

The party has also appointed a senior OBC leader Etela Rajender as its election management committee chairperson for the poll-bound Telangana.

Sunil Jakhar will replace Ashwini Sharma, who recently resigned while Marandi will replace Deepak Prakash. Jakhar had joined the BJP in Punjab after deserting the Congress Party.

And Etela Rajender had also joined the BJP after leaving the Congress and the BRS. D Purandeshwari was earlier also in the Congress and a minister in the UPA government.