Pakistan discovers high-grade lithium in Khairpur

WASHINGTON: Pakistan needs to strengthen parliamentary oversight of its public finances by improving the timely disclosure of budget proposals, government debt and other fiscal information, according to a new US State Department assessment. The findings were published in the department’s 2026 Fiscal Transparency Report, an annual review examining how governments make financial information available to citizens and whether public institutions have adequate oversight mechanisms. The report acknowledged several positive aspects of Pakistan’s fiscal system but highlighted important gaps that could make it harder for Parliament and the public to fully assess government spending plans and financial risks. One of the key concerns was the delayed publication of the executive budget proposal. The report said Pakistan did not release the proposal within a reasonable period, limiting the opportunity for lawmakers and citizens to examine spending and revenue priorities before the budget was formally approved. The State Department recommended that the government publish its proposed budget in a timely manner to allow greater public scrutiny and parliamentary debate. The report also raised concerns over the limited disclosure of government debt obligations, particularly liabilities linked to major state-owned enterprises. More comprehensive information, it said, would provide a clearer picture of Pakistan’s overall financial position and help identify potential fiscal risks. Despite these shortcomings, the assessment offered credit for several areas of Pakistan’s financial transparency. It said enacted budgets and year-end reports were widely and easily accessible, including online. Publicly available budget documents were also found to provide a substantially complete picture of most planned government expenditures and revenues, including income from natural resources. Pakistan’s auditing arrangements received a broadly favourable assessment. The report said budget information was generally reliable and subject to scrutiny by the country’s supreme audit institution. It further noted that the institution met international standards of independence and made its findings public within a reasonable period. The assessment also examined natural resource contracts and public procurement. It found that Pakistan had established legal procedures for awarding natural resource extraction licences and appeared to follow them in practice. Information on public procurement contracts was also considered accessible. However, the report identified a particularly sensitive area requiring greater oversight: military and intelligence spending. According to the assessment, the budgets of military and intelligence agencies were not subject to adequate parliamentary or civilian public oversight. The State Department included stronger scrutiny of these expenditures among its principal recommendations. Overall, the report presented a mixed picture rather than describing Pakistan’s fiscal system as broadly opaque. It recognised progress in publishing budgets, audit findings and procurement information while urging authorities to close key transparency gaps. The recommendations underline the importance of timely financial disclosure and stronger parliamentary scrutiny in improving accountability, public confidence and the management of Pakistan’s fiscal risks.

NEW YORK: Hackers seeking ransom have targeted dozens of major US financial institutions and businesses using a surprisingly simple tactic — posing as IT help desk employees and tricking staff into handing over passwords and authentication codes. According to Google and internet intelligence data reviewed by Reuters, the campaign targeted prominent private equity and financial firms, including Blackstone, Bridgewater Associates, Apollo Global Management, Bain Capital, KKR, TPG, CME Group, Clearlake Capital and Moody’s. Google said the cybercriminals operate under several names, including Redact, Pink, Falcon and Helix. The technology giant said some companies targeted during the campaign had paid ransoms, although it did not identify those businesses. Reuters was also unable to determine which companies were successfully compromised. The hackers reportedly created websites designed specifically for individual companies. Employees were then contacted by phone, sometimes through calls that appeared to originate from their organisation’s legitimate IT help desk. The attackers allegedly told employees that they needed to urgently update their passkeys or multifactor authentication credentials. Victims were then directed to malicious websites using names designed to look legitimate, such as those containing phrases like “passkey helpdesk” or “secure passkey”. Once an employee entered their credentials, the hackers could obtain an authentication code in real time, allowing them to take control of the account while remaining on the phone with the victim. Austin Larsen, a principal threat analyst with Google’s Threat Intelligence Group, said the technique was not especially sophisticated but remained highly effective. Cybersecurity experts said the campaign demonstrates that human behaviour remains one of the biggest vulnerabilities for even heavily protected organisations. Lee Clark of the Retail and Hospitality ISAC compared the tactic to persuading a security guard to open a heavily protected gate. Google said the attackers had increasingly focused on private equity firms, law firms and financial ratings agencies because they may hold sensitive information that companies would be willing to protect through ransom payments. Reuters identified 72 malicious websites listed in Google’s report and linked several of them to specific companies using internet intelligence platforms. Google cautioned that while the infrastructure indicated attempted intrusions, not every attack was necessarily successful. The campaign appears to have affected a broader range of industries. Data reviewed by Reuters showed that hackers created digital traps targeting more than 200 companies during a five-week period, including Uber, Zillow and Levi Strauss, along with law firms such as Paul Hastings and Greenberg Traurig. The hacking group’s shifting aliases have also complicated efforts to identify those behind the attacks. Google said the various names appeared connected through shared infrastructure, but acknowledged that important questions about the hackers’ identities and relationships remain unanswered. The latest campaign has heightened concern across Wall Street, highlighting how convincing phone calls and basic social engineering can bypass sophisticated cybersecurity systems and expose highly valuable corporate accounts.