Almost half of the 4,800 banks in the US are nearly insolvent, as they have burned through their capital buffers, The Telegraph reported earlier this week, citing a group of banking experts. According to Professor Amit Seru, a banking expert at Stanford University, around half of US lenders are underwater.

Pakistan is likely to pay for shipments of crude oil from Russia in Chinese yuan, local media reported on Saturday, citing government sources. The first cargo of 750,000 barrels is expected to dock as soon as in June.

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