GLOBAL ECONOMY

Pakistani troops clash with militants near Afghan border

Pakistan's military says troops have clashed with militants during a raid in a tribal region near the Afghan border, with two soldiers and five "terrorists" killed.

It says a local Pakistani Taliban commander was among those killed in Wednesday's raid in the Orakzai tribal region.

Pakistan stepped up operations against militants following a series of attacks last month that killed at least 125 people. It also closed its border with Afghanistan for more than a month, accusing Kabul of failing to crack down on militants.

Pakistan is set to mark Republic Day on Thursday, with a military parade in which nuclear-capable weapons, tanks, jets and drones will be displayed in the capital, Islamabad.