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Copper touches 3-month peak on supply concerns, technical break

May 11, 2026 7:20

LONDON: Copper prices advanced to their highest in more than three months on Monday, as worries about supply shortages outweighed concerns about lower demand due to the stalemate in the Iran war. Benchmark three-month copper on the London Metal Exchange gained 2.1% to $13,862 a metric ton in by 1430 GMT, its strongest since January 29. It was on track to post a record closing high after notching up its sixth straight session of gains, the longest bullish run since December. Copper hit a record peak of $14,527.50 in January, but closed well below that. Copper’s break on Friday above $13,500, which had been rejected several times since February, attracted funds that use technical levels, said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen. “That price action looks pretty robust against the not-so-robust backdrop of the war in the Middle East. That points to supply being equally challenged at a time where demand is called into question.“ Copper also received support after Freeport delayed the full resumption of its flagship Grasberg mine to early 2028 from the previous expectation of late 2027. The most-traded copper contract on the Shanghai Futures Exchange closed daytime trading 0.9% higher at 104,620 yuan ($15,396.39) a ton, after hitting a three-month high of 104,840 yuan. Factory inflation in top metals consumer China beat expectations, data showed, raising hopes that the government’s efforts to boost the economy were having an impact. LME aluminium gained 1.5% to $3,556 a ton on persistent worries about the impact of the conflict on producers in the Middle East, which accounts for about 9% of global supply. “A rapidly tightening aluminium market has left investors questioning why the LME aluminium price has not rallied more,” Morgan Stanley analyst Amy Gower said in a note. Tin advanced 2% to $54,970 a ton, its highest since March 2. The metal that is largely used as solder for electronics is expected to benefit from global chip shortages amid ongoing supply issues at tin operations, broker Marex said in a note. Among other metals, LME zinc added 1.1% to $3,468 a ton, lead edged up 0.3% to $1,981 and nickel rose 1.2% to $19,110. [...]

Oil prices rise 3% as Trump says Iran ceasefire "on life support"

May 11, 2026 6:21

HOUSTON: Oil prices climbed on Monday by more than 3% after US President Donald Trump said the ceasefire with Iran was “on life support,” leaving the Strait of Hormuz largely closed with no clear end in sight to the war. Brent crude futures were up $3.17, or 3.13%, at $104.46 a barrel at 12:15 p.m. EDT (1715 GMT) . US West Texas Intermediate CLc1 was at $98.32 a barrel, up $2.90, or 3.04%. Brent reached a session high of $105.99 and WTI hit a peak of $100.37. Last week, both benchmarks recorded 6% weekly losses on hopes for an imminent end to the 10-week-old conflict that would allow oil to transit through the Strait of Hormuz. But on Monday, Trump said the ceasefire with Iran was “on life support,” after dismissing Tehran’s response to a US peace proposal as “stupid.”Days after Washington floated a proposal aimed at reopening negotiations, Iran on Sunday released a response focused on ending the war on all fronts, including Lebanon, where US ally Israel is fighting Hezbollah. Tehran also demanded compensation for war damage, emphasised its sovereignty over the strait, and called on the US to end its naval blockade, guarantee no further attacks, lift sanctions and remove a ban on Iranian oil sales. Within hours, Trump dismissed Tehran’s offer in a social media post as “totally unacceptable.” “The narrative has changed again from de-escalatory to escalatory in a matter of a few days and oil markets respond to it - although only modestly,” said Florence Schmit, an energy strategist at Rabobank. Trump to meet with Xi this week in Beijing Trump is scheduled to arrive in Beijing on Wednesday and is expected to discuss Iran among other topics with Chinese President Xi Jinping, according to US officials. “I don’t think anyone is looking for the US to up the ante anytime in the balance of the week as long as this China, Trump meeting is going on,” said Bob Yawger, director of energy futures at Mizuho. The world has lost about 1 billion barrels of oil over the past two months and energy markets will take time to stabilize even if flows resume, Saudi Aramco CEO Amin Nasser said on Sunday. Saudi Arabian crude oil exports to China are expected to fall further in June after buyers cut nominations because of costly prices linked to the U.S.-Iran conflict and lower supplies, trade sources told Reuters. OPEC oil output dropped further in April to the lowest in more than two decades, a Reuters survey found, as the war effectively closed the strait and forced export cuts. Crude output by the 12-member Organisation of the Petroleum Exporting Countries in April fell by 830,000 barrels per day month-on-month to 20.04 million bpd, the survey found. March’s figure was revised 700,000 bpd lower due to a change in the Saudi estimate. Meanwhile, three tankers carrying crude exited the strait last week and on Sunday with trackers switched off, Kpler shipping data showed. One was loaded with Iraqi crude bound for Vietnam. Japan’s industry ministry said a tanker carrying Azerbaijani crude oil was set to arrive as early as Tuesday, the first cargo of oil received from there since the Iran war began. JPMorgan analysts expect oil prices to remain in the low $100s for most of the rest of this year, averaging $97 for 2026 with no quick normalization once the Strait of Hormuz reopens. [...]

Oil-led inflation fears sap demand for Indian bonds

May 11, 2026 6:13

MUMBAI: Indian government bonds fell on Monday, as stalled U.S.-Iran peace talks sent oil prices higher, fuelling concerns over India’s inflation and fiscal outlook, while traders positioned for a potentially firmer April inflation data. The benchmark 6.48% 2035 bond yield IN064835G=CC settled 5.1 basis points higher at 7.0317%, extending gains after its sharpest rise in a month on Friday. The yield on the new 10-year 6.94% 2036 bond closed up 4.1 bps at 6.9814%. President Donald Trump squashed Iran’s counter to a U.S. peace proposal on Monday, raising concerns that the 10-week-old conflict will drag on. Brent crude LCOc1 rose 2.6% to $104 a barrel in Asian trading. Separately, Prime Minister Narendra Modi on Sunday urged Indians to conserve fuel, resume work-from-home, limit non-essential overseas travel, cut cooking oil consumption and reduce fertiliser use as surging global energy prices pressure India’s foreign exchange reserves. His remarks reinforced fears that energy costs and supply shortages could feed into broader inflation, traders said. “General thought process was prices would increase after elections, so we will wait and watch,” Kruti Chheta, Mumbai-based fund manager and fixed income analyst at Mirae Asset Investment Managers (India), said. India’s inflation data for April, due on Tuesday, likely moved closer to the central bank’s 4% target from 3.40% in March, a Reuters poll of economists showed. With energy and El Nino shocks, we forecast FY27 inflation at 5.6%, gross domestic product at 6%, and two rate hikes over the fourth quarter of 2026 and first quarter of 2027, economists at HSBC said in a note. Rates India’s overnight index swap rates surged in line with bond yields. The one-year swap rate rose 7.5 bps to 5.97%, while the two-year swap rate jumped 9 bps to 6.22%. The most liquid five-year rate was at 6.62%, up 6.25 bps. [...]

OPEC oil output hits new low in April on Hormuz export disruption, Reuters survey finds

May 11, 2026 6:13

LONDON: OPEC oil output dropped further in April to the lowest in more than two decades, a Reuters survey found, as the U.S.-Israeli war with Iran effectively closed the Strait of Hormuz and forced export cuts. Crude output by the 12-member Organization of the Petroleum Exporting Countries in April fell by 830,000 barrels per day month-on-month to 20.04 million bpd, the survey found. March’s figure was revised 700,000 bpd lower due to a change in the Saudi estimate. Eight members of the OPEC+ producer group, which includes OPEC plus allies including Russia, had agreed to resume oil production hikes in April, although the outbreak of the Iran war on February 28 and effective Hormuz closure made it impossible to deliver on the agreement. Kuwait experienced the group’s biggest drop in production in April, reflecting a whole month of disruption to exports, the Reuters survey found. Saudi Arabia and Iraq also had further declines, although the United Arab Emirates was the only Gulf member able to increase production. Like Saudi Arabia, the UAE has an export route bypassing Hormuz and tanker data shows higher UAE exports in April. April’s output is the lowest by OPEC since at least 2000, excluding membership changes since then according to Reuters surveys, and is significantly below the levels reached during the COVID-19 pandemic in 2020 when demand collapsed. Besides the UAE, which left OPEC with effect from May 1, Venezuela and Libya also raised output during April, the survey found. The Reuters survey is based on flow data from financial group LSEG, information from other companies that track flows, such as Kpler, and information provided by sources at oil companies, OPEC and consultants. [...]

US stocks dip ahead of inflation data

May 11, 2026 5:36

NEW YORK: Wall Street stocks dipped early Monday ahead of US inflation data as markets looked ahead to this week’s China visit by US President Donald Trump and Iran war developments. Oil prices climbed after Trump rejected Iran’s latest counteroffer to a US peace proposal, which leaves the Strait of Hormuz mostly closed to oil tanker traffic. About 10 minutes into trading, the Dow Jones Industrial Average was down 0.1 percent at 49,586.40. The broad-based S&P 500 was unchanged at 7,398.19, while the tech-rich Nasdaq Composite Index dipped 0.2 percent to 26,184.07. With the bulk of earnings season now complete, markets will turn the focus to key US inflation and retail sales reports this week. Stocks remain near records on enthusiasm about artificial intelligence advances that has offset concerns about higher oil prices. But the Iran war remains a point of worry. “We’re in the eighth week of elevated energy prices, and the longer that lasts, the greater a chance that cuts economic activity,” said Art Hogan of B. Riley Wealth Management. [...]

Gold comments by India's Modi, oil shock stoke tariff fears; jewellery stocks slide

May 11, 2026 5:28

MUMBAI: Indian Prime Minister Narendra Modi’s call to avoid gold purchases for a year to help protect foreign exchange reserves fuelled concerns of higher import tariffs on the metal, sending shares of Indian jewellery retailers lower. The Iran war has sent oil prices surging and that in turn has resulted in mounting pressure on India’s balance of payments and the rupee. India is the world’s third-largest oil importer and consumer, meeting more than 90% of its crude oil needs and about half of its natural gas demand through imports. Modi’s remarks about gold on Sunday came along with a range of other measures he urged, including fuel conservation, increasing working from home and limits on travel and imports. Gold is in high demand in India, particularly for weddings where gold jewellery is seen as a crucial part of a bride’s attire and is a popular gift from family and friends. While it is the world’s second-largest gold consumer, India relies on imports to meet nearly all of its demand. Shares of jewellery makers such as Titan, Senco Gold and Kalyan Jewellers fell between 6% and 9% on Monday. “There are concerns that the government might sharply increase import duty on gold for a year to discourage imports,” said Surendra Mehta, national secretary at the India Bullion and Jewellers Association. “Duties could be raised even higher than levels seen in recent years.” In 2012 and 2013, New Delhi hiked tariffs on gold imports to stabilise a rapidly depreciating rupee. Now, jewellers fear that duty cuts made in 2024 to 6% from 15% to curb smuggling could soon be reversed. A government source said on Monday, however, that India has no plans to raise duties on gold and silver imports. India’s balance of payments is expected to deteriorate sharply this April-March fiscal year to a deficit of about $66 billion to $70 billion, compared with an estimated $26 billion to $28 billion in 2025-26. Pressure on the rupee has prompted the central bank to sell the dollar and limit the size of trading positions that banks can take. It has also clamped down on arbitrage trades. The Indian rupee closed at a record low of 95.31 to the dollar on Monday. Senior government officials said on Monday India has sufficient gasoline and diesel supplies. But, fuel retailers incur losses of about 100 rupees ($1.05) per litre on diesel and 20 rupees per litre on gasoline by selling the fuels below market rates. State retailers have not raised gasoline and diesel prices since April 2022. [...]

India's small-cap, mid-cap mutual fund inflows hit record highs in April

May 11, 2026 5:26

Inflows into India’s small- and mid-cap equity mutual funds surged to record highs in April, data showed on Monday, on the back of resilient earnings and more attractive valuations after a recent correction. Small-cap funds drew 65.62 billion rupees of inflows, while mid-cap funds attracted 68.86 billion rupees — record highs for both categories, according to data from the Association of Mutual Funds in India. Large-cap funds, by contrast, lost some shine, with inflows dropping 15.3% to 25.25 billion rupees, underscoring a sharper hunt for growth and value beyond India’s biggest stocks. Overall inflows cooled in April, slipping 5% to 384.4 billion rupees, while contributions through systematic investment plans (SIP) moderated marginally to 311.15 billion rupees from the record high levels hit in March. “The slight moderation is mainly due to higher crude prices following the Iran war and fewer working days in April, but the broader inflow trend is likely to continue as investors focus on long-term prospects rather than short-term jitters,” said Venkat Chalasani, chief executive of AMFI. The rush into broader-market funds helped fuel a sharp rebound in small- and mid-cap shares. The Nifty Smallcap 100 and Nifty Midcap 100 jumped 18.4% and 13.6%, respectively, in April, outpacing gains of 7.5% in the Nifty 50 and 6.9% in the Sensex, as markets clawed back ground after March’s oil-driven selloff. “Steady April-quarter earnings, cheaper valuations after the time correction since September 2024, investor preference for growth opportunities and thin foreign ownership have powered the outperformance in small- and mid-caps,” said Saurabh Jain, deputy vice president of equities at SMC Global. “That trend could persist as foreign investors keep trimming Indian equities.” Foreign portfolio investors, who have relatively higher exposure to large-caps than small- and mid-caps, have sold $22.17 billion of Indian stocks so far in 2026, already exceeding 2025’s record outflows of $18.91 billion. Elsewhere, gold ETF inflows rose 34.2% to 30.40 billion rupees, snapping a three-month slide, while silver ETFs saw outflows of 126.7 billion rupees. [...]

Rupee inches up against US dollar

May 11, 2026 4:40

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At close, the local currency settled at 278.67, a gain of Rs0.03 against the greenback. On Friday, the local unit closed at 278.70. Moreover, the US dollar advanced for a second day against its major peers in Asian trade on Monday. The euro was down 0.2% at $1.1757, the yen slipped 0.3% to 157.155 yen per dollar and the British pound was 0.3% lower at $1.3590. The risk-sensitive Australian dollar slipped 0.2% to $0.7229, while its kiwi counterpart weakened 0.3% to $0.5948. The Fed held rates steady last month as expected, but the decision exposed its deepest split in decades, with three officials dissenting against signalling future rate cuts. Meanwhile, oil prices climbed on Monday by more than 3% after US President Donald Trump said the ceasefire with Iran was “on life support,” leaving the Strait of Hormuz largely closed with no clear end in sight to the war. Brent crude futures were up $3.17, or 3.13%, at $104.46 a barrel at 12:15 p.m. EDT (1715 GMT) . US West Texas Intermediate CLc1 was at $98.32 a barrel, up $2.90, or 3.04%. Brent reached a session high of $105.99 and WTI hit a peak of $100.37. Inter-bank market rates for dollar on Monday BID Rs 278.67 OFFER Rs 278.87 Open-market movement In the open market, the PKR gained 9 paise for buying and 6 paise for selling against USD, closing at 279.05 and 279.87, respectively. Against Euro, the PKR lost 20 paise for buying and 11 paise for selling, closing at 327.60 and 330.62, respectively. Against UAE Dirham, the PKR gained 6 paise for buying and 2 paise for selling, closing at 75.92 and 76.79, respectively. Against Saudi Riyal, the PKR gained 1 paisa for buying and 3 paise for selling, closing at 74.32 and 75.05, respectively. Open-market rates for dollar on Monday BID Rs 279.05 OFFER Rs 279.87 [...]

Second Qatari LNG tanker heads through Hormuz to Pakistan as Iran war continues, data shows

May 11, 2026 2:36

LONDON: A second Qatari liquefied natural gas tanker is transiting the Strait of Hormuz days after the first such cargo crossed under an arrangement involving Iran and Pakistan, highlighting how cargoes are crossing the waterway on a case-by-case basis amid ongoing conflict risks. The vessel, Mihzem, with capacity of 174,000 cubic metres, departed Ras Laffan and is heading northeast toward Port Qasim in Pakistan, where it is expected to arrive on May 12, according to LSEG shipping data. This would be the second successful passage through Hormuz for a Qatari LNG tanker since the start of Iran war. On Saturday, LNG tanker Al Kharaitiyat started crossing Hormuz via the Iranian-approved northern route and on Sunday it managed to cross the strait. The LNG is being sold by Qatar to Pakistan - a mediator in the war - under a government-to-government deal, according to two people familiar with the matter on May 9. They said Iran had approved the shipment to help build confidence with Qatar and Pakistan. Two more tankers laden with Qatari LNG are expected to head to Pakistan in the coming days, the sources said. Pakistan has been in discussions with Iran to allow a limited number of LNG tankers to pass through the strait, as Islamabad urgently needs to address its gas shortage, a source briefed on the agreement told Reuters on May 9. Iran agreed to assist, and the two sides are coordinating the first vessel’s safe passage carrying gas supplied under Pakistan’s agreement with Qatar, its main LNG supplier, the source added. Earlier this month, the UAE’s ADNOC managed to send two LNG tankers through the strait after their tracking signals were switched off, according to shipping data, underlining the heightened risks and operational sensitivities in the waterway. Qatar is the world’s second-largest exporter ⁠of LNG, with shipments mostly going to buyers in Asia. Iranian attacks knocked out 17% of Qatar’s LNG export capacity, with repairs expected to sideline 12.8 million metric tons per year of the fuel for three to five years. [...]

US natgas futures rise 3% as output falls and Waha prices stay negative

May 11, 2026 2:02

NEW YORK: U.S. natural gas futures climbed about 3% to a one-week high on a decline in output in recent weeks. That price increase came despite forecasts for less demand next week than previously expected and ample amounts of gas in storage. Front-month gas futures for June delivery on the New York Mercantile Exchange rose 8.4 cents, or 3.0%, to $2.841 per million British thermal units (mmBtu), putting the contract on track for its highest close since May 4. In the cash market, average prices at the Waha Hub in West Texas have remained in negative territory for a record 66 days in a row as pipeline constraints trap gas in the Permian region, the nation’s biggest oil-producing shale basin. Daily Waha prices first averaged below zero in 2019. They did so 17 times in 2019, six times in 2020, once in 2023, 49 times in 2024, 39 times in 2025, and a record 75 times so far this year. Waha prices have averaged a negative $2.29 per mmBtu so far in 2026, compared with a positive $1.15 in 2025 and a positive $2.88 over the past five years (2021 to 2025). Supply and demand LSEG said average gas output in the U.S. Lower 48 states held at 109.6 billion cubic feet per day (bcfd) so far in May, the same as in April. That compares with a monthly record high of 110.6 bcfd in December 2025. Output has declined in recent weeks as low spot prices caused some energy firms, like EQT, the second-largest U.S. gas producer, to reduce production as they wait for prices to rise in the future. Analysts said mild weather earlier this spring allowed energy firms to inject more gas into storage than usual. But, they noted, recent output declines coupled with higher demand from near-normal weather likely reduced the inventory surplus to around 6% above normal during the week ended May 7, down from 7% above during the week ended May 1. Meteorologists forecast the weather will remain mostly near normal through May 26. LSEG projected average gas demand in the Lower 48 states, including exports, would hold around 98.7 bcfd this week and next. The forecast for next week was lower than LSEG’s outlook on Friday. Average gas flows to the nine big U.S. LNG export plants fell to 17.2 bcfd so far in May, down from a monthly record high of 18.8 bcfd in April. [...]

Selling at bourse, KSE-100 sheds over 600 points

May 11, 2026 12:50

Selling pressure was observed at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index shedding over 600 points on Monday amid rising geopolitical tensions in the Middle East. The market opened on a weak note and witnessed an early steep decline, with the index falling to an intra-day low of 169,583.44. However, buying interest gradually emerged, helping the benchmark recover losses through late morning and early afternoon sessions. The recovery momentum strengthened around mid-day, pushing the index towards the intra-day high of 171,304.10. However, despite the rebound, the market failed to sustain gains as late-session selling pressure erased most of the recovery. At close, the benchmark index settled at 170,506.31, down by 609.51 points or 0.36%. “The benchmark index endured a volatile and range-bound trading session, as investor sentiment remained fragile amid the absence of any concrete progress in ongoing negotiations and persistent uncertainty surrounding developments between the United States and Iran,” brokerage house Topline Securities said in its post-market report. Index-heavy stocks, including UBL, LUCK, ENGROH, MEBL, and NBP collectively dragging the index down by 667 points, Topline said. During the previous week, Pakistan’s stock market staged a strong recovery, with the KSE-100 Index gaining 5%, or 8,121.64 points, as improving diplomatic sentiment surrounding a possible peace memorandum between the United States and Iran lifted investor confidence after weeks of geopolitical uncertainty. The KSE-100 Index opened the week at 162,994.17 points and closed at 171,115.81 points. Internationally, the US dollar climbed in Asia on Monday on signs that talks between the United States and Iran were deadlocked, leaving the vital Strait of Hormuz all but shut and ‌sending oil prices higher. US stock futures wobbled, and in Asia, gains in a handful of AI-related stocks lifted share markets in Seoul and mainland China. President Donald Trump on Sunday rejected Iran’s response to a US proposal for peace talks to end the war, saying Tehran’s demands were “totally unacceptable.” An Iranian plan sent to the US stressed the need for an end to the war on all fronts and the lifting of sanctions on Tehran, along with reparations and a recognition of Iran’s control of the ⁠Strait, Iranian media reported. S&P 500 futures slipped 0.1%, while Nasdaq futures eased 0.05%. Shares had hit record highs last week on the back of upbeat ⁠corporate earnings and a solid payrolls report. Results out this week include tech networking equipment firm Cisco and semiconductor equipment maker Applied Materials. Heavyweights Nvidia and Walmart are due later in the month. Japan’s Nikkei fell 0.36%, erasing earlier gains. South Korea’s chipmaker-heavy KOSPI index rose 4%. Meanwhile, the Pakistani rupee continued to gain, appreciating 0.01%, against the US dollar during trading in the inter-bank market on Monday. At close, the local currency settled at 278.67, a gain of Rs0.03 against the greenback. Volume on the all-share index increased to 1,103.29 million from 1,025.27 million recorded in the previous close. However, the value of shares declined to Rs31.04 billion from Rs36.67 billion in the previous session. K-Electric Ltd was the volume leader with 376.83 million shares, followed by Agha Steel Ind with 51.88 million shares, and Cnergyico PK with 47.39 million shares. Shares of 488 companies were traded on Monday, of which 234 registered an increase, 215 recorded a fall, and 39 remained unchanged. [...]

Indian rupee drops most in a month to record closing as oil runs hot over US-Iran stalemate

May 11, 2026 10:41

MUMBAI: The Indian rupee endured its sharpest drop in more than a month on Monday to end at it weakest closing level on record as a run-up in crude prices battered the currency after U.S. President Donald Trump rejected Iran’s response to a U.S. peace proposal. The Indian rupee fell nearly 0.9% to 95.31 per dollar in its steepest single-day drop since March 27, tracking losses in regional peers. Brent crude rose 2.5% to $103.8 per barrel as shipping through the Strait of Hormuz, a key energy artery handling about a fifth of global oil and liquefied natural gas flows, remained paralysed. India’s benchmark equity index fell 1.5% and government bonds slid, with the yield on the 10-year benchmark jumping 6 basis points. Over the weekend, Indian Prime Minister Narendra Modi urged a series of measures, including fuel conservation, fewer imports, as well as reduced travel, as a surge in energy prices takes a toll on the country’s foreign exchange buffers. Higher oil prices are a major risk for net energy importer India and threaten to widen the country’s current account deficit, slow growth and stoke inflation. “Structurally weak external funding conditions mean even a small widening of the current account deficit will continue to put pressure on the INR and FX reserves,” analysts at ANZ said in a note. India’s foreign exchange reserves stood at $690.69 billion as of May 1, per central bank data. While the reserves are adequate on traditional metrics, such as the number of months of goods imports they can cover, they have come off their record high of $728 billion hit in February, before the war began. Elsewhere in global markets, the dollar index was little changed, hovering just shy of the 98 mark while equity futures pointed to a steady start for stocks on Wall Street. [...]

India shares, rupee fall on Modi's call for austerity, crude price spike

May 11, 2026 10:38

Indian shares fell on Monday and the rupee declined after Prime Minister Narendra Modi urged a spate of measures, including fuel conservation, fewer imports and gold purchases, as surging energy prices pressure foreign exchange reserves. India, the world’s third-biggest oil importer and consumer, late last month said there was no proposal to raise pump prices for diesel and gasoline, leaving it among the countries yet to raise prices despite the global surge. The Nifty 50 fell 1.49% to 23,815.85, while the BSE Sensex shed 1.7% to 76,015.28. The rupee logged a record closing low of 95.31 per dollar, dropping about 0.9% on the day - its steepest single-day drop since March 27. Brent crude jumped more than 2.6% to about $104 a barrel after U.S. President Donald Trump on Sunday dismissed the Iranian response to Washington’s proposal for peace talks as “unacceptable.” Arun Kejriwal, founder of Kejriwal Research and Investment Services, called the slide in markets in Monday’s session a “knee-jerk reaction” to the prime minister’s comments. “The bigger overhang for Indian markets is oil refusing to fall and hold below $100 despite peace efforts between Iran and the U.S., which will keep weighing on sentiment,” he said. Thirteen of the 16 major sectors logged losses. The broader small-caps and mid-caps declined about 1.5% each. Oil marketing companies Indian Oil, BPCL and HPCL fell about 2.3%-3%. Index heavyweight Reliance Industries lost 3.3%. Travel-linked stocks such as Indian Hotels, Lemon Tree, Chalet Hotels, Thomas Cook and Yatra Online dropped between 1% and 4.5%. Airline operator IndiGo lost 4.9%. Shares of jewellers also slumped. Titan, Senco Gold and Kalyan Jewellers lost between 6.7% and 9.3%. State Bank of India fell 4.5%, extending losses after missing quarterly profit view, dragging PSU banks 2.5% lower. Hyundai Motor India rose 2.8% on a smaller-than-expected fall in quarterly profit, and agro chemicals firm UPL gained 3.6% on quarterly profit rise. [...]

Palm climbs on stronger soyoil, crude oil prices

May 11, 2026 10:32

KUALA LUMPUR: Malaysian palm oil futures ended higher on Monday, snapping three consecutive sessions of losses, as stronger soyoil and crude oil prices supported the market. The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange gained 11 ringgit, or 0.24%, to 4,516 ringgit ($1,152.04) a metric ton at the close. The market traded higher on stronger soybean oil and crude oil prices during Asian hours, said David Ng, a proprietary trader at Kuala Lumpur-based trading firm Iceberg X Sdn Bhd. “We see prices supported above 4,500 ringgit and resistance at 4,680 ringgit,” he said. Palm oil tracks the price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Dalian’s most-active soyoil contract rose 0.55%, while its palm oil contract edged down 0.11%. Soyoil prices on the Chicago Board of Trade were up 0.71%. Oil prices rallied, a day after President Donald Trump said Iran’s response to a U.S. peace proposal was “unacceptable,” raising supply fears as the Strait of Hormuz stayed largely closed, which kept the global market tight. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. Malaysia’s palm oil inventories rose in April for the first time in four months as exports fell amid a surge in production and higher imports, data from the Malaysian Palm Oil Board showed. Cargo surveyor Intertek Testing Services estimated that exports of Malaysian palm oil products for May 1-10 rose 8.5% from a month earlier, while independent inspection company AmSpec Agri Malaysia estimated that exports declined 10.8%. The ringgit, palm’s currency of trade, weakened 0.05% against the dollar, making the commodity slightly cheaper for buyers holding foreign currencies. [...]

Gold price drops by Rs5,300 per tola in Pakistan

May 11, 2026 10:28

Gold prices in Pakistan decreased on Monday in line with their loss in the international market. In the local market, gold price per tola reached Rs488,362 after a decline of Rs5,300 during the day. Similarly, 10-gram gold was sold at Rs418,691 after it fell by Rs4,544, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). On Saturday, gold price per tola reached Rs493,662 after a decline of Rs400 during the day. The international rate of gold declined by $53 to reach $4,660 per ounce (with a premium of $20). Meanwhile, the price of silver remained the same at Rs8,513 per tola. [...]

Chinese energy giant Hiconics eyes Pakistan manufacturing

May 12, 2026 2:38

Chinese renewable-energy solutions provider Hiconics, backed by China’s home appliance and technology giant Midea Group, is considering establishing manufacturing operations in Pakistan within the next five to ten years, as the South Asian nation undergoes a rapid transition toward decentralised energy systems. Speaking exclusively to Business Recorder in Lahore, Hiconics President Ron Shen said the company sees Pakistan as a strategically important market, “particularly after the role Pakistan’s government has taken” during the ongoing tension between the US and Iran, acting as a mediator between the two countries. The company also sees Pakistan as important from an “energy transition, political and geographic point of view”. “We have 65 production centres around the world. It is also reasonable that we will be able to do something in Pakistan,” said Shen. “I think in the long run, we are willing to do certain investments here,” Shen said. The executive outlined a phased expansion strategy for Pakistan, beginning with product supply, ecosystem development, including service structure, local offices, and technical training, before moving toward localised assembly and manufacturing models, including ODM, SKD manufacturing, and eventually CKD operations. “I think it should be around five to ten years,” he said when asked about a timeline for manufacturing in Pakistan. However, any long-term manufacturing plans would depend on factors including political stability, regulatory certainty, tax policies, and overall business viability. Hiconics operates under Midea Group, one of China’s largest technology and electronics companies with annual revenues exceeding $50 billion. The company specialises in renewable-energy solutions, including solar inverters, battery storage systems, variable frequency drives (VFDs), and smart energy management technologies for residential and commercial users. The executive said Pakistan has emerged as a strong example of global energy transition, driven by rising electricity prices, power outages, and growing consumer demand for energy independence. “In the past, Pakistan was more driven by utility-scale projects,” he said, but people are now moving toward decentralised systems, hybrid systems, and battery storage. “The combination of batteries is also a global trend, which gives the end user real energy independence.” According to the executive, geopolitical tensions and rising oil and gas prices linked to the ongoing conflict in the Middle East have further strengthened the case for renewable energy adoption. “From a renewable business point of view, I think it is definitely a plus to accelerate [towards renewable]. “People are ordering more and more battery hybrid solutions because they fear interruptions in energy supply in the near future. So this definitely expedites the process of having the new solution,” Shen said. The company executive also highlighted the growing role of intelligent energy systems and AI-powered energy management solutions in markets like Pakistan. “It’s becoming more critical and urgent.” Hiconics plans to offer a full-fledged portfolio like the HVAC, heat pumps, air conditioning and also home electrical appliances through unified digital platforms. The executive added that any future expansion in Pakistan would prioritise local employment, technical training, and knowledge transfer to help build a sustainable renewable-energy ecosystem in the country. [...]

Gold falls on oil-driven inflation fears as Trump rejects Iran peace proposal

May 12, 2026 2:16

NEW YORK: Gold fell 1percent on Monday, as elevated oil prices stoked worries over inflation and prolonged high interest rates, while peace talks between the United States and Iran remained unsolved. Spot gold fell 1percent at USD4,667.99 per ounce, as of 0852 GMT. US gold futures for June delivery lost 1.1percent at USD4,677.80. The dollar rose, making greenback-priced bullion more expensive for holders of other currencies. US President Donald Trump on Sunday rejected Iran’s response to a US proposal for peace talks to end the war, saying Tehran’s demands were “totally unacceptable.” Brent crude oil prices rose above USD103 a barrel amid concerns the 10-week-old conflict will drag on, keeping shipping through the Strait of Hormuz paralyzed. “Inflation risks still weigh heavy on the market’s collective mind, as attempts to end the Middle East conflict reached an impasse after the US and Iran rejected each other’s peace proposals,” said Han Tan, chief market analyst at Bybit. Gold prices have fallen more than 11percent since the war began in late February, pressured by higher oil prices. Elevated crude oil prices can stoke inflation, increasing the likelihood of higher interest rates. While gold is seen as an inflation hedge, high rates tend to weigh on the non-yielding asset. Traders have largely priced out US Federal Reserve rate cuts this year, with markets now seeing a 31percent chance of a hike by March 2027, according to CME Group’s FedWatch tool. [...]

Documentation, taxes and exports: ICAP shares multiple proposals with Aurangzeb

May 12, 2026 1:57

ISLAMABAD: The Institute of Chartered Accountants of Pakistan (ICAP) on Monday presented a range of proposals and recommendations relating to documentation, group taxation structures, export-oriented services, and harmonization of tax treatment across all sectors. During a meeting with the Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, at the Finance Division on Monday, discussions also focused on measures aimed at improving competitiveness, facilitating investment, strengthening ease of doing business, and supporting effective revenue mobilization alongside the broadening of the tax base. Welcoming the delegation, the Finance Minister emphasized the importance of continued engagement with professional bodies and industry stakeholders to ensure that economic and taxation policies remain responsive, practical, and aligned with the country’s broader reform objectives. The Finance Minister shared the government’s ongoing efforts to transform the tax administration system through reforms centered around people, processes, and technology. He underscored the importance of institutional modernization, process simplification, and enhanced automation to improve transparency, reduce unnecessary human intervention, and facilitate taxpayers. In this context, he highlighted the operationalization of the Tax Policy Office under the Finance Division as an important institutional reform aimed at strengthening policy formulation and improving coordination between tax policy and administration. The meeting also covered the growing role of technology and digital systems in strengthening compliance, enforcement, and revenue administration. The Finance Minister noted that AI-led production monitoring and technology-driven oversight mechanisms introduced across various sectors are helping improve documentation, strengthen compliance, and reduce leakages within the system. The Finance Minister acknowledged the proposals and recommendations shared by the delegation and noted that these would be carefully reviewed as part of the ongoing budget formulation process. He reiterated the Government’s commitment to building a transparent, technology-driven, and facilitative tax system that supports economic growth, encourages documentation, and strengthens governance and institutional effectiveness. The delegation was led by Samiullah Siddiqui, President ICAP, and included Jehanzaib Amin, Vice President ICAP; Ahmed Raza Mir, Vice President ICAP; and Zeeshan Ijaz, Council Member ICAP and Chairman of the Economic Advisory Committee. Copyright Business Recorder, 2026 [...]

Significant cut in port charges at Gwadar Port

May 12, 2026 1:49

ISLAMABAD: The Ministry of Maritime Affairs on Monday announced a significant reduction in port charges at Gwadar Port, including a 25 percent cut in berthing fees for transshipment container vessels, a 40 percent reduction in charges on international transshipment container cargo, and a 31 percent decrease in transit container cargo charges. According to a spokesperson for the Ministry of Maritime Affairs, the decision was taken by the Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry in consultation with relevant officials, saying the reductions in tariff rates at Gwadar Port are aimed at strengthening the deep-sea facility’s position as a competitive regional logistics and transshipment hub. In recent days, the Gwadar Port has witnessed a significant increase in transshipment containers, international transshipment container cargos, and transit container cargo following the closure of the Strait of Hormuz owing to a double blockade. On Monday, the Ministry of Maritime Affairs, highlighting the growing transshipment potential of Gwadar Port Authority, announced the successful berthing of another cargo vessel at the deep-sea port. The Ministry said that MV Yuan Hang Wei Ye berthed at Gwadar Port carrying approximately 34,000 tons of cargo comprising around 20,000 pieces. The vessel is engaged in transshipment operations and is carrying consignments destined for Abu Dhabi and Kuwait, which will be offloaded at Gwadar. Maritime Minister Chaudhry termed the development a positive sign for the port’s increasing role in regional maritime trade, adding that such operations reflect growing international confidence in Gwadar’s facilities and its strategic position as a transshipment hub. He reiterated the government’s commitment to further enhancing port infrastructure and services to attract greater volumes of global shipping traffic. The spokesperson further said that, on the directions of the minister, the ministry has revised the port changes policy focusing on increasing transit and international transshipment container traffic through Gwadar port, while attracting global shipping lines and enhancing overall port activity. Under the revised tariff structure, berthing fees for container vessels and ships carrying transit or transshipment cargo have been reduced by 25 percent. Charges on international transshipment container cargo have been slashed by 40 percent, while transit container cargo charges have been cut by 31 percent, the official said. In a major incentive aimed at improving cargo handling efficiency, the port will also provide one month of free storage for general cargo, compared to the standard five-day allowance at other national ports. “These incentives take effect immediately, and further adjustments will be reviewed in phases based on operational data and market response,” the minister added, noting that future revisions would be guided by cargo trends, regional competition, and sustainability considerations. Juniad Chaudhry said the measures form part of a broader strategy to transform Gwadar into a competitive, investor-friendly, and modern deep-sea port serving as a strategic gateway for trade with Central Asia, the Middle East, East Africa and beyond. He said that amid rising demand for low-cost and congestion-free shipping routes, Gwadar is well placed to capture a larger share of regional trade flows. The revised tariff regime, he added, is expected to reduce operational costs for shipping lines, encourage new transshipment and feeder services, and increase cargo throughput. “This initiative will stimulate economic activity in the country, generate employment opportunities, and expand Pakistan’s logistics and maritime sectors,” Junaid Chaudhry said. Meanwhile, Chairman of Gwadar Port, Noorul Haq Baloch, has said that significant growth in employment opportunities is expected in Balochistan as the newly introduced tariff structure is set to boost commercial activity. In a statement, the Chairman of Gwadar Port noted that reduced fees and improved facilities will attract both local and international investors, accelerating economic development in the region and creating new job opportunities. Copyright Business Recorder, 2026 [...]

Customs values of fire alarm systems, parts revised

May 12, 2026 1:47

ISLAMABAD: The Directorate General of Customs Valuation, Karachi, has fixed new customs values of fire alarm systems and their parts. The directorate has divided fire alarm systems and their parts into three categories for assessment of duties and taxes at the import stage. The new customs values would be applicable on the import of Standalone Addressable Fire Alarm Control Panel with 100 Devices Capacity; Addressable Fire Alarm Control Panel; 02 Loop Addressable Fire Alarm Control Panel; Addressable Photoelectric Smoke Detector; Detector Base with LED; Addressable Heat Detector; Addressable Multi Detector; Conventional Solar Blind Flame Detector; Detector Base; Addressable Double Action Pull Station; Weatherproof Pull Station; Weatherproof Box; Supervised Interface Module; Addressable Indoor Electronic Sounder with Flasher; Addressable Outdoor Electronic Sounder with Flasher; Weatherproof Back Box; Addressable Loop Isolator Module; Conventional 2 Zone Panel; Conventional 4 Zone Panel; Conventional Zone Panel; Conventional Optical Detector; Conventional Base; Conventional Optical Multi Detector; Conventional Heat Detector; Conventional Manual Call Point; Conventional Sounder with Flasher; Addressable Sensor Base; Addressable Manual Call Point and Addressable Sounder with Flasher. Complete fire alarm systems are excluded from the scope of this Valuation Ruling and shall be assessed by the concerned Collectorates under Section 25 of the Customs Act, 1969, on a case-by-case basis after due examination of the contract/ invoice, system configuration, components, specifications, and declared value, the ruling added. According to a new valuation ruling issued by the directorate, representations were received from importers regarding under-invoicing in imports of fire alarm systems and their parts, causing disparity in assessment at various Collectorates and resulting in loss of legitimate Government revenue. Copyright Business Recorder, 2026 [...]

Dubai Holding unit becomes Emaar’s largest shareholder

May 12, 2026 1:41

DUBAI: Emaar Properties said on Monday that the Investment Corporation of Dubai, the government’s main investment arm, had transferred its entire shareholding in the company to Emirates Power Investment LLC, a subsidiary of Dubai Holding, an investment conglomerate owned by the emirate’s ruler. Following the transaction, Emirates Power Investment now owns 22.27 percent of Emaar’s total issued shares, according to a company disclosure to the Dubai Financial Market. Emaar added that Dubai Holding Group’s total shareholding in the developer increased to 29.73 percent, making it the company’s largest shareholder. The company did not disclose the financial value of the transaction. [...]

Nepra to hold public hearing today: KCCI opposes KE’s Rs59bn EOTA claims for FY2017-23

May 12, 2026 1:37

ISLAMABAD: The Karachi Chamber of Commerce and Industry (KCCI) has opposed, in its entirety, K-Electric’s (KE) End of Term Adjustment (EOTA) claims of about Rs59 billion filed under its Multi-Year Tariff (MYT) for FY2017–2023. National Electric Power Regulatory Authority (NEPRA) is scheduled to hold a public hearing on KE’s petition on Tuesday (today) K-Electric submitted a petition before NEPRA seeking EOTA amounting to Rs43.6 billion, along with Rs15.3 billion in tax pass-through, pending power purchase costs, and other adjustments, taking the total claimed impact to Rs58.9 billion. READ MORE: NEPRA to hear KE’s Rs58bn tariff adjustment claim on May 12 The claims include exchange rate adjustments on Return on Equity (RoE), working capital requirements, tax liabilities, and pending quarterly adjustments. Given their retrospective nature and potential tariff impact, KCCI said the matter carries serious implications for industrial consumers. KE has claimed about Rs11 billion on account of exchange rate impact on allowed RoE. KCCI argued that foreign exchange fluctuations are largely a macroeconomic and investment risk rather than a direct operational cost of electricity supply. Allowing full pass-through, it said, would shift currency depreciation risk onto consumers while shielding shareholders, thereby increasing production costs and undermining export competitiveness. KE has also sought recovery of working capital adjustments, including Rs23.4 billion linked to doubtful debts and Rs10.4 billion related to actual working capital requirements. KCCI raised concerns over billing efficiency, recovery performance, theft control, and financial discipline, arguing that inefficiencies such as non-recovery, administrative lapses, and circular debt should not be passed on to consumers. It also cautioned against potential double recovery, given NEPRA’s earlier approval of partial write-offs on unrecovered receivables. The company further claimed Rs15.3 billion on account of tax pass-through, including revised liabilities for FY2022–23, projected liabilities for FY2018–21, WPPF-related claims, and pending power purchase adjustments. KCCI contended that a significant portion of these liabilities arose from adverse judicial decisions on minimum tax under Section 113 of the Income Tax Ordinance and represent corporate tax risks rather than operational costs. It maintained that only prudently incurred and finally adjudicated liabilities should be considered, excluding penalties, surcharges, and contingent claims. KCCI said the EOTA petition effectively seeks recovery of past financial exposures from current and future consumers, undermining the MYT framework’s objective of tariff predictability and financial discipline. Such retrospective adjustments, it noted, create pricing distortions and erode consumer confidence, particularly for export-oriented industries that require stable energy costs. The chamber also opposed KE’s request to allow future recovery of additional liabilities arising from pending assessments and adjudications, stating that such an open-ended mechanism would create regulatory uncertainty and weaken the finality of tariff determinations, exposing consumers to recurring tariff shocks. The petition includes about Rs261 million pending power purchase and related adjustments, including capacity payments linked to gas outages, NPMV claims, and WPPF adjustments. KCCI stressed that these claims require detailed scrutiny, as some may reflect operational inefficiencies or unresolved disputes rather than prudent costs. KCCI also highlighted concerns over previously approved bad debt write-offs of about Rs50 billion, warning against any indirect recovery through working capital adjustments. It strongly opposed transferring losses arising from theft, non-recovery, or inefficiencies onto paying consumers. The chamber argued that many of KE’s claims fall outside the permissible scope of EOTA, particularly those relating to exchange rate losses, doubtful debts, and open-ended future liabilities. It called for strict prudence checks on investments, including the treatment of Interest During Construction (IDC), and stressed that only efficient and operationally useful assets should be included in the regulated asset base. On tax adjustments, KCCI maintained that only verified and finally adjudicated liabilities should be allowed, excluding litigation-related costs and contingent claims. KCCI has urged NEPRA to: (i) disallow recovery of write-off-related amounts unless KE demonstrates full recovery efforts; (ii) cap or partially absorb exchange rate losses on RoE; (iii) exclude working capital claims linked to doubtful debts, theft, and non-recovery; (iv) limit tax pass-through strictly to verified liabilities; (v) reject any open-ended adjustment mechanism under EOTA; (vi) conduct an independent forensic and prudence audit of all major claims; and (vii) explicitly prohibit double recovery of bad debts. The chamber emphasized that industrial consumers must be protected from retrospective tariff burdens to safeguard export competitiveness and production viability. Separately, one of KE’s shareholders, Arif Bilwani, has also urged NEPRA to ensure that no claim lacking transparency, prudence, or regulatory basis is allowed, and that the matter is decided strictly in accordance with the NEPRA Act, 1997, applicable tariff standards, and principles of consumer protection. Copyright Business Recorder, 2026 [...]

Reverse sub-contracting: FBR resisting relief to NSCL

May 12, 2026 1:29

ISLAMABAD: Federal Board of Revenue (FBR) is reportedly resisting any relief to National Steel Complex Limited (NSCL) in reverse sub-contracting due to which the firm has not been able to honour its local contracts outside Export Processing Zone (EPZ), well informed sources told Business Recorder. This was the crux of a meeting between the delegation NSCL and Minister for Commerce, Jam Kamal and his tariff team. During the meeting, the delegation briefed the Minister on concerns arising from the existing duty structure applicable to raw materials, intermediate goods, and products processed through Export Processing Zones (EPZs). Representatives explained that industries importing raw materials into the tariff area are required to pay customs duties at the import stage, while additional duties are again imposed when processed or value-added products return from EPZs to the tariff area. The delegation informed the Minister that the current mechanism effectively results in double taxation on industrial products and increases the cost of manufacturing, particularly for industries involved in machining, lining, coating, fabrication, and other value-added industrial activities. They proposed that duties should only apply to the additional value created within the EPZ instead of the total value of the finished product. Participants also highlighted technical complexities related to customs valuation, classification of processed products, and determination of value addition during industrial processing. They emphasized the need for transparent and practical mechanisms to facilitate genuine industrial activity while ensuring regulatory compliance. During the discussion, it was clarified that NTC primarily functions as a technical body on tariff-related matters, providing analytical and advisory support regarding tariff structures and trade remedy measures. The Commission is responsible for implementing trade protection instruments, including safeguards against unfair trade practices by foreign exporters to protect local manufacturers. Matters relating to customs valuation, industrial costing, regulatory enforcement, and sector-specific compliance fall within the respective mandates of relevant authorities such as FBR, Ministry of Industries, and other concerned regulatory bodies. The delegation further apprised the Minister of the challenges being faced by long-term industrial projects due to rising energy costs, evolving tariff structures, and changing economic conditions. Copyright Business Recorder, 2026 [...]

Oil prices settle higher

May 12, 2026 1:01

HOUSTON: Oil prices settled almost 3 percent higher on Monday after US President Donald Trump said the ceasefire with Iran was “on life support,” leaving the Strait of Hormuz largely closed with no clear end in sight to the war. Brent crude futures settled up USD2.92, or 2.88 percent, at USD104.21 a barrel. US West Texas Intermediate settled at USD98.07 a barrel, up USD2.65, or 2.78 percent. Brent reached a session high of USD105.99 and WTI hit a peak of USD100.37. Last week, both benchmarks recorded 6 percent weekly losses on hopes for an imminent end to the 10-week-old conflict that would allow oil to transit through the Strait of Hormuz. But on Monday, Trump said the ceasefire with Iran was “on life support,” after dismissing Tehran’s response to a US peace proposal as “stupid.” Days after Washington floated a proposal aimed at reopening negotiations, Iran on Sunday released a response focused on ending the war on all fronts, including Lebanon, where US ally Israel is fighting Iran-backed Hezbollah militants. READ MORE: Oil prices jump Tehran also demanded compensation for war damage, emphasized its sovereignty over the strait, and called on the US to end its naval blockade, guarantee no further attacks, lift sanctions and remove a ban on Iranian oil sales. Within hours, Trump dismissed Tehran’s offer in a social media post as “totally unacceptable.” “The narrative has changed again from de-escalatory to escalatory in a matter of a few days and oil markets respond to it - although only modestly,” said Florence Schmit, an energy strategist at Rabobank. Trump to meet with Xi this week in Beijing Trump is scheduled to arrive in Beijing on Wednesday and is expected to discuss Iran among other topics with Chinese President Xi Jinping, according to US officials. “I don’t think anyone is looking for the US to up the ante anytime in the balance of the week as long as this China, Trump meeting is going on,” said Bob Yawger, director of energy futures at Mizuho. The world has lost about 1 billion barrels of oil over the past two months and energy markets will take time to stabilize even if flows resume, Saudi Aramco CEO Amin Nasser said on Sunday. Saudi Arabian crude oil exports to China are expected to fall further in June after buyers cut nominations because of costly prices linked to the US-Iran conflict and lower supplies, trade sources told Reuters. OPEC oil output dropped further in April to the lowest in more than two decades, a Reuters survey found, as the war effectively closed the strait and forced export cuts. Crude output by the 12-member Organization of the Petroleum Exporting Countries in April fell by 830,000 barrels per day month-on-month to 20.04 million bpd, the survey found. March’s figure was revised 700,000 bpd lower due to a change in the Saudi estimate. [...]

SC dismisses 3 appeals filed by GTH, others against SHC verdict

May 12, 2026 1:01

ISLAMABAD: The Supreme Court dismissed three appeals filed by Greentree Holdings Limited (GTH) and others against a judgment of the Sindh High Court (SHC). A three-judge bench, headed by Justice Naeem Akhtar Afghan and comprising Justice Muhammad Shafi Siddiqui and Justice Miangul Hassan Aurangzeb, on Monday announced a short order of its judgment reserved on 3rd February against the SHC order. The bench directed that the appellants would jointly bear the legal costs of respondent No. 1 (Chishti) The SC short order, authored by Justice Miangul, cleared the way for Zia Chishti, founder of an outsourcing and technology firm TRG Pakistan (TRGP), to regain influence over the company he resigned from five years ago over sexual harassment allegations. Chishti had resigned from the company in late 2021 upon disclosure in US Congressional testimony of an arbitration award against him for sexual misconduct. The Sindh High Court on June 20, 2025, had allowed an application of former TRG CEO Muhammad Ziaullah Khan Chishti to be filed under company laws. It held that GTH shares were the property of the private equity firm, the Resource Group Pakistan (TRGP). In its order on June 20, 2025, the SHC had ruled that shares held by GTH in TRGP (the respondent) were the property of TRGP, and would be deemed to have been purchased by the latter from its shareholders. The court had also ordered TGRP’s Board of Directors to issue notice for an extraordinary general meeting of the company immediately to elect directors, adding that the new board of directors would decide whether to retain or cancel these treasury shares after the elections. The SC, in its short order, granted leave to appeal in “C.P.L.A. No.2543/2025 titled ‘Greentree Holdings Limited, Hamilton HM11, Bermuda v. Muhammad Ziaullah Khan Chishti, etc.’; C.P.L.A. No.871-K/2025 titled ‘The Resource Group International Limited (TRGI) v. Muhammad Ziaullah Khan Chishti, etc.’; and C.P.L.A. No.872-K/2025 titled ‘The Resource Group Pakistan Limited (TRGP) v. Muhammad Ziaullah Khan Chishti, etc.’”. “The petitions are converted into appeals, which are all dismissed. The appellants shall jointly and severally bear the respondent No.1’s costs in the said appeals,” said the short order, authored by Justice Aurangzeb. Copyright Business Recorder, 2026 [...]

World’s ‘largest energy shock’ may affect markets into 2027: Aramco

May 12, 2026 1:01

RIYADH: The Middle East war triggered the world’s largest energy shock with market recovery likely to extend into 2027 even if the Hormuz blockade is lifted soon, Saudi oil giant Aramco’s CEO told investors Monday. A day earlier, Aramco had announced a net profit rise of more than 25 percent in the first quarter of 2026 compared to the same period last year, fuelled by higher oil prices as exports remain blocked in the Strait of Hormuz. “The energy supply shock that began in the first quarter is the largest the world has ever experienced,” said Aramco CEO and president Amin H. Nasser. “If the Strait of Hormuz opens today, it will still take months for the market to rebalance, and if its opening is delayed by a few more weeks, then normalisation will last into 2027,” he added. Crude prices jumped during the first quarter from the mid $60s in early February to more than $100 a barrel in March as Iran’s shutdown of the key waterway sparked a global energy crisis. The market has seen an “unprecedented supply loss of about a billion barrels of oil”, he said, putting the figure at roughly 880 million barrels. “If the current disruptions continue at this rate, the market will lose around 100 million barrels for every week the Strait of Hormuz remains closed,” he added. The loss was offset in part by oil flows bypassing Hormuz, the release of strategic government petroleum reserves and Saudi Arabia’s East-West pipeline — which avoids the blockaded strait, he said. [...]

‘300 MoUs and over 3 dozens JVs worth USD13bn inked with China in 2 years’

May 12, 2026 1:01

KARACHI: Pakistan’s Ambassador to China, Khalil Hashmi, said that remarkable progress has been made in promoting bilateral economic cooperation between Pakistan and China. Over the past two years, more than 300 Memorandums of Understanding (MoUs) and over three dozen joint venture agreements have been signed, with a combined value exceeding USD13 billion. He added that Pakistan has achieved an approximately 30 percent conversion rate of MoUs into formal agreements, reflecting the government’s effective follow-up and implementation mechanisms. Addressing separate ceremonies held on Monday at the Federation of Pakistan Chambers of Commerce and Industry and the Karachi Chamber of Commerce and Industry during the visit of a 70-member high-level delegation from China’s IBI Group, Khalil Hashmi said that although MoUs are generally the first step toward long-term cooperation, the Government of Pakistan has established a comprehensive system to ensure their effective implementation and conversion into practical business agreements. At the FPCCI event, Director of IBI Group and head of the delegation Liu Jun Zhai, Senior Vice President Saqib Fayyaz Magoon, Regional Chairman Sindh and Vice President Abdul Mohaimin Khan, Vice President Nasir Khan, Mian Zahid Hussain, Shabbir Mansha Churra and others were also present. At KCCI, President Rehan Hanif also addressed the gathering, while Chairman Zubair Motiwala, Mian Abrar Ahmad, Tariq Yousuf, Muhammad Raza, Arif Lakhani, former presidents, executive committee members, and members of the Chinese delegation attended the meeting. On this occasion, an MoU was also signed between KCCI President Rehan Hanif and IBI Group Director Liu Jun Zhai. Speaking at FPCCI, Ambassador Khalil Hashmi said that Pakistan-China economic relations have entered a new and sustainable era. The visit of the Chinese trade delegation to Pakistan marks an important step toward implementing the second phase of the China-Pakistan Economic Corridor. He said Pakistan welcomes Chinese investors in minerals, agriculture, information technology, textiles, and all manufacturing sectors. He added that the delegation would not only help increase trade volume but would also contribute to local employment opportunities and the transfer of modern technology. During his address at KCCI, Khalil Hashmi revealed that Pakistan is currently engaged in active negotiations with the world’s leading battery manufacturer CATL, which specializes in lithium-ion and sodium-based battery technologies. Pakistan is encouraging the company to invest and collaborate in the country, and he expressed hope that significant progress in this regard may emerge during the Prime Minister’s upcoming visit to China. IBI Group Director Liu Jun Zhai said that Karachi, owing to its strategic maritime position, industrial infrastructure, and strong business community, has tremendous potential to emerge as an important regional hub for digital trade and smart industrial transformation. She stated that Karachi is not only Pakistan’s commercial capital but also one of South Asia’s most important maritime gateways, serving as a center for industrial, financial, and global trade activities. “In our view, Karachi is not only Pakistan’s present but also its future,” she remarked, adding that IBI Group attaches great importance to establishing a long-term and strategic partnership with KCCI. FPCCI Senior Vice President Saqib Fayyaz Magoon said that Pakistan must focus on producing value-added and quality products to enhance exports to China. He noted that there are vast and attractive opportunities for Chinese investment and joint ventures in minerals, agriculture, food processing, chemicals, and information technology sectors. Regional Chairman Sindh and Vice President FPCCI Abdul Mohaimin Khan said that this was the largest and most significant Chinese trade, industrial, and investment delegation to visit Pakistan in recent years. He urged Pakistani businesses and companies to fully benefit from Chinese expertise, advanced technology, and industrial experience. Vice President Nasir Khan said that extending the brotherly relations between the two countries to the private sector and transforming them into economic cooperation could prove to be a game changer for Pakistan. Chairman of the Pakistan-China Business Council FPCCI, Shabbir Mansha, said there is an urgent need for trade promotion and B2B activities between Pakistan and China. KCCI President Rehan Hanif, while welcoming the high-level delegation of IBI Group, said it was a matter of great pleasure and significance that IBI Group had chosen Pakistan for the formal launch of its Pakistan Digital Economy Headquarters, which reflects the deep friendship, strategic partnership, and growing economic cooperation between Pakistan and China. BMG Chairman Zubair Motiwala said that Karachi’s business community highly appreciates the confidence shown by Chinese institutions in Pakistan’s economy and future. He further stated that the agreement between KCCI and IBI Group would open new avenues for institutional linkages, investment, trade promotion, technology transfer, and industrial cooperation. Copyright Business Recorder, 2026 [...]

Sustainable transport projects: Country set to secure USD30m concessional ADB loan

May 12, 2026 1:01

ISLAMABAD: Pakistan is moving forward to secure a proposed USD 30 million concessional loan facility from the Asian Development Bank (ADB) aimed at preparing sustainable transport sector projects. According to project details, the initiative titled “Preparing Sustainable Transport Sector Projects” will support the conceptualisation and preparation of transport infrastructure schemes, including roads, bridges, urban public transport, and mass transit systems. The project remains in the proposed stage and is designed as a Sector Efficiency Financing Facility (SEFF) to help the Sindh government develop bankable and environmentally sustainable transport projects aligned with Pakistan’s development priorities and ADB’s Country Partnership Strategy. ADB said the facility would finance a wide range of preparatory activities, including feasibility studies, safeguards assessments, economic and financial due diligence, detailed engineering designs, procurement support, pilot demonstrations, and institutional capacity building during project implementation. The financing will come from ADB’s concessional ordinary capital resources lending window. The project carries an environmental safeguard category “B,” while involuntary resettlement and indigenous people’s categories have been classified as “C,” indicating limited anticipated impacts in those areas. The Planning and Development Department, Government of Sindh, has been named as the executing agency, while ADB’s Transport Sector Office under the Sectors Department will oversee the initiative. ADB records show concept clearance for the project was completed on August 25, 2025, while fact-finding activities were conducted from August 4 to August 13, 2025. Officials say the facility is expected to strengthen Sindh’s transport planning pipeline and accelerate the preparation of future infrastructure investments focused on sustainability, connectivity, and improved mobility across the province. Copyright Business Recorder, 2026 [...]

NBP receives approval for commercial launch of Raast P2M Acquiring

May 12, 2026 1:01

KARACHI: National Bank of Pakistan (NBP) has received approval for the commercial launch of Raast Person-to-Merchant (P2M) Acquiring, marking a major milestone in the Bank’s digital payments journey and Pakistan’s broader transition towards a cashless economy. On the occasion, a meeting was held with representatives from NBP’s Digital Banking Group and the State Bank of Pakistan’s Digital Innovations & Settlement Department. The picture was taken with Muhammad Imaduddin, Director – Digital Innovations & Settlement Department-SBP, Muhammad Hassan Memon, Assistant Director – Digital Innovations & Settlement Department-SBP, Adnan Nasir, Chief Digital Officer/ SEVP, Digital Banking Group-NBP and Zohaib Ali Khan, Divisional Head – Acquiring & Payments-NBP. This milestone reflects the continued guidance and support of the State Bank of Pakistan and Raast Payments Pakistan in enabling NBP to advance its digital acquiring agenda. The approval not only clears the way for commercial operations but also allows NBP to actively promote Raast P2M acquiring among merchants, customers, institutions, and government entities through structured awareness and media campaigns. NBP remains committed to expanding digital acceptance nationwide, particularly across underserved segments, small merchants, and institutional payment ecosystems. The Bank will continue to work closely with regulators, business teams, fintech partners, and merchant communities to accelerate the adoption of digital payments under Pakistan’s cashless economy agenda. Copyright Business Recorder, 2026 [...]

NBP receives approval for commercial launch of Raast P2M Acquiring

May 12, 2026 1:01

PEDO opposes exclusion of two hydropower projects from IGCEP

May 12, 2026 2:36

ISLAMABAD: The Pakhtunkhwa Energy Development Organisation (PEDO), a provincial entity mandated to develop hydropower and other renewable energy projects, has challenged the exclusion of its two hydropower projects from the Indicative Generation Capacity Expansion Plan (IGCEP) 2025–35 in the Islamabad High Court. The court has admitted the petition, filed through Advocate Irfan Muawar Gill, and issued notices to the federal government, Independent System and Market Operator (ISMO), and the National Electric Power Regulatory Authority (NEPRA). According to the petition, Pakistan’s power sector planning regime underwent a significant constitutional transformation in 2021 when the IGCEP was, for the first time, formulated in compliance with a binding decision of the Council of Common Interests (CCI). Prior to this, IGCEP functioned largely as a technical and advisory document without a firm constitutional basis or enforceable inter-governmental consensus. READ MORE: Official says KP completes 10 hydropower projects to generate Rs13bn annually The petition argues that the CCI’s intervention brought the IGCEP within the constitutional framework governing federal–provincial relations, addressing concerns regarding arbitrariness, lack of predictability, and unequal treatment of provincial projects. It further states that the move was aimed at restoring investor confidence and ensuring transparency and uniformity in decision-making. In its 48th meeting held on September 13, 2021, the CCI introduced a binding classification of power projects under IGCEP into two categories: “Committed Projects” and “Indicative/Candidate Projects.” The petition maintains that this classification carries constitutional force under Article 154(7), leaving no discretion to the federation, NEPRA, ISMO, or any subordinate authority to deviate from the approved criteria. PEDO contends that, under the NEPRA Act, 1997, the National Electricity Policy 2021, and the National Electricity Plan, the designation of a project as “Committed” has significant legal, financial, and regulatory implications. Such projects must have PC-I approval, secured financing, and regulatory clearances, thereby creating binding obligations on the state and legitimate expectations for stakeholders. READ MORE: KP seeks inclusion of its hydropower projects in IGCEP 2024-34 The petition states that PEDO’s Madyan Hydropower Project (157 MW) and Gabral Kalam Hydropower Project (88 MW) fully meet all criteria for “Committed Projects.” Both projects received PC-I approval from the Executive Committee of the National Economic Council (ECNEC) on October 1, 2020, and secured concessional international financing prior to the March 2021 cut-off date through agreements with the World Bank under the Khyber Pakhtunkhwa Hydropower and Renewable Energy Development Programme. It argues that these facts were formally documented and never disputed by any authority, making the projects’ inclusion in IGCEP mandatory and constitutionally protected. The petition further highlights that both projects are flagship initiatives of the Khyber Pakhtunkhwa government and are designed as run-of-river schemes in Swat, generating clean and low-cost electricity without large dams. Their inclusion, it adds, would help reduce reliance on imported fuels, ease circular debt, and support national climate and energy security goals. The petitioner has requested the court to declare the exclusion of the two projects from the “Committed Projects” category in IGCEP 2025–35 as illegal, unconstitutional, and without lawful authority. It has also urged the court to direct NEPRA and ISMO to include and retain these projects as “Committed Projects” in the final IGCEP 2025–35 and future plans, unless their status is lawfully altered through a CCI decision. Additionally, the petition challenges the retrospective application of a new criterion requiring at least 10 percent physical and financial progress for maintaining “Committed” status, terming it illegal and ultra vires. The petitioner further requested the court to direct NEPRA to reject or remand the IGCEP 2025–35, or strike down its unlawful portions, and ensure reconsideration in line with the Constitution, relevant laws, and CCI decisions after granting a proper hearing to the petitioners. Copyright Business Recorder, 2026 [...]

Gold falls on oil-driven inflation fears as Trump rejects Iran peace proposal

May 12, 2026 2:16

Pakistan summons Afghan diplomat over Bannu attack

May 12, 2026 2:11

ISLAMABAD: The Afghan Chargé d’Affaires in Pakistan was summoned to the Ministry of Foreign Affairs (MOFA) and handed over a strong demarche over the cowardly vehicle-borne IED attack carried out by terrorists of Fitna-al-Khawarij on the Fateh Khel Police Post in Khyber Pakhtunkhwa’s Bannu District on May 9. In a statement issued here on Monday, the Foreign Office Spokesperson Tahir Andrabi stated the Afghan Taliban regime has also been categorically informed that, if it continues to harbour these terrorist organizations, Pakistan will not compromise on its national security or on the safety and protection of its citizens. The ministry conveyed that a detailed investigation into the incident, along with evidence collected and technical intelligence, indicates that the attack was masterminded by terrorists residing in Afghanistan, he added. Reiterating Pakistan’s grave concern over the continued use of Afghan soil for terrorist attacks against Pakistan, Andrabi said it was impressed upon the Afghan side that Pakistan reserves the right to respond decisively against the perpetrators of this barbaric act. It was further highlighted that the continued presence of various terrorist organizations on Afghan soil and the permissive environment enabling their operations have been well documented in reports by the UN Monitoring Team and other international organizations. FO spokesperson noted, “The fight against terrorism is a common cause, and the Afghan Taliban must honour their commitment not to allow their territory to be used for terrorism against other countries.” Pakistan has repeatedly urged the Afghan Taliban regime to take concrete and verifiable action against Fitna-al-Khawarij, Fitna-al-Hindustan, and ISKP/Daesh elements operating from Afghan soil. Pakistan has also constructively engaged with the Afghan Taliban regime through several rounds of talks mediated by brotherly and friendly countries. However, the Afghan Taliban have consistently failed to commit to, or deliver, meaningful and verifiable action against these terrorist outfits. It is worth mentioning here that there has been a visible resurgence in terrorism-related violence in Pakistan since the return of the Afghan Taliban to power. Besides diplomatic efforts, Pakistan launched Operation Ghazab-ul-Haq on the night of February 26 following unprovoked firing by the Afghan forces on Pakistani villages located near the border. Copyright Business Recorder, 2026 [...]

Victory in Bunyanum Marsoos: Punjab Assembly holds special session

May 12, 2026 2:08

LAHORE: The Punjab Assembly held a special session on Monday to commemorate the first anniversary of Pakistan’s victory in Operation Bunyanum Marsoos, passing a unanimous resolution in honour of the armed forces while the session was marked by sharp political exchanges between treasury and opposition benches. Speaker Malik Muhammad Ahmad Khan presided over the session, which began with a delay of nearly one and a half hours, and said that the entire Pakistani nation stood united in its resolve to defend its sovereignty, adding that the anniversary was being celebrated with great enthusiasm across the country. A resolution presented by Minister of Finance and Parliamentary Affairs Mujtaba Shuja ur Rehman was passed unanimously, congratulating the Pakistan Armed Forces on the historic victory. The resolution recalled that India had launched a cowardly attack on Pakistan during the night of May 6th and 7th, 2025, following the Pahalgam false flag operation, targeting civilians, mosques, seminaries, and water reservoirs. It stated that under the command of Field Marshal Hafiz Syed Asim Munir, the armed forces delivered a decisive response and fulfilled the nation’s trust. However, the session was not without political tension. Opposition Leader Moeen Qureshi, while paying tribute to the military, used the floor to raise concerns over the alleged mistreatment of PTI-affiliated political prisoners, the legitimacy of the current government, and the events of May 9th, demanding a judicial commission to investigate the matter. Pakistan Peoples Party parliamentary leader Ali Haider Gilani praised Pakistan’s military response and credited Bilawal Bhutto Zardari for his diplomatic efforts, while Mumtaz Chang paid tribute to past civilian leaders for building Pakistan’s nuclear and missile capabilities. Copyright Business Recorder, 2026 [...]

IMF’s USD1.2bn tranche

May 12, 2026 2:04

EDITORIAL: On 9 May, the Board of Directors of the International Monetary Fund (IMF) approved the staff level agreement (SLA) reached with the government of Pakistan on 28 March, a prerequisite for the release of the next tranche. The 41-day delay between the two dates is not unprecedented though this usually indicates prior conditions that must first be met by the debtor country. Pakistan hiked the petroleum levy on the same day as approval by the Board – by 13.91 rupees per litre for both petrol and diesel – with many declaring that this may have been agreed earlier and was made subject to the continuation of the Middle East conflict causing major oil supply disruptions throughout the world. This argument is strengthened by the fact that the Federal Board of Revenue (FBR) had already declared a 683 billion-rupee shortfall July-April 2026 against the downward revised budgeted target of 13.9 trillion rupees. As is the norm, the press release issued after Board approval lauds “the authorities’ strong implementation, despite the Middle East war, (that) has maintained economic stability and improved financing and external conditions. The shocks emanating from the Middle East war underline the continued importance of maintaining strong policies to continue building resilience and of moving ahead with structural reforms to achieve sustainable long-term growth.” There is no doubt that the authorities are implementing the agreed reforms, which include (i) full cost recovery by utilities (with little achieved in terms of reducing the sector’s inefficiencies and instead relying heavily on borrowing) — recently 1.2 trillion rupees was borrowed to retire the circular debt — with interest passed onto the consumers, (ii) enforcement measures by the FBR generating 384 billion rupees (measures that are reportedly being challenged in tribunals and, if unsuccessful, in courts), (iii) a high policy rate – the State Bank of Pakistan recently upped the rate by 100 basis points – a decision premised on the fact that a high rate would stifle inflation; this in Pakistan’s case, however, is not evident because the major borrower is the government and not the private sector, and (iv) and last but not least, continued reliance on external borrowing (with Saudi Arabia extending an additional 3 billion dollars after UAE’s loan recall was cleared) with foreign exchange reserves almost entirely borrowed funds. True to form government’s sources indicated the tranche release as a major achievement that as per the IMF press release was reflective of the fact that “policy priorities remain centered on maintaining macroeconomic stability and advancing reforms to strengthen public finances, enhance competition, raise productivity and competitiveness, bolster the social safety net and human capital, reform SOEs, and improve public service provision and energy sector viability.” Disturbingly, the implementation of these reforms that, like in the previous twenty-three IMF programmes, are designed by the IMF and not by domestic economists; therefore, they lack in-house out-of-the-box solutions. The power and tax sub-sectors require major structural changes that must focus on formulating and implementing policies that are designed to look at the issues holistically, allowing for a policy that is designed to ensure that the contractual obligation allowing for capacity payments with the existing independent power producers be dealt with before supporting renewables which has reduced demand from the grid and raised capacity payments; and the heavy-handed tactics employed by the FBR to enforce their measures on taxes imposed in the sales tax mode (which are passed onto the consumers) must focus on raising taxes based on the ability to pay principle (for example, raising that tax on agricultural income to the same rate as payable by the salaried). To conclude, Business Recorder has been continuously underscoring the need for reducing current expenditure by at least 2 trillion rupees in next year’s budget by curtailing all non-operational expenses and ushering in pension reforms that envisage employee contributions which would reduce the budgeted outlay for pensions and thereby reduce pressure on FBR to meet unrealistic annual targets – a situation that would enable FBR to proceed with structural reforms envisaging higher direct ability to pay taxes as opposed to indirect taxes whose incidence is greater on the poor than on the rich. Copyright Business Recorder, 2026 [...]

Documentation, taxes and exports: ICAP shares multiple proposals with Aurangzeb

May 12, 2026 1:57

Significant cut in port charges at Gwadar Port

May 12, 2026 1:49

Customs values of fire alarm systems, parts revised

May 12, 2026 1:47

Dubai Holding unit becomes Emaar’s largest shareholder

May 12, 2026 1:41

Nepra to hold public hearing today: KCCI opposes KE’s Rs59bn EOTA claims for FY2017-23

May 12, 2026 1:37

Reverse sub-contracting: FBR resisting relief to NSCL

May 12, 2026 1:29

Philippine senator escapes arrest as ICC confirms drug war warrant

May 12, 2026 1:24

MANILA: Philippine authorities said Monday they would not arrest for now a lawmaker wanted by the International Criminal Court for his alleged role in ex-president Rodrigo Duterte’s drug war, capping a lengthy Senate standoff. Senator Ronald Dela Rosa, who served as police chief and Duterte’s top enforcer during the bloody drug crackdown, will be treated as if in the custody of the Senate, National Bureau of Investigation (NBI) director Melvin Matibag told reporters after the politician had taken refuge in the legislative building. [...]

PM extends austerity drive till June 13

May 12, 2026 1:01

ISLAMABAD: Prime Minister Shehbaz Sharif on Monday extended the nationwide austerity drive until 13 June, as the country continues to grapple with rising fuel prices linked to the Middle East conflict. The measures, initially introduced on March 09, will remain in force until June 13, according to a notification issued by the Cabinet Division. The extension comes in response to ongoing disruptions in global oil markets following attacks on Iran by US and Israeli forces on February 28, 2026, which have caused energy prices to surge worldwide. READ MORE: Upper House of Parliament: Gilani, Aurangzeb discuss austerity measures In the notification, the Cabinet Division stated that the prime minister, “on consideration of the recommendations of the committee for monitoring and implementation of fuel conservation and additional austerity measures, has been pleased to extend the applicability” of the measures with immediate effect. Among the key restrictions, government officials will see a 50 per cent reduction in fuel allowances for official vehicles, though ambulances, public buses, and other operational vehicles are exempt. Additionally, the government will ground 60 per cent of its fleet and maintain a ban on foreign travel for ministers and civil servants, except in cases deemed essential for national interest. “These additional austerity and fuel conservation measures shall continue to remain in force over the periods specified,” the notification added. “Measures without a specified end date shall remain applicable until further notice.” The austerity programme, which has already reshaped government operations, shortened the official workweek for most state offices to four days, running from Monday to Thursday. However, banks, essential services, and sectors such as agriculture and industry have not been affected by the change in schedule. Under the measures, the salaries of parliamentarians were to be reduced by 25 per cent, while employees of state-owned enterprises (SOEs) and government-supervised institutions faced pay cuts ranging from 5 to 30 per cent. Government departmental spending was cut by 20 per cent, accompanied by a ban on the purchase of vehicles, furniture, air conditioners, and other non-essential items. Prime Minister Shehbaz had instructed the Intelligence Bureau (IB) to conduct a third-party audit to ensure proper implementation of the austerity measures. On 30 April, he also approved a one-month extension of fuel subsidies for motorcyclists, as well as for public and goods transport. These subsidies were part of targeted relief measures aimed at supporting bikers, farmers, and transport operators, helping to cushion the impact of global oil price surges amid the US-Israel conflict with Iran. Copyright Business Recorder, 2026 [...]

FBR to introduce key amendments to EFS 2021

May 12, 2026 1:01

ISLAMABAD: The Federal Board of Revenue (FBR) is set to introduce amendments to the Export Facilitation Scheme (EFS) 2021, including a disposal mechanism for used auto parts salvaged during repair and restoration or left over from imported components, well-informed sources in the Commerce Ministry told Business Recorder. The move follows the government’s recent approval of amendments to the Import Policy Order (IPO) 2022 to allow the temporary import of automobiles for repair, restoration, and subsequent re-export. According to the Ministry of Commerce, the Special Investment Facilitation Council (SIFC), in its 14th meeting of the Sectoral Executive Committee held on June 18, 2025, decided to launch a pilot project for the import and re-export of refurbished vehicles. It was also decided to expand the policy framework to include plant machinery and other equipment for refurbishment and re-export. READ MORE: FBR further tightens EFS for all categories The Ministry of Commerce was directed to make the necessary amendments to the IPO 2022, while a working group led by the Ministry of Industries and Production was constituted to finalize the execution framework. Sources said that the existing IPO 2022 does not permit the temporary import of used vehicles and auto parts for refurbishment and re-export. Under Para 5(3), read with Serial Nos. 10 and 11 of Appendix-C, the import of used and second-hand vehicles and auto parts is generally prohibited, except for limited categories such as bulletproof vehicles, firefighting vehicles, ambulances, and certain commercial imports. The working group held multiple meetings to examine the feasibility of the pilot project under the EFS 2021 framework. The proposal received broad support from stakeholders, who agreed that amendments to both EFS 2021 and IPO 2022 were necessary to operationalise the initiative. The Ministry of Commerce informed a ministerial forum that a draft summary had been circulated among stakeholders, who endorsed key proposals for submission to the Economic Coordination Committee (ECC) of the Cabinet. These include: (i) Amendment to Serial No. 10 of Appendix-C of IPO 2022 to allow temporary import of vehicles under PCT heading 8703 by service providers with repair and refurbishment facilities verified by the Engineering Development Board (EDB) and registered with FBR under EFS. Such imports would be strictly for repair, restoration, refurbishment, and re-export. Importer-cum-exporters would also be required to submit annual reconciliation statements to the relevant Regulatory Collector; (ii) Amendment to Serial No. 11 of Appendix-C to allow temporary import of used auto parts under similar conditions, exclusively for refurbishment and repair purposes, with mandatory reconciliation reporting; (iii) a strict condition that imported vehicles and parts shall not, under any circumstances, be sold, transferred, or disposed of within the domestic tariff area; and (iv) necessary amendments to EFS 2021 by FBR, including a clear disposal mechanism for salvaged or leftover auto parts. The forum approved the Commerce Ministry’s proposal with the condition that the initiative will be reviewed by the ECC after one year. Copyright Business Recorder, 2026 [...]

SC dismisses 3 appeals filed by GTH, others against SHC verdict

May 12, 2026 1:01

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Iren’s stock pulls back as investors assess the steep price of the AI buildout

May 12, 2026 1:15

Iren will take on debt in the wake of its new Nvidia partnership. One analyst said Monday’s stock drop is an overreaction. [...]

AST SpaceMobile’s stock drops as earnings come with a big disappointment

May 12, 2026 12:18

Investors had been excited early Monday about speed breakthroughs at the satellite company. But the after-hours earnings report showed a sizable revenue miss. [...]

Meet the Nvidias of power — 5 stocks winning Big Tech’s $700 billion AI energy grab

May 11, 2026 11:49

Infrastructure giants such as GE Vernova and Bloom Energy are the new gatekeepers of the AI grid. [...]

BuzzFeed’s stock more than doubles as beleaguered media company gets a lifeline

May 11, 2026 11:31

Shares of BuzzFeed were up more than 130% in the extended session after the company said Byron Allen’s family office agreed to take a majority stake. [...]

AI investment ‘advice’ is 50% more likely to pump you up — and trip you into costly blunders

May 11, 2026 10:45

AI fuels impulsive actions — a human ‘defense coach’ is your best bet to win the market’s ‘loser’s game.’ [...]

Oil price charts produced a pattern not seen in 36 years. What happened last time?

May 11, 2026 10:29

Brent crude futures charts produced a technical pattern that hasn’t been seen in 36 years, and what that could mean for oil prices. [...]

Here’s the next AI ‘battleground’ — and how investors can get in on the action

May 11, 2026 9:44

Lumentum’s stock has been red hot, but there are plenty of lesser-known ways to capitalize on the growing connectivity needs of AI data centers, according to Bernstein. [...]

Stocks are hitting record highs even as Iran war drags on. How long can it last?

May 11, 2026 9:32

The S&P 500 finished above 7,400 for the first time ever but Wall Street’s ‘fear gauge’ also spiked [...]

‘I’m not an extravagant spender’: I’m in my 70s with a $90,000 income. Can I afford my dream home with a pool?

May 11, 2026 9:28

“My current house is all paid off, and it’s worth $650,000.” [...]

Cash-strapped homeowners may soon have no choice but to repair their aging houses. These stocks can benefit.

May 11, 2026 9:19

Home Depot and Lowe’s have struggled this year, but UBS analysts say they’re due to benefit as homeowners reach a tipping point with units built during the mid-2000s housing boom. [...]

Stocks are hitting record highs even as Iran war drags on. How long can it last?

May 11, 2026 11:54

Here’s how Trump could suspend gas tax — and how much you might save at the pump

May 11, 2026 10:35

Stocks are hitting record highs even as Iran war drags on. How long can it last?

May 11, 2026 9:59

AST SpaceMobile’s stock drops as earnings come with a big disappointment

May 11, 2026 9:43

Where's that NBA playoff game airing? For fans, it's a growing annoyance.

May 11, 2026 9:23

Here’s the next AI ‘battleground’ — and how investors can get in on the action

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