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Pakistan IT exports cross $400mn again in April, marking second straight month

May 18, 2026 4:29

Pakistan’s IT exports remained above $400 million for the second consecutive month in April, signaling sustained momentum in the country’s technology sector. According to the State Bank of Pakistan (SBP), the export receipts of IT and IT-enabled services increased to $423 million in April, which is the second-highest export income of IT sector in its history. In December 2025, the export of the IT sector made the highest-ever mark of $437 million. In March 2026, IT exports stood at $413 million. Dr Noman Said, an IT exporter, said the inflows of IT exports to over $400 million in April showed the strength of the IT export, which managed to record a sustainable growth despite the global crisis in the Middle East. The government and IT exporters must explore the emerging opportunities for enhancing IT exports from the crisis and continue its policy to support IT industry in terms of taxes and promotion of exports to new markets, he urged. During the period of the July-April of the financial year 2025-26, the IT sector reported a healthy growth, with receipts surging to $3.81 billion as compared to $3.14 billion reported in a similar period of the last financial year, showing 21% year-on-year growth. Saad Shah, another IT exporter, said IT exports could have achieved it’s target if the frequent disruption of internet was not recorded in the current financial year. He urged the government to ensure uninterrupted and speedy internet to IT companies by setting up IT parks in major cities, and pave the way towards launch of 5G and Satellite internet services as soon as possible in the country. Also read: Govt eyes major tax relief for telecom sector in FY27 budget: sources The exports of IT sector also included freelancers receipts, call centers and telecommunication sector. However, the industry is expected to miss the annual target of $5 billion for the current financial year and likely to settle around $4.5 billion. Chairman Pakistan Freelancers Association (PAFLA) Ibrahim Amin said the role of freelancers was increasing to enhance the export’s inflows of IT in the country, expected to cross the mark of 1$ billion in the current financial year. [...]

US stocks little changed ahead of Nvidia results

May 18, 2026 3:30

NEW YORK: Wall Street stocks were little changed early Monday ahead of earnings from Nvidia, Walmart and other retailers in cautious trading after a market pullback at the end of last week. Major US indices fell more than one percent Friday amid heightened inflation worries due largely to the continued shutdown of the Strait of Hormuz. Iran said Monday it had responded to a new US proposal aimed at ending the Middle East war. About 15 minutes into trading, the Dow Jones Industrial Average was down 0.1 percent at 49,492.60. The broad-based S&P 500 slipped 0.1 percent to 7,404.63, while the tech-rich Nasdaq Composite Index added 0.1 percent at 26,238.15. “The sentiment is nervousness regarding sort of a domino effect of higher oil prices pushing up inflation readings, which are then elevating interest rates,” said Sam Stovall of CFRA Research. “We don’t see the oil situation being resolved imminently,” he added. Besides earnings, this week’s calendar includes release of minutes from the most recent Federal Reserve meeting. [...]

Rupee inches up against US dollar

May 18, 2026 3:12

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At close, the local currency settled at 278.60, a gain of Re0.01 against the greenback. On Friday, the local unit closed at 278.61. Pakistan’s current account posted deficit of $324 million in April 2026, data released by the State Bank of Pakistan (SBP) showed on Monday. The deficit followed a surplus of $1,134 million recorded in March 2026 and deficit of $12 million in April 2025. The US dollar firmed against most major currencies on Monday as fresh Middle East tensions lifted oil prices and a global bond ‌selloff dented risk appetite, while yen weakness kept traders on alert for possible Japanese intervention. The euro was last at $1.1609 and sterling fetched $1.3305, both down more than 0.1%. The risk-sensitive Australian dollar weakened 0.4% to $0.7121, while the New Zealand dollar was little changed at $0.5827. The dollar index, which measures the greenback against a basket of major currencies, was a touch firmer at 99.393. Oil prices dropped on Monday after an Iranian news report saying that the United States had accepted waiving sanctions on Iranian crude oil temporarily. Brent crude futures fell $1.48, or 1.4%, to $107.78 a barrel by 1310 GMT after touching $112 for their highest since May 5. Inter-bank market rates for dollar on Monday BID Rs 278.60 OFFER Rs 278.80 Open-market movement In the open market, the PKR gained 3 paise for buying and 8 paise for selling against USD, closing at 279.00 and 279.74, respectively. Against Euro, the PKR gained 51 paise for buying and 54 paise for selling, closing at 323.70 and 326.93, respectively. Against UAE Dirham, the PKR gained 3 paise for buying and 6 paise for selling, closing at 75.89 and 76.69, respectively. Against Saudi Riyal, the PKR gained 2 paise for buying and remained unchanged for selling, closing at 74.22 and 74.97, respectively. Open-market rates for dollar on Monday BID Rs 279.00 OFFER Rs 279.74 [...]

Surging global bond yields, elevated oil deepen Indian rupee's slide to record lows

May 18, 2026 1:31

MUMBAI: The Indian rupee hit a record low on Monday, sliding for the seventh consecutive trading session, as a jump in global bond yields converged with elevated energy prices and deepened the strain on Asia’s worst-performing currency of the year so far. The rupee fell to 96.3875 per dollar, eclipsing its previous all-time low of 96.1350. It ended the session at 96.3450, down 0.4% from its closing level on Friday. The currency has slumped 2% over the last seven trading sessions. Traders said the losses would have been steeper if not for market interventions by the Reserve Bank of India. Elevated energy prices and weak capital flows have left India staring at a third consecutive fiscal year of a deficit in its balance of payments (BoP), straining the rupee. Economists at HSBC have forecast a BoP deficit of around $65 billion in the fiscal year ending April 2027. “The continued distribution of the exchange market pressure between currency weakness and the use of FX reserves should likely continue. Currency weakness, in particular, can help lower the trade deficit by making exports more competitive and disincentivising imports by making them too expensive,” they said in a Monday note. Overseas investors have sold over $23 billion of local stocks and bonds on a net basis since March, hurting the capital account at a time when the current account is stressed by elevated import prices. Global selloff Soaring energy prices from the Iran war have fanned inflation fears and prompted wagers on rate hikes by global central banks, knocking down bonds from Tokyo to New York. Yields on U.S. 10-year notes hit a 15-month high of 4.631%, Japan’s 10-year yield hit its highest since 1996, and their Indian counterpart climbed 6 bps. Efforts to end the Iran war appeared to have stalled following a drone strike at a nuclear power plant in the United Arab Emirates. Brent futures hovered around $110 per barrel. “High oil prices and now a selloff at the long end of the bond market are a bearish double whammy for EMFX and for risk assets in general,” per analysts at ING. [...]

India's equity benchmarks muted as Iran war worries offset IT gains

May 18, 2026 1:30

India’s equity benchmarks closed flat on Monday as persistent concerns over the impact of the Iran war offset a partial rebound in IT stocks. Broader sentiment remained weak amid worries over a weakening rupee, elevated energy prices, rising bond yields and escalating tensions linked to the Iran conflict. A drone strike caused a fire at a nuclear power plant in the United Arab Emirates, while Saudi Arabia said it intercepted three drones. U.S. President Donald Trump warned Iran must act “fast” after efforts to end the U.S.-Israeli war with Iran appeared to stall. The Nifty 50 closed 0.03% higher at 23,649.95, and the BSE Sensex added 0.1% to 75,315.04. The indexes fell as much as 1.4% during the session. The rupee hit a record low and closed at 96.35 per dollar. Eleven of the 16 major sectors fell, while small-caps and mid-caps lost 1.3% and 0.2%, respectively. IT index jumped 2.4% as a stronger dollar raised expectations of better profit growth for companies that earn a large share of revenue in the greenback. The index had dropped 5.7% last week. “The narrow recovery indicates that sentiment remains fragile for countries like India that are dependent on energy imports, as the Iran war has extended to a third month and pushed Brent Crude prices above $110 per barrel,” said Dharmesh Kant, head of equity research at Cholamandalam Securities. Consumer durables shed 1.8%. Amber Enterprises tumbled 15.6% on weak quarterly results. Gland Pharma jumped 15.4% on a 97% rise in March-quarter profit. Jana Small Finance Bank fell 5.9% after saying industrialist Venu Srinivasan-led TVS Group will buy a 5.64% stake in the lender through the issuance of warrants worth 3.17 billion rupees, at 5.3% discount to last close. Separately, TVS Motor said it will buy 4.9% in Jana Holdings for 1.93 billion rupees. TVS Motors dropped 5.1%. [...]

Oil stocks declining 'very fast', IEA chief warns

May 18, 2026 1:28

PARIS: Commercial oil stocks are falling “very fast” as Gulf supplies remain disrupted by the Middle East war, even with the release of strategic reserves by governments worldwide, the head of the International Energy Agency said Monday. Fears of shortages are rising with the summer travel season approaching in the northern hemisphere. Airlines have warned of jet fuel scarcity in weeks if supply disruptions persist. “The commercial inventories are declining… I think it’s depleting very fast now,” Fatih Birol told journalists as he arrived for a meeting of G7 finance ministers in Paris. “We have still several weeks but we should be aware of the fact that they’re declining rapidly,” he said, warning that “these are not endless”. Iran has effectively halted tanker traffic through the Strait of Hormuz in retaliation for US and Israeli strikes launched in late February, choking off oil and gas traffic and sending prices soaring. The IEA said this month that countries are tapping into oil inventories and their strategic reserves at a “record pace” as talks to end the war founder. US President Donald Trump threatened Sunday that “the clock is ticking” and “there won’t be anything left” of Iran if no peace deal is reached amid a fragile truce. The IEA has coordinated the release of 426 million barrels from emergency stocks by its 32 member countries, and said this month that around 164 million barrels have already been drawn. [...]

Gold per tola gains Rs900 in Pakistan

May 18, 2026 9:14

Gold prices in Pakistan increased on Monday in line with their gain in the international market. In the local market, gold price per tola reached Rs477,162 after a gain of Rs900 during the day. Similarly, 10-gram gold was sold at Rs409,089 after it increased by Rs772, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). On Saturday, gold price per tola reached Rs476,262 after a decline of Rs600 during the day. The international rate of gold was up by $9 to reach $4,548 per ounce (with a premium of $20). Meanwhile, the price of silver increased by Rs26 to reach Rs8,099 per tola. [...]

South Korean buyers purchased up to 130,000 tons feed wheat last week, traders say

May 18, 2026 8:52

HAMBURG: South Korea’s Feed Leaders Committee (FLC) and Major Feedmill Group (MFG) bought up to 130,000 metric tons of animal feed wheat in private deals last week without issuing an international tender, European traders said on Monday. Both purchased a consignment of between 55,000 to 65,000 tons with the volume to be declared by June 15. Seller of all the wheat was said to be trading house Cofco, with wheat arrival in South Korea in September. The MFG’s purchase was made at an estimated $289.75 a tonne c&f plus a $1.50 a ton surcharge for additional port unloading. The FLC’s purchase was made at an estimated $290.99 a tonne c&f plus a $1.75 a ton surcharge for additional port unloading. Reports reflect assessments from traders and further estimates of prices and volumes are still possible later. [...]

South Korean shares end higher as Samsung strike worries ease

May 18, 2026 8:50

SEOUL: Round-up of South Korean financial markets: South Korean shares erased early losses to end higher on Monday, as chipmaker Samsung Electronics jumped on a court decision regarding a planned labour strike. The benchmark KOSPI closed up 22.86 points, or 0.31%, at 7,516.04. Earlier in the session, it fell as much as 4.68%, triggering a “sidecar” trading curb. Samsung Electronics rose 3.88%, erasing early losses of more than 3%. The company and its labour union started talks on Monday in a last-ditch bid to avert the biggest strike in the tech giant’s history. A South Korean court on Monday partially granted Samsung’s request for an injunction, ordering the union to ensure any strike did not disrupt production. Peer chipmaker SK Hynix gained 1.15%. “The semiconductor sector strengthened on relief around Samsung Electronics’ strike. There will be earnings releases by Nvidia as well, which can boost sentiment,” said Park Kwang-nam, an analyst at Mirae Asset Securities. Most other index heavyweights fell. Battery maker LG Energy Solution slid 2.16%, while Hyundai Motor and sister automaker Kia Corp were down 5.29% and 3.27%, respectively. Steelmaker POSCO Holdings shed 0.96%, while drugmaker Samsung BioLogics fell 2.33%. Of the total 909 traded issues, 203 shares advanced, while 688 declined. Foreigners were net sellers of shares worth 3.6 trillion won ($2.40 billion). The won was quoted at 1,500.3 per dollar on the onshore settlement platform, 0.19% lower than its previous close at 1,497.5. In money and debt markets, June futures on three-year treasury bonds gained 0.07 point to 103.20. The most liquid three-year Korean treasury bond yield was flat at 3.752%, while the benchmark 10-year yield rose by 4.2 basis points to 4.214%.‑Reuters [...]

European shares fall as inflation worries grip markets

May 18, 2026 8:11

European shares sank on Monday, with oil prices rising and bonds extending their sell-off, as inflation worries continued with no signs of a deal between the US and Iran. The pan-European STOXX 600 fell 0.7% to 602.52 points, as of 0703 GMT, after ending the previous week lower. Germany’s DAX and France’s CAC 40 were off 0.5% and 1%, respectively. A drone strike caused a fire at a nuclear power plant in the UAE, while Saudi Arabia reported intercepting three drones, with US President Donald Trump warning that Iran must act “fast”. The US-Israel war on Iran is in its third month, with Tehran and Washington unable to come to a resolution as the vital Strait of Hormuz remains shuttered. Rising energy prices have fanned inflation fears and led to expectations of rate hikes from global central banks. European equities, with the region’s dependence on oil imports, have been unable to catch up to pre-war levels while global indexes have rebounded on AI-led optimism. In early trading, AstraZeneca dipped 0.8%. The drugmaker’s hypertension pill was approved in the US Sonova gained 4.1% after the world’s biggest hearing aid maker forecast higher sales and earnings for the 2026/27 financial year. [...]

Gulf equities tumble as drone strike hits UAE nuclear plant, Saudi Arabia intercepts drones

May 18, 2026 8:08

Gulf stocks fell in early trade on Monday after a nuclear power plant in the United Arab Emirates came under attack, and Saudi Arabia said it had intercepted three drones. The UAE’s defence ministry said it was investigating the source of the strike and had intercepted two drones, while a third hit near the Barakah facility. It said the drones were launched from the “western border” but did not elaborate. Saudi Arabia said the three drones it intercepted had entered from Iraqi airspace and warned it would take necessary measures to respond to any attempt to violate its sovereignty and security. Oil prices surged to two-week highs amid a broader Asian market selloff after efforts to end the US-Israeli war on Iran appeared to have stalled. US President Donald Trump warned Iran to act “fast” and was expected to discuss military options. In Dubai, the main share index fell 1.2%, with blue-chip developer Emaar Properties sliding 2.2%, Emirates NBD dropping 1.3% and budget carrier Air Arabia declining 3.1%. In Abu Dhabi, the index lost 1.1%, with Abu Dhabi Islamic Bank shedding 1.7%. Saudi Arabia’s benchmark eased 0.1%, on course for a fifth straight session of losses. The Qatari benchmark slipped 0.9%, with Qatar National Bank - the region’s largest lender- down 0.9% and Qatar Islamic Bank losing 1.1%. [...]

Copper sinks to 1-week low on strong dollar, weaker China economy

May 18, 2026 8:06

Copper tumbled to a one-week low on Monday, with a stronger US dollar, weaker Chinese economic data and elevated oil prices weighing on industrial metals. The benchmark three-month copper on the London Metal Exchange dropped 0.35% to $13,507.50 a metric ton as of 0719 GMT. The most-active copper contract on the Shanghai Futures Exchange tumbled 1.40% to close daytime trading at 104,330 yuan ($15,331.82) a ton. Earlier in the session, the London benchmark hit $13,394.50 a ton, the lowest since May 8, and the Shanghai contract sank to as low as 103,300 yuan, its lowest since May 11. Brent crude climbed above $110 a barrel on Monday after reported drone attacks on the UAE over the weekend fanned the outlook of higher inflation and dimmed prospects for a near-term Federal Reserve interest rate cut. The US dollar index rose to its strongest in more than a month, making greenback-denominated commodities less affordable for investors using other currencies. Elsewhere, top metals consumer China’s economy was showing signs of slowdown in April, according to data from the National Bureau of Statistics. Factory output grew 4.1% year-on-year, compared with a 5.7% rise in March, and retail sales rose just 0.2%, also cooling from a month prior. Both readings missed expectations. SHFE-monitored copper stocks continued to flow out, but at a much slower pace last week, dipping only 0.38% week-on-week, according to the exchange’s weekly stock report on Friday. Elsewhere on the LME, aluminium gained 0.10%, zinc was little changed, dipping 0.01%, lead nudged 0.13% higher, nickel rose 0.72%, and tin ticked 0.12% higher. On the SHFE, aluminium lost 0.98%, zinc dropped 0.62%, lead declined 0.39%, nickel slipped 0.64% and tin slid 2.58%. [...]

South African rand subdued as traders await inflation data

May 18, 2026 7:36

JOHANNESBURG: The South African rand was muted in early Monday trade, with investors holding back ahead of domestic inflation data expected to reflect ‌pressures from war in the Middle East. The Reuters Iran Briefing newsletter keeps you informed with the latest developments and analysis of the Iran war. Sign up here. At 0716 GMT the rand traded at 16.7150 against the dollar , little changed from its previous close. Statistics South Africa will release April inflation data on Wednesday, with analysts ⁠polled by Reuters expecting it to accelerate to 3.9% year on year, up from 3.1% in March. ETM analytics said in a note that it sees domestic inflation heading towards 5% if oil prices remain buoyant and the local currency depreciates further. As a net fuel importer, South Africa is heavily exposed to the spike in global ‌energy ⁠prices. “The situation in the Middle East has already dragged on too long, and second-round inflationary pressures are now just a matter of time,” said ETM Analytics. The statistics agency will ⁠also publish retail sales data on Wednesday, though analysts say the March figures are unlikely to show weakness as they predate ⁠the full escalation of the Iran war. On the Johannesburg Stock Exchange, the Top-40 index was down 0.6% ⁠in early trade. South Africa’s benchmark 2035 government bond was also weaker, with the yield up 7.5 basis points at 8.89%. [...]

South Korea’s MFG, partner CAPI tender for up to 70,000 tons corn, traders say

May 18, 2026 7:24

HAMBURG: South Korea’s Major Feedmill Group (MFG) and its partner company Cargill Agri Purina (CAPI) have issued an international tender to purchase up to 70,000 metric tons of animal feed corn, European traders said on Monday. The corn is sought from South America or South Africa only in one consignment of 55,000 to 70,000 tons, for arrival in South Korea around September 15. The deadline for submission of price offers is Tuesday, May 19. Two alternative shipment periods were sought, but traders said the consortium had indicated only one consignment would be bought. One consignment was sought for shipment between July 13 and August 1 if sourced from South America or between July 28 and August 16 from South Africa. Alternately, a consignment was sought for shipment between July 18 and August 6 if sourced from South America or between August 2 and August 21 from South Africa. South Korea’s MFG tenders for up to 210,000 MT of corn Offers were sought both in outright prices per ton, cost and freight included (c&f), and at a premium over the Chicago September 2026 corn contract, traders said. The tender continues brisk corn purchasing by Korean importers in the past week. Traders said some importers had delayed purchases in the hope that commodity prices would fall if a peace deal was reached between the United States and Iran, but a peace deal remains elusive. [...]

ECB's Lagarde, asked about bond market sell off, replies:’I always worry, that's my job!’

May 18, 2026 7:18

PARIS: European Central Bank head Christine Lagarde, asked on Monday, if she was worried by a sell-off in global bond markets, replied to reporters: “I always worry, that’s my job!” Lagagrde was speaking as she arrived for a meeting of G7 finance ministers in Paris. Asian share markets were on the skids on Monday as new drone attacks in the Gulf shoved oil prices and bond yields higher. [...]

Inside Yango Pakistan’s approach to keeping driver earnings stable during fuel price surges

May 18, 2026 5:54

As fuel prices rise and everyday expenses climb, the effects are being felt across Pakistan’s ride-hailing ecosystem—by both commuters and the drivers behind the wheel. Over the past two months, Yango Pakistan has rolled out a series of gradual fare adjustments across major cities. In total, six revisions have been introduced since early March, with changes tailored to local conditions rather than applied uniformly. In cities like Karachi and Lahore, fares have increased by up to 20-22% averaging across different car types. In Islamabad and Rawalpindi, where trips tend to be longer, the increase has gone as high as 35%—a reflection of higher fuel usage per ride. For riders, the shift is noticeable. Many are adjusting how they travel. According to industry experts, trip frequency has softened slightly, while more users are exploring lower-cost options. Bike rides, for example, have seen about a 10% increase in usage, suggesting commuters are actively managing costs. Behind the scenes, dynamic pricing systems are helping maintain balance—adjusting fares based on demand, traffic, and driver availability to ensure rides remain accessible. A Drivers Benefit Hub was also recently introduced within the app, designed to provide drivers with a consolidated space for accessing non-earnings related support, including partner offers and informational resources that may help reduce certain day-to-day operational expenses. For drivers, however, the issue is more immediate. Lahore-based bike driver Imran Saleem, “If fares didn’t change, fuel would take a big portion of our income. Gradual increases done by Yango really helped us manage day-to-day expenses. People are choosing bikes more because it’s affordable. It keeps us busy, but fuel costs still matter.” While some commuters have expressed concerns over fluctuating fares—especially during busy hours—these variations are largely tied to real-time conditions. Ride-hailing remains an essential service, particularly in urban areas where convenience and safety are key. Many women, in particular, rely on these platforms for predictable and secure travel. As economic conditions remain uncertain, both riders and drivers are adapting—reshaping how mobility works in real time. [...]

US Treasury extends sanction waiver on Russian seaborne oil to aid vulnerable countries

May 18, 2026 5:46

PARIS: The U.S. Treasury will extend a sanctions waiver allowing purchases of Russian seaborne ‌oil for another 30 days to aid “energy-vulnerable” countries cut off from Gulf oil supplies, Treasury Secretary Scott Bessent said on Monday. Bessent said the Treasury was issuing the 30-day general license after a previous waiver lapsed on Saturday. This will allow temporary access to Russian oil and petroleum products stranded on tankers without violating severe U.S. sanctions on Russian oil majors. A source familiar with the decision had told Reuters that the second waiver extension was requested by poor and vulnerable ⁠countries that cannot get Gulf oil shipments due to the U.S.-Israeli war with Iran and the closure of the Strait of Hormuz. “This extension will provide additional flexibility, and we will work with these nations to provide specific licenses as needed,” Bessent said in a social media posting on X. “This general license will help stabilize the physical crude market and ensure oil reaches the most energy-vulnerable countries.” Bessent said the measure would help reroute existing supply to countries most in need, allowing them to compete with China for previously sanctioned oil. The action marks the second time the Treasury has allowed the sanctions waiver to lapse and subsequently extend it. The waiver was first issued in March in an attempt to ease oil supply shortages and mitigate price spikes ‌prompted by ⁠the U.S.-Israeli attacks on Iran by releasing sanctioned Russian oil and petroleum products stranded in tankers. The waivers have done little to reduce oil prices, but have aided India, which was among the largest buyers of Russian oil prior to the U.S. issuing severe sanctions against Russian oil majors to put pressure on Moscow over its war in Ukraine. On Monday, benchmark Brent oil futures prices rose about 1.5% to about $111 a barrel due ⁠to growing concerns of tight supply with the Strait of Hormuz still closed. Crude fell earlier in the session on a report from an Iranian news agency that the U.S. was considering temporarily lifting sanctions on Iranian oil during peace talks, but CNBC later reported that that report was ⁠false, citing a U.S. official. Reuters has not independently verified that report. Bessent, who is in Paris for a Group of Seven finance leaders meeting, said that he wanted G7 and other allies to enforce Iran sanctions more strongly. “We call upon all ⁠our G7 and indeed all of our allies and the rest of the world to follow the sanctions regime, so that we can crack down on the illicit finance that is fueling the Iranian war machine and give this money back to the Iranian people,” Bessent told reporters. [...]

Pakistan IT exports cross $400mn again in April, marking second straight month

May 18, 2026 4:29

New PSX record: Service Long March Tyres IPO book building gets fully subscribed within 5 seconds

May 18, 2026 4:14

Service Long March Tyres Limited’s (SLM) Initial Public Offering (IPO) book building was fully subscribed within the first 5 seconds of opening on Monday, marking one of the fastest-ever book building transactions in the history of the Pakistan Stock Exchange (PSX). The IPO is being offered at a price band of Rs14.25 to Rs19.95 per share, while the book building process is scheduled for May 18 and 19, 2026. The company’s valuation for the IPO has been estimated at around $550 million, with management targeting to build it into a $1 billion company within the next two years. The IPO also comes at a time when Pakistan’s equity market is witnessing renewed investor interest in manufacturing and industrial companies linked to export growth and localisation opportunities. Arif Habib Limited, the lead manager and book runner for the transaction, appreciated the investor participation in the book-building process. “We sincerely thank all investors for placing their trust in Arif Habib Limited and participating in this landmark transaction. SECP approves IPO of Service Long March Tyres The response reflects strong confidence in Service Long March Tyres’ fundamentals, export potential and long-term growth story,” said Shahid Ali Habib, CEO of Arif Habib Limited. The response to Service Long March Tyres’ IPO is being seen as a positive development for Pakistan’s capital market, particularly at a time when export-led manufacturing companies are attracting growing investor interest. Incorporated in 2020 as a joint venture between Service Industries Limited, China’s Chaoyang Long March Tyre Company Limited, and Myco Corporation Pakistan, SLM commenced commercial operations in March 2022. The company operates a manufacturing facility at SITE Nooriabad, Sindh, spread over approximately 50 acres of SEZ land. Service Long March Tyres has emerged as a key player in Pakistan’s automotive manufacturing landscape since commencing operations, focusing primarily on the truck and bus radial tyre market, which plays a critical role in supporting the country’s transportation, logistics, trade and industrial sectors. Under its expansion strategy, SLM plans to establish a dedicated passenger car tyre production facility, with commercial operations expected to commence in January 2028. The proposed plant will initially have an annual production capacity of around 2 million tyres, which the company aims to expand to 2.5 million units in FY2029 and 3 million units by FY2030. [...]

AJK resumes issuance of mining leases after SIFC intervention

May 18, 2026 3:49

The government of Azad Jammu and Kashmir (AJK) has resumed issuing mining leases after a nearly two-year suspension, following facilitation by the Special Investment Facilitation Council (SIFC). According to an official statement issued on Monday, the issuance of mining leases had remained suspended since March 2024. The matter remained under consideration at the SIFC forum since July 2025, leading to what the statement described as a timely resolution and the lifting of restrictions on new mining lease grants. READ MORE: AJK PM reaffirms govt’s resolve of expanding uplift projects Officials said the move is expected to unlock investment opportunities, accelerate activity in the mineral sector and contribute to economic growth in AJK through renewed exploration and development initiatives. The statement added that the revival of the leasing process would help promote investment in the region’s mining sector and support broader efforts to improve the business and investment climate. [...]

Rupee inches up against US dollar

May 18, 2026 3:12

Govt explores tokenisation of sovereign bonds, NPCs

May 18, 2026 2:43

The government on Monday initiated high-level discussions on the tokenisation of sovereign debt instruments and Naya Pakistan Certificates (NPCs), as part of efforts to modernise Pakistan’s financial infrastructure and expand investor access through blockchain technology. The discussions took place during a meeting between Finance Minister Muhammad Aurangzeb, Minister of State and Chairman of the Pakistan Virtual Assets Regulatory Authority Bilal Bin Saqib, and Adviser on Debt Management Omer Khan, according to a statement issued by the Finance Division. The meeting marked one of the first senior-level government engagements focused specifically on sovereign asset tokenisation and the role of blockchain infrastructure in capital markets. READ MORE: Govt to allow Binance to explore ‘tokenisation’ of up to $2bn of assets Officials discussed possible structures, implementation pathways, regulatory requirements and next steps for introducing tokenised sovereign instruments within Pakistan’s evolving financial ecosystem. According to the statement, the model under consideration involves the issuance of digitally native sovereign notes through a regulated blockchain-based financial market infrastructure, enabling same-day settlement while remaining interoperable with conventional international clearing and settlement systems linked to Pakistan’s existing Eurobond programme. The proposal would allow coupon payments, secondary market trading and final repayments to continue through established global financial infrastructure, ensuring compatibility with institutional investors participating in Pakistan’s sovereign debt market. The meeting also reviewed the potential tokenisation of Naya Pakistan Certificates to improve accessibility for overseas Pakistanis and broaden retail investor participation through digital investment channels connected to global markets. Officials noted that the Roshan Digital Account initiative has attracted nearly $13 billion in cumulative inflows since its launch in 2020, with most of the funds deployed within Pakistan’s economy. Finance Minister Aurangzeb said Pakistan remained committed to exploring emerging financial technologies that could support economic modernisation, deepen investor participation, and strengthen financial accessibility. Bilal Bin Saqib said programmable infrastructure, real-time settlement and digital financial networks represented the future of global finance, adding that Pakistan had an opportunity to position itself among countries building next-generation financial systems. The statement said the Finance Ministry, the State Bank of Pakistan and PVARA would continue coordination on the design, governance and phased development of the initiative, while technical discussions on regulatory frameworks and pilot structures would continue. [...]

Oil touches two-week high after drone attack on UAE nuclear power plant

May 18, 2026 1:42

LONDON: Oil prices extended gains on Monday, driven by increasingly bleak prospects for peace in the Middle East after an attack on a nuclear power plant in the United Arab Emirates. Brent crude futures were up 86 cents, or 0.79%, at $110.12 a barrel by 1002 GMT after touching $112 for their highest since May 5. U.S. West Texas Intermediate crude was up 89 cents, or 0.84%, at $106.31 after touching its highest since April 30 at $108.70. The front-month June contract expires on Tuesday. Both contracts gained more than 7% last week as hopes dimmed for a peace deal to end ship attacks and seizures around the Strait of Hormuz trade route. “One billion barrels of oil have been trapped behind the strait, and Friday’s rally, which took WTI $10 higher on the week, was also supported by belligerent U.S. and Iranian rhetoric, as well as continued attacks on oil producers in the region and on commercial vessels,” said PVM analyst Tamas Varga. Pakistan has shared with the U.S. a revised proposal from Iran to end the conflict in the Middle East, a Pakistani source told Reuters on Monday, though peace efforts appear to remain stalled. Fatih Birol, head of the International Energy Agency, said on Monday that commercial oil inventories were depleting rapidly, with only a few weeks of supplies left. Drone attacks on the UAE and Saudi Arabia and the rhetoric from the United States and Iran raised concerns of an escalation in the conflict. Saudi Arabia, which intercepted three drones that entered from Iraqi airspace, warned it would take the necessary operational measures to respond to any attempt to violate its sovereignty and security. Emirati officials, meanwhile, said they were investigating the source of the strike on the Barakah nuclear power plant, adding that the UAE had the right to respond to what it said were “terrorist attacks”. Trump is expected to meet national security advisers on Tuesday to discuss options for military action, media outlet Axios reported on Sunday, citing U.S. officials. The Trump administration on Saturday allowed the lapse of a sanctions waiver that had previously allowed countries including India to buy Russian seaborne oil after a month-long extension. Last week’s talks between U.S. President Donald Trump and Chinese President Xi Jinping ended without an indication from the world’s top oil importer that it would help to resolve the conflict started by U.S.-Israeli attacks on Iran. [...]

Selling at bourse, KSE-100 down 2.3% amid geopolitical volatility

May 18, 2026 1:27

Intense selling pressure was observed at the Pakistan Stock Exchange (PSX) as tensions in the Middle East escalated, with the benchmark KSE-100 Index shedding nearly 3,800 points or 2.3% on Monday. The benchmark index opened near the intra-day high of 164,939.08 but immediately entered a decline phase. A short period of sideways consolidation was observed around mid-day, suggesting temporary bargain hunting or reduced volatility. However, selling resumed in the final hours of trading, pushing the index to the intra-day low of 161,613.51. At close, the KSE-100 Index settled at 161,805.02, down by 3,791.05 points or 2.29%. A drone attack targeted the UAE’s Barakah nuclear site. “The benchmark index traded under sustained pressure throughout a highly volatile session, as investor sentiment remained cautious amid the lack of meaningful progress in ongoing negotiations and continued uncertainty surrounding developments between the United States and Iran,” brokerage house Topline Securities said. “Elevated crude oil prices further weighed on market confidence.” “The UAE has called it a ‘dangerous escalation,’ and the sudden return of the war premium is hammering energy-importing markets like Pakistan,” said Behtari Capital. Heavyweight stocks, including OGDC, MEBL, UBL, PPL, and ENGROH, stayed under selling pressure, collectively contributing 1,159 points to the index’s decline, Topline said. During the previous week, Pakistan’s stock market remained under pressure with the KSE-100 Index declining 3.2%, or 5,519.75 points, to close at 165,596.06 points as continued uncertainty surrounding geopolitical tensions in the Middle East kept investor sentiment subdued despite improving domestic macroeconomic indicators. Internationally, Asian share markets were on the skids on Monday as fresh drone attacks in the Gulf shoved oil prices and bond yields higher, while the AI boom is set to be tested by earnings from Nvidia this week. A drone strike caused a fire at a nuclear power plant in the United Arab Emirates, while Saudi Arabia reported intercepting three drones, ‌as US President Donald Trump warned that Iran must act “fast” to reach a deal. Meanwhile, the vital Strait of Hormuz remains closed to all but a trickle of shipping as Tehran tries to formalise its control of the waterway that during normal times carries 20% of the world’s oil trade. G7 finance ministers are scheduled to gather in Paris on Monday to discuss the Strait of Hormuz and critical raw material supplies, even as geopolitical differences threaten to test the group’s cohesion. Minutes of the Fed’s last meeting are out on Wednesday and should show how much pressure there was on the committee for a shift to a neutral stance and away from an easing bias. Japan’s Nikkei eased 1.1%, having fallen 2% last week from record highs. South Korean stocks fell 0.1%, as the red-hot market cooled just a little after demand for semiconductors drove it to all-time peaks. MSCI’s broadest index of Asia-Pacific shares outside Japan lost 0.9%. Meanwhile, the Pakistani rupee posted marginal gain against the US dollar in inter-bank market on Monday. At close, the local currency settled at 278.60, a gain of Re0.01 against the greenback. Volume on the all-share index decreased to 499.79 million from 625.45 million recorded in the previous close. The value of shares declined to Rs19.44 billion from Rs22.31 billion in the previous session. Dost Steels Ltd was the volume leader with 40.06 million shares, followed by K-Electric Ltd with 32.51 million shares, and Cres.Star Ins. with 26.32 million shares. Shares of 487 companies were traded on Monday, of which 66 registered an increase, 383 recorded a fall, and 38 remained unchanged. [...]

Centre lifts business-hour restrictions ahead of Eidul Adha

May 18, 2026 11:39

With Eidul Adha just around the corner, Prime Minister Shehbaz Sharif has approved to lift nationwide business hour restrictions until May 31, effectively permitting unrestricted operating hours for commercial centres. According to a notification issued by the Cabinet Division on Monday, PM Shehbaz has allowed business centres to operate without the previously imposed restrictions. “The prime minister has been pleased to exempt, with immediate effect and till 31st May, 2026, the following entities from the applicability of the closure timings specified vide Cabinet Division’s notification of even number dated 6th April, 2026,” the notification read. All shops, departmental stores, bazaars, markets, shopping malls, bakeries, tandoors, restaurants and grocery stores are allowed to operate 24/7, it added. The development comes a couple of days after the provincial governments of Sindh, Punjab, Khyber Pakhtunkhwa and Balochistan lifted fixed closing timings for shops, markets, shopping malls, hotels, restaurants, wedding halls and marquees. The provinces and centre had last month imposed lockdown restrictions under the austerity policy. On April 10, Sindh had enforced revised operating hours for markets, restaurants and marriage halls across the province under its austerity policy, issuing a formal notification with immediate effect. Under the new schedule, shops, markets and shopping malls in all districts — except divisional headquarters — would close at 8pm, while businesses in divisional headquarters were allowed to operate until 9pm. The restrictions applied seven days a week, including weekends. Restaurants and food outlets were permitted to operate only during dinner hours, from 7pm to 11:30pm, though takeaway and home delivery services remained unaffected. [...]

Projects aimed at increasing water storage capacity to be given priority: PM reviews PSDP

May 18, 2026 11:20

Prime Minister Shehbaz Sharif said on Monday that projects aimed at increasing water storage capacity will be given priority. A review meeting on the current year’s development budget and the Public Sector Development Programme (PSDP) projects for the upcoming fiscal year was held today in Islamabad under the chairmanship of Prime Minister Shehbaz Sharif, said the Prime Minister’s Office (PMO). The meeting was informed about the progress on nationally significant water storage and hydropower projects, including the Dasu, Diamer-Bhasha, and Mohmand Dams. “Water reservoirs and hydropower projects are among the top priorities for spending the development budget,” the PM was quoted as saying. READ MORE: PM orders removal of impediments to execution of Diamer Bhasha Dam Moreover, the meeting was briefed in detail on the review of the current year’s PSDP and the proposed development projects for the upcoming year, along with the funds required for them. “Priority-based budget allocations for development projects will be provided to ministries demonstrating better performance,” the premier said. The meeting was attended by Deputy Prime Minister and Foreign Minister Senator Ishaq Dar, Federal Ministers Ahsan Iqbal, Ahad Khan Cheema, Muhammad Aurangzeb, Rana Tanveer Hussain, Shaza Fatima Khawaja, Hanif Abbasi, Sardar Awais Khan Leghari, Mian Muhammad Moin Wattoo, Abdul Aleem Khan, Dr Khalid Maqbool Siddiqui, Minister of State Bilal Azhar Kayani, Special Assistant Haroon Akhtar, and relevant senior officials. [...]

Pakistan posts $324mn C/A deficit in April 2026

May 18, 2026 11:02

Pakistan’s current account posted a deficit of $324 million in April 2026, data released by the State Bank of Pakistan (SBP) showed on Monday. The deficit follows a surplus of $1,134 million recorded in March 2026 and a deficit of $12 million in April 2025. The deficit came from a significantly higher import bill and a marginal increase in exports during the month. In April 2026, the country’s total export of goods and services amounted to $3.47 billion, up over 3% as compared to $3.36 billion in the same month of the previous year. Meanwhile, total imports clocked in at $6.86 billion during April 2026, an increase of over 11% on a yearly basis, as compared to $6.16 billion in the same month last year, according to SBP data. During April 2026, Pakistan’s workers’ remittance inflows clocked in at $3.54 billion, as compared to $3.18 billion in the same month last year, reflecting an increase of 11% on a yearly basis. During the 10MFY26, the current account recorded a cumulative deficit of $252 million, as compared to a surplus of $1.66 billion recorded in the same period last fiscal. Pakistan’s foreign exchange reserves (excluding CRR/SCRR) rose to $15.98 billion, reflecting a substantial 54% rise year-on-year, indicating stronger external buffers despite ongoing structural pressures on the current account. Pakistan’s REER Index Pakistan’s Real Effective Exchange Rate (REER) has increased to a seven-year high of 105.80 in April 2026 compared to 104.29 in March 2026. “This is also higher than the last 10-year average of 102.68,” said Topline Securities. A REER above 100 means the country’s exports are uncompetitive, while imports are cheaper. The situation reverses when REER stands below 100 on the index. Meanwhile, the Nominal Effective Exchange Rate Index (NEER) decreased by 0.35% MoM in April 2026 to a provisional value of 37.89 from 38.02 in March 2026. What is REER? As per the central bank, REER is an index of the price of a basket of goods in one country relative to the price of the same basket in that country’s major trading partners. “The prices of these baskets are expressed in the same currency using the nominal exchange rate with each trading partner. The price of each trading partner’s basket is weighted by its share in imports, exports, or total foreign trade,” the SBP website says. [...]

Govt eyes major tax relief for telecom sector in FY27 budget: sources

May 18, 2026 9:20

ISLAMABAD: The government is actively considering significant tax relief measures for Pakistan’s telecom and broadband sector in the upcoming federal budget for FY2026-27, including a major reduction in import duties on fiber optic cable and a possible cut in taxes imposed on internet services, as part of efforts to accelerate digital connectivity and prepare the country for 5G deployment. According to informed sources, policymakers are evaluating a proposal to slash the current cumulative duty and tax structure on fiber optic cable imports from nearly 60% to around 5% in a bid to encourage telecom operators and internet service providers to rapidly expand Fiber-to-the-Site (FTTS) infrastructure nationwide. At the same time, the government is also reviewing options to reduce taxes on internet services to make broadband more affordable for consumers under the broader “Digital Pakistan” vision. Currently, internet users pay approximately 19.5% in provincial taxes in addition to a 12.5% federal withholding tax, significantly increasing end-user costs. Industry stakeholders have repeatedly argued that the existing tax regime on telecom infrastructure and internet services has slowed broadband expansion and limited digital inclusion, particularly in underserved areas. Sources said the proposed reduction in fiber optic duties is aimed at lowering infrastructure deployment costs and accelerating fiberisation, which is considered critical for the successful rollout of next-generation 5G services in Pakistan. Telecom experts maintain that without large-scale fiber network expansion, the country may struggle to fully realise the commercial and technological potential of 5G connectivity. Officials familiar with the ongoing budget consultations said easing the tax burden on digital services is being considered to stimulate internet adoption, support the growth of Pakistan’s IT and freelancing sectors, and improve access to affordable high-speed internet. “The government recognises that affordable broadband and strong digital infrastructure are essential for economic growth and future competitiveness,” a senior official familiar with the discussions said, adding that final decisions would be made during the FY2026-27 budget deliberations. Telecom industry representatives have welcomed the possible measures, saying lower import duties and reduced internet taxation could attract fresh investment in broadband infrastructure, improve service quality, and expand connectivity across the country. The upcoming federal budget is expected to place increased focus on digital infrastructure development as Pakistan moves toward future spectrum auctions and eventual commercial 5G deployment. Upon discussing the matter with Wireless and Internet Service Providers Association of Pakistan (WISPAP) Chairman Shahzad Arshad, he described the reported developments as a highly encouraging and progressive step for the telecom and internet industry of Pakistan. He stated that if the government proceeds with reducing import duties on fiber optic cable and lowering taxation on internet services, it would significantly accelerate broadband expansion, improve affordability for end users, and strengthen the foundation for 5G and future digital infrastructure. He further added that such policy decisions would represent a major leap forward towards achieving the goals of the Digital Pakistan initiative by enabling wider access to reliable, high-speed internet connectivity across urban and rural communities alike. [...]

Gold per tola gains Rs900 in Pakistan

May 18, 2026 9:14

Pakistani IPP plans Rs535mn right issue to expand into healthcare

May 18, 2026 9:11

SG Power Limited, a Pakistani independent power producer (IPP), plans to raise nearly Rs535 million via the issue of right shares to invest in the healthcare sector. The listed company disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Monday. “The company shall issue 53,499,600 ordinary shares at par value of Rs10/- per right share, aggregating to Rs534,996,000/-,” read the notice. As per the document, the principal purpose of the right issue is to enable the company to invest in the healthcare sector and related businesses, with a focus on expanding and strengthening the company’s operations and supporting future growth initiatives. “The capital raised will strengthen the company’s financial position, enhance its equity base, and provide the necessary resources to pursue strategic investment and business expansion opportunities in the healthcare industry, thereby delivering sustainable returns to shareholders and improving the company’s overall financial performance,” it added. Apart from investment in the healthcare sector, the proceeds will be utilised to strengthen the company’s equity base, improve its financial position, and ensure compliance with applicable regulatory requirements, while delivering sustainable value and returns to its shareholders. SG Power was of the view that the right issue would enable it to capitalise on strategic investment opportunities in the healthcare sector, thereby diversifying and strengthening its revenue base. SG Power Limited was incorporated in Pakistan on February 10, 1994 under the Companies Ordinance, 1984. The company is involved in the generation and supply of electric power to its associated company of SG Allied Businesses Limited. [...]

Inside Yango Pakistan’s approach to keeping driver earnings stable during fuel price surges

May 18, 2026 5:54

US Treasury extends sanction waiver on Russian seaborne oil to aid vulnerable countries

May 18, 2026 5:46

PM Shehbaz, Qatari PM discuss Middle East peace efforts, bilateral ties

May 18, 2026 5:37

Prime Minister Shehbaz Sharif on Monday held a telephone conversation with Prime Minister and Foreign Minister of Qatar Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani, during which the two leaders discussed bilateral cooperation and the evolving situation in the Middle East. According to an official statement, the conversation focused particularly on ongoing peace efforts led by Pakistan amid rising regional tensions. Prime Minister Shehbaz expressed appreciation for Qatar’s support to Pakistan’s peace initiative and reiterated Islamabad’s commitment to resolving conflicts through dialogue and diplomacy. Both leaders emphasised the need for sustained international efforts to preserve the ceasefire, avoid further escalation, and restore stability in the region, the statement said. The prime minister also conveyed warm regards for Amir of Qatar Sheikh Tamim bin Hamad Al Thani. [...]

Revised Iranian proposal to end war shared with US, Pakistani source says

May 18, 2026 4:36

ISLAMABAD: Pakistan has shared with the U.S. a revised proposal from Iran to end the conflict in the Middle East, a Pakistani source told Reuters on Monday, as peace talks appeared to remain stalled. “We don’t have much time,” the source said, when asked if it would take time to close gaps, adding that both countries “keep changing their goalposts”. Iranian Foreign Ministry spokesperson Esmaeil Baghaei confirmed that Tehran’s views had been “conveyed to the American side through mediator Pakistan”. U.S. President Donald Trump said last week that a ceasefire with Iran, which was reached in early April, was “on life support” after Tehran’s response to a U.S. proposal to end the war made clear the two sides were still far apart on a number of issues. The issues holding up negotiations between the two sides include Iran’s nuclear ambitions and its control of the Strait of Hormuz, where it has shut down shipping traffic that normally carries one-fifth of the world’s oil and liquefied natural gas. Iran has called for an end to the war on all fronts, including Lebanon, where U.S. ally Israel is fighting Hezbollah. Tehran has ruled out discussing its nuclear programme before the “permanent end of hostilities”. Tehran also wants compensation for war damage, an end to the U.S. naval blockade, a guarantee of no further attacks, and resumption of Iranian oil sales. Baghaei said Tehran was prepared for all scenarios. “As for their threats, rest assured that we are fully aware of how to respond appropriately to even the smallest mistake from the opposing side,” Baghaei told a televised weekly press conference. [...]

Pakistan IT exports cross $400mn again in April, marking second straight month

May 18, 2026 4:29

Pakistan’s cyclical economy and burden of unfinished reforms

May 18, 2026 3:52

Every few years, Pakistan seems to move into another financial crisis. Inflation, IMF programmes, rising fuel and electricity prices, unemployment, and the weakening rupee have become permanent features of daily life. Even when the economy shows signs of improvement on paper, ordinary citizens cannot feel meaningful relief in their household budgets. Instead, survival has gradually become more difficult for many families, especially in urban middle-class and lower-income households. Pakistan’s economic challenges are not recent. They are rooted in decades of structural weaknesses, including weak governance, inconsistent policies, narrow tax collection, low exports, and heavy dependence on external borrowing. Successive governments have promised stability and reform, yet economic cycles have remained broadly the same, with short periods of improvement followed by renewed pressure. In 1947, Pakistan inherited an extremely fragile economy. The industrial base was almost non-existent, financial institutions were weak, and agriculture formed the backbone of the economy. Also read: Pakistan inflation returns to double digits at 10.9% in April 2026 Today, even after several decades, this structural imbalance is still visible. In 2000, Pakistan’s gross domestic product (GDP) was around $100 billion. By 2025, it grew to around $340 to $380 billion, showing clear expansion in size but not in stability or resilience. Similarly, per capita income, which was below $600 in the early 2000s, has risen to around $1,500 to $1,700 today, but this improvement has been uneven and eroded by inflation and rupee depreciation. During the 1950s and 1960s, Pakistan experienced relatively strong industrial growth. However, when we compare long-term performance, the inconsistency becomes clearer. In the early 2000s, inflation was mostly in single digits, often between 3% to 8%. By contrast, in recent years it has fluctuated dramatically, reaching nearly 40% in 2023 before easing to around 4 to 7% in 2025-26. This sharp volatility shows how price stability has weakened over time rather than improved consistently. The key issue is not whether Pakistan can grow, but whether that growth can become stable, inclusive, and sustained. In the early decades, public debt was relatively low. In the early 2000s, Pakistan’s public debt stood around 60% of GDP. Today, it has increased to around 70-75% of GDP, despite multiple International Monetary Fund (IMF) programmes and repeated fiscal adjustments. This indicates that borrowing has not translated into sustainable reduction of debt pressure. Instead, debt servicing has become one of the largest expenses in the federal budget, limiting development spending. Also read: Govt debt crosses Rs80trn mark by March-end One of the long-term comparisons is in the external account. In the early 2000s, exports were around $10-12 billion. Today, they stand at around $30-32 billion. While this shows growth, imports have increased much faster, rising from around $15-20 billion in the early 2000s to around $55-60 billion today. This widening gap has kept the trade deficit structurally high, forcing repeated borrowing cycles. After 1971, Pakistan adopted nationalisation policies, which affected long-term private sector confidence. In later decades, especially the 1990s, economic instability increased further. During that period, inflation often remained in double digits, unemployment rose, and public debt expanded. By the late 1990s, following nuclear tests in 1998, external pressure increased significantly, and the country became more dependent on IMF support. In the early 2000s, Pakistan entered a phase of relative economic stability. GDP growth improved, averaging around 4-6% for several years. Foreign investment increased, and sectors like banking and telecom expanded rapidly. Mobile phone penetration, which was extremely low in 2000, grew to millions of users within a decade, marking one of the most visible structural changes in the economy. However, this growth was strongly supported by external inflows and favourable global conditions rather than deep domestic reform. By comparison, in the last decade, growth has been more unstable. Between 2015 and 2025, GDP growth has fluctuated between contraction and expansion, ranging from negative growth in crisis years to around 5-6% in recovery phases. In 2025-26, growth has stabilised at around 3-4%, still below the level needed to absorb population growth and create sufficient employment. Similarly, energy shortages became one of the most damaging structural problems after 2007-08. At that time, electricity shortages and loadshedding reduced industrial output significantly. Today, while power generation capacity has improved, the sector still suffers from the energy circular debt, which has crossed several trillion rupees. This continues to place pressure on public finances and electricity pricing. Tax collection has also shown only gradual improvement. In the early 2000s, Pakistan’s tax-to-GDP ratio was around 10-11%. In recent years, it has improved slightly to around 12-13%, and in some estimates near 15%. However, compared with the regional economies, it remains low. This limited tax base has forced continued reliance on borrowing, both domestic and external. The most dramatic changes can be seen in currency and inflation. In 2000, the exchange rate was around Rs50-60 per dollar. By 2015, it had crossed Rs100, and by 2025, it reached approximately Rs280-300 per dollar. This long-term depreciation has significantly reduced the purchasing power and increased the cost of imports, fuel, and machinery. Inflation trends show a similar pattern. In the early 2000s, inflation was generally stable at single-digit levels. Over the past few years, it has become highly volatile, reaching extreme peaks and then falling back, creating uncertainty for both businesses and households. The crisis after 2022 marked one of the most difficult periods in recent history. Inflation surged above 30%, forex reserves fell sharply, and the rupee depreciated rapidly. Foreign exchange reserves, which were above $15 billion in earlier stable periods, dropped to critically low levels before recovering slightly to around $12-15 billion in 2025-26. At that time, Pakistan came close to a balance of payments crisis and relied heavily on IMF support and bilateral assistance to avoid default. Unemployment trends also show long-term pressure. In the early 2000s, unemployment was estimated at around 5-6%. Today, it is officially standing around 6-8%, but youth unemployment and underemployment are significantly higher. This has contributed to rising migration, as many skilled workers seek opportunities abroad. Despite these challenges, Pakistan still has strong potential. The population has grown from around 140 million in the early 2000s to over 240 million today, creating both a large labour force and a major consumption market. The digital economy, including IT exports and freelance services, has also expanded from negligible levels in 2000 to several billion dollars annually today, showing emerging new strengths. However, the broader picture remains one of repeated cycles rather than stable progress. Growth has increased in size but not in consistency. Inflation has become more volatile, debt has increased as a share of the economy, and external dependency remains strong. Even though GDP is now more than three times larger than it was in 2000, the average citizen often does not feel a proportional improvement in living standards due to inflation, rupee depreciation, and uneven distribution of gains. Pakistan’s economic history, therefore, shows a clear pattern over the last 20 to 25 years. Each decade brings some improvement in scale but also deeper structural stress. Without consistent reforms, broader tax collection, export diversification, and institutional stability, this cycle is likely to continue. The key issue is not whether Pakistan can grow, but whether that growth can become stable, inclusive, and sustained. The numbers over the past 25 years show expansion, but they also show fragility. Until that contradiction is resolved, economic uncertainty is likely to remain a defining feature of life for ordinary citizens. The article does not necessarily reflect the opinion of Business Recorder or its owners. [...]

AJK resumes issuance of mining leases after SIFC intervention

May 18, 2026 3:49

US stocks little changed ahead of Nvidia results

May 18, 2026 3:30

Iran World Cup squad lands in south Turkiye for training

May 18, 2026 3:29

ANTALYA: Iran’s football team arrived in Turkiye on Monday for a training camp and to complete visa applications ahead of the 2026 World Cup, AFP correspondents said. The 22 players and coaching staff in the “Team Melli” delegation flew into the Turkish resort of Antalya where they could be seen leaving the airport dressed in navy blue tracksuits. The players were to stay several weeks before heading to the global tournament that is being co-hosted by the United States, which began bombing Iran on February 28 alongside Israel, sparking war. The team will be based in Arizona in the US and play all three of their group matches there in spite of the war, which has been temporarily halted by a ceasefire since April 8. But with negotiations in the doldrums, new weekend drone attacks on Gulf countries and fresh threats from US President Donald Trump have heightened fears that fighting could resume. The team are hoping to play two friendlies in Antalya, including one against The Gambia on May 29, according to Sam Mehdizadeh, an Iranian-Canadian who heads a company that sets up friendlies for the team and is working to set up a second match. Iran and the US cut diplomatic ties in 1980 and the players will use their time in Turkiye to complete visa applications, head coach Amir Ghalenoei said on Saturday. ’Let ‘em play’ Iran secured their spot at the World Cup in March 2025, but since then the United States has twice launched attacks on the country. US officials have insisted Iran is welcome at the tournament, while the FIFA organisers have rejected Iranian suggestions that their games be moved to co-hosts Mexico or Canada. “Let ’em play,” Trump said in late April. US Secretary of State Marco Rubio said any problem would not be with Iranian players but “some of the other people (they) would want to bring with them”, suggesting some may have ties to the Revolutionary Guards, which Washington has branded a terrorist organisation. Last month, officials from Iran’s football federation abandoned a trip to the FIFA congress in Canada, saying they had been “insulted” by Canadian immigration officers. One of their delegation, Mehdi Taj, is a former member of the Revolutionary Guards, which Canada has also designated a terror group. “No visas have been issued yet,” Taj, who heads Iran’s football federation, told Iranian media on Thursday. On Saturday, FIFA secretary general Mattias Grafstrom held a meeting in Turkiye with the federation, describing it as constructive, as did Taj. The squad’s US base camp will be in Tucson, Arizona. The team, who are in Group G, kick off their campaign against New Zealand in Los Angeles on June 15, before facing Belgium in the same city and then Egypt in Seattle. [...]

India, Norway agree to 'green strategic partnership'

May 18, 2026 3:29

OSLO: Indian Prime Minister Narendra Modi and his Norwegian counterpart agreed Monday to a “green strategic partnership” deal aimed at promoting a clean-energy transition and sustainable development. “From clean energy to climate resilience, from the blue economy to green shipping, in every sector, India’s scale, speed and talent will combine with Norway’s technology and capital, and our companies will develop global solutions,” Modi said on the first day of a two-day visit to the Norwegian capital. India, the world’s third-largest importer of oil, has seen its supplies severely disrupted by the closure of the Strait of Hormuz during the war in the Middle East. Roughly half of India’s crude imports usually pass through the strait. After announcing a cut in fuel taxes to curb a surge in prices at the pump, the country – where 73 percent of electricity generation currently comes from coal-fired power plants – has announced it will speed up approvals for wind power plants and battery-powered energy storage systems. Meanwhile Norway, Europe’s largest oil and gas producer excluding Russia, derives almost all of its electricity from renewable sources, primarily hydroelectric facilities. The new partnership is “beneficial for the entire world”, Modi said in a statement to the press. His Norwegian host, Prime Minister Jonas Gahr Store, told broadcaster NRK that India had “a lot to contribute” on the matter. “The country is currently making significant progress in the fields of renewable energy, solar, wind, and energy storage technologies,” he said. This is the first visit to Norway by an Indian prime minister since Indira Gandhi in 1983. The two countries have also signed partnership agreements in the fields of health and digital technology. They have boosted their economic ties since the entry into force in October 2025 of a free-trade agreement between the Asian giant and the member countries of the European Free Trade Association (Norway, Switzerland, Iceland, Liechtenstein). “Whether in Ukraine or West Asia, many parts of the world are witnessing conflict. In such a situation, India and Europe are entering a new golden era in their relations,” Modi said. The Indian leader, who arrived from Sweden in the morning, was to take part in a Norway-India business conference in the afternoon. On Tuesday, he is due to meet with the heads of government of the Nordic countries and participate in the third Nordic-India summit, before winding up his European tour with a visit to Italy. [...]

Mushfiqur ton leaves Pakistan needing record run chase to beat Bangladesh

May 18, 2026 3:27

SYLHET: Veteran batter Mushfiqur Rahim hit a glittering century as Bangladesh set Pakistan an imposing target of 427 to win the second Test after another commanding day for the hosts on Monday. Bangladesh posted 390 all out in their second innings on day three with Mushfiqur, who made 137, and Litton Das, who hit 69, putting together 123 runs for the fifth wicket. The 39-year-old Mushfiqur rolled back the years as he scored his 14th Test century, surpassing Mominul Haque’s record of 13 for Bangladesh. Pakistan openers Azan Awais and Abdullah Fazal survived the last two overs of the day without scoring before bad light ended play. The visitors will need a record chase to level the two-match series after Bangladesh won the opener. West Indies currently hold the record for the 418 they scored to beat Australia in Antigua in 2003, while Pakistan have never successfully chased more than 377. Starting the day on 110-3 with a lead of 156 runs, Bangladesh lost skipper Najmul Hossain Shanto for 15 but Mushfiqur and Litton put the Pakistan bowlers to the test. Litton, who scored a century in the first innings, looked good for another big score but fell to Hasan Ali at deep third-man. Mushfiqur reached his century off 178 balls with a boundary off Mohammad Abbas – the shot that moved him clear of Mominul into the history books. It was also his eighth Test century since 2022. Taijul Islam provided valuable lower-order support, adding 77 runs with Mushfiqur before off-spinner Sajid Khan dismissed him for 22. Mushfiqur was the last man out as he became Sajid’s third wicket in the innings. Pakistan pace bowling coach Umar Gul, however, said his team will fight on. “We have two days left and we are mentally prepared. If we bat through the full duration, there is a chance to win - we aren’t just looking for a draw,” said Gul. “Two or three good partnerships will be very important. To chase 437, you have to be brave and play positive cricket. In cricket, anything is possible.” Bangladesh spinner Taijul was confident the target would weigh on Pakistan. “When they see the target number, many things may work in their minds. Discipline is very important now,” said Taijul. Pace bowler Khurram Shahzad took four 4-86 while Sajid claimed 3-126. [...]

Rupee inches up against US dollar

May 18, 2026 3:12

Govt explores tokenisation of sovereign bonds, NPCs

May 18, 2026 2:43

Surging global bond yields, elevated oil deepen Indian rupee's slide to record lows

May 18, 2026 1:31

India's equity benchmarks muted as Iran war worries offset IT gains

May 18, 2026 1:30

Punjab by-polls: Notices served on minister, SAPM for 'violating' election code of conduct

November 21, 2025 1:33

This collage of pictures show Federal Minister of Power Sardar Awais Ahmad Khan Leghari and Special Assistant to the Prime Minister Huzaifa Rehman. —APP/NA website/FileShow-cause notices have been issued to Minister for Power Sardar Awais Ahmad Khan Leghari and Special Assistant to the... [...]

27th Amendment empowers FCC to hear all constitutional cases: minister

November 20, 2025 7:59

Minister of State for Law and Justice Barrister Aqeel Malik addressing an event on December 21, 2024. — Facebook@BarristerAqeelMalikState Minister for Law Aqeel Malik said on Thursday that the 27th Amendment has vested authority to hear constitutional matters in the Federal Constitutional... [...]

JF-17 attracts strong attention at Dubai Airshow as friendly country inks procurement MoU

November 20, 2025 5:25

Pakistan Air Force JF-17 Thunder fighter jet during World Defence Air Show 2024 held in Riyadh, Saudi Arabia, February 7, 2024. — PPI Pakistan's JF-17 Thunder garnered significant attention at the Dubai Airshow 2025, leading to the signing of a memorandum of understanding with a... [...]

US lawmakers laud Punjab govt's initiative to modernise brick-kiln

November 20, 2025 4:39

Punjab Chief Minister Maryam Nawaz attends ceremony in this undated image. — Facebook/@MaryamNSharifISLAMABAD: The Congressional Pakistan Caucus has applauded Punjab’s drive to modernise its brick-kiln sector, saying the reforms could serve as a pilot for eliminating bonded labour and... [...]

Security forces gun down 30 terrorists in multiple IBOs in KP: ISPR

November 20, 2025 4:38

Frontier Constabulary and army personnel gather stand guard in Kurram, January 17, 2025. — AFPSecurity forces killed 30 Indian proxy Fitna al-Khawarij terrorists during multiple intelligence-based operations carried out by security forces in Khyber Pakhtunkhwa , the military's media wing... [...]

MQM-P calls for new province in Sindh

November 20, 2025 3:56

Muttahida Qaumi Movement-Pakistan Convener Khalid Maqbool Siddiqui addresses a press conference in Karachi, November 20, 2025. — Screengrab via YouTube/Geo NewsKARACHI: With discussions on the 28th Amendment gaining momentum, the Muttahida Qaumi Movement–Pakistan has once again... [...]

US report validates Pakistan military edge over India: PM

November 20, 2025 3:55

Prime Minister Shehbaz Sharif addresses ceremony in Azad Jammu and Kashmir on November 20, 2025. — X/@GovtofPakistanPrime Minister Shehbaz Sharif on Thursday said a recent US report endorsing Pakistan’s downing of Indian aircraft stands as formal validation of the country’s... [...]

Banned TTP poses serious threat to Pakistan security: UNSC panel

November 20, 2025 10:24

Denmark’s Deputy Permanent Representative to United Nations and chair of UNSC's ISIL, Al-Qaeda Sanctions Committee Sandra Jensen Landi. — Screengrab via UN WebTV websiteThe chair of the United Nations Security Council's Daesh and Al-Qaeda Sanctions Committee has cautioned that the... [...]

CM Afridi clarifies remarks on by-poll after ECP requests army deployment

November 20, 2025 10:01

Khyber Pakhtunkhwa Chief Minister Sohail Khan Afridi addresses a gathering at Havelian, Abbottabad on November 19, 2025. — Facbook@ImMuhammadSohailAfridiISLAMABAD: Khyber Pakhtunkhwa Chief Minister Sohail Afridi on Thursday issued a clarification concerning his remarks on the NA-18 by-poll,... [...]

Dubai sees 3.2m Pakistani passengers in 2025 as airport sets new milestone

November 20, 2025 6:16

People sit at a coffee shop as they wait for their flight at the Dubai International Airport, in Dubai, United Arab Emirates, April 17, 2024. — ReutersDUBAI: Dubai International Airport handled 3.2 million passengers travelling from Pakistan in the first nine months of 2025, making the... [...]

Security forces kill 23 Indian proxy terrorists in KP's Kurram

November 20, 2025 5:08

Security forces are seen taking position during an operation. — ISPR/FileRAWALPINDI: Amid country's ongoing fight against the menace of terrorism, security forces have neutralised 23 Indian proxy Fitna al-Khawarij terrorists in separate engagements in Khyber Pakhtunkhwa's Kurram... [...]

Pakistan to construct island to boost oil exploration: report

November 19, 2025 6:26

Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas United States. — Reuters/FilePakistan's state-owned energy company, Pakistan Petroleum Limited , has announced plans for an artificial island to boost its oil exploration efforts.Islamabad has intensified its... [...]

Russia ready to mediate Pakistan's issues with India, Afghanistan: envoy

November 19, 2025 6:14

Russia's ambassador to Pakistan has extended his country's offer to mediate Islamabad's conflicts with India and Afghanistan, amid strained relations with its neighbouring countries.Islamabad's relations with India have remained tense since the four-day war in May, while the Afghan Taliban regime... [...]

Security forces neutralise four terrorists in KP IBOs

November 19, 2025 5:12

Soldiers ride on a Pakistan Army vehicle in this undated image. — AFP/FileFour terrorists affiliated with Indian proxy, Fitna al-Khawarij, were killed in a series of operations across Khyber Pakhtunkhwa from November 17 to 18, the Inter-Services Public Relations said on Wednesday.An... [...]

Reclassification of 41 candidates on reserved seats goes beyond SC mandate: Justice Mandokhail

November 19, 2025 4:38

Supreme Court's Justice Jamal Khan Mandokhail addresses an event related to Labour Day in Islamabad on May 1, 2025. — Screengrab/YouTube/Geo NewsISLAMABAD: Justice Jamal Khan Mandokhail has released a detailed dissent in the reserved seats case, stating that the ruling on 41 candidates... [...]

Why London tube strikes cancelled at last minute? Know all details

May 18, 2026 6:55

Why London tube strikes cancelled at last minute? Know all detailsLondon Underground planned tube strikes by drivers in London this week have been called off, the RMT union has announced.The union said the two 24-hour stoppages from midday on Tuesday, which were set to disrupt travel over four... [...]

UK PM Keir Starmer says his 'leadership is not over', vows to bring change

May 18, 2026 5:32

UK PM Keir Starmer says his ‘leadership is not over’, vows to bring changeIn a latest update, British Prime Minister Keir ‌Starmer remains composed as pressure building up amid elections weakens his position and political stability.Starmer said on Monday his time as leader of ... [...]

EU plans more carbon-free emissions permits for fertilizer industry

May 18, 2026 4:37

EU plans more carbon-free emissions permits for fertilizer industryThe European Commission is making continuous efforts to reduce the carbon footprint across the globe.As Europe grapples with surging fertilizer costs triggered by the US-Iran war, a draft proposal showed the EU commission is... [...]

Pope Leo XIV to deliver first AI-focused landmark encyclical on may 25

May 18, 2026 3:22

Pope Leo XIV to deliver first AI-focused landmark encyclical on may 25In a major dynamic shift, the leader of the Catholic Church, Pope Leo XIV, ‌will address the rise of artificial intelligence in his first in-depth text outlining his concerns, the Vatican said on Monday, adding that it... [...]

Memorial Day 2026: Drivers hit with painful gas price shock in four years

May 18, 2026 1:27

As Memorial Day is nearby, drivers have a new headache: high gas prices.It is the first time reportedly in four years the travellers are facing soaring prices at the pumps.In a report by AAA, the national average price for regular gas has shot up to $4.51 per gallon.This is a shocking rise, as the... [...]

Hollywood has prepared public for aliens since Tom Cruise's blockbuster, scientist claims

May 18, 2026 11:03

In 2005, Hollywood hit audiences with War of the Worlds. Starring Tom Cruise, the movie deals with an alien invasion.Fast-forward to now; interest in extraterrestrial life skyrockets after UFO files have been released.Amid this, Neil deGrasse Tyson, the space guru, dropped a bombshell. In... [...]

Marjorie Taylor Greene warns of 'political revolution in America' amid Trump Iran pressure

May 18, 2026 10:58

Marjorie Taylor Greene warns of ‘political revolution in America’ amid Trump Iran pressureFormer US Congresswoman Marjorie Taylor Greene has issued a fiery warning to the White House citing that if the Trump administration sends troops to Iran, the act will backfire at home. Taking to... [...]

Netanyahu lobbied for military action on Iran as early as 2009, former Pentagon chief says

May 18, 2026 3:17

Former US defence secretary Robert Gates has recalled a 2009 conversation in which Israeli Prime Minister Benjamin Netanyahu argued that Iran’s government would quickly collapse if attacked militarily.Speaking on CBS programme Face the Nation, Gates said Netanyahu believed the Iranian regime... [...]

Historic Westminster Hotel destroyed in Dawson City fire

May 18, 2026 2:45

A historic hotel in Dawson City has been destroyed following a major fire that tore through the gold-rush era building on Sunday.The Westminster Hotel, known locally as The Pit, was engulfed in flames as thick black smoke rose above the Yukon community.Images and videos shared on social media... [...]

Israeli strikes kill community kitchen workers in Gaza, officials say

May 18, 2026 1:26

At least eight Palestinians were killed in Israeli attacks across the Gaza Strip on Sunday, including three community kitchen workers in the central city of Deir el-Balah, according to reports from Gaza.Al Jazeera correspondent Hind Khoudary, reporting from Gaza City, said the strike targeted a... [...]

Senate blocks taxpayer funding for Trump White House ballroom project

May 18, 2026 1:05

A Senate official has ruled against a Republican effort to include taxpayer funding linked to President Donald Trump’s proposed White House ballroom project in a major spending package.The decision came after Democrats argued that security funding tied to the project did not belong in the... [...]

Canadians receive cash from $500 million bread price-fixing class-action settlement

May 18, 2026 12:45

Canadians who submitted claims in the bread price-fixing class-action settlement are beginning to receive payments as part of a $500 million agreement linked to alleged industry-wide bread price manipulation.The settlement, reached in July 2024, included $404 million from Loblaw Companies Limited... [...]

Dangerous storms sweep Midwest and Plains with tornado threat rising

May 18, 2026 12:25

A new round of severe weather is expected to hit parts of the Midwest and Great Plains this week, with forecasters warning of possible tornadoes, damaging winds and large hail across several US states.According to the National Weather Service, the storm threat is expected to continue through... [...]

French prosecutors probes 10 new suspected Epstein victims

May 17, 2026 11:01

French prosecutors probes 10 new suspected Epstein victimsFrench magistrates are investigating possible offenses involving French perpetrators who facilitated Epstein’s crimes.A prosecutor in France has revealed that about 10 new suspected victims have come forward in the European... [...]

Two US Navy jets accidently collided midair during air show in Idaho; rescue operations underway

May 17, 2026 8:33

Two US Navy jets accidently collided midair during air show in Idaho; rescue operations underwayIn a tragic incident reported on Sunday, Two US Navy jets accidentally collided midair during an air show in Idaho and rescue operations are underway.Mountain Home Air Force Base is investigating an... [...]

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‘He didn’t really pay attention’: I told my friend he left millions on the table in retirement. Did I do the right thing?

May 18, 2026 6:00

“He lived very frugally and maxed out his 401(k)s.” [...]

Oil climbs as Trump warns the ‘clock is ticking’ on Iran, but there’s a bigger danger lurking on the horizon

May 18, 2026 5:44

Oil futures climbed on Monday, getting a boost after President Donald Trump warned that the “clock is ticking” on Iran, but a loss of the buffers used to cushion supply disruptions could spark the next significant move higher for prices. [...]

Some people lose far more weight than others on GLP-1s like Wegovy. Here’s why.

May 18, 2026 5:30

Emerging research shows there are ‘super-responders’ to GLP-1 drugs, and others who don’t respond at all. [...]

Lululemon hits back at its founder after months of attacks, saying he’s just jealous

May 18, 2026 5:28

Lululemon says Chip Wilson has “coveted” the company since he left, and that his vision “appears to be frozen in time.” [...]

ServiceNow’s stock heads for best day in a year — flashing a green light for the software sector

May 18, 2026 5:05

Application-software stocks are getting more love from Wall Street. [...]

I inherited a house. My CPA says I should sell within a year to avoid capital gains. Is he right?

May 18, 2026 4:32

“We plan to sell it to another family member for the appraised value.” [...]

Ford takes its first big step toward being an energy business

May 18, 2026 4:13

Ford just inked a deal with a French electric-utility company. [...]

5 money moves that made this 32-year-old dad a millionaire in just 9 years

May 18, 2026 4:13

A low starting salary, global pandemic, unaffordable housing market, graduate school and two kids didn’t stop Blake Edwards and his wife from becoming millionaires by their early 30s. [...]

The oil market is reaching a ‘tipping point’ that could create problems for stocks, according to this Wall Street legend

May 18, 2026 4:10

Evercore’s Roger Altman said in a CNBC interview on Monday that a sharp rise in crude could destabilize markets before it may trigger “the second big inflation shock of this decade after COVID,” especially if oil prices climb toward $150 a barrel or higher. [...]

Arm’s stock could rise another 45% as the ‘renaissance of CPUs’ takes hold, analyst says

May 18, 2026 3:33

Arm is destined to play a starring role in the market for server CPUs, which could quadruple to $137 billion by the end of the decade, according to Bernstein. [...]

A Wall Street legend warns of a 'tipping point' for oil and stocks

May 18, 2026 4:19

Arm’s stock could rise another 45% amid a ‘renaissance of CPUs’

May 18, 2026 3:36

Trump backs nuclear fusion as a company tied to him invests in it

May 18, 2026 2:07

S&P 500 and Nasdaq open higher as Treasury yields, oil prices retreat

May 18, 2026 1:31

Data this week: home sales, jobless claims, Fed minutes and consumer sentiment

May 18, 2026 11:54

U.S. stock futures slide lower as oil prices continue to rise

May 18, 2026 1:03