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Pakistan issues first Panda Bond in China’s onshore capital market

May 14, 2026 5:33

Pakistan issued on Thursday its first Panda Bond in China’s onshore capital market, Advisor to the Finance Minister Khurram Schehzad announced. “The inaugural Panda Bond is a 3-year fixed-rate instrument, making it Pakistan’s first-ever RMB-denominated sovereign issuance in China’s onshore capital market,” Schehzad wrote in a post on X. “The landmark Panda Bond issuance of RMB 1.75 billion (equivalent to US$250 million) attracted overwhelming investor demand of over RMB 8.8 billion (approximately US$1.26 billion), resulting in an oversubscription of more than 5 times,” he added. Panda Bonds are yuan-denominated bonds issued by foreign governments or institutions in China. Schehzad said demand for the inaugural tranche alone exceeded Pakistan’s entire planned Panda Bond programme size of RMB 7.2 billion (US$1 billion equivalent). He termed the development “a powerful reflection of growing international investor confidence in Pakistan’s economic outlook and reform trajectory”. “The strong order book enabled highly competitive pricing (2.5% coupon), demonstrating the market’s positive assessment of Pakistan’s improving macroeconomic fundamentals, external stability, disciplined fiscal management, and sovereign repayment capacity.” According to the advisor, the issuance was more than a financing transaction as it marked Pakistan’s entry into China’s capital market and strengthened of Pakistan-China financial cooperation. “The success of the Panda Bond sends a powerful signal to global investors that Pakistan’s economic recovery is gaining international recognition. It reflects confidence in the country’s reform agenda, improving fiscal and external indicators, successful debt management, and commitment to sustainable growth,” he said. “This milestone marks the beginning of a new chapter in Pakistan’s economic and financial engagement with the world.” Federal Minister for Finance and Revenue Muhammad Aurangzeb on Wednesday left for China to participate in the issuance ceremony of Pakistan’s inaugural Panda Bond in Beijing. [...]

Oil prices dip after Iran says some vessels are crossing Hormuz

May 14, 2026 5:33

NEW YORK: Crude oil futures dipped slightly on Thursday after Iran’s state media said about 30 vessels had crossed the Strait of Hormuz in recent hours, while the semi-official Fars news agency cited a source saying Iran had begun allowing transit for some Chinese vessels. Brent crude oil futures were down 73 cents, or 0.7%, at $104.90 a barrel at 11:21 a.m. ET (1521 GMT), easing from an earlier high of $107.13. U.S. West Texas Intermediate futures were down 20 cents, or 0.2%, at $100.82. Both contracts fell on Wednesday as investors worried about possible U.S. interest rate hikes as higher fuel prices spur inflationary pressures. Brent crude futures lost more than $2 a barrel, while WTI futures dropped more than $1. Meanwhile, the White House, speaking of U.S. President Donald Trump’s meeting with Chinese President Xi Jinping, said both leaders agreed the Strait of Hormuz must be open for the free flow of energy. Xi said the “rejuvenation of China” and “Make America Great Again” can go hand in hand. “Many are wondering if Iran is allowing the ships to pass to not tip the scales of the talks away from China’s protection of Iran,” Tim Snyder, chief economist at Matador Economics, said. Xi expressed interest in purchasing more U.S. oil to reduce China’s dependence on the Strait of Hormuz, according to the White House. China, never a big buyer of U.S. crude, has not imported any since May 2025 due to a 20% import tariff imposed during the trade war. The Strait of Hormuz, a key energy gateway, has been largely shut since the Iran war broke out at the end of February. Iran appears to have tightened its control over the strait, cutting deals with Iraq and Pakistan to ship oil and liquefied natural gas from the region. Before the Fars report, a Chinese supertanker carrying 2 million barrels of Iraqi crude sailed through the strait on Wednesday after being stranded in the Gulf for more than two months. A Panama-flagged crude oil tanker managed by Japanese refining group has also passed through the strait, ship-tracking data from LSEG showed on Thursday, the second instance of a Japan-linked oil ship making it through. However, an Indian cargo vessel carrying livestock from Africa to the United Arab Emirates was sunk on Thursday in waters off the coast of Oman. “The growing number of vessels allowed through has a more tangible impact on sentiment than on the actual supply-demand balance,” PVM oil market analyst Tamas Varga said. “Whilst it might contribute to setting a price ceiling in the immediate future, it is not the desired recipe to send oil prices meaningfully lower.” Global oil supply will fall short of total demand this year as inventories are drained at an unprecedented pace, the International Energy Agency said on Wednesday. In the United States, crude inventories fell by 4.3 million barrels to 452.9 million barrels for the week ended May 8 on rising exports, the EIA said, although distillate stockpiles rose, in opposition to expectations of a draw. [...]

Rupee inches up against US dollar

May 14, 2026 4:28

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"05-May-26", "06-May-26", "07-May-26", "08-May-26", "11-May-26", "12-May-26", "13-May-26", "13-May-26" ], datasets: [{ label: 'Closing Rates', data: [ 279.77, 279.87, 279.82, 279.97, 280.07, 279.95, 279.97, 280.05, 280.21, 280.17, 280.27, 280.21, 280.22, 280.26, 280.37, 280.42, 280.26, 280.22, 280.16, 280.56, 280.47, 280.57, 280.73, 280.78, 280.56, 280.47, 280.60, 280.57, 280.46, 280.62, 280.72, 280.87, 280.77, 280.97, 281.07, 280.97, 281.07, 281.02, 280.97, 281.06, 281.22, 281.37, 281.47, 281.52, 281.71, 281.57, 281.67, 281.72, 281.61, 281.66, 281.77, 281.92, 281.97, 282.06, 281.97, 282.06, 282.17, 282.07, 282.02, 281.97, 282.12, 282.22, 282.17, 282.21, 282.47, 282.67, 282.96, 283.17, 283.41, 283.55, 283.64, 283.70, 283.87, 283.77, 283.72, 283.67, 283.72, 283.76, 283.95, 283.86, 283.97, 284.22, 284.36, 284.47, 284.56, 284.46, 284.72, 284.67, 284.96, 284.97, 284.87, 284.95, 284.97, 284.76, 284.22, 283.45, 283.21, 283.05, 282.95, 282.87, 282.72, 282.66, 282.57, 282.67, 282.56, 282.47, 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At close, the local currency settled at 278.62, a gain of Rs0.03 against the greenback. On Wednesday, the local unit closed at 278.65. The US dollar got a lift from elevated US Treasury yields on Thursday as investors wagered the Federal Reserve would hike rates this year, while global focus moved to a two-day summit between US President Donald Trump and China’s Xi Jinping. In the broader market, the dollar held steady on Thursday, leaving the euro little changed at $1.1714 and on track to lose 0.6% for the week, which would mark its largest decline in two months. Sterling last bought $1.3524 and was headed for a weekly fall of roughly 0.8%, pressured in part by political turmoil at home. Against a basket of currencies, the US dollar was last at 98.48, up more than 0.6% for the week thus far. Crude oil futures dipped slightly on Thursday after Iran’s state media said about 30 vessels had crossed the Strait of Hormuz in recent hours, while the semi-official Fars news agency cited a source ‌saying Iran had begun allowing transit for some Chinese vessels. Brent crude oil futures were down 73 cents, or 0.7%, at $104.90 a barrel at 11:21 a.m. ET (1521 GMT), easing from an earlier high of $107.13. U.S. West Texas Intermediate futures were down 20 cents, or 0.2%, at $100.82. Inter-bank market rates for dollar on Thursday BID Rs 278.62 OFFER Rs 278.82 Open-market movement In the open market, the PKR gained 2 paise for buying and 4 paise for selling against USD, closing at 279.01 and 279.82, respectively. Against Euro, the PKR gained 10 paise for buying and 40 paise for selling, closing at 326.18 and 329.22, respectively. Against UAE Dirham, the PKR remained unchanged for buying and gained 1 paisa for selling, closing at 75.92 and 76.75, respectively. Against Saudi Riyal, the PKR gained 1 paisa for buying and remained unchanged for selling, closing at 74.25 and 74.98, respectively. Open-market rates for dollar on Thursday BID Rs 279.01 OFFER Rs 279.82 [...]

US natgas prices dip ahead of storage report as LNG plant flows slide to 15-week low

May 14, 2026 2:13

NEW YORK: U.S. natural gas futures eased on Thursday with gas flows to liquefied natural gas (LNG) export plants on track to drop to a 15-week low during spring maintenance season. Front-month gas futures for June delivery on the New York Mercantile Exchange fell 3.6 cents, or 1.3%, to $2.828 per million British thermal units (mmBtu). That price decline came ahead of a federal report expected to show energy firms added a near-normal 85 billion cubic feet of gas to storage during the week ended May 8. That compares with an increase of 109 bcf during the same week last year and a five-year (2021-2025) average increase of 84 bcf for the period. Supply and demand LSEG said average gas output in the U.S. Lower 48 states slid to 109.2 billion cubic feet per day (bcfd) so far in May, down from 109.8 bcfd in April and a monthly record high of 110.6 bcfd in December 2025. On a daily basis, output was on track to drop by 4.0 bcfd over the past five days to a preliminary 15-week low of 106.1 bcfd on Thursday due mostly to declines in Pennsylvania and Arkansas. Preliminary data is often revised later in the day. Output has fallen in recent weeks as low spot prices caused some energy firms, such as, the second-largest U.S. gas producer, to reduce production as they wait for prices to rise. Meteorologists forecast the weather will remain mostly near normal through May 29. LSEG projected average gas demand in the Lower 48 states, including exports, would hold around 99.2 bcfd this week and next. Those forecasts were higher than LSEG’s outlook on Wednesday. Average gas flows to the nine big U.S. LNG export plants fell from a monthly record high of 18.8 bcfd in April to 17.0 bcfd so far in May due in part to reductions at several plants, including Exxon Mobil QatarEnergy’s Golden Pass and Freeport LNG’s plant in Texas. On a daily basis, LNG feedgas was down even further - on track to drop to a 15-week low of 15.9 bcfd on Thursday. [...]

India 10-year bond logs week's best day on hopes of gov't support

May 14, 2026 1:06

MUMBAI: India’s 10-year bond logged its best day in more than a week on Thursday as traders covered short positions after reports that New Delhi was weighing steps to boost foreign inflows, while a U.S.-China meeting raised hopes of ending the Iran war. The benchmark 6.48% 2035 bond yield settled down at 7.0203%, snapping a five-day gaining streak and marking its biggest fall in a week. It had closed at 7.0493% on Wednesday. Bloomberg News reported on Thursday that India is considering a sharp cut in taxes paid by foreign investors on domestic bonds, as authorities seek to align policies with global norms and attract inflows. The finance ministry is seriously considering the move, recommended by the Reserve Bank of India, as authorities seek to curb the rupee’s depreciation, the report said. Traders have grown wary of a weakening rupee, which has slid more than 5% since the Iran war began on February 28 and hit a record low of 95.9575 per U.S. dollar. “The ongoing West Asia crisis and severe FII outflows from domestic equities have created a persistent depreciation bias on our currency,” said Arun Srinivasan, chief of fixed income at ICICI Prudential Life. Globally, traders watched U.S. President Donald Trump’s meeting with China’s Xi Jinping, at the start of a two-day trade summit. Brent crude futures eased slightly in Asian trade to $105.49 a barrel, which also aided sentiment. Separately, India’s wholesale price index spiked to 8.3% in April from 3.9% in March, much higher than the market expectation of 5%-plus, which traders feared could pass through to consumer prices in the coming months. Rates Overnight index swaps also eased. The one-year swap was steady at 6.09%, while the two-year fell 2.25 bps to 6.2725%. The five-year rate was down 5.5 bps at 6.6075%. [...]

Indian rupee slips to record low near 96 per USD as energy risks deepen

May 14, 2026 1:04

MUMBAI: The Indian rupee fell to an all-time low on Thursday, pressured by stubbornly high oil prices and persistent portfolio outflows that have strained the current and capital balances of Asia’s third-largest economy. The rupee fell 0.2% to 95.9575 per U.S. dollar, eclipsing its previous record low of 95.7950 hit on Wednesday. It closed at 95.7625, down marginally from its previous close. The currency trimmed losses after Bloomberg News reported that India is considering a reduction in the taxes paid by foreign investors on the nation’s bonds. Policymakers have been studying ways to mobilise dollar inflows to bolster foreign exchange buffers and cushion rising pressure on the rupee, Reuters reported last week. The months-long Iran war that has pushed up crude and gas prices sharply amid supply disruptions threatens to slow growth and lift inflation in India, which imports about 90% of its oil needs and about 50% of its gas requirements. The country is facing a third consecutive year of a balance of payments deficit, prompting economists and traders to bake in expectations of persistent rupee weakness even as central bank interventions curb excessive volatility. Analysts at Nomura expect policymakers to use regulatory measures to manage the deficit. The deficit reflects “a more volatile global environment, but it requires a deeper rethink on how India should manage the external sector in the coming years,” they said in a note. Prime Minister Narendra Modi earlier urged citizens to conserve foreign exchange reserves, while the federal government has hiked tariffs on precious metal imports. The central bank has sold down FX reserves to cushion the pressure and tapped rare regulatory measures to support the currency. Meanwhile, government data showed wholesale inflation quickened to a three-and-a-half-year high in April, one of the first clues of the impact the energy shock has had on India’s economy. India is yet to raise retail fuel prices and analysts at Barclays reckon that a “INR5/litre hike for both petrol and diesel is imminent in May, as crude oil prices remain elevated.” Brent crude oil futures were last at $105.95, up more than 45% from before the Iran war began. [...]

Indian shares advance on earnings support, US-China talks

May 14, 2026 1:03

Indian shares rose on Thursday, supported by steady earnings and signs of progress in U.S.-China trade relations, though sentiment remained fragile as elevated oil prices and foreign outflows drove the rupee to another record low. The Nifty 50 rose 1.18% to 23,689.60 while the BSE Sensex added 1.06% to 75,398.72. Other Asian and European markets also rose after China’s President Xi Jinping said trade talks with Washington were making progress, at the summit with U.S. counterpart Donald Trump. The two leaders also agreed that the Strait of Hormuz must remain open to ensure the free flow of energy, according to a White House readout. “Markets have taken heart from steady earnings and what has appeared to be constructive U.S.-China talks, while also betting that Beijing’s ties with Iran could help cool tensions in the Middle East,” said Kranthi Bathini, director of equity strategy at WealthMills Securities. The blue-chip indexes rose about 0.1% a day earlier, after shedding 4% over the previous four sessions, pressured by a falling rupee, higher oil prices and Prime Minister Narendra Modi’s austerity call. “Today’s rise should be viewed in the perspective of the recent slide, with crude still the linchpin for India’s economy and persistent foreign selling dragging the rupee to record lows,” Bathini said. Indian shares have seen an unprecedented $23.2 billion of foreign outflows so far this year. Fifteen of the 16 major sectors rose and the broader mid-caps gained 1.1% while small-caps were little changed. Index heavyweight HDFC Bank rose 2.7% to snap a five-session losing streak. Telecom operator Bharti Airtel advanced 5.3% after reporting a rise in quarterly profit. State-owned explorer Oil India rose 2.1% on higher quarterly profit. Bucking the trend, IT stocks slipped 2%, taking their losses to 6.9% in four sessions on concerns about AI hit to earnings. [...]

Selling continues as KSE-100 Index further loses 950 points

May 14, 2026 1:00

A volatile trading session was observed at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index shedding over 950 points on Thursday. The market kicked off trading on a positive note, with the benchmark KSE-100 Index hitting an intra-day high of 168,528.87. However, the momentum remained short-lived as selling pressure engulfed the trading. The benchmark index maintained a downward trajectory as selling accelerated, dropping to an intra-day low of 166,398.90. At close, the benchmark index settled at 166,498.83, down by 952.30 points or 0.57%. “The local bourse witnessed another volatile trading session today, with the benchmark index swinging sharply throughout the day amid cautious investor sentiment,” brokerage house Topline Securities said in its post-market report. “Market participants remained wary due to the lack of tangible progress in ongoing negotiations and persistent uncertainty surrounding developments between the United States and Iran. Adding to the pressure, elevated international oil prices continued to dampen investor confidence, keeping overall market sentiment fragile throughout the session,” it added. Index-heavy stocks, including United Bank Limited, Systems Limited, Bank Alfalah Limited, Fauji Fertilizer Company Limited, and Pakistan Petroleum Limited, remained under selling pressure, collectively dragging the index lower by 580 points, Topline said. On Wednesday, PSX remained bearish as investors adopted a cautious stance amid the absence of tangible progress in ongoing diplomatic negotiations and lingering uncertainty over developments between the United States and Iran, while elevated oil prices further dampened market sentiment and triggered selling in key index-heavy stocks. The KSE-100 Index closed at 167,451.14 points, registering a decline of 1,465.09 points or 0.87%. Globally, stocks rose on Thursday, powered by AI fervour that pushed South Korea’s SK Hynix to the brink of joining the trillion-dollar club, while the spotlight was firmly on a high-stakes summit between ‌US President Donald Trump and China’s Xi Jinping. Trump received a grand welcome at Beijing’s Great Hall of the People on Thursday as he opened talks with President Xi, expected to focus on their fragile trade truce and flashpoints such as the Iran war and arms sales to Taiwan. China’s blue-chip stocks eased 1% after hitting ⁠their highest level since late 2021 at the start of the session, while the yuan rose to a three-year high against the dollar as traders watched the headlines from the Trump-Xi meeting. MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.3%, hovering near the record-high hit last week. Japan’s Nikkei was perched at a new all-time peak with data showing AI-linked demand partly helped lift earnings for Japanese firms. Seoul’s KOSPI gave up its early gains to trade flat on the day. Analysts, though, caution that the elevated oil prices and the impasse in negotiations to end the war in the Middle East could bring inflationary worries back into view. Meanwhile, the Pakistani rupee posted marginal gain, appreciating 0.01%, against the US dollar in inter-bank market on Thursday. At close, the local currency settled at 278.62, a gain of Rs0.03 against the greenback. Volume on the all-share index increased to 706.02 million from 684.90 million recorded in the previous close. The value of shares declined to Rs19.92 billion from Rs21.74 billion in the previous session. Bunnys Limited was the volume leader with 115.35 million shares, followed by Trust Brokerage with 62.76 million shares, and Treet Battery Ltd with 56.83 million shares. Shares of 484 companies were traded on Thursday, of which 155 registered an increase, 293 recorded a fall, and 36 remained unchanged. [...]

Gold per tola gains Rs1,000 in Pakistan

May 14, 2026 10:28

Gold prices in Pakistan increased on Thursday in line with their gain in the international market. In the local market, gold price per tola reached Rs492,362 after a gain of Rs1,000 during the day. Similarly, 10-gram gold was sold at Rs422,121 after it increased by Rs858, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). On Wednesday, gold price per tola reached Rs491,362 after a decline of Rs1,100 during the day. The international rate of gold was up by $10 to reach $4,700 per ounce (with a premium of $20). Meanwhile, the price of silver increased by Rs65 to reach Rs9,204 per tola. [...]

India's wholesale inflation quickens to 3-1/2-year high of 8.3% as energy costs soar

May 14, 2026 8:53

NEW DELHI: India’s wholesale price inflation rose unexpectedly to 8.3% in April, the fastest pace in three-and-a-half years, government data showed on Thursday, in the first signs of the Middle East conflict’s impact on Asia’s third-largest economy. The print, driven by the energy shock due to the weeks-long Iran war, could mount pressure on New Delhi to raise retail fuel prices that have been kept unchanged despite the global crude and gas surge since the war started. While Prime Minister Narendra Modi has asked citizens to curtail imports and fuel usage, government and central bank officials have hinted that a fuel price rise may be inevitable if crude remains elevated. Higher gasoline and diesel costs typically push up prices across the economy. April’s wholesale inflation print was sharply higher than the 3.88% rise in March and economists’ projection of 4.4%, according to a Reuters poll. India central bank governor says may need to act if inflation pressures deepen While wholesale inflation is not a target for the central bank, these prices would get transmitted to retail inflation components with a lag, Madan Sabnavis, chief economist at Bank of Baroda, said. “Therefore, these numbers remain important for policy formulation,” Sabnavis added. The Reserve Bank of India had kept interest rates steady last month, but economists say a sustained rise in fuel and food costs could tilt the scales towards rate hikes later in the year. India’s retail inflation rose by 3.48% in April. The central bank targets retail inflation at 4%, within a tolerance band of 2% to 6%. Wholesale fuel and power prices jumped 24.71% year-on-year in April, against a rise of 1.05% in March, data showed. Petroleum and natural gas prices rose 67.2% in April. Wholesale food prices rose 2.31% year-on-year after advancing 1.85% in March, while prices of manufactured products advanced 4.62% against a 3.39% rise in the previous month. Wholesale oilseeds prices rose 12.2%. [...]

Japan rubber futures decline after speculative rally tempers demand

May 14, 2026 8:36

Japanese rubber futures declined on Thursday, after the previous day’s sharp rally that resulted in fewer spot transactions. The Osaka Exchange (OSE) rubber contract for October delivery declined 3.6 yen, or 0.85%, at 419.3 yen ($2.66) per kg. Prices closed 2.77% higher yesterday, their strongest single-day rally since late February. The rubber contract on the Shanghai Futures Exchange (SHFE) for September delivery slipped 245 yuan, or 1.36%, to 17,765 yuan ($2,618.35) per metric ton. The most active June but adiene rubber contract on the SHFE fell 180 yuan, or 1.14%, to 15,630 yuan per metric ton. The sudden and sharp upturn on Wednesday resulted in a low number of physical bids being placed, said Farah Miller, CEO of rubber data analytics firm Helixtap Technologies. She said the price rise was largely speculative, with commodity funds possibly moving in to cover shorts, not because of any significant change in rubber demand. Concerns over a potential supply squeeze from worsening El Nino forecasts could have also sustained the rally in rubber prices late on Wednesday, said Zhu Meixia, senior energy and chemical analyst at Shandong Gold Futures. Although Southeast Asia’s main producing countries have entered peak tapping season, high temperatures and a lack of rainfall earlier in the year have disrupted the trees’ physiological cycles, slowing latex production, Zhu highlighted. Markets are also focusing on the high-stakes meeting between U.S. President Donald Trump and Chinese President Xi Jinping to see if it will yield any positive results on the Iran war, which has significantly disrupted global oil supply. Any positive news from the meeting would lend supportive sentiment to commodity markets. The front-month rubber contract on Singapore Exchange’s SICOM platform for June delivery last traded at 223 U.S. cents per kg, down 3.7%. [...]

Copper falls as investors lock in gains after rally

May 14, 2026 8:32

Copper fell on Thursday as investors took profits after several sessions of gains, with a firmer dollar and sticky U.S. inflation also weighing on sentiment. The benchmark three-month copper on the London Metal Exchange tumbled 1.52% to $13,937.50 a metric ton, as of 0713 GMT. The contract hit an over three-month high of $14,196.50 on Wednesday, below its record high of $14,527.50 touched in January. The most-active copper contract on the Shanghai Futures Exchange declined 1.26% to close daytime trading at 106,750 yuan ($15,730.22) a ton. London copper had an eight-session rally, while the Shanghai contract posted six consecutive gains. Copper’s prices were supported by concerns over mine supply, tight inventories and strong demand from power grids, electrification and artificial intelligence-related infrastructure, especially from China. Traders said that the recent run-up had left the market vulnerable to profit-taking, especially after higher-than-expected U.S. inflation data strengthened the dollar and dented expectations for near-term Federal Reserve rate cuts. The market needs fresh catalysts for further gains, traders said. A stronger dollar makes greenback-priced metals more expensive for holders of other currencies, while higher-for-longer interest rates can weigh on demand for industrial commodities. The market is also watching closely how the Trump-Xi meeting, which started on Thursday, plays out. Meanwhile, Shanghai’s most-traded nickel contract declined 1.15% to close at 144,470 yuan a ton, and the benchmark nickel in London lost 1.57% to $18,875. The China Chamber of Commerce in Indonesia recently warned that tighter ore quotas, a revised benchmark pricing formula and heavier taxes are pushing up costs and threatening future investment in the world’s biggest nickel producer, according to a letter to President Prabowo Subianto and seen by Reuters. Zinc was the sole metal posting gains on both the London and Shanghai bourses. The London zinc gained 1.29% and the Shanghai contract closed 0.57% higher. A fire broke out on Wednesday at Nexa Resources’ Cajamarquilla zinc smelter in Peru, though was later brought under control. Among other metals on the LME, aluminium declined 0.30%, lead dipped 0.04%, and tin slid 1.66%. SHFE aluminium closed down 0.30%, lead added 0.12% and tin lost 0.66%. [...]

Most Gulf markets gain as investors focus on Trump-Xi meeting

May 14, 2026 8:26

Most stock markets in the Gulf edged higher in early trade on Thursday, with investors closely watching the high-stakes meeting between U.S. President Donald Trump and China’s Xi Jinping for any signs of a breakthrough on the Iran war. Trump is expected to encourage China to convince Iran to make a deal with Washington to end the conflict. But analysts doubt that Xi will be willing to push Tehran hard or end support for its military, given Iran’s value to Beijing as ⁠a strategic counterweight to the U.S. The war, which erupted in late February and has driven energy prices higher, has forced governments to roll out relief measures for consumers as efforts to end the conflict remain stalled. At the start of the two-day meeting on Thursday, Xi said trade talks with the U.S. were making progress but warned that tensions over Taiwan could push relations onto a dangerous path. Saudi Arabia’s benchmark index added 0.2%, with Al Rajhi Bank gaining 0.8%. In Abu Dhabi, the index gained 0.2%, helped by a 0.3% rise in ADNOC Gas. Dubai’s main share index eased 0.1%, hit by a 1.6% slide in toll operator Salik. The chairman of the UAE Banks Federation said on Wednesday there were no concerns over rising capital outflows or a dollar shortage amid the Iran war, even as the UAE seeks a currency swap arrangement with the United States. The Qatari index was up 0.3%, with Qatar Islamic Bank rising 0.4%. Brent crude futures were up 26 cents, or 0.25%, to $105.89 a barrel by 0250 GMT. OPEC on Wednesday lowered its 2026 global oil demand growth forecast, joining the International Energy Agency and other forecasters in scaling back expectations as the Iran war weighs on the outlook. [...]

Australian shares flat as bank rebound offsets broader losses; US-China talks in focus

May 14, 2026 7:59

Australian shares ended little changed on Thursday as a rebound in banks offset losses across most other sectors, while investors watched U.S.-China talks for signs of easing trade tensions that could support growth and demand for commodities. The S&P/ASX 200 inched up 10.3 pips, or 0.1%, to 8,640.7.The benchmark had shed nearly 2.8% over four consecutive sessions. The meeting between the leaders of Australia’s key trading partners is seen as a test for risk appetite in the resource-heavy bourse, with any thaw in relations likely to buoy miners, while renewed friction could deepen concerns over tariffs, inflation and global growth. Back in Sydney, financials snapped a four-day losing streak to advance 1%. The sub-index had lost more than 8% in the last four sessions. Top lender Commonwealth Bank of Australia gained 1.8%. The stock had plunged 10.4% in the previous session, hurt by housing tax changes that threaten to cool demand for mortgages. Investors may be buying banks for dividend yield, as higher capital gains taxes post-budget are expected to tilt preference away from growth stocks, said Craig Sidney, senior investment adviser at Shaw and Partners. Consumer stocks slid 1.9% to a four-month low, led by supermarket chain Coles, which dropped2.2% after a court ruled it misled shoppers on discounts. Larger rival Woolworths, also facing a similar lawsuit, dropped 1.3%. Miners slid 0.1%, led by declines in rare earth miners Lynas and Arafura which slipped 9.8% and 9.5% respectively. Critical metal miners have benefitted from Washington’s push to diversify critical mineral supply chains away from top producer China. New Zealand’s benchmark S&P/NZX 50 slipped 0.3% to 13,025.07, its third consecutive session of losses. Flag carrier Air New Zealand slid 5.8% after forecasting its steepest annual pre-tax loss in four years. [...]

European shares gain on tech optimism; Mideast developments in focus

May 14, 2026 7:56

European shares rose on Thursday, as artificial intelligence-driven optimism offset lingering concerns about a deadlock in U.S.-Iran peace talks, while a high stakes U.S.-China summit was also on investors’ radar. The pan-European STOXX 600 was 0.4% higher at 614.05 points, as of 0703 GMT, after rising 0.8% on Wednesday. Some local markets were closed due to a public holiday, likely keeping trading volumes light. Official data showed Britain’s economy expanded unexpectedly in March by 0.3%. The blue-chip FTSE 100 was up 0.2%. Despite recent gains, European equities remain below pre-war levels, with inflation data highlighting the impact of higher oil prices on the import-dependent region. European Central Bank’s chief economist Philip Lane became the latest member of the bank to say interest rate hikes might be required to deal with inflation. Money markets currently price in more than two ECB rate increases this year, with the first one expected in June. Among early movers, Burberry shed 4% after the luxury brand reported fourth-quarter sales in line with expectations, as the Iran conflict dampened tourism and spending. [...]

India asks US for Russian oil waiver extension

May 15, 2026 3:20

NEW DELHI: India has asked the US to extend its waiver on Russian oil, Bloomberg News reported on Thursday, citing people familiar with the matter, as the ongoing conflict in the Persian Gulf disrupts energy supply. Reuters could not immediately verify the report. [...]

ADB to finance USD239.13m in KP agri project

May 15, 2026 2:56

PESHAWAR: Asian Development Bank (ADP) will finance USD239.13million in Khyber Pakhtunkhwa Resilient Irrigated Agriculture Livelihood Development Project (KPRIALDP). The project will cover the sectors of on-farm water management, soil and water conservation, agricultural extension, agricultural engineering, agricultural research systems, forestry and wildlife. Under the project, the rehabilitation of the Pehur Main Canal Command Area in District Mardan, covering 14,385 hectares has been proposed. In addition, under Pehur High Level Canal Lot-IV, 4,424 hectares of new land in Mardan and Nowshera districts will be brought under irrigation, while in District Chitral development of a new command area of 1,466 hectares has been proposed through Mulkhow irrigation scheme. A pre-wrap-up meeting regarding proposed project was at Civil Secretariat with Secretary Agriculture Khyber Pakhtunkhwa Dr Muhammad Bakhtiar Khan in the chair here on Thursday. Besides, ADB Resident Mission team and Director General On-Farm Water Management Hayat Khan, other relevant technical experts were also present on the occasion. During the meeting, ADB team gave a detailed briefing on the proposed project and highlighted its key features. It was informed that project is currently in the planning stage and final preparation of the PC-1 document. The project is expected to increase cultivated and irrigated areas, improve crop productivity and cropping intensity, create new employment opportunities, enhance the living standards of local communities and strengthen food security. Speaking on the occasion, Secretary Agriculture Khyber Pakhtunkhwa Dr. Muhammad Bakhtiar Khan has said that proposed Asian Development Bank (ADB)-funded project, “Khyber Pakhtunkhwa Resilient Irrigated Agriculture Livelihood Development Project (KPRIALDP)” will prove highly beneficial for vulnerable and underprivileged communities and will play an important role in promoting food security. He said that introduction of modern initiatives such as smart irrigation, short-duration vegetables, olive cultivation and other high-value crops is the need of the time. Copyright Business Recorder, 2026 [...]

All sectors: Ahsan for empowering women through equal opportunities

May 15, 2026 2:53

ISLAMABAD: Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal said that empowering women through equal opportunities in all sectors is essential for achieving sustainable economic growth and long-term social prosperity in the country. Addressing the National Consultation on Advancing Gender Equality and Women’s Economic Empowerment, organized under “Uraan Pakistan” by the Gender Unit of the Ministry of Planning, Development and Special Initiatives, he said that empowering women is not merely a social responsibility but an essential economic necessity. He said that Islamic history is filled with inspiring examples of women’s leadership in business and the economy, and said that Hazrat Khadija-tul-Kubra (RA) remains a role model for women as a successful entrepreneur and business leader. He said the fifth “E” of the government’s vision “Uraan Pakistan” is focused on empowering women and youth and making them active contributors to Pakistan’s social and economic progress. The Federal Minister observed that Pakistani women are achieving remarkable success in education and professional fields. He stated that women are outperforming men in several competitive arenas, particularly civil service examinations and medical education. Referring to the University of Narowal, he said that out of 7,000 students, 5,000 are women pursuing higher education and demonstrating outstanding academic performance. He described education as “the greatest equalizer” and said that women’s education is the foundation for poverty reduction. The government, he added, is striving to ensure that every union council has a girls’ high school so that no girl is deprived of education because of distance or social barriers. The Federal Minister said that university campuses are being established across districts to improve women’s access to higher education. Professor Ahsan Iqbal also emphasized the need to improve women’s access to financial resources, including bank loans and microfinance facilities. He said that during 2013- 18 tenure, 50 percent of micro-credit allocations under various schemes were reserved for women so they could start businesses and strengthen household economies. Condemning gender discrimination and violence against women, he said such attitudes are unacceptable and are neither permitted by religion nor culture. He stated that Islam grants women full rights to education, business, and economic participation, while creating barriers in the name of religion reflects ignorance. He reaffirmed the government’s commitment under “Uraan Pakistan” to empower women, integrate them into the national mainstream, and ensure their equal participation in the development process as a core component of every development initiative. He expressed hope that the consultative session would provide practical recommendations for promoting women’s economic empowerment and gender equality. Copyright Business Recorder, 2026 [...]

Hybrid tax incentives spark auto industry concerns

May 15, 2026 2:52

LAHORE: The Pakistan Association of Automotive Parts & Accessories Manufacturers has expressed concern over a proposed policy that would extend tax incentives currently available to fully electric vehicles to hybrid models, warning the move could damage local industry and result in significant revenue losses. The association opposed provisions in the draft Auto Policy 2026-31 seeking to grant Plug-in Hybrid Electric Vehicles (PHEVs) and Range Extended Electric Vehicles (REEVs) the same incentives as Battery Electric Vehicles (BEVs). According to PAAPAM, PHEVs and REEVs continue to rely on internal combustion engines and fossil fuels and therefore should not qualify for the reduced one percent sales tax rate currently applicable to zero-emission BEVs. The association noted that the standard sales tax rate stands at 18 percent and cautioned that the proposed reduction could lead to billions of rupees in revenue losses for the Federal Board of Revenue. The PAAPAM further stated that most hybrid and range-extended vehicles are imported into Pakistan as fully built units with minimal local content, which could undermine decades of investment in domestic manufacturing and threaten thousands of jobs linked to the local auto parts industry. Copyright Business Recorder, 2026 [...]

Minister urged to unlock full export potential of leather industry

May 15, 2026 2:44

ISLAMABAD: Federal Minister for Commerce, Jam Kamal Khan, on Thursday held a detailed consultative meeting with representatives of Pakistan’s leather industry to discuss export performance, competitiveness challenges, taxation pressures, market access issues, and reform proposals aimed at strengthening industrial growth and export potential. During the meeting, industry representatives highlighted that despite Pakistan’s strong livestock base, well-established manufacturing expertise, and significant export capacity in leather garments, gloves, footwear, handbags, and other value-added products, the sector continues to face multiple structural constraints. They pointed out that high production costs, fragmented compliance requirements, and elevated taxation levels are undermining the industry’s global competitiveness. The delegation expressed serious concerns over the cumulative burden of multiple inspections, approvals, certifications, and taxation imposed by federal, provincial, and municipal authorities. They stressed the need for a simplified and harmonized compliance framework, along with the introduction of a one-window taxation system to improve ease of doing business and reduce operational inefficiencies. Rising cost of doing business remained a key concern, with stakeholders highlighting difficulties in import financing and high duties on industrial raw materials. According to participants, these factors are adversely affecting export competitiveness and constraining the sector’s expansion in international markets. The industry also presented preliminary budget proposals, including tariff rationalization, reduction in duties on raw materials, and tax relief measures for export-oriented units. Participants emphasized that exporters require facilitation across the broader industrial ecosystem, including affordable access to inputs, improved financing facilities, enhanced market access, and greater regulatory efficiency. They further underscored the untapped export potential of Pakistan’s leather sector, citing opportunities linked to the country’s large livestock base, value chain expansion, and deeper penetration into regional and global markets. Federal Minister Jam Kamal Khan acknowledged the concerns raised by stakeholders and stated that improving Pakistan’s export competitiveness would require both immediate facilitation measures and long-term structural reforms in taxation, market access, financing, and industrial productivity. He reaffirmed the Ministry of Commerce’s commitment to continued engagement with industry stakeholders to advance practical reforms and strengthen export-oriented manufacturing sectors. The meeting concluded with a consensus on sustained public-private collaboration to address sectoral bottlenecks and unlock the full export potential of Pakistan’s leather industry. Copyright Business Recorder, 2026 [...]

Regional situation creates trade opportunities for Karachi: Vietnam envoy

May 15, 2026 2:42

KARACHI: Ambassador of Vietnam to Pakistan Pham Anh Tuan has said that evolving geopolitical and trade dynamics in the region have created new opportunities for Pakistan, particularly for Karachi, which possesses the potential to rapidly emerge as a regional trade and logistics hub owing to the strategic importance of Karachi Port. Speaking during his visit to Karachi Chamber of Commerce & Industry (KCCI), Ambassador Pham Anh Tuan observed that disruptions in global supply chains due to ongoing tensions in the Middle East and the broader US-Israel-Iran conflict have compelled businesses worldwide to explore alternative trade and trans-shipment routes. In this scenario, Karachi Port could play a vital role in connecting regional markets, particularly the Middle East, through enhanced maritime and trans-shipment activities. The meeting was also attended by Head of Vietnam Trade Mission in Karachi Nguyen Thi Diep Ha, President KCCI Muhammad Rehan Hanif, Senior Vice President KCCI Muhammad Raza, Chairman Diplomatic Missions & Embassies Liaison Subcommittee Ahsan Arshad Sheikh and members of the KCCI Executive Committee. Ambassador Pham Anh Tuan stated that this was his second visit to Karachi and also his second interaction at KCCI, which reflected the importance attached by the Vietnamese Embassy to strengthening engagement with Pakistan’s business community, particularly through KCCI which plays a pivotal role in promoting bilateral economic cooperation. Highlighting Vietnam’s economic progress, the Ambassador noted that Vietnam remains one of Asia’s fastest-growing economies. He said that Pakistan and Vietnam enjoy longstanding friendly relations encompassing political, economic and cultural cooperation. Referring to bilateral trade, he noted that trade volume between the two countries stood at approximately USD850 million, which, despite remaining stable over recent years, still falls significantly short of its actual potential. The Ambassador further informed that both countries have initiated discussions on a Preferential Trade Agreement (PTA), which would substantially benefit the business communities of both sides. Under the proposed PTA framework, tariffs on more than 100 product lines are expected to be reduced to zero, thereby creating new avenues for bilateral trade expansion and industrial collaboration. He added that negotiations are progressing positively and both governments are actively pursuing the agreement. Emphasizing the need for stronger business-to-business interaction, Ambassador Pham Anh Tuan invited KCCI to send a high-powered trade delegation to Vietnam to explore investment opportunities, joint ventures and commercial partnerships. “Let us work together to further strengthen engagement between the business communities of both countries and take Pakistan-Vietnam relations to new heights through collective and collaborative efforts,” he added. Earlier, President KCCI Muhammad Rehan Hanif, while welcoming the Vietnamese delegation, stated that KCCI attaches immense importance to strengthening economic relations between Pakistan and Vietnam. He informed that KCCI, being the country’s largest chamber with over 30,000 direct members and representation from seven industrial zones of Karachi, serves as the principal voice of Pakistan’s business and industrial community. Karachi contributes over 65 percent revenue to the national exchequer and accounts for more than 52 percent of Pakistan’s exports, making it the country’s foremost industrial and commercial hub. He observed that Pakistan and Vietnam enjoy cordial bilateral relations founded on mutual respect, cooperation and shared aspirations for economic prosperity. However, despite encouraging progress in bilateral trade relations over the years, the existing trade volume remains far below the true potential available to both economies. He noted that Vietnam has emerged as a remarkable success story in Asia through rapid industrialization, export-led growth, manufacturing excellence and economic reforms, while Pakistan offers tremendous opportunities in textiles, agriculture, pharmaceuticals, leather products, sports goods, surgical instruments, information technology, food processing and several other sectors. President KCCI emphasized that enhanced interaction between the business communities of both countries could open new avenues for trade, investment, technology transfer, industrial collaboration and joint ventures. He appreciated the efforts of the Vietnam Trade Mission in facilitating closer business-to-business connectivity and reaffirmed KCCI’s commitment to promoting stronger international trade relations and exploring new global markets for Pakistani businesses. Copyright Business Recorder, 2026 [...]

PM forms task force to develop national waste-to-energy policy

May 15, 2026 2:11

ISLAMABAD: Prime Minister Shehbaz Sharif on Thursday approved the formation of a task force to develop a national waste-to-energy policy, aimed at promoting sustainable energy solutions and encouraging private sector investment. According to a statement issued by the Prime Minister’s Office, the task force will review the existing framework for waste-to-energy projects in the country, examine international best practices, and identify legal, regulatory, financial, and operational hurdles. The body will also recommend legislative and regulatory reforms, propose measures to facilitate investment, and outline a clear roadmap for implementing waste-to-energy initiatives across the country. Federal Minister for Power Division Awais Leghari has been named convener of the task force. Its members include Minister for Climate Change Musadik Malik, Minister of State for Finance Bilal Azhar Kayani, federal secretaries of climate change and inter-provincial coordination, as well as provincial secretaries for local government, climate change, and energy from all four provinces, Gilgit-Baltistan, and Azad Jammu & Kashmir. Relevant representatives from the private sector will also participate. Copyright Business Recorder, 2026 [...]

IT exports likely to surpass USD4.5bn mark: minister

May 15, 2026 2:10

ISLAMABAD: Federal Minister for Information Technology and Telecommunication Shaza Fatima Khawaja said Pakistan’s IT exports are expected to surpass USD 4.5 billion during the current fiscal year, adding that the government aims at increasing them to USD 25 billion over the next five years. During the question hour session of the National Assembly on Thursday, the Minister said that Pakistan’s IT sector is making a significant contribution to Pakistan’s economy with increasing foreign exchange earnings. She said that IT services export remittances surged 19.7 percent, reaching USD 3.38 billion during the first 9 months of FY 2025-26 (Jul–Mar), compared to USD 2.8 billion achieved during the corresponding period last year (FY 2024-25). She said the IT services export amounted to USD 413 million in Mar 2026, a 20 percent increase over USD 344 million in March 2025. She said that Tech Freelancer exports, included in the IT services remittances inflow, surged to USD 856.3 million during Jul-March 2026 compared to USD 567.5 million during the corresponding period last year, showing an increase of 51 percent. She added that freelancer exports were USD779.2 million in FY2024-25. Answering another supplementary question, the Minister informed the house that the government is taking major steps to improve digital connectivity and expand telecom infrastructure across the country. She said that spectrum availability has been expanded by 480 MHz, representing an increase of more than 200 percent compared to previous resources, which would place Pakistan among the leading countries in spectrum capacity. He said the spectrum auction would significantly improve the quality of telecom services, with average 4G internet speeds expected to increase from 4 Mbps to nearly 20 Mbps, while initial 5G services could provide speeds of up to 50 Mbps. She said the rollout of 5G services would begin progressively from provincial capitals and later expand to other cities across the country. Alluding to the recent spectrum auction, the Minister for Information Technology said the 4G service will improve, and 5G will be available in the federal capital and the four provincial capitals in the next few months. Shaza Fatima Khawaja said Pakistan’s telecom sector is moving from older technologies to advanced digital systems through the transition from 2G to 4G services and the introduction of VoLTE and VoWiFi technologies, the deployment of Massive MIMO, and the gradual phase-out of 3G services. She said the fibre-to-site ratio would increase from 20 percent to 35 percent to improve network capacity and service quality. She added that future spectrum auctions and licensing for Azad Jammu and Kashmir and Gilgit-Baltistan would include similar rollout obligations to ensure balanced telecom development across the country. About industry-led training programs, she said that the project is geared to provide large-scale training to 100,000 students and 100 faculty members in high-demand technologies, including 5G, Artificial Intelligence, Cloud Computing, and Data Centres, thereby strengthening practical industry readiness. Responding to another question, the Minister for Information Technology and Telecommunications informed the House that the Pakistan Software Export Board (PSEB) has launched and is developing several digital platforms to promote Pakistan’s IT industry in international markets. She said TechdestiNation.com is serving as Pakistan’s flagship platform to showcase the country’s capabilities in more than 30 technology sectors, including Artificial Intelligence, FinTech, Cybersecurity, Cloud Computing, EdTech, and Gaming, while also promoting foreign investment and global partnerships. She said the Tech Connect Portal, currently under development, will link overseas Pakistani technology professionals with local IT firms to encourage business partnerships, mentorship, and investment opportunities. The minister further informed the House that the JICA-Pakistan B2B Portal is also being developed in collaboration with JICA to strengthen business cooperation between Pakistani and Japanese technology companies through digital matchmaking and technology collaboration. Copyright Business Recorder, 2026 [...]

BD delegation visits PIEDMC

May 15, 2026 2:04

LAHORE: A high-level delegation of senior government officials from Bangladesh visited the Punjab Industrial Estates Development and Management Company (PIEDMC) on Thursday to discuss regional cooperation and sustainable economic development. The delegation was received by Omar Masud, Javed Iqbal and Capt Shoaib Ali (r), who emphasized the importance of inter-institutional collaboration in addressing common economic and governance challenges. Copyright Business Recorder, 2026 [...]

Qatar hailed for providing LNG cargoes at critical time

May 15, 2026 1:36

ISLAMABAD: Federal Minister for Petroleum Ali Pervaiz Malik on Thursday held a meeting with the Ambassador of the State of Qatar to Pakistan, Ali bin Mubarak Al-Khater, at the Petroleum Division. The primary purpose of the meeting was to express Pakistan’s gratitude to the State of Qatar for its timely facilitation in ensuring LNG supplies and to further strengthen coordination for future energy cooperation, especially around strategic storage. During the meeting, the Federal Minister thanked the State of Qatar for its continued support in providing LNG cargoes at a critical time when Pakistan was facing challenges due to congestion in the Strait of Hormuz & peaking summer power demand. READ MORE: Arrival of second Qatari LNG tanker a major diplomatic achievement He noted that Pakistan greatly values Qatar’s cooperation, which reflects the strong brotherly ties between the two countries. The Minister shared that he remained in constant contact with Qatar’s Minister of Energy, Saad Sherida Al-Kaabi, and coordinated closely regarding LNG vessels. As a result of these efforts, two LNG cargoes have successfully reached Pakistan. The Minister stated that Pakistan will continue to coordinate closely with Qatar to ensure uninterrupted LNG supplies. He emphasized that Pakistan’s preference is to secure supplies from friendly brotherly countries through necessary approvals, without risking any loss of life or property. He added that efforts are underway to secure additional gas supplies in view of national energy requirements. Ali bin Mubarak Al-Khater reaffirmed Qatar’s unwavering support for Pakistan and stated that the State of Qatar has directed him to extend all possible facilitation to Pakistan in meeting its energy needs. He said this reflects the deep-rooted relationship between the leadership of the two brotherly nations. The Ambassador also expressed appreciation for Pakistan’s mediation efforts and its constructive role in promoting peace and stability in the region. The Federal Minister remarked that the prevailing regional conflict offers important lessons. He stated that under the leadership of the Prime Minister of Pakistan, the Field Marshal & Deputy Prime Minister, the Government is formulating a comprehensive Energy Security Policy aimed at strengthening Pakistan’s resilience against external disruptions. Both sides reaffirmed their commitment to further strengthen Pakistan-Qatar energy cooperation and agreed to maintain close coordination to ensure stable and reliable LNG and energy supplies in the future. Copyright Business Recorder, 2026 [...]

PITB job portal crosses 1.7m registrations

May 15, 2026 1:03

LAHORE: Pakistan’s digital employment sector has hit a historic milestone as registrations on the Punjab Job Centre surged past 1.7 million job seekers. Launched in August 2022, the digital platform has successfully bridged the gap between the workforce and the industry by onboarding over 110,000 employers onto a single, transparent recruitment ecosystem. Developed by the Punjab Information Technology Board (PITB) for the Punjab Labour and Human Resource Department, the portal stands as the country’s first district-level digital platform dedicated to streamlining the recruitment process, said the PITB on Thursday. The Punjab Job Centre was designed to serve as a comprehensive hub for job seekers, workers, employers, business owners, and employment agencies. By integrating these various stakeholders into a single online environment, the initiative ensures that access to employment opportunities remains transparent, easy, and efficient for all residents of the province. Businesses and candidates can register directly through the official web portal. Additionally, to facilitate those with limited internet access, candidates can simply send their CNIC number to 8900 via mobile phone to receive an instant registration link. Highlighting the impact of the initiative, PITB Chairman Faisal Yousaf stated that the Punjab Job Centre is revolutionising how employment is approached in the province. He noted the system does not just help individuals find work but also empowers employers by providing them with a reliable and skilled workforce, ensuring the recruitment process is both fast and accountable. Copyright Business Recorder, 2026 [...]

Non-duty-paid cigarettes, illegal trade networks: FBR, provinces intensify operations

May 15, 2026 1:03

KARACHI: The Federal Board of Revenue and provincial authorities have intensified nationwide operations against non-duty-paid cigarettes and illegal trade networks, leading to the seizure of illicit cigarettes and raw materials equivalent to nearly 17 billion cigarette sticks during 2025-26, representing nearly 40 percent of the total illicit cigarette market. Following strategic guidance issued by Prime Minister Shehbaz Sharif to the FBR and provincial authorities had strengthened and accelerated action against non-duty-paid cigarettes and illegal trade activities across the country. Philip Morris Pakistan Limited has appreciated recent nationwide enforcement actions against illicit cigarette trade, saying the crackdown would help protect Pakistan’s documented economy, improve revenue recovery, and ensure fair competition for tax-compliant businesses. Pakistan’s ongoing enforcement trajectory was consistent with practices adopted in several European markets, where sustained anti-illicit trade measures had yielded improved compliance and revenue recovery, it added. The company said improved coordination between the FBR, Ministry of Finance, and provincial authorities had contributed to greater compliance within the tobacco sector. Illicit cigarette trade causes annual revenue losses of approximately Rs 300 billion to the national exchequer. Marco Mariotti, President CIS and Central Asia at Philip Morris International, during his recent visit to Pakistan, stated that the recent enforcement measures led by FBR and provincial authorities reflect a strong institutional commitment toward addressing illicit trade and strengthening market compliance. Sustained enforcement remains essential for improving revenue collection, transparency and supporting Pakistan’s broader economic objectives, he said. He further commended the government’s persistent focus on formalizing the informal sector, enforcement priorities, and legal action against illicit trade, emphasizing that ongoing policy direction is vital for ensuring lasting progress against illicit trade. The PMI reaffirmed its full support for continued collaboration between federal and provincial authorities to intensify enforcement against illicit trade and safeguard the formal economy. Copyright Business Recorder, 2026 [...]

Key global markets: Pakistan among top 10 exporters of TBR tyres

May 15, 2026 1:03

ISLAMABAD: Pakistan has emerged among the top 10 exporters of Truck and Bus Radial (TBR) tyres to key global markets including the United States and Brazil, marking a significant shift in the country’s industrial and export landscape. Sources in Commerce Ministry revealed that Pakistani tyre exports have gained traction in recent years, with the United States and Brazil now among the largest destinations. At the centre of this momentum is Service Long March Tyres Limited (SLM), the country’s largest tyre manufacturer and exporter, which has rapidly expanded its international footprint since commencing operations in 2022. The company has recorded strong export growth across the United States, Brazil, as well as emerging markets such as South Africa and Egypt. The export push has been supported by compliance with stringent international standards, including certifications required for entry into regulated markets such as the US and Brazil, where quality and performance benchmarks remain critical for market access. READ MORE: SLM Tyres eyes self-sufficiency in tyre manufacturing Service Long March Tyres (SLM) is leveraging state-of-the-art Chinese technology to maintain one of the lowest production cost structures among tyre manufacturers in Pakistan, providing the company a strong competitive advantage in international markets and enabling it to export nearly 40 percent of its Truck and Bus Radial (TBR) tyre production. Domestically, Pakistan’s tyre market continues to present significant scale. Annual demand is estimated at around 1.7 million units in the truck and bus segment, alongside approximately 7 million units for passenger vehicles. Historically, a large portion of this demand was met through imports, but local manufacturing is increasingly replacing imported volumes. SLM currently produces approximately 1.6 million TBR tyres annually and plans to expand capacity to 2 million units by July 2026 and 2.2 million units by June 2027. The company holds an estimated 58 percent share in the domestic TBR segment, positioning it as a key player in Pakistan’s import substitution efforts and foreign exchange savings. The company’s manufacturing facility in the Nooriabad Special Economic Zone provides logistical and cost advantages, supporting both domestic distribution and export competitiveness. Industry analysts note that the combination of rising exports, capacity expansion, and import substitution is gradually repositioning Pakistan’s tyre sector as a potential contributor to foreign exchange earnings. Copyright Business Recorder, 2026 [...]

IMF sees risks to global growth forecast over sustained Iran war

May 15, 2026 1:03

WASHINGTON: The International Monetary Fund warned on Thursday that continuing disruptions due to the Iran war meant its global economic outlook was moving towards an “adverse” scenario, with growth pared down and greater risks to inflation. Last month, the multilateral lender’s World Economic Outlook predicted global growth would drop to 3.1 percent in 2026 in its “reference” scenario, but warned of a bleaker outlook if the war were to drag on. In the “adverse” scenario, where oil prices remain higher for longer, inflation expectations become less stable and financial conditions tighten, growth would slow to 2.5 percent, the Fund said at the time. On Thursday, the Fund’s chief spokesperson said the global economy was headed towards this less auspicious situation. [...]

NA panel recommends FIs Amendment Act: Foreclosure and recovery framework being streamlined

May 15, 2026 1:03

ISLAMABAD: The Standing Committee on Finance and Revenue on Thursday recommended the Financial Institutions (Recovery of Finance) Amendment Act, 2026, aimed at strengthening and streamlining the foreclosure and recovery framework through clearer procedures, enhanced enforcement mechanisms and measures to reduce delays in recovery proceedings. The proposed legislation is scheduled to be presented before the National Assembly on Friday (May 15) for approval. The committee meeting held on Thursday under the chairmanship of Syed Naveed Qamar, which continued its consideration of “the Financial Institutions (Recovery of Finance) Amendment Act, 2026”. The committee deliberated in detail upon a series of proposed amendments aimed at safeguarding mortgagors against arbitrary, coercive, or unfair exercise of powers, particularly in relation to foreclosure and recovery proceedings under Sections 15A(2), (6), (7), (10), (12), (14), 15(b), 15(d), and 15(17). After detailed deliberations, the panel recommended that the Bill, as reported by the Standing Committee, may be passed by the National Assembly. During clause-by-clause consideration of the newly inserted Section 15A, the Committee examined the proposed mechanism relating to the issuance of first, second, and final notices, each carrying a minimum notice period of thirty days prior to initiation of further recovery proceedings. The parliamentary body also deliberated upon provisions concerning restructuring, rescheduling, and settlement of mortgage liabilities, and expressed concern that borrowers should not remain subject to indefinite delays by financial institutions in deciding such requests. The Chairman emphasized the importance of maintaining a fair and equitable balance between the rights of financial institutions and those of borrowers. The Committee extensively debated the proposed foreclosure mechanism under housing finance arrangements and expressed serious concern that, in the absence of adequate legal safeguards, the proposed framework could operate harshly against borrowers and ordinary citizens. The Committee also approved the minutes of its previous meeting held on 13th May, 2026. The meeting was attended by Bilal Farooq Tarar, Dr. Nafisa Shah, Dr. Sharmila Faruqui, Dr. Mirza Ikhtiar Baig, and Muhammad Jawed Hanif Khan, MNAs. The meeting was also attended by the State Minister for Finance and Revenue, the Secretary, Ministry of Law and Justice, and senior officers from the Finance Division, Law Division, and the State Bank of Pakistan. Copyright Business Recorder, 2026 [...]

ADB to finance USD239.13m in KP agri project

May 15, 2026 2:56

All sectors: Ahsan for empowering women through equal opportunities

May 15, 2026 2:53

Hybrid tax incentives spark auto industry concerns

May 15, 2026 2:52

JazzCash processing Rs16.8trn in Gross Transaction Value in 12 months

May 15, 2026 2:46

ISLAMABAD: JazzCash has crossed 60 million registered customers, processing Rs 16.8 trillion (approximately USD 59.7 billion) in Gross Transaction Value in the 12 months ending March 31, 2026, up 56 percent year-on-year, as demand for digital payments, lending, and disbursement services continued to accelerate The rapid expansion in transaction value was driven by a 47.3 percent year-on-year jump in 12-month transaction volume and a 35.8 percent rise in the average number of transactions per user in Q1 2026, reflecting that existing users are transacting more frequently and across a broader range of services. The platform added ten million registered customers during the last twelve months, reaching 60 million by the end of March 2026, with 29.2 million customers active during Q1 2026. Transaction growth is anchored in a deepening merchant network and a sustained shift to digital point-of-sale. Earlier this year, JazzCash celebrated the onboarding of its one millionth Raast QR-enabled merchant, establishing Pakistan’s largest digital payment acceptance network across corner shops, micro-entrepreneurs, and retailers. The milestone advances the national cashless economy agenda championed by Prime Minister Shehbaz Sharif and the State Bank of Pakistan to promote digital financial inclusion and economic transparency. Murtaza Ali, CEO of JazzCash, said: “The State Bank of Pakistan’s progressive regulatory environment continues to open new frontiers for digital financial services. Building on our payments and lending infrastructure, JazzCash aims to bridge Pakistan’s protection gap through its insurtech vertical, introduce asset fractionalization to bring high-value investments within reach of Pakistanis, and democratize access to stock markets and digital assets. We are also deepening our cross-border remittance capabilities, expanding JazzCash’s regional footprint in the Gulf to make it faster and more convenient for Pakistani nationals abroad to send money home directly to JazzCash wallets.” Across payments, disbursements, and government services, JazzCash’s role as a critical financial infrastructure partner continued to deepen in Q1 2026. QR adoption spread across SMEs and everyday retail, with digital transaction records enabling merchants to build verifiable business histories and access formal credit. Enterprise customers processed payroll through JazzCash at significantly higher volumes, while government welfare transfers reached beneficiaries faster and more reliably through the platform. Federal and provincial bodies also increasingly utilizeJazzCash to collect citizen payments, including traffic challans, motorway tolls, and national identification fees, reflecting the accelerating shift toward cashless government services across Pakistan. Digital lending continued to scale. JazzCash enabled the issuance of 202,000 average loans per day in Q1 2026, extending formal credit to individuals and SMEs, including women-led enterprises that have historically operated outside formal financial channels. Copyright Business Recorder, 2026 [...]

Minister urged to unlock full export potential of leather industry

May 15, 2026 2:44

NFL exports soar to Rs4.7bn

May 15, 2026 2:43

KARACHI: Operational excellence and innovation have helped National Foods Limited expand its global footprint, with exports reaching Rs 4.698 billion in FY2025. According to export data, National Foods recorded strong export growth over the past five years, with exports surging 218 percent. The company’s exports rose from Rs 1.476 billion in FY2020 to Rs 4.698 billion in FY2025, reflecting an increase of Rs 3.22 billion. The NFL’s largest export markets include North America and the GCC, where demand is supported by growing ethnic populations, rising globalization, and increasing consumer interest in global cuisines. The expansion of mainstream retail channels and the greater priority given to world foods have also strengthened the company’s presence in these markets. The company’s leading export categories include recipe mixes, pickles, and sauces. “National Foods also continues to focus on import substitution and local value chain development, including initiatives around tomatoes and chilies aimed at reducing import dependence and strengthening domestic sourcing,” informed National Foods’ officials, briefing a group of journalists during their visit to the company’s Port Qasim plant. The growth in exports is linked to the company’s operational excellence, particularly the strategic role of the Port Qasim plant since 2006, they added. The Port Qasim plant is among National Foods’ oldest and most strategically important manufacturing sites, producing 263 different products. A significant share of National Foods’ spice packaging for both local and export markets is undertaken at this plant. The facility also serves as the company’s core site for pickle manufacturing, with the entire category produced at this location. The plant is ISO, BRCGS, and Halal certified, reflecting National Foods’ commitment to internationally recognized standards for quality, food safety, traceability, operational controls, and Halal compliance. It continues to support National Foods’ domestic market demand and export supply requirements across key product categories. The plant has also contributed to National Foods’ recent sustainability recognition, including the “Green Environmental Stewardship” Award in both 2025 and 2026 for the effluent treatment plant case study at the facility. Copyright Business Recorder, 2026 [...]

Regional situation creates trade opportunities for Karachi: Vietnam envoy

May 15, 2026 2:42

Wheat market: warehousing the wrong problem

May 15, 2026 2:26

Pakistan’s wheat market is being asked to perform a neat trick: absorb the state’s retreat from procurement, discover private price signals, build formal storage, attract bank finance, and protect growers from harvest-time distress, all at roughly the same time. Under the current IMF program framework, the authorities have committed to refrain from announcing support prices for raw commodities and discontinue procurement operations that crowd out private trade. That is the policy moment, with the state finally stepping back. The market is expected to step in. The question is whether anyone has checked whether the market can make money doing so. This is where the current enthusiasm for agricultural warehousing needs a colder reading. Pakistan has not suddenly discovered storage. PASSCO, provincial food departments, arthis, traders, millers and processors have been storing grain for decades, formally and informally, well and badly. The new impulse is not storage. It is the financialization of storage: warehouses, collateral managers, electronic receipts, trading platforms and bank finance layered on top of stored produce. The instinct is not absurd. Farmers need storage as do traders and processors. Grain kept in poor conditions loses quality, weight and value. PASSCO’s own storage profile lists covered storage capacity of under 0.6 million metric tons, with remaining stock stacked in the open on raised platforms. That is a serious storage-quality problem. But it is not, by itself, a commercial case for a warehouse economy. It only proves that Pakistan needs better storage. It does not prove who can pay for it. That is the slippage. A use-case is being mistaken for a market. The implied theory is familiar. Provide patient capital;subsidize the gestation period. Offer concessional loans by absorbing markup. Build formal warehouses, allowing the market time to “transition.” Once farmers and traders experience formal storage, they will leave informal storage behind. The story is clean, optimistic and administratively convenient. It is also not how markets work. The question is not whether storage is useful. It plainly is. The question is whether storage is commercially viable for the person expected to use it. Can the commodity holder pay storage, insurance, handling, quality-preservation and financing costs, and still be better off in a normal year, not only in a shortage year? That is the test. Everything else is ceremony. Storage is not magic. It is a carry trade. A farmer, trader, arthi, landlord or processor stores grain because he expects the future price to justify the cost of holding inventory. That cost is not just warehouse rent. It includes insurance, handling, quality risk, financing cost and delayed liquidity. For a liquidity-starved farmer, this is not a gentle nudge toward modernization. It is asking the weakest balance sheet in the chain to behave like a market maker. If storage only works when a supply deficit appears after harvest and prices jump sharply enough to cover production cost, storage cost and abnormal profit, then there is no storage market. There is a speculative inventory bet, which sometimes pays, but often does not. Public policy should not build infrastructure around the hope that volatility will rescue the spreadsheet. Warehouse receipt finance does not solve this. It only adds another layer. If the stored commodity cannot cover storage, insurance and quality-preservation costs, borrowing against the receipt adds markup on top of an already weak carry trade. A receipt may improve collateral discipline. It cannot turn bad inventory economics into profit. A bad carry trade does not become a good one because the pledge is electronic. This is why subsidized warehouses can mislead policymakers. Usage during a subsidized phase does not prove demand. It may only prove that someone else is paying part of the bill. This is the agricultural version of Uber and Careem promo codes:as volumes rise, the charts look respectable; and, consultants declare proof of concept. But sooner or later, the subsidy fades, buyers and sellers begin to discover true market clearing prices, and the market reveals that the user never valued the service at its full cost. The business was not changing behavior. It was renting it. There is a legitimate public-good case for better storage. Poor storage causes contamination, avoidable losses and value erosion, justifying a layer of public support. On-farm storage, aggregation points, testing infrastructure, grading standards and basic hygiene can all deserve support. But preventing waste is not the same as proving a commercial warehousing model. One is a public-loss-reduction problem. The other is a market-building problem. Confusing the two is how bad policy gets dressed up as reform. Commercial warehousing needs a different discipline. It needs users who can pay. It needs credible price discovery. It needs grades that buyers trust. It needs insurance that responds. It needs lenders who understand liquidation. It needs commodity holders who can delay sale without collapsing under liquidity pressure. Above all, it needs a price spread, quality premium or working-capital benefit that covers carrying cost under ordinary conditions. The deeper issue is competitiveness. Storage works when the commodity being stored is worth holding. It works when the cost of production, quality profile and downstream demand allow the commodity to clear the market after storage at a price that covers the cost of holding it. This does not mean every commodity must be export-competitive every season. Domestic seasonality, processing demand and quality preservation can justify storage. But the test remains unforgiving: after storage, someone must buy the commodity at a price that pays for the carry. If domestic production is structurally expensive, storage merely preserves an uncompetitive commodity for later sale. It does not make the commodity cheaper. It does not make processors pay more. It does not make imports irrelevant. The grain may sit in better conditions. The receipt may be electronic. The warehouse may be certified. The financing may be blended. The policy language may be immaculate. The underlying commodity still has to compete. The informal system is not pretty, but it is not stupid. Farmers use arthis, traders and informal storage networks because they provide liquidity, aggregation, transport, credit, risk absorption and market access. The system may be extractive and opaque, but it performs functions. Formal warehousing must beat that bundle on cost, convenience, liquidity and reliability. It cannot win simply because policy documents prefer it. The sequence matters. First, the commodity holder must have a viable reason to hold. Then storage infrastructure earns its place by preserving value that the market is willing to pay for. Only after that does warehouse receipt finance make sense as a liquidity instrument. Storing uncompetitive grain in a formal facility does not make it competitive. [...]

Ship reported seized off UAE

May 15, 2026 2:24

DUBAI: A ship was reported seized off the coast of the United Arab Emirates and was heading for Iranian waters on Thursday, a British navy agency said, as the US and Chinese leaders met in Beijing to discuss global problems including the Iran war. After the talks between US President Donald Trump and Chinese President Xi Jinping, a White House official said the two leaders had agreed that the Strait of Hormuz should be open, and that Iran should never obtain nuclear weapons. China is close to Iran and the main buyer of its oil. Iranhas largely shut the strait to ships apart from its own since the US-Israeli war on Iran began on February 28, causing the biggest ever disruption to global energy supplies. The US paused the bombing last month but added a blockade of Iran’s ports. Diplomacy on hold In an interview with CNBC in Beijing, US Treasury Secretary Scott Bessent said he believed China would “do what they can” to help open the strait, which he said was “very much in their interest”. Before the war, about a fifth of global oil and liquefied natural gas supplies passed through the strait. But diplomacy to end the conflict has been on hold since last week when Iran and the US each rejected the other’s most recent proposals. In the latest incidents on the trade route, an Indian cargo vessel carrying livestock from Africa to the United Arab Emirates was sunk in waters off the coast of Oman. India condemned the attack and said all 14 crew members had been rescued by the Omani coastguard. Vanguard, a British maritime security advisory firm, said the vessel was believed to havebeen hit by a missile or drone which caused an explosion. Separately, British maritime security agency UKMTO reported on Thursday that “unauthorised personnel” had boarded a ship anchored off the coast of the United Arab Emirates port of Fujairah, and were steering it towards Iran. “The company security officer reported that the vessel was taken by Iranian personnel while at anchor,” Vanguard said. Security in that area is particularly sensitive, as Fujairah is the UAE’s sole oil port on the far side of the strait, allowing some exports to reach markets without passing through it. Iran included that part of the coast on an expanded map it released last week of waters it claimed were under its control. Still, Iran appears to be making more deals with countries to allow some ships to pass through the strait - if they accept Tehran’s terms. A Japanese tanker crossed on Wednesday after Japan’s prime minister announced that she had requested help from the Iranian president. A huge Chinese tanker also crossed on Wednesday, and Iran’s Fars news agency reported on Thursday that an agreement had been reached to let some Chinese ships pass. Iran’s Revolutionary Guards said 30 vessels had crossed the strait since Wednesday evening, still far short of some 140 that typically crossed daily before the war, but a substantial increase if confirmed. According to shipping analytics firm Kpler, some 10 ships had sailed through the strait in the past 24 hours, only a slight increase from the five to seven ships that have crossed daily in recent weeks. Iran’s Judiciary Spokesperson Asghar Jahangir said on Thursday the seizure of “US tankers” violating Iranian regulations was being carried out under domestic and international law. Iran’s threat ‘significantly degraded’ Thousands of Iranians were killed in the US and Israeli airstrikes in the first weeks of the war, and thousands more have been killed in Lebanon since the war reignited fighting between Israel and the Iran-backed group Hezbollah. [...]

Trump seeks China’s help on Iran war

May 15, 2026 2:20

BEIJING: China’s President Xi Jinping warned US President Donald Trump on Thursday that mishandling the countries’ disagreements over Taiwan could push China-US relations to a “dangerous place,” as the two leaders met for a closely watched summit. Xi’s remarks on Taiwan, the democratically governed island claimed by Beijing, came in a closed-door meeting of the leaders of the world’s two largest economies that ran more than two hours, China’s foreign ministry said. They represented a stark - if not unprecedented - warning during a pomp-filled occasion that was otherwise friendly and relaxed, although the US summary of the talks made no mention of Taiwan. According to Chinese state media Xinhua, Xi, referring to Taiwan, told Trump: “If handled poorly, the two countries could collide or even enter into conflict, pushing the entire China-US relationship into an extremely dangerous place.” Taiwan has long been a flashpoint in the US-China relationship, with Beijing refusing to rule out the use of military force to gain control of the island and the United States bound by law to provide Taipei with the means to defend itself. US Secretary of State Marco Rubio, who is with Trump in China, confirmed to NBC News that the issue of Taiwan was discussed, saying the Chinese “always raise it on their side, we always make clear our position and we move on to the other topics.” The US summary of the talks focused on the leaders’ shared desire to reopen the key waterway of the Strait of Hormuz, effectively closed due to the Iran war, and Xi’s apparent interest in buying American oil to reduce China’s dependence on Middle East supplies. With Trump’s approval ratings dented by a war with Iran that shows no signs of abating, the first visit by a US president to China in nearly a decade has taken on added significance as he searches for economic wins. “There are those who say this may be the biggest summit ever,” Trump told Xi in brief opening remarks, after a ceremony that featured an honour guard and throngs of children waving flowers and flags at Beijing’s Great Hall of the People. Xi told Trump that preparatory negotiations between US and Chinese economic and trade teams in South Korea on Wednesday had reached “balanced and positive outcomes”, China’s foreign ministry said in a summary. The talks aimed to maintain a fragile trade truce struck when the leaders last met in October, where Trump suspended triple-digit tariffs on Chinese goods and Xi backed away from choking global supplies of vital rare earths. Treasury Secretary Scott Bessent, who led Wednesday’s talks, said he expected progress on establishing mechanisms to support future bilateral trade and investment, and an announcement about large Chinese orders for Boeing aircraft. China’s red lines Trump expected Xi to raise the thorny issue of US arms sales to Taiwan, he said earlier this week. With the status of a USD14 billion package awaiting Trump’s approval still unclear, China has reiterated its strong opposition to the sales. “US policy on the issue of Taiwan is unchanged as of today,” Rubio told NBC. Trump did not respond to a reporter’s shouted question whether the leaders had discussed Taiwan as he posed with Xi later for photos at the Temple of Heaven, a UNESCO World Heritage Site where emperors once prayed for good harvests. Taipei said there was nothing surprising from the summit and that China’s military pressure is the real threat to peace. Underscoring its outsized importance to the US economy, Taiwan, an island of 23 million people, is the United States’ fourth-largest trading partner, behind China, which has about 1.4 billion people. [...]

Dar holds telephonic talks with UK FS

May 15, 2026 2:14

ISLAMABAD: Deputy Prime Minister and Foreign Minister (DPM/FM) Senator Mohammad Ishaq Dar held a telephone conversation with UK Foreign Secretary Yvette Cooper on Thursday. The two leaders reviewed the prevailing regional situation and exchanged views on ongoing efforts aimed at promoting peace and stability. Foreign Secretary Cooper appreciated Pakistan’s constructive role in encouraging peaceful engagement among the concerned parties. DPM/FM reaffirmed Pakistan’s commitment to dialogue and diplomacy as the preferred path for addressing regional challenges. The discussion also covered the broader implications of the situation for regional security and international trade. Copyright Business Recorder, 2026 [...]

PM forms task force to develop national waste-to-energy policy

May 15, 2026 2:11

IT exports likely to surpass USD4.5bn mark: minister

May 15, 2026 2:10

Karachi’s developmental projects: Senate body says concerned at long delays

May 15, 2026 2:08

ISLAMABAD: The Senate Standing Committee on Economic Affairs, on Thursday, expressed serious concerns over alleged corruption in Sindh government’s foreign-funded projects, long delays in Karachi’s developmental projects, which resulted in escalating costs by hundreds of millions of dollars. The committee meeting held here under the chairmanship of Senator Saifullah Abro also expressed anger over the long delay in the completion of Karachi mass transit schemes, and non-compliance of Power Division (PD) in the recoveries of Rs20.8 billion from M/s GE and Rs1.282 billion from the qualified firm in the 765kV Dasu-Islamabad Transmission Line Project (LoT-IV).The Committee reviewed matters relating to Sindh’s foreign-funded projects, the power sector, and implementation of its previous recommendations. It was recalled that senior officers from the government of Sindh had earlier been directed to attend the meeting. The Economic Affairs Division (EAD) informed the Committee that letters had been issued to the concerned authorities; however, responses were still awaited. The committee members raised serious concerns regarding alleged irregularities in Sindh foreign-funded projects. It was observed that the Secretary, Energy Department, Government of Sindh, had earlier acknowledged in the meeting that massive misappropriations and financial irregularities had been identified in the Sindh Solar Energy project. The fake invoices amounting to USD12.5 million were allegedly involved. The committee remarked that funds provided by international donors are meant for the development and welfare of the country and should not be misused through corrupt practices. The Transport and Mass Transit Department, Government of Sindh, presenting a detailed briefing on the Karachi Mass Transit Plan, informed the panel that the project was initially studied in 2012 and comprised six transport corridors. The Green Line and Orange Line projects are operational, while work on the Red Line and Yellow Line projects is currently underway. Regarding the KBRT Red Line Project, the Committee was informed that it is funded by the Asian Development Bank and that the loan agreement was signed in June 2020. The revised closing date of the project is 30 June 2026, whereas the earlier completion target was 2024. The officials further said that due to delays of almost two years, the project cost has increased by approximately USD100 million, and the initial estimated cost of the project was USD 490 million. The increase in cost was attributed to rupee depreciation, design changes, and changes in the number of buses planned for the project. It was informed that Lot-I comprised the corridor from Mosamiyat to Malir with six stations and two depots, while Lot-II covered the route from Numaish to Mosamiyat with sixteen stations. The Committee was informed that the tendering process was delayed by one and a half years. A complaint lodged by car showroom owners at Numaish, Karachi, also resulted in design changes to the project. Another major delay was caused by non-payment of utility shifting, which cost approximately Rs4 billion by the Government of Sindh. The committee expressed serious concern over the additional financial burden of USD100 million despite utility shifting expenses amounting to only Rs4 billion. It was further informed that the project had incurred interest charges of USD10.9 million. The Committee was informed that the project is now expected to be completed in December 2027. The Committee was further informed that Lot-II, despite achieving 38 percent progress, had been terminated due to delays by the contractor. The members questioned why Lot-I, with comparatively less progress, remained under execution while Lot-II had been terminated despite substantial advancement. The Committee directed the EAD to invite the contractor to the next meeting, along with complete details. Upon inquiry regarding payments made to contractors, the committee was informed that Package-I, costing Rs13.79 billion with 26 percent progress, had already been paid approximately Rs13 billion, while Package-II, valued at Rs15.93 billion, had been paid around Rs15 billion with 38 percent progress. Documents presented by the Sindh Government revealed that a 92 percent escalation amounting to Rs3.6 billion, along with Rs3 billion as a mob advance, had also been paid, which is about 22 percent mobilisation advance. The Committee expressed serious concern over how the department had made nearly 100 percent payments despite only 26 percent and 38 percent physical progress in both Lots. The officials remained unable to satisfy the committee regarding the justification for such excessive payments. The committee recommended that the EAD formally write to the Chief Minister of Sindh to conduct an inquiry and take action against the officials involved in the slow progress of the project and excessive payments made to the contractor. The Committee was also briefed on the KBRT Yellow Line Project, which starts from Dawood Chorangi and ends at Numaish, covering a distance of approximately 21 kilometres. The project is funded by the World Bank, and the loan agreement was signed in 2019. The project comprises six packages. It was informed that Package IV of the project had achieved 55 percent progress. The original completion date of the project was 31 December 2025; however, it has now been extended to 31 December 2028. The initial estimated cost of the project was USD439 million, which has now increased to USD 620 million, resulting in an additional financial burden of USD 181 million. The Transport and Mass Transit Department, Government of Sindh, attributed the increase in project cost to design changes, construction of an additional bridge, and the transition from diesel-hybrid buses to electric vehicles. The Chairman of the Committee was further briefed about the Jam Sadiq Bridge Project, estimated to cost Rs12.5 billion, and is scheduled to commence in 2026 and is expected to be completed by March 2027. The Committee was informed that physical progress on the project stood at 55 percent, whereas 99 percent of the payment had already been made to the contractor. The committee again raised objections over excessive payments made to contractors despite slow progress on the projects, emphasizing the need to address delays, strengthen financial oversight, and ensure transparency in payments to contractors. The Committee also decided to hold the next meeting within one week and directed the EAD to ensure the presence of the Chairman, Planning and Development Department, Government of Sindh, along with the concerned Secretaries in the forthcoming meeting. The committee chairman observed that the Planning and Development Department, government of Sindh, would be answerable before the nation for failing to control such large-scale alleged corruption in Sindh. He directed the EAD to formally write to the Chief Secretary, Government of Sindh, to ensure that the Chairman, Planning and Development Department, Government of Sindh, attends forthcoming meetings and briefs the panel on Sindh foreign-funded projects. Copyright Business Recorder, 2026 [...]

BD delegation visits PIEDMC

May 15, 2026 2:04

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... [...]

FBI offers $200K reward for former agent Monica Witt accused of spying for Iran

May 15, 2026 6:17

FBI offers $200K reward for former agent Monica Witt accused of spying for IranThe FBI has reportedly announced a $200,000 reward for information leading to the arrest of Monica Witt, a former US counterintelligence agent charged with spying for Iran. This move underlines reinvigorated focus... [...]

Oil prices rise after Trump says China wants US crude oil

May 15, 2026 5:28

Oil prices rose by more than one percent on Thursday after US President Donald Trump said China was interested in purchasing American crude oil.Brent crude futures increased by $1.17, or 1.11 percent, to $106.89 a barrel by 02:52 GMT. US West Texas Intermediate crude also rose by $1.10, or 1.09... [...]

Trump hails 'fantastic trade deals' after private meeting with Xi in Beijing

May 15, 2026 5:01

US President Donald Trump said on Friday that he and Chinese President Xi Jinping reached “fantastic trade deals” during their summit in Beijing.The leaders met at the Zhongnanhai government compound before Trump departed China for Washington. The meeting included a private discussion,... [...]

Canada launches new strategy to double electricity capacity by 2050

May 14, 2026 4:53

Canada launches new strategy to double electricity capacity by 2050Canada has taken serious measures to combat the ongoing global energy crisis.As the world faces energy supply challenges such as fuel, oil, gas, and electricity, Canada forecasts to ramp up new electricity production to secure... [...]

Epstein victim Roza left traumatized by DOJ 'mistake'

May 14, 2026 4:26

An Epstein survivor said she had been retraumatised after her name was accidentally published in the Epstein files released by the US Department of Justice, "while the rich and powerful remained protected by redaction".Roza, who was recruited from Uzbekistan as a teenager by Epstein's associate... [...]

Wes Streeting loses confidence in Starmer, resigns as UK Health Secretary

May 14, 2026 3:57

Wes Streeting loses confidence in Starmer, resigns as UK health secretaryUK Health Secretary Wes Streeting resigns from the government. In a statement, Streeting said that he no longer had ‘confidence’ in Prime Minister Keir Starmer’s leadership.Starmer is under growing pressure... [...]

Iran opens Strait of Hormuz access to Chinese-linked tankers

May 14, 2026 3:35

Iran has reportedly begun allowing Chinese vessels to pass through the Strait of Hormuz under a special arrangement linked to the countries’ growing strategic partnership.According to Iran’s semi-official Fars News Agency, an “informed source” said the agreement was based... [...]

US Treasury chief says Iranian ports blockade is working in putting pressure on Iran's economy

May 14, 2026 3:15

US Treasury Secretary Scott Bessent has described the month-long blockade on Iranian ports as a “resounding success”, claiming it is putting major pressure on Tehran’s economy and military operations.Speaking to CNBC, Bessent said the United States strategy was focused on... [...]

Iran urges BRICS to challenge West's 'false sense of superiority'

May 14, 2026 2:55

Iran has called on BRICS nations to condemn what Tehran describes as ongoing violations of international law by the United States and Israel, as tensions in the Middle East continue.Speaking to members of the BRICS+ bloc, Iranian Foreign Minister Abbas Araghchi said countries in the Global South... [...]

How China allowed sanctioned Marco Rubio into Beijing with a Chinese name for Trump visit

May 14, 2026 2:35

Marco Rubio was reportedly allowed to enter China for President Donald Trump’s summit in Beijing through a diplomatic workaround involving the spelling of his name.According to reports from Al Jazeera, Chinese officials altered the Chinese transliteration of Rubio’s surname in official... [...]

Israel-Lebanon talks kick off in Washington with US officials involved

May 14, 2026 2:15

Israeli and Lebanese delegations have arrived at the US State Department in Washington for a new round of direct negotiations, according to Al Jazeera.The talks, which are scheduled to continue on Thursday and Friday, include diplomatic representatives from both countries alongside senior US... [...]

White House says Trump and Xi aligned on Iran's nuclear threat

May 14, 2026 1:55

US President Donald Trump and Chinese Xi Jinping agreed during talks in Beijing that Iran must not obtain a nuclear weapon, according to the White House.In a statement released after the leaders’ meeting, the White House said both sides agreed that “Iran can never have a nuclear... [...]

Wes Streeting quits UK government, says he has 'lost confidence' in Keir Starmer

May 14, 2026 1:35

Wes Streeting has resigned as Britain’s health secretary, intensifying pressure on Prime Minister Keir Starmer amid growing unrest inside the Labour Party.In a resignation letter released on Thursday, Streeting said he had “lost confidence” in Starmer’s leadership and... [...]

US lawmakers debate major cryptocurrency regulation proposal

May 14, 2026 1:15

The United States Senate Banking Committee is set to consider landmark cryptocurrency legislation on Thursday in a major step towards regulating the digital asset industry.The proposed Clarity Act aims to define how cryptocurrencies are regulated in the US and clarify whether digital tokens should... [...]

Who Is Niccolas Allen Coleman? Arrest sparks questions in Nancy Guthrie case

May 14, 2026 11:33

Who Is Niccolas Allen Coleman? Arrest sparks questions in Nancy Guthrie caseThe unsolved case of Nancy Guthrie, the 84-year-old mother of Today co-host Savannah Guthrie is once again making rounds on the internet after the arrest of Niccolas Allen Coleman, a 22-year-old man from Arizona. It has... [...]

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Nvidia earnings alone won’t rescue the S&P 500 from its new sell signal

May 15, 2026 3:11

Overbought warnings come ahead of a massive tech and retail earnings lineup. [...]

Trump’s best China trade deal is the one he doesn’t make

May 15, 2026 3:09

Three decades of failed engagement with Beijing show why U.S. should walk away from the bargaining table. [...]

Dead people claiming Social Security? Here’s one — but we’re still looking for the other 19,999,999.

May 15, 2026 2:16

After a year of hunting down Social Security cheats, here’s where we stand. [...]

Trump’s big trip was supposed to sell 500 Boeing planes. China is only buying 200 of them.

May 15, 2026 2:08

Boeing’s stock on Thursday headed for its steepest fall in six months after President Donald Trump said China is buying 200 of the company’s jets, disappointing investors who had expected more than double that number. [...]

This summer’s World Cup will be no match for Taylor Swift when it comes to live events

May 15, 2026 12:28

The World Cup runs from June 11 to July 19, with games being played in cities across the U.S., Canada and Mexico. Tickets went on sale in October and have sold for as much as $10,000, with the cheapest options to see the U.S. team running around $1,640. [...]

Figma has a fix for its ailing stock — a new way to make money off its AI products

May 15, 2026 12:15