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Pakistan close to achieve WHO Level 3 certification for pharma exports to 150 countries
May 12, 2026 6:13
Pakistan close to achieve WHO Level 3 certification for pharma exports to 150 countries

Federal Minister for National Health Services Syed Mustafa Kamal said on Tuesday Pakistan was close to achieve the World Health Organization’s (WHO) Level 3 certification in the upcoming months, which would enable the local pharmaceutical firms to expand their exports. “Pakistan is making efforts to achieve WHO Level 3 certification within the coming months, which would significantly expand pharmaceutical export access from the current 51 countries to more than 150 international markets,” he was quoted saying in a press statement issued by the Ministry of Commerce. The minister said that at a conference organised to ink 10 memorandums of understanding (MOUs) in Islamabad between Pakistani and Chinese pharmaceutical companies for local manufacturing API (active pharmaceutical ingredient) for medicines, establishing collaboration for vaccine production locally, transfer of technology, and attracting both foreign and domestic investment into the country. Last year, Pakistan Pharmaceutical Manufacturers Association (PPMA) reported that at least 8 local pharmaceutical firms had won prestigious international recognition for producing quality medicine of global standards, including WHO prequalification, PIC/S recognition, and MHRA (Medicines and Healthcare products Regulatory Agency) accreditation in recent times. The prequalification achievements have opened doors for local pharma firms to expand Pakistan’s exports to the regulated high-end world markets including the United States (US), Europe and the Gulf Cooperation Council (GCC) countries. “Another 10 to 15 companies are expected to receive such global certifications over the next one to two years,” PPMA former chairman Tauqeer Ul Haq said the other day. Pakistan’s pharmaceutical exports growth hit a two-decade high of 34% in the fiscal year ended June 30, 2025, securing the fifth position among the fastest-growing export categories in the country with sales of the locally produced medicines rising to $457 million in overseas markets in FY25. [...]

Pakistan, China sign 10 MoUs for local production of medicine raw material, vaccines
May 12, 2026 5:46
Pakistan, China sign 10 MoUs for local production of medicine raw material, vaccines

Pakistan’s pharmaceutical companies have signed 10 memorandums of understanding (MoUs) with Chinese firms, paving the way for the local manufacturing of raw materials for medicines (API/ active pharmaceutical ingredients). The MoUs would help establish collaboration for vaccine production locally, transfer of technology, and attracting both foreign and domestic investment into the country. Among major MoUs; Unichem Pharmaceuticals Pakistan and China’s Xinxu Group entered into a significant investment partnership valued at approximately Rs10 billion, under which technology transfer has formally commenced for local pharmaceutical manufacturing, according to a press statement issued by the Ministry of Commerce on Tuesday. Also read: Pakistan approves national policy on vaccine production The project will enable local production of critical pharmaceutical raw materials, including Omeprazole API, around 95% of which has historically been imported into Pakistan, significantly reducing import dependence, conserving foreign exchange, and improving domestic pharmaceutical supply resilience. Another major agreement involved Lucky Core Group and Chinese pharmaceutical partners, further expanding industrial cooperation between the two countries. Addressing at an event as chief guest in Islamabad, Federal Minister for National Health Services Syed Mustafa Kamal described the occasion as a historic milestone for Pakistan’s pharmaceutical industry and healthcare sector, particularly in terms of local production of pharmaceutical raw materials (APIs). “This was a day Pakistan had waited for over many years. Self-reliance in healthcare can only be achieved through technology transfer and strategic industrial collaboration. The beginning of local API production in Pakistan would positively impact both medicine affordability and long-term supply security,” the health minister said. The event also witnessed progress on poultry vaccine manufacturing in the country. “Pakistan currently imports poultry vaccines worth approximately $4.5 million,” the minister said. Kamal further stated that Pakistan currently provides vaccines for 13 diseases free of cost to children, but global immunisation subsidised arrangements are expected to end by 2030, after which Pakistan will need to procure these vaccines through its own financial resources, requiring approximately $1.2 billion annually. “The government is therefore working to ensure local vaccine manufacturing capacity before 2030 so that Pakistan can reduce strategic dependence on external supply chains,” he said. Referring to the Covid pandemic, the minister said vaccines played a critical role in reducing mortality, adding that future advances, including vaccines for diseases such as cancer, might transform healthcare outcomes even further. Also read: PTA takes action against digital content involving illegal therapeutic goods sale The ceremony for inking MoUs was organised in collaboration with the Ministry of National Health Services, Regulations and Coordination (MNHSRC), Drug Regulatory Authority of Pakistan (DRAP), One Station China Desk (OSCD), and the office of Parliamentary Secretary for Commerce Dr. Zulfiqar Ali Bhatti. [...]

Rupee inches up against US dollar
May 12, 2026 4:05
Rupee inches up against US dollar

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"05-May-26", "06-May-26", "07-May-26", "08-May-26", "11-May-26", "12-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, 282.45, 282.42, 282.22, 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279.70, 279.67, 279.66, 279.65, 279.62, 279.61, 279.60, 279.57, 279.56, 279.55, 279.52, 279.51, 279.50, 279.47, 279.46, 279.45, 279.42, 279.41, 279.40, 279.37, 279.36, 279.35, 279.32, 279.31, 279.30, 279.27, 279.26, 279.25, 279.22, 279.21, 279.20, 279.17, 279.16, 279.15, 279.12, 279.11, 279.10, 279.07, 279.06, 279.05, 279.02, 279.01, 279.00, 278.97, 278.96, 278.95, 278.92, 278.91, 278.90, 278.87, 278.86, 278.85, 278.82, 278.81, 278.80, 278.77, 278.76, 278.75, 278.72, 278.71, 278.70, 278.67, 278.66 ], borderColor: 'black', borderWidth: 1, fill: false, pointRadius: 3 }] }, options: { responsive: true, plugins: { legend: { display: false } }, scales: { x: { title: { display: true, text: 'Date' } }, y: { title: { display: true, text: 'Closing Rate' } } } } }); The Pakistani rupee continued to gain against the US dollar during trading in the inter-bank market on Tuesday. At close, the local currency settled at 278.66, a gain of Re0.01 against the greenback. On Monday, the local unit closed at 278.67. The US dollar held its ground on Tuesday. The euro last bought $1.1775, while sterling was at $1.3602, both steady on the day. The dollar index, which measures the U.S. currency against six others, was at 97.98. The dollar initially benefited from safe haven flows when the war first broke out, but has since given up much of those gains and remains choppy on shaky prospects of a peace deal and a ceasefire that appears to be hanging by a thread. Oil prices rose ​by more than 3% on Tuesday as stark differences between the U.S. and Iran over ‌a proposal to end the war in the Middle East pushed supply concerns back into the spotlight. Brent crude futures gained $3.34, or 3.21%, to $107.55 a barrel by 1314 GMT, and U.S. West Texas Intermediate was up $3.18, or 3.24%, at $101.25. Both benchmarks climbed nearly 3% ​on Monday. Inter-bank market rates for dollar on Tuesday BID Rs 278.66 OFFER Rs 278.86 Open-market movement In the open market, the PKR gained 1 paisa for both buying and selling against USD, closing at 279.04 and 279.86, respectively. Against Euro, the PKR gained 46 paise for buying and 19 paise for selling, closing at 327.14 and 330.43, respectively. Against UAE Dirham, the PKR lost 2 paise for buying and gained 2 paise for selling, closing at 75.94 and 76.77, respectively. Against Saudi Riyal, the PKR gained 4 paise for buying and lost 2 paise for selling, closing at 74.28 and 75.07, respectively. Open-market rates for dollar on Tuesday BID Rs 279.04 OFFER Rs 279.86 [...]

India 10-year bond yield hits 5-week high on rising oil and war jitters
May 12, 2026 3:40
India 10-year bond yield hits 5-week high on rising oil and war jitters

MUMBAI: India’s 10-year government bond yield rose to a five-week high on Tuesday, as fading hopes of a U.S.-Iran peace deal and rising crude oil prices overshadowed a softer-than-expected April inflation reading. Hopes for a deal dimmed after Donald Trump said a ceasefire with Iran was “on life support”. Concerns about oil supply deepened after a senior officer in Iran’s Islamic Revolutionary Guard Corps Navy said Tehran had expanded its definition of the Strait of Hormuz into a “vast operational area” far wider than before the war. India’s benchmark 6.48% 2035 bond yield settled at 7.0458%, its highest since April 7 and up 1.4 basis points from Monday’s close. The yield on the new 10-year 6.94% 2036 bond was up 2 bps at 7.0033%. Bond yields move inversely to prices. Market unease also grew after Prime Minister Narendra Modi urged citizens to conserve fuel and foreign reserves by adopting measures such as working from home and curbing travel. The rupee hit a record low of 95.4325, while stocks erased about $115 billion from the market value of companies listed on the National Stock Exchange. Separately, India’s retail inflation quickened to 3.48% in April, driven by higher food prices, government data showed. That was lower than a forecast of 3.8% in a Reuters poll. Still, traders remain wary of the potential inflationary impact of a prolonged war in the Middle East for net energy importer India. “The trajectory of inflation will depend on the duration of elevated oil prices and the extent of pass-through to domestic consumers,” said Avnish Jain, chief investment officer for fixed income at Canara Robeco Mutual Fund. Rates The one-year swap rate rose 7.25 bps to 6.045%, while the two-year swap rate jumped 5.25 bps to 6.2825%. The most liquid five-year OIS rate was up 4.5 bps at 6.6750%. [...]

Pakistan car sales jump 52% in July-April FY26
May 12, 2026 3:37
Pakistan car sales jump 52% in July-April FY26

Pakistan’s car sales rose sharply by 52% in the first ten months of the current fiscal year, reaching 127,042 units compared with 83,401 units sold during the same period last year, as per the data released by the Pakistan Automotive Manufacturers Association (PAMA). Sales of jeeps and pickups surged by 39% to 39,002 units. Sales of trucks and buses increased by 81% to 5,890 units and by 28% to 797 units, respectively. Motorbikes and rickshaws rose by 32% to 1,619,841 units. When it comes to sales of farm tractors, their sales slid by 7% to 23,116 units as both small growers and progressive growers are distraught on account of less crop output following a climate change and shortage of water and building housing schemes on agricultural lands. Also read: Pakistan car sales jump 45% in July-March FY26 On a monthly basis, car sales in Pakistan jumped by 117% to 17,387 units in April 2025, against 8,004 units recorded in the same month the previous year. Auto sector expert Muhammad Sabir Shaikh said inflation and price-hike in petrol did not impact on car users-cum-buyers. “Generally, car users call for changing their vehicles after three to four years as their vehicles start acting up and maintenance of vehicles are way more costly than fuel costs,” he said. Shaikh said motorcycle sales also recorded significant growth due to the lack of affordable public transport in the country. He was of the view that middle-class families increasingly rely on motorcycles as a cost-effective means of commuting and ensuring timely travel while cutting daily transportation expenses. Also read: Car sales in Pakistan jump 43% in fiscal year 2024-25 Speaking about a fall in the tractor sales, he said for five to six years, farmers remained disturbed and they were unable to get proper prices of their respective crops. “Therefore, they are not able to buy new tractors after cultivating crops as they did practice in the past,” Shaikh said. [...]

Tesla to invest $250 million in battery plant outside Berlin
May 12, 2026 3:04
Tesla to invest $250 million in battery plant outside Berlin

BERLIN: U.S. electric car maker Tesla will invest almost $250 million in ramping up battery cell production capacity at its factory outside Berlin, in a move set to boost jobs in the area and strengthen its supply chain, the company said on Tuesday. The investment is intended to create the conditions for annual production capacity of 18 gigawatt hours at the site in Gruenheide, south-east of the German capital, up from a previous 8 GWh, a statement said. “The ramp-up of battery cell production will also be accompanied by a significant increase in labour demand,” the statement added. “From battery cells to electric vehicles, everything is expected to be produced at a single location starting in 2027.” [...]

US stocks drop after report shows April inflation surge
May 12, 2026 2:42
US stocks drop after report shows April inflation surge

NEW YORK: Wall Street stocks dipped early Tuesday as US consumer inflation hit a three-year high following a surge in gasoline prices due to the Iran war. The consumer price index rose 3.8 percent year-on-year in April, up from March’s 3.3 percent figure. The report comes as the two-and-a-half month US-Iran conflict churns on. Both sides have refused to make concessions and repeatedly threatened to resume fighting, but neither appears willing to return to all-out war. About 15 minutes into trading, the Dow Jones Industrial Average was down 0.5 percent at 49,458.97. The broad-based S&P 500 declined 0.4 percent to 7,384.74, while the tech-rich Nasdaq Composite Index dropped 0.5 percent to 26,135.22. Both the S&P 500 and Nasdaq ended at records on Monday. The inflation data means more Federal Reserve officials will support keeping interest rates flat, said Nationwide Chief Economist Kathy Bostjancic. “This would increase the hurdle for the Fed to cut rates later this year, despite Kevin Warsh coming on to lead the (Fed) and being more inclined to argue for rate reductions,” Bostjancic said in a note. [...]

Dollar rises but still not far from pre-war levels, data awaited
May 12, 2026 1:30
Dollar rises but still not far from pre-war levels, data awaited

The U.S. dollar extended gains for a second straight session on Tuesday, underpinned by sustained uncertainty over the Middle East conflict that drove investors into the greenback as a traditional safe haven. The greenback rose sharply in March as the currencies of oil-reliant economies such as Japan and the euro area were heavily sold after oil prices surged following Iran’s effective closure of the Strait of Hormuz. It weakened again after April 7, the start of a ceasefire, which Donald Trump threatened on Monday to end, dismissing Iran’s proposal as “a piece of garbage.” The U.S. dollar index, a measure of its value against a basket of major foreign currencies, was up 0.36% at 98.30. It was at 97.85 on February 27 and hit 100.64 in late March. It fell below its pre-war levels late last week. “It appears unlikely that a breakthrough would be achieved before the Trump-Xi summit later this week,” said Mohit Kumar, an economist at Jefferies. Trump is expected to arrive in Beijing on Wednesday, where Iran is set to be among the topics discussed with Chinese President Xi Jinping. Crude oil price supporting dollar “As long as crude oil prices stay high, because of the U.S.’ blockade [of Iranian ports] and Iran’s threat to tanker traffic in the Gulf, the dollar will stay strong,” said Thierry Wizman, global forex and rates strategist at Macquarie Group. “The toll that high oil prices will take on the rest of the world’s economies will be much more pernicious than the toll [on] the U.S.,” he added. Oil prices rose 3% on Tuesday as hopes for a deal to end the war on Iran faded. Wizman also argued that the U.S. administration has probably decided that its economic blockade of Iran – the ‘economic war’ – could be more effective than resuming bombing runs. Rate outlook in focus Investors are also closely watching the monetary outlook, with the Federal Reserve now expected to keep rates higher for longer, while traders are betting that the European Central Bank will hike its depo rate to about 2.75% by year-end from the current 2%. The euro fell 0.33% to $1.1744. Eyes will be on a U.S. inflation report due later in the session, which is forecast to show that consumer prices rose 0.6% last month after jumping 0.9% in March, according to a Reuters survey of economists. Estimates ranged from a 0.4% gain to a 0.9% rise. “Given the likelihood of elevated inflation readings, the CPI on Tuesday and PPI on Wednesday, the case for eventual rate cuts this year looks increasingly difficult to sustain,” said John Velis, head of Americas strategy at BNY. “The last two weeks’ worth of U.S. macro data showed an economy that is not yet feeling acute pressure from the shocks generated by the Iran conflict,” he added. Yen still in intervention watch zone The Japanese yen jumped suddenly in the late Asian session on Tuesday, stoking speculation of a “rate check”, often a precursor to currency intervention. The dollar was last at 157.57 against the yen, up 0.21% on the day, after U.S. Treasury Secretary Scott Bessent said he had great confidence that Bank of Japan Governor Kazuo Ueda will guide the central bank to a “very successful” monetary policy. Japan’s authorities have supposedly spent nearly $63.7 billion in the current round of interventions. [...]

UK shares fall as political uncertainty, Middle East concerns hit sentiment
May 12, 2026 1:23
UK shares fall as political uncertainty, Middle East concerns hit sentiment

UK shares slipped on Tuesday as investors weighed domestic political uncertainty, with Prime Minister Keir Starmer defying calls to step down, alongside renewed concerns over tensions in the Middle East. The blue-chip FTSE 100 index fell 0.4% as of 1053 GMT, while the midcap FTSE 250 dropped 1.2%. The declines suggest lingering questions over Starmer’s future even after his impassioned plea on Monday, where he urged voters and Labour Party lawmakers to stick with him and avoid a leadership contest he said would only bring chaos. Also read: Starmer says his govt is a 10-year project despite calls to quit More than 80 Labour lawmakers have publicly called for Starmer to set a resignation date so the party could install a new leader in an orderly manner. Starmer, however, has vowed to stay at the helm. “The markets are pretty nervous. People are just all scratching their heads and saying, ‘What is he (Starmer) doing?’” said David Morrison, senior market analyst at Trade Nation. Investors were also concerned by the lack of progress in resolving the Middle East conflict. U.S. President Donald Trump said the ceasefire with Iran was “on life support.” Tehran rejected a U.S. proposal to end the conflict and stuck to a list of demands that Trump described as “garbage”. Bank stocks in the UK fell 2.3%, dragged lower by a 5.2% decline in shares of Metro Bank and a 3.6% drop in Barclays. Aerospace and defence stocks also slipped 2%, while the rate-sensitive real estate sector fell 1.9%. [...]

Oil prices jump on latest US-Iran peace process impasse
May 12, 2026 1:19
Oil prices jump on latest US-Iran peace process impasse

LONDON: Oil prices rose by more than 3% on Tuesday as stark differences between the U.S. and Iran on a proposal to end the war in the Middle East pushed supply concerns back into the spotlight. Brent crude futures gained $3.47, or 3.3%, to $107.68 a barrel by 1045 GMT and U.S. West Texas Intermediate CLc1 was up $3.54, or 3.6%, at $101.61. Both benchmarks climbed nearly 3% on Monday. “After both sides rejected each other’s negotiation proposals, tensions between Iran and the U.S. are escalating once more,” said Commerzbank analyst Carsten Fritsch. U.S. President Donald Trump said on Monday that the ceasefire was on “life support”, pointing to disagreements over demands such as the cessation of hostilities on all fronts, the removal of a U.S. naval blockade, the resumption of Iranian oil sales and compensation for war damage. Iran also emphasised its sovereignty over the Strait of Hormuz, through which about a fifth of global oil and liquefied natural gas flows. Disruptions linked to the near-closure of the strait have prompted producers to curtail exports, with a Reuters survey on Monday showing OPEC oil output in April fell to its lowest level in more than two decades. “A genuine breakthrough towards a peace deal could trigger a sharp $8 to $12 correction, while any escalation or renewed blockade threats would quickly push Brent back toward $115-plus,” said KCM Trade analyst Tim Waterer. Saudi Aramco CEO Amin Nasser had warned on Monday that disruptions to oil exports through the strait could delay a return to market stability until 2027, with the loss of about 100 million barrels of oil per week. Meanwhile, some independent Chinese refiners are curtailing fuel output on weakening profit margins as they battle weak domestic demand and excess product, trade and refining sources said.Elsewhere on the supply front, U.S. crude stocks were estimated to have dropped by about 1.7 million barrels last week, a Reuters poll of analysts showed. Walt Chancellor, energy strategist at Macquarie Group, said that strong waterborne export flows of crude and products are likely for the next several weeks. Market participants were also keeping a close eye on President Trump’s planned meeting with Chinese President Xi Jinping on Thursday and Friday after Washington imposed sanctions on three individuals and nine companies for facilitating Iranian oil shipments to China. Tariffs imposed during the U.S.-China trade war have halted most Chinese imports of U.S. oil and LNG, which were worth $8.4 billion in 2024, the year before Trump began his second term. [...]

KSE-100 sheds nearly 1% amid geopolitical volatility
May 12, 2026 12:45
KSE-100 sheds nearly 1% amid geopolitical volatility

A volatile trading session was observed at the Pakistan Stock Exchange (PSX) due to global geopolitical tensions and economic concerns, with the benchmark shedding nearly 1,600 points or 1% on Tuesday. The market opened on a relatively positive note, with the benchmark index climbing to an intra-day high of 171,571.55 points during early trading hours. However, the momentum proved short-lived as selling pressure quickly emerged, dragging the index into negative territory. The decline accelerated in the final trading hours, pushing the index near its intra-day low of 168,823.31 points. At close, the benchmark index settled at 168,916.22, down by 1,590.09 points or 0.93%. “The local bourse witnessed a rollercoaster session as investors navigated through heightened geopolitical uncertainty,” brokerage house Topline Securities said in its post-market report. “Market sentiment remained fragile amid the ongoing USA-Iran conflict, where the lack of clarity on the geopolitical front kept participants on edge. Adding fuel to the nervousness, international oil prices continued their upward trajectory, triggering widespread profit-taking across key sectors and leading to a highly volatile trading session,” it added. Index-heavy stocks including UBL, LUCK, ENGROH, HBL, HUBC and FFC collectively dragged the index down by 750 points, Topline said. In a key development, the State of Pakistan’s Economy, Half Year Report FY26 revealed that despite headwinds from global trade-related uncertainty and domestic floods, Pakistan’s macroeconomic stability strengthened further in H1-FY26. The central bank on Tuesday noted that the Middle East War poses significant risks to the macroeconomic outlook amid heightened uncertainty, where supply chain disruptions are likely to impact inflation trajectory, external trade and remittance flows, and the economic activity in Pakistan. On Monday, the PSX witnessed a range-bound and subdued trading session as persistent geopolitical tensions between the United States and Iran dampened investor sentiment, prompting cautious participation and dragging the benchmark indices lower despite selective sectoral gains. The KSE-100 Index closed at 170,506.31 points, shedding 609.51 points or 0.36%. Globally, oil crept higher, and the US dollar rose on Tuesday as hopes faded for a deal to get ships moving through the Strait of Hormuz, while a red-hot chip rally in chip stocks cooled and ​traders waited on US inflation figures. US President Donald Trump said the ceasefire with Iran was “on life ‌support” after Tehran’s response to a US proposal to end the war made clear the two sides were still far apart. Brent crude futures were up 0.7% to $105 a barrel. S&P 500 futures dipped 0.2%, and even the almost unstoppable KOSPI in Seoul ​slid 3%, pulling down other regional markets. MSCI’s broadest index of Asian shares excluding Japan fell 1%, ​while Tokyo’s Nikkei was flat. European futures fell 1%. Markets are keeping a watchful eye on ⁠Trump’s Wednesday visit to China, with expectations low for either progress on Iran or on the trade front, with the focus ​on the status quo holding. Overnight, Wall Street had been resilient in the face of rising ​oil prices, with the S&P 500 and Nasdaq eking out the latest in a series of new closing highs. US ​inflation data is due later in the day, with the headline consumer price index seen climbing to a hot 3.7% year-on-year. Any ‌suggestion ⁠that the Federal Reserve may need to hike this year - rather than cut as investors had expected before the war - could rattle markets. Meanwhile, the Pakistani rupee continued to gain against the US dollar during trading in the inter-bank market on Tuesday. At close, the local currency settled at 278.66, a gain of Re0.01 against the greenback. Volume on the all-share index decreased to 1,017.42 million from 1,103.29 million recorded in the previous close. However, the value of shares rose to Rs32.03 billion from Rs31.04 billion in the previous session. Cnergyico PK was the volume leader with 154.13 million shares, followed by Hascol Petrol with 113.57 million shares, and K-Electric Ltd with 107.55 million shares. Shares of 485 companies were traded on Tuesday, of which 106 registered an increase, 346 recorded a fall, and 33 remained unchanged. [...]

Indian shares post worst drop in six weeks; $115bn wiped out as Mideast hopes fade
May 12, 2026 10:57
Indian shares post worst drop in six weeks; $115bn wiped out as Mideast hopes fade

Indian stocks tanked on Tuesday, wiping off about $115 billion from the market value of firms listed on the National Stock Exchange, as fading hopes for a U.S.-Iran deal worsened the outlook for Asia’s third-largest economy. The country of 1.4 billion people braced for tough measures after Prime Minister Narendra Modi urged lower use of fuel and fertilisers and curbs on overseas travel and imports, as a surge in global energy ​prices pressures foreign exchange ​reserves. The rupee, Asia’s worst-performing currency in 2026 so far, fell to a record low as crude hovered near $107 per barrel and outflows continued unabated, hammering stocks across sectors. “The pressure on equities is now being amplified by a macro ‘triple hit’ of higher crude prices, rupee slipping to record low and continued aggressive foreign outflows,” said Hariprasad K, founder of Livelong Wealth. There is a “broader confidence shock as investors are interpreting recent policy messaging and austerity-oriented commentary as an indication of a tougher macroeconomic environment ahead,” Hariprasad said. India, the world’s third-largest oil importer and consumer, meets more than 90% of its crude oil needs and about half of its natural gas demand through imports. The country has yet to raise prices of fuels used by the public, but the oil minister said on Tuesday the government would at some stage need to assess how long state-run refiners can sustain losses from selling fuels below market prices. India’s Nifty 50 fell 1.83% to 23,379.55, while the BSE Sensex shed 1.92% to 74,559.24, logging their worst day in six weeks and taking their losses over two sessions to about 3.4%. The benchmark indexes are the laggards among Asian peers, which fell 1.3% after U.S. President Donald Trump said a ceasefire with Iran was “on life support”. Tehran has rejected a U.S. proposal to end the conflict and stuck to a list of demands the U.S. president described as “garbage”. IT takes a beating Shares of Indian IT firms fell 3.7% to a three‑year low over concerns of AI disrupting their traditional business models, and ahead of U.S. inflation data that could revive rate‑hike concerns. All 16 major sectors declined, while small-caps and mid-caps dropped 3.2% and 2.5%, respectively. On the flip side, ONGC and Oil India climbed 4.8% and 7.7%, respectively, after CLSA said the royalty cuts on crude and gas production benefit them. [...]

Indian rupee's rough patch worsens on oil, outflow strain; central bank likely steps in
May 12, 2026 10:31
Indian rupee's rough patch worsens on oil, outflow strain; central bank likely steps in

MUMBAI: The Indian rupee hit an all-time low on Tuesday as fading hopes of a peace deal between the U.S. and Iran sparked a run-up in oil prices, which, along with persistent portfolio outflows and weakening sentiment, pressured the currency. The Indian rupee fell to 95.7375 per dollar, eclipsing its previous record low of 95.4325. Likely intervention by the central bank helped limit further losses, traders said, with the local currency ending the trading session at 95.6275, down 0.3% from its previous close. The rupee is Asia’s worst performing major currency over 2026 so far and has weakened nearly 5% since the Iran war broke out on February 28. The Indian rupee and other currencies of oil-importing countries have been among the hardest hit following a near 50% surge in Brent crude prices since the Iran war began. The Philippine peso and the Indonesian rupiah have also been impacted severely, with the latter hitting a record low on Tuesday as well. “Defensive currencies, specifically the INR, IDR, and PHP, are currently trading with a heavy bias. These regional pairs will be looking for relief in the form of oil prices declining sustainably below $100 to ease imported inflationary pressures and improve current account outlooks,” DBS said in a note. Last week, ANZ lowered its December target for the rupee to 97.5 from 93. BMI, a unit of Fitch Ratings, flagged the risk of the currency sliding to 100 if the Iran war worsens. The U.S.-Israeli conflict with Iran, now running for about two-and-a-half months, showed little sign of resolution despite a tenuous ceasefire in place since April 8. Donald Trump said a ceasefire with Iran was “on life support” as Tehran rejected a U.S. proposal to end the conflict and stuck to a list of demands the U.S. president described as “garbage”. Brent crude oil futures were last at $107.4, up 3% on the day. The longer the conflict drags on, the greater the likelihood that oil prices will remain high, keeping the rupee under sustained pressure, analysts said. Higher oil prices are set to widen India’s current account deficit, with the strain compounded by the prospect of continued weak capital inflows. Foreign investors have pulled out more than $20 billion from Indian equities since the war began, with year-to-date outflows exceeding last year’s record. Overseas investors sold nearly $900 million on Monday, according to preliminary data. India’s benchmark equity index, the Nifty 50 fell 1.8% on Tuesday, its worst single-day fall in more than a month. Support for the rupee With the rupee under persistent pressure, expectations that policymakers could step in to support the currency have risen, including reviving measures used during the 2013 taper tantrum. India’s Prime Minister Narendra Modi on Sunday urged limits on fuel use, travel and imports to save foreign exchange. Potential measures that policymakers can tap include disincentivising non-essential imports like gold, tighter rules on outward remittances, a foreign currency deposit mobilization scheme and a hike in domestic fuel prices, Nomura said. India has not increased fuel prices despite a rise in global prices since the start of the Iran war, diverging from many energy importing emerging market peers. [...]

Palm slips as Dalian palm olein weighs
May 12, 2026 10:29
Palm slips as Dalian palm olein weighs

KUALA LUMPUR: Malaysian palm oil futures retreated on Tuesday, reversing the previous session’s gains, as softer Dalian palm olein dragged on prices. The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange slid 33 ringgit, or 0.73%, to 4,483 ringgit ($1,140.13) a metric ton at the close. The contract rose 0.24% in the previous session. The market was weighed down by selling pressure in Dalian palm olein during the Asian trading session, a Kuala Lumpur-based trader said. Dalian’s most-active soyoil contract rose 0.16%, while its palm oil contract shed 1.35%. Soyoil prices on the Chicago Board of Trade were up 0.81%. Palm oil tracks the price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Oil prices rose 2% as hopes for a deal to end the U.S.-Israeli war on Iran faded, with stark differences between Tehran and Washington on a peace proposal bringing supply concerns again to the fore. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. Malaysia’s palm oil inventories rose in April for the first time in four months as exports fell amid a surge in production and higher imports, data from the Malaysian Palm Oil Board showed. Cargo surveyor Intertek Testing Services estimated that exports of Malaysian palm oil products for May 1-10 rose 8.5% from a month earlier, while independent inspection company AmSpec Agri Malaysia estimated that exports declined 10.8%. The ringgit palm’s currency of trade, weakened 0.31% against the dollar, making the commodity slightly cheaper for buyers holding foreign currencies. [...]

Gold price gains Rs4,100 per tola in Pakistan
May 12, 2026 9:35
Gold price gains Rs4,100 per tola in Pakistan

Gold prices in Pakistan increased on Tuesday in line with their loss in the international market. In the local market, gold price per tola reached Rs492,462 after a gain of Rs4,100 during the day. Similarly, 10-gram gold was sold at Rs422,206 after it accumulated Rs3,515, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). On Monday, gold price per tola reached Rs488,362 after a decrease of Rs5,300 during the day. The international rate of gold jumped by $41 to reach $4,701 per ounce (with a premium of $20). Meanwhile, the price of silver also increased by Rs395 to reach Rs8,908 per tola. [...]

Customs values of solar panels increased
May 13, 2026 2:04
Customs values of solar panels increased

ISLAMABAD: The Directorate General of Customs Valuation, Karachi, has increased the customs values of solar panels imported from all origins by 20 to 30 percent. In this regard, a valuation ruling (2077 of 2026) has been issued by the directorate on Tuesday. Previously, the customs values of solar panel were determined vide Valuation Ruling No.2012-2025. However, the said valuation ruling is now almost one-year-old, and international market prices of the subject goods have increased during this period. Therefore, a preliminary analysis of import data, including declared values, assessed values, and prevailing market prices, was conducted to re-determine the customs values of the subject goods under Section 25A of the Customs Act 1969. A meeting for the determination of customs values was held, which was attended by the relevant stakeholders. The viewpoints of the participants were heard in detail, and the stakeholders were requested to submit documentary evidence to substantiate their contentions. Valuation methods specified in section 25 of the Customs Act, 1969, were duly considered in sequential order to arrive at the customs values of the subject goods. The transaction value method as provided in sub-section (l) of section 25 of the Customs Act, 1969, was found inapplicable due to the absence of information as required under sub-section (2) of section 25 of the Customs Act, 1969. The identical goods value method as provided in Section 25 (5) was examined, some applicable values were found, but the same could not be solely relied upon due to the absence of absolute demonstrable evidence of quantities and qualities. Subsequently, the similar goods value method provided in Section 25(6) was also examined in light of the clearance data of subject goods and was finally relied upon for the determination of Customs values of Solar Panels under Section 25 of the Customs Act, 1969. Copyright Business Recorder, 2026 [...]

Oil settles higher
May 13, 2026 2:03
Oil settles higher

NEW YORK: Oil prices settled higher for the third consecutive session on Tuesday as stark differences between the US and Iran over a proposal to end the war in the Middle East raised concerns that supply disruptions upending the global oil market are likely to be prolonged. Brent crude futures gained USD3.56, or 3.42 percent, to settle at USD107.77 a barrel, and US West Texas Intermediate futures closed up USD4.11, or 4.19 percent, at USD102.18. Both benchmarks had climbed nearly 3 percent on Monday. US President Donald Trump said on Monday that ceasefire talks with Iran were on “life support,” pointing to disagreements over Tehran’s demands of a cessation of hostilities on all fronts, the removal of a US naval blockade, the resumption of Iranian oil sales and compensation for war damage. READ MORE: Oil prices settle higher Iran also emphasised its sovereignty over the Strait of Hormuz, through which about a fifth of global oil and liquefied natural gas normally flows. “Markets are doubting that a peace deal is within reach,” StoneX analyst Alex Hodes said. EIA: Strait may be closed to late May The US Energy Information Administration on Tuesday said it now assumes the strait will be effectively closed through late May, leading to much larger losses of Middle Eastern oil and gas supplies than its prior forecasts. The agency had earlier expected the waterway would be shut through late April. Even after flows resume through the Strait of Hormuz, it will take at least until late 2026 or early 2027 for oil output and trade patterns to return to pre-conflict levels, the EIA said. Disruptions linked to the near-closure of the strait have prompted producers to curtail exports, with a Reuters survey on Monday showing OPEC oil output in April fell to its lowest level in more than two decades. The EIA estimates 10.5 million barrels per day of output were lost during April across the Middle East due to the strait closure, limiting exports. Other sources have pegged the supply losses much higher. J.P. Hanson, global head of oil and gas at Houlihan Lokey, said the conflict has created a 14 million bpd supply gap. [...]

APTMA urges Punjab govt to withdraw PIDC Bill 2026
May 13, 2026 2:01
APTMA urges Punjab govt to withdraw PIDC Bill 2026

ISLAMABAD: The All Pakistan Textile Mills Association (APTMA) has urged the Punjab government to withdraw the Punjab Infrastructure Development Cess (Amendment) Bill 2026, calling for a complete review of the levy mechanism in consultation with industrial stakeholders. In a letter addressed to Chief Minister Maryam Nawaz Sharif, APTMA Chairman Kamran Arshad expressed “deep concerns and reservations” over the bill passed by the Punjab Assembly on May 6, 2026, stating that it has triggered shock, dismay, and distress across the business community in the province. APTMA noted that the bill imposes a cess on “all goods manufactured, produced, consumed, imported into Punjab or exported out of Punjab at the rate of 0.90 percent of the total value of such goods.” It warned that the levy would significantly increase costs for industries in Punjab, particularly the export-oriented textile sector. The Association emphasized that textile exporters operate in highly competitive international markets with thin margins, where prices are largely dictated by global buyers. The imposition of a 0.90 percent cess at multiple stages — import, manufacturing, consumption, and export — would erode competitiveness and potentially push exporters out of global markets, as the additional cost cannot be passed on to international customers. “This will not only weaken the competitiveness of exports originating from Punjab but may ultimately lead to the closure of industrial units,” the letter stated. APTMA further criticized what it termed “unbridled enforcement powers” granted to cess officers, warning that these provisions could create fear and uncertainty within the business community. “To add insult to injury, excessive enforcement powers have been vested in cess officers, creating panic among trade and industry,” Arshad said, adding that provisions related to the establishment of pickets, check posts, monitoring stations, electronic surveillance, and penalties of up to ten times the cess amount could obstruct the free movement of goods and expose businesses to harassment and bureaucratic high-handedness. The Association also highlighted a disparity between Punjab- and Sindh-based industries, stating that Punjab’s industrial units would effectively face double taxation. While Punjab-based businesses would have to pay cess in both Punjab and Sindh — since most import and export consignments pass through Sindh — industries located in Sindh would pay the cess only once. “This creates an unequal cost structure and places Punjab-based industry at a significant competitive disadvantage,” APTMA maintained. It further pointed out that Punjab has already experienced considerable deindustrialization due to high energy costs and an unfavourable business environment. The new cess, it warned, would further increase the cost of doing business, discourage industrial expansion, and deter investment, particularly in export-oriented sectors. “At a time when Punjab needs to expand its industrial base and boost exports, such measures will increase production costs and undermine competitiveness,” the association added. In view of these concerns, APTMA has called for the immediate withdrawal of the bill and urged the government to revisit the cess framework through meaningful consultation with industry stakeholders to ensure that policy measures do not hinder industrial growth, exports, and investment. Copyright Business Recorder, 2026 [...]

Shariah Governance Regulations: SECP proposes major changes
May 13, 2026 1:59
Shariah Governance Regulations: SECP proposes major changes

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has proposed major changes in the Shariah Governance Regulations, 2023, to facilitate Shariah-compliant companies. In this regard, the SECP has issued a Comparative Statement on the proposed amendments to the Shariah Governance Regulations, 2023. According to the proposed amendments, the certification of companies’ approval by the commission is being restricted to regulated persons, and a new category is being introduced with special provisions. The Shariah review-related responsibilities have been moved to the Shariah supervisor board/ Shariah advisor of the applicant, as per proposed changes. As per the Commission’s decision, certification is now limited only to regulated persons who are licenced, registered, or authorized otherwise. The proposed amendments have explicitly clarified that having a Shariah board/advisor is mandatory for making such an application. The primary responsibility of Shariah review and approval rests with the Shariah board/advisor. New provisions have been introduced for certification by the Shariah Board/advisor instead of the Commission for the companies that are not regulated persons, the SECP added. The proposed changes in the Shariah Governance Regulations, 2023, will empower the Commission to safeguard the integrity of Shariah compliance, which is particularly important for the unregulated sector where certification is delegated to Shariah Advisors, ensuring accountability and adherence to regulatory standards. The SECP has also proposed to omit the requirement of mandatory certification of a Shariah-compliant company registered as a Shariah advisor. Copyright Business Recorder, 2026 [...]

Cooperation with China: Pak envoy calls for enhancing economic diplomacy, innovation
May 13, 2026 1:01
Cooperation with China: Pak envoy calls for enhancing economic diplomacy, innovation

KARACHI: Pakistan’s Ambassador to the People’s Republic of China, Khalil Hashmi on Tuesday emphasised the need for Pakistan to strengthen economic diplomacy, innovation, industrialisation and regional connectivity to fully benefit from growing Pakistan-China cooperation. He was addressing a luncheon hosted for the Karachi business community by the Foreign Affairs Liaison Office, where business leaders, industrialists, exporters, entrepreneurs and stakeholders from the agriculture, fisheries, logistics, technology and manufacturing sectors participated. Speaking on the occasion, Ambassador Khalil Hashmi said the world was witnessing a major transformation where economic strength, innovation, connectivity, supply chains and technology had become the new instruments of global influence. He said China had successfully transformed itself into one of the world’s leading economic powers through strategic planning, institutional discipline, investment in human capital and technological advancement. He also termed China, a land of opportunities. Referring to the China-Pakistan Economic Corridor (CPEC), the Hashmi termed it a project of “destiny, opportunity and regional transformation,” adding that the initiative should now move beyond roads and energy projects towards industrialization, technology transfer, innovation, agriculture modernisation and business-to-business connectivity. He said Pakistan must learn from China’s development model by focusing on industrial clustering, export competitiveness, smart infrastructure, digital payments, agricultural modernization and innovation-driven economic growth. The ambassador said Pakistan needed to transition from raw agriculture to value-added agri-processing, from seafood exports to modern fisheries systems, from traditional textiles to technical textiles, and from outsourcing to innovation-based industries. Highlighting Karachi’s importance, he described the city as Pakistan’s economic heartbeat and a key bridge connecting South Asia, Central Asia, the Gulf region and Africa through trade, finance and logistics. He stressed that modern diplomacy could no longer remain limited to political dialogue alone, adding that diplomats must also serve as facilitators for trade, technology, investment and strategic partnerships. Ambassador Khalil Hashmi said the future phase of CPEC should focus on markets, technology, digital economies, SMEs, startups and human capital development, particularly empowering Pakistan’s youth to become entrepreneurs, innovators and business leaders. He further said that countries failing to innovate in the emerging global order risked becoming irrelevant, adding that economic diplomacy must become Pakistan’s national doctrine. The ambassador reaffirmed the longstanding friendship between Pakistan and China, expressing confidence that bilateral cooperation would further expand through stronger trade, joint ventures, research collaboration, smart logistics and shared prosperity. Concluding his address, he urged the business community to think bigger, plan longer and act faster for Pakistan’s economic transformation, while reiterating the slogan: “Pakistan-China friendship forever.” He also responded questions of business community members regarding trade and investment opportunities. Earlier, Consul General of People’s Republic of China in Karachi, Yang Yundong and Director General Foreign Affairs Liaison Office Irfan Soomro spoke on the occasion. [...]

Residential plots to commercial use: ABAD hails FFC’s ruling on lifting conversion ban
May 13, 2026 1:01
Residential plots to commercial use: ABAD hails FFC’s ruling on lifting conversion ban

KARACHI: Association of Builders and Developers (ABAD) has warmly welcomed the Federal Constitutional Court’s ruling lifting the long-standing ban on converting residential plots to commercial use, calling it a watershed moment for Karachi’s construction industry, urban planning landscape, and broader economic outlook. ABAD Chairman Muhammad Hassan Bakhshi said the verdict brings an end to years of crippling uncertainty that had driven illegal activity and stalled legitimate development across the city. “Unlike other cities of Pakistan, the suspension of legal commercialisation of residential plots in Karachi had allowed the illegal plot mafia to remain continuously active,” Bakhshi said. The case, which had been pending in court since 2019, was finally resolved in 2026, a wait of nearly seven years that Bakhshi said had inflicted considerable damage on the construction sector and undermined investor confidence. “If court decisions are made promptly, the country’s economic wheel continues to move smoothly, and investment activities do not face unnecessary obstacles,” the ABAD chairman said, adding that delayed judgments adversely affect business and leave citizens mired in prolonged uncertainty. Bakhshi drew a clear line around the scope of the ruling, saying that ABAD firmly opposed any commercial conversion of parks, mosques, hospitals, or other amenity plots designated for public welfare and community services. The chairman also pointed to a broader pattern of legal complications that has hampered Karachi’s development. Ongoing filings of Civil Miscellaneous Applications (CMAs) in cases related to law-and-order issues and illegal constructions, he said, had subjected citizens and investors alike to years of difficulty and uncertainty, severely hampering construction activities and stifling development projects. With the court’s ruling now in place, Bakhshi expressed optimism that the judicial process had been restored on a sound footing and hoped the verdict would revitalize legal construction activity, bring greater order to urban planning in Karachi, and send a positive signal to the investment community. Copyright Business Recorder, 2026 [...]

Leghari announces sweeping power sector reforms
May 13, 2026 1:01
Leghari announces sweeping power sector reforms

LAHORE: Minister for Energy Sardar Awais Ahmed Khan Leghari on Tuesday announced sweeping power sector reforms, including renegotiated contracts with independent power producers projected to save electricity consumers approximately Rs3.5 trillion over the next decade, while calling on media professionals to counter what he described as widespread misinformation distorting public understanding of the country’s energy challenges. Speaking at a media training workshop co-hosted by the Lahore University of Management Sciences (LUMS) Energy Institute and the Ministry of Energy, Leghari said “no new imported fuel-based Independent Power Producers would be approved going forward, and the government would migrate 10 million consumers to Advanced Metering Infrastructure this year as part of a broader transparency drive.” The minister also moved to reassure the solar energy industry, stating that the government’s newly introduced solar policy would not hamper adoption, and that investment in battery storage systems remained a priority. Efforts were also under way, he added, to deliver cheaper daytime electricity to industrial and commercial users. The workshop gathered journalists from print, broadcast, and digital outlets alongside media studies students for technical briefings on tariff structures, subsidies, circular debt, distributed solar, and ongoing market reforms. Experts from the National Grid Company, Power Planning and Monitoring Company, and the Independent System and Market Operator led sessions, with Energy Advisor Syed Faizan Ali outlining the government’s long-term policy roadmap for an affordable and sustainable power sector. Copyright Business Recorder, 2026 [...]

Registration with tax department: FBR directs INGOs to submit documentation
May 13, 2026 1:01
Registration with tax department: FBR directs INGOs to submit documentation

ISLAMABAD: The Federal Board of Revenue (FBR) has directed the International Non-Government Organizations (INGOs) to submit comprehensive documentation for registration with the tax department. In this regard, the FBR has released a list of documents to be provided by the INGOs for registration. The FBR on Tuesday issued an S.R.O. 856(I)/2026 to notify draft amendments in the Income Tax Rules, 2002. Under the requirements, an International Non-Government Organization (INGO), required to be registered, shall provide the name of the taxpayer; business address; accounting period; phone number of business; principal business activity; name and address of principal officer or authorized representative of the company. An INGO would also submit an authority letter for the appointment of the principal officer or authorized representative of the company for applying for registration in Pakistan; cell phone number of the principal officer or authorized representative of the company; email address of the principal officer or authorized representative of the company; and tax registration or incorporation document from the concerned regulatory authorities of the foreign country. Copyright Business Recorder, 2026 [...]

PHDEC for B2B meetings to enhance garlic exports
May 13, 2026 1:01
PHDEC for B2B meetings to enhance garlic exports

LAHORE: Participants of a webinar organized by the Pakistan Horticulture Development & Export Company (PHDEC) have stressed the need for arranging Business-to-Business (B2B) meetings between Pakistani exporters and international buyers to enhance garlic exports and strengthen the country’s presence in global markets. The webinar, titled “Post-Harvest Management Strategies to Improve Quality for Garlic Export Enhancement,” was organized to promote modern post-harvest practices, improve export quality standards, and explore value-added opportunities for Pakistani garlic. The event brought together growers, exporters, researchers, academia, and other stakeholders from the horticulture sector. Participants observed that along with improving production and post-harvest management, direct engagement between exporters and foreign buyers was essential to expand export opportunities, identify market requirements, and improve international market access for Pakistani garlic. Speaking on the occasion, Muhammad Ismael, Senior Scientific Officer at Agricultural Research Station (ARS) Swabi delivered a detailed presentation on garlic production, post-harvest handling, and export quality enhancement practices. He discussed major garlic varieties cultivated in Pakistan and highlighted “Ema Queen,” an improved variety developed by ARS Swabi, noting its adaptability, quality characteristics, higher yield potential, and suitability for commercial cultivation and export purposes. He emphasized the importance of harvesting garlic at the proper maturity stage and explained best practices related to harvesting, cleaning, handling, and transportation to minimize physical damage and reduce post-harvest losses. Ismael also shared detailed guidance on curing and drying techniques required for producing export-quality garlic with improved shelf life, reduced moisture content, and better appearance. He said proper curing helps prevent fungal infections, preserve bulb quality, and improve storage performance. He further highlighted international standards for sorting, grading, and packaging of garlic for export markets, stressing that size uniformity, quality inspection, and standardized packaging were critical for securing better prices and acceptance in international markets. During the webinar, he also presented a project focused on the development, standardization, and commercialization of value-added garlic products aimed at reducing post-harvest losses and increasing income opportunities for farming communities. The project explores opportunities for garlic paste, dehydrated garlic powder, and other processed garlic products to promote value addition and strengthen Pakistan’s garlic export sector. Participants appreciated the technical information shared during the webinar and called for practical training sessions and stronger coordination with agriculture extension departments to improve the overall garlic value chain and export competitiveness of the country. Copyright Business Recorder, 2026 [...]

PAIB Committee of ICAP holds moot: Strategic leadership role of CFOs in focus
May 13, 2026 1:01
PAIB Committee of ICAP holds moot: Strategic leadership role of CFOs in focus

KARACHI: The Professional Accountants in Business (PAIB) Committee of the Institute of Chartered Accountants of Pakistan (ICAP) on Tuesday held the ICAP CFO Conference 2026 here, themed “The New Playbook – Adapt, Innovate, Elevate.” In his address of welcome, ICAP President Samiullah Siddiqui, FCA, highlighted the CFOs shifting role from traditional financial stewardship to strategic leadership, stressing the need to adapt and innovate amid economic volatility and technological disruption. The conference featured a keynote address by Junaid Iqbal, Founder & CEO of Salt Ventures, on navigating uncertainty and driving value creation. Key panel discussions covered Pakistan’s economic outlook, including taxation challenges, liquidity constraints, and investment opportunities, as well as what attracts serious capital in today’s markets and how finance professionals can turn uncertainty into capability-led growth. The technology dimension was addressed through a presentation on AI applications in finance by Saad Kaliya of A.F. Ferguson & Co, complemented by an international perspective from Dan Worsley of the IFAC. A fireside chat on Pakistan’s BPO and shared services potential further broadened the agenda. The PAIB Committee Chairman Muhammad Zaid Kaliya delivered an address titled “Elevate More Heroes,” urging finance leaders to actively mentor the next generation of professionals. The event also hosted the fourth edition of the Professional Excellence Awards (PEA), recognising outstanding individuals across multiple categories, including Business Enabler, Business Leader, Emerging Leader, Finance Leader, and Overseas Excellence. The conference served as a vital platform for Pakistan’s finance community to exchange ideas and chart a path toward sustainable, strategic growth. Copyright Business Recorder, 2026 [...]

Leading textile bodies propose comprehensive set of policy reforms
May 13, 2026 1:01
Leading textile bodies propose comprehensive set of policy reforms

ISLAMABAD: Pakistan’s leading textile bodies, including APTMA, PTEA, PHMA, PRGMEA and others, have jointly proposed a comprehensive set of policy reforms, warning that the sector is facing a severe competitiveness crisis due to high taxation, costly energy and liquidity constraints. According to Commerce Ministry, in a set of recommendations submitted to the government, the textile industry argued that the effective tax burden on exporters has surged to as high as 68.27 percent, significantly exceeding rates in competing countries such as India, Bangladesh and Vietnam. The industry maintained that multiple levies — including super tax, Workers’ Welfare Fund (WWF), Workers’ Profit Participation Fund (WPPF), and advance taxes — have eroded exporters’ margins and undermined their global competitiveness. It also expressed concern over the shift from the Final Tax Regime (FTR) to the Normal Tax Regime (NTR), stating that the move has adversely impacted export viability. Highlighting liquidity pressures, the stakeholders noted that advance income taxes and minimum turnover taxes are disproportionately burdening exporters compared to domestic-oriented manufacturers, further straining cash flows. To address these issues, the textile bodies have recommended reinstating the Final Tax Regime at 1 percent or allowing exporters the option to choose between FTR and NTR, along with reducing the corporate tax rate to 20 percent under the normal regime. They also called for abolition of super tax, advance tax and minimum turnover tax for exporters to restore liquidity and profitability. On the sales tax side, the industry termed the existing 18 percent GST regime as distortionary, proposing a reduced and progressive structure with 5 percent on raw materials and 10 percent on finished goods. It also demanded faster processing of refunds within 72 hours to ease working capital constraints. The stakeholders further highlighted that 35 to 40 percent of exporters’ working capital is currently blocked in pending refunds, including sales tax, income tax, and duty drawbacks, some of which have remained unpaid for over a decade. They urged the government to immediately clear all outstanding refunds and automate the rebate system. Energy costs were identified as another major challenge, with Pakistan’s electricity and gas tariffs significantly higher than regional competitors, coupled with supply disruptions that increase production costs and uncertainty. To improve competitiveness, the industry proposed a uniform electricity tariff of 8 cents per kWh, removal of surcharges, and a gas price of USD 7 per MMBtu for both industrial and captive use. The textile bodies also called for restoration of the Export Facilitation Scheme (EFS) to its original framework, arguing that recent changes have increased compliance burdens and liquidity pressures. In addition, they recommended reintroduction of the Duty Drawback of Taxes and Levies (DLTL) at 5 percent, along with a 2 percent performance-based incentive to promote export growth and offset higher input costs. Among other proposals, the industry urged reduction in duties on polyester staple fibre (PSF) to diversify exports towards higher-value man-made fibre products, revision of SME definitions, and rationalization of labour-related levies such as EOBI contributions. The textile sector emphasized that a stable, long-term policy framework spanning three to five years is critical to restoring investor confidence, boosting exports, and enabling sustainable industrial growth. Copyright Business Recorder, 2026 [...]

MoU inked with Chinese co: Millat Tractors entering EV market
May 13, 2026 1:01
MoU inked with Chinese co: Millat Tractors entering EV market

KARACHI: Millat Tractors Limited (MTL), one of Pakistan’s leading tractor manufacturers, has announced plans to enter the country’s emerging electric mobility sector through a strategic partnership with a Chinese electric bike manufacturer, marking a significant diversification move beyond its traditional agricultural machinery business. In a material information disclosure submitted to the Pakistan Stock Exchange (PSX) and the Securities and Exchange Commission of Pakistan (SECP), the company said a subsidiary of Millat Tractors had signed a Memorandum of Understanding (MoU) with a leading Chinese electric bikes (E-Bikes) manufacturer for the assembly, manufacturing and marketing of electric bikes in Pakistan. The development signals Millat Group’s formal entry into Pakistan’s fast-evolving electric vehicle (EV) market, as the country moves toward cleaner and more energy-efficient transportation under the government’s recently introduced electric vehicle policy framework. According to the company, the collaboration is aimed at establishing local capabilities for the assembly and manufacturing of electric bikes, while also developing a nationwide marketing network to cater to growing consumer demand for affordable and environmentally sustainable transport solutions. Analysts said the agreement is aligned with the Government of Pakistan’s National Electric Vehicle (EV) Policy 2025-30, which seeks to accelerate adoption of electric mobility, reduce reliance on imported fossil fuels, and lower carbon emissions in the transport sector. The company noted that the memorandum marks an important milestone in expanding the group’s product portfolio beyond agricultural equipment and into new mobility technologies, positioning it to capitalize on emerging opportunities in Pakistan’s transportation market. Industry experts say the move comes at a time when Pakistan’s two-wheeler market is witnessing increasing interest in electric alternatives due to high fuel prices, rising urban commuting costs, and growing policy incentives aimed at promoting green transportation. Electric motorcycles and scooters are increasingly being viewed as a cost-effective mobility solution, particularly for urban consumers and delivery services. Millat Tractors Limited, a key player in Pakistan’s farm machinery industry, is widely known for manufacturing tractors and agricultural equipment, and its expansion into electric bikes marks one of the most significant strategic shifts in its business model in recent years. Copyright Business Recorder, 2026 [...]

FPCCI optimistic for rise in bilateral trade with Iran
May 13, 2026 1:01
FPCCI optimistic for rise in bilateral trade with Iran

KARACHI: Atif Ikram Sheikh, President of the Federation of Pakistan Chambers of Commerce & Industry (FPCCI), has expressed his objective optimism for rapid increase in bilateral trade volumes between Pakistan and Iran. FPCCI on Tuesday hosted a prominent Iranian business and government delegation at the Federation House laying the groundwork for a massive expansion in cross-border economic ties. President FPCCI apprised that, following extensive B2B meetings and policy discussions, FPCCI leadership confidently projected that scaling the bilateral trade volume between Pakistan and Iran to USD10 billion within the next few years is highly achievable through strategic alignment and the resolution of technical barriers to trade. The Iranian delegation consisted of Hasani, Deputy Governor for Economic Affairs of Sistan and Baluchistan Province; Akbar Eissa Zadeh, Consul General of Iran in Karachi; Mohammad Saeed Arbabi, CEO of the Chabahar Free Zone and other prominent business personalities. Saquib Fayyaz Magoon, Senior Vice President (SVP) FPCCI, informed that the dialogue focused heavily on unlocking immediate commercial opportunities in core sectors; including, logistics, transportation, maritime linkages, and rice and meat exports. SVP FPCCI, highlighted the operational mechanisms required to reach these trade targets. Unlocking this USD10 billion potential requires formalizing and fully operationalising our barter and regional trade mechanisms. Abdul Mohamin Khan, VP & Regional Chairman Sindh, FPCCI, has said that by fostering direct, robust B2B linkages and establishing secure, alternative payment channels, we can overcome existing bottlenecks and significantly reduce the cost of doing business between our two nations. Nasir Khan, VP FPCCI, addressed the critical infrastructure required for this trade volume and pointed toward maritime and logistical synergy. We must pivot our perspective and view the ports of Gwadar and Chabahar as complementary assets rather than competitors. By integrating our logistics, transportation and maritime strategies, we can transform this region into a premier global transit hub facilitating seamless cargo movement and joint industrial ventures. Asif Sakhi focused on the immediate export potential and underscored the importance of agricultural and food sectors. Pakistan possesses an immense, untapped capacity to meet Iran’s growing food security needs. Our premium rice and halal meat sectors are fully equipped to capture a massive share of the Iranian market. To realize this, we urge authorities on both sides to drastically simplify customs procedures, modernize border management and ensure uninterrupted cold-chain logistics, he added. The visit concluded with a consensus on establishing dedicated follow-up on the B2B linkages. FPCCI reiterated its commitment to aggressively pursuing theUSD10 billion trade target through sustained economic diplomacy and private-sector advocacy. Copyright Business Recorder, 2026 [...]

Serious concern shown over rising oil prices
May 13, 2026 1:01
Serious concern shown over rising oil prices

KARACHI: Consumers Association of Pakistan Chairman Kaukab Iqbal has expressed serious concern and disappointment over the sharp increase in petroleum prices, stating that the extraordinary rise in petrol and diesel rates is another wave of inflation imposed on the public. He said the decision will not only affect daily life but will also increase transportation costs, agricultural expenses, industrial production costs, and the prices of essential commodities across the country. Talking to the media in Karachi, Kaukab Iqbal stated that Pakistan is already facing severe inflation, unemployment, and economic pressure, and the sudden increase in petroleum prices has become unbearable for the poor and middle class. He said that while international market conditions have their impact, additional domestic levies, internal charges, and various indirect costs have multiplied the financial burden on consumers. He further stated that higher public transport fares will directly affect workers, students, employees, and ordinary citizens, while increased diesel costs will raise agricultural production expenses, leading to further hikes in food prices. Rising logistics and freight charges will trigger another wave of inflation in the country. The Chairman of Consumers Association of Pakistan urged the Government of Pakistan to immediately reduce unnecessary taxes, levies, and additional charges imposed on petroleum products in order to provide relief to the public. He also called for emergency measures and special support for the transport, agriculture, and essential goods supply sectors to control the growing inflationary pressure. He also urged Oil and Gas Regulatory Authority to ensure strict implementation of official fuel prices across the country and to take immediate action against overcharging, under-measurement, and hoarding practices at fuel stations. Kaukab Iqbal emphasised that the current situation requires serious national attention and immediate practical measures to protect the public from further economic hardships. Meanwhile, Syed Aman Shah, Provincial Convener of Awaam Pakistan Party Balochistan, strongly reacted to the frequent increase and decrease in petroleum product prices. He stated that the government first imposes massive increases in petroleum prices and then, after a few days, announces a minor reduction to create the impression of public relief, which in reality is nothing more than deceiving the people. Syed Aman Shah said that the effects of rising petroleum prices are not limited to transportation alone. As a result, the prices of food items, medicines, electricity, gas, and all essential commodities of daily use also skyrocket. He said that the poor and middle class are already crushed under the burden of inflation, while the government’s non-serious decisions have made the lives of the people miserable. Shah further stated that whenever petrol and diesel prices increase, transport fares and commodity prices immediately rise across the country. However, despite minor reductions in fuel prices, the public receives no real relief. He added that the government’s flawed economic policies are giving rise to uncertainty, business stagnation, and economic instability in the country. He demanded that the federal government ensure transparency in determining petroleum prices and pass on the real benefits of reductions in international market prices directly to the public. He also urged the government to immediately formulate people-friendly economic policies; otherwise, the growing unrest among the public could take a more serious turn. Copyright Business Recorder, 2026 [...]

ADB assures USD1bn support for revival of KCR
May 13, 2026 1:01
ADB assures USD1bn support for revival of KCR

KARACHI: A high-level Asian Development Bank mission led by Deputy Country Director Hussain Haider met Chief Secretary Sindh Asif Hyder Shah to discuss the proposed Sindh Sustainable Mobility Project and preparatory financing support for major transport initiatives in the province. The meeting focused on developing sustainable, integrated and modern urban transport systems in Karachi, Hyderabad, Sukkur and Larkana, with the aim of improving public transport, reducing traffic congestion, promoting environment-friendly mobility and strengthening future transport planning. Special focus was given to the Karachi Circular Railway. The Government of Sindh will share previous feasibility studies and technical documents with ADB for further review. ADB is assured to support the project with USD1 billion, including an initial USD10 million for preparatory work such as design review, operational planning, institutional arrangements and financing models. Chief Secretary Sindh Asif Hyder Shah said the Government of Sindh is committed to building a modern, safe, efficient and sustainable public transport system across the province. He said the revival of KCR is a priority project that can improve mobility in Karachi, reduce pressure on roads, provide affordable mass transit and support economic activity. He appreciated ADB’s continued cooperation and directed concerned departments to ensure timely submission of PC-II documents, close coordination with ADB and completion of preparatory work within the given timelines. The meeting was attended by senior representatives of the Asian Development Bank, including Wonbae Seo, Transport Specialist, Hamid Khan, Project Officer Infrastructure, Umer Shafiq, Consultant, and Sadiq, Consultant. Chairman Planning & Development Board, Government of Sindh, Secretary Transport and other senior officers of the Government of Sindh also participated in the meeting. Copyright Business Recorder, 2026 [...]

Artistic Denim Mills Limited
May 13, 2026 2:45
Artistic Denim Mills Limited

Artistic Denim Mills Limited (PSX: ADMM) was incorporated in Pakistan in 1992. The principal activity of the company is the manufacturing and sale of rope dyed denim fabrics, yarn and value-added textile products. Pattern of Shareholding As of June 30, 2025, ADMM has 84 million shares outstanding which are held by 1175 shareholders. Directors, CEO, their spouse and minor children are the major shareholders of ADMM with a stake of 91.23 percent in the company followed by local general public holding 6.92 percent shares of ADMM. Artistic Properties (Private) Limited accounts for 1.68 percent shares of the company. The remaining shares are held by other categories of shareholders. Performance Trail (2019-25) Over the period under consideration, ADMM’s topline dipped in 2019 and 2025. Conversely, its bottomline registered year-on-year decline in 2020, 2024 and 2025. In 2025, the company posted net loss. ADMM’s margins which showed considerable growth in 2019, dipped in 2020 followed by a rebound in 2021. In 2022, gross margin fell while operating and net margins continued to tick up. ADMM’s margins staggeringly improved in 2023 followed by a drastic plunge in 2024 and 2025. The margins registered their lowest level in 2025. The detailed performance review of the period under consideration is given below. In 2019, ADMM’s revenue shrank by 5.74 percent year-on-year to clock in at Rs. 7767.18 million. This was on the back of tamed demand and cut-throat competition in the export market. However, ADMM was able to drive up its gross profit by 12.16 percent year-on-year due to effective cost control measures and Pak Rupee depreciation which rendered export sales more valuable. GP margin also inched up from 9.61 percent in 2018 to 11.43 percent in 2019. Distribution cost inched up moderately by 7.78 percent year-on-year in 2019 due to rise in payroll expense, advertising expense, traveling expense as well as quality control charges. However, freight charge, which is the biggest component of ADMM’s distribution expense, nosedived in 2019 due to lackluster export sales. Administrative expense almost remained intact during the year despite the fact that the number of employees grew from 499 in 2018 to 504 in 2019, resulting in higher payroll expense. However, higher payroll expense was offset by a decline in legal & professional charges in 2019. Other expense magnified by 49.37 percent year-on-year in 2019 on the back of higher provisioning for WWF and WPPF. Other income posted a stunning 117.50 percent year-on-year growth in 2019 due to considerable exchange gain. Other income stood at 7 percent of sales in 2019 as against its share of 3 percent in 2018. Operating profit grew by 54.11 percent year-on-year in 2019 with OP margin of 13.74 percent as against OP margin of 8.40 percent posted in 2018. Finance cost rose by 20.93 percent year-on-year in 2019 due to high discount rate coupled with higher working capital requirements. ADMM’s debt-to-equity ratio flew from 65.5 percent in 2018 to 92.44 percent in 2019. Net profit posted 67.82 percent year-on-year growth in 2019 to clock in at Rs.866.82 million in 2019 with NP margin of 11.16 percent versus NP margin of 6.27 percent posted in 2018. EPS stood at Rs.10.32 in 2019 as against EPS of Rs.6.15 posted in 2018. In 2020, the company’s sales were drastically affected due to COVID-19. The topline could only muster 2.23 percent year-on-year growth to clock in at Rs.7940.57 million. While revenue tamed down, cost of sales kept rising due to fixed cost and payment of full salaries and wages to the employees during the lockdown period. This shoved the gross profit down by 29.45 percent year-on-year. GP margin also shrank to 7.89 percent in 2020. Distribution cost increased by 15.06 percent year-on-year despite low sales as freight and transportation charges increased due to supply chain impediments on account of COVID-19. Export development surcharge and clearing charges as well as travelling, boarding and lodging charges also rose during the year. Administrative expense posted a marginal 6.68 percent year-on-year growth in 2020. Other expense and other income inched down during the year due to lesser provisioning for WWF and WPPF and lesser exchange gain respectively. Operating profit plunged by 63.54 percent year-on-year in 2020 while OP margin slid to 4.90 percent. Finance cost substantially grew due to higher working capital requirements and rising discount rate before the outbreak of COVID-19. ADDM’s debt-to-equity ratio soared to 122 percent in 2020. The bottomline slipped by 86.88 percent year-on-year in 2020 to clock in at Rs.113.69 million with NP margin of 1.43 percent. EPS fell to Rs.1.35 in 2020. With topline growth of 23.58 percent year-on-year, ADMM made a strong comeback in 2021. Net sales clocked in at Rs.9813.18 million in 2021. This came on the heels of better product mix and aggressive marketing drives undertaken by the company during the year. Despite revision in gas tariff, increase in the price of raw cotton and severe supply chain issues in the winter season, gross profit magnified by 77.44 percent year-on-year while GP margin also greatly increased to 11.33 percent in 2021. A massive drop in travelling, boarding and lodging charges kept distribution expense in check which only grew by 3.97 percent year-on-year in 2021 despite high freight and transportation charges due to stronger export sales. Administrative expense grew by 17.14 percent year-on-year in 2021 due to higher fee and subscription charges. The value of Pak Rupee against the greenback rose from Rs.168 at the beginning of the year to Rs.152 in March 2021 resulted in exchange loss which escalated other expense by 127 percent. Other income didn’t turn out to be favorable either as it fell by 47.77 percent year-on-year in 2021 due to no exchange gain recorded during the year and a significant drop in profit on treasury call account. Despite growing expense, operating profit climbed up by 74.26 percent year-on-year in 2021 and OP margin improved to 6.91 percent. Finance cost grew by 74.26 percent in 2021 despite discount rate cuts as the company availed SBP’s TERF scheme for technological advancements and other value additions coupled with higher working capital requirements. Net profit boasted a tremendous year-on-year growth of 211.29 percent in 2021 to clock in at Rs.353.90 million in 2021 with NP margin of 3.61 percent. EPS stood at Rs.4.21 in 2021. 2022 was the year full of macroeconomic challenges; however, ADMM rose even stronger. Political uncertainty, record high inflation, rising discount rate, elevated energy and gas prices and deteriorating value of Pak Rupee, couldn’t suppress ADMM’s sales from growing which boasted staggering year-on-year growth of 72.63 percent to clock in at Rs.16,940.23 million in 2022. Not only did the volume grow substantially, product mix and favorable Rupee/Dollar parity played its role in keeping the topline strong. However, depreciation of Pak Rupee coupled with increase in cotton prices, dyes and chemicals and other imported raw materials, sharp increase in ocean freight and gas tariff as well as shortage of gas which compelled the company to use diesel drove up the cost of sales by 73.52 percent year-on-year in 2022. ADMM’s gross profit mounted by 65.62 percent year-on-year in 2022 but its GP margin moved down to 10.87 percent. Higher ocean freight prices had an adverse affect on the distribution expense which grew by 38.45 percent in 2022. Administrative expense grew by 15.50 percent in 2022 which was in line with inflation and also because of higher payroll expense on account of workforce expansion. ADMM’s workforce stood at 667 employees in 2022 versus 619 employees in 2021. Other income tumbled by 36.61 percent in 2022 due to lower dividend income and no exchange gain recorded during the year. Other expense also slumped by 36.61 percent in 2022 due to absence of exchange loss. Operating profit grew by 91.12 percent year-on-year in 2022 while OP margin also moved up to 7.65 percent. Finance cost enlarged by 86.11 percent in 2022 due to multiple upward revisions in discount rate. ADMM also availed TERF scheme during the year and its working capital requirements also increased. The bottomline posted a healthy year-on-year growth of 84.87 percent in 2022 to clock in at Rs.654.25 million with NP margin of 3.86 percent. EPS ticked up to Rs.7.79 in 2022. In 2023, ADMM’s topline grew by a paltry 0.78 percent year-on-year to clock in at Rs.17,072.74 million. This was mainly on account of Pak Rupee depreciation which coupled with effective cost control measures drove up GP margin to its highest level of 17.10 percent in 2023. Gross profit also grew by 58.58 percent year-on-year in 2023. Operating expenses grew on account of record breaking inflation. 17 percent higher distribution expense incurred in 2022 was the consequence of elevated freight & transportation charges. Administrative expense also surged by 23.36 percent in 2023 due to higher payroll expense. This was despite the fact that ADMM squeezed its workforce from 667 employees in 2022 to 583 employees in 2023. Other expense moved up by 24.25 percent in 2023 because of higher provisioning done for WWF and WPPF. Other income improved by 54 percent in 2023 due to higher scrap sales, gain on sales of fixed assets and also higher income from financial assets. This resulted in 76.75 percent higher operating profit recorded by ADMM in 2023 with OP margin of 13.42 percent. Finance cost escalated by 137.96 percent in 2023 due to elevated discount rate and higher long-term loan obtained during the year for the import of plant & machinery under SBP’s LTFF scheme. ADMM’s net profit climbed up by 62.11 percent in 2023 to clock in at Rs.1060.63 million with EPS of Rs.12.63 and NP margin of 6.21 percent. In 2024, ADMM’s net sales grew by 21.89 percent to clock in at Rs.20,810.39 million. This was on account of favorable sales mix, higher sales volume and upward revision in sales price. Despite robust topline, ADMM couldn’t sustain its GP margin on account of unabated hike in raw material prices, energy cost, spike in ocean freight charges due to Red sea crisis and also higher conversion cost. Appreciation of Pak Rupee against the US Dollar also exerted pressure on the margins in 2024. Gross profit tumbled by 16.42 percent in 2024 with GP margin falling down to 11.73 percent. Distribution expense surged by 12.91 percent in 2024 due to improved sales volume and higher freight & transportation charges. Administrative expense also escalated by 9.47 percent in 2024 which was in line with soaring inflation. Payroll expense mounted during the year despite the fact that the company streamlined its workforce from 583 employees in 2023 to 564 employees in 2024. 37.90 percent lower other expense incurred during the year was the consequence of lower profit related provisioning. Other income strengthened by 59 percent in 2024 on account of unrealized gain recorded on the re-measurement of investments, higher profit recognized on treasury accounts and gain recorded on the sale of fixed assets. ADMM recorded 19.80 percent lower operating profit in 2024 with a thinner OP margin of 8.83 percent. Finance cost grew by 24.15 percent in 2024 due to higher discount rate and elevated working capital requirements. All these factors translated into 68.72 percent decline in ADMM’s net profit which stood at Rs.331.72 million in 2024 with EPS of Rs.3.95 and NP margin of 1.59 percent. In 2025, ADMM recorded net sales of Rs.18,407.08 million, down 11.55 percent year-on-year. This was due to global inflationary pressure, economic slowdown, uncertain tariff rates and stagnant exchange rate which put pressure on the demand. Escalating energy cost and labor cost didn’t allow the cost of sales to drop by the comparable margin. This resulted in 54.16 percent thinner gross profit in 2025 with GP margin falling down to its lowest level of 6 percent. Distribution expense inched up by 3.75 percent in 2025 due to hefty postage, travelling, quality control and salary expense incurred during the year. Inflationary pressure drove up administrative expense by 14.60 percent in 2025 by raising the minimum wage rate. ADMM recorded 94.45 percent lower other expense in 2025 due to no profit related provisioning done during the year. Other income also deteriorated by 11 percent in 2025 due to no unrealized gain recorded on the re-measurement of investment in 2025. Operating profit dwindled by 72.89 percent in 2025 with OP margin falling down to 2.71 percent. Finance cost slid by 42 percent in 2025 on the back of lower discount rate. Short-term borrowings increased during the year which resulted in gearing ratio of 62.17 percent in 2025 versus 54.88 percent in the previous year. ADMM recorded net loss of Rs.451.099 million in 2025 with loss per share of Rs.5.37. Recent Performance (9MFY26) During the nine-month half of the ongoing fiscal year, ADMM posted 25.57 percent year-on-year decline in its net sales which clocked in at Rs.10,362.82 million. This was due to dismal global economic conditions and geopolitical tensions which restrained the demand, stability of Pak Rupee and heightening cost pressure in the local market making Pakistani exports lesser competitive. Elevated energy and labor cost and the imposition of off-the-grid levy didn’t allow cost to subside by a comparable margin, resulting in 18.15 percent decline in gross profit in 9MFY26. GP margin slightly ticked up from 6.68 percent in 9MFY25 to 7.35 percent in 9MFY26 due to favorable sales mix. Lesser sales volume and limited production operations translated into 20.21 percent slump in distribution expense and 1.96 percent downtick in administrative expense in 9MFY26. Zero provisioning done for WWF and WPPF resulted in no other expense in 9MFY26. Other income also deteriorated by 73.20 percent in 9MFY26 likely due to lesser scrap sales, thinner gain on the disposal of operating fixed assets and smaller income from financial assets due to monetary easing. ADMM posted 39.26 percent lower operating profit in 9MFY26 with OP margin clocking in at 2.77 percent versus OP margin of 3.40 percent registered in 9MFY25. Despite monetary easing, finance cost escalated by 19.74 percent in 9MFY26 due to increased long-term loans obtained during the period. The need for external financing was also due to delays in the recovery of sales tax refunds and advance income taxes during the period. The company posted net loss of Rs. 432.34 million in 9MFY26, up 94.40 percent year-on-year. This translated into loss per share of Rs.5.15 in 9MFY26 versus loss per share of Rs.2.65 recorded in 9MFY25. Future Outlook Higher cost of sales, elevated freight & shipping charges and taller finance cost are diluting ADMM’s margins and profitability. Ongoing geopolitical tensions, trade disruptions and tariff measures also dented the company’s export volumes. The company not only needs to sustain its volumes by tapping new geographical markets but also undertake cost optimization and effective capital management. The shift towards solar power plant is a leap in the right direction and will cut down the company’s energy cost. Furthermore, the company has also started a dyeing facility, resulting in vertical integration. This facility will not only meet the internal needs but will also cater to the demand of external customers. This intellectual move will not only reduce the company’s reliance on the external dyeing companies but will also diversify its sales mix. Moreover, this will enable ADMM to produce high value-added products which will result in greater margins and profitability. [...]

Customs values of solar panels increased
May 13, 2026 2:04
Customs values of solar panels increased

ISLAMABAD: The Directorate General of Customs Valuation, Karachi, has increased the customs values of solar panels imported from all origins by 20 to 30 percent. In this regard, a valuation ruling (2077 of 2026) has been issued by the directorate on Tuesday. Previously, the customs values of solar panel were determined vide Valuation Ruling No.2012-2025. However, the said valuation ruling is now almost one-year-old, and international market prices of the subject goods have increased during this period. Therefore, a preliminary analysis of import data, including declared values, assessed values, and prevailing market prices, was conducted to re-determine the customs values of the subject goods under Section 25A of the Customs Act 1969. A meeting for the determination of customs values was held, which was attended by the relevant stakeholders. The viewpoints of the participants were heard in detail, and the stakeholders were requested to submit documentary evidence to substantiate their contentions. Valuation methods specified in section 25 of the Customs Act, 1969, were duly considered in sequential order to arrive at the customs values of the subject goods. The transaction value method as provided in sub-section (l) of section 25 of the Customs Act, 1969, was found inapplicable due to the absence of information as required under sub-section (2) of section 25 of the Customs Act, 1969. The identical goods value method as provided in Section 25 (5) was examined, some applicable values were found, but the same could not be solely relied upon due to the absence of absolute demonstrable evidence of quantities and qualities. Subsequently, the similar goods value method provided in Section 25(6) was also examined in light of the clearance data of subject goods and was finally relied upon for the determination of Customs values of Solar Panels under Section 25 of the Customs Act, 1969. Copyright Business Recorder, 2026 [...]

Oil settles higher
May 13, 2026 2:03
Oil settles higher

NEW YORK: Oil prices settled higher for the third consecutive session on Tuesday as stark differences between the US and Iran over a proposal to end the war in the Middle East raised concerns that supply disruptions upending the global oil market are likely to be prolonged. Brent crude futures gained USD3.56, or 3.42 percent, to settle at USD107.77 a barrel, and US West Texas Intermediate futures closed up USD4.11, or 4.19 percent, at USD102.18. Both benchmarks had climbed nearly 3 percent on Monday. US President Donald Trump said on Monday that ceasefire talks with Iran were on “life support,” pointing to disagreements over Tehran’s demands of a cessation of hostilities on all fronts, the removal of a US naval blockade, the resumption of Iranian oil sales and compensation for war damage. READ MORE: Oil prices settle higher Iran also emphasised its sovereignty over the Strait of Hormuz, through which about a fifth of global oil and liquefied natural gas normally flows. “Markets are doubting that a peace deal is within reach,” StoneX analyst Alex Hodes said. EIA: Strait may be closed to late May The US Energy Information Administration on Tuesday said it now assumes the strait will be effectively closed through late May, leading to much larger losses of Middle Eastern oil and gas supplies than its prior forecasts. The agency had earlier expected the waterway would be shut through late April. Even after flows resume through the Strait of Hormuz, it will take at least until late 2026 or early 2027 for oil output and trade patterns to return to pre-conflict levels, the EIA said. Disruptions linked to the near-closure of the strait have prompted producers to curtail exports, with a Reuters survey on Monday showing OPEC oil output in April fell to its lowest level in more than two decades. The EIA estimates 10.5 million barrels per day of output were lost during April across the Middle East due to the strait closure, limiting exports. Other sources have pegged the supply losses much higher. J.P. Hanson, global head of oil and gas at Houlihan Lokey, said the conflict has created a 14 million bpd supply gap. [...]

APTMA urges Punjab govt to withdraw PIDC Bill 2026
May 13, 2026 2:01
APTMA urges Punjab govt to withdraw PIDC Bill 2026

ISLAMABAD: The All Pakistan Textile Mills Association (APTMA) has urged the Punjab government to withdraw the Punjab Infrastructure Development Cess (Amendment) Bill 2026, calling for a complete review of the levy mechanism in consultation with industrial stakeholders. In a letter addressed to Chief Minister Maryam Nawaz Sharif, APTMA Chairman Kamran Arshad expressed “deep concerns and reservations” over the bill passed by the Punjab Assembly on May 6, 2026, stating that it has triggered shock, dismay, and distress across the business community in the province. APTMA noted that the bill imposes a cess on “all goods manufactured, produced, consumed, imported into Punjab or exported out of Punjab at the rate of 0.90 percent of the total value of such goods.” It warned that the levy would significantly increase costs for industries in Punjab, particularly the export-oriented textile sector. The Association emphasized that textile exporters operate in highly competitive international markets with thin margins, where prices are largely dictated by global buyers. The imposition of a 0.90 percent cess at multiple stages — import, manufacturing, consumption, and export — would erode competitiveness and potentially push exporters out of global markets, as the additional cost cannot be passed on to international customers. “This will not only weaken the competitiveness of exports originating from Punjab but may ultimately lead to the closure of industrial units,” the letter stated. APTMA further criticized what it termed “unbridled enforcement powers” granted to cess officers, warning that these provisions could create fear and uncertainty within the business community. “To add insult to injury, excessive enforcement powers have been vested in cess officers, creating panic among trade and industry,” Arshad said, adding that provisions related to the establishment of pickets, check posts, monitoring stations, electronic surveillance, and penalties of up to ten times the cess amount could obstruct the free movement of goods and expose businesses to harassment and bureaucratic high-handedness. The Association also highlighted a disparity between Punjab- and Sindh-based industries, stating that Punjab’s industrial units would effectively face double taxation. While Punjab-based businesses would have to pay cess in both Punjab and Sindh — since most import and export consignments pass through Sindh — industries located in Sindh would pay the cess only once. “This creates an unequal cost structure and places Punjab-based industry at a significant competitive disadvantage,” APTMA maintained. It further pointed out that Punjab has already experienced considerable deindustrialization due to high energy costs and an unfavourable business environment. The new cess, it warned, would further increase the cost of doing business, discourage industrial expansion, and deter investment, particularly in export-oriented sectors. “At a time when Punjab needs to expand its industrial base and boost exports, such measures will increase production costs and undermine competitiveness,” the association added. In view of these concerns, APTMA has called for the immediate withdrawal of the bill and urged the government to revisit the cess framework through meaningful consultation with industry stakeholders to ensure that policy measures do not hinder industrial growth, exports, and investment. Copyright Business Recorder, 2026 [...]

Shariah Governance Regulations: SECP proposes major changes
May 13, 2026 1:59
Shariah Governance Regulations: SECP proposes major changes

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has proposed major changes in the Shariah Governance Regulations, 2023, to facilitate Shariah-compliant companies. In this regard, the SECP has issued a Comparative Statement on the proposed amendments to the Shariah Governance Regulations, 2023. According to the proposed amendments, the certification of companies’ approval by the commission is being restricted to regulated persons, and a new category is being introduced with special provisions. The Shariah review-related responsibilities have been moved to the Shariah supervisor board/ Shariah advisor of the applicant, as per proposed changes. As per the Commission’s decision, certification is now limited only to regulated persons who are licenced, registered, or authorized otherwise. The proposed amendments have explicitly clarified that having a Shariah board/advisor is mandatory for making such an application. The primary responsibility of Shariah review and approval rests with the Shariah board/advisor. New provisions have been introduced for certification by the Shariah Board/advisor instead of the Commission for the companies that are not regulated persons, the SECP added. The proposed changes in the Shariah Governance Regulations, 2023, will empower the Commission to safeguard the integrity of Shariah compliance, which is particularly important for the unregulated sector where certification is delegated to Shariah Advisors, ensuring accountability and adherence to regulatory standards. The SECP has also proposed to omit the requirement of mandatory certification of a Shariah-compliant company registered as a Shariah advisor. Copyright Business Recorder, 2026 [...]

Trump due in China today
May 13, 2026 1:56
Trump due in China today

BEIJING: Donald Trump was due in Beijing Wednesday on the first visit to China by a US president in nearly a decade, as he seeks to ramp up trade despite potential friction over Taiwan and Iran. Leaving Washington on Tuesday on a trip that was delayed by his war, Trump said he expected a “long talk” with counterpart Xi Jinping about Iran, which relies on China as the top customer for its US-sanctioned oil. But he also played down disagreements on Iran, saying that Xi has been “relatively good, to be honest with you”. “I don’t think we need any help with Iran. We’ll win it one way or the other. We’ll win it peacefully or otherwise,” Trump told reporters as he left the White House. This week’s trip — the first since Trump visited in 2017 — will involve high-stakes talks with Xi on Thursday and Friday, during a packed itinerary that includes a state banquet and tea reception. Trump said Monday that he would speak to Xi about US arms sales to Taiwan, the self-governing democracy claimed by China — a departure from historic US insistence that it will not consult Beijing on its support to the island. [...]

FCC lifts ban on conversion of residential plots to commercial plots
May 13, 2026 1:55
FCC lifts ban on conversion of residential plots to commercial plots

ISLAMABAD: The Federal Constitutional Court has lifted the ban on the conversion of residential plots to commercial and recreational use in Karachi, granting significant relief to builders and developers. A two-judge bench headed by Justice Aamer Farooq on Tuesday disposed of the case, setting aside a previous ruling that had prohibited the conversion of residential plots into commercial properties in the city. The bench clarified that amenity plots, including parks, hospitals, schools, mosques, playgrounds, and graveyards, cannot be used for commercial or residential purposes. During the hearing, Justice Aamer remarked that the Court would not interfere in the functioning of institutions such as the Sindh Building Control Authority (SCBA).“If any institution violates the law, the relevant forum or the High Court can be approached,” said Justice Aamer. READ MORE: Residential plots to commercial use: ABAD hails FFC’s ruling on lifting conversion ban He further said that the affected parties also have the right to file appeals against the High Court decisions. Justice Aamer also said that the Court’s suo motu power no longer exists and emphasized that laws are already in place to address violations of building regulations. The court expressed its expectation that town planning authorities will perform their duties with integrity and in good faith. By withdrawing the earlier restrictive decision, the Federal Constitutional Court has cleared the path for legal commercial activity while reiterating that this shift should not serve as an obstacle to legitimate regulatory oversight. The bench concluded that while the ban on category conversion is lifted for private plots, the protection of communal and public land remains a priority for the urban landscape. Justice Arshad Hussain remarked that any official found violating the law would face legal action. “Courts cannot make laws; they can only ensure their implementation,” Justice Aamer added. A two-member bench of the Supreme Court in January 2019 had imposed a complete ban on conversion of residential and amenity plots into commercial spaces in Karachi and directed the authorities concerned, including cantonment boards, to review all such conversions allowed by them in the provincial capital. Copyright Business Recorder, 2026 [...]

Transfer notified: P3A goes to Privatization Division
May 13, 2026 1:52
Transfer notified: P3A goes to Privatization Division

ISLAMABAD: The government has notified the transfer of the administrative control of the Public Private Partnership Authority (P3A) from the Planning, Development and Special Initiatives Division to the Privatization Division. The decision to shift the P3A from the Ministry of Planning and Development to the Ministry of Privatisation is aimed at strengthening the Cabinet Committee on Privatisation (CCoP) to attract greater private sector participation in infrastructure and development projects. Under the Public Private Partnership Authority Act of 2017, the primary objective of P3A is to provide an enabling legal and regulatory framework for developing, executing, and implementing P3 transactions, thereby promoting private sector investment towards building public infrastructure and the provision of related services. READ MORE: Push to speed up projects: P3A overhaul gets PM’s approval P3A has the mandate to facilitate federal implementing agencies in developing, structuring, and procuring their infrastructure projects on a P3 basis. In addition, the Board of P3A is empowered to approve such P3 transactions that are projected to provide Value for Money (VFM) solutions in the public sector while retaining a bankable financial structure for the private sector. To further simplify and streamline P3 project development, appraisal, and approval processes, as envisaged under the P3A Act, the federal government promulgated the P3A (Amendment) Ordinance, 2020 (“P3A Ordinance”). Under the P3A Ordinance, the P3A will undertake only ‘Qualified’ projects as defined in the P3A Ordinance. A project that falls outside the ambit of a ‘Qualified’ project will be undertaken by the Implementing Agency with the approval of its Principal Accounting Officer. Further, all projects that are undertaken by the Implementing Agency will not undergo the approval process of P3A. In accordance with the P3A Ordinance, the approval process is streamlined, thereby enabling the Board of P3A to make quick decisions. In accordance with the mandate of P3A, P3A will continue to facilitate and advise Implementing Agencies in developing, structuring, procuring, and implementing their P3A projects, even if they are not ‘Qualified’ projects. Furthermore, to enable the government to pursue its development goals more aggressively, the Ordinance also provides for the private sector to submit Unsolicited Proposals (USPs) to P3A/IAs for projects that have not been identified/conceptualized by the government but may have the potential to be implemented on a P3 basis through creating a win-win solution for both the public and the private sectors. Copyright Business Recorder, 2026 [...]

‘763,000 Pakistanis migrated for employment thru formal channels in 2025’
May 13, 2026 1:01
‘763,000 Pakistanis migrated for employment thru formal channels in 2025’

ISLAMABAD: More than 763,000 Pakistanis migrated abroad for employment through formal channels in 2025, contributing significantly to the economies of destination countries while supporting millions of households through remittances, further cementing Pakistan’s position as one of the world’s leading labour-exporting countries. This information was shared during a two-day training session organised by the Ministry of Overseas Pakistanis and Human Resource Development (MOPHRD) in collaboration with the International Labour Organisation (ILO) under the project “Advancing Safe and Fair Labour Migration,” funded by the German Federal Ministry for Economic Cooperation and Development (BMZ) and co-funded by the European Union, with support from GIZ Pakistan. Government officials from across Pakistan convened in Islamabad this week for a training session aimed at strengthening fair recruitment systems, improving labour migration governance, and enhancing protection for Pakistani migrant workers against exploitation and unfair recruitment practices. Geir Tonstol, Director of the ILO Country Office for Pakistan, stated that “Labour migration should create opportunities for workers — not expose them to debt, exploitation or abuse. Too many workers still face excessive recruitment costs, misleading information, and vulnerability even before departure. Strengthening fair recruitment systems is therefore essential to protecting workers’ rights and ensuring that migration remains a pathway to decent work. Workers should not pay for jobs.” Copyright Business Recorder, 2026 [...]

Senate passes bill raising air travel compensation to Rs20m
May 13, 2026 1:01
Senate passes bill raising air travel compensation to Rs20m

ISLAMABAD: The Upper House of the Parliament has passed a government bill that enhances the compensation amount from five million to 20 million rupees in the event of death or injury of a passenger during air travel due to the fault of the carrier or the airline concerned— to bring the airline’s limit of liability in accordance with the Special Drawing Rights (CDR) created by the International Monetary Fund (IMF). In this context, Parliamentary Affairs Minister Tariq Fazal Chaudhry presented the Carriage by Air (Amendment) Bill, 2026 in the Senate session on Tuesday that received the House’s nod by majority vote after it was opposed by the opposition lawmakers who demanded that the bill be referred to the relevant standing committee. Finally, during voice vote, 25 votes went in the bill’s favour and nine against it. Already passed by the National Assembly, the bill now requires the ceremonial assent from President Asif Ali Zardari to become an act of the Parliament. The bill seeks to amend the Carriage by Air Act, 2012 to increase compensation amount from the existing Rs 5 million to Rs 20 million for the death or injury of a passenger during air travel due to the fault of the airline concerned. The bill provides that the airline shall not be liable for damages— “to the extent that they exceed for each passenger Rs 20,000,000 if it is proved that— such damage was not due to the negligence or other wrongful act or omission of the carrier or its servants or agents.” The Statement of Objects and Reasons of the bill reads that Pakistan is a party to Montreal Convention of 1999 (Convention), and that the Convention establishes an airlines liability in case of international flights for death or injury to a passenger or delay, damage or loss of baggage and cargo—it contains the limit of liability of the carrier in the SDR which is an international reserve asset created by the IMF to supplement official reserves of its member countries. “There are changes in the amount of compensation in regular intervals. In fact, the next review of the limit of liability under the Convention is likely by December 2029. In view of this, it is proposed that the federal government may be empowered to incorporate requisite changes through notification in the official gazette based on implementation of the international commitments and inflationary trends in case of domestic air carriers,” reads the Statement of Objects and Reasons. Another government bill-the National Fund for Culture Heritage (Amendment) Bill, 2026— moved by National Heritage and Culture Minister Aurangzeb Khichi, was referred to the relevant standing committee. The bill seeks to replace the words “federal government” with appropriate authority in the National Fund for Culture Heritage Act, 1994. Apart from that, the parliamentary affairs minister, on behalf of the defence minister, laid before the Senate the Pakistan International Airlines Corporation (Conversion) (Repeal) Ordinance, 2026. Earlier, in the Question Hour the parliamentary affairs minister informed the Senate that action had been taken against over 200 officials of the Federal Investigation Agency (FIA) for misuse of authority in immigration matters. The Senate has been adjourned till Friday. Copyright Business Recorder, 2026 [...]

Two bills passed on Members’ Day
May 13, 2026 1:01
Two bills passed on Members’ Day

ISLAMABAD: The National Assembly on Tuesday passed the “Islamabad Capital Territory (Prohibition of Plastic Book Covers) Bill, 2026” and the “Anti-Rape (Investigation and Trial) (Amendment) Bill, 2025” on Private Members’ Day. Deputy Speaker Ghulam Mustafa Shah, who chaired the House, referred ‘The Pakistan Bait-ul-Mal (Amendment) Bill, 2025’, ‘The Criminal Laws (Amendment) Bill, 2025’ (Sections 292, 293, and 294, PPC), and others passed by the Senate to the concerned standing committees of the House for further deliberation. The “Polio Eradication and Rehabilitation Bill, 2026” was also introduced in the House. The lower house of Parliament passed the “Anti-Rape (Investigation and Trial) (Amendment) Bill, 2025” and the “Islamabad Capital Territory (Prohibition of Plastic Book Covers) Bill, 2026” by rejecting all amendments moved by opposition members of Jamiat Ulema-e-Islam-Fazl (JUI-F), Naeema Kishwar Khan, and Alia Kamran. According to the statement of objects and reasons of the “Anti-Rape (Investigation and Trial) (Amendment) Bill, 2025”, “Child abuse, in all its forms—physical, sexual, emotional abuse, and neglect—remains one of the most pressing societal issues in Pakistan, directly impacting the most vulnerable members of society. The judicial process in such cases often suffers from delays, complex procedures, and a lack of specialized support, resulting in further harm to child victims. The trauma caused by prolonged legal proceedings, coupled with the fear of intimidation or re-victimization, undermines the effectiveness of the justice system and the overall well-being of the child. This Bill seeks to address these challenges by introducing a specialized framework for the swift and effective handling of child abuse cases.” According to the statement of objects and reasons of the “ICT (Prohibition of Plastic Book Covers) Bill, 2026”, “The purpose of this Bill is to prohibit the use of plastic covers for all books sold within the ICT. This legislative measure is a critical step toward addressing the growing burden of plastic waste, particularly single-use plastics, which pose a serious and escalating threat to Pakistan’s environment, public health, and waste management infrastructure. Pakistan generates an estimated 3.9 million tons of plastic waste annually. A significant portion of this waste, often consisting of thin films of non-recyclable material, ends up in landfills, water bodies, or informal dumping sites. This widespread pollution contributes to soil degradation, water contamination, and severe harm to wildlife. Among the countless sources of this single-use plastic waste, plastic book covers are especially problematic. They are widely used, particularly on school textbooks and children’s books, under the mistaken belief that they offer long-term protection. In reality, these covers are typically discarded shortly after purchase or use, contributing a substantial amount of unnecessary plastic waste. Schools and educational institutions are major contributors to this problem, given the routine practice of wrapping books in plastic. This Bill, therefore, seeks to tackle this specific issue with a clear and targeted approach. Its primary objectives are to eliminate the use of plastic covers on books sold within the Islamabad Capital Territory; promote the adoption of sustainable alternatives, such as paper, cloth, or biodegradable materials, which offer the same protective benefits without the environmental cost; raise public awareness; and engage publishers, distributors, and retailers in the transition to eco-friendlier practices.” Copyright Business Recorder, 2026 [...]

Punjab CM pays tribute to Jand villager
May 13, 2026 1:01
Punjab CM pays tribute to Jand villager

LAHORE: Punjab Chief Minister Maryam Nawaz Sharif paid tribute to the villager from Jand who sacrificed his life while stopping a suicide bomber. In a statement, the CM saluted the great sacrifice of martyr Liaqat, a resident of a suburban village of Jand, and said that his sacrifice would always be remembered. The chief minister also expressed sympathy with the family of martyr Liaqat. Maryam Nawaz Sharif also appreciated the Attock police team for its courageous response at the Khushhal Garh check post and said that every possible step would be taken to ensure the safety of Punjab and the protection of its citizens. Copyright Business Recorder, 2026 [...]

PRA, SCCI discuss tax system, ease of doing business
May 13, 2026 1:01
PRA, SCCI discuss tax system, ease of doing business

LAHORE: The Punjab Revenue Authority (PRA) and the representatives of Sialkot Chamber of Commerce and Industry (SCCI) on Tuesday discussed various measures to bring about further improvement in taxation system and concerns relating to the business community. According to PRA officials, the meeting held via video link, also discussed in details strategy to facilitate the taxpayers. Chairman PRA, Moazzam Iqbal Sipra, listened to various tax-related issues and concerns faced by industrialists and exporters in Sialkot. During the meeting, the president and the members of the SCCI presented a number of proposals aimed at further simplifying the tax payment system and enhancing the scope of ease of doing business. Addressing the participants, chairman PRA reaffirmed the commitment of the Government of Punjab to resolve the issues of the business community on a priority basis. He stated that facilitating taxpayers and creating a business-friendly environment were the government’s key priorities. The chairman emphasized that mutual cooperation between the PRA and the business community is vital for economic stability, broadening the tax net and promoting exports. He assured the participants that PRA would continue taking practical steps to simplify tax procedures and improve service delivery. The SCCI president assured full cooperation with the PRA in efforts for expanding the tax base and strengthening tax compliance. Member legal PRA, commissioner PRA Gujranwala and director policy also participated in the meeting. Both sides agreed to further enhance coordination and institutional collaboration between the SCCI and the PRA. Copyright Business Recorder, 2026 [...]

Conversion of CCRI land into gymkhana club opposed
May 13, 2026 1:01
Conversion of CCRI land into gymkhana club opposed

LAHORE: The Pakistan Cotton Ginners Association (PCGA) and the Pakistan Cotton Brokers Association have jointly opposed the proposed conversion of land belonging to the Central Cotton Research Institute (CCRI), Multan, into a Gymkhana Club, warning that such a move would seriously damage Pakistan’s already fragile cotton research and development framework. In separate appeals to the government, both organizations stressed that CCRI Multan is a historic and specialized institution of national importance that has played a pivotal role in the country’s cotton sector for more than five decades. PCGA Chairman Sham Lal Manglani urged the Punjab chief minister to immediately cancel the proposed project and declare the land of CCRI Multan a “National Agricultural Research Heritage Site.” He said the institute has remained Pakistan’s central cotton research facility since 1970 and has developed over 40 high-quality cotton varieties, many of which are still widely cultivated by farmers. He said CCRI houses Pakistan’s largest cotton gene pool, preserving more than 6,200 germplasm accessions collected from 41 countries, describing it as a valuable national asset for the country’s agricultural and economic security. He added that the institute’s experimental fields, laboratories, and integrated research system are interconnected and cannot be relocated or replaced. Manglani said CCRI Multan had played a crucial role in the country’s bumper cotton crops during 1991-92, 2004-05, and 2014-15, while also representing Pakistan at international forums, including the International Cotton Advisory Committee (ICAC). He warned that further weakening of the institute could force farmers to abandon cotton cultivation, adversely impacting edible oil, livestock feed, milk, meat production, and the broader rural economy. The PCGA demanded immediate cancellation of the proposed Gymkhana Club project, declaration of CCRI as a National Agricultural Research Heritage Site, and release of a special grant of Rs2 billion for revival of the institute and clearance of its liabilities. Meanwhile, Pakistan Cotton Brokers Association Chairman Rana Muhammad Shafqat, in a letter addressed to Prime Minister Muhammad Nawaz Sharif, said the justification that other institutions could substitute the role of CCRI was inconsistent with scientific realities and ground conditions. He stated that CCRI Multan possesses decades of uninterrupted research experience, a rich germplasm repository, and a proven record of developing successful cotton varieties. He maintained that the institute’s dedicated focus on cotton research could not be effectively replaced by general agricultural universities or relatively new institutions with limited achievements in the field. The association highlighted that despite severe financial and resource constraints, institutions operating under the Pakistan Central Cotton Committee had continued to deliver meaningful results, including cotton varieties such as Sitara-547 and CRIS-682, which gained widespread farmer acceptance and contributed positively to recent cotton seasons. Both organizations emphasized that while alternative sites could be identified for a Gymkhana Club in Multan, it would be impossible to relocate decades of cotton genetic research, rare germplasm resources, and the country’s integrated cotton research infrastructure. Copyright Business Recorder, 2026 [...]

PAIB Committee of ICAP holds moot: Strategic leadership role of CFOs in focus
May 13, 2026 1:01
PAIB Committee of ICAP holds moot: Strategic leadership role of CFOs in focus

KARACHI: The Professional Accountants in Business (PAIB) Committee of the Institute of Chartered Accountants of Pakistan (ICAP) on Tuesday held the ICAP CFO Conference 2026 here, themed “The New Playbook – Adapt, Innovate, Elevate.” In his address of welcome, ICAP President Samiullah Siddiqui, FCA, highlighted the CFOs shifting role from traditional financial stewardship to strategic leadership, stressing the need to adapt and innovate amid economic volatility and technological disruption. The conference featured a keynote address by Junaid Iqbal, Founder & CEO of Salt Ventures, on navigating uncertainty and driving value creation. Key panel discussions covered Pakistan’s economic outlook, including taxation challenges, liquidity constraints, and investment opportunities, as well as what attracts serious capital in today’s markets and how finance professionals can turn uncertainty into capability-led growth. The technology dimension was addressed through a presentation on AI applications in finance by Saad Kaliya of A.F. Ferguson & Co, complemented by an international perspective from Dan Worsley of the IFAC. A fireside chat on Pakistan’s BPO and shared services potential further broadened the agenda. The PAIB Committee Chairman Muhammad Zaid Kaliya delivered an address titled “Elevate More Heroes,” urging finance leaders to actively mentor the next generation of professionals. The event also hosted the fourth edition of the Professional Excellence Awards (PEA), recognising outstanding individuals across multiple categories, including Business Enabler, Business Leader, Emerging Leader, Finance Leader, and Overseas Excellence. The conference served as a vital platform for Pakistan’s finance community to exchange ideas and chart a path toward sustainable, strategic growth. Copyright Business Recorder, 2026 [...]

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What former poker champion turned investing coach Annie Duke says most of us get wrong about risk
May 13, 2026 12:53
What former poker champion turned investing coach Annie Duke says most of us get wrong about risk

The author of ‘Quit’ talks about market bubbles, costly investing mistakes and why investors freeze at the worst time. [...]

My retirement fund is like an AI version of me. It keeps working when I’m not able to.
May 13, 2026 12:00
My retirement fund is like an AI version of me. It keeps working when I’m not able to.

“Not taking care of your money becomes, in a visceral sense, not taking care of yourself.” [...]

‘I’m not an extravagant spender’: I’m in my 70s with a $90,000 income. Can I afford my dream home with a pool?
May 12, 2026 11:36
‘I’m not an extravagant spender’: I’m in my 70s with a $90,000 income. Can I afford my dream home with a pool?

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

‘She is very angry with me’: My daughter, 30, has issues with drugs. Should I take half the profit from the sale of her house?
May 12, 2026 11:35
‘She is very angry with me’: My daughter, 30, has issues with drugs. Should I take half the profit from the sale of her house?

“My thought is to invest it on her behalf for someday, when she gets her life together.” [...]

The real cost of the Iran war isn’t just higher prices — it’s market paralysis
May 12, 2026 10:37
The real cost of the Iran war isn’t just higher prices — it’s market paralysis

Markets can handle rising prices. What crushes confidence is uncertainty that squelches investment. [...]

Here’s the silver lining for stocks and 5% Treasury yields
May 12, 2026 10:21
Here’s the silver lining for stocks and 5% Treasury yields

Higher rates mean higher costs for borrowers, but 5% isn’t a level that’s prone to sticking around in the Treasury market [...]

Is AI power really the new oil? Soon it will trade like just like a commodity.
May 12, 2026 10:02
Is AI power really the new oil? Soon it will trade like just like a commodity.

CME Group plans to launch futures that would let investors bet on the price of computing power. [...]

Copper prices are now at their highest level on record. AI is only part of the story.
May 12, 2026 9:43
Copper prices are now at their highest level on record. AI is only part of the story.

Copper refining now has a Strait of Hormuz problem. [...]

Intel’s stock just guided the chip sector toward a sharp selloff. Here’s why.
May 12, 2026 9:19
Intel’s stock just guided the chip sector toward a sharp selloff. Here’s why.

Analysts note “buyer exhaustion” and market concerns about what the latest inflation data may mean for future data-center spending commitments. [...]

Clothes just saw the biggest price jump in three years. How much more will shoppers pay?
May 12, 2026 9:09
Clothes just saw the biggest price jump in three years. How much more will shoppers pay?

Analysts said manufacturers and retailers raised prices in response to — and in further anticipation of — the effects of the Iran war. [...]

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