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PAKISTAN, ARAB STATES AND EUROPE SEEK DIPLOMATIC PATH TO GULF PEACE
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Saturday, 24 October, 2026 | 12 Jumada al-Awwal, 1448
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R4 REAFFIRMS SUPPORT FOR SAUDI ARABIA; HORMUZ AND SAUDI SECURITY REMAIN CENTRE OF TALKS PAKISTAN, EGYPT SEEK WIDER BILATERAL COOPERATION
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DPM REAFFIRMS PAKISTAN'S SUPPORT FOR SAUDI ARABIA
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Rs 20.00 | Vol XVII No 210 | 8 Pages | Karachi Edition
DAR, FIDAN DISCUSS REGIONAL SECURITY, STABILITY
GERMANY WELCOMES CLOSER DIPLOMATIC COORDINATION WITH PAKISTAN
Dar engages global counterparts in Istanbul, pushes diplomacy for regional peace ISTANBUL/ISLAMABAD SALEEM JADOON
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ISTANBUL MIAN ABRAR
EPUTY Prime Minister and Foreign Minister Ishaq Dar on Thursday joined counterparts from Egypt, Saudi Arabia and Türkiye for talks with foreign ministers from France, Germany, Italy and the United Kingdom on escalating tensions in the Gulf, the economic and security fallout of the US-Israeli war on Iran, and efforts to restore regional stability through diplomacy. The meeting marked the first engagement between the four-country R4 group — Pakistan, Egypt, Saudi Arabia and Türkiye — and the four European
powers in the expanded diplomatic format, as concerns mount over threats to regional security and vital international shipping routes. According to the Foreign Office (FO), the discussions focused on developments in the Gulf, their social and economic consequences, and the urgent need for diplomatic engagement to address challenges to peace, security and stability. Dar briefed his counterparts on Pakistan’s ongoing diplomatic and mediation efforts to de-escalate tensions, prevent a resumption of hostilities and promote peace. “All ministers agreed for continued engagement in this format,” the FO said. The R4 grouping, which emerged in
10 terrorists killed as security forces foil Gwadar attacks GWADAR
STAFF REPORT
Deputy Prime Minister and Foreign Minister Senator Ishaq Dar on Friday held a series of meetings with his counterparts from France, the United Kingdom, Germany, Saudi Arabia, Türkiye and Egypt in Istanbul, exchanging views on evolving regional and international developments, particularly the situation in the Gulf and the wider Middle East, while underscoring the importance of dialogue, diplomacy and sustained engagement to promote peace, security and stability. Dar arrived in Istanbul to participate in the sixth R-4 Foreign Ministers’ Meeting, alongside his counterparts from Türkiye, Saudi Arabia and Egypt, as well as foreign ministers from France, GerMarch, has been pursuing regional security initiatives and mediation efforts between the United States and Iran. The four foreign ministers also held their sixth meeting under the R4 framework, reviewing developments since their previous gathering in New York in September, with particular attention to the Middle East, regional conflicts and related security challenges.
many, Italy and the United Kingdom. The meeting provided an opportunity to exchange views on regional developments, particularly in the Gulf, their social and economic repercussions, and the urgent need to strengthen diplomatic engagement to address challenges to regional peace, security and stability. According to the Foreign Office, Dar held separate meetings with the French Minister for Europe and Foreign Affairs Jean-Noël Barrot, UK Foreign Secretary Ed Miliband, German Federal Minister for Foreign Affairs Johann Wadephul, Saudi Foreign Minister Prince Faisal bin Farhan Al Saud, Turkish Foreign Minister Hakan Fidan and Egyptian Foreign Minister Dr Badr Abdelatty on the sidelines of the ministerial engagements.
CONTINUED ON PAGE 03
The meeting was attended by Dar, Turkish Foreign Minister Hakan Fidan, Egyptian Foreign Minister Badr Abdelatty and Saudi Foreign Minister Prince Faisal bin Farhan Al Saud. According to the FO, the ministers expressed solidarity with Saudi Arabia and reaffirmed their support for the kingdom’s sovereignty and territorial integrity.
CONTINUED ON PAGE 03
Pakistan ready to open economy to international markets, consult global experts: PM ISLAMABAD
STAFF REPORT
Security forces killed 10 terrorists, including a woman, during counterterrorism operations in Gwadar after Indiansponsored Fitna al-Hindustan militants attempted attacks near the Gabd border crossing and in Gwadar city, the military’s media wing said on Friday. In a statement, the Inter-Services Public Relations (ISPR) said the attacks took place on Thursday, leaving one civilian dead and several vehicles damaged. The operations concluded without any casualties among security personnel, while law and order had been restored, it added. “Security forces foiled the terrorists’ designs and their bid to undermine the writ of the state and spread their misconstrued agenda,” the statement said. The ISPR said the militants had targeted the very people they claimed to represent, seeking to obstruct Balochistan’s development and prosperity. “The coercion of a Baloch woman into this attack is a crime not only against the state but also against the hurmat of Baloch women,” the statement said, condemning the involvement of a woman in the attack. The military’s media wing also criticised the use of women for propaganda, saying the tactic was intended to inflame public sentiment and lend a false sense of legitimacy to the militants’ campaign. “Such tactics are contrary to Baloch and Islamic traditions, which hold women in the highest honour,” the statement said, adding that the people of Balochistan had consistently rejected those who shed blood in their name. The ISPR said the counterterrorism campaign under the vision of “Azm-e-Istehkam”, approved by the Federal Apex Committee on the National Action Plan, would continue. “Security forces and law enforcement agencies remain resolute in eliminating foreign-sponsored and supported terrorism from the country,” it added.
Prime Minister Shehbaz Sharif on Friday reiterated Pakistan’s readiness to open its economy to promising international markets and engage globally recognised economic experts to accelerate economic growth, strengthen productivity and promote national prosperity. The prime minister expressed these views during a meeting with Peter Briggs, Managing Director of North American Operations at international consulting firm Alvarez & Marsal (A&M). PM Shehbaz said that following the achievement of economic and fiscal stability, the government was taking effective measures to introduce deep-rooted structural reforms, promote export-led growth and build a more productive economy. He highlighted the government’s focus on improving the performance and efficiency of the domestic manufacturing sector while taking measures to attract foreign direct investment (FDI). The prime minister said the government was pursuing a strategy to assess the economic viability of state-owned enterprises (SOEs) and subsequently move towards their privatisation to strengthen the national economy
Pakistan, Saudi Arabia complete ratification of Makkah Defence Pact ISLAMABAD
STAFF REPORT
Pakistan and Saudi Arabia have completed their ratification processes for the Makkah Joint Defence Agreement (MJDA), while Türkiye is undertaking the necessary legal procedures to ratify the accord, the Foreign Office said on Friday. Foreign Office Spokesperson Sajjad Haider Khan said each country followed its own constitutional and legal procedures for approving and ratifying international agreements. Responding to questions after the Foreign Office’s weekly press briefing, Khan said Pakistan and Saudi Arabia had completed the required processes, while Türkiye was proceeding in accordance with its domestic legal framework. He rejected suggestions that the agreement contained undisclosed clauses, particularly in view of Pakistan’s separate defence agreement with Saudi Arabia. The MJDA comprised 16 articles and contained no hidden provisions, he said. “There are no hidden provisions; the agreement is explicit and clear in its provisions and articles,” Khan stressed, adding that Pakistan endorsed the text released by the Turkish parliament and reported in the media. He said questions concerning ratification and operationalisation of the agreement were discussed through the trilateral Strategic Political and Defence Committee, which held its latest meeting on October 5. Emphasising the defensive nature of the pact, the spokesperson said it was consistent with the UN Charter and aimed at promoting regional peace, security and stability. Commenting on an International Crisis Group report warning of the risk of renewed conflict between Pakistan and India amid increased militant activity in Indian-occupied Jammu and Kashmir, Khan said Islamabad wanted all disputes resolved peacefully and in accordance with international law. “From Pakistan’s perspective, war is not a solution to any issue,” he said, calling for dialogue to resolve disputes over Jammu and Kashmir and the Indus Waters Treaty (IWT). While acknowledging the potential risk of conflict, Khan said Pakistan did not seek another military confrontation with India but remained fully prepared to defend its sovereignty and territorial integrity. Asked whether India could stage another false-flag operation, the spokesperson said such a possibility could not be ruled out.
Pakistan has adequate flu vaccine supplies, says health minister ISLAMABAD
and support sustainable growth. Emphasising the importance of expertise and professional capacity, Shehbaz Sharif said Pakistan recognised the need for qualified professionals and expert teams to reinforce its economic growth engine. He added that Pakistan was ready to establish productive partnerships with international consulting firms to support economic growth, with a clear focus on tangible results and accountability. Briggs thanked the prime minister for the meeting and appreciated the government’s commitment to attracting foreign investment and engaging international economic experts. He also expressed A&M’s eagerness to cooperate with Pakistan in
promoting a progressive business environment and a productive economy. Federal Minister for Finance Muhammad Aurangzeb, Federal Minister for Economic Affairs Ahad Khan Cheema, Federal Minister for Power Sardar Awais Ahmed Khan Leghari, Special Assistant to the Prime Minister Syed Tariq Fatemi and senior government officials also attended the meeting. Merit-Based Overhaul of Livestock Board, Plan to Eradicate Foot-and-Mouth Disease Meanwhile, Prime Minister Shehbaz Sharif on Friday approved the restructuring of the Livestock and Dairy Development Board and directed that the selection of its chairman and members be conducted transparently and strictly on merit.
STAFF REPORT
Federal Health Minister Mustafa Kamal has said there is no shortage of influenza vaccines in Pakistan, rejecting concerns over their availability as seasonal flu cases increase. Kamal said sufficient stocks were available in the country and that authorities were monitoring supply to ensure continued access during the flu season. He urged people, particularly those at higher risk of complications, to follow medical advice regarding vaccination. The minister said health authorities were also monitoring influenza trends and coordinating with relevant institutions to respond to any increase in infections. Seasonal flu commonly rises during the colder months, with elderly people, young children and individuals with underlying health conditions considered more vulnerable to severe illness. Kamal said the government was working to ensure that vaccines and other necessary medicines remained available across the country. He also advised the public to adopt basic preventive measures, including good hygiene and avoiding close contact with others when experiencing flu-like symptoms.
CDF Asim Munir vows to hit terrorist outfits hard 'wherever they are' PESHAWAR
STAFF REPORT
Chief of Defence Forces (CDF) and Chief of Army Staff Field Marshal Asim Munir has vowed to intensify the campaign against what the military describes as “Indian-sponsored terrorist outfits”, pledging to “hit them hard wherever they are”. According to a statement issued by the Inter-Services Public Relations (ISPR) on Friday, Field Marshal Munir visited Corps Headquarters in Peshawar, where he was received by the Peshawar Corps Commander. The army chief was briefed on the prevailing security situation, ongoing counterterrorism operations, border management measures and the operational preparedness of formations deployed in the province. Commending the high morale and professionalism of officers and troops, Field Marshal Munir directed them to maintain vigilance and the highest standards of oper-
ational readiness to effectively counter emerging threats, the ISPR said. “He underscored that we would continue the campaign against Indian-sponsored terrorist outfits to the fullest and hit them hard wherever they are,” the statement added. Paying tribute to the sacrifices of the people of Pakistan, particularly the martyrs and veterans of the security forces, the CDF expressed confidence that the country would defeat terrorism with the support of its people. “With the support of the people, Pakistan would surely inflict total defeat on the terrorists and their perverted ideology,” the statement quoted him as saying. Field Marshal Munir arrived in Peshawar a day earlier to attend a meeting of the Federal Apex Committee on the National Action Plan, chaired by Prime Minister Shehbaz Sharif on Thursday. The meeting reviewed the security situation in Khyber Pakhtunkhwa (KP), with the government reiterating its commitment to
restoring peace and accelerating development in the province. Prime Minister Shehbaz defended the imposition of emergency and governor’s rule in KP, saying the measures had been necessitated by the deteriorating security situation. He vowed to restore peace, prosperity and development across the province. The prime minister maintained that the Constitution and law empowered the government to take the measures implemented in KP. He also thanked coalition partners for supporting the decision, particularly President Asif Ali Zardari and Pakistan Muslim League-Nawaz (PML-N) President Nawaz Sharif. The meeting took place amid a resurgence of militant violence in the province. Security assessments presented to the federal cabinet showed that terrorist incidents in KP had increased by 195 per cent between March 2024 and September 2026, with police and security personnel bearing the brunt
of the attacks. On Thursday, four police personnel, including a Counter-Terrorism Department deputy superintendent of police, were mar-
tyred in an exchange of fire with armed men in Karak. In a separate incident in Bannu, two civilians were injured in a remote-controlled bomb explosion.
02 NEWS
Saturday, 24 October, 2026 | KARACHI
PAKISTAN'S WEEKLY INFLATION RISES 0.65%, ANNUAL RATE REACHES 11.85% AS LPG, CHICKEN PRICES SURGE
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AKISTAN'S short-term inflation, measured by the Sensitive Price Indicator (SPI), increased by 0.65% during the week ended October 22, 2026, while the annual inflation rate reached 11.85%, driven by sharp increases in LPG, chicken and onion prices, according to data released by the Pakistan Bureau of Statistics (PBS). The latest figures showed that the weekly increase reversed the 0.04% decline recorded in the preceding week, while yearon-year inflation accelerated from 11.38% to 11.85%. Among essential commodities, LPG recorded the largest weekly price increase of 22.44%, followed by chicken at 12.20%, onions at 4.19%, shirting at 1.86%, plain bread at 1.66% and wheat flour at 1%.
Other items becoming more expensive included garlic, up 0.74%, firewood 0.71%, georgette and vegetable ghee 0.59% each, beef 0.31% and pulse mash 0.30%. According to the PBS, the average price of an 11.67-kilogram LPG cylinder increased from Rs5,154.16 to Rs6,310.76 during the week, while live chicken prices rose from Rs395.98 to Rs444.27 per kilogram. Onions increased from Rs180.99 to Rs188.57 per kilogram, while the average price of a 20-kilogram wheat flour bag climbed from Rs2,946.72 to Rs2,976.12. In contrast, tomato prices recorded the largest weekly decline of 21.99%, followed by petrol at 3.63%, bananas at 2.42%, diesel
Pakistan's construction sector rebounds as housing loan scheme boosts demand
at 1.68% and potatoes at 1.38%. Prices of pulse gram fell 0.93%, eggs 0.58%, powdered milk 0.38%, while broken basmati rice and sugar declined 0.35% each. The average price of tomatoes decreased from Rs119.43 to Rs93.17 per kilogram, while petrol fell from Rs396.06 to Rs381.67 per litre and high-speed diesel from Rs398.89 to Rs392.17 per litre. Of the 51 essential commodities monitored by the PBS, prices of 19 items, or 37.25%, increased during the week, while 12 items, representing 23.53%, became cheaper. Prices of the remaining 20 items, or 39.22%, remained unchanged. On a year-on-year basis, LPG prices recorded the steepest increase of 107.12%,
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Pakistan's construction sector has recorded a recovery over the past year, supported by increased housing demand and subsidised financing under the prime minister's housing scheme, although incomplete property documentation continues to restrict access to bank loans. Builders say access to financing of up to Rs10 million under the government's housing programme has encouraged property purchases, particularly among buyers who previously struggled to afford apartments and houses. The improvement in construction activity is also reflected in figures reported by the State Bank of Pakistan (SBP), which show a turnaround in the sector's growth performance. Construction activity contracted by 3.3% during the first quarter of FY25 before recovering to growth of 17.6% in the fourth quarter of the same fiscal year. Growth subsequently reached 19.2% in the first quarter of FY26, while the sector recorded an expansion of 14.6% during the first half of FY26. The government's Ghar Ho Tu Apna programme, introduced in September last year, offers subsidised housing loans at a fixed mark-up rate of 5%, with the government covering the mark-up subsidy. The programme is intended to improve access to housing finance in a country facing a shortage of residential properties, with estimates placing the housing deficit at approximately 10 million units. According to the SBP, construction activity has also benefited from higher public development expenditure and other favourable developments. Spending under the Public Sector Development Programme increased by 41.8% during the first half of FY26, compared with a decline of 1.1% during the corresponding period of the previous fiscal year. The central bank also reported a considerable decline in construction material prices, although builders disputed the assessment and maintained that building costs had not fallen significantly. Association of Builders and Developers (ABAD) Chairman Hassan Bakhshi said the scheme had improved liquidity in the property market, allowing developers to recover investments tied up in previously unsold apartments. He said high property prices had placed homeownership beyond the reach of much of the middle class, while the availability of subsidised loans had helped revive demand. However, Bakhshi acknowledged that banks had approved fewer housing loans than builders initially expected, largely because many residential projects lacked the documentation required by financial institutions. He said homeowners frequently began construction without approved building plans or the necessary permissions from the Sindh Building Control Authority, making such properties ineligible for bank financing.
PAKISTAN STOCK EXCHANGE CONFIRMS ENTIRE SUBSCRIPTION AMOUNT RETURNED TO INVESTORS' BANK ACCOUNTS UNDER SECP DIRECTIVE PROFIT
web Desk
The Pakistan Stock Exchange (PSX) has confirmed the completion of refunds to investors who subscribed to the initial public offering (IPO) of SE Fruits and Vegetables Limited, following the company's decision to withdraw its listing application over regulatory concerns regarding disclosures in its prospectus. In a notice, the exchange stated that the entire subscription amount collected from investors had been returned to their respective bank accounts in accordance with directions from the Securities and Exchange Commission of Pakistan (SECP).
The refund process follows the company's October 13 announcement that it would withdraw its existing IPO application and submit a revised application containing additional disclosures. The decision came after the SECP identified material discrepancies in the company's prospectus, particularly concerning the transition of its underlying business from a partnership, which had operated since 1998, to a public limited company incorporated in 2026. The regulator subsequently suspended further proceedings to safeguard investors, prompting the company to withdraw the offering voluntarily and initiate the return of subscription funds.
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National Bank of Pakistan (NBP) shareholders have approved a compensation package for President and Chief Executive Officer (CEO) Imran Sarwar, comprising a gross monthly salary of Rs9.5 million, a Rs1 million housing allowance and additional benefits covering transport, security, medical expenses and insurance. According to a notice submitted to the Pakistan Stock Exchange (PSX) on Friday, the package was approved at the bank's extraordinary general meeting held in Karachi on October 22, 2026, following a recommendation from its board of directors. The approved salary amounts to Rs114 million annually, excluding allowances, performance bonuses and other benefits. The additional housing allowance of Rs1 million per month brings the combined fixed salary and housing entitlement to Rs126 million a year. The compensation arrangements apply from September 9, 2026, when Sarwar assumed office, and cover the 2026-2029 period, subject to applicable tax deductions.
SE Fruits and Vegetables, previously operating under the name Shaheen Enterprises, is a Sargodha-based agricultural exporter dealing primarily in mangoes, kinnow and potatoes, alongside other fresh produce. The company had planned to become the first fresh fruit and vegetable business to secure a listing on the PSX, seeking to raise between Rs1.2 billion and Rs1.92 billion through the issuance of 30 million ordinary shares, equivalent to 32.01% of its post-IPO paid-up capital. Having secured regulatory approvals in September, the company opened its book-building process on September 21, offering 75% of the shares allocated for the IPO.
Pakistan's listed companies show major gaps in human rights, ESG and anti-corruption disclosures g
TRANSPARENCY INT’L PAKISTAN'S ASSESSMENT OF 104 FIRMS RECORDS AN AVERAGE TRANSPARENCY SCORE OF 66.73%, WITH OGDC, FAUJI CEMENT AND SAZGAR EMERGING AS TOP PERFORMERS PROFIT
MoNitoriNg report
Pakistan's leading listed companies recorded an average corporate transparency score of 66.73%, with disclosures relating to human rights, environmental, social and governance (ESG) practices and anti-corruption measures showing the largest gaps, The News reported, citing an assessment by Transparency International Pakistan (TIP). The Transparency in Corporate Reporting Assessment (TRAC) 2026 evaluated 104 companies listed on the Pakistan Stock Exchange (PSX), assigning an average score of 6.67 out of 10, compared with 72.3% in the previous assessment, which covered 69 companies. The difference indicates weaker disclosure practices across the broader group of listed companies, although the report found improvements among businesses assessed in both editions. None of the 104 companies achieved a perfect overall score. Oil and Gas Development Company (OGDC) ranked highest with 92.71%, followed by Fauji Cement Company Limited at 91.67% and Sazgar Engineering Works Limited at 91.04%. Human rights and corporate social responsibility (CSR) disclosures re-
ceived the lowest average score at 45.98%, followed by ESG reporting at 47.84% and anti-corruption programmes at 53.41%. The assessment identified shortcomings in publicly available information on human rights due diligence, employee safety, child labour prevention, wage payment systems and grievance procedures. Fauji Cement was the only company to achieve full transparency in the human rights and CSR category, while 11 companies were classified as significantly transparent. In anti-corruption reporting, the main weaknesses involved employee training, communication of corporate policies and mechanisms for reporting suspected corruption. OGDC, Fatima Fertilizer Company Limited, Pakistan Tobacco Company Limited and Lucky Core Industries Limited recorded the highest scores in this category. Companies performed considerably better in organisational transparency and domestic financial reporting, which received average scores of 92.49% and 92.50%, respectively. Disclosure relating to gender equality, non-discrimination and disability inclusion averaged 68.11%, with the report identifying gaps in disability-related policies and mechanisms for
NBP shareholders approve Rs9.5m monthly salary, additional benefits for CEO Imran Sarwar News Desk
tion expenditure of up to Rs17,732, inflation increased 0.51% week-on-week and 8.45% year-on-year. The second expenditure group recorded weekly inflation of 0.49% and annual inflation of 10.37%, while the third group registered increases of 0.54% and 9.33%, respectively. For the fourth expenditure group, weekly inflation stood at 0.56%, while the annual increase was 9.90%. The combined SPI index rose to 374.84 points from 372.43 points in the previous week and 335.14 points during the corresponding week last year. The PBS calculates the SPI using prices of 51 essential commodities collected from 50 markets across 17 cities to monitor shortterm changes in the cost of living.
followed by onions at 72.81%, electricity charges for the lowest consumption group at 58.59%, petrol at 44.17% and diesel at 41.56%. Chicken prices were 38.99% higher than a year earlier, while wheat flour increased 36.49%, chilli powder 15.55%, mutton 14.66%, beef 12.10%, plain bread 10.82% and prepared tea 8.36%. Meanwhile, tomatoes were 71.72% cheaper compared with the corresponding week last year, followed by potatoes at 40.75%, sugar at 25%, eggs at 22.14%, powdered salt at 14.86%, pulse masoor at 9.08%, gur at 8.98% and pulse moong at 7.05%. The SPI also showed varying inflation rates across income groups, with the highest expenditure
PSX completes investor refunds following SE Fruits and Vegetable IPO withdrawal
PROFIT
web Desk
quintile recording the largest weekly increase
LPG PRICES JUMP 22.44% AND CHICKEN 12.20% IN A WEEK, WHILE TOMATOES FALL 21.99%; of 0.74% and annual inflation of 12.69%. For the lowest expenditure group, comPRICES OF 19 ESSENTIAL ITEMS INCREASE, 12 DECLINE AND 20 REMAIN UNCHANGED prising households with monthly consump-
Under the approved terms, Sarwar will also be eligible for an annual performance bonus linked to key performance indicators approved by shareholders, with his performance to be evaluated and approved by the board each year. However, the shareholders' agenda item concerning approval of the president and CEO's performance indicators for 2026 was withdrawn during the meeting. The compensation package includes reimbursement of electricity, gas and water expenses at actual cost, along with two residential telephone connections, two mobile phones and their monthly bills. NBP will also provide four security guards at Sarwar's residence, with two guards working each 12-hour shift. The bank will reimburse the salaries of five domestic workers, subject to a monthly amount of Rs150,000. A one-time home furnishing allowance equivalent to one month's gross salary has also been approved for the duration of his presidency. The bank will provide two vehicles, including one with a value of up to Rs3.5 million and another from its existing vehicle pool. Sarwar will have the option to
purchase the entitlement vehicle at the end of his contract for 10% of its cost or its written-down value, whichever is higher. Fuel expenses for the bank-provided vehicle will be covered at actual cost, while the bank will either provide two drivers or reimburse their salaries at Rs45,000 per driver per month. The disclosure states that Sarwar has opted not to use the house loan facility available under the compensation framework. Other benefits include a residential generator facility costing up to Rs1.5 million, to be amortised over the contract period, and reimbursement of official travel expenses in accordance with NBP's policy for senior executives. Medical and dental expenses for Sarwar and his dependent family members within Pakistan will also be reimbursed at actual cost. The bank has approved life insurance coverage of Rs30 million for the duration of the contract, with the annual premium shared equally between the CEO and the bank. The package also provides gratuity equivalent to one month's last-drawn gross salary for each year of service, with serv-
reporting discrimination. Despite the lower overall average, the 63 companies assessed in both the current and previous reports demonstrated improvement, with their combined score increasing from 72.01% to 78.45%. TIP attributed the improvement to stronger performance on assessment questions that remained unchanged between the two editions. The assessment examined eight areas of corporate disclosure using publicly available information, including annual reports for 2024 and 2025, company websites and other published documents. These areas covered anti-corruption programmes, organisational structures, country-by-country reporting, domestic financial reporting, procurement involving government contracts, human rights, gender and disability inclusion, and ESG practices. TIP clarified that the assessment measures the availability of corporate information rather than the implementation of disclosed policies. Consequently, a low transparency score does not establish misconduct, while a high score does not necessarily indicate effective compliance. The organisation said stronger disclosure standards could improve investor confidence, public trust and corporate accountability while helping reduce governance risks.
ice of six months or more counted as a completed year. NBP will pay the entry fees for memberships at two clubs of Sarwar's choice, along with subscription and other charges for three clubs. The approved leave entitlement includes 30 days of annual leave and 18 days of casual or sick leave per year. Annual leave may be accumulated up to 90 days and encashed at the last-drawn gross salary. According to the resolution, the salary and benefits package will remain fixed throughout the contract period. The agreement also provides that if NBP terminates Sarwar's employment before the expiry of his contract, he will receive payment for the remaining unexpired period in accordance with the approved contractual terms. In the event of resignation, he will be required to proceed on three months' gardening leave as part of the notice period. Separately, shareholders elected Muhammad Afzal as a director representing private shareholders for a three-year term beginning October 22, 2026, replacing Farid Malik, who had completed his tenure. Afzal secured 213,498,993 votes, representing 75.4517% of the total 282,961,201 votes cast. His appointment remains subject to clearance from the State Bank of Pakistan. Shareholders also confirmed the minutes of NBP's 77th annual general meeting, held on March 30, 2026.
The offering attracted sufficient demand to become fully subscribed within two hours and concluded on September 22 at a strike price of Rs40 per share. The book-building portion was oversubscribed 1.6 times, with the transaction expected to raise Rs1.2 billion at the determined price. The remaining 25% of the shares were scheduled to be offered to retail investors through public subscription on September 28 and 29. However, the subsequent regulatory intervention prevented the company from completing the listing process. Meanwhile, the SECP initiated regulatory action to establish responsibility for the procedural irregularities identified during the offering process. In its latest notice, the PSX advised investors requiring further information about their refunds to contact their respective banks or the intermediaries through which their subscriptions were submitted.
NA passes bill to convert State Life into company, paving way for possible privatisation PROFIT
MoNitoriNg report
The National Assembly on Thursday approved a bill to change the legal status of the State Life Insurance Corporation (SLIC) from a statutory corporation to a company, a move that would allow the government to restructure the insurer and potentially sell a stake in it at a later stage. Minister of State for Finance and Railways Bilal Kayani presented the legislation, which secured majority support following a clause-by-clause consideration in the House. The legislation changes the framework under which State Life has operated since the nationalisation of Pakistan's life insurance industry in 1972, replacing its statutory structure with one governed by the Companies Act, 2017. The government has identified the corporation's existing legal arrangements as a constraint on its ability to operate under contemporary financial-sector regulations and corporate governance requirements. By moving State Life into a company structure, the legislation seeks to give its management greater flexibility while subjecting the organisation to a legal framework consistent with the StateOwned Enterprises Act, 2023. The change would also address an important legal requirement for any future sale of government ownership in the insurer, although the legislation stops short of authorising a privatisation transaction. According to the bill's statement of objects and reasons, a decision to divest shares or privatise State Life would still require approval from the federal government and would have to follow the procedures prescribed under applicable laws. The distinction means that the National Assembly's approval concerns the insurer's corporate structure rather than an immediate change in its ownership. The legislation also sets out how State Life's existing business will continue once the new company is established. Its assets and liabilities, together with contractual rights and other legal obligations, will pass to the successor entity, allowing the insurer to continue operating without requiring a separate transfer of each obligation. The proposed transition includes protections for insurance policyholders, whose interests are to remain safeguarded under the new arrangement. Employees will also retain their existing service conditions and retirement benefits, with the legislation providing for continuity of employmentrelated entitlements following the conversion. Additional provisions address the administrative and legal requirements of the restructuring, including arrangements for transferring property and resolving procedural questions associated with the change in corporate status. Exemptions from stamp duty and registration charges have also been included where applicable, reducing the legal and administrative requirements associated with transferring assets to the new company. The government said the proposed changes had been developed in consultation with relevant stakeholders and reviewed by the Law and Justice Division before being submitted for cabinet approval.
Saturday, 24 October, 2026 | KARACHI
PakiStan moveS to PrivatiSe 17 State-owned enterPriSeS, outSourCe three major airPortS
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STAFF REPORT
AKISTAN'S Privatisation Commission is working on the privatisation of 17 state-owned enterprises (SOEs) including nine power distribution companies, alongside plans to outsource three major airports and pursue transactions involving banks and insurance companies. Adviser to the Prime Minister on Privatisation and Privatisation Commission Chairman Muhammad Ali disclosed this while addressing the CEO Summit in Islamabad on Thursday, outlining the govern-
ment's reform priorities and the role of private investment in supporting economic growth. He said privatisation and public-private partnerships could bring investment, expertise and operational efficiency into businesses and infrastructure, while allowing the government to redirect public resources towards essential services. Ali identified energy sector reforms, economic documentation and the restructuring of state-owned enterprises as important priorities for improving Pakistan's investment environment. He said affordable and reliable energy, a broader tax base and consistent implementation of reforms were necessary to improve
business conditions and attract investment. Referring to Pakistan's economic difficulties in 2022 and 2023, the adviser said the country had overcome severe fiscal and economic challenges, but sustaining growth would require a clear policy direction and continued implementation of reforms. He presented a five-point economic framework, titled TRUST, focusing on targeting competitive sectors, sustaining reforms, unlocking private capital, scaling up exports and developing talent through education and skills training. Under the framework, Ali said Pakistan should concentrate on industries where it already possessed competitive strengths, par-
ticularly those with strong international demand, the potential to generate employment on a large scale and the capacity to earn foreign exchange. He identified agriculture and agri-processing, textiles and apparel, and information technology and digital services as sectors offering significant opportunities for expansion. Citing the economic development experiences of China, South Korea, Vietnam and Bangladesh, he said sustained progress required countries to build on their existing industrial strengths while maintaining policy consistency. The adviser also stressed the need to strengthen Pakistan's export base, noting that workers' remittances reached approxi-
LPG prices reach Rs750 per kg in KP amid nationwide shortage PROFIT STAFF REPORT
Liquefied petroleum gas (LPG) prices have surged to Rs750 per kilogram in parts of Khyber Pakhtunkhwa (KP) and Rs600 in Peshawar, while cylinder prices have exceeded Rs10,000 amid supply disruptions linked to the closure of the Taftan border. As per reports, the increase comes despite the Oil and Gas Regulatory Authority (OGRA) fixing the official LPG price for the current month at Rs279.34
per kilogram, with consumers in several markets paying between Rs550 and Rs600 per kilogram. The shortage has intensified over the past five to six days following a decline in LPG supplies, which officials have attributed to the closure of the Taftan border amid tensions between Iran and the United States. Pakistan imports approximately 70% of its LPG demand, while the remaining 30% is produced domestically. The disruption to imported supplies has contributed to shortages and rising
prices across several parts of the country, with northern areas of KP recording some of the highest reported rates. OGRA has yet to begin a planned crackdown on companies and retailers accused of profiteering, as authorities remain concerned that enforcement measures could prompt strikes and further disrupt supplies. The absence of effective enforcement has allowed retailers accused of profiteering to charge above the notified price, increasing the financial burden on households dependent on LPG for cook-
ing and other domestic requirements. An OGRA spokesperson acknowledged that the Taftan border closure had created supply difficulties and said the regulator was working to address the situation. The shortage has particularly affected lower-income households in Punjab and KP, where consumers are also facing inadequate natural gas supplies. Residents said the combination of natural gas shortages and higher LPG prices had made it increasingly difficult to meet basic household fuel requirements.
Kohat Cement shareholders approve Rs600m loan to associated company PROFIT STAFF REPORT
Kohat Cement Company Limited's shareholders have approved a loan of up to Rs600 million to associated company Ultra Kraft (Private) Limited to meet its short-term liquidity requirements, according to a notice submitted to the Pakistan Stock Exchange (PSX). The approval was granted at the company's 47th annual general meeting held on October 22, 2026, under Section 199 and other applicable provisions of the Companies Act, 2017. The loan will be provided for a period of one year from October 29, 2026, at a mark-up rate of 1.5% above the three-month Karachi Interbank Offered Rate (KIBOR) or Kohat Cement's aver-
age borrowing cost, whichever is higher. According to the resolution, Ultra Kraft will pay the mark-up within 15 days of the end of each quarter. Any failure to pay within the stipulated period will attract an additional penalty of 5% per annum on the unpaid amount. Shareholders also authorised the company's chief executive or any other designated officer to enter into the agreement with Ultra Kraft and complete the necessary documentation and legal formalities. In addition to the loan approval, shareholders ratified related-party transactions undertaken during the financial year ended June 30, 2026. These included purchases of polypropylene bags worth approximately Rs1.73 billion from Ultra Pack (Private) Limited for cement packaging, along with vehicle sales val-
ued at Rs5.75 million. The company also approved purchases of paper bags worth approximately Rs468.18 million from Ultra Kraft for cement packaging. Separately, shareholders ratified a contribution of approximately Rs9.92 million to the Kohat Cement Educational Trust, which operates a school near the company's factory. The combined value of the related-party transactions disclosed for FY2026 amounted to approximately Rs2.22 billion. Shareholders further authorised Kohat Cement to continue conducting ordinary-course, arm's-length transactions with these related parties during the financial year ending June 30, 2027, and until the next annual general meeting, without specifying monetary limits. The authorised transactions include
contributions towards the operational costs of the school run by the Kohat Cement Educational Trust, purchases of polypropylene bags from Ultra Pack, and purchases of paper bags and cement sales involving Ultra Kraft. The company's chief executive was authorised to undertake the transactions and execute the necessary agreements and documents. At the meeting, shareholders also approved the audited unconsolidated and consolidated financial statements for the year ended June 30, 2026, together with the auditors' and directors' reports and the chairman's review. A.F. Ferguson & Co., Chartered Accountants, was reappointed as the company's external auditor until the conclusion of the next annual general meeting, at a fee of Rs8 million.
NEWS 03
mately $41.6 billion in the previous fiscal year, compared with goods exports of around $30 billion. While remittances remained an important source of foreign exchange, he said long-term economic growth depended on expanding domestic production and increasing higher-value exports. Ali called for greater foreign investment and stronger support for start-ups, alongside improvements in technical and vocational education to meet the requirements of industry. He also emphasised expanding women's participation in the workforce, saying greater inclusion was important for improving productivity and economic competitiveness. The adviser said the five components of the TRUST framework needed to progress together, combining structural reforms, private investment, export development and skills training to build an economy capable of sustaining growth amid changing global conditions.
Cotton arrivals rise 7.53% to 4.08m bales as Punjab records faster growth than Sindh PROFIT
STAFF REPORT
Cotton arrivals increased by 7.53% to 4.08 million bales as of October 15, 2026, compared with 3.79 million bales during the corresponding period last year, as both Punjab and Sindh recorded higher arrivals, according to data released by the Pakistan Cotton Ginners Association (PCGA). Ginneries across the country received 4,081,265 bales during the ongoing 2026-27 cotton season, an increase of 285,628 bales from 3,795,637 bales recorded during the same period of the previous season. Sindh accounted for the largest share of arrivals at 2,442,768 bales, compared with 2,275,542 bales last year, representing an increase of 167,226 bales, or 7.35%. Punjab recorded arrivals of 1,638,497 bales, up 118,402 bales from 1,520,095 bales during the corresponding period last year, reflecting growth of 7.79%. The figures indicate an improvement in cotton arrivals in both major producing provinces, although the pace of recovery has varied considerably across districts, particularly in areas that experienced production shortfalls during the 2024-25 season. According to the PCGA, several districts in Punjab have recorded substantial increases in Phutti arrivals, with Bhakkar reporting growth of 6,050% compared with the previous season, when arrivals stood at just 14,000 bales. Kasur also recorded a sharp increase, with the association reporting growth of 1,200% after the district failed to produce a single bale during the 2024-25 season. Lodhran recorded a 102.89% increase in Phutti arrivals, while Layyah reported growth of 76.68%, indicating a recovery in districts that had previously experienced significant shortfalls. The PCGA figures showed that 3,733,154 bales of cotton had been produced from the Phutti received by ginneries across the country by October 15. A total of 471 ginning factories were operational nationwide, including 236 in Punjab, where processed cotton production stood at approximately 1.49 million bales.
Dar engages global counterparts in Istanbul, Pakistan, Arab States and Europe pushes diplomacy for regional peace seek diplomatic path to Gulf peace CONTINUED FROM PAGE 01
Dar, French Foreign Minister Discuss Bilateral Cooperation, Regional Developments According to a Foreign Office post on X, Dar met French Minister for Europe and Foreign Affairs JeanNoël Barrot on the sidelines of the R4 meeting in Istanbul. Recalling their recent meeting on the sidelines of the United Nations General Assembly, the two sides discussed ways to further strengthen Pakistan-France bilateral cooperation. Dar underscored the importance of sustained engagement and regular dialogue to advance cooperation across areas of mutual interest, the Foreign Office said. The two leaders also exchanged views on current regional and international developments, including the wider economic and social repercussions of ongoing crises, particularly their impact on energy costs. Both sides emphasised the importance of dialogue and diplomacy in addressing regional challenges and promoting peace and international cooperation, according to the statement. Foreign Minister Barrot appreciated Pakistan’s role and Dar’s personal efforts in promoting sustained engagement and advancing diplomatic efforts towards regional peace and stability. Dar, in turn, appreciated France’s positive engagement, alongside the United Kingdom, Germany and Italy, with the R-4 countries to discuss regional and international developments and support diplomatic efforts aimed at promoting peace and stability. PAKISTAN, UK AGREE TO STRENGTHEN BILATERAL COOPERATION In a related development, Dar met UK Foreign Secretary Ed Miliband in Istanbul on the sidelines of the R-4 meeting, the Foreign Office said in a separate post on X. The two sides expressed satisfaction with Pakistan-UK bilateral relations and agreed to further strengthen cooperation across areas of mutual
interest. They also exchanged views on evolving regional and international developments, underscoring the importance of dialogue, diplomacy and continued engagement in addressing regional challenges. The UK foreign secretary commended Pakistan’s efforts to promote regional peace and stability. Dar appreciated the United Kingdom’s constructive engagement with the R-4, alongside Germany, France and Italy, in support of regional peace and stability. DAR, GERMAN FOREIGN MINISTER DISCUSS STRENGTHENING BILATERAL TIES Meanwhile, Dar met German Federal Minister for Foreign Affairs Johann Wadephul on the sidelines of the R-4 and E-4 ministerial meetings in Istanbul. The two ministers discussed Pakistan-Germany relations, with Dar expressing the desire to further strengthen bilateral ties through sustained engagement and cooperation across multiple areas of mutual interest. They also exchanged views on recent regional and international developments, emphasising the importance of dialogue, diplomacy and sustained international engagement in addressing emerging regional challenges and promoting peace and stability. Dar welcomed the constructive engagement of Germany, France, Italy and the United Kingdom with the R-4 framework and underscored the importance of continued consultations and diplomatic coordination on issues of shared concern. DAR, SAUDI FOREIGN MINISTER REAFFIRM STRATEGIC PARTNERSHIP Dar also held a “warm and cordial” meeting with Saudi Foreign Minister Prince Faisal bin Farhan Al Saud in Istanbul on the sidelines of the R-4 ministerial meeting, the Foreign Office said in a separate post on X. The two leaders reaffirmed the enduring strength of the fraternal ties between Pakistan and Saudi Arabia and their commitment to further strengthening their strategic partner-
ship through close cooperation across all areas of mutual interest and regular consultations at all levels. Dar reiterated Pakistan’s full support for the sovereignty and territorial integrity of the Kingdom of Saudi Arabia. Both leaders underscored the special bond between the two countries, reinforced by the Strategic Mutual Defence Agreement and the Makkah Defence Alliance, and reaffirmed their shared commitment to regional peace, security and stability. R-4 MINISTERS REVIEW MIDDLE EAST SITUATION, CONDEMN HOUTHI ATTACKs Earlier, Dar participated in the sixth R-4 Foreign Ministers’ Meeting alongside Turkish Foreign Minister Hakan Fidan, Saudi Foreign Minister Prince Faisal bin Farhan Al Saud and Egyptian Foreign Minister Dr Badr Abdelatty. The ministers reviewed regional developments since their last meeting in New York, with particular focus on the situation in the Middle East and related security challenges and conflicts. They expressed solidarity with Saudi Arabia and reaffirmed their support for its sovereignty and territorial integrity. They also condemned Houthi attacks targeting the Kingdom and underscored the importance of respecting state sovereignty. The ministers discussed ways to strengthen regional coordination and advance diplomatic efforts to promote lasting peace, security and stability. DAR, FIDAN DISCUSS REGIONAL SECURITY, PALESTINE In his meeting with Turkish Foreign Minister Hakan Fidan, Dar thanked Türkiye for hosting the ministerial engagements. The two ministers discussed bilateral relations and regional developments, particularly the situation in the Middle East and Palestine. They expressed concern over threats to regional stability and underscored the importance of dialogue, diplomacy and coordinated efforts to promote peace and security.
CONTINUED FROM PAGE 01
They also condemned Houthi attacks targeting Saudi Arabia and stressed the importance of respecting state sovereignty. The ministers discussed ways to strengthen regional coordination and advance diplomatic initiatives aimed at achieving lasting peace and stability. The discussions took place against the backdrop of heightened concerns over maritime security, particularly the Strait of Hormuz, as well as the wider implications of the conflict for regional economies and international trade. On the sidelines of the meetings, Dar held separate bilateral discussions with his Turkish and Egyptian counterparts, followed by meetings with the Saudi and German foreign ministers. In his meeting with Fidan, Dar thanked Turkiye for hosting the ministerial engagements. The two discussed bilateral relations and regional developments, particularly the situation in the Middle East and Palestine. They expressed concern over threats to regional stability and underscored the importance of dialogue, diplomacy and coordinated efforts to promote peace and security. Both ministers strongly condemned Houthi attacks on Saudi Arabia and reaffirmed their commitment to close coordination on regional matters, including under the
Makkah Defence Agreement. The FO said the two leaders also pledged to strengthen the longstanding bonds of friendship between Pakistan and Türkiye and expand cooperation in areas of mutual interest, both bilaterally and through multilateral forums. During his meeting with Abdelatty, Dar exchanged views on regional and international developments, with particular emphasis on Palestine and the broader Middle East. The two ministers stressed the importance of sustained dialogue and diplomatic engagement in addressing regional challenges. They reaffirmed the longstanding ties between Pakistan and Egypt and agreed to maintain high-level contacts to advance bilateral relations. According to the FO, they also agreed to accelerate cooperation in trade, business-to-business partnerships, agriculture, pharmaceuticals, connectivity, renewable energy, defence and people-to-people exchanges. Both sides reaffirmed their commitment to continued consultations under the R4 framework and closer coordination on matters of mutual interest. In his meeting with Prince Faisal bin Farhan, Dar reiterated Pakistan’s full support for Saudi Arabia’s sovereignty and territorial integrity. The two ministers reaffirmed the strength of their countries’ long-
standing ties and pledged to deepen their strategic partnership through cooperation across areas of mutual interest and regular consultations at all levels. The FO said they also highlighted the special relationship between the two countries, reinforced by their Strategic Mutual Defence Agreement and the Makkah defence alliance involving Pakistan, Saudi Arabia and Türkiye. Both sides reiterated their shared commitment to regional peace, security and stability. Dar also met German Foreign Minister Johann Wadephul, with the two discussing bilateral relations and regional and international developments. The Pakistani deputy premier expressed his desire to strengthen ties with Germany through sustained engagement and cooperation across multiple areas of mutual interest. The ministers emphasised the importance of dialogue, diplomacy and continued international engagement in addressing regional challenges and promoting stability. Dar welcomed the constructive engagement of Germany, France, Italy and the UK with the R4 framework, stressing the value of regular consultations and coordinated diplomatic efforts on shared concerns. British Foreign Secretary Ed Miliband’s office said the discussions would focus primarily on the Strait of Hormuz and the security situation in Saudi Arabia.
04 COMMENT
Is Modi’s grip slipping?
IMF’s dire predictions
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I
IMF is now predicting a contraction for Pakistan and the rest of the region
HE IMF only recently but its growth forecast for Pakistan for the current fiscal year, mainly because of the war in the Middle East. Now it has predicted an out-and-out contraction for the region. It has predicted a harsher fate for countries like Saudi Arabia and the UAE, which it sees as facing recessions, or contraction for four successive quarters or more. The I MF prediction is based on a pessimistic view of the war continuing. Which it sees as lasting well into 2027. This is not a particularly unrealistic assessment, for US President Trump has been making aggressive sounds, while the Iran response has been one of defiance. Now that the US midterm polls are just about a fortnight away, it is a reasonably safe assumption that the USA is presently just waiting to get more forces in the region, particularly the USS George H.W. Bush and the Marine Expeditionary Unit it carries. In fact, it is possible that any US action would come well after the midterms, because the Bush is expected to reach the Gulf at the end of November. With the Middle East conflict dragging on, the IMF says it is likely that Pakistan will face renewed inflationary and financial stability risks, rising food and energy prices, higher borrowing costs and mounting external financing pressures, leading to a need for monetary tightening. That means that interest rates will be raised, which in turn means that growth will be strangled (to the point of contraction). With the Gulf in an economic tailspin, its beneficial economic effects, such as remittances and export demand, will tank, dragging down the Pakistani economy. The government might keep in mind that the IMF may actually welcome either another programme, or an extension of the current programme (so that the government can say it did not take on a new programme), because the reforms so far have shaped it into an ideal client, well able to service its debts. Having another country dependent on it, like Argentina, is an added bonus. The IMF is correct to point out that financing needs stand at between 22 percent and 25 percent of GDP, it does seem like a piece of special pleading. It is also noticeable that the IMF has many strong and unpopular ideas about tax policy and power tariffs, and any other micro-economic areas, but seems completely oblivious about how to export more, which is the only way to get out of the debt trap.
India’s democratic reckoning has begun Tariq Khan Tareen
NDIA’S vaunted self-image as the world’s largest democracy— a republic consecrated upon the altar of secularism— is convulsing under an existential stress test. The BJP’s Hindutva-inflected governance is buckling beneath a relentless torrent of protests and simmering grievances emanating from marginalized ethnic, religious, and economically subjugated communities. What was once heralded as an exemplar of pluralistic governance for the Global South now quivers under the centrifugal onslaught of majoritarian chauvinism, its fissures widening into chasms that imperil the Republic’s very bedrock. The Indian intelligentsia— hitherto circumspect about interrogating the regime’s ideological substructure— has broken its silence with urgent foreboding. Scholars now ask a disquieting question: how long can a political paradigm erected upon Hindu-nationalist identity sustain national cohesion when demonstrations over representation, economic opportunity, equality, and civil liberties burgeon with each passing day? Their prognosis is unsparing— a polity anchored in exclusion cannot indefinitely contain the aspirations of those it systematically disenfranchises. The evidentiary record of 2025–26 dispels all doubt: the descent is underway and accelerating. Democratic erosion has mutated from incremental to exponential; each successive month furnishes fresh corroboration of institutional putrefaction. Protest movements have coalesced into a nationwide contagion, security forces have been unleashed upon civilian demonstrators with unprecedented regularity, and the machinery of state coercion has been turned against political adversaries with utter impunity. India’s democratic veneer is disintegrating under the twin corrosive forces of Hindutva authoritarianism and crony capitalism. The patina of electoral and constitutional propriety has been peeled away, exposing a regime that genuflects before democratic norms while surreptitiously dismantling the institutional bulwarks that sustain them. The incestuous symbiosis between political power and corporate oligarchy has spawned a kleptocratic ecosystem wherein a privileged coterie of conglomerates luxuriates in regulatory indulgence while ordinary citizens shoulder the crushing burden of economic dislocation. The verdict of international indices is damning. V-Dem ranks India 106th on the Electoral Democracy Index— a score of 0.38, the lowest since the 1975 Emergency— and categorizes it as an electoral autocracy. Freedom House awards it a historic nadir of 62/100. These are not sterile statistical abstractions but searing indictments of a nation that once wore the mantle of the world’s largest democracy with pride. The “electoral autocracy” designation signifies that elections, though nominally conducted, no longer discharge their quintessential function of ensuring governmental accountability. Elon Musk publicly lampooned the system, en-
Dedicated to the legacy of late Hameed Nizami
Arif Nizami (Late) Founding Editor
The rise of the Houthi movement in Yemen M. A. Niazi
Babar Nizami
Editor Pakistan Today
Editor Profit
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Imperial interests, and Pakistan’s economic security ayaz ali SheiKh
O understand the rise of the Houthi movement in Yemen and its seizure of Sana’a in 2014 merely as the outcome of a religious or sectarian conflict would amount to overlooking the complexity of the historical process. To understand any political crisis, it is necessary to examine together the economic structure underlying it, class interests, state power, and the interests of regional and global capital. In Yemen, state weakness, economic deprivation, the crisis of political representation, and tribal contradictions provided the material basis for the rise of the Houthis, while the intervention of Saudi Arabia, Iran, and other regional powers transformed these internal contradictions into a broader geopolitical conflict. The Houthis did not establish complete control over the entire Yemeni state; rather, they established de facto political and administrative control over Sana’a and large parts of western Yemen, where a substantial proportion of the country’s population resides. Yemen subsequently became subject to a fragmented distribution of power in which various regional and class forces continued to struggle to protect their political and economic interests. In Marxist analysis, the state is not regarded as a non-class and neutral institution; rather, it is understood as an expression of relations of power among different class and economic forces. In the Yemeni crisis as well, the weakness of state institutions, the question of control over resources, and the issue of political representation were inseparable from economic interests. Yemen’s global importance lies less in its own oil production than in its geographical position. The Bab al-Mandab Strait connects the Red Sea with the Gulf of Aden and constitutes a major route for global trade and energy supplies. Under the capitalist world economy, production and trade are not confined within the boundaries of any single country; raw materials, energy, capital, and manufactured goods circulate on a global scale. Consequently, war or instability around such a maritime chokepoint can pose a risk to the circulation of global capital. If ships are forced to take longer alternative routes, the costs of fuel, insurance, and freight increase, and these additional costs may ultimately be passed on to consumers through higher prices of goods. A historical distinction is necessary at this point. Following the Houthis’ seizure of Sana’a in 2014, global oil prices did not increase; rather, they declined significantly. At that time, rising global production, the expansion of US shale-oil production, weak global
demand, and OPEC’s production policy were among the major factors contributing to the decline in oil prices. Therefore, it would not be accurate to attribute the rise in global oil prices in that year directly to the Houthis’ assumption of power. From the perspective of Marxist analysis, however, the more important question is that decisions concerning the price and supply of global energy are not determined solely by the natural forces of supply and demand. They are also shaped by major states, oil-producing powers, global corporations, financial markets, and relations of geopolitical power. Pakistan’s situation should also be understood within this political-economic structure. Pakistan relies on imported oil for a significant portion of its energy requirements. An increase in global oil prices raises the country’s import bill, thereby placing pressure on the current account. If this is accompanied by a depreciation of the Pakistani rupee, imported inflation may intensify further. Higher prices of petrol and diesel increase the costs of transportation, agriculture, industry, and food production. In this way, a crisis generated within the global capitalist market reaches Pakistan’s workers, peasants, and low-income classes in the form of rising everyday living costs.
quiring whether Mukesh Ambani is the “real boss” and “Prime Minister Ambani” during the Starlink regulatory standoff— state protectionism shielding a handful of billionaires while strangulating competition and citizen welfare. The episode crystallized international criticism of state protectionism and the perceived privileges enjoyed by powerful conglomerates, laying bare the crony capitalist substratum of India’s ostensibly liberalized economy. Electoral integrity has been squandered: the Special Intensive Revision expunged 13.3–13.4 crore names from voter rolls (over 71 percent designated “absent/shifted”), igniting nationwide protests by the INDIA bloc and the youth-led Cockroach Janta Party. This brazen manipulation of the electoral roll constitutes a quantum escalation in the regime’s assault on electoral integrity. The mass deletion of disproportionately minority and opposition-leaning voters amounts to a silent coup against the electorate itself. These protests were met with heavy police crackdowns and detentions. Mass detentions, baton charges, tear gas, and the invocation of draconian laws betray an authoritarian temperament implacably hostile to dissent. Opposition leaders languish in incarceration on spurious charges, student activists have disappeared, and journalists harassed into silence. ACLED logged 20,606 demonstrations in 2025 and 18,074 through September 2026— 17.5 percent of the global total. These staggering figures, representing nearly one-fifth of all demonstrations worldwide, attest to the febrile political climate suffusing India. The sheer magnitude of popular mobilization— spanning urban and rural, young and old, across caste and creed— demonstrates that discontent is not confined to any single constituency but has metastasized into a pan-national phenomenon. Article 370’s unilateral revocation imposed a military lockdown, communications blackout, and the silencing of Kashmiri voices. The abrogation of Jammu and Kashmir’s special constitutional status ranks among the most draconian actions undertaken by any democratic government in recent memory. The Kashmir precedent looms as a cautionary augury
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for other regions contemplating assertions of constitutional rights. Minority persecution intensifies through CAA discrimination, “bulldozer justice” demolishing Muslim homes and sites, and Manipur’s ethnic bloodbath (260–306 dead, 43,000–60,000 still displaced, 360+ churches destroyed). The Citizenship Amendment Act’s exclusionary architecture, vigilante demolition of Muslim properties, and the horrific ethnic violence in Manipur collectively constitute state-sanctioned persecution targeting religious and ethnic minorities. The regime’s complicity— through instigation or inaction— has stained India’s international reputation irreparably. Hate speech reached 1,318 anti-minority events in 2025 (98 percent targeting Muslims). This statistic, numbing in its magnitude, represents only the documented tip of the iceberg; countless incidents go unreported owing to victims’ fear of reprisal or lack of faith in law enforcement. The weaponization of hate speech by ruling party functionaries and affiliated vigilante groups has cultivated an atmosphere of impunity wherein minorities are systematically terrorized. Youth unemployment reached 16.2 percent in mid-2026. For a nation whose demographic dividend is celebrated as its greatest asset, this figure represents a catastrophic policy failure. Millions of young Indians, educated and aspirational, find themselves consigned to the ranks of the precariously employed or chronically jobless. The Cockroach Janta Party’s emergence is symptomatic of a broader generational rupture: young Indians are increasingly receptive to radical alternatives as conventional political channels fail to address their existential anxieties. Secularism is dead; the regime’s majoritarian oligarchy is fracturing the nation under its own weight. The constitutional secularism that was India’s foundational creed has been interred, supplanted by a virulent majoritarianism that privileges one community while systematically marginalizing all others. The oligarchic nexus between political power and corporate wealth has produced a governance model serving a narrow elite while immiserating the vast majority. Whether India’s democratic downfall proves terminal or merely a cathartic interregnum remains uncertain, but the evidence of 2025–26 brooks no ambiguity: the Modi regime’s authoritarian trajectory has precipitated a crisis of existential proportions, and the forces of resistance, though battered, are far from extinguished. The writer is a freelance columnist
The oligarchic nexus between political power and corporate wealth has produced a governance model serving a narrow elite while immiserating the vast majority. Whether India’s democratic downfall proves terminal or merely a cathartic interregnum remains uncertain, but the evidence of 2025–26 brooks no ambiguity: the Modi regime’s authoritarian trajectory has precipitated a crisis of existential proportions, and the forces of resistance, though battered, are far from extinguished
The class dimension is particularly important here. An increase in oil prices does not affect all social classes equally. For large-scale capital, rising prices can sometimes create opportunities for additional profits, whereas workers and low-income households experience a decline in their real incomes. If wages do not increase at the same rate as inflation, the purchasing power of workers declines. Consequently, inequality in the distribution of national income may become more pronounced. In Marxist terms, the costs of a crisis are transferred unevenly across different classes of society. The Yemeni crisis is also important for Pakistan because it exposes the country’s vulnerability in the energy sector. If, in the future, a prolonged disruption occurs at Bab al-Mandab or at another major maritime route in the Middle East, resulting in a rise in global oil prices, Pakistan’s import bill, currency value, transportation costs, and inflation could be adversely affected. Under such circumstances, the burden of an economic crisis would once again be likely to be transferred towards ordinary consumers and working people. Against this background, energy policy should also be understood as a class and political-economic question. Heavy dependence on imported oil is not merely an energy issue; it also makes Pakistan’s economic sovereignty more vulnerable to global capital and regional political crises. The development of domestic and alternative energy sources, investment in solar and wind power, expansion of public transportation, energy conservation, and the enhancement of oil reserves for emergency requirements are measures that could help limit the impact of external crises.
The writer may be ayazshaikh6606@gmail.com
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at
Against this background, energy policy should also be understood as a class and political-economic question. Heavy dependence on imported oil is not merely an energy issue; it also makes Pakistan’s economic sovereignty more vulnerable to global capital and regional political crises.
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Beyond party lines
PATIENCE, criticism and differences of opinion are natural in politics; however, there are certain moments that rise above party lines and demand national appreciation. Recently, Pakistan and Saudi Arabia signed a historic strategic defence agreement, strengthening bilateral relations and opening new avenues for regional peace, security and cooperation. This is undoubtedly a landmark step in Pakistan’s diplomatic and defence history. As a nation, whether political workers, party leaders or ordinary citizens, we carry a collective responsibility to acknowledge such positive developments. Criticism where due is fair, but it should not overshadow national progress. If development or a historic agreement serves Pakistan’s interests, it must be appreciated regardless of which political party happens to be in power. True patriotism lies in rising above personal and party preferences and recognising achievements that strengthen Pakistan on the global stage. The Pakistan–Saudi strategic defence agreement is one such achievement that deserves appreciation from all quarters. HAYAN AHMED KHAN ISLAMABAD
Digitise document verification
IN Pakistan, where students and fresh job applicants already struggle with job insecurity, limited opportunities and fierce competition, they are additionally burdened by an outdated and cumbersome requirement: getting all the documents attested by a gazetted officer and submitting character certificates. This rule is uniformly enforced across the country, regardless of regional accessibility or practicality. In today’s digital age, most academic documents and CNICs contain QR codes and can be easily verified online, not involving any lengthy process. Why are applicants required to chase government officers for basic attestations? This wastes time and often leads to delays due to the unavailability of officials. It even opens the door to unethical demands. Moreover, government departments also verify documents after a candidate is selected, making this pre-application attestation largely redundant. If some people submit fake documents, they will still be caught during the post-selection verification phase. Even more questionable is the requirement of a so-called character certificate. How can a gazetted officer, who likely has no personal connection with the applicant, credibly vouch for someone’s moral character? In many cases, such certificates are issued by clerical staff for a small ‘fee’, further undermining the credibility of the whole process. Recently, I personally experienced how dysfunctional this process can be. At the City Court in Karachi, I approached several public prosecutors for attestation of my documents. Despite the presence of public pro-secutors from multiple districts, none was willing to help. It became clear that this essential requirement depends not on merit, but on navigating bureaucratic roadblocks and arbitrary conditions. Therefore, to improve transparency, efficiency and accessibility, the government should implement a centralised digital verification system. Institutions such as Higher Education Commission (HEC), National Database Registration Authority (Nadra) and educational boards should directly validate documents online. This would eliminate the need for any manual attestation, reduce lowerlevel corruption, and save valuable time for thousands of applicants. Reforms in this area are long overdue, and must be prio-ritised to align Pakistan’s recruitment processes with global best practices. MUHAMMAD ISHAQUE GABOL KARACHI
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COMMENT 05
The Nation’s unwritten debt
Saturday, 24 October, 2026
Honouring the sacrifices of Pakistan’s army
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Rizwan ahmad
AKISTAN’S national strength lies in its unity, resilience and commitment to shared values. At a time when the role of the Army is receiving considerable public attention, it is important to encourage a balanced and respectful discussion that recognises the country’s diverse perspectives. In a democratic society, differences of opinion are natural and necessary, but they should be expressed with responsibility and a clear understanding of national interests. By promoting mutual respect, constructive dialogue and informed debate, Pakistan can address its challenges while acknowledging the sacrifices of those who serve in its defence. Ultimately, national progress depends on the collective efforts of its institutions and citizens, working together for the country’s stability and future. No institution should be beyond the law or constitutional responsibility. Equally, no fair assessment of Pakistan’s Army can ignore the courage and sacrifices of the men and women who serve in uniform. A nation must be capable of examining its institutions thoughtfully while recognising the human cost of protecting its sovereignty. The most painful injustice is not that a soldier gives his life for his country; it is that a nation might grow accustomed to the price he pays. Pakistan’s Army is more than a subject of political speeches and television debates. It consists of men and women who serve in difficult terrain, guard national borders and confront threats that most citizens will never experience directly. Their duties demand discipline, courage and prolonged separation from their families. For those serving in dangerous areas, every departure from home carries uncertainty, while every safe return brings relief to families who have spent days worrying about their loved ones. Pakistan’s struggle against terrorism demonstrates the cost of maintaining national
security. Soldiers have confronted armed groups and lost their lives defending the country. Their sacrifices form an important part of Pakistan’s recent history and deserve recognition beyond political affiliations. Behind every fallen soldier is a mother who has lost her son, a wife who has lost her partner and children who must grow up without a parent. These families deserve more than occasional tributes. They deserve the enduring respect and support of the nation. National unity and public confidence are essential to Pakistan’s security and stability. When political disagreements become deeply divisive, opportunities may arise for those seeking to exploit internal differences. Responsible public discussion, accurate information and mutual respect can help prevent misunderstandings from widening divisions. In a country where terrorism and regional instability continue to demand vigilance, the shared responsibility of protecting national interests deserves serious consideration. National security depends on more than weapons, intelligence and operational readiness. It also requires public confidence, institutional professionalism and a shared understanding that Pakistan’s fundamental interests transcend party politics. National unity does not mean that every citizen must agree with every decision. It means that differences must not destroy the common ground on which the country’s security and stability depend. Political leaders and influential commentators carry particular responsibility in shaping this environment. Their words influence public attitudes, especially when television and social media amplify every controversy. Responsible leadership requires measured language, evidence-based arguments and an understanding of the wider consequences of public statements. Political competition is an unavoidable feature of democratic life, but it should be conducted in a manner that preserves national cohesion and mutual respect.
There is an essential distinction between accountability and hostility. Constitutional questions, institutional responsibilities and public policy must remain open to reasoned examination. Supporting the Army does not require unquestioning agreement with every decision, just as disagreement over a particular matter should not erase the contributions of an entire institution. A mature political culture can uphold constitutional principles while treating those who serve the country with fairness and dignity. The Army’s contribution must also be recognised through practical action. The families of martyrs deserve dependable financial assistance, healthcare and educational opportunities for their children. Wounded personnel need rehabilitation, while veterans deserve dignity and support as they adjust to life beyond active service. These are continuing obligations, not gestures reserved for ceremonial occasions. The true measure of national gratitude is whether the country stands by these families long after public attention has moved elsewhere. Institutional confidence is strengthened through professionalism, discipline, constitutional responsibility and conduct that earns public trust. Respect becomes more enduring when service is accompanied by a commitment to duty and responsibility. National confidence cannot be sustained through declarations alone; it grows when institutions fulfil their obligations and remain committed to the welfare and security of the people they serve. Pakistan’s future requires a broader national effort. The country needs effective civilian governance, a fair justice system, economic opportunity and quality education. The Army cannot resolve every national challenge by itself. Each institution has its own responsibilities within the constitutional framework, and lasting progress depends on cooperation, effective governance and a shared commitment to national development. Recognising these wider needs does not diminish the Army’s role in national security. It places that contribution within the
His Berlin keynote offered another chance to calm investors by arguing that the next wave of AI spending will come from governments treating the technology as a national necessity, not a speculative bet years of scientific research into days.
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IN GERMANY, Huang challenged Chancellor Friedrich Merz to loosen Europe’s regulatory instincts. “There’s nothing to regulate if the industry doesn’t thrive,” he warned Monday. “Give Germany a chance. Give this industry a chance.”
AXIOS
VIDIA CEO Jensen Huang is crisscrossing Europe with a multibillion-dollar checkbook and a grand ambition: Make his company the indispensable backbone of the global AI economy.
WHY IT MATTERS: As fears of an AI bubble rattle Wall Street, Huang is working to spread the boom beyond the U.S. and China — courting governments, bankrolling startups and cultivating massive new markets for Nvidia’s chips.
THE BIG PICTURE: The godfather of AI is trying to single-handedly build a new market for Nvidia chips, betting that governments and institutions around the world will want their own, highly customized data centers running open models. If it works, it could shore up demand for Nvidia chips just as another big group of customers — neoclouds — appear financially shaky.
DRIVING THE NEWS: Part showman, part salesman, Huang has spent the past week preaching the gospel of AI across Europe ahead of a Nvidia’s flagship conference in Berlin.
IN FRANCE, Huang announced investments in four startups and joked, whisky glass in hand, that he’s “the biggest VC in Europe.” President Emmanuel Macron welcomed him to Paris, while France’s economy minister compared the AI revolution to the Gold Rush.
IN BRITAIN, Huang channeled Oprah Winfrey while announcing stakes in five startups. “I am giving you money! And I am giving you money! And I am giving you money!” he shouted from the stage of a converted London church.
IN SWEDEN, Huang unveiled a supercomputer backed by the country’s industrial elite, likening Nvidia’s technology to a “time machine” capable of compressing
collective effort required to build a stable and prosperous Pakistan. One principle, however, should remain clear: the sacrifices of those who defend the country should never become a casualty of political rivalry. A soldier does not stand guard for one political party, one province or one section of society. He serves a country whose citizens hold different opinions, support different leaders and disagree about its future. His duty extends to all of them. That is why his service should be a source of shared national respect rather than another dividing line. Pakistan’s Army deserves recognition for the courage, discipline and sacrifices of its personnel. That recognition should be reflected in public conduct, practical support for military families and a willingness to distinguish legitimate institutional scrutiny from unfair generalisations. National gratitude should remain consistent, irrespective of po-
The men and women of Pakistan’s Army continue to serve a nation whose future belongs to every citizen, regardless of political affiliation. Their sacrifices deserve remembrance, their families deserve enduring support, and their service deserves to be considered with fairness and dignity. History will record the sacrifices of those who defended Pakistan, but the judgement of how the nation valued those sacrifices will rest with the people and leaders of this generation. What that judgement will be remains a question for the conscience of the nation
ZOOM IN: At the heart of Huang’s global strategy is “sovereign AI” — the idea that every nation should build and control its own AI infrastructure, data and models, rather than depend on U.S. or Chinese tech giants. In addition to roughly $10 billion in investments in Europe, Nvidia is helping build national AI ecosystems across Saudi Arabia, South Korea, India, Malaysia and Africa. For Huang, the prize is a vast new class of customers, including entire countries that see AI infrastructure as an economic and national security imperative.
BETWEEN THE LINES: Huang’s global offensive comes at a precarious moment for the AI industry, with Wall Street increasingly questioning whether the technology’s enormous promise can justify its astronomical costs. Shares and bonds of Nvidia-backed CoreWeave and other “neocloud” providers have plunged, fueling fears that the companies borrowing billions to buy Nvidia’s chips may struggle to pay their debts. Investors are also scrutinizing a circular flow of money in which Nvidia helps finance the very companies buying its products, raising questions about how much demand is self-sustaining.
WHAT TO WATCH: Huang has emerged as the AI industry’s chief cheerleader during periods of market turmoil, countering predictions of a bubble with assurances that demand is still accelerating. His Berlin keynote offered another chance to calm investors by arguing that the next wave of AI spending will come from governments treating the technology as a national necessity, not a speculative bet. Nvidia announced a number of initiatives oriented around the “AI factories” theme at the Berlin event, including a design for modular computing pods that can be quickly deployeds, and a “full-stack” option to offer “sovereign” AI solutions by combining the company’s chips and a new family of open-weight models.
THE BOTTOM LINE: Countries racing to secure their independence in the AI age may find themselves more reliant than ever on one American company.
litical affiliations or changes in government. A nation’s debt to its defenders cannot be repaid through speeches, medals or public ceremonies alone. It is reflected in the security citizens enjoy, the families left behind and the dignity afforded to those who serve. It is also reflected in the ability of a society to maintain perspective during periods of political tension and to remember the people behind its national institutions. Pakistanis will continue to disagree about leadership, governance and the country’s direction. Such differences are inevitable in a diverse society. The greater challenge is to ensure that political divisions do not prevent citizens from recognising service beyond party loyalties. A strong nation must preserve its capacity for honest debate while maintaining respect for those who risk their lives in its defence. The men and women of Pakistan’s Army continue to serve a nation whose future belongs to every citizen, regardless of political affiliation. Their sacrifices deserve remembrance, their families deserve enduring support, and their service deserves to be considered with fairness and dignity. History will record the sacrifices of those who defended Pakistan, but the judgement of how the nation valued those sacrifices will rest with the people and leaders of this generation. What that judgement will be remains a question for the conscience of the nation. The writer is a legal researcher on law, public policy, and politics, with a focus on governance, institutional reform, and accountability.
Why France is burning!
Nvidia’s global power play
zachaRy Basu
The families of martyrs deserve dependable financial assistance, healthcare and educational opportunities for their children. Wounded personnel need rehabilitation, while veterans deserve dignity and support as they adjust to life beyond active service.
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KOREA HERALD LioneL LauRent
NYONE walking along the boulevards of Paris on Sunday afternoon will have sensed the “shame and anger” described by President Emmanuel Macron after a weekend of rioting. Smashed-in storefronts, boarded-up windows and charred makeshift barricades hinted at the looting that hit some 1,500 stores across the country. Dozens of armored cops were still standing guard, shields raised, after a night when 500 people were taken into custody in the French capital alone. And amid the chaos, one lone bystander with a broom quietly sweeping up broken glass. It’s not only France that’s feeling the heat. Anger about rising inflation, from energy prices to housing costs, has led to clashes in Italy and Portugal. It may also lose President Donald Trump the US midterm elections, given the impact of his folly in the Strait of Hormuz on oil prices. Still, France’s propensity to descend into unrest has become scarily regular, as has the inability of Macron’s administration to get a grip. Which begs the question: Why is one of the rich world’s biggest public spenders again on fire? This is after all a highly redistributive country that has racked up an extra 1 trillion euros ($1.1 trillion) of borrowing since 2019. And yet surveys indicate that the French, on average, lack 500 euros a month to comfortably cover their outgoings, making them vulnerable to sudden changes in their economic situation — and likelier to protest. On one level, the sparks that lit the flames this time around included multiple short-term
political failures that echo the Yellow Vest riots of 2018. The authorities clearly weren’t expecting more than half a million people to take to the streets nationwide, let alone the thousands of looters in Marseille. The mayor of Limoges, whose town hall was broken into and gutted by fire, has called for more resources for a police force he described as outgunned by far-left opportunists. And the government’s inability to engage with or defuse earlier protests by high schoolers — driven by a lack of fiscal headroom to throw money at the problem as bond yields, and hence state borrowing costs, rise — fueled the fire. But the discontent that provided the kindling was already there. And one big reason is that French public spending is allocated in a very lopsided way. Compare the France of 2024 with that of 1974 — the last year it balanced the budget — and there’s been very little change in spending on public services such as security, the courts or education as a percentage of gross domestic product. It has risen by just 0.1-0.3 points, according to former government advisor Antoine Foucher. The biggest beneficiaries, as usual in the West, are pensioners. Spending on them has jumped by about 6.5 points, with successive governments prioritizing a generous and long retirement over the future of young people entering education and the workforce. Almost a third of France’s education budget goes on pensions, for example, which may explain why teachers’ wages are below the OECD average. Alongside the frustrations of underpaid public servants are signs that adding more jobs in the private sector — the focus of Macron’s labor-market reforms — increasingly doesn’t pay. That 500-euro monthly gap in people’s monthly outgoings is hard to fill via the career ladder as lower productivity, declining education standards and an innovation lag drag wages down while ever-higher social charges eat into take-home pay. Statistics agency INSEE has estimated that an employer raising a minimum-wage worker’s
salary by about 440 euros would result in a take-home gain of only 100 euros. It’s perhaps no coincidence that it took a tax-free bonus of about 500 euros to quell the 2018 Yellow Vests’ anger. Le Monde estimates that the French median wage has risen 22.8 percent since 2017, outpaced by inflation of 23.4 percent. This doesn’t excuse the weekend’s violence. French purchasing power is slowing down rather than screeching into reverse. Yet the combination of grievance politics, intergenerational unfairness and an inescapable sense of decline is what makes France feel so fragile despite its size and its still considerable strengths. It also makes compromise harder, with the new Yellow Vests bemoaning low wages and high taxes over the weekend alongside the nihilistic masked mobs spraypainting “ACAB.” With Macron a spent force, the question now is the 2027 presidential election. The sight of towns and cities on fire will doubtless create new supporters for far-right leader Marine Le Pen. Her extreme-left opponent JeanLuc Melenchon is being seen as the instigator of the mayhem on the streets. In a vote dominated by cost-of-living and security fears, the far right holds several cards — including the Trumpian promise of putting hundreds of euros into people’s pockets through cutting payments to the European Union. Still, six months is an age in politics. Le Pen’s plans involve billions in new spending and lack credibility, according to Bloomberg Economics. Voters are slowly starting to understand that rising state debt is a problem. Meanwhile, center-left politician Raphael Glucksmann, who has ruled out an alliance with Melenchon, is enjoying a poll surge of his own. But what’s missing in this crowded race is honesty on the reforms that are needed — both from politicians and the aging electorates that are blocking inescapable change.
Lionel Laurent is a Bloomberg Opinion columnist writing about the future of money and the future of Europe.
Revealed – reasons for delays to investigating Israeli military incidents
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SATIRE
NEWS BISCUIT katipo
OX News Verryiffy Team have found out why the IDF are so far behind with reporting back on the hundreds of untoward incidents Israel said would be looked into. The explanation is very simple. Only one person, Aaron Blewsky, has been assigned to investigate. Not only that, Aaron has been on compassionate leave for most of the last three years due to ingrown toenails. Fox tracked down Private Blewsky to the apartment he lives in with a magnificent view of the West Bank, a view only spoiled by the
nearby acres of uprooted olive and lemon trees and the rubble of former homes of Palestinians who have volunteered to go and live with relatives in various towns. Blewsky complained bitterly that his ingrown toenails have prevented him in helping to send Palestinians on their way. He described himself as a martyr to his feet. Speaking through a Russian-English interpreter, Blewsky explained how he had migrated from Moscow four years ago and is still learning Hebrew and has no plans to learn Arabic. Asked if his lack of familiarity with the area’s two main languages was a barrier to investigations, he asked if we had heard of Google Translate?
We asked if he felt that when he was able to go to work, he was able to make progress with investigations? Blewsky acknowledged that his car was not the most reliable and he had not always made it to the Tel Aviv office assigned to him We asked about speaking to IDF personnel implicated in the incidents. Blewsky had driven to one barracks but after speaking with a soldier found his car had been turned upside down. After that, he vowed only to work from his office and home. ‘So have you been able to make any progress with investigation working from your apartment?’ ‘Unfortunately months of work on one case I found time for was eaten by my dog.’
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US, SoUth KoRean officialS See little chance of tRUmP-Kim meeting thiS yeaR
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SEOUL
AGENCIES
NITED States and South Korean officials see the chances fading of a meeting between President Donald Trump and North Korean leader Kim Jong Un this year, according to five people with knowledge of the situation. Trump, the only US president to have met a North Korean leader, has been eager to jump-start talks with North Korea, but Pyongyang has shown little interest in diplomacy aimed at containing its nuclear program. The US has received no response from North Korea on holding a Trump-Kim meeting, and there is little time left before a regional summit in China next month where it might occur, said the five people — four of them briefed by senior officials
from the US and South Korea, as well as a South Korean official. North Korean state media has said Pyongyang would put tough conditions on agreeing to a bilateral summit, potentially including sanctions relief, even as Kim's powerful sister has said the two leaders have an "excellent" relationship. TRUMP 'OPEN' TO TALKS, NOTHING SCHEDULED, OFFICIAL SAYS In August, the Republican president said he planned to meet with Kim later this year and that the North Korean leader had responded to his outreach. South Korea's intelligence agency told lawmakers late last month that there was a 50% chance of Trump and Kim meeting on the sidelines of the November 18-19 summit of the Asia-Pacific Economic Cooperation group in Shenzhen, China. But on Monday, Trump, who met Kim
three times in his first term, downplayed the prospects of such a meeting happening during the APEC meeting or a regional summit in the Philippines, also in November. "I get along with him very well, and I'm not sure that anybody's asking for a meeting," Trump told reporters at the White House. Another South Korean official familiar with the matter said Pyongyang has made no move indicating it is preparing for a meeting with Trump. All of the people spoke on the condition of anonymity to relay private conversations. South Korea's foreign ministry did not immediately respond to a request for comment. Last week, Seoul's ambassador to Washington, Kang Kyung-wha, said no concrete progress had been made toward a Trump-Kim summit. North Korea's permanent mission to the UN did not immediately respond to a request for comment.
"President Trump in his first term held three historic summits with North Korean Leader Kim Jong Un that stabilised the Korean Peninsula," said a White House official on condition of anonymity. "US policy on North Korea has not changed. President Trump remains open to talking with Kim Jong Un, without any preconditions. No meetings to announce at this time. The leaders will meet at the appropriate time." Last month, a senior US official told reporters that Trump was "ready" to speak with Kim and that "the ball is very much in North Korea's court.” A TRUMP-KIM SUMMIT COULD COME ABRUPTLY Ankit Panda, a senior fellow in the Nuclear Policy Program at the Carnegie Endowment for International Peace, said there is less than a 10% chance of a meeting between Trump and Kim at the APEC summit.
Yemeni army says over 35 Houthi fighters killed or wounded in Taiz ADEN
AGENCIES
Yemen’s army said Friday that more than 35 fighters of the Houthi group were killed or wounded in a military operation targeting the group’s positions in southwestern Taiz province. In a statement, the army’s 35th Armored Brigade said its forces carried out a “swift and targeted operation” against Houthi positions and fortifications along the Aqrouz front in the Al-Misrakh district. It said the operation targeted positions at Jabal Al-Manara, Kour, Wadi Kour, Al-Maqda, Al-Dabaya and Kahlan, leaving “more than 35 Houthi fighters killed or wounded.” The statement did not specify the number of fatalities or injuries. The operation also disabled a military vehicle equipped with weapons and destroyed Houthi fortifications at the targeted sites, it added. The Houthis did not immediately comment on the Yemeni army’s account. Taiz province has witnessed fierce fighting between the Yemeni army and the Houthis for weeks, killing and wounding hundreds on both sides. Taiz holds strategic importance as a geographic bridge and a vital link between Yemen’s northern provinces. Control of the province would mean control over supply routes and key transport corridors connecting the interim capital, Aden, with the country’s central and northern provinces. These developments are part of a military escalation that began in July and is considered the most extensive since the relative calm that followed a truce
launched in April 2022. Since Oct. 5, Yemeni government forces have been conducting Operation Dawn of Yemen, which Presidential Leadership Council Chairman Rashad alAlimi said aims to regain control of state institutions from the Houthis and recapture the capital Sanaa. Meanwhile, the Saudi-led coalition fighting Yemen’s Houthi group said that its air defences intercepted and destroyed 11 drones and a ballistic missile. The drones were intercepted over Riyadh, Medina, the Eastern Province and the southern region, while the ballistic missile was intercepted as it headed toward Najran in southwestern Saudi Arabia, coalition spokesman Turki alMaliki said in statements posted on the X. In its latest statement on Thursday, the coalition said it had intercepted and destroyed two drones launched toward the southern region.
Russia, Ukraine agree to Oleshky ceasefire brokered by Melania Trump: White House WASHINGTON AGENICES
The White House said on Friday that United States First Lady Melania Trump has secured a ceasefire between Russia and Ukraine in the Russian-controlled city of Oleshky, which will begin on October 29. Residents of the southern Ukrainian town, occupied by Russian forces since February 2022, have reported a deepening food crisis. "Both nations agreed to temporarily stop all military action in Oleshky to allow for humanitarian aid to enter and to prepare a civilian evacuation through a designated safe passageway," a White House statement said. The development comes as Melania Trump's husband, President Donald Trump, pressures Ukrainian President Volodymyr Zelensky to reach an agreement with Russian President Vladimir Putin to end the war, which began when Russia invaded Ukraine in February 2022. Melania Trump has been active in trying to get Ukrainian children seized by Russia during the war returned to their families. "The situation in Oleshky is dire. Oleshky is a front-line war city on the brink of disaster. Oleshky's remaining population is comprised primarily of elderly residents who urgently need medical attention, medicine, food, and clean water," Melania Trump said in the statement. The ceasefire will allow non-military teams from both countries to visit residents in their homes and coordinate transportation for those wishing to evacuate to either Russia or Ukraine, with an unnamed American media organisation accompanying the teams to document the process, the first lady said. Newsmax, a right-leaning news outlet, said in a report that its cameras would be granted "exclusive access to document the effort". Oleshky, located across the Dnipro River from Kherson, has a remaining population of 1,700 to 2,000 people — primarily elderly residents, along with about 50 children — down from roughly 24,000 before the war, the White House said. About 90% of the city flooded after the destruction of the Kakhovka Dam, according to the White House. The statement said Melania Trump and her representative worked directly with Russian and Ukrainian leadership to define the terms of the localised ceasefire. "Residents who wish to evacuate will receive coordinated support and transportation to their preferred destination. I anticipate some will want to go to Russia, and some to Ukraine,” Melania said.
Earlier, it reported the interception of four drones over Riyadh and Medina, one over Riyadh and four over the Eastern Province. The statements did not provide details on where the drones were launched from or whether the interceptions caused damage or injuries. The announcements came a day after Saudi authorities reported that four people had been killed in attacks in the country’s Eastern Province. Two died from falling debris after air defences thwarted an attempted drone strike on an Aramco oil facility, while two others were killed in an attack targeting King Fahd International Airport in Dammam. The coalition also reported intercepting seven drones Wednesday, including one heading toward the southern region and six over Medina and the Eastern Province.
Separately, Saudi Arabia's General Authority for Statistics has postponed the United Nations Global Data Forum and the Second Saudi Statistical Forum, previously scheduled for November 9 to 12, 2026, in Riyadh, to 2027, the authority said in a statement. OIL SPILL FROM TANKER HITS UMM AL QUWAIN COAST, BEACHES SHUT An oil spill from a tanker was detected off the coast of Umm Al Quwain, prompting containment operations and environmental assessments, the United Arab Emirates Ministry of Climate Change and Environment said on Friday. The ministry said all beaches and coastal areas in Umm Al Quwain had been temporarily closed until technical teams completed their assessments and determined the necessary safety and marine protection measures. The ministry also urged fishermen and other sea users to avoid affected areas and follow official instructions. The announcement followed reports of a strange odour by residents in some emirates on social media. The ministry said that odours reported by residents in Sharjah, Ajman and Umm Al Quwain posed no health risks to them. Yemen has been engulfed in conflict since the Houthis seized Sanaa and several other provinces in 2014, prompting a Saudi-led coalition to intervene in March 2015 in support of the internationally recognized government. The Houthis control much of northern and western Yemen, while government forces and their allies hold Aden and large parts of the country’s southern and eastern provinces.
China to seek greater progress in ties with Germany, EU BEIJING
STAFF CORRESPONDENT
China is ready to take this visit as an opportunity to consolidate mutual trust, deepen cooperation and pursue innovation, seek greater progress in China-Germany relations, help China-EU relations achieve steady and sustained growth, and inject more positive energy into the world, Chinese Foreign Ministry spokesperson Mao Ning said on Friday. The announcement comes after the ministry announced that German President Frank-Walter Steinmeier will pay a state visit to China from October 27 to 31. Mao said that President FrankWalter Steinmeier is “an old friend of the Chinese people” who has made positive contributions to the growth of China-Germany relations. According to the spokesperson, this will be German President’s visit to China after nearly eight years. During the trip, Chinese leader will hold talks with him and exchange views on bilateral ties and issues of common concern. Apart from Beijing, Presi-
dent Steinmeier will also visit East China’s Anhui Province. Mao noted that over the 54 years since the establishment of diplomatic ties, mutual respect and trust have served as the cornerstone of China-Germany relations, and mutual benefit the key to the success of bilateral cooperation. The two countries have forged strategic consensus through close coordination and achieved shared pros-
saturday, 24 October 2026 | karaCHi
perity via practical cooperation, delivering tangible benefits to their peoples, she added. As the world’s second and thirdlargest economies, the sound and steady development of the ChinaGermany comprehensive strategic partnership serves the interests of both sides and meets the expectations of Europe and the wider world, the spokesperson said.
"If Trump wants a meeting with Kim, I think the North Koreans are looking for a costly public signal," Panda said, arguing that a recent US decision to scale back exercises with South Korea had not been sufficient. Washington has occasionally sought the assistance of China, which has maintained close ties with Kim, in brokering talks with North Korea. But cordial talks between Trump and Chinese President Xi Jinping, set to continue at APEC, have not produced breakthroughs with Pyongyang. The two Koreas remain technically at war under a truce that ended fighting in the 1950-53 Korean War. The US stations about 28,500 troops and military hardware in South Korea in combined defence against North Korea, which has pursued nuclear arms and ballistic-missile development. South Korean officials, citing private research group estimates, have said North Korea possesses between 80 and 120 nuclear warheads. Trump's meetings with Kim in 2018 and 2019, while historic, yielded no concrete results. "I don't know when they're going to meet," US Ambassador to South Korea Michelle Steel told an event in Seoul organised by the American Chamber of Commerce in Korea on Wednesday.
PaaPam urges immediate review of draft auto policy 2026–31 LAHORE
STAFF REPORT
The Pakistan Association of Automotive Parts & Accessories Manufacturers (PAAPAM) has urged the government to review the draft Auto Policy 2026–31, warning that its proposed measures could undermine Pakistan’s auto parts industry, threaten employment, and weaken industrial self-reliance.In a formal letter to Prime Minister Mian Muhammad Shehbaz Sharif, PAAPAM Chairman Abdul Rehman Aizaz highlighted the sector’s contribution of over 1,200 companies, 1.5 million jobs, US$1.8 billion in annual import substitution, and Rs. 700 billion worth of localized parts supplied to assemblers.PAAPAM cautioned that proposed duty reductions on Completely Built-Up (CBU) vehicles, subsidized New Energy Vehicle (NEV) imports, and lower tariffs on auto parts could reverse decades of localization efforts.The association has requested an immediate meeting with the Prime Minister to present constructive alternatives before the policy is finalized, safeguarding local industry, jobs, and national economic interests.
Rotary recognizes progress and reaffirms commitment to end polio on World Polio Day ISLAMABAD, AGENCIES
On World Polio Day, Rotary International reaffirms its decades-long support for Pakistan’s efforts to stop the spread of the wild poliovirus in the country – one of two worldwide where the virus remains endemic, along with Afghanistan. Established by Rotary to honor Dr. Jonas Salk, who developed the first safe and effective polio vaccine more than 70 years ago, World Polio Day is an opportunity to celebrate progress and renew commitment toward ending the disease every October 24th. Rotary, the first organization to envision a polio-free world, helped found the Global Polio Eradication Initiative (GPEI) in 1988, when polio affected 350,000 children each year in 125 countries. Today, thanks to Rotary and its GPEI partners, polio cases have fallen by more than 99.9 percent, sparing more than 20 million people from paralysis. “We have contributed more than US$3 billion—including US$1.3 million from Rotary members in Pakistan--and invested more than half a billion of these funds and countless volunteer hours to protect over 45 million children in Pakistan from this paralyzing disease,” said Rotary International President Olayinka Hakeem Babalola who helped lead eradication efforts in Nigeria on Africa’s road to wild poliovirus-free certification in 2020. “Africa’s achievement demonstrates that with collaboration and political and financial support, ending polio in Pakistan and eradicating it globally is possible.” Rotary members also advocate for government support and raise awareness around polio immunization, a critical function in Pakistan given that vaccine refusals remain an obstacle to reaching every child. “Pakistan is demonstrating strong progress with only a handful of reported cases this year, and in order to safeguard our credibility and maintain trust, we are continuing to address other community needs,” said Aziz Memon, chair of Rotary’s Pakistan National PolioPlus Committee. “For example, the Committee has helped establish water filtration plants across Pakistan, resource centers to bond with the community, team support centers to facilitate frontline workers, and permanent transit posts to cover children in transit."
Xi chairs CPC leadership meeting to review disciplinary inspection report BEIJING
STAFF CORRESPONDENT
The Political Bureau of the Communist Party of China (CPC) Central Committee held a meeting on Friday to review a report on the seventh round of disciplinary inspection launched by the 20th CPC Central Committee. Xi Jinping, general secretary of the CPC Central Committee, chaired the meeting. The meeting hailed the work performance and results of the inspection. According to the inspection results, central Party and government departments have made progress in their work, but some problems still exist and need to be taken seriously. The meeting urged solid efforts to rectify the problems identified by the inspection. It called on central Party and government departments to strengthen their sense of political responsibility in
performing their duties, deepen reform, and ensure both development and security. It also stressed the need to strengthen leadership teams, while adopting higher standards and taking more concrete measures to advance full and rigorous Party self-governance. The meeting also discussed other matters. Xi sends message to 2026 Global Governance Forum Chinese President Xi Jinping sent a message to the 2026 Global Governance Forum (Xiongan) on Friday. The world is undergoing accelerated transformation unseen in a century, and the deficits in peace, development, security and governance are growing rather than diminishing, Xi said. "I have put forward the Global Governance Initiative (GGI) to promote the building of a more just and equitable global governance system and a better world," he said. China stands ready to
work with all parties to uphold the vision of global governance featuring extensive consultation, joint contribution and shared benefits, pool strength through confidence-building and tackle challenges through cooperation, Xi said.
He called for efforts to promote the implementation of the GGI to inject more certainty and positive energy into a world of turbulence and transformation, and jointly move toward a community with a shared future for humanity.
Saturday, 24 October 2026 | KARACHI
CORPORATE CORNER
Google Hosts Think Apps 2026 to Advance Pakistan’s Growth as a Global App and Gaming Hub
LAHORE STAFF REPORT
Google hosted Think Apps 2026 in Lahore, bringing together Pakistan’s top developers, alongside global and regional industry leaders and experts. As the biggest app and gaming event of the year for the industry, it focused on how AI can help Pakistani studios achieve sustainable growth on the world stage.Pakistani app and gaming studios have increasingly made their mark globally, reaching millions of users beyond the country’s borders. Over the past 12 months alone, products built by local developers generated an extraordinary 4.6 billion downloads worldwide. This expanding international presence provides a strong foundation for boosting Pakistan’s digital exports, especially as rapid advancements in AI create unprecedented opportunities for local developers to scale, innovate, and compete globally.
Heritage Education Initiative Launched to Bring Pakistan’s Cultural Legacy into Classrooms
NEWS 07 CM MARYAM BANS 20KG FLoUR BAGS SALE, oRDERS CRACKDowN oN wHEAT-FLoUR SMUGGLING
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DCS DIRECTED TO MEET WHEAT CULTIVATION TARGETS AND SOW ALL GOVT-OWNED LAND LAHORE
SALEEM JADOON
UNJAB Chief Minister Maryam Nawaz Sharif on Friday ordered strict monitoring of inter-provincial borders to curb wheat and flour smuggling and directed all deputy commissioners (DCs) to ensure achievement of wheat cultivation targets in their respective districts. She also ordered a province-wide ban on the sale of 20kg flour bags, allowing only 10kg bags to be sold in the market. Maryam Nawaz was chairing a meeting attended by commissioners and deputy commissioners through video link to review detailed reports on fluctuations in the prices of essential commodities and assess measures to ensure price stability and adequate supplies. The meeting was informed that prices of 10 commodities had continued to show a downward trend. Following a review of the market situation, it was decided to prohibit the sale of 20kg flour bags across Punjab, with only 10kg bags permitted for sale. The meeting also decided to cultivate wheat on all land covered under the Numberdar, Ghori Pal and Apna Khet, Apna Rozgar schemes. The chief minister directed the authorities to ensure wheat cultivation on all governmentowned land across the province, empha-
sising the need to achieve the prescribed cultivation targets. In another major initiative, the meeting decided to launch the “Transforming Market Waste into Wealth” programme for the first time in Punjab. The chief minister also approved a dehydration project under the Punjab Agriculture Marketing Regulatory Authority (PAMRA) to ensure the availability of off-season fruits and vegetables. The meeting was informed that Punjab’s first Mandi Mart project for fruits and vegetables had been launched in Kahna. Maryam Nawaz set a target for its early completion and directed the authorities to take necessary steps to establish
Mandi Marts across the province to improve the supply and marketing of agricultural produce. Keeping in view the anticipated demand during Ramazan, the chief minister ordered measures to ensure the availability of bananas, apples and dates at controlled prices. She directed every deputy commissioner to ensure adequate stocks of these commodities in cold storage facilities in their respective districts to meet consumer demand during the holy month. Maryam Nawaz also directed the authorities to take effective measures to regulate the sale of loose milk in accordance with prescribed hygiene and food safety standards. A comparative review of the prices of
Hamza Shehbaz visits martyred Major’s family, pays tribute to sacrifice LAHORE
ISLAMABAD The Ministry of Federal Education and Professional Training (MoFEPT), in collaboration with the National Heritage and Culture Division, has launched the Heritage Education Initiative in Federal Directorate of Education (FDE) institutions to promote cultural awareness, preserve traditional craftsmanship, and strengthen students’ connection with Pakistan’s rich and diverse heritage.The initiative aims to integrate heritage-based learning into the educational experience of students in Classes VI to VIII through practical engagement, creative exploration, and experiential learning. The pilot phase will be implemented in 10 public schools under the Federal Directorate of Education, with each school establishing a Heritage Club comprising 20 to 30 students.
BYD SHARK 6 secures maximum five-star Euro NCAP safety rating KARACHI
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BYD's Shark 6 DMO pick-up has earned a maximum five-star safety rating in the latest round of tests by independent organisation Euro NCAP. The exciting new addition to the BYD range secures the top rating with strong scores in key areas, further strengthening its credentials as both a useful work vehicle and an appealing choice for those enjoying an active lifestyle.The SHARK 6's performance in Europe’s most stringent evaluation demonstrates BYD's comprehensive all-round approach to technology and new-energy vehicle safety. Euro NCAP’s own definition of the five-star score is “overall excellent performance in crash protection and well equipped with state-of-the-art crash avoidance technology”.The official test report – based on an assessment last year by Australasian safety organisation ANCAP and incorporating additional evaluations by Euro NCAP – notes good protection in the frontal-offset test, as well as the evaluations for full-width rigid barriers and side barriers. The BYD SHARK 6 notches up overall Adult and Child Occupant ratings of 82% and 86%.
PM&DC clarification on FSc requirement for MBBS and BDS Admissions ISLAMABAD
STAFF REPORT
The Pakistan Medical & Dental Council (PM&DC) has clarified that the requirement of FSc (Pre-Medical) or an equivalent qualification for admission to MBBS and BDS programmes across the country has not been relaxed.Taking notice of reports circulating on digital media, the council said the existing admission criteria remained unchanged.According to a statement, under PM&DC admission regulations, candidates must secure a minimum of 60% marks at the intermediate level or hold an equivalent qualification to be eligible for admission to public and private medical and dental colleges.The council said candidates must also fulfil all other applicable regulatory requirements for admission to MBBS and BDS programmes.
Lahore Police arrest man for assaulting scooty-riding girl LAHORE
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15 essential commodities, including vegetables, pulses and other food items, was presented to the chief minister. According to the briefing, prices of 10 commodities had registered a downward trend, with reductions reported at up to 252 per cent. Prices of most food items remained stable, while pulse prices also remained unchanged. The meeting was further informed that the Price App would be upgraded to strengthen price monitoring and help maintain stability in the market. CM Commends Security Forces for Foiling Gwadar Terrorist Attack Meanwhile, Chief Minister Maryam Nawaz expressed gratitude over the foiling of a terrorist attack in Gwadar and paid tribute to the security forces for eliminating three terrorists. She also paid rich tribute to four police personnel, including Deputy Superintendent of Police Imranuddin, who embraced martyrdom while confronting terrorists in Karak. The chief minister expressed heartfelt condolences and sympathies to the bereaved families of martyred DSP Imranuddin, Station House Officer Afzal Awan and police personnel Amjad Ali and Kazim, acknowledging the sacrifices made by the police personnel in the line of duty. In a separate statement, Maryam Nawaz expressed deep grief over the loss of precious lives in a traffic accident caused by overspeeding and sought a report on the incident.
Former Punjab Chief Minister Hamza Shehbaz visited the residence of martyred Major Wajahat Waheed here on Friday to offer condolences to the bereaved family and pay tribute to the army officer’s supreme sacrifice. He met the martyr’s mother, brother, wife and other family members and expressed his heartfelt sympathies over the loss of their loved one. Hamza said Major Wajahat Waheed had laid down his life while defending the motherland and performing his duties, making the ultimate sacrifice for the country. He said brave sons of the nation like Major Wajahat Waheed were a source of national pride and a precious asset. The sacrifices of those
who laid down their lives for the country’s security could never be forgotten, he added. Hamza said the families of martyrs deserved the highest respect and that the entire nation shared
Ibrahim Murad calls for rethinking administrative structure amid sevenfold population rise
their grief and stood with them in their hour of sorrow. He prayed for the elevation of the martyr’s ranks and for patience and strength for the bereaved family to bear the irreparable loss.
Secretary Cooperatives chaires Senior Management Conference at PPCBL
Punjab Minister for Information and Culture Azma Bokhari said Lahore Police had arrested a suspect accused of assaulting a girl riding a scooty on Mozang Link Road on the same night. In a post on X, the minister said the suspect had been apprehended during the night, stressing that women and children were Chief Minister Maryam Nawaz’s “red line” and that such behaviour would not be tolerated under any circumstances. The suspect, identified as Ghulam Mustafa, was traced and arrested with the help of his motorcycle’s registration number, police said. According to police, the incident occurred on Mozang Link Road following a dispute over overtaking. The suspect allegedly overtook the girl, stopped her and physically assaulted her. The first information report (FIR) states that the suspect pulled the girl’s hair, verbally abused her and harassed her in public. He also allegedly snatched her bag and threw it to the ground, damaging a laptop worth Rs50,000. The girl sustained facial injuries, and her nasal bone was reportedly affected during the assault. CCTV footage of the incident has also emerged, showing the motorcyclist stopping the girl before allegedly grabbing her and throwing her to the ground. Bystanders intervened and helped rescue her.
US FDA Approves GSK’s New Hepatitis B Drug ISLAMABAD
The US Food and Drug Administration (FDA) has approved British pharmaceutical company GSK’s hepatitis B drug Hibsago, giving patients with the chronic liver infection a chance to keep the virus under control after stopping treatment.The medicine, chemically known as bepirovirsen, is the first FDA-approved antisense oligonucleotide for chronic hepatitis B. It reduces the production of RNA and viral proteins associated with HBV, suppresses the level of hepatitis B surface antigen (HBsAg) in the blood, and may stimulate the immune system to increase the chances of a durable and sustained response.In clinical trials, nearly one in five patients who received bepirovirsen achieved undetectable levels of the hepatitis B virus and were able to remain off antiviral treatment for at least six months. The BWell 1 and B-Well 2 trials are global multi-centre, randomised, double-blind, placebo-controlled trials conducted in 29 countries. STAFF REPORT
LAHORE STAFF REPORT
Former Punjab Minister for Local Government and University of Management and Technology (UMT) President Ibrahim Hasan Murad has called for a comprehensive review of Pakistan’s administrative structure, saying the country’s population has grown sevenfold since independence while its provincial boundaries have remained unchanged.Murad observed that federal countries comparable to Pakistan in size have between 27 and 51 administrative units, while Pakistan continues to manage its affairs through its existing provincial structure despite significant administrative and demographic challenges. He pointed out that Pakistan’s provinces have populations comparable to those of several countries. Punjab, he noted, has a larger population than Iran and Germany, Sindh than South Korea, and Khyber Pakhtunkhwa than Poland.He expressed these views while briefing participants of the Mid-Career Management Course at the Pakistan Administrative Services Academy during their study visit to UMT.
ISLAMABAD STAFF REPORT
Secretary Cooperatives Mr. Naveed Haider Shirazi , chaired a Senior Management Conference at The Punjab Provincial Cooperative Bank Ltd. (PPCBL) on Friday the 23rd October. During the conference, he held individual discussions with all participants regarding their respective responsibilities and performance, offering valuable guidance and constructive suggestions to further enhance the Bank’s overall effectiveness.The primary objective of the meeting was to modernize the Bank in line with contemporary standards, strengthen administrative and professional capabilities, and pave the way for new milestones in institutional growth and development.
For first time, CDA extends solid waste management services to rural areas of zones IV, V
ISLAMABAD: On the directions of Federal Minister for Interior Syed Mohsin Raza Naqvi and under the leadership of Chairman CDA Sohail Ashraf, the Capital Development Authority (CDA) has extended solid waste management services to the rural areas of Zones IV and V of Islamabad for the first time in its history. This landmark initiative aims to address longstanding sanitation challenges and provide residents of far-flung and previously underserved areas with a cleaner, healthier environment.Under the new rural sanitation services, 65 Union Councils, primarily located in Zones IV and V. Bhara Kahu and other rural and suburban areas falling within these zones have also been included to ensure improved sanitation facilities for local residents.CDA has awarded the contract for these services to a Turkish company equipped with state-of-the-art machinery, modern vehicles and trained personnel. Under the initiative, the company will manage approximately 342 tonnes of solid waste daily, deploying between 1,300 and 1,610 personnel and approximately 103 to 104 vehicles and machinery units.The deployment of modern machinery, trained staff and an organised operational system is aimed at improving waste collection, transportation and proper disposal across these areas. The initiative seeks to address longstanding gaps in sanitation services, reduce environmental pollution and extend improved municipal facilities to rural and suburban communities. STAFF REPORT
Maqsood Ahmad Naz highlights AI role in business growth, industrial development KARACHI
STAFF REPORT
Maqsood Ahmad Naz, Deputy Convenor, FPCCI Central Standing Committee on Corporate Relations & Communications, and CEO of Olympia (Private) Limited, stated that Artificial Intelligence (AI) has emerged as a powerful driver of business growth, industrial transformation, and sustainable economic development.He emphasized that AI is no longer merely a technology of the future but has become an essential tool for businesses and industries seeking to enhance productivity, operational efficiency, and global competitiveness. Highlighting the practical applications of AI in the corporate and industrial sectors, Maqsood Ahmad Naz stated that AI can play a vital role.
Saturday, 24 October, 2026
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