3
In partnership with
Profit
FEDERAL CABINET RATIFIES PAKISTAN-KUWAIT DEFENCE PACT, SHIFTS KP POWERS TO GOVERNOR Thursday, 5 November, 2026 | 24 Jumada al-Awwal, 1448
g
g
PM-LED CABINET APPROVES TRANSFER OF POWERS DELEGATED TO KP CM AMID GOVERNOR’S RULE
NEW CURRENCY NOTES APPROVED WITH ENHANCED SECURITY FEATURES AND LONGER LIFESPAN
T
g
g
MONTHLY REVIEW REPORTS ON EXERCISE OF POWERS TO BE SUBMITTED TO FEDERAL GOVT RS10 COIN TO REPLACE BANKNOTE; GOVT PLANS TRANSPARENT LPG AUCTIONS
Saleem Jadoon
ISLAMABAD
Staff RepoRt
gency and governor’s rule imposed in the province on October 11. The statement said the powers included “the conduct of day-to-day affairs during the period of emergency in the province, to facilitate the smooth handling of administrative matters in KP and further improve governance”. “The KP governor will submit a review report to the federal government every month regarding the exercise of all such powers,” the statement said. The federal cabinet welcomed the decision and expressed the hope that the KP Advisory Council, under the leadership of Governor Faisal Karim Kundi, would make every effort to promote the welfare and prosperity of the people of the province and help establish peace and security.
Pakistan, UK voice concern over terrorist groups operating from Afghanistan
CONTINUED ON PAGE 03
Prime Minister Shehbaz Sharif on Wednesday said the government was making all-out efforts to ensure uninterrupted availability of energy supplies, including liquefied natural gas (LNG), liquefied petroleum gas (LPG) and oil, during the upcoming winter season amid challenges arising from surging international prices and disruptions along maritime routes. Chairing a meeting of the federal cabinet, the prime minister said the government was holding meetings every two to three days to assess energy requirements and formulate contingency and coordination plans to ensure adequate supplies throughout the winter. He said the government would make every possible effort to keep power plants operational and minimise the impact of rising energy prices on the common people. The prime minister also announced that the decades-old monopoly in the LPG sector had come to an end, with the government introducing a competitive and transparent mechanism for the allocation of the commodity. Under the new arrangement, locally
ISLAMABAD
Pakistan and the United Kingdom on Wednesday expressed concern over the continuing threat posed by terrorist groups operating in and from Afghanistan, including the banned Tehreek-i-Taliban Pakistan (TTP), and called for a stable and secure Afghanistan to ensure lasting regional peace. The concerns were expressed during the annual Pakistan-UK bilateral dialogue on counter-terrorism held in Islamabad, where the two sides reviewed ongoing cooperation at bilateral and multilateral levels and reaffirmed their commitment to combating terrorism in all its forms. According to a Foreign Office statement, the delegations discussed the evolving regional and global security environment and exchanged views on threats posed by terrorist organisations, including transnational networks. “Both sides expressed concerns over the continuing threat posed by terrorist groups, including the Tehreek-i-Taliban Pakistan (TTP), operating in and from Afghanistan,” the statement said. They also underscored the urgent need for a stable and secure Afghanistan, describing it as a cornerstone of lasting peace and prosperity across the region. The UK delegation offered condolences over the loss of innocent lives in terrorist attacks in Pakistan and reiterated its support for the country in its fight against terrorism, the FO added. The dialogue also focused on sharing best practices and identifying new areas of cooperation to address emerging threats, including misinformation and disinformation campaigns, the misuse of social media platforms and the exploitation of emerging technologies. Both sides acknowledged Pakistan’s contributions to regional stability and security and agreed to strengthen institutional links and maintain regular engagement to advance their shared counter-terrorism objectives. The delegations agreed to hold the next round of the dialogue in London in 2027, on mutually agreed dates. Earlier this year, Pakistan and the UK agreed to enhance cooperation in counterterrorism, tackling illegal migration and human smuggling, institutional collaboration and police training. Pakistan has also agreed with the European Union to strengthen cooperation at multilateral forums, including the United Nations. Relations between Pakistan and Afghanistan have remained strained in recent years, with Islamabad repeatedly raising concerns over cross-border terrorism. Pakistan has urged the Taliban administration in Kabul to take verifiable and irreversible action against terrorist sanctuaries on Afghan soil, particularly those linked to the banned TTP and allegedly used to plan and launch attacks inside Pakistan. Pakistani officials maintain that their appeals have not produced the required action.
produced LPG would be offered through competitive auctions under proper supervision, while companies importing the commodity would also be required to follow the prescribed procedures. He said the revenue generated through the transparent auction process would go into the national exchequer and subsequently be utilised to provide subsidies and relief to ordinary citizens. Referring to the surge in international crude oil prices, the prime minister said Petroleum Minister Ali Pervaiz Malik, his team, the Oil and Gas Regulatory Authority (OGRA) and the relevant committee had taken a timely decision to approach refineries to share their windfall profits, thereby avoiding a proposed Rs15-per-litre increase in petrol prices for consumers. He appreciated the decision and said the government's subsidy programme, which had benefited around 15 million people, would continue at least until the end of December. He said approximately Rs28 billion had so far been spent under the programme, benefiting an estimated 75 million people when their family members were also included.
CONTINUED ON PAGE 03
Saudi Arabia extends additional $3b deposit to Pakistan for ‘reasonable period’: FinMin ISLAMABAD
Staff RepoRt
Staff RepoRt
PM SAYS PAKISTAN PURSUING REGIONAL PEACE, FINALISES PROPOSED RS160BN PACKAGE FOR KP
PM vows uninterrupted energy supplies, shields consumers from Rs15 petrol hike
ISLAMABAD
HE federal cabinet, chaired by Prime Minister Shehbaz Sharif on Wednesday, ratified the defence cooperation agreement between Pakistan and Kuwait and approved the transfer of powers delegated to the Khyber Pakhtunkhwa chief minister to the provincial governor following the imposition of emergency and governor’s rule in the province on October 11. The cabinet also approved the design of new currency notes and the introduction of a Rs10 coin to replace the existing Rs10 banknote, according to a statement issued by the Prime Minister’s Office (PMO). “The prime minister-led federal cabinet ratified a defence cooperation agreement between Pakistan and Kuwait, which aims to foster cooperation in the defence sector between the two brotherly nations, and was concluded on June 11, 2023,” the statement said. It added that the Kuwaiti government had ratified the agreement on July 19. Pakistan and Kuwait signed the defence pact in 2023 to further strengthen cooperation in the defence sector and promote institutional linkages between the armed forces of the two countries. The cabinet also approved the transfer of powers delegated to the Khyber Pakhtunkhwa chief minister to the provincial governor in view of the emer-
g
Rs 20.00 | Vol XVII No 222 | 8 Pages | Lahore Edition
Saudi Arabia has “extended the tenure” of its additional $3 billion deposit to Pakistan for a “reasonable period”, providing further financial support to the country as it seeks to strengthen its foreign exchange reserves and manage mounting external debt obligations, Finance Minister Muhammad Au-
rangzeb confirmed on Wednesday. “Yes, its term has been extended,” Aurangzeb told reporters when asked whether the additional Saudi deposit of $3 billion had been rolled over. “It has been extended for a reasonable period.” The extension comes as Pakistan seeks to reduce its reliance on short-term external borrowing, manage substantial debt repayments and shift towards longer-maturity fi-
Pakistan, Saudi Arabia move to deepen education, cultural ties ISLAMABAD
Staff RepoRt
Saudi Ambassador Dr Rajeh Tami Albugamy and Federal Minister for Education and Professional Training Dr Khalid Maqbool Siddiqui on Wednesday discussed ways to further strengthen bilateral cooperation, with particular focus on education, higher education, cultural exchange and professional development, reaffirming the longstanding and brotherly ties between Pakistan and the Kingdom of Saudi Arabia. The discussions took place
nancing to ease refinancing pressures over the coming years. The finance minister also confirmed that the International Monetary Fund (IMF) Executive Board was expected to review Pakistan’s $7 billion programme later this year. “It is in December,” he said, without specifying a date. Saudi Arabia’s latest extension of the additional $3 billion financing, agreed in April this year, is expected to help Pakistan shore up its foreign exchange reserves and meet its external debt obligations.
Kh Asif questions Salik's criticism of Punjab government ISLAMABAD
Staff RepoRt
Defence Minister Khawaja Asif on Wednesday questioned the political reasoning behind Minister for Overseas Pakistanis Chaudhry Salik Hussain’s allegations of corruption in Punjab, saying the remarks were “beyond my limited political understanding”. Salik, a Pakistan Muslim League-Quaid (PML-Q) leader, had praised former Punjab chief minister Chaudhry Pervez Elahi during an interview with a private television channel on Monday, while criticising the provincial administration led by Chief Minister Maryam Nawaz and alleging that he regularly heard complaints of corruption. The remarks prompted Maryam to issue a Rs5 billion defamation notice to Salik on Tuesday, demanding that he retract his allegations. In a post on X, Asif said Salik was highly respected by him and that he held his elders in the same regard as his own. However, he questioned the minister’s criticism of corruption in Punjab, arguing that tackling the problem was the collective responsibility of political leadership at both federal and provincial levels. Asif pointed out that Salik was part of the federal government, while the PML-N led both the federal and Punjab administrations. “If this statement is part of some future political agenda — to target Maryam Nawaz’s government and carve out space for himself in Punjab and at the Centre to secure his political future — then it starts to make sense,” he said. The defence minister also praised Maryam’s performance, saying the work being carried out across Punjab’s cities and villages, as well as the service standards set by her administration, would pose a “very difficult challenge” for its opponents.
Dar engages Saudi counterpart, Iranian envoy in push for regional peace
CONTINUED ON PAGE 03
ISLAMABAD
Staff RepoRt
Deputy Prime Minister and Foreign Minister Ishaq Dar on Wednesday held separate telephone and in-person diplomatic engagements with his Saudi counterpart and the Iranian ambassador to Pakistan, discussing evolving regional and international developments, bilateral relations and matters of mutual interest, the Foreign Office (FO) said. “DPM/FM Dar held a telephonic conversation with Saudi Foreign Minister Prince Faisal bin Farhan Al Saud and exchanged views on current regional and international developments,” the FO said in a post on X. During the conversation, the two foreign ministers also discussed matters of mutual interest and underscored the importance of continued dialogue and diplomatic engagement in promoting regional peace and stability. Both sides agreed to maintain close contact and continue consultations, the FO spokesperson said.
during a courtesy visit by Ambassador Dr Rajeh Tami Albugamy to the Federal Ministry for Education and Professional Training. Federal Secretary for Education Nadeem Mahbub, along with senior officials and professionals from the education sector, also attended the meeting. During the meeting, both sides held detailed and constructive discussions on matters of mutual interest and explored new avenues for expanding cooperation in education and other areas of shared interest.
BRINGING EXTERNAL DEBT SERVICING DOWN TO $3.5B Earlier, addressing a Senate committee meeting, Aurangzeb said Pakistan aimed to bring its external debt servicing down to $3.5 billion in the next fiscal year, from an estimated $4 billion this year and $4.5 billion in the previous fiscal year. He said the government was working to replace expensive short-term borrowing with longermaturity financing, including international bond issuances and private placements, to minimise refinancing risks and ensure greater sustainability of external debt.
DAR REAFFIRMS COMMITMENT TO STRENGTHENING TIES WITH TEHRAN Meanwhile, Deputy Prime Minister and Foreign Minister Ishaq Dar on Wednesday reaffirmed Pakistan's commitment to further strengthening its close and brotherly relations with Iran during a meeting with Iranian Ambassador Reza Amiri Moghadam, the Foreign Office said in a separate post on X. “Iranian Ambassador Reza Amiri Moghadam called on the deputy prime minister here at the Ministry of Foreign Affairs,” the statement said. During the meeting, the two sides reviewed bilateral relations and discussed other matters of mutual interest, while regional developments also figured prominently in their discussions. DPM Dar underscored the importance of dialogue and diplomacy in promoting peace and stability in the region, reaffirming Pakistan's commitment to maintaining close engagement with Tehran.
CONTINUED ON PAGE 03
CONTINUED ON PAGE 03
CONTINUED ON PAGE 03
Democrats sweep US Congress in midterm rout of Trump Pakistani-origin candidates win key state legislative seats
WASHINGTON afp
Democrats seized control of the US Congress on Wednesday, capturing the Senate and House of Representatives in a stunning, nationwide rejection of Donald Trump set to put the brakes on the final two years of his presidency. The Democratic landslide will give the opposition power to block legislation, launch broad investigations into Trump’s administration and thwart his judicial and senior government appointments. The vote reflected deep anger over living costs, tariffs and Trump’s war against Iran, which has sent fuel prices soaring and compounded dissatisfaction with an already deeply unpopular president. Trump struck a conciliatory note despite his history of questioning election results, telling The New York Times: “I am absolutely willing to accept those results” and promising to “work with the Democrats”.
WASHINGTON
Staff RepoRt
“I think the Democrats did a good job, I really do,” the 80-year-old told Fox News, in rare praise for his political opponents. “They fought hard.” But he sought to distance himself from his own party’s poor showing, adding: “I don’t view it as a hit on me.”
CONTINUED ON PAGE 03
Several Pakistani-American candidates have secured victories in state legislative elections across the United States, winning or retaining seats in Connecticut, Texas, Georgia and Nevada during the November 3 midterm elections. Most of the successful candidates contested on Democratic Party tickets, while a Pakistani-origin Republican candidate suffered defeat in Florida. In Connecticut, Democrat Maryam Khan won the State Senate election from District 2, securing approximately 79% of the vote against Republican Timothy Knotts, who received 21%.
Pakistani-American Senator Saud Anwar also retained his seat in Connecticut's Senate District 3, receiving approximately 66% of the vote against Republican challenger Eliott Hughes, who secured 34%. Texas witnessed the re-election of two Pakistani-origin lawmakers, Salman Bhojani and Suleman Lalani, to the state House of Representatives. Bhojani retained his District 92 seat with approximately 67% of the vote, while Lalani secured another term from District 76 with a similar vote share. Both lawmakers were first elected to the Texas House of Representatives in 2022 and have continued to represent their respective constituencies.
CONTINUED ON PAGE 03
02 NEws
Thursday, 5 November, 2026 | LAHORE
PAkistAN coNsidERs iNtERNAtioNAl ARbitRAtioN AgAiNst EtisAlAt to REcovER $800m iN Ptcl dUEs
P
PROFIT
STAFF REPORT
AKISTAN is considering international arbitration against UAEbased Etisalat, now known as e&, to recover approximately $800 million in outstanding payments from the privatisation of Pakistan Telecommunication Company Limited (PTCL), along with the opportunity cost since 2008 and applicable damages, Dawn reported. The matter was discussed during a joint meeting of the Senate standing committees on information technology and privatisa-
Petrol price cut by Rs7.06, diesel by Rs3.71 for November 5
tion on Tuesday, where officials informed lawmakers that the Office of the Attorney General for Pakistan (OAGP) had been directed to implement the federal cabinet's decision under Rule 24 of the Rules of Business, 1973. The dispute dates back to 2005, when the government sold a 26% stake in PTCL, along with management control, to Etisalat International Pakistan for $2.59 billion. Of the total amount, $1.76 billion was received, while approximately $800 million remains unpaid. According to a briefing submitted by the Ministry of Privatisation, the outstand-
tion technology and law, and the OAGP. The committee recommended considering international arbitration under the sale and purchase agreement (SPA) to recover the outstanding amount, along with its opportunity cost since 2008 and applicable damages. It also recommended that the Attorney General assess the legal merits of Pakistan's case, its prospects of success and the implications of arbitration. If the legal assessment supports arbitration, the Attorney General would be required to seek approval from the Prime Minister or federal government before issuing a notice of intent to Etisalat.
PROFIT STAFF REPORT
The federal government has reduced the price of petrol by Rs7.06 per litre and high-speed diesel (HSD) by Rs3.71 per litre for November 5, 2026, providing further relief to consumers under the daily petroleum pricing mechanism. According to a notification issued by the Oil and Gas Regulatory Authority (OGRA) on Wednesday, the ex-depot price of petrol has been reduced from Rs369.06 to Rs362.00 per litre, while high-speed diesel has been cut from Rs391.52 to Rs387.81 per litre. The revised prices will take effect on November 5, 2026, in accordance with the petroleum products pricing mechanism approved by the federal government. The latest reduction follows another price cut announced on Tuesday, when petrol was reduced by Rs5.45 per litre and diesel by Rs3.68 per litre, bringing their respective prices to Rs369.06 and Rs391.52 per litre. With the latest revision, petrol prices have declined by a cumulative Rs12.51 per litre over the two consecutive adjustments, while diesel prices have fallen by Rs7.39 per litre during the same period. The reductions come amid volatility in international oil markets, where crude prices declined on Wednesday as investors assessed developments surrounding the US-Israeli war on Iran and the outcome of the US midterm elections. Brent crude futures fell by $1.75 to $101.85 per barrel at 1034 GMT, while US West Texas Intermediate (WTI) crude declined by $1.18 to $94.91 per barrel. he decline in international oil prices comes as markets continue to assess geopolitical developments and their implications for global energy supplies. The reduction in petrol prices is expected to provide some relief to motorists and households, while lower diesel prices could ease operating costs for transporters, agricultural users and businesses dependent on diesel-powered machinery. However, further changes in domestic petroleum prices will depend on international market movements and subsequent determinations under the government's daily pricing mechanism.
Gold prices climbed more than 2% on Wednesday as the US dollar weakened to a one-month low following the Democrats' victory in the US midterm elections, with investors assessing the implications for government spending and the Federal Reserve's monetary policy. Spot gold rose 2.4% to $4,021.68 per ounce by 0718 GMT, while US gold futures for December delivery gained 2.3% to $4,031.20 per ounce. The rally followed Democrats securing control of both the Senate and House of Representatives, raising expectations of political gridlock between Congress and President Donald Trump's administration. The US dollar fell to its lowest level in a month, while Treasury yields also declined, supporting demand for gold. A weaker dollar makes the precious metal less expensive for buyers holding other currencies. Kyle Rodda, senior financial market analyst at Capital.com, said gold benefited from declining bond yields and the dollar as investors considered the possibility that
disagreements between the executive branch and Congress could slow US government spending. Global equity markets also declined on Wednesday amid concerns that the Democratic victory could affect technology investment and spending on data centres, which have supported growth in artificial intelligencerelated businesses. Chris Weston, head of research at Pepperstone, said
Government to simplify machinery import rules for exporters under EFS PROFIT STAFF REPORT
The government has decided to simplify regulations governing the import of machinery and capital goods under the Export Facilitation Scheme (EFS), while enforcing uniform eligibility criteria across all categories without exemptions, Business Recorder reported. Minister of State for Finance and Railways Bilal Azhar Kayani announced the measures during a consultative meeting with exporters and trade bodies, directing relevant authorities to clarify import procedures and review proposed amendments aimed at reducing export costs, promoting local value addition and supporting domestic manufacturing. Kayani said the prescribed qualification criteria for each EFS category would apply uniformly, with no ex-
emptions from standard operating procedures. He also urged small and medium-sized exporters to take full advantage of the scheme and reiterated the government's commitment to improving the ease of doing business. The meeting reviewed proposals to improve the scheme's efficiency and align its provisions with exporters' requirements. Representatives of the All Pakistan Textile Mills Association (APTMA), Pakistan Textile Exporters Association (PTEA) and Sialkot Chamber of Commerce and Industry attended the meeting, along with officials from the ministries of finance and commerce and the Federal Board of Revenue (FBR). The government also agreed to continue consultations with exporters and trade bodies on further improvements to the scheme.
Pakistan offers 1,000 acres of land to Turkish investors in Karachi Industrial Park PROFIT
STAFF REPORT
Pakistan has offered 1,000 acres of land earmarked for Turkish enterprises in Karachi Industrial Park, inviting Turkish companies to establish industrial units and expand their manufacturing and investment footprint in the country. Federal Minister for Commerce Jam Kamal Khan highlighted the investment opportunity during a bilateral meeting with Türkiye’s Minister of Trade, Prof. Dr. Ömer Bolat, on the sidelines of the 42nd Session of the Standing Committee for Economic and Commercial Cooperation (COMCEC) in Istanbul. In a significant development, Prof. Dr. Ömer Bolat agreed to send a delegation of Turkish officials to Pakistan to review existing bilateral trade mechanisms and explore practical measures to further improve trade relations. The Turkish Trade Minister also assured his full support for increasing imports of Pakistani mangoes, recognizing the potential for expanding agricultural trade between the two countries. Highlighting Pakistan’s agricultural
The Privatisation Division subsequently submitted a summary to the federal cabinet. Meanwhile, senators expressed concern over being denied access to the PTCL sale agreement despite reviewing the dispute in a joint parliamentary committee meeting. The meeting, jointly chaired by Senator Dr Afnanullah Khan and Senator Palwasha Khan, was held in camera after IT Secretary Zarrar Hasham Khan described the matter as sensitive. Lawmakers questioned the restrictions on parliamentary access to agreements involving the sale of national assets and called for greater transparency in such transactions.
Gold prices surge 2.4% to $4,021 per ounce as US dollar weakens after Democratic midterm victory
PROFIT
STAFF REPORT
ing payment is linked to the transfer of PTCL properties. Of the 3,246 properties covered in the latest briefing, 32 remain untransferred, despite 99% having been transferred. Etisalat has withheld the remaining payment over the unresolved property transfers. The ministry informed the committees that efforts to resolve the dispute through negotiations and various committees since 2015 had failed to produce a settlement. In July 2026, the government constituted another committee headed by the adviser to the prime minister on privatisation, with representatives from the ministries of informa-
export potential, Jam Kamal Khan sought Türkiye’s support in facilitating greater market access and increasing exports of Pakistani mangoes to the Turkish market. The commerce minister also highlighted investment opportunities for Turkish companies in Pakistan, particularly the 1,000 acres of land earmarked for Turkish enterprises in Karachi Industrial Park. He invited Turkish businesses to capitalise on the opportunity by establishing industrial units and expanding their manufacturing and investment footprint in Pakistan. Jam Kamal Khan appreciated Türkiye’s strong support for Pakistan’s legitimate claims concerning Basmati rice and emphasized the importance of continued cooperation in protecting and promoting Pakistan’s premium agricultural products in international markets. Responding to the Commerce Minister, Prof. Dr. Ömer Bolat emphasized the importance of effective marketing and branding of Pakistani Basmati rice in Türkiye to strengthen its market presence and enhance consumer recognition. During the meeting, both ministers held productive discussions on matters of mutual economic and commercial in-
terest, reaffirming their commitment to further strengthening trade relations between Pakistan and Türkiye. Both sides underscored the importance of sustained institutional engagement, enhanced business cooperation and closer coordination to translate existing economic opportunities into tangible trade and investment outcomes. Separately, Federal Minister Jam Kamal Khan held a meeting with H.E. Ms. Zehra Zümrüt Selçuk, Director General of the Statistical, Economic and Social Research and Training Centre for Islamic Countries (SESRIC), on the sidelines of the COMCEC session. During the meeting, the Director General briefed the Commerce Minister on SESRIC’s ongoing activities, research initiatives and reports concerning trade among member countries of the Organization of Islamic Cooperation (OIC). She highlighted the institution’s role in providing statistical information and analytical insights to support economic cooperation among Islamic countries. Jam Kamal Khan appreciated the work undertaken by SESRIC and emphasized the critical importance of accu-
rate, reliable and clean data in economic research and policy analysis. He noted that credible statistical information and evidence-based assessments were essential for identifying emerging trade trends, understanding market dynamics and evaluating trade potential among OIC member states. The Commerce Minister further highlighted that improved data quality and comprehensive trade analysis could help member countries identify untapped opportunities, address existing trade barriers and formulate more effective strategies to enhance intra-OIC trade. He underscored the importance of strengthening research-based cooperation and utilizing reliable trade statistics to support informed decision-making and promote greater economic integration among OIC countries. The engagements reflected Pakistan’s commitment to strengthening its longstanding brotherly relations with Türkiye through expanded commercial partnerships, agricultural trade and industrial cooperation, while promoting evidence-based economic cooperation and deeper trade integration across the OIC region.
demand for protection against uncertainty surrounding the Trump administration was also supporting gold purchases. Geopolitical developments remained another factor influencing the precious metals market, with uncertainty continuing over the US-Israeli war with Iran. A senior Iranian official told Reuters on Tuesday that Tehran and Washington remained far from an agreement to end the conflict, while Trump had not ruled out resuming US combat operations following the elections. Investors are now awaiting the US non-farm payrolls report scheduled for Friday, which could provide further indications about employment conditions and the Federal Reserve's future interest rate decisions. Meanwhile, the World Gold Council said on Tuesday that India's gold demand was expected to fall to a six-year low in 2026 as elevated prices reduced jewellery purchases and investment demand moderated. Other precious metals also recorded gains on Wednesday. Spot silver increased 4% to $51.74 per ounce, platinum rose 2.5% to $1,451.95, and palladium advanced 4.2% to $972.74 per ounce.
NA panel chairman warns Pakistan's EU trade concessions could be at risk over human rights concerns PROFIT
STAFF REPORT
Pakistan's preferential trade access to the European Union (EU) could face difficulties because of concerns over the country's human rights record, National Assembly Standing Committee on Finance Chairman Syed Naveed Qamar warned on Tuesday, although the government maintained that there was no immediate threat to the arrangement. Pakistan was the largest beneficiary of the EU's Generalised Scheme of Preferences Plus (GSP+) in 2024, recording €7.5 billion in GSP+-eligible exports to the bloc, according to the EU's fifth monitoring report. The scheme provides preferential market access to eligible products from beneficiary countries, subject to compliance with 27 international conventions covering human rights, labour rights, environmental protection and governance. During the committee meeting, Qamar expressed concern over indications that Pakistan's preferential trade status could be affected by its human rights record. However, he did not identify any specific development that could trigger an adverse decision by the EU. Minister of State for Finance and Revenue Bilal Kayani assured the committee that Pakistan's existing GSP+ benefits were not facing an immediate threat. He said a committee headed by the deputy prime minister was preparing Pakistan's application for the next GSP+ arrangement, with the current preferential access continuing until December 2028 under the transition arrangements. The EU's revised GSP framework is scheduled to take effect on January 1, 2027, with existing beneficiaries receiving a two-year transition period. Pakistan will be required to reapply to qualify for continued preferential access from January 2029. The EU's latest monitoring report identified concerns over Pakistan's implementation of its international obligations, particularly enforced disappearances, restrictions on freedom of expression, weaknesses in the judicial system and violations of fundamental rights. The report assessed developments during 2023-2025 and found that Pakistan had experienced setbacks in several areas, while positive developments remained limited. Among the priorities identified were stronger accountability for human rights violations, measures against torture, prison and capital punishment reforms, and action to address enforced disappearances. The EU also called for amendments or repeal of laws relating to blasphemy, cybercrime, defamation, counterterrorism and sedition where they restrict fundamental freedoms.The committee also examined restrictions on cross-border trade, with Pakistan Peoples Party MNA Dr Nafisa Shah questioning the economic consequences of closures along Pakistan's borders with Iran and Afghanistan, particularly for exports to Central Asian markets.
Hackers used fake job interviews, malware to steal $6.34b from Binance PROFIT STAFF REPORT
Hackers who stole $6.34 billion in cryptocurrency from Binance used fake job interviews, malicious software and an internal artificial intelligence tool to gain access to the exchange's systems, the company disclosed. The world's largest cryptocurrency exchange said the operation began in June 2026, when an engineer inadvertently downloaded malware that exposed information about employees responsible for maintaining its cryptocurrency wallet infrastructure. The attackers subsequently targeted an-
other engineer through a fraudulent recruitment process before gaining access to additional systems and stealing billions of dollars from the exchange's hot wallets on October 29. Binance said it had frozen or intercepted $2.85 billion of the $6.34 billion stolen during the attack, leaving approximately $3.49 billion unaccounted for in the recovery figures disclosed by the company. The Federal Bureau of Investigation (FBI) attributed the theft to North Korea on Saturday, although Pyongyang rejected the accusation on Tuesday. According to Binance's account of the incident, the attackers initially obtained information about the roles of engineers
working on the exchange's cryptocurrency wallet systems after malware was downloaded onto an employee's computer in June. In September, a person posing as a project director contacted another Binance engineer through a legitimate employment platform and initiated a recruitment process for a fictitious company. The engineer participated in an initial video interview with someone impersonating a human resources representative, followed by a second interview conducted through a messaging application with an individual posing as the company's chief executive. During the second interview, the engi-
neer was deceived into downloading malicious software onto his computer. The attackers subsequently used the compromised system to expand their access to Binance's internal infrastructure. On October 20, the hackers used the infected computer and an internal AI tool to gain control of the engineer's system and that of another developer working on the same cryptocurrency wallet team. Nine days later, on October 29, the attackers used the second developer's computer and credentials stolen from the first engineer to execute a malicious script that enabled the theft. The attack targeted hot wallets, which are cryptocurrency storage systems con-
nected to the internet and used by exchanges to facilitate transactions. The company disclosed the sequence of events in an update published on November 3, outlining how the attackers moved from compromising individual employees to accessing systems used for cryptocurrency operations. Binance acknowledged the security failure and apologised to users, business partners and the wider cryptocurrency industry for the disruption and uncertainty caused by the incident. The FBI, meanwhile, said North Korea was responsible for the attack. North Korea has previously faced allegations of conducting cryptocurrency thefts and using fraudulent employment schemes to gain access to technology companies.
Thursday, 5 November, 2026 | LAHORE
govt wEighs Rs3,000–Rs5,000 FERtilisER sUbsidy As sUPPly REstRictioNs hit kP, bAlochistAN
t
PROFIT
STAFF REPORT
HE government is considering fertiliser subsidies ranging from Rs3,000 to Rs5,000 per bag to support farmers during the Rabi 202627 season, even as restrictions on fertiliser movement have reportedly disrupted supplies to Khyber Pakhtunkhwa and Balochistan. Federal Minister for National Food Security and Research Rana Tanveer Hussain informed the National Assembly Standing Committee on National Food Security and Research on Tuesday that Punjab was considering a subsidy of Rs3,000 per bag, while Khyber Pakhtunkhwa had decided to provide an in-kind subsidy of Rs5,000 per bag.
democrats sweep Us congress in midterm rout of trump
The committee, chaired by MNA Syed Hussain Tariq, was briefed on government measures to address fertiliser availability and prices ahead of the Rabi sowing season. Meanwhile, restrictions imposed under a Ministry of Interior notification have reportedly prevented fertiliser companies from dispatching supplies to Khyber Pakhtunkhwa and Balochistan, raising concerns over the timely availability of agricultural inputs. Agricultural stakeholders warned that prolonged disruptions could affect sowing schedules, crop yields and farmers' incomes during a critical period for agricultural production. They urged the federal government to review the restrictions and allow fertiliser dispatches to resume under a controlled and monitored mechanism to prevent unautho-
CONTINUED FROM PAGE 01
He acknowledged that the Iran conflict had contributed to the defeat but defended the military campaign, and he suggested the rival parties could find common ground on immigration, long one of the most divisive issues of his presidency. But minutes later on social media, the 80year-old signalled how he intends to deal with Democratic attempts to pass laws, posting a picture of a red baseball cap emblazoned: “VETO.” The Democrats’ decisive Senate breakthroughs came in Kansas and Iowa, the fifth and sixth Republican-held seats to fall in the extraordinary “blue wave” election night. In Kansas, Methodist minister Adam Hamilton defeated Republican incumbent Roger Marshall, becoming the first Democrat elected to the Senate from the reliably conservative state since 1932. Iowa had not elected a Democratic senator since 2008, again illustrating the scale of party’s inroads into Republican strongholds. The upsets followed victories in Texas, South Carolina, North Carolina and Ohio, where voters rejected Republican candidates despite Trump’s intensive efforts to rally his supporters.
Pakistan, saudi Arabia move to deepen education, cultural ties CONTINUED FROM PAGE 01
The discussions focused on strengthening bilateral educational ties through academic exchange programmes, institutional partnerships, capacity-building initiatives and collaborative opportunities between universities and higher education institutions in the two countries. Particular emphasis was placed on enhancing higher education cooperation, facilitating academic mobility and creating opportunities for students, researchers, faculty members and education professionals to benefit from shared knowledge and expertise. Both sides exchanged views on expanding scholarship opportunities, student exchange programmes, faculty development, joint research initiatives and academic collaboration. They also underscored the need to establish stronger institutional linkages between universities and educational institutions to promote innovation, research excellence and the international exchange of academic experiences. The meeting also explored prospects for expanding cultural cooperation, particularly through the promotion of Arabic language education, Arabic literature and cultural exchange initiatives. The participants highlighted the importance of fostering linguistic understanding and cultural awareness through academic programmes, educational institutions and joint activities aimed at bringing the people of the two brotherly countries closer.
rised movement or diversion of supplies. Stakeholders also proposed accelerating the implementation of the Track and Trace System across Khyber Pakhtunkhwa to monitor fertiliser distribution and improve transparency without interrupting agricultural activities. Under the proposed arrangement, fertiliser companies could receive general permission to dispatch supplies until the tracking system becomes fully operational, subject to regulatory monitoring. In a letter to the Governor of Khyber Pakhtunkhwa, Chashma Sugar Mills Senior Director Iskandar Khan called for urgent consultations between federal and provincial authorities to resolve the restrictions and restore supplies. He warned that prolonged interruptions could affect crop development, agricultural output and food
security in the affected provinces. Separately, the parliamentary committee welcomed the recent import of 50,000 tonnes of diammonium phosphate (DAP) fertiliser for the Rabi 2026-27 season. Report AdAdvertisement It recommended that the government take up the issue of regulatory duty and General Sales Tax (GST) on fertiliser imports with the relevant ministry to facilitate imports and reduce fertiliser prices. Committee Chairman Syed Hussain Tariq directed the Ministry of National Food Security and Research to ensure support for farmers and called for a standardised subsidy mechanism across provinces, along with uniform fertiliser prices nationwide. The committee also welcomed the reported record wheat sowing for Rabi 202627 and the announcement of a wheat
Federal cabinet ratifies Pakistan-Kuwait defence pact, shifts KP powers to governor CONTINUED FROM PAGE 01
NEW CURRENCY NOTES, RS10 COIN On the recommendation of the Ministry of Finance, the federal cabinet also approved the design of new currency notes, the PMO statement said. “The cabinet was given a detailed briefing on the new currency notes. The briefing stated that proposals were solicited from artists and designers across the country for the design of the new currency notes and a cabinet committee established by the prime minister conducted detailed consultations on it with all stakeholders,” the handout said. The meeting was informed that the new notes would incorporate enhanced security features to prevent counterfeiting and use modern materials to increase their durability and extend their lifespan. The cabinet also approved the introduction of a Rs10 coin in place of the existing Rs10 banknote, according to the statement.
PAKISTAN CONTINUING EFFORTS FOR PEACE IN MIDDLE EAST Addressing the federal cabinet during televised remarks, Prime Minister Shehbaz Sharif said global oil prices had “skyrocketed” because of instability in the region, adding that Pakistan was continuing its diplomatic efforts to help restore peace. “Pakistan is playing its role as before in restoring peace in the region,” he said, referring to the country’s recent engagements with Tehran and other regional actors, as well as consultations under the Makkah Joint Defence Agreement between Pakistan, Saudi Arabia and Turkiye. Last month, Chief of Defence Forces and Chief of Army Staff Field Marshal Asim Munir, accompanied by Interior Minister Mohsin Naqvi, visited Iran as part of Pakistan’s efforts to mediate between Washington and Tehran. At another meeting in October, held under the Makkah Joint Defence Agreement, CDF Munir, the Saudi defence minister and the Turkish intelli-
gence chief met senior Iranian officials in Tehran. Last week, the military’s spokesman said Pakistan remained “cautiously optimistic” about its mediation efforts between the United States and Iran. On Tuesday, Prime Minister Shehbaz also recalled that the government had planned to increase fuel prices by Rs15 per litre on Friday. “Petroleum Minister Ali Pervaiz Malik [..] talked to the refineries to bear the burden in their windfall profits. We will not let a common man bear this burden,” he said. Referring to the fuel subsidy scheme launched in September, the prime minister said it would remain in place until the end of December. “Rs28 billion has been spent so far,” he said, adding that the scheme was being implemented “successfully and transparently” and that the Intelligence Bureau (IB) continued to monitor it. LPG supply, winter energy requirements Speaking about liquefied petroleum gas (LPG), the prime minister said the “era of mafiaa” was over and that the commodity was now being arranged through a transparent process.
PM vows uninterrupted energy supplies, shields consumers from Rs15 petrol hike CONTINUED FROM PAGE 01
The prime minister said the programme was being implemented transparently overall; however, intelligence agencies had identified irregularities at a few petrol pumps. He directed the petroleum minister to ensure their closure and impose heavy financial penalties on those found involved. He said regional instability was the major factor behind the sharp increase in international crude oil prices, adding that Pakistan was actively playing its role in promoting regional peace and stability. Referring to recent diplomatic engagements, the prime minister mentioned two visits by Pakistani delegations to Tehran, the visit of the Field Marshal, the Saudi defence minister's visit to Pakistan and the visit of Turkish official Ibrahim Kalin. He said constructive discus-
sions had been held during these engagements to reduce regional tensions and advance cooperation under the proposed trilateral arrangement involving Pakistan, Türkiye and Saudi Arabia. Turning to the security situation, the prime minister said the government had finalised a comprehensive Rs160 billion development and security package for Khyber Pakhtunkhwa. He expressed confidence that the sacrifices rendered by the armed forces and law enforcement agencies, coupled with improved security arrangements and cooperation from the provincial government, would help eliminate terrorism. He said the people of Khyber Pakhtunkhwa and Balochistan had suffered immensely due to terrorism and reiterated the government's firm resolve to eradicate the menace permanently.
Dar engages Saudi counterpart, Iranian envoy in push for regional peace CONTINUED FROM PAGE 01
The diplomatic engagements come at a time when the US midterm elections have reshaped the balance of power in Washington, with Democrats securing a majority in the US Senate in Tuesday's polls, dealing a significant blow to the second half of US President Donald Trump's presidency. US media projected a 53-42 Democratic advantage as of 1200 PKT, following at least seven seat gains across the country. The 2026 US midterm elections also produced a series of historic firsts, with women and candidates from minority communities breaking longstanding
barriers in gubernatorial and congressional races. Among the historic milestones were the election of the first Black woman governor in US history, the first Native American woman to win a Senate seat and the first Muslim member of Congress from New Jersey, among other achievements. Democrats also secured control of the US House of Representatives in Tuesday's midterm elections after Johnny Garcia defeated Carlos De La Cruz in Texas's 35th District, according to The Associated Press. IRANIAN OFFICIALS GLOAT AS US VOTERS DEAL BLOW TO TRUMP Meanwhile, Iran's leadership welcomed the electoral setback suffered by US President Donald Trump in the midterm elections, portraying the results as a rejection of his administration's war policies, even as Tehran remained on high alert over the possibility of renewed US strikes.
kh Asif questions salik's criticism of Punjab government CONTINUED FROM PAGE 01
During the interview, Salik had also questioned what he described as lavish government spending, particularly the use of official aircraft, arguing that public representatives should remain mindful of the country’s economic difficulties. He said officials travelling on government aircraft should be required to demonstrate tangible outcomes and public benefits from their trips. The minister also called for greater accountability, proposing that federal and provincial ministers should be empowered to perform their duties while being held answerable for their performance.
NEws 03
support price of Rs4,500 per 40 kilograms for the 2026-27 crop. Ministry officials informed the committee that rice production had increased by 8%. The meeting also examined the exemption of regulatory duty on imported grandparent and parent breeding stock of chicks under Pakistan Customs Tariff codes 0105.1100 and 0105.9400. Officials informed lawmakers that ambiguity had arisen because of duplicate entries in S.R.O. 1064(I)/2026, despite the exclusion of these categories from the relevant duty provisions. The matter was placed before the Tariff Policy Board during its 15th meeting in October 2026 at the Ministry of Commerce, where the board unanimously decided to refer it to the federal cabinet for consideration and approval. The standing committee decided to invite representatives of the Ministry of Finance and the Federal Board of Revenue (FBR) to its next meeting for further discussion. The committee also approved the Seed (Amendment) Bill, 2026, with amendments and recommended that the National Assembly pass the legislation incorporating the proposed changes.
saudi Arabia extends additional $3b deposit to Pakistan for ‘reasonable period’: Finmin CONTINUED FROM PAGE 01
“Our objective is very clear: we do not want to increase our external debt,” Aurangzeb said. “We are repaying short-term and expensive debt and replacing it with borrowing carrying maturities of five or ten years.” Pakistan has faced high external financing requirements for years, with recurring debt repayments and refinancing obligations placing persistent pressure on its foreign exchange reserves and balance of payments. The finance minister said the country's external debt had increased by around $6-7 billion annually during the previous decade, rising from $45 billion in fiscal year 2015-16 to more than $100 billion at present. However, over the past four years, the annual increase had slowed to approximately $1 billion, he added. Pakistan is also pursuing further Eurobond and Panda Bond issuances, alongside rupee-linked, dollarsettled bonds, as part of efforts to diversify its financing sources and broaden access to international capital markets. The country raised $3 billion through an international bond issuance in the first week of September, attracting an order book of $6 billion.
Pakistani-origin candidates win key state legislative seats CONTINUED FROM PAGE 01
In Georgia, Pakistani-American Democrat Farooq Mughal won the State House election from District 105, securing approximately 60.8% of the vote against his Republican opponent. Mughal's victory marked his return to the Georgia legislature after losing the seat in the previous election. Meanwhile, Democrat Hanadi Nadeem retained her seat in Nevada's State Assembly District 34, defeating Republican challenger Brandon Davis. In Pennsylvania, Pakistani-American Democrat Meriam Sabih was leading incumbent Republican Milou Mackenzie in the closely contested House District 131 race. Unofficial results showed Sabih ahead with 16,201 votes against Mackenzie's 15,550, with approximately 96.4% of votes counted. The race had not yet been officially called. However, Pakistani-origin Republican candidate Imtiaz Mohammad failed to secure a seat in the Florida House of Representatives.The November 3 elections featured several candidates of Pakistani descent contesting seats in state legislative bodies across the country. These elections were held alongside the US congressional midterm polls, with the candidates competing for positions in state assemblies and senates rather than the federal Congress.
04 COMMENT
A challenge for Pakistan’s transit trade
Fertilizer subsidy
N
The need for a subsidy comes in turbulent times
ATIONAL Food Security and Research Minister Rana Tanveer Hussain told the relevant National Assembly standing committee that the government was considering proposals to provide subsidies to farmers for fertilizers. In a briefing to the committee,, he told it that the Punjab government was considering a subsidy of Rs 3000 per bag, while KP had already decided to provide a subsidy of Rs 5000 per bag, in kind. It would involve some courage for a minister to utter the’S-word’, for it is not known how the IMF might react to this. However, so long as the subsidies do not throw off the provinces’s, and thus the country’s fiscal targets, the subsidies cannot be faulted. Another dimension is that of national consistency. At the moment, the country is heading into the rabi crop with different input costs for all the provinces, for whereas there is no fertilizer subsidy planned for either Sindh or Balochistan, there is a differential of Rs 2000 per bag between the Punjab and KP subsidies. While KP plans to provide fertilizer or seed directly to the farmer, it should be noted that the government will have to acquire them. While it will give no cash to farmers, how it will avoid using money, is to be seen. Committee Chairman Syed Hussain Tariq, apparently noticing this anomaly, called for a uniform nationwide subsidy. That seems a reasonable stance, but it should be remembered that the provincial governments will have to be persuaded to give the subsidy. There is politics at play, for Sindh is ruled by a party not part of the central coalition, though supporting the government from outside, while Balochistan’s government is part of the central government. It is open to the federal government to give a subsidy from its own funds, but it cannot do so directly, and must operate through the provincial governments. It is precisely for this reason that the Constitution left agriculture to the provinces, so that they could prioritize such subsidies or not. The federal government might feel it has done enough to ensure supply of imported DAP fertilizer, but it must act swiftly, for Rabi wheat is being planted, and if it has taken a firm step in raising the indicative price of wheat, it needs to ensure all the country’s farmers benefit from the subsidy, and are thus encouraged to plant wheat, which has been predicted by the World Bank to rise in price worldwide.
Afghanistan gets a connection to China
A
Dr MuhaMMaD akraM Zaheer
direct freight train carrying industrial goods from China has reached Afghanistan through Central Asia, highlighting the changing pattern of regional trade and raising questions about Pakistan’s role as a transit route for its landlocked neighbour. The train departed from China’s Shandong province, crossed the Khorgos border crossing into Kazakhstan, travelled through Uzbekistan and arrived at Afghanistan’s Hairatan dry port after a journey of around 20 days. The shipment, reportedly worth about $1.2 million, includes textiles, chemicals, tools and construction machinery. The development offers Afghanistan another route for importing goods from China. It also presents a challenge for Pakistan, which has long benefited from handling Afghan-bound cargo through Karachi’s port and transporting it by road to Peshawar and onward across the Torkham border. For years, this route formed an important part of Pakistan’s transit trade. Goods arriving at Karachi were moved through the country’s road network before entering Afghanistan. The process generated revenue from port operations, transport, warehousing, customs-related services and other commercial activities. It also gave Pakistan an opportunity to benefit from its geographical position between the Arabian Sea and Afghanistan. The emergence of a direct rail connection through Central Asia could gradually reduce Afghanistan’s dependence on this traditional route, particularly if rail transport proves competitive in terms of cost, reliability and delivery time. For a landlocked country such as Afghanistan, access to efficient trade corridors is essential. Imports are needed not only to meet consumer demand but also to supply factories, construction projects and other economic activities. The availability of alternative routes can help traders reduce their dependence on a single transit corridor and negotiate more favourable transport arrangements. The new rail movement demonstrates the potential of existing railway links between China and Central Asia. Instead of sending goods by sea to Karachi and then moving them overland through
Dedicated to the legacy of late Hameed Nizami
Arif Nizami (Late) Founding Editor
Pakistan, traders can use a northern route through Kazakhstan and Uzbekistan to reach Afghanistan. A journey of around 20 days may make this option attractive for certain categories of cargo, although the actual advantage will depend on freight charges, border procedures, handling costs and the reliability of future services. A single shipment is not enough to establish whether the route will become a regular alternative on a large scale. Its long-term significance will depend on whether similar trains operate consistently and whether the service can accommodate growing volumes of trade. Rail transport also has its limitations. Not every product is suited to the same route, and traders must consider the availability of railway facilities, the cost of transferring goods between transport systems and the time required for customs clearance. Sea transport through Karachi may remain competitive for many shipments, particularly where large volumes and established supply chains make it economical. Nevertheless, the new connection gives Afghan importers another option. In regional trade, the availability of alternatives can itself change bargaining power, even before a new route handles a substantial share of total cargo. The route through Kazakhstan and Uzbekistan reflects the growing importance of Central Asia in regional connectivity. Railway links can help these countries expand transit services, develop logistics facilities and earn revenue from the movement of goods across their territories. For Afghanistan, stronger links with Central Asia could diversify its trade and reduce the risks associated with relying too heavily on one corridor. For China, overland connections provide another means of reaching regional markets and strengthening commercial ties with neighbouring countries. The benefits, however, are not automatic. Reliable infrastructure, predictable border procedures, coordination between customs authorities and stable commercial arrangements are necessary if such routes are to attract regular business. Delays at borders or high handling charges can undermine the advantages
Babar Nizami Editor Profit
P
The missing link is policy delivery AGM rashiD Nasir
AKISTAN’S ambition to raise exports to $100 billion raises the question of what has to change in the nation’s production, governance, and business support systems to make such growth possible? Research presented at the 39th International Conference and Annual General Meeting of the Pakistan Society of Development Economists (PSDE), which took place at PIDE Islamabad on October 14–15, provided clear evidence-based answers to the key questions surrounding Pakistan’s export constraints and offered actionable policy insights. Researchers looked at agriculture, industry, government, small enterprises, digital services, labor mobility, marine development, tourism, and creative industries under the topic “Mission $100 Billion: The National Race for Sustainable Export-led Prosperity.” Overall, these studies suggest that Pakistan’s export problem goes beyond a mere lack of output. It is an inability to connect production capacity to international markets, technology, skills, financing, and reliable institutions. The policy challenge is to turn these separate ingredients into a functioning export system.
FIRST, MAKE AGRICULTURAL POLICY EXPORT-ORIENTED: Research on the citrus and mango value chains in Sargodha and Multan reveals that when farmers learn how to use digital technology, it improves export performance. This calls for a pragmatic change: create export-readiness initiatives for specific agricultural value chains that incorporate digital advisory services, climatic data, quality testing, traceability, cold storage, and certification. Export quality, lower post-harvest losses, and access to new markets should be used to gauge success rather than just how many farmers receive technology or training.
SECOND, REPLACE SCATTERED INDUSTRIAL INCENTIVES WITH A CONSISTENT COMPETITIVENESS STRATEGY: Research comparing Pakistan with Bangladesh, Vietnam, and India emphasizes the significance of long-
term industrial policy, financial inclusion for SMEs, and integration into global value chains. Pakistan should pinpoint industries with practical export potential and connect governmental assistance to quantifiable gains in market diversification, productivity, product quality, and technology adoption. Instead of making smaller businesses forever reliant on protection, export finance, technical support, and international certification can help them become competitive.
THIRD, TREAT GOVERNANCE AS ECONOMIC INFRASTRUCTURE: Research on political uncertainty, trade regulations, and federal-provincial cooperation, infrastructure alone cannot guarantee export growth. When firms deal with inconsistent regulations, redundant processes, or disjointed public agencies, roads and ports become less valuable. Export coordination units at the corridor level should be established by the government with participation from business representatives, federal and provincial departments, customs, and standards authorities. Every department should provide information on new exporters accessing foreign markets, compliance expenses, and clearance delays. A measurable example of what reform can accomplish is provided by the Pakistan Single Window study. It estimates savings in clearance time and transaction costs of around 1.75 days and US$220 per shipment, based on over 300,000 transactions between 2020 and 2025, along with an eight percentage point increase in the SME share of exports. These are estimations from the study, but they show why real business results should be used to assess improvements.
FOURTH, MAKE SMES AND SKILLED PEOPLE CENTRAL TO EXPORT POLICY: Research on women-owned enterprises, foreign employment, freelancing, gemstone clusters, highlight potential that traditional export plans may miss. An integrated SME Export Readiness Program that provides working capital, digital payments, product certification, e-commerce assistance, and connections to foreign buyers should be developed in Pakistan. In the meanwhile, technical and vocational training should be developed in collaboration with employers and international markets to ensure that credentials meet
the demands of higher-value jobs in manufacturing, IT, healthcare, logistics, and other fields. Training programmes should be evaluated based on export contracts, employment, earnings and export contracts— not enrolment figures alone.
FIFTH, EXPAND THE DEFINITION OF EXPORTS: Foreign exchange earnings can be diversified through digital services, tourism, sustainable fisheries, maritime activities, and music. However, these industries require particular policies, such as reliable digital infrastructure and data security for services; coordinated destination management and environmental protection for tourism; improved processing and sustainable fishing practices for coastal industries; and professional distribution, intellectual property protection, and a proposed music export council for creative industries. Instead of just including new sectors in a policy statement, diversification must entail creating sustainable industries. These recommendations require an implementation mechanism. A national export-performance dashboard that tracks export receipts, product diversity, domestic value addition, SME involvement, productivity, export survival, and job quality should be published in Pakistan. Every priority sector should have an accountable organization, a schedule, and objectives that are independently assessed. Research organisations like PIDE can assist in setting baselines, testing interventions, and determining whether policies are effective, for whom, and in what circumstances. The conference did not offer one magic solution. Its combined effect is to show the necessity of mutual reinforcement between technology, industrial strategy, skills, trade facilitation, and institutional quality. Infrastructure cannot overcome policy uncertainty, training cannot build competitive firms by itself, and a digital platform cannot make up for low productive capacity. In the end, Pakistan’s $100 billion ambition will ultimately depend on its quality economic institutions function and how consistently it makes decisions. The real race is not to announce a bigger export number. The goal is to create a framework that will allow Pakistani businesses to compete, expand, and stay in global markets.
The writer is a PhD Scholar, Pakistan Institute of Development Economics
The real race is not to announce a bigger export number. The goal is to create a framework that will allow Pakistani businesses to compete, expand, and stay in global markets Lahore – Ph: 042-36300938, 042-36375965
I
Karachi – Ph: 021-32640318 I
of rail transport. The economic value of the new corridor will therefore depend on more than the arrival of a single train. Regular services, transparent tariffs and efficient movement across national borders will determine whether it becomes a significant channel for trade. For Pakistan, the development should be a reason to reassess its transit trade policy. The country’s geographical position has long offered an advantage, but location alone cannot guarantee continued business. Traders will choose routes according to cost, speed, reliability and ease of doing business. Pakistan has much to gain from retaining its position as a major trade gateway for Afghanistan and the wider region. Karachi remains an important port, while the country’s transport network provides access to Afghan markets. But these advantages need to be supported by efficient port operations, modern logistics, streamlined customs procedures and fewer delays at border crossings. If moving goods through Pakistan becomes expensive or unpredictable, importers will have stronger reasons to consider alternatives. The new rail route is a reminder that commercial decisions are shaped by practical considerations rather than geography alone. Pakistan can respond by reducing the time required to clear transit cargo, improving coordination between ports and transport operators, and making border procedures more transparent. Better roads, warehousing and freight services would also help keep the country’s transit corridor competitive. More consistent trade arrangements with Afghanistan could further strengthen confidence among businesses that depend on cross-border commerce. The direct train from China should not be interpreted as proof that Pakistan is about to lose its position in Afghan trade. The scale of any shift will depend on future freight volumes, costs and the frequency of rail services. Yet it signals that regional trade routes are changing and that Pakistan cannot take its existing advantages for granted. The choice facing Pakistan is straightforward: improve the efficiency of its transit system or risk losing business to routes that offer traders better terms. As China and Central Asian countries strengthen their commercial links with Afghanistan, Pakistan will need to turn its geographical advantage into a practical economic benefit. In an increasingly connected region, transit trade is not secured by location alone. It must be earned through reliable services, competitive costs and policies that allow commerce to move with minimum delay.
The writer is Assistant Professor Pakistan Studies at Imperial College of Business Studies Lahore. He can be reached at muhammad.akram@imperial.edu.pk
As China and Central Asian countries strengthen their commercial links with Afghanistan, Pakistan will need to turn its geographical advantage into a practical economic benefit. In an increasingly connected region, transit trade is not secured by location alone. It must be earned through reliable services, competitive costs and policies that allow commerce to move with minimum delay.
Pakistan’s $100 billion export dream M. A. Niazi
Editor Pakistan Today
Thursday, 5 November, 2026
Islamabad – Ph: 051-2204545
I
Editor’s mail
Send your letters to: Letters to Editor, Pakistan Today, 4-Shaarey Fatima Jinnah, Lahore, Pakistan. E-mail: letters@pakistantoday.com.pk Letters should be addressed to Pakistan Today exclusively
Healing family ties
FAMILY conflicts often start with a small misunderstanding, a harsh word, or an unmet expectation. But when ignored, these little issues can grow into a silent poison that slowly destroys love, peace and trust at home. Psychologists say that most problems come from poor communication, lack of patience and unrealistic expectations. When family members stop listening to each other and try only to prove themselves right, emotional distance grows. This leads to feelings of loneliness and mental stress even within a house full of people. The good news is: this can be prevented. Start by talking and listening regularly, even about small things. Be patient during disagreements, and accept that everyone has strengths and weaknesses. Use kind words like “I understand” or “I’m sorry” to build bridges, not walls. Also, make time for fun and togetherness. Shared moments bring hearts closer and reduce negativity. Disagreements are natural but solving them with love, respect and understanding is the real strength of a happy family. Don’t let silence ruin what love has built. ARONA SAGHIR KARACHI
Nuclear past repeats
FOR more than 30 years, the world has avoided slipping back into the dangerous cycle of escalation that defined the Cold War era. After the superpowers realised how close they had come to nuclear catastrophe, they slowly built a system of restraint. Arms-control treaties, verification mechanisms, and a shared understanding of mutual destruction pushed nuclear testing into history. This long period of relative calm makes today’s renewed talk of testing all the more worrying. Against this backdrop, United States President Donald Trump’s recent directive to Pentagon to explore new nuclear test possibilities appears historically tone-deaf and strategically short-sighted. It overlooks the hardearned lessons of the Cold War. At the time, both the United States and the erstwhile Soviet Union believed that strength came from building bigger and more destructive weapons. But each new test only provoked another response, pushing both sides closer to the edge. It was a dangerous game where one misstep could have meant annihilation. The world eventually stepped back from the brink, not because of luck, but because leaders finally recognised that nuclear one-upmanship had no winners. Today’s world is far more complex than the bipolar Cold War order. Instead of two major powers, there is now a multipolar rivalry involving the US, China, Russia and several emerging nuclear states. Reintroducing nuclear tests in such an environment is like lighting a match in a room full of fuel barrels. There are more players, more tensions, and fewer rules. The old armscontrol framework — the one that helped stabilise the Cold War — has weakened over the years. Key treaties have collapsed, verification has eroded, and trust among major powers is at its lowest point in decades. In essence, bringing back a Cold War-era practice now risks replaying the darkest chapters of the 20th century, but this time without the safety nets that once kept competition in check. A single test by one country could trigger a chain reaction, pushing others to respond with tests of their own. Such a spiral would make diplomatic restraint harder, and strategic miscalculations more likely. Supporters of new testing argue that it strengthens deterrence, but this argument ignores the fact that modern nuclear technology does not require explosive testing to remain credible. Instead, political signalling becomes the real motive — and that is precisely what makes the situation so dangerous. Using nuclear tests as symbols of power invites others to do the same. The world cannot afford to treat nuclear weapons as tools of political theatre. The lessons of history are clear: once the cycle of testing begins, it becomes difficult to stop. What kept the world safe for three decades was not louder threats, but quieter diplomacy and strong global norms. Reviving nuclear testing would not make any nation safer. It would simply drag the world back towards an era of fear — an era we worked so hard to leave behind. SANAULLAH MIRANI DAHARKI
Web: www.pakistantoday.com.pk
I
Email: editorial@pakistantoday.com.pk
COMMENT 05
The AI-Powered Cybercrime Era Thursday, 5 November, 2026
A
Are our financial institutions ready? Waseem a.CHanna
RTIFICIAL intelligence is transforming the way we work, communicate, conduct business and manage financial transactions. Its potential is enormous, but so is its potential for misuse. The same technology that enables organizations to identify vulnerabilities, automate processes and strengthen security is increasingly being used to develop sophisticated cyberattacks. Criminals no longer need to possess exceptional technical expertise to exploit weaknesses in digital infrastructure. AI is lowering the barriers to entry, accelerating the identification of vulnerabilities and making cybercrime more accessible, scalable and difficult to detect. October 2026 offers a particularly striking illustration of this changing threat landscape. The incidents and figures reported during the month paint a concerning picture: more than 80,000 disclosed vulnerabilities, thousands of critical security weaknesses, major infrastructure exposures, an alleged $6.3 billion cryptocurrency breach, and financial institutions introducing restrictions on third-party AI agents accessing customer accounts. One of the most concerning developments is the reported increase in software vulnerabilities. According to the figures compiled for 2026, more than 80,000 Common Vulnerabilities and Exposures (CVEs) have been documented, compared with approximately 40,000 during 2025. More than 9,000 of these vulnerabilities were classified as critical.1 This represents a significant challenge for organizations responsible for maintaining secure digital infrastructure. However, the number of vulnerabilities alone does not tell the whole story. What makes the situation particularly alarming is the speed at which cybercriminals can turn a newly discovered weakness into an actual attack. Historical figures illustrate this changing reality. The reported time between vulnerability disclosure and exploitation has fallen from approximately 756 days in 2018 to 32 days in 2022 and just five days in 2023.2 By 2026, the concern is that attackers may exploit certain weaknesses before organizations have even deployed the relevant security patches. One reported statistic suggests that 26.3% of vulnerabilities are exploited within the first 24 hours. This fundamentally changes the responsibilities of cybersecurity teams. Tradi-
A
tional approaches, where organizations identify weaknesses and address them through periodic security updates, may no longer be sufficient. Security must become continuous, proactive and capable of responding at the same speed as emerging threats. The reported PHP-to-shell vulnerability provides an important example of the potential consequences of weaknesses embedded in widely used technologies. PHP supports a substantial proportion of websites worldwide, including platforms built on WordPress. According to the compiled material, a vulnerability that had remained undiscovered for approximately 14 years was identified through AI-assisted security research.3 The potential exposure was considerable, with an estimated 22.6 million PHP instances affected.4 The incident illustrates a difficult reality: a vulnerability does not need to be newly introduced to become dangerous. A weakness that has existed for years can suddenly become a major security concern once discovered and understood by malicious actors. The reported attacks involving PHP infrastructure, followed by the identification of another code execution weakness,5 demonstrate why organizations cannot afford to assume that established technologies are automatically secure. Similar concerns were raised regarding Node.js and vulnerabilities affecting other widely used technology platforms. For organizations, particularly banks and financial institutions, the implications extend beyond website security. Their digital infrastructure includes mobile applications, APIs, thirdparty platforms, payment gateways and interconnected systems. A weakness in any one of these components may create an entry point into a much larger environment. Artificial intelligence has also changed the economics of vulnerability discovery. Bug bounty programmes traditionally encourage ethical hackers and security researchers to identify weaknesses in software and report them to organizations in exchange for rewards. However, AI-assisted research has significantly increased the volume of submissions. Approximately 1,390 reports were submitted during the first half of 2026, compared with around 850 throughout 2025. The problem is that a greater volume of submissions does not necessarily translate into a greater number of genuine security weaknesses. When security teams are overwhelmed with reports, distinguishing genuine vulnerabilities from irrelevant or inaccurate submissions becomes increasingly difficult. The result is additional pres-
sure on resources that are already responsible for protecting complex digital environments. This creates an important paradox: AI is helping identify security weaknesses faster, but organizations may not have the resources to investigate and remediate them at the same speed. Cybercrime involving digital assets presents another dimension of the growing threat. The recent Binance incident, involving an alleged $6.3 billion breach, illustrates the potentially devastating consequences of compromised credentials and excessive privileged access. According to the incident account included in the source material, attackers allegedly compromised a DevOps engineer’s laptop and exploited the associated administrative access to reach service infrastructure.8 The attackers reportedly prepared transaction signatures in advance and executed transactions across ten blockchains9 within approximately five seconds. Of the reported $6.3 billion, approximately $3 billion was frozen,10 while $3.3 billion reportedly moved beyond the platform’s custody. The incident, if confirmed in the reported form, raises questions that extend far beyond conventional cybersecurity. How much authority should a single employee or device possess? Should one administrative account be capable of facilitating transactions involving billions? Are transaction approval mechanisms sufficiently independent? Can financial institutions and digital asset platforms detect and interrupt unusual movements before assets leave their control? These are fundamentally questions of governance, internal controls and operational risk. For cryptocurrency businesses, security cannot depend solely on protecting passwords, private keys or individual devices. It requires a combination of segregation of duties, transaction limits, independent verification, time delays, privileged access management and continuous monitoring. The principle is straightforward: no individual, device or compromised account should possess unrestricted authority to transfer substantial financial assets.
AI will continue to create opportunities for innovation. It will also create opportunities for criminals. The difference will increasingly depend on how responsibly organizations deploy technology, govern access and protect the people and systems entrusted with their customers’ assets.
When the AI bubble bursts Productive bubbles are just as certain to burst as unproductive ones. Sooner or later, economic fundamentals assert themselves
PROJECT SYNDICATE William H. JaneWay
BOUT a year ago, the idea that speculative investment has created an “AI bubble” began to take hold and soon became conventional wisdom. Since bubbles always burst, the fear now is that time is running out for this one. The interplay between AI deployment and financial speculation can be analyzed independently of the debate between doomers and accelerationists over whether generative AI will liquidate humanity or usher in a golden age of abundance. In fact, the boom and the bubble could both be over before that debate is resolved. In a recent blog post, Noah Smith examined how massive investments in AI infrastructure and training are reshaping the relationship between the real economy and the financial system. As hyperscalers increasingly rely on borrowed money to finance those investments, he observed, they will have to generate ever larger revenues and cash flows to justify them. That makes this a good time to look beyond the current AI boom and adopt a longerterm perspective on financial bubbles. In my 2018 book Doing Capitalism in the Innovation Economy, I propose a framework for understanding the dynamics that drive bubbles and their potential consequences. The first “law” of bubbles is that any tradable asset can become the object of speculation. Speculative demand can drive the valuation of any asset to levels decoupled from the cash flows—past, present, or prospective—that represent its fundamental value. This phenomenon can be traced to the dynamics of financial markets populated by investors who do not know and cannot know the future. Recognizing that no one else can know, either, market participants watch what others do and follow suit. Each investor rationally tries to anticipate their peers’ behavior, producing the collective exercise in irrationality we call a bubble. John Maynard Keynes famously captured this dynamic in his metaphor of the beauty contest: “Professional investment may be likened to those newspaper competitions in which the competitors have to pick out the six prettiest faces from a hundred photographs, the prize being awarded to the competitor whose choice most nearly corresponds to the average preferences of the competitors as a whole; so that each competitor has to pick, not those faces which he himself finds prettiest, but those which he thinks likeliest to catch the fancy
Perhaps one of the most important developments for the financial sector is the growing concern surrounding autonomous AI agents. AI agents differ from conventional AI applications because they can be designed to perform tasks, interact with external systems and execute actions with limited human intervention. While this offers operational benefits, it also introduces a new category of risk. An AI agent with access to financial accounts, customer information or transaction-related services could potentially expose sensitive information or initiate actions beyond the intended scope of its authority. Another emerging issue is Shadow AI. Shadow AI occurs when employees use AI applications without the knowledge, approval or oversight of their organizations. For example, an employee may copy customer information, account details or confidential business documents into an unauthorized AI platform to complete a task more quickly. The consequences can be serious. Sensitive information may leave the organization’s-controlled environment without the necessary authorisation, creating potential confidentiality, privacy, regulatory and data protection concerns. For banks, this is not merely an IT issue. It is an information governance, operational risk and compliance issue. Across the incidents described in the source material, a recurring pattern emerges: sophisticated cyberattacks frequently exploit weaknesses in trusted relationships. Compromised credentials, inadequate vendor controls, unsecured infrastructure, forgotten test environments and poorly managed access privileges can provide attackers with opportunities that conventional security measures may overlook. The reported Microsoft 365 compromise, affecting 173 tenants through a stolen third-party credential,12 is one example of the risks associated with external access. Similarly, the reported exposure of thousands of customer records and the disruption caused by compromised infrastructure highlight how incidents can extend beyond the organization initially targeted.
This is particularly relevant to financial institutions, where operations increasingly depend on technology providers, cloud services, external applications and interconnected payment systems. A bank may maintain strong internal security controls, but its overall security posture can still be compromised through a vulnerable service provider or an inadequately monitored thirdparty connection. Maintaining an accurate inventory of digital assets, monitoring privileged access, reviewing third-party relationships and regularly assessing vulnerabilities should therefore be essential elements of institutional security. Privileged accounts should operate under strict controls. Multi-factor authentication, role-based access, segregation of duties and independent approvals should be mandatory for sensitive systems and highvalue transactions. Organizations should maintain updated inventories of internet-facing systems, applications, APIs and thirdparty connections. Vulnerabilities must be prioritized according to their severity, exposure and potential business impact. Financial institutions need clear policies governing the use of AI tools and autonomous agents. Vendor relationships should be assessed not only during onboarding but throughout their lifecycle. Access permissions, security standards, incident notification requirements and data protection arrangements should be regularly reviewed. Cyber-enabled financial crime frequently overlaps with fraud, identity theft, account takeover, money laundering and unauthorized movement of funds. Financial institutions should ensure that cybersecurity incidents can trigger appropriate fraud investigations, transaction monitoring and AML escalation processes. AI-generated phishing messages, impersonation attempts and cloned voices are making social engineering increasingly convincing. Employees and customers must understand the importance of independent verification, secure authentication and callback procedures. Offline backups, tested recovery arrangements, clear incident response responsibilities and regular simulation exercises can significantly reduce the impact of a successful attack. The challenge is not simply to develop stronger firewalls, deploy more sophisticated software or purchase additional security tools. It is to build organizations capable of anticipating threats, identifying weaknesses, responding quickly and limiting the damage when preventive controls fail. AI will continue to create opportunities for innovation. It will also create opportunities for criminals. The difference will increasingly depend on how responsibly organizations deploy technology, govern access and protect the people and systems entrusted with their customers’ assets.
of the other competitors, all of whom are looking at the problem from the same point of view.”
TWO-DIMENSIONAL BUBBLES Neither regulatory changes nor technological advances have altered this basic dynamic. But while bubbles are ubiquitous, not all of them are the same. I have found it useful to distinguish bubbles along two dimensions, illustrated by the figure below. The first dimension is the focus of speculation. Can the assets whose deployment is being financed by speculative investment expand the economy’s productive capacity? This was the case with the 19th-century railway manias, the bull market of the “Roaring Twenties” that financed the buildout of the US electricity grid, and, most recently, the dot-com bubble that funded the internet’s global deployment at the end of the 20th century. By contrast, the Dutch tulip bubble of the 1630s revolved around tulip bulbs, which were decidedly unproductive. After some 15 years of experimentation and hype, much the same can be said of crypto. Real estate, both commercial and residential, has also repeatedly been the subject of speculative booms. The great credit boom of 2005–08, amplified by modern mathematical finance through seemingly endless varieties of derivative credit structures, is the most recent example of a thoroughly unproductive bubble. AI-generated content already accounts for half the articles published online, and not even digital forensics experts can tell what’s real anymore. Can those still offering a humanistic vision of online life make themselves heard over the din? Productive bubbles are just as certain to burst as unproductive ones. Sooner or later, economic fundamentals assert themselves. As the cash flows implicit in asset valuations fail to materialize, more and more investors recognize that the valuations cannot be sustained until a tipping point is reached. The collapse may be triggered by a high-profile failure, like that of Jay Cooke & Co. in New York in 1873. Or it may follow a less dramatic but ultimately decisive conviction that “enough is enough,” as happened in the spring of 2000. Either way, the bubble bursts. The second dimension of bubbles is the locus of speculation, which becomes especially important when bubbles pop. Was the bubble financed principally through the relatively unleveraged equity and high-yield bond markets? Or did the speculation penetrate the core banking system that finances the working capital of businesses and the real estate that accounts for much of the net
worth of workers and consumers? In a 2015 paper, Òscar Jordà, Moritz Schularick, and Alan M. Taylor examined 140 years of historical financial data, concluding that “what makes bubbles dangerous is the role of credit.” Their findings are consistent with the distinction highlighted by former Federal Reserve Governor Frederic Mishkin and other policymakers in the aftermath of the 2008 financial crisis. Whereas “pure, unleveraged ‘irrational exuberance’ bubbles” may “pose a limited threat to financial stability or the macroeconomic outlook,” rising asset prices and increasing leverage reinforce one another during “credit boom bubbles.” When credit boom bubbles burst, Mishkin explained, “the resulting deleveraging depresses business and household spending, which weakens economic activity and increases macroeconomic risk in credit markets.” This was very much the story of the 2008 crisis and the Great Recession. Indeed, when the dot-com bubble burst in 2000, WorldCom and Global Crossing—the two leading builders of the fiber-optic networks that carried internet traffic—went bankrupt, and WorldCom’s senior executives were even jailed for fraud. But these investments in infrastructure had been funded by junk bonds, not bank credit. The economic consequences were thus limited and could be managed through conventional monetary policy.
THE SEARCH FOR AI’S KILLER APPS Historically, when productive bubbles burst, the infrastructure they funded remained in place. No one tore up the railroad tracks, dismantled the electricity grids and power stations, or dug up the fiberoptic cables. While the first movers of each era lost vast amounts of their investors’ capital, those who followed eventually developed the killer applications and reaped the rewards. For the railroads, the killer app was mail-order retail, pioneered by Montgomery Ward and Sears Roebuck in the 1880s and made possible by the development of Railway Express. Electrification took much longer, with 50 years passing between Edison’s launch of the first electricity-generating station in 1882 and the point when the electrification of manufacturing produced the fastest productivity growth in American history. In between came the buildout of regional electricity networks and the invention of the unit-drive motor. Similarly, the fiber-optic backbone laid down during the telecom boom of the 1990s found its killer app in streaming, but only after broadband access became commonplace and advances in data-compression al-
gorithms made it viable. This is where the history of earlier general-purpose technologies offers a lesson for today’s AI boom. It is not too early to conclude that generative AI will deliver meaningful productivity gains across a wide range of applications. In other words, we can expect the current frenzy to be remembered as a productive bubble. But will those gains arrive soon enough, and will they be big enough, to justify the enormous investments already being made in AI infrastructure, let alone the hundreds of billions in commitments that have been announced? We are now in a period of trial-and-error experimentation, of the kind Geoffrey A. Moore described during the IT revolution a generation ago. Identifying worthwhile applications, let alone world-beating ones, takes time, and complementary inventions are needed to adapt general-purpose technologies to particular uses. Another potential cause of delay is the need to insure against the risks of using AI across numerous domains, from medicine to autonomous vehicles. In fact, another factor slowing the buildout is the need to insure data centers and supporting power stations.
SLOWING THE RACE FOR RETURNS Because timing is everything for productive and unproductive bubbles alike, keeping track of leverage is critical for AI investment. Encouragingly, many observers are doing just that, and there are signs that financial markets are beginning to pay attention. CoreWeave’s recent selloff is a case in point. As investment has surged, AI financ-
The writer is a freelance columnist
ing has become increasingly complex and leveraged. So-called “circular financing,” exemplified by Nvidia funding both the hyperscalers and their customers, the developers of large language models, provides ample grounds for concern, so much so that it now has its own Wikipedia entry. The growing reliance on private credit to fund today’s buildout, with lenders themselves borrowing from banks, is bringing the AI bubble closer to the core of the financial system. The AI bubble may still deflate rather than burst. In that case, evidence of slowing growth among LLM providers, especially Anthropic and OpenAI, along with delays and cancellations in data-center construction, may paradoxically be good news for the system as a whole. The radical shift in public attitudes toward data centers is also dampening the irrational exuberance that greeted ChatGPT’s launch four years ago. Nevertheless, the risk of a sudden, destabilizing collapse remains. The Trump administration’s track record so far inspires little confidence in its ability to handle an AI bust. Investors would do well to remember the words of Bernard Baruch, the iconic mid-20th-century speculator and presidential adviser. When asked how he made his fortune, he replied, “By selling too soon.” William H. Janeway is Distinguished Affiliated Professor in Economics at the University of Cambridge and author of Doing Capitalism in the Innovation Economy (Cambridge University Press, 2018).
REPUBLICANS PRIVATELY URGING TRUMP TO NOT BE PRESIDENT LEADING UP TO MIDTERMS SATIRE
S
THE ONION
AYING the gesture would boost his party’s electoral prospects at a crucial moment, Republicans have been privately urging President Donald Trump to not be president in the run-up to next week’s midterms, sources confirmed today. “We tactfully suggested that Republicans up and down the ticket would benefit from someone else being commander-in-chief, at least through Tuesday of next week,” said a GOP insider who did not wish to be named for fear of retaliation, adding that strategists
had assured Trump he would be re-sworn into office the moment all the votes had been tallied. “We just thought it would be advantageous for candidates to forge an identity separate from Trump and be able to say, at a town hall, ‘The president’s a private citizen now, and I’m focused on the future,’ or, ‘Let’s not dwell on my ties to a man who’s no longer president and hasn’t even been in the White House since last Thursday.’ I’m certain he realizes that a quick, short-term resignation would pay massive dividends for both his allies and, of course, himself.” At press time, the plan had reportedly been scrapped after panicked Republicans realized that JD Vance would immediately assume the presidency in Trump’s place.
06 NEWS
IRAN SUPREME LEADER SAYS THOSE EXPECTING US POLICY SHIFT 'SERIOUSLY MISTAKEN'
I
Thursday, 5 November, 2026 | LAHORE
TEHRAN
AGENCIES
RANIAN supreme leader Mojtaba Khamenei said that anyone expecting a shift in US policy was "seriously mistaken", a day after US midterm elections dealt a blow to US President Donald Trump, AFP reported on Wednesday. “Those who still harbour even the slightest hope that the behaviour of the hegemonic system might change through partisan or factional shifts, or who imagine that making concessions to the US can dissuade it from hostility towards the Iranian nation, are seriously mistaken,” he said in a written statement published on his website. Khamenei warned that the Middle East war would become even wider if the United States resumed its attacks on the Islamic republic. “Should such aggressions be repeated, its (the war) scope will become much wider,” Khamenei said. Americans said no to war, and we en-
dorse this message: Iran's Ghalibaf Senior Iranian Parliament Speaker Bagher Ghalibaf hailed the US public's rejection of the Iran war by voting against the Republican Party in the Congress midterm election in an X post on Wednesday. "Conscience or the cost of living, Americans said NO TO WAR, and we endorse this message," he said. He added that "If the US govt betrays their public will to serve international paymasters and blackmailers," it will suffer "a nightmare." His comments came as Democrats established a majority in the Senate and House elections in a rebuke against US President Donald Trump's stewardship of the country, which in part has stemmed from the war waged on Iran. Drones attack Iranian Kurdish opposition in Iraq's Sulaymaniyah and east Erbil, sources say Two explosive-laden drones attacked the Iranian Kurdish opposition in Iraq's Sulaymaniyah and east Erbil on Wednesday, secu-
rity sources said. Iran has repeatedly struck the bases of Iranian Kurdish opposition groups in Iraq's autonomous Kurdistan region, accusing the groups of carrying out attacks in Iran. Four oil tankers destroyed in Hormuz after hitting mines, Tehran says Four oil tankers caught fire after hitting mines while attempting to pass through the Strait of Hormuz, Iran said on Wednesday, after it warned no one would benefit from a return to war. It came a day after US President Donald Trump said the United States had launched strikes on the Islamic Republic, following reports of a raid on Qeshm, the largest island in the strait. "Four non-compliant oil tankers attempting to pass through the prohibited passage south of the Strait of Hormuz were destroyed after striking naval mines and are still burning," Iran's Islamic Revolutionary Guards Corps said in a statement quoted by state TV. "Two other non-compliant ships or vessels have also been halted." The Guards also said they had shot down
a drone over the strait. Tehran claims control over Hormuz, a vital global energy conduit, and has targeted vessels that attempt to cross without its authorisation since the war erupted. The conflict, triggered by US-Israeli strikes on Iran in February, has been at a stalemate for months. Indirect contact between the United States and Iran via mediators has continued with little sign of any diplomatic breakthrough, and Iran has said it is ready to reopen the strait but only if Washington agrees to a long-standing list of demands. Tehran's chief negotiator in talks with the United States, Mohammad Bagher Ghalibaf, said the Islamic Republic was "ready for battle with its finger on the trigger", although President Masoud Pezeshkian insisted his government was trying to resolve the crisis "through dialogue". "No one will benefit from this war" if fighting resumes, Pezeshkian said on Tuesday. US HAS NO IMMEDIATE PLANS TO STRIKE IRAN: TRUMP The US has no immediate plans to strike
Iran, President Donald Trump told the Financial Times on Tuesday. In an interview with the newspaper hours before polls closed in US midterm elections, Trump described Washington's position toward Iran as a “brilliant situation,” suggesting the administration was satisfied with the current balance of pressure on Tehran. “We seem to be getting everything we want,” he said. Asked about indications from Israeli Prime Minister Benjamin Netanyahu that an attack could take place later this week, Trump said American forces remained prepared to act but suggested that military action might not be necessary. “I’m ready, we’re ready. We’re locked and loaded if we need to go, but there may be no reason for it,” he said. Trump argued that the US was not currently engaged in a conventional war with Iran, pointing to previous American military operations against the country's nuclear infrastructure.
acknowledges Partnerships Across Maritime Regions Trump role of Iran war in
T
MUHAMMAD MOHSIN IQBAL
HE oceans have never been merely geographical boundaries separating nations. They are arteries of international commerce, conduits of cultural exchange and, increasingly, arenas where the security and prosperity of distant societies intersect. Throughout history, maritime routes have connected civilisations, facilitated the movement of ideas and enabled nations to prosper through trade. Today, however, the same waters are exposed to geopolitical rivalries, security threats and competing strategic ambitions. Their future, therefore, depends not simply upon naval strength but upon the ability of nations to cultivate trust, cooperation and a shared commitment to peace. The Holy Quran repeatedly draws attention to the seas, their resources and the benefits Allah Almighty has bestowed upon humanity through them. It invites mankind to reflect upon ships sailing across the waters, the sustenance obtained from the oceans and the countless signs of divine wisdom embodied in creation. These references carry a deeper message; the resources of nature are blessings entrusted to humanity, and their responsible use requires wisdom, gratitude and a sense of collective responsibility. The Quranic emphasis on consultation, justice, mutual understanding and peaceful coexistence offers an enduring framework for relations among nations. In a world increasingly troubled by confrontation, these principles deserve renewed attention, particularly in the maritime domain. It is within this broader perspective
that the Pakistan Navy's AMAN exercises have acquired significance. Launched in 2007 under the banner "Together for Peace", AMAN has evolved into an international platform bringing regional and extra-regional navies together with maritime stakeholders. Its underlying philosophy recognises that the oceans cannot be secured through isolated national efforts. Maritime threats disregard political boundaries, making cooperation not merely desirable but indispensable. The tenth edition, under the theme "Partnerships Across Maritime Regions", reflects the growing importance of this understanding. Its central message is that sustainable maritime security rests upon cooperation, confidence-building and connectivity among nations. The theme also acknowledges that countries separated by geography or differing strategic interests can nevertheless identify common objectives and work towards shared prosperity. The Indian Ocean provides a compelling context for such cooperation. It is among the world's most consequential maritime regions, linking the Middle East, Africa, South Asia and East Asia. Vital commercial and energy supply routes pass through its waters, making their security essential to the functioning of the global economy. Any disruption caused by piracy, maritime terrorism, trafficking, regional conflict or threats to commercial shipping can have consequences far beyond the immediate geoarea. Environmental graphical degradation and the growing vulnerability of maritime infrastructure add further complexity to an already challenging security environment. No single country can adequately address these concerns. Effective maritime governance requires information-sharing, professional coordination, operational understanding and respect for international law. Multinational naval exercises provide an opportunity to develop precisely these capacities. By bringing together naval forces with different experiences and operational traditions, AMAN encourages professional interaction and creates an environment in which mutual confidence can develop. Its value
ICJ to rule on Myanmar genocide case over Rohingya on Nov 19 LAHORE
AGENCIES
In a major strike against narcotics networks across the provincial capital, Lahore Police have rounded up as many as 6,313 alleged drug dealers and registered 6,092 cases during an ongoing citywide crackdown this year.Reaffirming the department's firm resolve, Capital City Police Officer Bilal Siddique Kamyana declared here on Wednesday that the police force remains unflinchingly committed to transforming Lahore into a completely drug-free city."Elements exploiting our youth and jeopardising with the future of the nation are a social menace. They will be dealt with an iron hand and brought to justice," the Police Chief asserted.CCPO Lahore further directed police officers to scale up high-potency, intelligence-based operations around educational institutions, student hostels and hotspots to root out the drug trade. He emphasized that targeted strikes must persist relentlessly to shatter the supply chains, distribution channels and smuggling conduits of illicit drugs.Detailing the operational breakthroughs, the Lahore Police Spokesperson revealed that massive caches of narcotics have been confiscated from the arrested suspects to date. The recoveries include 2,300 kg of hashish, 750 kg of ice, 113 kg of heroin, 481 kg of cannabis, 59 kg of opium, alongside over 26,000 liters of liquor.
lies not only in demonstrating operational preparedness but also in strengthening relationships that may prove essential during an actual crisis. The initiative's expansion reflects its growing international relevance. From 28 participating countries in its inaugural edition in 2007, AMAN attracted participation from more than 60 countries in its ninth edition in February 2025. The introduction of the AMAN Dialogue alongside that exercise further enriched its diplomatic and intellectual dimensions, providing senior naval and maritime representatives an opportunity to discuss emerging challenges and explore areas of common interest. This progression illustrates how a naval exercise can gradually develop into a wider instrument of maritime diplomacy. For Pakistan, the initiative carries particular strategic and economic importance. Its location along the Arabian Sea places it close to significant international shipping corridors, while Karachi and Gwadar offer opportunities for expanding maritime trade and regional connectivity. The country's economic future is also linked with the development of its blue economy, including shipping, fisheries, port services, marine tourism and other ocean-based industries. Yet these opportunities cannot be fully realised without secure sea lanes, reliable maritime infrastructure and a stable regional environment. Pakistan Navy's contribution to maritime security must therefore be viewed in a wider context than the protection of national waters alone. Its responsibilities extend to safeguarding commercial interests, maintaining the security of sea lines of communication and contributing to regional stability. Initiatives such as Regional Maritime Security Patrols, alongside multinational engagements, demonstrate the importance Pakistan attaches to collective maritime responsibility. A secure maritime environment benefits not only coastal states but also landlocked countries whose trade and economic activities depend upon access to international markets. There is another dimension of maritime cooperation that deserves equal consideration; its humanitarian purpose.
Search-and-rescue operations, disaster relief and assistance to vessels in distress require immediate coordination, regardless of political differences. At sea, human life must take precedence over strategic calculations. Naval forces that develop professional relationships during peacetime are better positioned to cooperate when emergencies arise. In this respect, maritime exercises can serve a purpose far greater than conventional military preparedness. The tenth edition of AMAN, marking twenty years since the initiative was launched, represents an important institutional milestone. Its longevity reflects continuity of purpose, while its expanding international participation demonstrates the relevance of its underlying philosophy. Yet the real measure of its success will not be the number of warships assembled or the scale of naval manoeuvres. It will be the trust established, understanding developed and practical cooperation sustained beyond the exercise itself. At a time when geopolitical competition threatens to turn vital waterways into theatres of confrontation, the idea of partnerships across maritime regions offers a constructive alternative. Nations need not share identical political interests to cooperate in protecting commercial navigation, combating maritime crime and preserving the oceans as a common avenue of prosperity. The seas have connected humanity for centuries. They should not become instruments of division in an increasingly interconnected world. The Quranic invitation to reflect upon the blessings of the oceans carries an obligation to use them responsibly and for the collective good. Through AMAN and its enduring message of "Together for Peace", Pakistan Navy is seeking to translate that aspiration into practical cooperation. Ultimately, the strength of maritime nations should be measured not only by their ability to defend the seas, but also by their willingness to ensure that these waters remain avenues of peace, stability and shared human progress. Director General Research at National Assembly of Pakistan
China ready to promote all-round connectivity covering land, sea, air with Vietnam BEIJING STAFF CORRESPONDENT
China is willing to work with Vietnam to promote allround connectivity covering land, sea and air, improve trade and investment facilitation, and seize opportunities in emerging industries, Chinese Foreign Minister Wang Yi said Wednesday. Wang, also a member of the Political Bureau of the Communist Party of China (CPC) Central Committee, made the remarks in Beijing when meeting with Vietnamese Foreign Minister Le Hoai Trung, who is in China for the 11th Lancang-Mekong Cooperation Foreign Ministers' Meeting. Since the beginning of this year, under the personal leadership of the top leaders of the two parties and the two countries, the building of a China-Vietnam community with a shared future has been deepened and solidified, said Wang, noting that China is willing to work with Vietnam to implement the consensus reached by the leaders of the two parties and the two countries and enhance high-level exchanges. Wang said China stands ready to join hands with Vietnam to strengthen multilateral coordination on platforms such as East Asia Cooperation, properly handle maritime issues and jointly maintain peace and stability in the South China Sea. Wang called on the two sides to support each other in successfully hosting the Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting. Noting that the two parties share common ideals and beliefs, as well as their approaches to governing the party and the country, Wang said that they should enhance mutual learning and support, continuously enrich the contemporary connotations of the China-Vietnam community with a shared future, advance the modernization process of their respective countries
and inject new impetus into the rejuvenation of the world socialist cause. For his part, Trung congratulated the successful convening of the fifth plenary session of the 20th CPC Central Committee and expressed belief that the important arrangements of the meeting would help China enter a new stage of development. Vietnam is willing to work with China to implement the consensus reached by the top leaders of the two parties and the two countries and enhance the alignment of development strategies, said Trung. He noted that Vietnam commended the achievements of the Lancang-Mekong Cooperation and positive contributions made by China and stands ready to strengthen coordination with China to continue promoting cooperation among regional countries.
Democratic sweep in midterm elections WASHINGTON AGENICES
US President Donald Trump acknowledged on Wednesday that the US-Israeli war on Iran played a role in his party's sweeping defeat in the midterm elections, as Democrats won control of the House of Representatives and the Senate. "I think a part of it was Iran," Trump told Fox News in an interview; "Iran was a piece of it," he separately told The Wall Street Journal. But despite the Republican losses on Tuesday -- and his campaign promise of "no new wars" -- Trump stood by his decision to attack Iran. "I did the right thing," he said in his interview with the Wall Street Journal. "I would have done it again." The war, now in its ninth month, has been unpopular among Americans since it began. On the campaign trail, Democratic candidates across the country blamed the conflict for driving up the cost of gas and other goods. Trump has offered shifting goals and timelines for the war, alternately threatening to ramp up US military strikes and saying he could end the conflict at any time. Trump posted later that he was going to "become a political pundit" and give the reasons why Republicans lost.
China's open-source AI push gains momentum at WIC Wuzhen Summit ZHEJIANG
STAFF CORRESPONDENT
At the physical workspace of ModelScope, China's largest AI open-source community, a single developer can do the work of a team. Li Guanghui is among the 249 solo entrepreneurs at this workspace in Hangzhou, the capital city of east China's Zhejiang Province, 95% of whom are working on AI projects. With AI assistance, he built a hotelbooking mini-program entirely on his own, completing in eight months a project that would typically take a team of five to 10 people a year to finish. Li's experience reflects a broader trend being discussed at the ongoing 2026 World Internet Conference (WIC) Wuzhen Summit in Zhejiang's ancient water town of Wuzhen, highlighting how China's open-source push is gaining momentum. Open source has become a defining feature of China's AI development. China's national-level AI open-source communities have attracted over 11 million users, while Chinese open-source large models have been downloaded more than 10 billion times globally. "ModelScope now serves more than 33 million developers from 239 countries and regions," said Joe Tsai, co-founder and chairman of Alibaba Group, which founded and operates ModelScope. Three years ago, Alibaba launched an open-source AI strategy. To date, its Qwen series has released more than 470 open-source models, featuring over 4 billion cumulative downloads and more than 330,000 derivative models worldwide. In Uganda, a non-profit organization built a local language model based on Qwen's open-source model, covering 68 African languages and helping more Africans break language barriers. Similar efforts using Chinese open-source AI models are emerging across Africa in sectors like legal services, agriculture, education and insurance. Notably, Open-source AI is entering public services. China's MAZU intelligent weather early-warning system has been deployed in eight countries, including Pakistan, Ethiopia and Sri Lanka, with cloud trials underway in more than 50 countries as of October 2026. At the Wuzhen summit's exhibition area, a robot powered by Robbyant's LingBot embodied AI models picks up medicines in a simulated pharmacy. The solution, unveiled in July, is already in use at several pharmacies in Shanghai. The company's LingBot embodied AI models, meanwhile, have been downloaded more than 2.2 million times within nine months, helping lower the entry cost for robotics developers. Participants at the summit have also called for broader engagement and responsible development. Ya-Qin Zhang, a foreign academician of the Chinese Academy of Engineering, advocated that companies investing in AI should allocate part of their AI budgets to AI governance research and called for the joint development of interoperability standards for AI agents and international safety evaluation platforms to ensure open-source benefits remain controllable and sustainable.
NEWS 07
Thursday, 5 November, 2026 | LAHORE
CORPORATE CORNER
PunJAB CM unVEILS RS31.75B PACkAGE fOR AttOCk, LARGESt In DIStRICt'S 122-yEAR hIStORy
P
g 186 DEVELOPMENT SCHEMES LAUNCHED IN DISTRICT'S LARGEST-EVER UPLIFT INITIATIVE
IGP Islamabad Reviews Police Welfare Initiatives, Infrastructure Development ISLAMABAD
STAFF REPORT
According to the details, Inspector General of Police (IGP) Islamabad Captain (Retd.) Muhammad Sohail Chaudhry chaired an important meeting with DIG Headquarters Muhammad Jawad Tariq and the Assistant Director (Development) to review measures for the welfare of police officers and officials, improvement of residential and basic facilities, and progress on ongoing development projects. The meeting discussed the provision of better facilities for police officers and officials, improvement of residential buildings and barracks, essential facilities at police offices and other installations, and the implementation of various welfare initiatives. Progress on ongoing development projects, their quality and timely completion were also reviewed. IGP Islamabad issued necessary directions to the concerned officers, emphasizing that the welfare of police officers and officials is a key departmental priority. He said that police officers and officials perform demanding duties around the clock to protect citizens’ lives and property and maintain law and order. Therefore, providing them with a better working and residential environment, along with essential facilities, is the department’s responsibility. He directed the concerned officers to ensure effective implementation of welfare initiatives, regularly monitor development projects and complete all ongoing works within the stipulated timeframe without compromising on quality. He further emphasized that improved facilities and a conducive working environment would help enhance the professional capacity, performance and morale of the force.
L’Oréal Pakistan honored at SDPI conference for advancing women’s economic empowerment KARACHI
STAFF REPORT
L’Oréal Pakistan was recognized in the “Inclusive Development and Economic Growth” awards category at the 29th Sustainable Development Conference, hosted by the Sustainable Development Policy Institute (SDPI), for its efforts to strengthen women’s economic participation and access to sustainable livelihoods. These community programs include the Beauty for a Better Life, supported by the Fondation L’Oréal and implemented in Pakistan with the Depilex SmileAgain Foundation. It provides vocational beauty skills to survivors of domestic violence and acid attacks, helping them build pathways to employment and self-employment. The Digital Literacy Program, supported by the L’Oréal Fund for Women and executed with CIRCLE, equips women with digital and financial skills to grow their home-based businesses. Meanwhile, L’Oréal Paris’ Stand Up Against Street Harassment initiative, in collaboration with Bedari, promotes safer public spaces for women by raising awareness of effective and safe intervention techniques in response to street harassment. At the Sustainability Investment Expo (SIE), L’Oréal Pakistan also showcased L’Oréal for the Future, the Group’s sustainability program. Built around four pillars - stewarding the climate transition, safeguarding nature, driving circularity and supporting communities - the program reflects L’Oréal’s goal to advance sustainability across its operations, while contributing to a more sustainable and inclusive future.
Atif Aslam’s Journey of rise continues with vivo V80
LAHORE
SALEEM JADOON
UNJAB Chief Minister Maryam Nawaz has unveiled a Rs31.75 billion development package comprising 186 schemes for Attock, marking what the provincial government describes as the largest development initiative in the district's 122-year history. The package includes 59 road construction, rehabilitation and expansion schemes worth Rs23.25 billion, while another 127 development projects, costing Rs8.5 billion, are being undertaken across the district. For the first time, construction, repair and rehabilitation of 865 kilometres of roads have been launched simultaneously in Attock, marking a major expansion of the district's road infrastructure. Major road schemes include the 43.95-kilometre Fateh Jang-Pindi Gheb Road, Dhok Laham-Jhamat Road and Mithial Chowk-Dhok Pathan Road. The development programme also
encompasses improvements to healthcare and education facilities. Construction and renovation work at 82 Maryam Nawaz Clinics and hospitals in the district has been completed, while Nawaz Sharif Centres of Excellence for Special Education have been established in Hasan Abdal and Fateh Jang. Other projects being developed on the chief minister's instructions include a modern children's home, a Model Agri Mall and a land record centre in Hazro. The provincial government says the comprehensive development programme is aimed at upgrading road infrastructure, expanding access to public services and accelerating socio-economic development across Attock. CM INAUGURATES NAWAZ SHARIF CENTRE OF EXCELLENCE FOR SPECIAL EDUCATION Meanwhile, the first Nawaz Sharif Centre of Excellence for Special Education in Rawalpindi Division has been established in the remote area of Hassan Abdal, bringing a major facility for children with special needs to the region. The centre has formally commenced opera-
tions, with Chief Minister Maryam Nawaz Sharif inaugurating the facility alongside differently-abled girls. Holding their hands, the chief minister entered the centre with the girls, marking the inauguration with a warm interaction with the children. During her visit, Maryam Nawaz inspected specially designed classrooms for children with hearing and speech impairments. She also observed teaching methods being employed for children with congenital physical disabilities and visited the music and activity rooms. In the music room, the chief minister turned back from the doorway after hearing special student Sawaira sing “Akele Na Jana Humein Chhor Kar” and showered her with affection.
Azma challenges Salik to prove corruption charges or apologise LAHORE
Stricter border controls, geopolitical conflicts and shifting labor demand reshape Asian migration trends
STAFF REPORT
Punjab Minister for Information and Culture Azma Bokhari on Wednesday asked Federal Minister Salik Hussain to respond to the notice issued by Chief Minister Maryam Nawaz, substantiate his allegations of corruption with evidence or tender an unconditional apology for making baseless accusations. Reacting to a statement by the federal minister, Azma Bokhari said Salik Hussain was a member of the federal cabinet and part of the government, and making serious allegations without presenting any evidence did not befit someone holding such a responsible public office. She pointed out that Salik Hussain had himself admitted a day earlier to recommending the appointment of the Deputy Commissioner of Gujrat, but was now attempting to backtrack on his own statement. “You cannot enjoy the privileges and status of a public office while simultaneously indulging in baseless allegations. This will not be tolerated,” she added. The information minister said Salik Hussain's own brother had also rejected his allegations a day earlier, leaving the federal minister with no justification to evade responsibility for his accusations by changing his stance. Azma Bokhari said Chief Minister Maryam Nawaz had launched and completed development projects worth trillions of rupees over the past two
LAHORE
STAFF REPORT
years, but even the provincial government's fiercest critics had failed to substantiate allegations of corruption involving even a single penny in these projects. She further said Salik Hussain had himself acknowledged that he had no evidence to support his allegations. Despite this admission, he had also made accusations about filling cupboards. He must explain these contradictory statements and produce evidence to substantiate his claims, she added.
Mobilink Bank Wins Triple Recognition for Digital Excellence and DEI ISLAMABAD
STAFF REPORT
Mobilink Bank, one of the largest microfinance Banks in Pakistan, has won the ‘Best Digital Banking Services’ honour from CFA Society Pakistan for the fourth year in a row, this time taking the ‘Best Digital Banking Services of the Year 2025’ award in the Telcos category at the 23rd Annual Excellence Awards. Mobilink Bank also received the ‘Gender Diversity Award FY 2026’ in the Non-Banking Financial Institutions category, a dual recognition that reflects both the scale of its digital banking model and its longstanding commitment to an inclusive, gender-diverse organisation. Mobilink Bank was also recently recognised with the Community Engagement & Partnerships Award at the UN Women 2026 Asia-Pacific WEPs Awards, acknowledging its efforts to advance women’s economic participation through inclusive partnerships and community-led initiatives. The digital banking award recognizes how Mobilink Bank’s digital-first approach continues to bring secure, convenient and innovative financial services for millions of Pakistanis. Mobilink Bank, together with JazzCash, serves a registered base of over 67 million users with a nationwide network of over 2.3 million merchants & agents. Over the past year, Mobilink Bank also launched its digital Islamic banking operations and continued to strengthen digital onboarding through its Dost app, widening access to for-
mal finance for small businesses and underserved communities. The Gender Diversity Award recognizes Mobilink Bank’s progress in building an inclusive workplace, with women now representing 44% of senior leadership. Beyond the workplace, the Bank serves over 23 million women users and more than 5 million women borrowers together with JazzCash, with lending to women exceeding PKR 163 billion. The Bank has also trained 31,000 women in financial literacy, while it's WIN Incubator has graduated 28 women-led startups. Commenting on the achievement, Aamir Ibrahim, Chairman Mobilink Bank and CEO JazzWorld, said, “Winning the Best Digital Banking Services award for the fourth consecutive year is a strong testament to the trust millions of customers place in Mobilink Bank and the efforts of our people to continually raise the bar in digital financial services. Our recognition for gender diversity reflects an equally important commitment to building an institution where everyone has the opportunity to lead and grow.
ISLAMABAD
STAFF REPORT
vivo and Atif Aslam highlight dreams, creativity, and memorable life moments through the “Capture Your Rise” campaign. vivo, a brand renowned globally for its innovation in smartphone technology, has announced the continuation of its successful partnership with renowned singer and artist Atif Aslam. Atif Aslam will now serve as the official brand ambassador for the vivo V80. Through the campaign titled “Capture Your Rise,” the brand aims to encourage people across Pakistan to celebrate their personal journeys, achievements, and memorable moments in life. The announcement comes at a special time for Atif Aslam, as he has recently released his new album, “Subah Aye Na.” The album reflects the evolution of his artistic journey and his strong connection with his fans. A key highlight of the campaign is a new television commercial (TVC) featuring vivo V80 alongside Atif Aslam’s music. The campaign has been designed to inspire confidence, passion, and the determination to pursue dreams and turn them into reality. Following their successful collaboration over the past few months, the renewed partnership brings together vivo’s advanced technology and Atif Aslam’s authentic personality.
The young girl also sang another song for Maryam Nawaz Sharif: “Shabe-Gham Mujh Se Mil Kar Aisay Royi, Mila Ho Jaisay Sadiyon Baad Koi.” The chief minister sat among the differently-abled children, sang a national song with them and individually extended her affection, prayers and blessings. During an interaction in the classroom, a differently-abled child, Sufyan, innocently asked the chief minister for her WhatsApp number, bringing a smile to her face. The children also presented her with handmade cards. The chief minister and other participants were deeply moved and could not hold back their tears while listening to little Ahmed Ali, who was born without arms and legs. Maryam Nawaz embraced the child and also posed for a photograph with him. Ahmed Ali told the chief minister that when he was born, his parents had cried, wondering how their child would be able to lead his life. Describing the differently-abled children as superheroes, Maryam Nawaz praised their courage, determination and resilience. The chief minister also met a girl who had suffered acid burns and her mother, during the visit.
Sardar Yousuf to lead delegation in 6th Hajj Conference, Exhibition in Jeddah ISLAMABAD STAFF REPORT
Federal Minister for Religious Affairs Sardar Muhammad Yousuf, along with his delegation, will participate in the sixth Hajj Conference and Exhibition, scheduled to be held in Jeddah from November 8 to 11 under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud. The conference and exhibition is organized by Saudi Arabia’s Ministry of Hajj and Umrah in cooperation with the Pilgrim Experience Program. The event will bring together more than 520 government, private and nonprofit entities, with participation from over 150 countries. The federal minister will also attend a meeting of heads of Hajj affairs offices with Saudi Minister of Hajj and Umrah Dr. Tawfiq Al-Rabiah to discuss arrangements for the 1448 AH Hajj season and strengthen coordination with Saudi authorities. The meeting aims to facilitate Pakistani pilgrims’
Hajj journey, improve the services available to them and finalize all arrangements and service contracts well in advance to ensure a smooth and comfortable pilgrimage experience, from arrival in Saudi Arabia to their return home. The Hajj Conference and Exhibition serves as an international platform bringing together leaders, officials, Hajj affairs offices, service providers, and specialists to discuss the development of the Hajj services ecosystem and showcase solutions and initiatives that enhance readiness and service quality. Discussions will focus on three key areas: infrastructure and operational services, empowerment and integration, and sustainable development, with the aim of enhancing the pilgrim experience and improving services. Alongside the conference, a specialized exhibition showcasing the Hajj services ecosystem will span an area of more than 67,000 square meters. It will bring together entities and service providers in aviation, transportation, hospitality, healthcare, infrastructure, technology, innovation, workforce services, investment, and business development.
The Centre on International Migration, Remittances and Diaspora (CIMRAD) at the Lahore School of Economics successfully concluded its two-day Fourth International Conference, themed “Future Drivers of International Migration from Asia,” on November 4, 2026. While the first day focused on country-specific case studies presented by leading migration experts, the second day shifted attention toward irregular migration. Discussions examined the systemic drivers, social dynamics, and governance frameworks across South Asian, European, and Gulf corridors, while assessing how evolving host-country policies and geopolitical conflicts are reshaping future Asian migration trends. The day's first session was chaired by Mr. Imco Brouwer, Managing Director of the Gulf Labor Markets, Migration and Population (GLMM) programme at the Gulf Research Center (GRC).
Lahore Police arrest 6,313 drug peddlers in crackdown LAHORE
STAFF REPORT
In a major strike against narcotics networks across the provincial capital, Lahore Police have rounded up as many as 6,313 alleged drug dealers and registered 6,092 cases during an ongoing citywide crackdown this year. Reaffirming the department's firm resolve, Capital City Police Officer Bilal Siddique Kamyana declared here on Wednesday that the police force remains unflinchingly committed to transforming Lahore into a completely drug-free city. "Elements exploiting our youth and jeopardising with the future of the nation are a social menace. They will be dealt with an iron hand and brought to justice," the Police Chief asserted. CCPO Lahore further directed police officers to scale up high-potency, intelligence-based operations around educational institutions, student hostels and hotspots to root out the drug trade. He emphasized that targeted strikes must persist relentlessly to shatter the supply chains, distribution channels and smuggling conduits of illicit drugs.
BOP launches Pakistan’s first Mastercard World Elite Credit and Debit LAHORE
STAFF REPORT
The Bank of Punjab (BOP), in partnership with Mastercard, has launched Pakistan’s first Mastercard World Elite Credit and Debit Cards, expanding its premium banking portfolio and bringing a globally recognised payments proposition to customers in Pakistan. The launch builds on BOP’s growth to become Pakistan’s largest credit card issuer despite entering the market later than established players. It marks the next step in the Bank’s efforts to translate that growth into a broader choice of payment products, with a focus on the needs and aspirations of premium customers. Combining global payment acceptance with premium travel, dining, lifestyle and entertainment benefits, the World Elite proposition brings greater value to everyday spending and international travel. The introduction of both credit and debit cards broadens the offering for customers with different payment preferences, while connecting them to distinctive experiences in Pakistan and abroad. The collaboration brings together BOP’s customer relationships and banking capabilities with Mastercard’s international payments network and World Elite offering.
Thursday, 5 November, 2026
OPP PARTIES MOVE TO FORGE UNITED FRONT, WEIGH JOINT STRATEGY prayer tiMingS
O
NEWS ISLAMABAD
SaleeM Jadoon
PPOSITION parties on Wednesday stepped up consultations on forging a united front against the government, with leaders of the Pakistan Tehreek-i-Insaf (PTI), Tehreek-i-Tahafuz-i-Ayin-i-Pakistan (TTAP) and Jamiat Ulema-i-Islam-Fazl (JUI-F) meeting at the residence of Maulana Fazlur Rehman to discuss the political situation, particularly the imposition of emergency and governor’s rule in Khyber Pakhtunkhwa. The meeting focused on strengthening unity and solidarity among opposition parties, upholding the supremacy of the Constitution and the rule of law, protecting democratic rights, devising a joint strategy to address the prevailing political situation and agreeing on a future course of action, according to a statement issued by TTAP. The opposition alliance, headed by Mahmood Khan Achakzai, described the gather-
Imran, Bushra Bibi's appeals in £190M case fixed for hearing
ing as a meeting of the “united opposition”. A separate statement issued by JUI-F said opposition leaders had assembled at the residence of the party chief in Islamabad to deliberate on the imposition of emergency and governor’s rule in KP, among other issues. It said opposition leaders in the National Assembly and Senate, Mahmood Khan Achakzai and Allama Raja Nasir Abbas, respectively, along with key PTI leaders, were attending the meeting to discuss “the situation of emergency and governor’s rule” in the province. The participants were also set to discuss the possibility of convening a multi-party conference (MPC). In its statement, TTAP said the meeting was discussing “unity and solidarity among opposition parties, the supremacy of the Constitution and law, the protection of democratic rights, a joint strategy to address the current political situation, and a future course of action”. The latest consultations follow an August 20 meeting between Fazlur Rehman and
Achakzai, after which the alliance and JUIF had announced plans to form a “united opposition”. PTI was represented at Wednesday’s meeting by MNA Asad Qaiser, Secretary General Salman Akram Raja, National Assembly Chief Whip Amir Dogar and Senator Noorul Haq Qadri. TTAP spokesperson Akhundzada Hussain Ahmad Yousafzai also attended the huddle. According to TTAP, PTI core committee member and legal counsel for Imran Khan, Khalid Yousaf Chaudhry, and Agha Nasir Shirazi were also participating in the meeting. JUI-F was represented by its vice-president and KP chapter president, Senator Maulana Attaur Rehman, as well as Senators Kamran Murtaza and Maulana Attaul Haq Darwish. Other party members attending included Akram Khan Durrani, Aslam Ghauri, Maulana Salahuddin Ayubi, Hafiz Hamdullah and Zahid Durrani.
PTI OPEN TO FAZL'S SUPPORT The meeting came a day after PTI said it
ISLAMABAD
ISLAMABAD
The first major legal development following Barrister Salman Safdar’s recent meeting with PTI founder Imran Khan and his wife Bushra Bibi at Rawalpindi’s Adiala Jail has emerged, with the Islamabad High Court fixing their appeals in the £190 million case for regular hearing on November 10, 2026. A two-member Islamabad High Court bench has been constituted to hear the appeals filed against the NAB convictions in the Al-Qadir Trust case. The bench comprises Justice Sarfraz Dogar and Justice Muhammad Asif and will hear the appeals on November 10, when the parties’ lawyers will present detailed arguments. According to reports, Salman Safdar had earlier raised an objection during court proceedings that the jail administration and relevant authorities were not allowing him to meet his clients, Imran Khan and Bushra Bibi, preventing him from obtaining final instructions in the case. Following the recent meeting, this key objection by Safdar and his legal team has now been fully addressed, paving the way for the hearing and further legal proceedings. Legal and political circles are describing the November 10 hearing as highly significant. It may be recalled that Barrister Salman Safdar met Imran Khan at Adiala Jail after seven months and Bushra Bibi after 11 months. The meeting lasted only 40 minutes. Safdar said the Adiala Jail administration allowed him to meet Imran Khan and Bushra Bibi at 4:30 p.m., and that the meeting lasted 40 minutes.
French envoy vows cooperation with Pakistani media ISLAMABAD
Staff report
French Ambassador to Pakistan Jean-Noël Poirier on Wednesday visited the National Press Club (NPC), where he expressed willingness to work with Pakistani journalists and explore opportunities for professional cooperation. Speaking informally with officebearers and journalists, Ambassador Poirier said he was willing to work with Pakistani journalists and explore areas of cooperation with the Press Club. He emphasised the importance of maintaining communication and exchanging views with members of the media. The ambassador was received by NPC President Abdul Razzaq Sial, Secretary Dr Furqan Rao and senior journalists. During the visit, the envoy planted a sapling at the Press Club and was briefed on its departments, facilities and journalistic activities. Welcoming the envoy, President Sial said the NPC was actively working to promote journalists’ welfare, professional training and journalistic activities. He described the visit as an important opportunity to strengthen media relations and cooperation between Pakistan and France. Sial also thanked the French ambassador for visiting the Press Club and showing interest in engaging with the Pakistani journalist community.
would welcome support from Fazlur Rehman in its struggle against the government. Speaking to the media, Salman Akram Raja said the party would welcome anyone willing to stand by it and support its political struggle. “It is possible that some may walk with us for one mile, some for 10 miles, and some may go with us till the end. But why should we reject them?” the PTI secretary general said. Fazlur Rehman has been critical of the
Islamabad’s One Constitution Avenue set to become five-star hotel under govt plan Staff report
Staff report
FAJR SUNRISE
ZUHR
ASR MAGHRIB ISHA
6:14
1:30
4:00
5:40
Interior Minister Mohsin Naqvi has announced plans to transform the controversial One Constitution Avenue complex in Islamabad into a five-star hotel. The proposed conversion would return the property to its originally designated purpose, following years of legal proceedings over the construction of residential apartments on land allocated for a luxury hotel. The Capital Development Authority (CDA) had allotted 13.5 acres of land to a private developer in 2005 for the construction of a five-star hotel. However, the developer subsequently built residential apartments at the site, leading to disputes over the project’s approved use and outstanding payments. The property was leased for Rs4.8 billion, with the developer initially
paying 15% of the amount. Subsequent payment defaults resulted in prolonged litigation and intervention by the courts. In 2019, the Supreme Court conditionally restored the project’s lease, directing the developer to pay Rs17.5 billion over eight years. However, the company failed to meet the payment schedule, prompting the CDA to cancel
the lease in March 2023. The Islamabad High Court subsequently upheld the lease cancellation in April 2026, ruling that the developer had failed to comply with the financial conditions imposed by the Supreme Court. The dispute also affected buyers of apartments in the complex, with several owners approaching the courts to protect their investments and residential rights. In May 2026, the Islamabad High Court restrained authorities from evicting apartment owners until further orders, while a government committee examined the legal and administrative issues surrounding the property. The complex contains 263 residential apartments, many of which were acquired by investors. The government’s latest plan proposes converting the disputed property into a five-star hotel, the purpose for which the land was originally allotted.
Police detain 38 teachers after Karachi protest turns chaotic KARACHI
Staff report
Police detained 38 teachers on Wednesday after using tear gas and baton-charging protesters marching towards the Chief Minister House from the Karachi Press Club (KPC) over demands concerning their service structure and the transfer and posting of teachers. Hundreds of teachers, responding to a call by the All Sindh Primary Teachers Association, had assembled outside the press club before attempting to march towards the CM House to press for their demands, including the delegation of transfer and posting powers to district-level officials. The protesters chanted slogans as they moved towards the Red Zone. However, near Fawara Chowk, police baton-charged them and fired tear gas shells to push them back towards the press club. Roads adjoining the KPC were closed to traffic, according to a traffic police spokesperson. South Deputy Inspector General of Police Syed Asad Raza told Dawn that
the teachers’ organisation had announced a protest at the KPC, followed by a march towards the CM House. He said the administration had made efforts to resolve the matter through negotiations before the demonstration and engaged education department officials to facilitate dialogue. The protest leaders had been clearly informed that entry into the Red Zone, which includes the areas surrounding the Governor House and CM House, would not be allowed. However, the administration had been di-
rected to exhaust all available options to secure a peaceful resolution through talks, he added. Raza alleged that around 3:15pm, the protesters abandoned negotiations, turned violent and forcibly advanced towards the CM House. He claimed they breached police barricades and pelted personnel with stones, injuring one official. The situation escalated after the protesters crossed Kabir Masjid on Governor House Road, compelling police to use tear gas to disperse the crowd and restore order, he said.
5:15
7:00
federal government over its decision to impose governor’s rule in Khyber Pakhtunkhwa. He accused the Centre of reneging on its commitments amid his efforts to mediate between the federal and provincial governments. Since mid-October, the veteran politician and key federal ministers have also exchanged sharp remarks after Fazl accused the Centre of depriving provinces of their constitutional rights.
FCC sets six principles for criminal background checks in govt recruitment ISLAMABAD
Staff report
The Federal Constitutional Court has laid down six principles for examining candidates' character and criminal records before recruitment to government jobs, ruling that the mere registration of a First Information Report (FIR) cannot automatically disqualify an applicant from public employment. Chief Justice Aminuddin Khan issued a written judgment in a case concerning the recruitment of a driver constable. The court declared null and void the notification disqualifying a candidate despite his acquittal, as well as the decision of the Lahore High Court's Multan Bench. The court ruled that judicial acquittals must be recognised and candidates' backgrounds and eligibility assessed objectively. Any adverse character verification must be based on authentic and verifiable evidence rather than speculation.
SIX PRINCIPLES FOR GOVERNMENT RECRUITMENT In its written judgment, the Federal Constitutional Court established the following principles:
1. FIR REGISTRATION: Merely registering an FIR against a candidate cannot serve as an automatic ground for disqualification from government employment, as an FIR does not constitute proof of a crime or establish a presumption of guilt. 2. RECOGNITION OF ACQUITTAL: Authorities must recognise judicial acquittals and cannot make adverse decisions based merely on suspicion after a candidate has been acquitted. 3. POLICE CHARACTER CERTIFICATES: Previous criminal cases resulting in acquittal cannot be portrayed negatively in a police character certificate. 4. PENDING CASES: Any reference to cases still under trial must be limited to their pending status. 5. RIGHT TO A HEARING: Candidates generally cannot be excluded from recruitment without being given an opportunity to be heard and without reasonable grounds. 6. MERIT AND CONSTITUTIONAL PRINCIPLES: Recruitment decisions must comply with legal standards, merit, fairness and the constitutional principles of equality and justice. COURT RESTORES CANDIDATE'S CANDIDATURE: The court ordered the restoration of petitioner Abdul Latif's candidature, who had secured second position on the merit list for the post of driver constable.
NAB summons ex-minister Asad Mahmood in Pakistan Post scandal ISLAMABAD
Staff report
The investigation into alleged illegal recruitments at Pakistan Post has widened, with the National Accountability Bureau (NAB) summoning former federal minister for communications Asad Mahmood, son of Maulana Fazl-ur-Rehman. NAB Rawalpindi has directed him to appear in person before its investigation team on November 10 at 11am. The Federal Investigation Agency (FIA) had also summoned him in the same case, but he failed to appear on November 2. The NAB investigation concerns recruitments made at Pakistan Post during Asad Mahmood's tenure as communica-
tions minister in 2022 and 2023. According to NAB documents, the Establishment Division had authorised 3,938 positions at the Pakistan Post Office, but 4,252 people were allegedly recruited. The notice also raises questions over appointments against 2,646 positions that had already been abolished. NAB is seeking an explanation over how the number of recruits exceeded the authorised strength and why appointments were made against abolished posts. The investigation covers several alleged violations in the recruitment process, according to the NAB notice. These include appointments allegedly made in violation of Cabinet directives, permanent recruitment instead of contrac-
tual hiring, and selection based on political affiliations. The bureau is also examining allegations involving forged documents, recruitment of candidates above the prescribed age limit and violations of domicile-based quota regulations. Asad Mahmood has been asked to appear in person and respond to the allegations as part of the ongoing inquiry. NAB Rawalpindi has directed the former minister to appear before its investigation team on November 10 at 11am. The notice warns that failure to comply could lead to action under the National Accountability Ordinance, 1999. The summons marks an expansion of the investigation into the alleged irregularities at Pakistan Post, with the bureau now
seeking Asad Mahmood's response. Before the NAB notice, the FIA's Anti-Corruption Circle in Islamabad had summoned Asad Mahmood for November 2 in connection with the alleged illegal recruitments. However, despite receiving the notice, he did not appear before the FIA investigation team on the scheduled date.
Refineries oppose revised petrol pricing formula as dealers demand audit of profits PROFIT
Monitoring report
Pakistan's oil refineries have demanded the immediate withdrawal of the government's revised petrol pricing mechanism, warning of losses of up to Rs49 per litre, while petroleum dealers have called for a forensic audit of refinery profits, claiming consumers could receive price reductions of up to Rs50 per litre. The opposing demands follow changes to the Motor Spirit (MS) pricing mechanism introduced on October 31, 2026, with refineries warning that the revised formula could undermine their financial viability and investment commitments under the Brownfield Refining Policy.
In a joint letter to the federal government, Attock Refinery Limited, National Refinery Limited, Cnergyico Pk Limited and Pakistan Refinery Limited demanded restoration of the previous pricing formula and immediate consultations with relevant authorities. According to the refineries, the revised mechanism uses actual or last available Pakistan State Oil cargo costs for imported petrol but freezes the premium, incidental and customs duty components allowed to domestic refineries at their March 7, 2026 levels. They said the change requires refineries to surrender a differential of Rs49.02 per litre as petroleum levy without corresponding recovery through ex-refinery prices. The refineries argued that the govern-
ment had retained pre-war pricing components despite higher crude oil, freight, insurance and financing costs arising from the ongoing US-Iran conflict. They warned that the resulting financial burden could make domestic petrol production unviable, disrupt fuel supplies and delay refinery upgrade projects. The companies also maintained that the Brownfield Refining Policy protects existing investment agreements and requires written consent for amendments affecting fiscal incentives and project timelines. They questioned why the government's pre-war pricing arrangement was limited to 30 days while the petroleum levy notification remained effective until further orders. The
refineries requested immediate withdrawal of the March 7 pricing freeze, restoration of the formula applicable before October 31 and instructions to the Oil and Gas Regulatory Authority (OGRA) to implement the changes.
PPDA DEMANDS FORENSIC AUDIT OF OIL REFINERIES Meanwhile, the Pakistan Petroleum Dealers Association (PPDA) held an emergency meeting in Karachi on Tuesday, demanding a comprehensive forensic audit of oil refineries to determine their actual earnings. PPDA Chairman Malik Khuda Bakhsh said an audit could establish whether petrol prices could be reduced by as much as Rs50 per litre. The association alleged that refiner-
Published by Asad Nizami at Qandeel Printing Press, 4 Queens Road, Lahore, for PT Print (Pvt) Limited. Ph: 042-36300938, 042-36375965. Email: newsroom@pakistantoday.com.pk
ies had earned unusually high profits, claiming their earnings over three months were equivalent to their annual profits. PPDA representative Anwar Kamal said consumers could receive relief of Rs40 to Rs50 per litre instead of the proposed Rs15 per litre, arguing that refinery profits should be investigated before any relief package was finalised. PPDA Vice Chairman Tariq Hasan maintained that passing the claimed benefits to consumers would not impose an additional burden on refineries. The dealers demanded a transparent audit of refinery finances to establish the extent of their profits and called for representation on government committees responsible for petroleum-sector pricing and policy decisions.