The ⁠British side “disregarded dedicated ongoing ​investment and significant contributions”, offering “almost zero ​compensation”, Jingye said in a statement on Sunday.

The company also pointed out ​that the United Kingdom ​had spent £377 million ($507.18 million) to operate British ‌Steel ⁠as of the end of January, and expects that the amount would have exceeded £600 million ​by ​the end ⁠of June, with expenditures possibly exceeding £1.5 billion ​by 2028.

China said it ​would closely ⁠monitor developments and will take appropriate measures to safeguard legitimate ⁠rights ​and interests if warranted.

The South Korean tech giant said on Sunday in a statement to Reuters that 739 roles in Englewood Cliffs, New Jersey, have been affected by plans by Samsung Electronics America (SEA) — which is focused on consumer electronics and does not include chips — to move its headquarters to Texas.

A majority of people affected have received relocation offers, but others were let go, it added without elaborating.

At SEA’s Plano, Texas office, some 100 workers ​including staff in its mobile division, have been let go, according to one person who said they were among the employees laid off. Sources declined to be identified ​because of the sensitivity of the issue.

The cuts — though related to the shift in headquarters — underscore diverging fortunes within the South Korean tech giant ⁠with its chip division skyrocketing to record profit but its consumer electronics units languishing as chip costs surge.

Samsung’s decision to shift SEA’s headquarters is striking because SEA employees in New ​Jersey only moved to new offices with much fanfare less than a year ago. SEA employs about 1,200 workers in New Jersey, according to a press release by U.S. Representative Josh ​Gottheimer, who attended an event to mark the opening of the new offices in September.

While the precise extent of the layoffs at SEA could not be learned, documents seen by Reuters show that the unit notified some employees on June 30 of an “enterprise-wide reduction-in-force”, adding that there were a “significant number of impacts”.

LinkedIn posts reviewed by Reuters also show more than 30 workers, including senior sales and marketing officials in both Texas ​and New Jersey as well as a few in other U.S. locations, said they have been let go or left the company over the past couple of weeks.

Details about the ​job losses at SEA have not previously been reported.

Samsung said in its statement that the shift of SEA’s headquarters “may lead to changes in our workforce structure, such as employees who are unable to relocate, ‌or certain functions ⁠that are optimized to ensure our roles align to key business priorities.”

Chip division soars, but mobile may post loss

Samsung has flagged it will likely post a 19-fold jump in second-quarter profit on strong AI-driven chip demand. It also announced plans last month to invest hundreds of billions of dollars in new chip plants.

Its mobile division, however, is expected to post its first-ever loss, as it grapples with intense competition from Apple.

Chinese rivals like TCL and Hisense, are also challenging Samsung in televisions and home appliances. Higher chip costs due to the AI boom have weighed ​on earnings for all of its consumer ​electronics products.

Samsung’s job cuts mirror moves by other ⁠global firms including Microsoft, Amazon  and Meta, which have shed jobs while redirecting spending toward AI infrastructure.

It has also joined Tesla, Oracle and other tech companies in moving headquarters or major operations to Texas, known for lower taxes and business-friendly regulations. The state is already home to ​Samsung’s chip factories and a mobile hub in Plano.

Samsung workers are concerned the recent job cuts could be followed by additional layoffs and ​a consolidation of the ⁠company’s appliance, home entertainment and mobile divisions, as it focuses resources on chips, a current SEA employee said.

Samsung plans $1.5 billion chip testing plant in Vietnam, document shows

Samsung said in its statement there was currently no broad, global restructuring underway within its consumer product business.

The relocation of the unit’s headquarters is intended to foster “stronger collaboration and optimize the organization by bringing more teams together within a growing technology and AI ecosystem,” it said.

Samsung Electronics had 11,770 ⁠employees in ​the United States as of the end of 2025, which includes workers in its chip division.

Samsung’s IT services ​affiliate Samsung SDS America, has flagged that 179 roles could be cut at Ridgefield Park, New Jersey, according to a June notice required under the state’s laws.

Those personnel changes are due to the relocation of Samsung SDS’ North American ​headquarters and had nothing to do with layoffs or restructuring, Samsung said.

Five major Chinese banks cut interest rates on some deposits

In 2024, a former vice president of ​the ​bank ⁠was sentenced to 12 ​years jail ​and ⁠fined for accepting bribes.

The world’s largest engine maker by ​number of units sold said the effort by co-owners GE Aerospace and France’s Safran would also accelerate repairs, help ​suppliers improve deliveries and beef up spares inventory.

Unexpected wear and tear in the ⁠most recent jet engines - an unplanned by-product of their significant fuel savings - has led to an ​industry-wide repair crisis and left jets grounded.

CFM President Gael Meheust declined to be drawn on an engine industry ​dispute with airlines over prices, saying it was important to consider all relevant costs and engine performance.

CFM, which makes engines for the Boeing 737 MAX and competes with Pratt & Whitney on the Airbus A320neo, said it had a “near-zero” level of ​engine-driven groundings. Pratt has reported steady improvement in maintenance delays and production issues.

Airline repair shops

CFM’s aftermarket ​investment comes as engine makers are expected to battle for new business at next week’s Farnborough Airshow, vying for attention with relatively muted plane orders.

India’s largest carrier IndiGo ‌could pick ⁠CFM’s LEAP to power 500 previously ordered Airbus jets, industry sources said.

The deal is likely to include its own maintenance, repair and overhaul (MRO) shop, echoing Ireland’s Ryanair.

CFM declined to comment and IndiGo could not be reached.

However, there were no immediate signs of a breakthrough in talks between CFM and Turkish Airlines (THY) that overshadow a deal ​for 150 Boeing 737 MAX jets ​announced by Turkish ⁠President Tayyip Erdogan in Washington in September.

Airbus plans demonstrator for hydrogen plane by mid-decade

The airline said then that the MAX order, part of a wider package of 225 jets, would be subject ​to engine negotiations.

Industry sources said the airline wanted under any deal to penetrate ​the top ⁠rung in CFM’s tiered support network by becoming a so-called Premier MRO, joining a small group of carriers that enjoy enhanced access to repair technology.

CFM declined to comment. Turkish Airlines did not immediately respond to ⁠a request ​for comment.

CFM also said it had won approval for an ​upgrade that would improve durability of LEAP-1B engines for the MAX in harsh climates, echoing a fix already available for Airbus.

It reiterated a ​goal of 15% higher deliveries this year.

Under pressure to explain rising fuel costs as global oil prices surge, the government on Friday announced a new transparency measure under which the Oil and Gas Regulatory Authority (Ogra) will review petroleum prices daily and publish pricing data on its website to support weekly fuel price calculations.

In this regard, Malik today chaired a high-level meeting with key stakeholders, including the Oil and Gas Regulatory Authority (OGRA), the Oil Companies Advisory Council (OCAC), the Oil Marketing Association of Pakistan (OMAP), Refineries, and Oil Marketing Companies (OMCs). Senior officials of the Petroleum Division were also present.

The meeting was convened to brief industry stakeholders on the new pricing mechanism transitioning from a weekly to a daily basis and obtain first-hand feedback on implementation challenges and any teething issues to ensure a smooth transition, read a statement.

The reform marks a significant step towards deregulation of Pakistan’s petroleum sector, aimed at enhancing transparency, ensuring consumer protection, and fostering a more competitive market environment, it added.

During the meeting, Malik informed participants that the reform has been undertaken on the directive of the prime minister and approved by the federal cabinet as part of the government’s commitment to move towards a rules-based petroleum regime. Under the new mechanism, retail prices will be determined through a transparent, formula-based process anchored in market fundamentals, insulating consumers from price shocks influenced by political expediency.

Speaking on the occasion, Malik said that the implementation of the daily petroleum pricing regime represents a fundamental shift towards a market-driven, competitive economy. By decoupling petroleum prices from the weekly announcement cycle and mandatory government approval, we are reducing the potential for market abuse and windfall gains.

The meeting was informed that the daily pricing mechanism will provide greater transparency and fair pricing for consumers while shifting the focus from political intervention to market realities.

Participants were also briefed that the reform is a key component of the government’s phased deregulation strategy to gradually reduce government intervention and allow market forces to determine petroleum prices, similar to the daily movement of exchange rates.

The minister emphasised that the Petroleum Division, in close consultation with OGRA and industry stakeholders, is developing comprehensive Standard Operating Procedures (SOPs) to facilitate the transition.

Technical matters, including the Inland Freight Equalisation Margin (IEFM), refinery adjustments, and true-up mechanisms, are being addressed collaboratively to ensure seamless implementation.

OGRA informed the meeting that it is fully aligned to implement the new pricing regime and is upgrading its internal processes and data dissemination systems.

The meeting also reviewed operational aspects of the transition, including supply chain logistics, inventory management, and the availability of real-time data.

The government assured industry stakeholders of its full support in addressing operational challenges. A dedicated committee has been constituted to oversee the transition process and resolve implementation issues through consensus.

During the meeting, representatives of OCAC, OMAP, refineries, and OMCs shared their views and highlighted certain operational concerns regarding the implementation of the daily pricing mechanism. The Minister assured participants that all genuine concerns would be addressed through continuous consultation and collaborative engagement.

The minister directed the Petroleum Division and OGRA to hold follow-up meetings with industry representatives to further refine the technical formula, address any remaining concerns and teething issues, and ensure the successful rollout of the daily petroleum pricing regime.

Similarly, 10-gram gold was sold at Rs363,713 after it increased by Rs2,057, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

On Friday, gold price per tola reached Rs421,836 after a decline of Rs3,600 during the day.

The international rate of gold was up by $24 to reach $4,018 per ounce (with a premium of $20).

Meanwhile, the price of silver increased by Rs41 to reach Rs6,070 per tola.

In a statement released today, Atif Ikram Sheikh, President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), emphasised that the current volume of bilateral trade between Pakistan and Iran falls significantly short of its true potential.

Sheikh welcomed the recent engagement of a high-profile Iranian business delegation from Arak Province with FPCCI.

The Iranian delegation was led by Naser Beigi, President of the Arak Chamber of Commerce, Industries, Mines and Agriculture. President FPCCI urged the private sectors of both neighbouring nations to move beyond conventional trade and forge robust industrial partnerships.

Sheikh explained that, according to recent data, the Pak-Iran bilateral trade volume for the fiscal year 2023–24 stood at approximately $2.8 billion, comprising $684 million in Pakistani exports to Iran and $2.1 billion in imports from Iran.

However, recognising the complementary economic strengths of the two countries, FPCCI has outlined an ambitious roadmap to elevate this bilateral trade volume to $10 billion annually over the next three to five years, he added.

Naser Beigi, President of the Arak Chamber of Commerce, Industries, Mines and Agriculture, informed FPCCI that Arak province provides heavy machinery, engineering equipment, automotive parts, agricultural technology, and mining solutions, which are highly complementary to Pakistan’s evolving industrial and manufacturing sectors.

Murad Nemati, Commercial Attaché of Iran in Pakistan, emphasised that the ongoing bilateral business dialogue is aimed at highlighting the robust manufacturing base of Iran’s Arak Province. Opportunities for joint ventures were heavily emphasised across a diverse array of sectors, including agriculture, food processing, petrochemicals, mining, engineering, household appliances, and renewable energy.

Saquib Fayyaz Magoon, SVP FPCCI, highlighted the urgent need for a strategic shift in how the two nations conduct business. Pakistan and Iran are bound by deep-rooted historical, political, cultural, and religious ties – yet our economic cooperation remains vastly underutilised.

He maintained that to transform our mutual political goodwill into meaningful economic cooperation, the authorities must prioritise simplifying trade procedures; establishing formal banking channels and payment mechanisms; and strengthening our logistics and transportation networks. FPCCI will extend all-out assistance to Iranian and Pakistani businessmen seeking to formalise commercial partnerships, he added.

Brent crude futures settled USD 3.87, or 4.59 percent, higher to USD 88.10 a barrel, while US West Texas Intermediate futures rose USD 3.54, or 4.48 percent, at USD 82.49. Both were at their highest since mid-June.

For the week, both benchmarks gained about 16 percent, with Brent on track for a third consecutive weekly gain and WTI set for its second.

The two foes expanded fighting on Friday, with the US striking bridges and an airport in Iran and Tehran hitting a power and desalination plant in Kuwait. Iran said it launched more strikes on US facilities in the Middle East, including the first direct attack in Syria, after a sixth straight night of US strikes on Iranian military facilities.

READ MORE: Oil rises on renewed US-Iran hostilities and threat of Red Sea closure

“The market is reacting to the increasing hostilities between Iran and the United States that have

culminated this week with nightly attacks on Iranian infrastructure and retaliation by Iran on its neighbors’ infrastructure,” said Andrew Lipow, president of Lipow Oil Associates. “If more tankers come under fire and become damaged, we’re going to see oil prices continue to move up as shipowners simply refuse to enter the Persian Gulf.” The collapsed truce between the US and Iran has resulted in a sharp decline in oil flows in the strait as Iran targets vessels transiting through it.

Before the Iran war, about 20 percent of global oil supplies flowed through the waterway. Iran has pressed the Houthis to close the Red Sea route if the US attacks Iran’s power infrastructure.

“Given that so much of Saudi Arabia’s exports have been redirected to the port of Yanbu via the East-West Pipeline to avoid Hormuz, any such development is a threat indeed,” Tamas Varga, analyst at PVM Oil Associates, wrote in a note. Saudi Arabia has diverted more than 70 percent of its normal daily crude exports to the Red Sea port of Yanbu since the beginning of the war.

Shipments from Yanbu averaged 4 million barrels per day in recent weeks, up from around 973,000 bpd in the same period last year.

Qatar’s defence ministry said its armed forces thwarted an Iranian missile attack early on Friday and the interior ministry said a child was wounded by shrapnel resulting from interception operations. In a different conflict zone, Ukraine’s military said it struck a Russian oil refinery in the Yaroslavl region on Thursday.

Aurangzeb chaired a meeting of the Capital Market Development Council (CMDC) to review progress on capital market reforms, with particular focus on accelerating the development of Pakistan’s corporate debt market and strengthening capital markets as an important source of long-term financing for the private sector.

The Finance Minister observed that while the equity market has demonstrated encouraging progress, the corporate debt market continues to remain underdeveloped relative to the financing needs of the economy. Further efforts are required to deepen the debt capital market, reduce reliance on bank financing, promote diversified market-based financing, and create a more balanced and resilient financial ecosystem capable of meeting the evolving financing needs of the private sector, particularly the Small and Medium Enterprises (SMEs).

The participants discussed the scope and terms of reference (TORs) of a detailed external study on the development of Pakistan’s local currency-linked bond market, which is underway.

The study will encompass key reform priorities across sovereign financing, non-bank financial institutions, primary dealer arrangements, secondary market development, market infrastructure, development of hedging and derivatives markets, and the broader capital market ecosystem. The Finance Minister emphasised that the study should provide practical, evidence-based recommendations supported by international benchmarking to guide future reforms.

The meeting also took stock of findings from the awareness and experience surveys and stakeholder consultations undertaken by the Securities and Exchange Commission of Pakistan (SECP) to assess the challenges faced by the top-100 listed companies in accessing the corporate debt market in Pakistan.

While appreciating the initiatives already undertaken, the Finance Minister highlighted the need to expand engagement beyond the largest listed companies to include a broader segment of medium-sized enterprises and other growth-oriented businesses that could benefit from capital market financing.

Aurangzeb underscored the need for dedicated institutional capacity to accelerate debt market reforms and advised the SECP and the Pakistan Stock Exchange (PSX) to establish dedicated Debt Desks at the senior management level with clearly defined mandates, measurable performance indicators, and responsibility for driving implementation and reporting progress.

The Finance Minister also emphasised the need to foster a more competitive and efficient capital market ecosystem by encouraging greater institutional capacity and competition among market intermediaries and market infrastructure providers, with a view to improving market efficiency, enhancing service quality, and reducing transaction costs for both issuers and investors.

Participants also deliberated on simplifying the corporate debt issuance process through greater coordination among the SECP, PSX, and Central Depository Company (CDC).

In this regard, the Finance Minister called for the development of a streamlined one-window listing framework supported by standardised procedures, end-to-end process mapping, greater digital integration, and enhanced digital facilitation to improve transparency and ease of access for prospective issuers, while publishing a simplified corporate debt listing workflow on their respective websites.

Discussions further covered the continued development of Pakistan’s Islamic capital market, including measures to deepen the domestic Sukuk market, strengthen secondary market liquidity and trading, and facilitate greater issuance of green and sustainable financial instruments.

The participants also reviewed policy proposals relating to taxation, SME preparedness, financial literacy, digital distribution platforms to broaden investor participation, and institutional support aimed at enabling a broader range of businesses to access capital market financing.

Emphasising the need to move from discussion to implementation, Aurangzeb underscored that the Council’s future work should be organised around thematic reform areas supported by dedicated working groups to accelerate decision-making and execution.

He stressed that recommendations emerging from stakeholder consultations, technical studies and international best practices should be translated into time-bound and actionable reform measures with clearly defined ownership, milestones, and periodic progress reviews.

The meeting was attended by the Chairman of the SECP, representatives of the State Bank of Pakistan, PSX, CDC, National Clearing Company of Pakistan Limited, Pakistan Banks’ Association, Pakistan Business Council, Tax Policy Office, along with senior officials of the Finance Division.

Copyright Business Recorder, 2026

The price of HSD jumped by Rs 31.05 per litre, rising from Rs 323.30 to Rs 354.35. Whereas, petrol prices increased by Rs 5.44 per litre, bringing the new rate to Rs 316.15 per litre.

Federal Minister for Petroleum Ali Pervaiz Malik said on Friday that the government has taken another step towards deregulation; OGRA will announce petroleum prices daily, based on Platts’ 7-day moving average data.

READ MORE: Petrol price surges by Rs13.18, HSD’s by Rs13.80

OGRA will publish all international benchmarks & detailed calculation sheets on its website. Government to fix fuel prices daily due to renewed hostilities in Persian Gulf, the minister said.

The decision has faced immediate backlash from key industry stakeholders. The All Pakistan Petroleum Dealers Association rejected the deregulation policy, warning it could disrupt fuel transportation, oil tanker operations, and the current pricing system. They urged the government to consult stakeholders before finalizing the move.

Oil Marketing Companies (OMCs) expressed serious concerns, stating that the retail sector is not ready for such a major shift. They warned that daily price changes would complicate stock valuation, inventory management, and cash flow. Additionally, they cautioned that the move could hurt dealers’ margins, trigger market uncertainty, and confuse consumers.

Copyright Business Recorder, 2026

Despite the drop in generation, the average cost of electricity surged by 14 percent to Rs8.9885 per kWh in June 2026, up from Rs7.8698 per kWh in June 2025.

Hydel generation fell by 3 percent to 5,242 GWh in June 2026, accounting for 39.03 percent of total generation, compared to 5,410 GWh in June 2025.

The decline is attributed to a fault at the Tarbela generation facility.

Based on the local coal, the electricity generation decreased by 10 percent to 1,358 GWh from 1,510 GWh. However, generation from imported coal rose by 21.6 percent to 1,699 GWh, up from 1,397 GWh in the corresponding month last year.

The Independent System and Market Operator (ISMO) also allowed generation from high-speed diesel (HSD) and residual fuel oil (RFO) at significantly higher costs of Rs57 per kWh and Rs52 per kWh, respectively, in June 2026. In comparison, the National Power Control Centre (NPCC) generated 151 GWh from RFO in June 2025 at Rs29 per kWh, indicating an increase of around 80 percent in RFO-based generation cost.

Generation from indigenous gas declined by 10.5 percent to 867 GWh in June 2026 at Rs13.6820 per kWh, compared to 968 GWh in June 2025.

RLNG-based generation also dropped sharply to 1,480 GWh (11.02 percent share) in June 2026 from 2,216 GWh in June 2025. Meanwhile, its cost rose to Rs35.51 per kWh from Rs21.87 per kWh, reflecting an increase of 62 percent.

In contrast, nuclear power generation recorded a significant increase of 31.5 percent, reaching 1,800 GWh (13.40 percent share) in June 2026 compared to 1,383 GWh in June 2025.

Pakistan imported 47 GWh of electricity from Iran during June 2026 for Rs27.6635 per kWh, compared to the same volume at Rs22.5155 per kWh in June 2025, marking a 23 percent increase in price.

Among renewable sources, wind power generation rose by 29.5 percent to 676 GWh from 522 GWh, while bagasse-based generation increased to 46 GWh from 35 GWh. Solar generations saw a marginal rise to 110 GWh from 106 GWh.

According to CPPA-G data, total electricity generation stood at 13,413 GWh in June 2026, down from 13,744 GWh in June 2025. Delivered energy was recorded at 13,066 GWh at an average cost of Rs8.9138 per kWh, compared to 13,310 GWh at Rs7.6800 per kWh in the corresponding month last year.

CPPA-G has sought a positive fuel cost adjustment (FCA) of Rs1.20 per kWh for June 2026, compared to Rs0.6541 per kWh in June 2025. The National Electric Power Regulatory Authority (Nepra) is scheduled to conduct a public hearing on July 29, 2026.

Copyright Business Recorder, 2026

A three-member bench, headed by Chief Justice Yahya Afridi and comprising Justice Irfan Saadat Khan and Justice Shakeel Ahmed, examined whether input tax claimed by Bawany Sugar Mills Ltd, Karachi, the respondent in the case, on construction materials – specifically cement and steel used in immovable structures – was legally excluded under the relevant provisions of the Sales Tax Act.

The bench also considered whether statutory requirements relating to banking transactions and treasury deposits could be disregarded.

The court set aside the Sindh High Court (SHC) judgment dated August 10, 2017, as well as the order of the Appellate Tribunal Inland Revenue (ATIR) dated July 1, 2016, and restored the Order-in-Original, issued by a tax office of the Federal Board of Revenue (FBR), which had disallowed the input tax adjustment.

The bench observed that the case involved substantial questions of law concerning the interpretation of Sections 3, 8(1)(ca), 8A and 73 of the Sales Tax Act, 1990, on which leave to appeal had been granted by the apex court on June 21, 2018.

The verdict said that even if a representative or counsel had conceded a legal point before the ATIR or the High Court, such a concession could not be treated as binding because “there is no estoppels against a statute”.

The court further held that the SHC and the ATIR were incorrect in treating the matter as involving only questions of fact.

The proper interpretation of statutory exclusions under Section 8, the applicability of amended SROs, and enforcement of the banking requirements under Section 73 of the Act were questions of law requiring judicial determination.

The dispute arose from tax periods between July 2013 and December 2013, when Bawany Sugar Mills Ltd claimed input tax adjustment on building materials, including cement and steel, used in the construction of its plant and machinery.

The Deputy Commissioner Inland Revenue (DCIR) noted that an amendment introduced through SRO 4571 dated May 27, 2013, had specifically excluded building materials from the scope of input tax adjustment.

Treating the omission of this exclusion by the taxpayer as an error, the DCIR issued notices seeking verification of supporting documents.

The respondent submitted its reply, but the DCIR was not satisfied, observing that the company had failed to produce purchase invoices, books of accounts, bank statements and other required records. According to the department, this failure amounted to violations of Sections 8(1)(ca), 8A and 73 of the Sales Tax Act, 1990.

The assessment proceedings subsequently resulted in an order disallowing the input tax adjustment and imposing a tax demand of Rs22,758,773, along with a penalty of Rs682,761, through an Order-in-Original dated January 30, 2015.

The company challenged the order before the commissioner Inland Revenue (Appeals), who dismissed the appeal. It then approached the ATIR, which allowed the taxpayer’s appeal and set aside the disallowance orders passed by the lower authorities on July 1, 2016.

The department subsequently challenged the ATIR decision before the Sindh High Court through a Tax Reference Application under Section 47 of the Act.

The SHC dismissed the application through its judgment dated August 10, 2017, ruling in favour of the taxpayer. The department then moved the Supreme Court against the High Court’s decision.

Advocate Dr Shah Nawaz, appearing for the department, argued that the High Court had wrongly dismissed the reference at the outset by treating pure or mixed questions of law as mere findings of fact.

Citing various judgments, he contended that where a dispute involves the legal consequences of admitted facts under specific statutory provisions, it necessarily raises a question of law.

He further argued that any concession made by a departmental representative or counsel could not prevent the High Court from exercising its statutory jurisdiction under Section 47 of the Act.

Counsel for Bawany Sugar Mills Ltd defended the decisions of the SHC and the ATIR, arguing that the company was entitled to claim input adjustment on cement and steel because the materials formed an integral part of its business operations.

Copyright Business Recorder, 2026

The agreements were signed between Pakistani and Chinese pharmaceutical companies at the Pakistan-China Business-to-Business Investment Conference, marking another step towards expanding economic cooperation between the two countries.

Addressing the conference, the prime minister described the deals as a major opportunity to accelerate the growth of Pakistan’s pharmaceutical sector.

He said the partnerships would help strengthen the industry through investment, local manufacturing and joint research initiatives.

“The cooperation between Pakistani and Chinese companies in the pharmaceutical sector will provide new opportunities for growth and development,” he said, adding that the agreements reflected the growing economic partnership between the two countries.

Sharif welcomed the participation of Pakistani and Chinese investors, particularly the presence of around 300 Chinese delegates.

He praised the role of business communities from the countries, as well as government officials and diplomats, in facilitating the agreements.

He expressed hope that the commitments would quickly translate into implementation, creating tangible benefits for Pakistan’s healthcare and industrial sectors.

The agreements cover cooperation in local vaccine production, biotechnology development, pharmaceutical manufacturing, technology exchange, hepatitis prevention initiatives and collaboration related to Pakistan’s national immunisation programme.

The prime minister said the pharmaceutical sector offered significant investment potential and that cooperation in manufacturing, vaccine development and research and development could help transform the industry.

“Today presents a major opportunity for the development and investment in pharmaceuticals,” he said, highlighting the potential for both countries to collaborate across the healthcare value chain.

He described China as Pakistan’s “most reliable and tested friend”, saying Beijing had supported Islamabad during difficult periods and played an important role in the country’s economic development.

He said China had backed Pakistan at international forums and that investment under the first phase of the China-Pakistan Economic Corridor (CPEC) had brought around USD30 billion into Pakistan.

Sharif thanked the Chinese leadership for its continued support and praised President Xi Jinping as a “visionary leader” who had transformed China’s society and economy.

He said China’s development was a significant achievement, adding that progress in education, research and development and other fields reflected the dedication and hard work of the Chinese people.

“Pakistan-China friendship is higher than the Himalayas, sweeter than honey and stronger than steel,” he said.

The prime minister reiterated Pakistan’s commitment to ensuring the safety and security of Chinese citizens in the country, saying no effort would be spared in protecting them.

“Chinese citizens are our guests. Their happiness is our happiness,” he said, adding that their security remained among Pakistan’s highest priorities.

During his address, he also referred to recent regional tensions, saying the crisis had created serious challenges for the international community.

He said Pakistan had played a role in facilitating dialogue between the US and Iran, with support from friendly countries including China.

PM Shehbaz said the “Islamabad Memorandum of Understanding” between the US and Iran had been facilitated by Pakistan and thanked Chinese President Xi Jinping for supporting Islamabad’s diplomatic efforts.

Pakistan and Chinese companies sign multiple agreements:

Leading Pakistani and Chinese pharmaceutical and healthcare companies have signed multiple commercial agreements totaling USD446 million to boost industrial cooperation as a part of CPEC phase 2.0.

These documents were signed here on Friday during the Pakistan-China Pharmaceutical and Healthcare Business to Business (B2B) Investment Conference which was inaugurated by the Prime Minister of Pakistan and attended by over 450 Chinese and Pakistani companies, including 300+ leading Pakistani firms and 150 elite Chinese industrial groups.

Copyright Business Recorder, 2026

The country’s second-largest private lender by market capitalisation posted a stand-alone net profit of 148 billion Indian rupees ($1.54 billion) for the three months ended June, compared with 127.68 billion rupees a year earlier.

Analysts had expected a profit of 131.8 billion rupees, according to data compiled by LSEG.

Indian banks have seen a pickup in loan growth since April, with demand for personal credit and loans against gold rising. Small businesses have also stepped up borrowing, in part backed by government default guarantees made available amid disruptions caused by the Iran war.

India’s ICICI Bank to join peers in dollar debt funding under RBI swap window, sources say

ICICI Bank’s net interest income rose 12.7% to 243.8 billion rupees, aided by a 19.6% rise in domestic loans. Deposits grew 14% during the quarter.

ICICI Bank’s net interest margin, a key measure of the bank’s profitability, was marginally higher at 4.36%.

Funds kept aside for potential bad loans and other losses fell 30.5% to 12.6 billion rupees.

The bank’s other income, which includes income from bonds and other investments, rose 16% to 84.25 billion rupees amid volatile currency and debt markets.

The Mumbai-based lender’s asset quality improved marginally, with the gross non-performing asset ratio at 1.38% at the end of June, compared with 1.4%in the prior three months.

The Mumbai-based bank reported a standalone net profit of 190.60 billion Indian rupees ($1.98 billion) for the quarter ended June 30, compared with 181.5 billion rupees a year earlier. Analysts had forecast earnings of 191.9 billion rupees, according to data compiled by LSEG.

The bank, which has been under investors’ lens since part-time chair Atanu Chakraborty resigned in March citing ethical differences, completed a legal review of the matter that found no evidence to support the concerns raised by Chakraborty.

The bank is yet to make an application for reappointing CEO Sashidhar Jagdishan but appointed former bureaucrat Rajiv Kumar chairman last month.

India’s HDFC Life posts quarterly profit rise on higher premium collection

Loan growth pickup

Indian banks have seen a pickup in loan growth since April, with demand for personal credit and loans against gold rising.

Small businesses have also stepped up borrowing, in part backed by government default guarantees made available amid disruptions caused by the Iran war.

HDFC Bank’s advances were up 15.4% from a year earlier at end-June, driven primarily by retail loans that include mortgages and personal debt. Total deposits rose 13.3% and net interest income – the gap between interest earned on loans and interest paid on deposits, an important measure of profitability – rose 6.7% to 335.3 billion rupees.

The net interest margin was stable at 3.26% but remained below the 4% level seen before the bank merged with its parent HDFC in 2023.

Analysts have watched for an improvement in margins as an indicator of the success of the $40 billion merger.

Gross non-performing loans as a share of total loans edged up to 1.17% from 1.15% in the previous quarter. Provisions and contingencies fell 78% year-on-year to 30.6 billion rupees.

Other income from treasury operations and fee income fell 41% quarter-on-quarter to 128.21 billion rupees as rising bond yields and the Indian central bank’s curbs on forex options hurt banks’ treasury income.

The lender posted a net profit of 10.7 billion rupees ($111.13 million) for the three months ended June 30, up from 8 billion rupees a year earlier.

Credit growth in India extended its momentum into the first quarter of fiscal year 2027 after accelerating in the second half of the previous fiscal year, helped by rising corporate borrowing and resilient demand for personal loans, loans against gold and credit from small businesses.

Yes Bank’s net interest income rose 17.5% to 27.9 billion rupees, aided by an 18.3% rise in loans. Its deposits grew 14.3% during the reported quarter.

India’s Yes Bank post higher profit on loan growth

Net interest margin, a key measure of the bank’s profitability, stood at 2.7%, compared to 2.5% a year earlier.

Asset quality remained stable, with gross bad loans as a percentage of total loans at 1.3% at the end of June.

Funds kept aside for potential bad loans and other losses rose 110% sequentially to 3.9 billion rupees.

In this regard, the FBR has issued a sales tax general order number 11 of 2026 on Friday.

According to the notification, supplies made by registered manufacturers through their own FBR digitally integrated and point of sales (POS) compliant retail outlets would be outside the scope of the retail price-based taxation regime prescribed under Serial No. 65 of the Third Schedule. Sales tax shall be charged on the value of supply as defined in section 2 (46) of the Act.

In the case of imports of goods specified under Serial No.65 of the Third Schedule, sales tax is assessable and collectable on a value equal to 130 percent of the value determined under Section 25 of the Customs Act, 1969, inclusive of the applicable customs duties and Federal Excise Duty.

Other nature of supplies excluded from retail price-based taxation regime would cover supplies made by importers to registered manufacturers or FBR digitally integrated and POS compliant retailers; goods imported directly by FBR digitally- integrated and POS-compliant retailers for subsequent supply to end consumers and supplies made by digitally integrated registered manufacturers or registered importers to registered corporate entities, Federal or Provincial Government departments, autonomous bodies or statutory bodies, as end-consumer for their own use.

The FBR’s notification revealed that under Section 3 (2) (a) of the Sales Tax Act 1990, sales tax on goods specified in the Third Schedule is chargeable on the basis of the retail price.

Through the Finance Act, 2026, Serial No. 65 was inserted in the Third Schedule for footwear of all types, except where the manufacturer exclusively sells its products through FBR digitally integrated and POS-compliant retail outlets.

Following the aforesaid amendment, the FBR received representations from the Pakistan Footwear Manufacturers Association (PFMA) highlighting certain implementation and interpretational issues arising from the application of Serial No. 65 of the Third Schedule. The matter was accordingly examined in light of the provisions of the Sales Tax Act 1990.

The Board observed that supplies made through documented supply chains, including supplies to, and supplies made by FBR digitally integrated and POS-compliant retailers are fully documented and electronically verifiable, and that the value of such supplies remains readily ascertainable under the Act. In case of footwear, manufacturers supplying goods to independent brand owners operating FBR digitally integrated and POS-compliant retail outlets ordinarily do not determine the ultimate retail price of such goods, which is fixed by the retailer in accordance with prevailing commercial practices. The Board is, therefore, satisfied that the legislative objectives underlying Serial No. 65 is duly achieved, here such supplies remain within the documented and digitally verifiable supply chain.

Accordingly, the FBR clarified that the basis for the levy, assessment and collection of sales tax in respect of goods specified under serial number 65 of the Third Schedule shall be determined in accordance with the Implementation Matrix set out in Annexure-A, which shall form an integral part of this general order. The said implementation Matrix shall be uniformly applied by all Inland Revenue authorities in the administration and enforcement of the aforesaid provisions of the Act, FBR said.

All Chief Commissioners Inland Revenue shall ensure the strict, consistent and uniform implementation of this General Order by the field formations under their respective jurisdictions, FBR added.

This General Order shall come into force with effect from July 1, 2026.

Copyright Business Recorder, 2026

The country’s fourth-largest private lender’s standalone net profit rose 26% to 41.23 billion rupees ($428.23 million) for the quarter ended June 30 from last year. Analysts had expected a profit of 37.37 billion rupees, according to data compiled by LSEG.

The results come after CEO Ashok Vaswani said in June he would step down at the end of his term in December. The bank is in the midst of finding his replacement.

Indian banks have seen a pickup in loan growth since April, with demand for personal credit and loans against gold rising. Small businesses have also stepped up borrowing, in part backed by government default guarantees made available amid disruptions caused by the Iran war.

India’s Federal Bank flags 1.5-2% of net worth hit from new RBI norms

Earlier in the day, Indian private lender Axis Bank posted a higher-than-expected profit for the first quarter as core interest income improved and provisions fell.

Kotak Mahindra Bank’s net advances expanded 15% in the reporting quarter from a year earlier, mainly driven by retail and corporate loans. Total deposits rose 12%.

Kotak’s net interest income — the difference between interest earned on loans and interest paid on deposits — rose 9% ​to 79.28 billion rupees.

Provisions and contingencies rose 30% quarter-on-quarter but fell 42% year-on-year to 7.64 billion rupees.

The lender’s gross non-performing asset ratio fell to 1.18% at the end of June, from 1.2% in the year-ago quarter.

According to data released by the SBP on Friday, Pakistan posted a current account deficit of USD 139 million in FY26, compared with a surplus of USD 1.83 billion in FY25. While the current account shifted from surplus to deficit, the outcome remained well within the state bank’s projected range of 0-1 percent of GDP.

This reflected improved external account management during the last fiscal year by the policy makers, analysts said.

READ ALSO: SBP chief sees Pakistan’s current account in surplus for FY26

The external environment became more challenging during the fiscal year due to the conflict in the Middle East, which triggered a sharp increase in the country’s energy import bill. Despite these pressures, the SBP maintained that the current account deficit would remain contained within its earlier projection of 0-1 percent of GDP for FY26.

On Month-on Month-basis, current account recorded a deficit of USD 649 million in June 2026 as against a USD 500 million surplus in May 2026 and USD 200 million in June 2025.

The massive monthly current account deficit turned the cumulative surplus of USD 255 million recorded during the first eleven months of FY26 into an overall deficit of USD 139 million for the fiscal year. The deterioration was primarily driven by a widening trade deficit amid a sharp surge in energy imports, which more than offset the continued strength in workers’ remittances.

The monthly current deficit was primarily attributable to higher imports, which rose by 9 percent to USD 6.14 billion in June 2026 up from USD 5.64 billion in May 2026.

The realisation of sizable workers’ remittances also helped to contain the current account deficit in FY26 to the lower end of the earlier projected range, despite the challenging external environment. On the financing side, an increase in official inflows provided critical support in meeting external obligations.

The timely realisation of planned external inflows and robust growth in workers’ remittances facilitated the SBP foreign exchange purchases, enabling its reserves to surpass the projected level of USD 18 billion by the end of June 2026.

With the economy recovering and domestic demand strengthening, the SBP expects the current account deficit to widen in FY27.

During FY26, Pakistan’s current account remained in deficit in seven months and recorded a surplus in five months. The highest monthly surplus of USD 1.1 billion was recorded in March 2026, followed by USD 500 million in May 2026, USD 231 million in February 2026, USD 116 million in September 2025, and USD 68 million in January 2026.

Copyright Business Recorder, 2026

Volume dropped to 250,000 metric tons, according to data from the General Administration of Customs. Imports during the first half of 2026 totalled 1.88 million tons, down 5.1% from a year earlier.

The data includes primary metal and unwrought, alloyed aluminium.

An unfavourable import arbitrage made overseas aluminium more expensive than domestically produced metal, as higher prices on the London Metal Exchange and physical premiums widened losses for Chinese importers during the second quarter, traders said.

The benchmark three-month aluminium on the LME hit a four-year high of $3,724 a ton in early June due to Middle East supply concerns before eventually ending the month down almost 16%.

Aluminium rises on Middle East tensions

Russian producer Rusal, meanwhile, had sought to redirect some cargoes from China to Japan and other Asian markets, where buyers were paying higher premiums.

Japan aluminium buyers agreed to pay a premium of $395 a ton over the benchmark price for shipments coming in the third quarter, up 13% from the already high around $350 premium in the second quarter.

Meanwhile, China’s unwrought aluminium and product exports climbed to a record high in June.

Imports of bauxite, a key raw material for aluminium, rose 12.6% year-on-year to 20.32 million tons in June. First-half 2026 imports reached 120.93 million tons, up 17.4% year-on-year.

China produced 3.98 million tons of primary aluminium in June, up 4.7% from a year earlier, data from the National Bureau of Statistics showed.

The Sales Tax Act, 1990 and Federal Excise Act, 2005as amended up to June 30, 2026 has been placed on the FBR website on Friday. The amendments made through Finance Act, 2026 have been shown in Red.

Copyright Business Recorder, 2026

According to notification issued by the FBR on Friday, in pursuant to the minutes of the 11th meeting of the Board-in-Council of June,2026 and in exercise of the powers conferred by FBR Act, 2007, the board has establish Regional Tax Office-II, Lahore; abolished the Corporate Tax Office, Islamabad and consequently, creates two Corporate Zones, namely; Corporate Zone-I and Corporate Zone-II, in the Regional Tax Office, Islamabad, and one Corporate Zone in the Regional Tax Office, Rawalpindi.

Furthermore, the FBR re-designated Inland Revenue field formations with immediate effect as specified in the notification.

Medium Tax Office Karachi has been given new nomenclature of Corporate Tax Office-II Karachi.

Corporate Tax Office Karachi has been re-designated as Corporate Tax Office-I Karachi.

Regional Tax Office Lahore has been given new nomenclature of Regional Tax Office-I Lahore.

In a major reshuffling of 52 senior tax officials, the FBR has transferred and posted:

Ms. Saadia Sadaf Gilani (BS-22) Chief Commissioner, Corporate Tax Office, Lahore as FBR Member.

Ms. Tehmina Aamer (BS-22) Member, (Taxpayers Services) FBR would now work as Member (Audit/CRM), FBR.

Ms. Amina Hassan (BS-21), Director General, Directorate General of Anti Benami Initiative, Islamabad (stationed at Lahore) has been given new assignment as Director General, (IRS Academy), Lahore.

Faheem Mohammad (BS-21) Member, (Audit/CRM) FBR has been given new assignment as Director General, Directorate General of Internal Audit (Inland Revenue), Islamabad.

Faridullah Jan Khan (BS-21) Chief Commissioner, Regional Tax Office, Sargodha would now work as Director General (BTB), FBR.

Ms. Aisha Farooq (BS-21, Chief Commissioner, Regional Tax Office, Islamabad has been transferred and posted as Director General (IT&DT), FBR. Now, Ms. Yasmeen Fatima (BS-20) would work as Chief Commissioner, Regional Tax Office, Islamabad.

Under another notification, the FBR has issued jurisdiction of Chief Commissioner and Commissioners Inland Revenue Regional Tax Office, Islamabad and setup Corporate Zone-I and Corporate Zone-II, Regional Tax Office, Islamabad.

The FBR has directed that the Chief Commissioners Inland Revenue, Regional Tax Office, Islamabad shall exercise the powers and perform functions under the Income Tax Ordinance,2001, the Sales Tax Act, 1990, and the Federal Excise Act,2005 read with Islamabad Capital Territory (Tax on Services) Ordinance, 2001, the Wealth Tax Act, 1963(Repealed) read with section 3 of the Finance Act 2003 (l of2001), Section 7 of the Finance Act, 1989 as amended from time to time, the Workers Welfare Fund Ordinance, 1971,in respect of persons or classes of person and shall perform all administrative functions and coordination with the FBR.

Copyright Business Recorder, 2026

According to an official determination issued on July 17, 2026, the Authority accorded concurrence under Section 14(B)(5) of the Regulation of Generation, Transmission and Distribution of Electric Power Act, 1997, for the proposed wind and solar hybrid facility.

The project, with an installed capacity of 269MW, will be developed at Goth Dhori Jokhio near Dhabeji and is part of K-Electric’s broader Power Acquisition Programme (PAP) aimed at diversifying its generation mix and increasing reliance on renewable energy.

Background documents reveal that K-Electric had included a site-neutral hybrid project in its PAP, which was approved by the Nepra in May 2024. Following a competitive bidding process, a consortium led by JCM Power Canada emerged as the lowest bidder and subsequently incorporated AEREPL as a Special Purpose Vehicle (SPV) to execute the project.

The hybrid project integrates wind and solar technologies, leveraging the strong wind corridor in the Gharo–Jhimpir region alongside solar irradiation to ensure optimal energy generation. Officials say this combination will enhance system reliability and reduce dependence on imported fuels.

K-Electric, in its comments to the regulator, highlighted that the project achieved a record-low tariff of Rs8.9189 per kWh (3.0899 US cents) and is expected to generate significant savings—estimated at Rs176 billion over the project’s life—by displacing expensive thermal generation. The utility also projected foreign exchange savings of nearly USD 986 million.

The Energy Department of the Government of Sindh strongly supported the initiative, noting the province’s vast untapped renewable energy potential. It emphasised that such projects not only contribute to energy security but also reduce exposure to volatile global fuel prices, while offering environmental and socio-economic benefits, including job creation and local development.

The project comprises approximately 175MW of wind power and 94MW of solar photovoltaic capacity, and is estimated to cost around USD 251 million. Financing is expected to be arranged through a mix of 80 percent debt and 20 percent equity, with local and international banks being approached for funding.

Nepra noted that the approval of concurrence will enable the project sponsors to move towards financial close and commence construction, subject to compliance with regulatory requirements, including the grid code and environmental standards.

The authority also observed that the project aligns with national renewable energy policies and will contribute to reducing greenhouse gas emissions, improving energy affordability, and enhancing the resilience of the power system.

With this approval, Pakistan takes another step toward its renewable energy targets, as policymakers increasingly push for indigenous, fuel-free generation to address the challenges of circular debt, high tariffs, and energy security.

In another decision, the Authority has approved a generation tariff of Rs8.9189/kWh for the project.

Copyright Business Recorder, 2026

During the meeting, the Federal Minister was briefed on the proposed institutional structure of the Council. He directed that the appointment of the Executive Director be completed at the earliest so that the Council can begin functioning at full capacity.

The Minister also directed that meetings of the Data Governance Council be held regularly to review progress and maintain momentum on key initiatives. He further instructed the formation of an Executive Working Committee to support the implementation of the Council’s decisions and monitor progress on ongoing work.

Speaking at the meeting, the Federal Minister said that reliable and integrated data is essential for effective decision-making in the power sector. He noted that the Data Governance Council will help to establish uniform data standards and improve data management practices across the sector, contributing to greater transparency and accountability.

He added that better use of data will improve the performance of the power sector, support more efficient use of resources, and strengthen planning and decision-making.

The Minister reaffirmed the Government’s commitment to promoting digital governance and data-driven decision-making, saying these efforts will help build a more efficient and better-managed power sector.

Copyright Business Recorder, 2026

In a statement, the minister said the 220-metre RoRo vessel had successfully berthed at the Karachi Gateway Terminal Multipurpose Limited (KGTML) terminal of Karachi Port Trust (KPT), describing the development as a significant milestone for Pakistan’s maritime and logistics sectors.

He said the vessel’s arrival followed his approval of RoRo shipments of electric vehicles during a meeting of a committee on maritime issues held last month.

The minister said the successful handling of the vessel reflected the growing capability of port infrastructure to accommodate specialised cargo operations in line with international standards.

He noted that the country’s first RoRo shipment of electric vehicles also highlighted Pakistan’s gradual integration into the global clean mobility and sustainable transport supply chain.

Explaining the significance of RoRo operations, Junaid Chaudhry said that unlike conventional cargo vessels, RoRo ships are purpose-built to transport wheeled cargo, allowing vehicles to be driven directly on and off the vessel. The system, he added, significantly reduces cargo handling time, enhances operational safety and improves overall efficiency at ports.

He said the successful berthing of M.V. Grande Shanghai demonstrated Karachi Port Trust’s commitment to modernising port operations and facilitating trade through efficient, technology-driven logistics.

The minister reiterated the government’s commitment to supporting initiatives aimed at strengthening the maritime sector and enhancing Pakistan’s connectivity with global shipping networks.

Copyright Business Recorder, 2026

Leading a high-level Iranian business delegation during a meeting at the Karachi Chamber of Commerce and Industry (KCCI), Nasser Beigi stated that Pakistan and Iran, as two neighbouring Muslim countries bound by deep-rooted historical, cultural and religious ties, possess complementary economic strengths that can significantly contribute to regional prosperity.

He stressed that expanding cooperation between the business communities, rather than relying solely on conventional trade, would pave the way for long-term industrial collaboration, technology transfer, investment and sustainable economic growth.

Highlighting the industrial capabilities of Iran’s Central Province, he informed the participants that the Markazi province enjoys a strong manufacturing base in agriculture, livestock, food processing, petrochemicals, mining, engineering, automotive components, household appliances, plastics, aluminium, railway equipment, renewable energy and various heavy industries.

He invited Pakistani entrepreneurs to explore these sectors through joint ventures and reciprocal investment while extending an invitation to KCCI to lead a business delegation to Iran’s Central Province for first-hand exposure to its industrial and manufacturing potential.

Speaking on the occasion, Senior Vice President KCCI Muhammad Raza reaffirmed KCCI’s unwavering commitment to strengthening economic relations between Pakistan and Iran, stating that the Chamber would extend all out assistance to Iranian businessmen seeking commercial partnerships with Pakistani counterparts.

He observed that the longstanding friendship between the two countries provides a strong foundation for transforming political goodwill into meaningful economic cooperation.

Muhammad Raza noted that despite prevailing regional challenges, the current environment also presents significant opportunities for enhancing bilateral trade.

Describing Karachi as Pakistan’s commercial and industrial powerhouse, Muhammad Raza pointed out that the metropolis contributes the largest share to the country’s economy and offers immense opportunities for foreign investors and international businesses. He stressed the need to simplify trade procedures, improve banking and payment mechanisms, strengthen logistics and transportation networks and resolve practical impediments that continue to hamper bilateral commerce.

During the interactive session, members of the Iranian delegation representing diverse sectors, including mining, automotive components, home appliances, engineering, plastics, aluminium, railway equipment, food processing and renewable energy, presented their industrial capabilities and expressed strong interest in establishing long-term commercial partnerships with Pakistani manufacturers, exporters and investors.

Business leaders from both countries held detailed discussions on banking channels, payment mechanisms, logistics, transportation, cross-border connectivity and other operational challenges affecting bilateral trade.

The meeting concluded with the signing of a Memorandum of Understanding (MoU) by President KCCI Rehan Hanif and President of Arak Chamber of Commerce, Industries, Mines and Agriculture Naser Beigi, marking a significant milestone in Pakistan-Iran business relations.

The MoU aims to institutionalise cooperation between the two Chambers by facilitating the exchange of trade delegations, organizing B2B meetings, sharing commercial intelligence, encouraging joint ventures and investment partnerships, and jointly promoting trade, industry and investment opportunities to unlock the untapped economic potential between the two neighbouring countries.

Copyright Business Recorder, 2026

The move was decided at a video-link meeting chaired by PRA Chairman Moazzam Iqbal Sipra, attended by commissioners and officers from across Punjab where district-wise performance and progress towards monthly revenue targets were reviewed alongside updates on new registrations and action against non-filers.

The chairman directed officers to ensure timely, transparent tax filing and make registration and collection from the services sector more efficient to broaden the tax base. He asked commissioners to engage the business community, raise awareness of tax laws, and swiftly resolve taxpayer issues, while also ensuring follow-up on pending cases and recovery of outstanding dues.

Reaffirming the PRA’s commitment to transparency and digitalization, he instructed enforcement teams to speed up operations, address public complaints promptly, and crack down on fake invoicing and tax manipulation.

Copyright Business Recorder, 2026

The agreement was recently signed by Rehmat Ali Hasnie, President & CEO of NBP, and Javed Zia, Director General of BEOE.

Under this partnership, NBP will facilitate RAAST P2M QR-based digital fee collections for BEOE’s walk-in applicants, enabling instant, secure, and convenient payments while enhancing customer convenience, operational efficiency, and transparency.

On the occasion, Rehmat Ali Hasnie, accompanied by Adnan Nasir, Group Chief and Chief Digital Officer at NBP, highlighted the significance of cashless and digital payment systems in driving Pakistan’s digital transformation. These developments reflect the rapid shift from conventional payment methods to modern digital transaction systems across public sector organizations.

As part of its continued commitment to advancing the nation’s digital journey, NBP has been actively onboarding and supporting both public and private sector organizations, including the National Highways & Motorway Police, NAB, Water and Sanitation Agency (WASA), Lahore Electric Supply Company (LESCO), the University of the Punjab, WAPDA Employees Cooperative Housing Society, Gujranwala, Federal Science College, Government College University Faisalabad (GCUF) and several other govt organizations.

The partnership was successfully coordinated by Farhan Durrani, Divisional Head, Digital Banking Group and Zohaib Ali Khan - Divisional Head- DBG with overall supervision by Adnan Nasir Group Chief/CDO; present at the occasion were Imran Gull, GM Islamabad, Ahmad Ali Athar, North Head of NBP’s Digital Banking.

Copyright Business Recorder, 2026

The Association said recent raids by the Oil and Gas Regulatory Authority and other bodies in Lahore and other cities were penalizing legally licensed operators, even as the industry’s outdated pricing framework remained unresolved.

Marketing and distribution margins have not been revised since 2018, despite rising operational and freight costs, while local and imported LPG remain under a single pricing mechanism despite differing cost structures.

Chairman PLPGMA Ahsan Butt said enforcement was addressing symptoms rather than fixing structural flaws, and called for an urgent margin revision, separate pricing for imported LPG, and immediate talks with the government to avert a nationwide supply crisis.

Copyright Business Recorder, 2026

The initiative is aimed at modernising electricity metering, billing and monitoring systems by improving transparency, operational efficiency and real-time data management across the power distribution network.

According to the LESCO authorities, the decision was taken during a meeting of all power distribution companies (DISCOs) chaired by the ministry of energy. Under the first phase of the programme, the LESCO will install 1,000 single-phase AMI smart meters during August.

An MIS report shows that 8,342 conventional single-phase non-AMI meters are currently installed in Punjab government departments within the LESCO region. Of these, Okara Circle has 1,811 meters, Central Circle 1,392, Kasur Circle 1,195, Southern Circle 899, Nankana Circle 859, Northern Circle 751, Sheikhupura Circle 721, and Eastern Circle has 714 meters.

The LESCO administration has directed all operational circles to immediately obtain the required allocation of AMI smart meters and complete their installation on a priority basis.

The utility has also instructed officials to update all relevant records in the Meter Data Management (MDM) and Consumer Information System (CIB) databases to ensure the project’s timely and effective implementation.

Copyright Business Recorder, 2026