The unofficial forecast in the attache’s report, issued by the USDA’s Foreign Agricultural Service, is below USDA’s official projection for a 2026-27 Brazilian soybean crop of 186 million tons.

Still, the attache’s forecast represents an increase of nearly 2% from 2025-26, when Brazil, the world’s largest soybean grower, produced a 180.5 million-ton crop.

“Favorable early-season rainfall has supported planting across major producing regions, but persistent rain in Rio Grande do Sul and forecasts of severe weather in several states could hurt crop development,” the report said.

The attache expects weather-related concerns to affect harvest operations more than planting, the report said.

Brazil soybean exports to slip in 2027

“Despite expectations of an El Niño season in Brazil, soybean producers remain optimistic, with most concerns focused on their second-season corn and cotton crops,” the report said.

The attache’s report projected Brazil’s 2026-27 soybean exports at 117.5 million tons, up 2.1% from 2025-26 but below the USDA’s official forecast of 118 million tons.

Pakistan imports about 7,000 metric tons of LPG a day from Iran, according to the Pakistan LPG Association.

More than 4,000 tons a day enters through Gabd-Rimdan alone, said Shamsul Haq, former president of the Gwadar Chamber of Commerce and Industry.

“These imports are at halt,” Haq said.

He added that more than 1,000 Pakistani containers carrying potatoes, bananas and rice for Iran were also stranded. However, Pakistani exports of perishable goods were later restored.

Traders said the price of a 12 kg LPG cylinder had risen to 7,000 Pakistani rupees (USD25) from 4,500 rupees (USD16) within days and could climb further if the disruptions persist.

Hundreds of trucks, including LPG tankers, are stranded on both sides of the border, Haq said. The Quetta Chamber of Commerce and Industry has advised members to stop placing new orders with Iran until further notice.

Truck drivers stuck at the supply route said they had been waiting for days in harsh conditions with limited access to basic amenities.

Pakistan-Iran trade totalled about USD2.8 billion in the 2023-24 fiscal year, including roughly USD684 million of Pakistani exports, according to the Federation of Pakistan Chambers of Commerce and Industry.

Pakistan LPG Association Chairman Irfan Khokhar warned shortages and price increases could worsen.

“Already, LPG is being sold at different prices in Pakistan,” he said.

A 12 kg cylinder sells for about 7,000 rupees in Balochistan, 7,500 rupees in Lahore and 8,200 rupees in Skardu, he said, adding that higher LPG prices were feeding through to other goods.

Lahore resident Farhat Abbas said he paid 250 rupees per kg for LPG before the closure but now pays 500-600 rupees per kg.

Consumers fear shortages and rising prices could worsen as winter approaches.

On a visit to Tehran this week to discuss the US-Iran war, Pakistan’s army chief also discussed issues with Iranian leaders. Iran’s foreign ministry said consultations on resuming trade were underway.

Average refined petrol prices eased to USD 117.52 per barrel from USD 117.89 on October 23, while HSD increased slightly to USD 110.58 per barrel from USD 109.47.

Oil and Gas Regulatory Authority (OGRA) states that the change in price is necessitated by global events including changes in Platts rates, premiums, incidentals etc.

A Petroleum Division notification states that levies and profit margins remain largely steady across both products. The change is recorded in import cost of both petroleum products. The ex-refinery price of petrol has come down to Rs266.95 per litre from Rs266.97 per litre, whereas, import cost of HSD price has increased to Rs286.11 from Rs284.19 per litre.

According to the notification, government levies and fixed profit margins for petrol and HSD remain unchanged. Both fuels carry a Petroleum Levy of Rs80 per litre, a Climate Support Levy of Rs5 per litre, and profit margins of Rs9.98 per litre for dealers and Rs7.87 per litre for oil marketing companies.

The Inland Freight Equalisation Margin (IFEM) is sustained at Rs 7.89 per litre for petrol, and Rs 4.71 per litre for HSD.

The new prices are applicable from October 24 to 26.

Copyright Business Recorder, 2026

The Federal Minister for Finance and Revenue, Muhammad Aurangzeb, on Friday chaired the 11th meeting of the Board of Approvals (BoA) for Special Economic Zones (SEZs), which discussed key measures to facilitate industrial investment, improve infrastructure provision, and promote the effective utilisation of industrial land.

The Board confirmed the minutes of its 10th meeting and considered three substantive agenda items. The Board approved the application for Karachi Industrial Park (KIP) as a Federal Special Economic Zone. The proposed zone aims to attract export-oriented industrial investment, promote technology transfer and value addition, and generate employment.

The Board also approved the General Eligibility Criteria for the provision of utilities and allied services up to the designated zero point of privately established SEZs through government funding, under the SEZ Act, 2012. The criteria establish a framework for considering the provision of road access, utilities and other essential facilities at government expense on a case-by-case basis.

The Board further approved the Land Lease Policy for Public Sector SEZs and Industrial Estates in Punjab. The policy promotes industrial investment through long-term leasing, reducing upfront land costs and ensuring optimal use of public-sector industrial land, while encouraging investment in key industrial sectors and emerging industries with high export potential.

The decisions reflect the Government’s continued focus on facilitating industrialisation, improving the investment environment and strengthening the framework for Special Economic Zones.

The measures are intended to support greater private-sector participation, encourage export-oriented production and ensure that public resources and industrial land are utilised effectively.

The meeting was attended by Federal Minister for Board of Investment Qaiser Ahmed Sheikh; Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal; Federal Minister for Commerce Jam Kamal Khan; Adviser to the Prime Minister on Industries and Production Haroon Akhtar Khan; and Punjab Minister for Industries, Commerce and Investment Shafay Hussain.

Senior officials from the Finance Division, Board of Investment, Special Investment Facilitation Council (SIFC), Federal and Provincial Special Economic Zones Authorities, relevant federal ministries and provincial departments, as well as representatives of the relevant sectors, also attended.

Copyright Business Recorder, 2026

Brent crude futures settled at USD116.72 a barrel, up USD3.55 or 3.14 percent, their highest since April 29. US West Texas Intermediate crude closed at USD103.27 a barrel, up USD3.80 or 3.8 percent.

Brent finished the week up 6 percent and WTI ended 2.3 percent higher.

“Fears of supply disruptions drove the advance after Houthi carried out a series of attacks across Saudi Arabia, including on energy infrastructure,” said Adam Turnquist, chief cross-asset strategist for LPL Financial.

On Thursday, Saudi Aramco ordered the evacuation of its headquarters in Dhahran on the Gulf near Bahrain, Reuters reported. Fighting intensified between Saudi Arabia, the world’s largest crude exporter and Yemen-based Houthis.

An oil spill from a tanker was detected off the UAE coast of Umm Al Quwain, the United Arab Emirates Ministry of Climate Change and Environment said. It did not say what caused the spill and authorities have not identified the tanker involved.

Shipping sources said on October 9 that the Gem No. 2 supertanker was struck by an unidentified projectile 13 nautical miles (24 km) west of Al Jazeera in the UAE.

“The market is concerned about these continued Iranian attacks on tankers that we’ve seen increase over the last week,” said Andrew Lipow, president of Lipow Oil Associates. “While there has been an increase in oil transiting out of the Strait of Hormuz, that could change at any minute.”

Clashes between the Houthis and a Saudi-led coalition that backs Yemen’s internationally recognised government have raged since the Houthis pushed towards Bab el-Mandeb Strait last month, a shipping chokepoint at the mouth of the Red Sea.

October has been the worst month for attacks on commercial shipping in the Strait of Hormuz and nearby waterways, according to data compiled by a Washington-based think tank that has tracked maritime security incidents worldwide since 2017.

President Donald Trump said on Friday the US could end the war with Iran quickly, but said perhaps Washington should allow the conflict to gradually wind down.

The US Department of Energy said it had authorized an emergency exchange of up to 400,000 barrels of crude oil from the Strategic Petroleum Reserve to address a supply disruption affecting Phillips 66’s Lake Charles refinery in Louisiana.

The SPR is already at the lowest level since 1982 after President Donald Trump tapped it as the US war on Iran disrupted supply lines. Trump’s predecessor, President Joe Biden, also tapped the SPR following Russia’s invasion of Ukraine.

Elsewhere, Germany’s national oil stockpiling agency EBV circulated a tender to sell diesel, heating oil and crude oil volumes from strategic reserves.

This marks Germany’s first oil releases from strategic reserves since G7 countries, under pressure from Trump, agreed to do so at the start of October.

On Thursday, the head of Libya’s National Oil Corp told Reuters that an oil pipeline valve from the Hamada and Tahara oilfields to Zawiya port had been shut, leading to a reduction in production at both fields.

Ship tracking data showed the first Russian diesel bound for the US since Moscow and Washington reached an export agreement was aboard a tanker heading for New York.

Trump announced the deal this month as part of efforts to bring down soaring diesel prices ahead of US midterm elections on November 3.

US energy firms this week kept the total rig count unchanged for a second week in a row, energy services firm Baker Hughes said in its closely followed report on Friday.

The total oil and gas rig count, an early indicator of future output, held steady at 603 during the week ended October 23.

The SPR is already at the lowest level since 1982 after President Donald Trump tapped it as the US war on Iran disrupted supply lines, and after his predecessor, President Joe Biden, turned to it following Russia’s full-scale invasion of Ukraine.

The Lake Charles refinery has a capacity to refine about 264,000 barrels per day.

The exchange will “help offset temporary disruptions affecting crude oil deliveries to the refinery and support continued production of transportation fuels serving Louisiana and surrounding markets,” the department said.

The refinery will receive crude oil from the US Strategic Petroleum Reserve, a Phillips 66 spokesperson confirmed on Friday, but he declined to comment on refinery operations or commercial activity. “We do not anticipate impacts to Lake Charles operations,” he said.

In a letter to FBR Member Inland Revenue (Operations) on Friday, the KTBA said the existing restriction in the Wealth Reconciliation Statement was creating difficulties for individuals who resumed tax residency after spending intervening years as non-residents.

The association pointed out that IRIS automatically carries forward the opening wealth balance from the last Wealth Statement filed and does not allow taxpayers to edit it. Consequently, the system retains the wealth balance reported before the period of non-residence, preventing returning taxpayers from accurately reconciling their wealth for the relevant tax year.

The KTBA illustrated the issue with the case of an individual who was a Pakistani tax resident up to Tax Year 2023 and filed an income tax return, Wealth Statement and Wealth Reconciliation Statement for that year. The individual subsequently remained a non-resident during Tax Years 2024 and 2025, declaring only Pakistan-source income and not filing Wealth Statements, as these were not required under section 116(2) of the Income Tax Ordinance, 2001, in the circumstances described.

Upon returning to Pakistan and becoming a resident during the period relevant to Tax Year 2026, the individual is required to furnish a Wealth Statement and Wealth Reconciliation Statement under section 116(2) of the Ordinance. However, the IRIS system automatically carries forward the wealth balance as of June 30, 2023, into a non-editable opening balance field, creating difficulties in reconciling wealth for Tax Year 2026.

The association maintained that, under the self-assessment and declaration framework of income tax laws, taxpayers should be allowed to declare their opening wealth balance on the basis of relevant information and records, subject to applicable legal provisions.

Without prejudice to this broader position, the KTBA urged the FBR to address the specific issue by modifying the relevant IRIS validation to allow returning individuals to enter an appropriate opening wealth balance for the relevant tax year.

It said the proposed change would enable affected taxpayers to reconcile their wealth for Tax Year 2026 without being required to undertake a reconciliation covering the intervening years of non-residence.

The association further emphasised that the IRIS 2.0 filing utility should facilitate compliance with section 116(2) without extending the scope of the statutory obligation.

The KTBA requested urgent resolution of the matter to enable affected individuals to correctly complete and submit their Wealth Statements and Wealth Reconciliation Statements for Tax Year 2026.

Copyright Business Recorder, 2026

This was stated by Adviser to the Prime Minister on Industries and Production Haroon Akhtar Khan while addressing a press conference alongside the Chief Minister of Gilgit-Baltistan (G-B) here on Friday.

Haroon Akhtar said the government was undertaking historic reforms to simplify the business environment, remove unnecessary regulatory hurdles and promote domestic and foreign investment in Pakistan. The adviser said the complexity of the regulatory framework and difficulties in doing business had been among the major factors discouraging foreign investment in Pakistan.

“Over the past 78 years, laws and regulations have been introduced to meet different needs. However, with the passage of time, unnecessary complexities and overlapping requirements have accumulated, making it difficult for businesses to operate efficiently,” Haroon Akhtar Khan said.

He explained that the government was conducting a comprehensive review of regulators, laws and regulations affecting businesses across the country. The reform process has made substantial progress, with approximately 60–70 percent of the overall work completed. Reform proposals submitted by various institutions recommend eliminating, on average, 70–75 per cent of unnecessary or duplicative regulations.

The Adviser said that Prime Minister Shehbaz Sharif was personally overseeing the reform agenda and holding review meetings every two weeks to ensure progress. The implementation of several proposed reforms had already begun, while further measures were being developed to improve the ease of doing business and strengthen investor confidence.

Highlighting the proposed AsaanKarobar Act, Haroon Akhtar Khan said the government was working to establish a business environment aligned with international best practices. The initiative aims to simplify regulatory procedures, reduce compliance costs and create a more predictable and investor-friendly framework for businesses operating in Pakistan.

He further stated that 170 amendments to the Companies Act, 2017, had been approved by the federal cabinet and the relevant bill had been forwarded to Parliament. The proposed amendments aim to facilitate company registration and business operations while modernising Pakistan’s corporate regulatory framework.

International regulatory systems, particularly those of Delaware in the United States, the United Kingdom and Canada, had been studied as benchmarks for the proposed reforms. The government had also engaged a senior international consultant with experience in regulatory reform across 135 countries to support the process, he explained.

Haroon Akhtar said that regulatory reviews were underway in several sectors, including dairy, maritime, beverages, oil refineries, pharmaceuticals and restaurants. The objective is to identify redundant requirements, streamline procedures and ensure that regulations serve legitimate public and economic interests without imposing unnecessary burdens on businesses.

The Adviser emphasised that effective reforms required close coordination between the federal government and provincial and regional administrations. In line with the Prime Minister’s directions, the government was working to advance reforms not only at the federal level but also in coordination with the provinces, Gilgit-Baltistan and Azad Jammu and Kashmir.

“We want to ensure that federal and provincial reforms are aligned so that businesses across Pakistan can operate in an environment that is simpler, more transparent and more consistent,” he said.

Addressing the issue of industrial inspections, Haroon Akhtar Khan noted that businesses often faced multiple inspections by different departments, including those responsible for labour, environmental protection, fire safety, buildings and boilers. The overlapping procedures could disrupt business operations and create avoidable compliance costs.

He said the proposed reforms would bring greater transparency and consistency to the inspection system, protect the rights of businesses and industrialists, and reduce unnecessary difficulties while maintaining essential regulatory safeguards. International best practices were being considered to develop a more efficient and balanced inspection framework.

The Adviser also outlined plans for an integrated, single-window digital portal through which businesses would be able to submit applications and connect with the relevant provincial authorities and regulatory bodies. The proposed platform is intended to reduce the need for businesses to visit multiple departments and help them complete necessary regulatory procedures through a single point of access.

“Our objective is to make investment easier, reduce the cost of doing business and restore the confidence of both domestic and foreign investors. Businesses should be able to focus on production, innovation and expansion rather than navigating unnecessary procedural hurdles,” he said.

Haroon Akhtar reiterated that the government was committed to creating an enabling environment in which investors could make decisions with confidence, industries could expand and new employment opportunities could be generated.

He concluded that simplifying business regulations, strengthening domestic industry and attracting investment were essential for sustainable economic growth, industrial development and job creation in Pakistan.

Copyright Business Recorder, 2026

During his visit to KCCI, Colonel Abdullah Khan Sherani said that establishing a direct working relationship with the Chamber’s newly elected leadership was a key objective of his visit.

He explained that he had recently been posted to Sindh as SIFC’s permanent provincial representative and was in his second week of orientation, during which he was meeting key stakeholders and familiarising himself with the province’s business and investment landscape.

He said that, on the directions of Director General SIFC Asad ur Rehman Cheema, his first priority in Karachi was to visit KCCI, followed by engagement with other chambers of commerce and trade bodies across Sindh.

He emphasised that the objective was to establish direct points of contact and develop a sustained working relationship to ensure that business community concerns could be communicated effectively to the relevant authorities.

Acknowledging the longstanding concerns raised by the business community at various forums, he observed that many of these issues had already been highlighted at the appropriate and highest levels, but their resolution remained outstanding.

He stressed the need to identify the most pressing concerns, establish a clear priority list and take them up systematically with the relevant departments and authorities, rather than attempting to address all matters simultaneously.

He assured the Chamber that SIFC would play its facilitative role to the fullest extent possible, keep its senior leadership informed and help take up matters requiring the intervention of the Sindh government.

He added that some concerns fell within the mandate of the Regulatory Reforms Wing, while others required intervention at different administrative levels. Accordingly, he would coordinate with the relevant wings and arrange further engagement with KCCI to ensure that the issues were referred to the appropriate forums. Speaking on the occasion, Chairman Businessmen Group (BMG) Zubair Motiwala urged the SIFC to translate its mandate into tangible results by addressing the structural challenges undermining Pakistan’s industrial competitiveness, investment climate and export growth.

He stressed that repeated meetings, presentations and assurances had failed to produce meaningful outcomes, emphasising that the country urgently needed practical measures to reduce the cost of doing business, revive industrial activity and restore investor confidence.

Expressing concern over the widening disconnect between policy discussions and implementation, he said that business leaders had repeatedly highlighted critical economic issues at meetings with senior government officials, including the prime minister, but meaningful corrective action remained elusive.

He emphasised that the challenges confronting Karachi’s industry were not merely the concerns of one chamber or city; they reflected deeper structural weaknesses affecting Pakistan’s entire economy.

“Pakistan’s economy is under severe pressure, industries are closing and entrepreneurs are reluctant to make new investments. Everybody acknowledges the problems when we raise them, but the real question is why no concrete steps are taken to resolve them,” he observed, stressing that consultations with SIFC and other institutions would only be meaningful if followed by effective implementation.

He underscored that industrial growth was essential not only for earning foreign exchange but also for creating jobs, improving law and order, supporting social stability and expanding the fiscal space required for health, education and poverty alleviation.

With population growth continuing and Karachi experiencing additional migration from other parts of the country, he warned that the absence of new investment and employment opportunities could intensify existing socioeconomic challenges.

“Fundamental structural reforms are indispensable if Pakistan wants to attract investment and move forward economically,” he said, questioning whether the government’s Uraan Pakistan economic transformation initiative was being implemented in a meaningful manner.

Speaking on the occasion, President KCCI Talat Mahmood called upon the SIFC to take urgent, result-oriented measures to address Karachi’s deteriorating infrastructure, law and order situation, traffic congestion and other fundamental challenges that are discouraging investment and undermining the country’s export potential.

He emphasised that Karachi’s economic significance warranted immediate attention at the highest levels. He stressed that Pakistan could not attract meaningful foreign investment without first creating an enabling environment for domestic investors, who were already struggling to sustain their businesses amid persistent structural and operational challenges.

Expressing concern over the limited visible impact of initiatives undertaken by SIFC and other relevant institutions, Talat Mahmood said that the business community had high expectations when the Council was established to facilitate investment and address impediments to economic growth. However, many of those expectations had yet to translate into tangible improvements on the ground. He also regretted that Karachi had not received the infrastructure and connectivity benefits that the China-Pakistan Economic Corridor (CPEC) was expected to generate.

Talat Mahmood stressed that efficient port connectivity was essential for a city that served as Pakistan’s principal commercial and industrial hub.

He called for SIFC to use its institutional influence to highlight such critical infrastructure requirements in its recommendations and facilitate their consideration at the appropriate government levels.

He further stressed that Karachi needed to be recognised as a metropolitan economic centre whose performance had direct implications for Pakistan’s overall exports, revenue generation, employment and investment outlook.

Copyright Business Recorder, 2026

This was stated by State Minister for Finance Bilal Azhar Kayani at the Senate session, presided over by Acting Chairman Senate Syedaal Khan, on Friday.

He was responding to relevant questions moved by respective senators in the Senate question hour.

The state minister said the government has reduced Super Tax from 10 to eight percent for businesses earning more than Rs500 million annually.

The Super Tax, he said, would be reduced further keeping in view the availability of fiscal space.

Kayani said the government is taking steps to improve the Export Facilitation Scheme in consultation with the exporters. This scheme allows the exporters to import raw material by availing incentives given by the government regarding taxes, he said.

Furthermore, under the PM’s ApnaGhar Scheme, loans up to Rs10 million are provided at five percent interest rate, Kayani added.

He said that Prime Minister Sharif is especially focusing on reforms in the FBR and its attached departments, Pakistan Customs in particular, by eradicating corruption and digitising the operations.

Under these measures, Faceless Customs Assessment (FCA) system has been introduced in the Customs to facilitate trade and minimise human interface in the clearance of goods from ports, the state minister said.

Kayani said that the PM has also established a task force at the airports to ensure transparency in Customs operations.

Regarding action in corruption cases, the data shared by the state minister suggested that a total of 114 complaints were received against the officers/officials of Pakistan Customs Services (PCS), out of which, penalties were imposed in 45 cases, 47 cases were dropped and 22 cases remain under investigation.

Moreover, 113 complaints were received against Inland Revenue Service (IRS) officers/officials, out of which penalties were imposed in nine cases, 71 cases were dropped and 33 cases remain under investigation.

The House could not transact its scheduled business agenda as the session was adjourned abruptly till Monday, after quorum was pointed out, which was found lacking.

FalakNaz from Pakistan Tehreek-e-Insaf (PTI) pointed out the quorum.

Copyright Business Recorder, 2026

The proposal comes as Pakistan seeks to strengthen food security and reduce reliance on imported wheat after having to import the commodity over the past two years, while farmers have faced mounting production costs amid inflation and higher fuel prices.

In a statement, the prime minister said the proposed price was intended to provide relief to growers struggling with rising agricultural input costs and to help them recover their expenses while earning a reasonable profit.

READ MORE: PM Shehbaz says wheat price to be announced after provincial consultations

The government hopes the higher benchmark will encourage farmers to allocate more land to wheat cultivation in the coming season, leading to a stronger sowing drive and increased domestic output in 2027.

The proposed rate represents an increase from Rs3,500 per maund last year. The statement said the initiative was aimed at making wheat cultivation more financially viable and providing growers with an incentive to maintain or expand production.

PM Sharif said the measure formed part of the government’s efforts to protect farmers’ economic interests, strengthen the agricultural sector and move the country towards greater self-sufficiency in meeting its food requirements.

The statement said the proposal had been made with the input of President Asif Ali Zardari and PML-N leader Nawaz Sharif, following consultations with the chief ministers of Punjab and Sindh.

However, the statement conspicuously left the chief ministers of Punjab and Khyber Pakhtunkhwa out of the picture, despite referring to consultations with the chief executives of Punjab and Sindh.

The prime minister singled out Punjab Chief Minister Maryam Nawaz, his niece, for thanks over her cooperation and suggestions during the consultations, while also expressing gratitude to Sindh Chief Minister Murad Ali Shah for his support.

The statement said the proposed price was intended to improve incentives for wheat growers facing rising input costs and pressure on farm incomes.

The measure was expected to support agricultural production and bring greater stability to the sector, it added.

However, the announcement described Rs4,500 per maund as an illustrative price and did not clarify whether it would be adopted as a guaranteed procurement rate.

It also did not specify how the proposed price would be implemented or what mechanism would ensure that farmers receive it.

Copyright Business Recorder, 2026

He said high interest rates were increasing financial pressures on the industrial sector, raising production costs and discouraging new investment projects.

Without access to affordable financing, it would be difficult for industries to expand production capacity, establish new manufacturing units, generate employment and increase exports.

Sheikh Umer Rehan said industrialists were already grappling with high electricity and gas tariffs, expensive raw materials and a heavy tax burden.

Costly bank financing further increased the cost of doing business, undermining the competitiveness of Pakistani products in both domestic and international markets.

The KATI president emphasised that the SBP should take the needs of the industrial sector, investment trends and prevailing business costs into account while formulating monetary policy.

He said an appropriate reduction in interest rates would enable industries to expand their production facilities, invest in modern technology and create new employment opportunities, thereby supporting sustainable economic growth.

He also stressed the need to ensure affordable credit for small and medium-sized enterprises (SMEs), noting that these businesses played a vital role in industrial development, employment generation and the national economy.

Sheikh Umer Rehan appealed to SBP Governor Jameel Ahmad and members of the Monetary Policy Committee to adopt a clear strategy for gradually reducing interest rates while taking the concerns of the business community into consideration.

He said a reduction in the policy rate would help accelerate industrialisation, restore investor confidence and put the national economy on a path towards sustainable growth.

Copyright Business Recorder, 2026

In this regard, the FBR has issued a Customs General Order (CGO) No 06 of 2026 on Friday to amend the CGO No 01 of 2019 to introduce a mechanism for payment of sales tax in instalments on imported mobile phone devices.

According to the new procedure, individuals may opt for instalment payments at the time of applying through DIRBS. The individuals would cover international travellers, local applicants and mobile devices imported by the individuals through Postal Service or couriers.

The sales tax will be payable in equal monthly instalments, with the number of instalments corresponding to the months remaining in the financial year in which the phone is imported, including the month in which the application is submitted.

However, in cases where a mobile phone is imported in June, the entire sales tax will be payable before the end of that month.

The first instalment will be paid through the Payment Slip ID (PSID) generated when the application is submitted through DIRBS. Subsequent instalments will be paid through separate PSIDs generated on the corresponding date of each succeeding month or, where that date does not exist, on the last day of the month.

The final instalment must be paid before the end of the financial year on June 30. Individuals may also pay any or all instalments in advance.

The CGO further provides that failure to pay an instalment by its due date will result in the individual being treated as a defaulter. The mobile phone device will be treated as unregistered and blocked through DIRBS, while the entire outstanding sales tax will become immediately payable, without any further option to pay in instalments, the FBR added.

Copyright Business Recorder, 2026

A memorandum of understanding was also signed by IU CEIF, the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), United Nations Industrial Development Organization (UNIDO), and ICEI to strengthen international institutional collaboration in Islamic finance, financial technology, capacity building and related initiatives.

The initiative brings together prominent national and international organisations as strategic partners, including AAOIFI, UNIDO, Pakistan Stock Exchange (PSX), SECP, Meezan Bank Limited, CDC and Al Meezan Investment Management Limited.

In this regard, a ceremony was held at Iqra University with Sheikh Ebrahim Bin Khalifa Al Khalifa, Chairman of AAOIFI, Bahrain, as chief guest and Imtiaz Haider, Commissioner at the Securities and Exchange Commission of Pakistan (SECP), as guest of honour.

In his welcome address, M Farhan-Ul-Haq Usmani, Honorary Director, IU CEIF, highlighted the Centre’s commitment to advancing Islamic financial technology, financial inclusion and capacity building.

Speaking at the ceremony, Imaan Hunaid Lakhani said, “Iqra University is ranked amongst the top 1000 universities of the world by Times Higher Education (THE), alongside many global institutions. This ranking and today’s launch of the competition are milestones on the path of establishing an institution that provides world class teaching, research, industrial engagement and an international outlook.”

Prof Dr Nassar Ikram, Vice Chancellor, Iqra University, shared his views and emphasised that by uniting regulators, global institutions and industry, this MoU and competition gives women students a trusted platform to turn ethical principles into confident investment decisions and future financial leadership.

Dr Hashim Hussein, Head of UNIDO Investment and Technology Promotion, delivered a keynote address highlighting the significance of entrepreneurship, technology, investment knowledge and institutional partnerships in promoting women’s economic empowerment and sustainable development.

Addressing the gathering, Imtiaz Haider, Commissioner, SECP, highlighted the importance of investor education, financial awareness and women’s participation in regulated financial markets.

Dr Syed Amir Ali, President, Meezan Bank Limited and Co-Patron of IU CEIF, shared his vision for strengthening the Islamic financial ecosystem through innovation, education and collaboration, emphasizing the potential of Islamic finance to advance financial inclusion.

In his address as Chief Guest, Sheikh Ebrahim Bin Khalifa Al Khalifa underscored the importance of ethical and Shariah-compliant financial practices and the role of knowledge, innovation and institutional cooperation in expanding opportunities for womem’s participation in the financial sector.

The top three performing teams will receive exciting prizes from IU CEIF, ZLK Islamic Financial Services and other strategic partners.

Copyright Business Recorder, 2026

Addressing the Pakistan-Maldives Business Forum in Islamabad, the minister invited his Maldivian counterpart and a business delegation to participate in Pakistan’s upcoming International Food and Agriculture Exhibition (FoodAg 2026), scheduled for November 23-26 in Karachi. He said the previous edition had attracted more than 800 international buyers from 80 countries, providing a platform for connecting Pakistani exporters with overseas markets.

The invitation comes as Pakistan and the Maldives have agreed to increase bilateral trade from approximately USD 13.9 million to USD 200 million over the next two years, an ambitious target aimed at translating six decades of diplomatic relations into stronger commercial engagement.

The forum was attended by Maldivian President Dr Mohamed Muizzu, Prime Minister Shehbaz Sharif, federal ministers, senior officials and business representatives from both countries.

Jam Kamal said Pakistan was well-positioned to meet the growing requirements of the Maldivian market, particularly in agricultural commodities, Halal food, pharmaceuticals, surgical instruments, textiles and construction-related products.

He identified rice, meat, processed agricultural products and fresh fruits, including mangoes, citrus, cherries, apricots, peaches and dates, as potential export items. Pakistan’s emerging olive oil industry could also establish a presence in premium international markets, he added.

The minister emphasised the importance of direct business-to-business engagement, encouraging Maldivian importers and investors to establish commercial links with Pakistani manufacturers and exporters.

He said the Trade Development Authority of Pakistan (TDAP) was prepared to facilitate business delegations, identify potential partners and support companies interested in sourcing products or exploring investment opportunities in Pakistan.

Highlighting the importance of connectivity, Jam Kamal stressed that improved maritime and air links would be essential for expanding market access, reducing logistical constraints and facilitating bilateral trade.

Prime Minister Shehbaz Sharif, addressing the forum, also underscored the need for reliable shipping connections between Karachi or Gwadar and Malé, saying the two countries would struggle to achieve their trade targets without efficient transport arrangements.

The prime minister announced that a Pakistani delegation comprising business representatives and government officials would visit the Maldives the following week to explore trade and investment opportunities and follow up on understandings reached during the presidential visit.

Meanwhile, President Muizzu said the Maldivian national airline was working towards establishing direct flights between Malé and Karachi, a move expected to facilitate tourism, business travel and commercial exchanges.

The Maldivian president also invited Pakistani companies to invest in cold-chain logistics, temperature-controlled storage, food processing and climate-adaptive agricultural technologies, highlighting the importance of reliable food supply chains for the island economy.

He said the Maldives received more than two million international tourists annually, creating substantial demand for imported food, healthcare products, hospitality services and infrastructure development.

Jam Kamal also identified information technology, digital infrastructure, technology-enabled services, transport, port-related supply chains and the creative economy as promising areas for bilateral cooperation.

On tourism and hospitality, he acknowledged the Maldives’ internationally recognised service standards and suggested greater cooperation in hospitality management, professional training and service quality. He said Pakistan’s expanding tourism sector could benefit from Maldivian expertise.

Outlining Pakistan’s economic reforms, the minister said the government had introduced measures to improve the business environment, simplify tariffs, reduce industrial energy costs, expand export financing and streamline import and export procedures.

He highlighted the Pakistan Single Window initiative, which provides traders with access to multiple government agencies through a unified digital platform, reducing procedural complexities and facilitating cross-border trade.

The minister also referred to reforms in food safety, trade dispute resolution, international compliance standards and Special Economic Zones aimed at improving Pakistan’s export competitiveness and strengthening investor confidence.

The renewed economic engagement follows the exchange of 20 memoranda of understanding during President Muizzu’s visit, covering cooperation in sectors including healthcare, education, technical training, tourism, civil aviation, agriculture, fisheries and maritime security.

Both governments have also agreed to strengthen private-sector partnerships, improve air and maritime connectivity and convene the Joint Economic Commission at an early date to advance bilateral economic cooperation.

Despite longstanding diplomatic relations, trade between Pakistan and the Maldives has remained modest. Achieving the proposed USD 200 million target will require stronger commercial linkages, improved transport connectivity, competitive pricing and sustained engagement between businesses in both countries.

The Maldivian president’s visit, the first by a Maldivian head of state to Pakistan in 11 years, coincided with the 60th anniversary of diplomatic relations between the two countries.

Copyright Business Recorder, 2026

Stronger cooperation, improved trade connectivity, removal of trade barriers and closer engagement between the business communities of both countries could help unlock this untapped potential and significantly increase bilateral trade, he added.

Speaking at the Lahore Chamber of Commerce and Industry (LCCI), the high commissioner identified agriculture, textiles, pharmaceuticals, engineering, food processing, chemicals, minerals, education, healthcare and tourism as promising areas for bilateral collaboration.

He said Pakistani businesses had participated in the“Made in Pakistan” exhibitions in Bangladesh, while Bangladeshi business participation was also expected at an international exhibition in Karachi in November.

He highlighted Bangladesh’s potential to import Pakistani maize, basmati rice, textile raw materials, chemicals, minerals and manufactured goods, sugar, wheat, cereals and spices.

He said Bangladeshi pineapples had begun reaching Pakistan after clearances while seasonal fruits, agricultural produce and jaggery could further expand bilateral trade.

He also called for easier business visas, improved e-visa procedures and stronger direct air connectivity.

Pakistan could serve as a gateway to Central Asia, while Bangladesh offered access to Southeast Asia.

He said that more than 100 Bangladeshi students were studying at private universities in Pakistan and identified opportunities in scholarships, medical tourism and tourism, including Bangladesh’s coastal areas and Pakistan’s northern regions.

LCCI President Ali HussamAsghar proposed establishing a dedicated Bangladesh trade cell under the senior vice president to coordinate bilateral business activities. He suggested identifying five priority export sectors, linking LCCI with a leading chamber in Dhaka or Chittagong and initiating two to three virtual B2B meetings, followed by sector-specific meetings, trade delegations and reciprocal business visits.

Senior Vice President Usman Ghani, Vice President Khadim Hussain, Honorary Consul of Bangladesh,QaziHumayun Fareed, LCCI Executive Committee Members Naila Nadeem, Shahzad Ali Shah and Amir Ata Barry also spoke on the occasion.

Copyright Business Recorder, 2026

According to a press release issued by the Petroleum Division on Friday, the Oil and Gas Regulatory Authority (OGRA) revised the ex-depot prices of petroleum products under the federal government’s petroleum pricing mechanism.

Following the revision, the price of HSD has increased from Rs391.75 to Rs393.66 per litre, while petrol price remains unchanged at Rs377.71 per litre.

The revised prices will be effective from October 24 to 26, 2026.

OGRA said the change in prices was necessitated by global developments, including changes in Platts rates, premiums and incidentals.

The government on Thursday increased the price of high-speed diesel by Rs1.64 per litre and reduced petrol price by Rs1.60 per litre.

Globally, oil prices rose on Friday, with Brent crude touching a more than five-month high, after Houthi attacks in Saudi Arabia stoked concern over further disruption to energy supplies from the Middle East.

Brent crude futures gained $1.40, or 1.2%, to $114.57 a barrel by 1138 GMT, having earlier reached $115 for the highest level since May 4. US West Texas Intermediate crude gained $1.48, or 1.5%, to $100.95.

The Brent benchmark is on track for a third consecutive weekly gain, of 4.2%, while WTI is poised to finish 0.5% down on the week.

The approval was granted at the 11th meeting of the Board of Approvals (BOA) for SEZs, chaired by Finance Minister Muhammad Aurangzeb in Islamabad on Friday, according to a Finance Division press release.

The board also approved general eligibility criteria for providing utilities and allied services to privately established SEZs through government funding, under the SEZ Act, 2012.

The criteria establish a framework for considering government-funded road access, utilities and other essential infrastructure up to the designated zero point of privately established zones on a case-by-case basis.

In another decision, the board approved a land lease policy for public-sector SEZs and industrial estates in Punjab to facilitate industrial investment by reducing upfront land costs and promoting the efficient use of public industrial land.

The policy seeks to encourage investment in key industrial sectors and emerging industries with high export potential through long-term leasing arrangements.

The decisions reflect the government’s efforts to facilitate industrialisation, improve the investment climate and encourage greater private-sector participation in export-oriented production.

The meeting was attended by Federal Minister for Board of Investment Qaiser Ahmed Sheikh, Planning Minister Ahsan Iqbal, Commerce Minister Jam Kamal Khan, Adviser to the Prime Minister on Industries and Production Haroon Akhtar Khan, and Punjab Minister for Industries, Commerce and Investment Shafay Hussain.

Senior officials from the Finance Division, Board of Investment, Special Investment Facilitation Council (SIFC), federal and provincial SEZ authorities, relevant ministries and provincial departments, along with sector representatives, also attended the meeting.

Similarly, 10-gram gold was sold at Rs363,971 after it fell by Rs6,001, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

On Thursday, gold price per tola reached Rs431,536 after a decline of Rs3,000 during the day.

The international rate of gold declined by $70 to reach $4,020 per ounce.

Meanwhile, the price of silver also decreased by Rs221 to reach Rs5,865 per tola.

The Pakistani rupee continued its marginal gain against the US dollar, appreciating 0.01% in the inter-bank market on Friday.

The local unit closed the day at 276.82, a gain of Re0.03 against the greenback.

On Thursday, the rupee had rupee settled at 276.85 against the dollar.

Internationally, the Japanese yen hit its strongest level in more than a month on Friday, buoyed by safe-haven flows due to a fresh ​bout of risk aversion that also sent US Treasury yields sharply lower, pushing the dollar to a nearly three-week ‌trough.

The moves in the currency markets were driven by doubts over the AI spending boom even as Brent crude futures stay above $110 per barrel, suggesting concerns over economic growth outweighed inflation worries.

The yen strengthened 0.3% on Friday to 156.28 per US dollar, leading gains among major currencies. It was set for a 1% ​gain for the week, its strongest weekly rise since early September.

The dollar index, which measures the greenback against a basket of ​currencies, was at 101.52, after touching its lowest level since the beginning of the month at 101.44 ⁠on Thursday.

US 10-year Treasury yields hovered near a one-month low at 4.953%, after tumbling on Thursday when equities sold off on renewed concerns ​about the sustainability of the AI boom, burnishing the safe-haven appeal of sovereign debt.

While demand for safety is intensifying, the beneficiaries differ depending on the risk, OCBC analysts said.

AI jitters ‌favour the ⁠yen, Middle East tensions support the Canadian dollar and Norwegian crown due to rising oil prices, while French fiscal stress benefits the Swiss franc, they said, adding that for the US dollar, AI had become an increasingly two-way macro risk.

Oil prices, a key indicator of currency parity, rose on Friday, with Brent crude touching its highest since early May, ‌after Houthi attacks in Saudi Arabia stoked concern over further disruption to energy supplies from the Middle East where UAE authorities also reported an oil spill.

Brent crude futures gained $1.71, or 1.5%, to $114.99 a barrel by 1300 GMT, ​having earlier reached $115.16, the highest level since May 4. US West Texas Intermediate crude gained $1.80, ​or 1.8%, to $101.27.

Inter-bank market rates for dollar on Friday

BID Rs 276.82

OFFER Rs 277.02

Open-market movement

In the open market, the PKR lost 5 paise for buying and 6 paise for selling against USD, closing at 277.57 and 278.71, respectively.

Against Euro, the PKR gained 68 paise for buying and 57 paise for selling, closing at 310.55 and 313.55, respectively.

Against UAE Dirham, the PKR lost 1 paisa for buying and gained 1 paisa for selling, closing at 75.60 and 76.20, respectively.

Against Saudi Riyal, the PKR remained unchanged for both buying and selling, closing at 73.93 and 74.51, respectively.

Open-market rates for dollar on Friday

BID Rs 277.57

OFFER Rs 278.71

The Gabd-Rimdan and Taftan crossings were closed on October 17, with Pakistan and Iran giving different reasons for the move. The Balochistan government, in the Pakistani province where the crossings are located, said the temporary closure was intended to address security concerns and curb smuggling, while Iran’s foreign ministry cited technical issues.

Pakistan imports about 7,000 metric tons of LPG a day from Iran, according to the Pakistan LPG Association.

More than 4,000 tons a day enters through Gabd-Rimdan alone, said Shamsul Haq, former president of the Gwadar Chamber of Commerce and Industry.

“These imports are at halt,” Haq said.

PBIF chief expresses concern over LPG prices

He added that more than 1,000 Pakistani containers carrying potatoes, bananas and rice for Iran were also stranded. However, the Gabd-Rimdan crossing reopened on Wednesday for Pakistani exports of perishable goods.

Traders said the price of a 12 kg LPG cylinder had risen to 7,000 Pakistani rupees ($25) from 4,500 rupees ($16) within days and could climb further if the disruptions persist.

Hundreds of trucks, including LPG tankers, are stranded on both sides of the border, Haq said. The Quetta Chamber of Commerce and Industry has advised members to stop placing new orders with Iran until further notice.

Truck drivers stuck at the crossings said they had been waiting for days in harsh conditions with limited access to basic amenities.

“We have been standing here for over a week waiting for the border to open,” said Abdul Ghani Baloch, one affected driver.

Pakistan-Iran trade totalled about $2.8 billion in the 2023-24 fiscal year, including roughly $684 million of Pakistani exports, according to the Federation of Pakistan Chambers of Commerce and Industry.

Pakistan LPG Association Chairman Irfan Khokhar warned shortages and price increases could worsen.

“Already, LPG is being sold at different prices in Pakistan,” he said.

A 12 kg cylinder sells for about 7,000 rupees in Balochistan, 7,500 rupees in Lahore and 8,200 rupees in Skardu, he said, adding that higher LPG prices were feeding through to other goods.

Lahore resident Farhat Abbas said he paid 250 rupees per kg for LPG before the border closure but now pays 500-600 rupees per kg.

Consumers fear shortages and rising prices could worsen as winter approaches.

Pakistan’s army chief visited Tehran this week and discussed border issues with Iranian leaders. Iran’s foreign ministry said consultations on resuming trade were underway.

The development came during a meeting between Finance Minister Muhammad Aurangzeb and Sandeep Mahajan, Regional Practice Director for the Prosperity Vertical for the Middle East, North Africa, Afghanistan and Pakistan (MENAAP), World Bank, accompanied by Bolormaa Amgaabazar, Country Director, and Simon Andrews, Division Director, International Finance Corporation (IFC), to discuss Pakistan’s economic reform agenda, the transition from stabilisation to sustainable growth, and priorities for strengthening investment and private-sector activity.

Sandeep Mahajan congratulated Pakistan on restoring macroeconomic stability and commended the government’s effective management of the recent crisis arising from regional conflict.

He noted that the buffers built through stabilisation efforts and a timely policy response had helped Pakistan manage external pressures. The World Bank representatives emphasised the importance of sustaining these gains through continued reforms and effective implementation.

Aurangzeb emphasised that the government’s priority was to make macroeconomic stability durable and translate it into sustainable growth and investment-led, export-led.

He noted that Pakistan had regained access to international capital markets, including through its recent $3 billion Eurobond issuance with 5-year and 10-year maturities. He also mentioned ensuring a pathway for further credit rating upgrades. He highlighted the importance of building on this progress, strengthening investor confidence and improving Pakistan’s sovereign credit profile.

The finance minister discussed the importance of a credible transition framework that sustains fiscal discipline, addresses external-sector vulnerabilities and strengthens the foundations for private sector investment-led responsible and sustainable growth.

The discussion also covered drawing on international experience in strengthening fiscal frameworks and policy credibility to manage external risks and support investor confidence.

The meeting also covered policy continuity as a key requirement for sustained economic progress. Senator Muhammad Aurangzeb noted that investment and productivity depend on a predictable policy environment and consistent implementation.

The finance minister and the World Bank representatives exchanged views on the government’s growth and jobs agenda, including opportunities to strengthen private-sector investment, improve the regulatory environment and mobilise financing for infrastructure.

The discussion covered privatisation, the importance of clear regulatory frameworks and credible post-privatisation arrangements, and the potential to develop infrastructure projects through appropriate financing structures and collaboration with development partners.

Both sides reaffirmed the importance of continued cooperation between Pakistan and the World Bank.

The minister highlighted the significant untapped potential for economic collaboration between the two countries. President of the Republic of Maldives Mohamed Muizzu, federal ministers, senior government officials, delegates and business representatives from both countries were present at the forum.

Welcoming the Maldivian President and his delegation, Jam Kamal said that the completion of 60 years of diplomatic relations between Pakistan and Maldives provided an important opportunity to strengthen economic ties and expand bilateral trade.

The minister noted that Pakistan was well-positioned to meet the growing requirements of the Maldivian market, particularly in food products, pharmaceuticals, surgical instruments, textiles and construction-related goods.

He highlighted Pakistan’s capacity to export rice, meat, halal food, processed agricultural products and fresh fruits, including mangoes, citrus, cherries, apricots, peaches and dates.

He also pointed to Pakistan’s emerging olive oil industry, expressing confidence that Pakistani olive oil could establish itself as a premium product in international markets over the coming years.

Highlighting opportunities in tourism and hospitality, the minister appreciated Maldives’ internationally recognised standards of service and suggested greater collaboration between the two countries. He said Pakistan’s expanding tourism industry could benefit from Maldivian expertise in hospitality management, professional training and service quality.

Jam Kamal further identified information technology, digital infrastructure, technology-enabled services, transport, port-related supply chains and the creative economy as promising areas for bilateral cooperation. He stressed that improved maritime and air connectivity would be essential for expanding market access and facilitating trade.

Outlining Pakistan’s ongoing economic reforms, the minister said the government had introduced measures to improve the business environment, simplify tariffs, reduce industrial energy costs, expand export financing and streamline import and export procedures.

He highlighted the role of Pakistan Single Window in providing traders access to multiple government agencies through a unified digital platform. He also referred to reforms in food safety, trade dispute resolution, international compliance standards and Special Economic Zones aimed at strengthening investor confidence and improving Pakistan’s export competitiveness.

Encouraging Maldivian businesses to explore investment and sourcing opportunities in Pakistan, the minister emphasised the importance of direct engagement between manufacturers, exporters and potential buyers.

He said the Trade Development Authority of Pakistan (TDAP) stood ready to facilitate business delegations and connect Maldivian companies with suitable Pakistani partners.

The minister also extended a special invitation to his Maldivian counterpart and a business delegation to participate in Pakistan’s upcoming international food exhibition, noting that the previous edition had attracted more than 800 buyers from 80 countries.

According to details shared by Minister for Information Technology and Telecommunication Shaza Fatima Khawaja, Jazz has deployed 1,015 sites, China Mobile Pakistan (Zong) 640 and Ufone 127.

The minister said 5G technology was introduced in the country following a multiband spectrum auction, with licences signed on March 19, 2026. The rollout obligations, incorporated into the new Next Generation Mobile Services (NGMS) licences, aim to improve existing 4G services alongside the phased introduction of 5G.

The rollout began on March 20, 2026, under a four-phase plan approved by the federal government.

The 24 cities where 5G services have been launched or are being consolidated include Islamabad, Karachi, Lahore, Rawalpindi, Faisalabad, Peshawar, Quetta, Multan, Gujranwala, Sialkot, Sheikhupura, Hyderabad, Abbottabad, Attock, Jhelum, Kasur, Kohat, Mardan, Rahim Yar Khan, Sahiwal, Sukkur, Swabi, Chitral and Gujrat.

Karachi has the highest number of deployed 5G sites at 385, followed by Lahore with 373 and Islamabad with 276. Faisalabad has 144 sites, Peshawar 122, Rawalpindi 108, Multan 103, Sialkot 87, Quetta 65 and Sheikhupura 55.

Jazz leads deployment in Karachi, Lahore, Faisalabad and Multan, while Zong has a stronger presence in Peshawar, Quetta, Sheikhupura and Sialkot. Ufone’s deployment remains comparatively limited, with 127 sites across the 24 cities.

The minister said all cellular mobile operators had conducted technical 5G trials nationwide between 2020 and 2025. Under the rollout obligations, deployment in federal and provincial capitals is mandatory during the first phase, while operators may expand services to other cities according to their respective business models.

The government has not specified a definitive timeline in the reply for making 5G services affordable for ordinary consumers. However, it pointed to the increasing availability of locally assembled 5G-compatible smartphones as a factor that could help reduce the cost of access.

According to the minister, 607,093 5G-capable handsets were locally assembled between January and August 2026, while the cheapest currently available compatible handset was priced at approximately Rs36,000.

The minister clarified that users with existing 4G-capable SIM cards do not need to replace their SIMs to use 5G services. However, consumers must have compatible handsets and access to deployed 5G network coverage to benefit from the technology.

The growing local handset assembly ecosystem is expected to improve the availability of compatible devices and support affordability over time.

The rollout represents a significant step in Pakistan’s transition towards faster mobile broadband connectivity. However, the limited geographical footprint and cost of compatible smartphones remain key considerations for expanding access beyond major urban centres and making the technology accessible to a broader segment of the population.

According to a statement, the PM welcomed the managing director while reiterating Pakistan’s willingness to open its economy to promising international markets and to consult globally acknowledged economic experts.

The premier stated that after successfully achieving the goal of economic and fiscal stability, the government is taking effective measures to undertake deep-rooted structural and economic reforms to usher in an era of export-led growth and a productive economy.

PM also highlighted that the government is giving special attention to enhance the performance and efficiency of the domestic manufacturing sector while equally focusing on measures to invite foreign direct investment (FDI).

The prime minister told the visiting delegation that the government is following a vibrant strategy to evaluate the economic viability of SOEs and subsequently to tread a path of privatisation for uplift of the national economy and growth.

The prime minister especially emphasised that the government is cognizant of the vital importance of having a team of experts and a professionally qualified workforce to improve the economic growth engine.

He further said that in the same context, Pakistan is ready to have a productive and meaningful partnership with the international consulting firms to strengthen economic growth, while ensuring impact and accountability at their end.

Peter Briggs expressed his appreciation for the government’s commitment to invite foreign direct investment (FDI) and to positively engage with international economic experts.

Briggs also conveyed the eagerness of the firm to have positive coordination and cooperation with Pakistan for a progressive business ecosystem and productive economy.

Federal Minister for Finance, Muhammad Aurangzeb; Federal Minister for Economic Affairs, Ahad Khan Cheema; Federal Minister for Power, Sardar Awais Ahmed Khan Leghari; Special Assistant to the Prime Minister (SAPM) Syed Tariq Fatemi; and senior government officials attended the meeting.

“This is to inform all concerned that pursuant to the decision taken by the SE Fruits and Vegetable Limited to withdraw its IPO, and in accordance with the directive of the Securities and Exchange Commission of Pakistan, the entire subscription amount received from investors has been refunded into their respective bank accounts,” the Pakistan Stock Exchange (PSX) said in a notice.

SE Fruits and Vegetables Limited, formerly known as Shaheen Enterprises, is a Punjab-based (Sargodha-based) exporter of mangoes, citrus (kinnow), and potatoes, along with other agricultural produce.

In 2026, SE Fruits and Vegetables aimed to become the first fresh fruit and vegetable company to list on the Pakistan Stock Exchange (PSX) through an IPO. The company sought to raise between Rs1.2 billion and Rs1.92 billion by offering 30 million ordinary shares, representing 32.01% of its post-IPO paid-up capital.  

Last month, the company received approval from the PSX and SECP.

The book-building process, which offered 75% of the shares, commenced on September 21, 2026, and was fully subscribed within two hours. It concluded on September 22, 2026, at a strike price of Rs40 per share, raising Rs1.20 billion and being oversubscribed 1.6 times. The remaining 25% of shares were scheduled for public subscription on September 28 and 29, 2026.

However, on October 13, 2026, SE Fruits and Vegetables announced its decision to withdraw the existing IPO application and submit a fresh one with additional disclosures. This decision was made after concerns arose over inadequate disclosures in the IPO documents, specifically regarding the transition of the underlying business from a partnership (operating since 1998) to a public limited company (incorporated in 2026).

The SECP had detected material discrepancies in the prospectus and suspended further proceedings to protect investors, leading to the company’s voluntary withdrawal and the refund of subscription money to investors.

The company stated that the withdrawal was a procedural step and reiterated its commitment to accessing Pakistan’s capital markets.

The SECP initiated regulatory action to determine responsibility for procedural irregularities.

The CSE All-Share index settled 0.17% lower at 19,684.91 points.

The index dropped 2.52% over the week, its fourth straight weekly fall.

Dialog Axiata Plc and Carson Cumberbatch Plc were the biggest decliners on the index, down 9.7% and 9.1%, respectively, on the day.

Trading volume on the index fell to 31.5 million shares from 64.3 million shares in the previous session.

The equity market’s turnover dipped to 825.1 million Sri Lankan rupees ($2.48 million) from 1.10 billion rupees in the previous session, according to exchange data.

Foreign investors were net buyers, purchasing stocks worth 55.1 million rupees, while domestic investors were net sellers, offloading shares worth 807.6 million rupees, the data showed.

Saudi Aramco has told staff to evacuate its Dhahran headquarters and work remotely, six people with knowledge of the matter said on Thursday, a day after two people were killed in an attack on a nearby airport.

Dubai’s main index dropped 1.4% to a more than four-month low, weighed down by a 3.5% fall in top lender Emirates NBD Bank and a 2.1% decline in blue-chip developer Emaar Properties.

Abu Dhabi’s benchmark index fell 1.2%, pressured by energy, real estate and banking stocks.

Real estate giant Aldar Properties slipped 3.7%, while energy shipping firm Adnoc L&S decreased 3.9%.

Abu Dhabi Commercial Bank, the UAE’s third-largest lender, fell 3.7%, despite reporting a 15% rise in third-quarter net profit to 3.56 billion dirhams ($969.26 million).7

Separately, the UAE is investing an additional €15 billion ($16.81 billion) in Greece, the Abu Dhabi Media Office said on Thursday, building on an existing joint investment initiative.

Dubai and Abu Dhabi indexes posted weekly losses of 2.3% and 2.2%, respectively, according to LSEG data.

Oil prices, a key driver of Gulf financial markets, drifted higher on Friday as Houthi attacks raised concerns about further disruption to Middle East energy supplies.

Brent crude rose 1.3% to $114.61 a barrel by 1148 GMT.

From Singapore and Shanghai to London and Berlin, demand was strong but with sales rationed, there were fewer of the round-the-block queues and overnight camp-outs that once marked new iPhone days.

Competitors such as Samsung Electronics and Huawei Technologies have sold premium foldable phones for years and the Duo is a test of whether Apple can reinvent the small foldable mobile market the way the iPhone did for smartphones.

It is also an early challenge for Apple’s new CEO John Ternus, the former hardware chief who unveiled the phone barely a week after taking charge in September.

Apple’s estimated delivery dates for the Duo had slipped to late January within minutes of pre-orders opening a week ago, as demand outpaced supply. The US company called the response “nothing short of extraordinary”.

Apple capped pre-orders at two handsets per customer and limited sales to walk-in shoppers. In China, France, Hong Kong, India and Japan they were only available to those who had ordered online.

Apple launches faster Mac mini, Mac Studio to tap AI boom

In Sydney, which was the first Apple store to sell the new passport-shaped phones on Friday, a queue formed outside before opening at 8 a.m. local time (2100 GMT).

“This is a bit of a luxury item for me, because it’s so expensive, but I just think, you know what? Life’s too short,” said Simon Krishnan, a 48-year-old engineer who paid A$3,899 ($2,734) for a 512GB Duo.

In China, a soft consumer market and rising memory costs have led to six straight quarters of declining smartphone shipments, although Apple’s market share has rebounded as some buyers trade up to premium devices.

Liu Wei, a 26-year-old healthcare professional, already has a foldable phone from Xiaomi, but still queued outside a Shanghai store from 6 a.m. for Apple’s first foldable.

“I’ve used Apple products for many years and I have more trust (in the brand), so I bought one on launch day to try it out,” he said.

Many queued to pick up pre-orders, while others hoped for limited stock or to browse display models.

Others were resellers.

In Hong Kong, May, 38, who declined to give his full name, bought a 256GB iPhone Duo, priced at HK$17,499 ($2,231.73), in an online pre-sale and planned to resell it for a profit of around HK$4,000. “A few meals’ worth of money,” he joked.

Paul Francis, 53, was one of several dozen fans who queued overnight outside London’s Regent Street store in pouring rain.

“Some people think it was mad. Including myself,” the charity manager said.

Mixed reviews

Early reviews have praised the Duo’s design as well as its sturdy and barely visible hinge, a major feat for phones whose prominent creased screen has long been a drawback and potential deterrent for buyers.

Apple trains its own AI model for China market with Alibaba’s support, sources say

But reviewers said camera compromises, including no telephoto lens, and third-party apps still to be reworked for the new display size could disappoint some buyers.

They also said the folded Duo is less handy for the quick tasks most users do daily and several prominent reviewers recommended against it for many Apple customers.

“It’s been a lot of fun trying the Duo out for a week, but it feels like I’ve gotten to use an extraordinarily polished prototype — not a finished product that I’d want to buy and carry,” wrote longtime Apple commentator John Gruber.

Tech commentator Marques Brownlee said in a YouTube review that for a regular person who mostly texts and browses, “it is probably a no. But if the $2,000 doesn’t mean much to you, and you like the idea, after the learning curve and getting used to not having facial identification, it is a really fun phone.”

In Berlin, YouTube content creator Patrick Wolter was impressed that the Duo works as a phone and an iPad in one.

“I’ve always found it a hassle to carry around a separate tablet, especially since I already have a laptop and other gear,” he said. “In the long run, this will likely end up replacing those other devices.”

Tough to find

Apple’s entry into the relatively niche foldables market could bring the format to a much broader audience, said Francisco Jeronimo, vice president at market researcher IDC.

IDC expects Apple will take 44% of the foldable market value in 2026 on 31% of units. By 2027, it will become the market leader both in value and units shipped, IDC forecast.

“Apple has made a convincing case for this form factor,” Jeronimo said after spending a week with the Duo.

“Now comes the next test: turning excitement into availability, adoption and a lasting new chapter for the smartphone market,” Jeronimo said.

Trump announced the dealthis month as part of his efforts to bring down soaring diesel prices ahead of November 3 US mid-term elections.

Trump also waived parts of a new US sanctions law against Russia and threatened Europe with a US diesel export ban unless countries released more from their emergency reserves to help ease prices.

The Malta-flagged medium-sized tanker Agioi Fanendes was loaded with 40,000 metric tons of ultra-low sulphur diesel in Russia’s Baltic port of Primorsk on October 22, according to LSEG shipping data. It is expected to arrive in the United States on November 7.

Trump defends Russia diesel deal as lawmakers from both parties complain

The identity of the buyer and seller were not immediately known. The cargo will be the first imported by the US since former President Joe Biden announced a ban on US imports of Russian oil and petroleum products in 2022.

Trump announced on October 9 that Russia would immediately export 300,000 metric tons, or 2.25 million barrels, to the US and global markets, followed by 500,000 tons in November and 1 million tons “immediately thereafter.”

A Kremlin spokesperson on Friday confirmed a first ship under the deal had departed but did not specify whether it was bound for the US market or elsewhere.

“As far as I’m aware, there have already been reports from the Ministry of Energy that the first tanker has, in fact, set sail for its recipients, its buyers. Further shipments will continue at a steady pace from here on,” Kremlin spokesman Dmitry Peskov said on a daily conference call.

The deal with the US involved Russia lifting a self-imposed ban on diesel exports.

Trump says Russia to supply diesel to US and global market

Russia resuming global exports

Since the EU imposed a full embargo on imports of Russian oil products in February 2023 over the war in Ukraine, Russia has exported diesel mainly to Turkey and Brazil, as well as to African countries.

It also supplies Central Asia by rail.

Shipping data from LSEG and Kpler published this week showed Russian diesel cargoes resuming voyages to their traditional destinations after Moscow lifted its own ban, with at least two tankers signaling trips to Turkey and Brazil.

It was unclear where other tankers were destined for, with cargoes loaded in Primorsk signalling Gibraltar, the Atlantic Coast or Port-Said, LSEG data showed.

Russian Deputy Prime Minister Alexander Novak has said additional US shipments would follow as companies from the two countries work out the necessary contracts.

Putin envoy Kirill Dmitriev, who also heads Russia’s sovereign wealth fund, said last week that the US Treasury had asked the fund to help sort out tricky payment issues relating to the agreement.

Novak has said that Russia would be able to increase its diesel exports to its usual levels of 3-3.5 million tons per month by year-end.