Executives from Publicis Groupe’s Epsilon, Kimberly-Clark and Daimler Truck told Reuters automation is helping staff at their global capability centres move beyond routine tasks, focusing instead on more complex work and building proprietary technology.

“The number of IPs, the patents and the trade secrets created by (GCCs in India) is already increasing,” Radhakrishnan Kodakkal, head of Daimler Truck Innovation Center India, said at a Reuters summit. “AI would accelerate it.”

India’s tech hubs have long outgrown their low-cost back-office origins to become innovation centres for global firms, but AI tools that can increasingly handle tasks such as coding have cast doubt on what role these centres will play next.

So far, India’s large AI-skilled workforce and cost advantages have continued to draw investment into these centres despite global uncertainty.

Indian GCCs generated about $98.4 billion in revenue last fiscal year, hitting industry projections four years ahead of schedule, a report by Nasscom and consultancy Zinnov showed.

A separate Nasscom report showed patent filings in India rose 11.3% to over 90,000 in fiscal 2024, with nearly half from multinational companies, though it did not break out contributions from GCCs.

Executives said the contribution of Indian centres is understated, as much of the intellectual property they generate is filed through parent entities in the United States and Europe.

Regulatory bottlenecks slow patent filings

“At Kimberly-Clark, we do not do any patent filing from India. Whatever we do, we do through (the) U.S. because of the difficulty here,” said Deena Dayalan, global head of digital operations and cloud transformation at the consumer goods maker.

Dayalan said patent filings in India can take five to six months, around double the time than in the U.S. The approval takes another few years, he added.

India has far fewer patent examiners than the U.S., contributing to delays, according to Nasscom. High legal costs and procedural ambiguities also deter companies from filing patents locally, the industry body has said.

India requires applicants to file a separate request to commence the substantiative review process, while the U.S. Patent and Trademark Office starts examining applications automatically upon filing with no extra step required, said Kirti Balasubramanian, partner of technology, media and telecom practice at law firm Trilegal.

“The Indian patent office has less than a thousand examiners or controllers–whereas U.S. counterpart has over 8,000—which leads to a backlog that compounds, given that the number of filings has been increasing over the past couple of years,” she added.

“At the Indian Patent Office, backlog and manpower shortages have long slowed the pace of examination and grant,” said Harsh Kaushik, a New Delhi-based IP lawyer.

But he added that recent moves to put more Patent Office functions online, along with the centralised allocation of applications, have eased the filing process. The office has also expanded the use of video hearings, improving access for applicants.

Executives also said the strong foundations built by Indian GCCs would support further growth in high-value work.

“I see more and more IP work happening (here),” said Pratik Nath, managing director of Epsilon India.

IndiGo has cut around 7%-10% of its planned domestic flights for the period, while Air India has cut 22%, the sources said, marking a significant pullback by the two carriers that together control around 90% of India’s domestic air passenger market.

The sources declined to be named as they were not authorised to share the information.

The cuts could tighten seat availability on some domestic routes and keep fares elevated during the busy summer travel period, even as airlines try to avoid flying loss-making services.

The Iran war-driven surge in jet fuel prices has blindsided the aviation industry. Fuel can account for up to 40% of airlines’ operating expenses, forcing them to raise fares and cut unprofitable flights.

Air India said in a statement that it had “temporarily rationalised operations on certain domestic routes” between June and August.

“These adjustments are driven by the sustained impact of high fuel prices on overall operations. Air India will continue to monitor demand and operating conditions closely, with a view to restoring frequencies as conditions stabilise,” a spokesperson for the airline added.

Passengers affected by the changes would be offered places on alternative flights, complimentary date changes or full refunds, the spokesperson added.

IndiGo did not immediately respond to an emailed request for comment. The airline operates over 2,200 daily flights, including international.

Air India’s cuts follow reductions to its international routes, which have created room for foreign airlines to add more flights to and from India. IndiGo had cut some long-haul flights prior to the war, citing operational constraints and airport congestion.

The reductions also underscore the vulnerability of India’s fast-growing aviation market to external shocks, even as carriers are set to receive new jets in the coming years.

Air India recently logged a record annual loss of more than $2 billion, also battered by Pakistan’s ban on Indian carriers from its airspace and a strong U.S. dollar.

The airline is owned by the Tata Group and Singapore Airlines.

The initiative reflects JazzWorld’s broader ESG transformation agenda, focused on strengthening sustainability integration across its value chain and advancing collaborative action on Scope 3 emissions.

Through a structured supplier ESG engagement program, participating partners underwent ESG assessments, sustainability reviews, and collaborative engagements aimed at identifying high-impact emissions areas, strengthening governance practices, and developing pathways toward lower-carbon operations and long-term value creation.

Speaking on the occasion, Syed Zaheer Mehdi, Group Chief Corporate & Regulatory Officer, said: “As organizations evolve, sustainability leadership must extend beyond operational boundaries. Advancing meaningful progress on ESG — particularly across supply chains — requires long-term collaboration, shared accountability, and collective action. At JazzWorld, we see responsible value chains not only as an environmental imperative, but as a strategic driver of resilience, transparency, innovation, and sustainable growth.”

At the ceremony, Ericsson received the Outstanding ESG Leadership Award in recognition of its governance standards, sustainability integration, and continued commitment to responsible business practices.

Huawei, Nokia, ZTE, Mobiserve, Highrise Technologies, and Teradata were also recognized for demonstrating progress in ESG integration and contributing toward a more resilient, sustainability-aligned, and future-ready supply chain ecosystem.

Copyright Business Recorder, 2026

“Once things settle down.”

“When the business stabilizes.”

But over time, that sentence has become an expensive one. Somewhere between school fees, rising bills, delayed payments, and the rupee quietly losing its value again, the dream drifts further away. Not because faith is missing. Not because the desire is weak. But modern life has become expensive in ways previous generations never had to navigate.

The Habit

For generations of small business owners across Pakistan — shopkeepers, traders, wholesalers, the self-employed — financial security meant one thing: cash kept close.

Money inside a safe. Notes folded into envelopes behind the counter. Savings stored where they could be seen, touched, and protected at a moment’s notice.

This mindset was not born from ignorance. It was born from experience. Markets were unpredictable. Banks felt distant. Payments got delayed. Inflation changed prices overnight. Holding cash was rational. It felt like control. For many families, it became something deeper than a financial strategy — it became peace of mind.

But somewhere along the way, many began realizing something important: protecting money and preparing for the future are not always the same thing.

Because while cash sits safely in a locker, years pass quietly. And bigger dreams, sacred ones… remain postponed.

One year becomes five, five becomes ten, and eventually, the people who spent their lives providing for everyone else find themselves still saying the same sentence they said a decade ago.

The problem is not the intention. The problem is that intentions without structure rarely survive the noise of everyday life.

The Shift

Something is quietly changing in how many Muslim families think about wealth and purpose.

More people are beginning to understand that true financial security is not only about preserving what you have earned. It is about giving that wealth a direction. Not just storing money — but building something meaningful with it.

Because the expenses will never completely stop. Inflation will continue changing the math. Another responsibility will always emerge. Life will always demand attention somewhere else.

And waiting for the “perfect time” is itself the reason the journey never begins.

5th pillar Family Takaful Limited

This is the reality that 5th Pillar Family Takaful Limited has built its Hajj Savings Plan around — not as a financial product, but as a response to a deeply human experience that millions of Pakistani families quietly live with.

The Hajj Savings Plan offers a Shariah-compliant, completely Riba-free approach that helps families prepare for Hajj gradually and systematically — rather than relying on inconsistent saving habits that life’s uncertainties inevitably disrupt.

Families can choose flexible savings terms ranging from 5 to 25 years, building toward their pilgrimage at a pace aligned with their own financial circumstances. Beyond savings, the experience includes pilgrimage preparation, travel facilitation, accommodation support, and on-ground assistance throughout the journey. *

Those looking to understand the structure in detail can explore the 5th Pillar Hajj Savings Plan, while families can also organize and estimate their pilgrimage goals through the 5th Pillar Hajj Planner.

Watch their latest DVC:

The shift being created here is not only financial. It is emotional. It is the realization that Hajj should not remain a distant dream reserved for “someday.” That hard-earned money, given the right structure and the right intention, can carry a family somewhere sacred.

That real financial security is not just about holding money close. It is about allowing that money to take you somewhere that matters.

Maybe the journey to Makkah does not begin at the airport.

Maybe it begins much earlier

in the moment Niyyat becomes a plan.

Hajj Mubarak… may every intention find its path.

Leveraging AI-driven automation, FOCUS reengineers the Bank’s credit underwriting process from initiation to disbursement. The platform replaces manual credit procedures with a standardised, automated, and AI-driven framework enforced across all branches. This platform further elevates the quality and consistency of credit decisions while significantly reducing turnaround times.

Developed entirely by BankIslami’s internal team, the launch represents a major financial and strategic milestone. By eliminating reliance on external partners for software licensing, customisation, and ongoing maintenance, the bank has significantly optimised its operational efficiency.

“At BankIslami, our customers remain the center of every action and innovation. With this launch, we aim to simplify the customer financing journey,” said Rizwan Ata, President and CEO of BankIslami. “For us, FOCUS is more than a technology upgrade. It is a statement of what our people are capable of building when the mission is as noble as Saving Humanity from Riba,” he added.

The deployment of FOCUS adds to BankIslami’s growing portfolio of digital and operational transformation initiatives, as the bank continues to expand its network and deepen its service offerings in line with its mission of Saving Humanity from Riba.

Copyright Business Recorder, 2026

The Temasek and Peak XV-backed company posted a profit of 593.6 million rupees ($6.23 million) for the quarter ended March 31, from a loss of 289.1 million rupees a year earlier.

It also posted a profit of 1.13 billion rupees for the fiscal year, marking its first full year of profitability, according to the firm.

Headquartered in India’s national capital region, Pine Labs offers payment solutions, including point-of-sale machines to merchants for card payments, and competes with the likes of Paytm and PhonePe.

Strong merchant payments positioning and improving monetisation in India have helped the fintech firm grow, with strengths such as affordability, value-added services and global expansion also helping.

Platform gross transaction value (GTV) for the financial year - the total value of all transactions flowing through a fintech’s platform before it earns any fees - grew 50%.

The GTV and revenue growth reflect platform depth and leave significant headroom ahead for monetisation, CEO Amrish Rau said.

The firm’s overall revenue rose 17% to 7.01 billion rupees in the March quarter.

Pine Labs, which has expanded to countries such as the Philippines and Sri Lanka, now has clients in about 20 countries, with the overseas business accounting for about 15% of its revenue.

Analysts at Emkay expect its devices segment - the business that provides card payment processing devices to merchants – to show calibrated revenue growth over the long term, while operationalisation contracts with oil marketing companies are poised to drive slightly higher revenue growth from the next quarter.

AI firms such as Anthropic and OpenAI are increasingly shifting to token-based pricing that charges customers based on usage, instead of a subscription-based service, reflecting a broader reset in AI economics and raising costs for enterprises.

“It is forcing us to re-evaluate our strategy,” Target’s India President Andrea Zimmerman told Reuters, adding that the retailer’s size and scale mean it has to look at trade-offs between employee needs and demands.

However, Zimmerman said there are “significant investments” being made in ensuring that teams have the right tools to do their jobs.

“(AI pricing) sits at a technical debate at the highest level in both our architecture forums as well as in our senior leadership forums within technology,” she said.

India’s Reliance Retail to pilot search and discovery platform in multi-channel push

Target’s global center in India has verticals such as merchandising, digital, stores and supply chain, employing about 5,600 people. About 40% of Minneapolis-based Target’s tech workforce is based in Bengaluru.

In India, the company is looking at ramping up investment in its analytics teams in a bid to turn growing volumes of data into actionable insights at a faster clip.

“We work to adapt really quickly when we see that consumer demand or sentiment start to shift,” Zimmerman said.

The $57-billion retailer has struggled with three straight years of declining revenue as cost-conscious shoppers traded down to cheaper alternatives.

Under new CEO Michael Fiddelke, the company plans to spend an additional $2 billion this year on new stores, remodels, and AI initiatives.

“AI is fun, exciting and interesting to think about,” Zimmerman said. “Change isn’t going to be immediate, and it is certainly not free.”

The company announced this via a notice to the Pakistan Stock Exchange today.

The notice shared that the company intends to obtain management control, “enabling the company to participate in and influence the operational, financial, and strategic decision-making of the investee company”.

It added that the board had authorised the management to execute a Share Purchase Agreement (SPA) with the existing shareholders for the acquisition of a 40% equity stake in the target company.

“The board has also granted approval to the management to undertake and complete all necessary regulatory and statutory formalities in connection therewith, the company informed the bourse.

Quick Gases (Private) Limited is engaged in the development of LPG storage, marketing and distribution facilities and holds the necessary regulatory approvals, including an OGRA construction licence.

The project includes Liquefied Petroleum Gas (LPG) storage infrastructure, filling capacity, and distribution capability, positioning it for commercial operations upon completion, the notice read.

CLOV was incorporated in Pakistan as a publicly listed company in 1986.

The company is engaged in the sale of consumer durables, food products, chemicals and lubricants, as well as the import and trade of gantry equipment’s air/oil filter and other car care products.

Earlier, Mecom Gas Pvt Ltd, a Pakistani LPG marketing and distribution company, shared that it was considering an initial public offering (IPO) on the PSX to raise $20 million for the construction of a liquefied petroleum gas storage facility.

The company seeks to build 3,000 tons of storage capacity with the proceeds

The Group clinched the Best Masterplan Pakistan award for Faisal Hills, and the Best Retail Development Pakistan award for HillWalk, both developed under the umbrella of FaisalTown Group. The awards were received by Ch. Zohair Majeed, Director, FaisalTown Group, and Ch. Moazzam Majeed, Director, FaisalTown Group, respectively, a fitting recognition of the leadership driving one of Pakistan’s most ambitious real estate ventures.

A Recognition Pakistan Has Earned

The International Property Awards have, for decades, served as a worldwide compass for quality in real estate, architecture, and development. Winning in not one but two categories, and doing so on behalf of Pakistan, is not a small achievement. It is the kind of recognition that takes years to build toward, brick by brick, decision by decision.

Addressing the achievement, Ch. Zohair Majeed, Director, FaisalTown Group, said:

“This achievement reflects our commitment to delivering world-class projects that go beyond bricks and mortar. We dedicate this recognition to our clients, our partners, and the entire FaisalTown family. Every project we undertake carries the weight of that trust, and these awards remind us of the responsibility that comes with it.”

This achievement also follows FaisalTown Group’s international success last year, when Faisal Jewel, a high-rise development by FaisalTown, received two major honours at the International Property Awards 2025. Faisal Jewel was named Best High-Rise Architecture of Pakistan and Best High-Rise Development of Pakistan, bringing global attention to Pakistan’s potential in modern urban development. Often called “Pakistan’s Jewel in the Sky,” the project highlighted the country’s ability to deliver large-scale, innovative, and forward-thinking infrastructure.

What Makes Faisal Hills and HillWalk Stand Out?

Faisal Hills, the award-winning masterplan project, is envisioned as a thoughtfully planned residential community adjacent to Margalla Hills, Islamabad. With carefully zoned residential sectors, modern infrastructure, and an emphasis on green living, the project has drawn sustained interest from both end-users and investors since its launch.

HillWalk, the retail component recognized for Best Retail Development, represents a newer evolution in how mixed-use spaces are being conceived in Pakistan. Designed to serve not just as a commercial hub but as a lifestyle destination, HillWalk reflects the kind of retail planning that places community experience at its core, something that has long been missing from Pakistan’s urban retail landscape.

The Journey Continues

With two international awards now in hand, the question is not whether FaisalTown Group has arrived; it clearly has. The more interesting question is where it goes from here.

The Group has indicated that development at both Faisal Hills and HillWalk continues at pace, with new phases and expanded offerings planned for the coming year. For investors who have been watching from the sidelines, this moment may well be the signal they were waiting for.

The Asia Pacific Property Awards 2026-2027 are part of the International Property Awards, held in association with American Standard and GROHE. The awards celebrate excellence throughout the world across architecture, development, interior design, and real estate, with regional recognition across the world.

The listed company disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Monday.

“This is to inform you that following the election of directors of Engro Holdings Limited, the Board of Directors has appointed Hussain Dawood as the Chairman of the Board, and Abdul Samad Dawood as the Chief Executive Officer of the company with effect from May 22, 2026, for a term up to and including the date of the next election of directors of the company,” read the notice.

Engro Holdings Limited, previously Dawood Hercules Corporation Limited, was incorporated in Pakistan on April 17, 1968, as a public limited company under the Companies Act, 1913 (now the Companies Act, 2017).

The principal activity of the company is to manage investments, including in its subsidiaries and associated companies.

Hussain Dawood, who also serves as the Chairman of Engro Corporation, is an entrepreneur, businessman, and philanthropist who has driven the Group and its investments since 2002 into new fields of business and achieved new levels of growth in revenues.

Dawood has been leading the Group’s engagement with the World Economic Forum since 1992. He holds an MBA from the Kellogg School of Management, Northwestern University, USA, and is a graduate in Metallurgy from Sheffield University, UK.

Meanwhile, Abdul Samad Dawood has over 20 years of experience in management and governance with a special interest in mergers and acquisitions.

Samad has led multi-billion-dollar M&A deals, including Engro Holdings’ (formerly Dawood Hercules Corporation) acquisition of The Hub Power Company from National Power International Holdings B.V. in 2012 and the sale of DH Fertilizers to Fatima Fertilizer Company in 2015. He was also given the responsibility to lead the merger of Engro Foods (a subsidiary of Engro Corporation) into global dairy giant Royal FrieslandCampina N.V.

Auto production dropped 0.44% in April from a year earlier to 103,794 units, following a 2.69% rise in March.

Domestic sales rose 2.54%, partly from bookings at the Bangkok Motor Show, coming in at 48,394 vehicles, said Surapong Paisitpatanapong, president of the FTI auto club, at a press conference.

Thailand auto exports dropped 8.43% to 60,190 units.

Thailand is Southeast Asia’s biggest auto production centre. It is an export base for some of the world’s top carmakers, including Toyota, Honda and Chinese brands like BYD and Great Wall Motors, who have invested in recent years to supply locally and to export markets.

The FTI maintained its forecast that car production will rise by 3% to 1.5 million units in 2026, after a 0.9% dip to 1.455 million last year. ‑Reuters

Executives at the launch event of Haval said the expansion reflects rising consumer demand and is expected to generate new employment opportunities, particularly for young job-seekers in the region.

The launch event was attended by prominent political, social, and business personalities, along with individuals from various walks of life.

Among the notable guests were former Member of National Assembly Nasir Afridi, former Senator Momin Khan, president of the Sarhad Chamber of Commerce Junaid Altaf, social figure Haji Tabat Khan, and several others.

The showroom was jointly inaugurated by CEO of Haval Peshawar Motors, M Irfan Afridi, Haji Tabat Khan, and Nasir Afridi.

Special prayers were also offered for the country’s development, economic prosperity, peace, and stability.

Speaking on the occasion, CEO M Irfan Afridi stated that launching a new business in the current economic situation is a major challenge however, providing employment opportunities to the youth is the need of the hour.

He said the government should take practical measures to encourage the business community in order to boost investment and strengthen the economy.

He further remarked that Khyber Pakhtunkhwa is rich in talent, and what is needed is the provision of better opportunities and facilities.

During the ceremony, guests were given a tour of the showroom and briefed about different vehicle models. At the conclusion of the event, CEO M Irfan Afridi thanked all participants for attending the ceremony.

Copyright Business Recorder, 2026

To ensure transparency and protect personal identity, the public is encouraged to regularly verify the number of SIMs registered against their CNIC by visiting cnic.sims.pk or by sending their CNIC number (without dashes) via SMS to 668.

In case of any unauthorized or suspicious SIM registration, individuals should immediately report the matter to their respective mobile operators.

As Pakistan’s export landscape continues to evolve, the integration of advanced artificial intelligence has become a prerequisite for local businesses to remain competitive on the global stage. Accio Work arrives as a timely solution, specifically engineered to tackle the critical hurdles faced by Pakistani exporters, ranging from a talent gap in specialized roles and a lack of digital tools to the inherent complexities of navigating a highly demanding international trade environment.

“Accio Work is not just a software tool, it is The Agentic Business Team for SMEs,” said Ethan Wang, Head of Global Seller Products & Services at Alibaba.com. “By integrating directly with platforms like Alibaba.com, it serves as a digital workforce that handles everything from market research and high-quality creative generation to customer engagement and store diagnostics. We are empowering Pakistani exporters to scale globally while overcoming traditional resource constraints.”

Copyright Business Recorder, 2026

In January 2025, JATCO announced ⁠a plan to invest 48.7 million ​pounds ($65.39 million) to make up ​to 340,000 units a year of EV powertrains that integrate the motor, inverter and ​reducer at a Sunderland plant ​for Nissan.

Later that year, however, Nissan, badly damaged ‌by ⁠weakening sales in the US and China, said it will cut the number of its auto production ​plants ​to 10 ⁠from 17 and conduct a review of its ​powertrain factories.

No one was immediately ​available ⁠for comment at Nissan outside regular business hours, and a query submitted ⁠via ​JATCO’s website has ​yet to receive a response.

Central processing units have taken centre stage as companies and businesses gravitate towards agentic AI – systems that perform autonomous functions - broadening demand beyond graphics processing units, or GPUs, that are used to train large models.

Huang on Wednesday aimed to assure investors that the world’s most valuable company can keep up its blockbuster growth with the help of a broad base of customers and that new products will help it beat the $1 trillion in sales it has forecast for its flagship AI chips.

During an earnings call on Wednesday, Huang said Nvidia’s new “Vera” central processors give it access to a new $200 billion market.

Speaking to reporters upon arrival in Taipei on Saturday and asked if that forecast included China, he said: “I would think so.”

Nvidia has received licenses from the U.S. government to sell its H200 chips but has not received approval from Chinese officials who are fostering China’s own chip suppliers.

U.S. President Donald Trump’s talks with Chinese President Xi Jinping in Beijing this month produced no immediate breakthrough for Nvidia to sell H200 chips. Huang was also there as part of the U.S. delegation.

Reuters reported last week that the U.S. has cleared around 10 Chinese firms to buy Nvidia’s second-most powerful AI chip, the H200, but not a single delivery has been made so far.

“H200 has been licensed to ship to China. It would be terrific to be able to serve that market. The Chinese market is very important. It’s very large, of course,” Huang said, speaking at Taipei’s downtown Songshan airport.

Huang is in Taipei ahead of next month’s Computex trade show.

He said he would also meet with TSMC while in Taiwan, the world’s largest contract chipmaker which makes many of the advanced semiconductors powering the trend towards AI.

The launch comes as Pakistani consumers face their sharpest fuel price increases in years, with prices double those of four years ago, as the US-Iran conflict disrupts supply through the Strait of Hormuz.

READ ALSO: Lucky Motor signs EV deal with China’s GAC to enter Pakistan auto market

“Every crisis has an opportunity. This crisis has actually helped Pakistani consumers transition fast from conventional fuel vehicles to new energy vehicles,” said Muhammad Faisal, CEO of Lucky Motor Corporation (LMC), known as Lucky Motors.

Under an agreement with Guangzhou Automobile Group (GAC), Lucky Motors began displaying four Aion and Hyptec models from GAC across Pakistan this week and plans to begin local manufacturing of its partner’s EVs as soon as December 2026, he said.

GAC is Lucky Motors’ third automotive brand after Kia and Peugeot, which are both assembled at its Karachi plant. It is a subsidiary of Lucky Cement, one of Pakistan’s largest conglomerates.

Faisal said he expected the initial imported stock of GAC cars, which he described only as a “sizeable order”, to sell out within two months.

EVs remain a small fraction of Pakistan’s annual car sales, dominated by Japanese and Korean brands.

The shift has been faster in two-wheelers, where EV sales nearly tripled to around 5 percent of all bikes sold, according to consultancy Renewables First.

Faisal said Pakistan’s solar revolution was accelerating the case for four-wheelers. Solar now supplies around a quarter of the country’s electricity, making home overnight charging viable for the urban buyers Lucky Motors is targeting.

Beyond its transparent peer-to-peer pricing model, the company is also expanding its investment in Pakistan’s local startup ecosystem and emerging tech talent. Reflecting this approach, Aurora Ventures will deploy investments ranging from $180,000 to $250,000 at the pre-seed and seed stages, targeting women-led startups with strong growth potential.

Awais Saeed, Country Manager of inDrive Pakistan has said that Pakistan is an important proof point for inDrive’s broader investment vision. “We have a rapidly expanding digital economy and strong entrepreneurial talent, yet many exceptional women-led businesses are reaching institutional capital far later than they should”, he added.

Aurora Ventures is built on the belief that supporting these founders represents both a meaningful economic opportunity and a chance to unlock long-term impact across the ecosystem, he said.

In 2025 alone, Pakistan recorded over 200 submissions to the Aurora Tech Award, highlighting the growing momentum of women-led entrepreneurship in the country. This strong interest builds on earlier success stories, including Faiza Yousuf, who was named a finalist in the 2023 edition of the award and received international recognition through the initiative.

The 2026 pilot program will focus on building an initial portfolio of startups while strengthening Aurora Ventures’ long-term investment presence across emerging markets, including Pakistan.

Copyright Business Recorder, 2026

Developed in partnership with Road and Story, the milestone property was officially unveiled during an exclusive launch event at Pearl-Continental Lahore, marking a transformative moment for high-end tourism in northern Pakistan.

Nestled along the pristine banks of Attabad Lake in the Hunza Valley, the hotel offers a rare convergence of untouched natural beauty and refined sophistication. Surrounded by towering peaks and the lake’s iconic turquoise waters, the property features dramatic panoramic views from all guest rooms, dining venues, and public spaces, instantly positioning it among the region’s most exclusive hospitality destinations.

Upon full completion, Pearl-Continental Attabad Lake will expand to feature 117 rooms, multiple premium dining concepts, and versatile banquet and event spaces tailored for both elite leisure travellers and corporate retreats. The architectural design seamlessly blends contemporary luxury with the rugged Gilgit-Baltistan landscape, pairing five-star international standards with immersive cultural experiences. Speaking on the occasion, PC Hospitality CEO Bastien Blanc said that the addition of Pearl-Continental Attabad Lake to their portfolio reinforces their commitment to expanding premium hospitality experiences in regions where both the Pearl-Continental hote ls and resorts brand and their boutique PC signature hotels serve as the foundation of luxury tourism. “This remarkable property transcends the traditional hotel model, positioning itself as a premier destination where guests can seamlessly connect with nature while enjoying the world-class service, refined comfort, and distinct elegance that define our brands.”

Road and Story CEO Yasar Rashid said that saying Pearl-Continental Attabad Lake represents far more than a hotel project; it reflects a belief in the future of Pakistan’s tourism potential and the global appeal of Gilgit-Balti stan. “Devel oping a world-class hospitality destination in one of the most breathtaking yet logistically challenging regions of the country required resilience, long-term commitment, and an unwavering vision.”

“We are proud to partner with PC Hospitality in bringing an internationally benchmarked luxury experience to Attabad Lake, Hunza, while ensuring the project remains environmentally responsible by installing advanced, environmentally sustainable wastewater treatment systems and is deeply connected to the natural beauty of the region. As the newest jewel in the PC Hospitality portfolio, the property stands as a testament to sustainable luxury, exceptional service, and the creation of unforgettable guest journeys.”

Copyright Business Recorder, 2026

An El Nino weather pattern is bringing above-average summer temperatures across the subcontinent in May, with nighttime outages running from 40 minutes to an hour in the manufacturing and infotech hub of Chennai, residents said.

“South Chennai has seen frequent power cuts over the past two days, with outages at short intervals,” said R. Hari, a resident of the southern city, who complained that they made it difficult to work from home.

India’s peak power deficit late on Thursday evening was about 2.57 gigawatts, said national regulator Grid-India.

“Although we are prepared to supply electricity as required, due to the intense summer, let us all try to use electricity wisely and judiciously,” the power ministry said in a statement on Friday.

Shortages are chronic during the evening hours as supply then relies heavily on thermal and hydropower sources, while daytime demand is met partly by solar generation.

India boosts coal and gas output as power demand hits record peak in heatwave

The record heat and surging electricity demand are testing India’s power system, said Disha Aggarwal, senior programme lead at energy and environment think-tank CEEW, as hotter nights become the norm.

India needs to urgently fast-track commissioning of battery storage to make use of surplus solar energy at night, she added.

From Friday to May 27, weather authorities have forecast “heatwave to severe heatwave conditions” for the capital New Delhi, along with large northern and eastern areas.

Several people in New Delhi and the neighbouring city of Noida took to X to complain of power outages during the night.

In the eastern coastal state of Odisha, some users have protested against longer power cuts in some areas during both day and night, residents and media said.

The Aditya Birla Group-owned firm reported a 50.8% fall in consolidated net profit to 25.97 billion rupees ($271.40 million) for the three months ended March 31, missing analysts’ estimates of 43.12 billion rupees, per data compiled by LSEG.

Novelis, Hindalco’s aluminum products arm, which supplies rolled aluminum to beverage can makers and automakers, was hit at its plant in Oswego, New York, in September and November last year, causing production interruptions in the quarter.

The company took a 41.71 billion rupee charge in the fourth quarter related to the incidents and said it expects the plant to restart within the next few weeks.

Despite the disruptions, Novelis reported a 10.3% rise in revenue to 438.1 billion rupees, driven by higher average aluminum prices. The U.S.-based unit contributes to about 60% of Hindalco’s top line.

India’s Hindalco sees up to $1.6 billion impact from fire at unit’s New York plant

“Novelis demonstrated strong underlying business momentum,” managing director Satish Pai said, adding that the company’s India business delivered a record performance across the aluminium upstream, aluminium downstream and copper segments.

Hindalco, one of India’s biggest aluminium and copper producers, benefited from firmer base metal prices and higher demand in the seasonally strong quarter when construction activity peaks and automotive companies push production and sales targets before the financial year-end.

Benchmark three-month aluminium and copper rose 21.8% and 36.7% year-on-year, respectively, in the reporting quarter.

Higher commodity prices typically lead to higher profit margins for mining companies.

Hindalco’s overall revenue from operations rose 20.4% to 781.33 billion rupees, supported by a strong performance in its India business.

Analysts, on average, had expected a revenue of 723.96 billion rupees.

India, the world’s second-largest crude steel producer, imposed a provisional anti-dumping duty on imports of low-ash metallurgical coke - known as met coke - in December for six months.

India primarily imports met coke from China, Indonesia, Poland, Japan and Switzerland. Import volumes are down sharply since the curbs were imposed, industry experts say.

“Concerns have emerged regarding the limited availability of met coke in the domestic market and a substantial increase in domestic prices following the imposition of ADD, which has imposed a significant financial burden on steel manufacturers,” the steel ministry said in an office memorandum dated May 18, referring to anti-dumping duties with an acronym.

The ministries did not respond to emails from Reuters seeking comment.

India’s free trade deal with Britain hits steel hurdle before rollout

The steel ministry highlighted the difficulties faced by state-run Rashtriya Ispat Nigam Ltd (RINL), saying the company had been unable to procure adequate quantities of met coke at reasonable prices from the domestic market, resulting in a 20% rise in input costs.

Concerns for small and medium-sized steelmakers

RINL, which is undergoing a government-backed financial revival, has seen its operational viability and competitiveness adversely affected by inadequate supplies of met coke, the steel ministry memorandum said.

RINL did not respond to a Reuters email seeking comment.

The ministry also flagged concerns for small and medium-sized steelmakers, which rely heavily on merchant suppliers for met coke.

“The domestic market has not been able to ensure adequate availability of met coke at competitive rates to meet the requirements of the steel industry,” it said.

Steel mills have struggled to procure met coke ever since the government introduced import curbs from January last year. Major steelmakers, including JSW Steel and ArcelorMittal Nippon Steel India, have also raised concern about the impact of the curbs on steel production in the country.

In 2025, met coke imports fell 21% to 3.81 million metric tons compared to a year ago, according to data from commodities consultancy BigMint.

India’s steel mills secured only about half of their metallurgical coke needs from domestic suppliers in the first half of 2025, Reuters reported in October.

According to a statement, four new vehicles were officially unveiled under the AION and HYPTEC brands, including the HYPTEC HT featuring its signature gullwing doors, the AION V, AION ES, and AION UT.

The unveilings showcased GAC’s focus on intelligent mobility, electrification, premium design, advanced safety technologies, and smart connectivity, it added.

Earlier in March, Lucky Motors, a subsidiary of Lucky Cement, inked an exclusive partnership agreement with Guangzhou Automobile Group Co., Ltd. (GAC). Under the agreement, LMC got the right to introduce GAC’s new energy vehicle (NEV) brands in Pakistan

Speaking at the event, Muhammad Faisal, CEO of Lucky Motors Corporation, highlighted the company’s journey and growing contribution to Pakistan’s automotive sector. He spoke about LMC’s long-term vision, manufacturing ambitions, and commitment to bringing globally competitive mobility solutions to the Pakistani market.

He also emphasised the strategic partnership between LMC and GAC as a long-term collaboration focused on innovation, technology, and future mobility.

Muhammad Ali Tabba addressed the audience on the broader economic outlook of Pakistan and the importance of industrial development, investment, and international partnerships in supporting sustainable economic growth. He highlighted the role of global collaborations in strengthening Pakistan’s manufacturing and mobility ecosystem.

Wei Haigang, President of GAC International, spoke about GAC’s global vision and the company’s continued international expansion through strategic partnerships.

He also highlighted the longstanding relationship between Pakistan and China, while sharing GAC’s plans for the Pakistani market, including technology collaboration and the introduction of advanced mobility solutions.

The launch event reflected GAC and LMC’s shared ambition to introduce a new era of premium and technologically advanced mobility solutions in Pakistan.

According to the statement, with the official launch of GAC Motor, Pakistan’s automotive landscape takes a major step forward as global automotive expertise, electric vehicle innovation, and long-term industrial collaboration come together to shape the future of mobility in the country.

The listing marks the 10th IPO of the year, reflecting growing momentum in Pakistan’s capital market as both institutional and retail participation continue to strengthen despite global economic uncertainties.

According to details shared at the listing ceremony held at the Pakistan Stock Exchange, Sitara Petroleum’s IPO attracted the highest-ever participation in Pakistan’s IPO history, with nearly 25,000 applications received across both the book-building and retail subscription phases.

The transaction raised approximately Rs4.8 billion, making it among the largest private-sector IPOs in Pakistan’s history, while demonstrating strong investor confidence in the company’s fuel retail and logistics business model.

The book-building portion of the offering, comprising 126 million ordinary shares, was fully subscribed within just eight minutes and ended up oversubscribed seven times, underscoring exceptionally strong demand from institutional investors and high-net-worth individuals.

Meanwhile, the retail subscription phase also witnessed robust participation, with the 42 million-share retail portion oversubscribed 3.4 times, attracting nearly 24,000 applications from investors nationwide, highlighting growing retail engagement in Pakistan’s equity market.

The overall transaction comprised 279.914 million ordinary shares, including both pre-IPO and IPO offerings, representing 16.66 percent of the company’s post-IPO paid-up capital.

The pre-IPO placement, comprising 111.914 million ordinary shares or 6.66 percent of post-issue capital, successfully raised approximately Rs1.66 billion at a price of Rs14.85 per share.

The IPO component included 168 million ordinary shares, equivalent to 10 percent of the company’s post-listing paid-up capital.

The company had initially offered the IPO at a floor price of Rs13.50 per share, but strong investor demand during book building pushed the strike price to Rs18.90 per share, reaching the upper end of the price band.

As a result, the IPO transaction size increased to approximately Rs3.17 billion at the discovered strike price, compared to Rs2.27 billion at the floor price, reflecting strong market appetite for the offering.

The IPO attracted participation from a diverse investor base, including institutional investors, corporates, high-net-worth individuals and retail investors, reflecting broad confidence in the company’s future growth trajectory and business fundamentals.

Copyright Business Recorder, 2026

He disclosed this while speaking at a function his group held for the Founders Group at a local hotel in Lahore.” Consignments are ready and we will start export as early as the war in Middle East is over.” He maintained that the government has already granted permission for the export of tractors and all other necessary formalities have been fulfilled by his group.

“Millat tractors has achieved 95 percent localization and now we are focusing on diversification and export,” he pointed out. The Chairman Millat Tractors claimed that his company’s tractors are not only the cheapest in the world but also outstanding in quality.

Pattern-in-chief of Founders Group Mian Misbaur Rehman said that the Middle East war has badly affected Pakistan’s economy which was already under pressure because of high cost of production. He also asked the business community to send their budget proposals to him at the earliest so that these could be discussed with the federal finance minister and other concerned departments before the announcement the federal budget.

Chairman Founders Group Sheikh Muhammad Ibrahim highlighted the importance of chambers and said they serve as a bridge between the government and the business community. But, unfortunately, these forums have not been able to play this role due to their internal conflicts, he added.

Copyright Business Recorder, 2026

The launch event brought together dealership leadership, media representatives, and industry stakeholders for an exclusive first look at MG’s latest global electric vehicle offering. The event also included a dedicated product training session for MG dealership teams and executives.

Positioned as a stylish and practical urban EV, the MG4 EV Urban combines a 43-kWh battery with a front-wheel-drive electric motor producing 110 kW power and 250 Nm torque, delivering up to 316 km WLTP range on a single charge. The vehicle also supports DC fast charging, enabling 10–80% charging in approximately 28 minutes.

Priced at Rs 6,949,000, the vehicle targets young professionals, urban families, and technology-oriented buyers looking to transition towards electric mobility without compromising on design, safety, or usability.

Copyright Business Recorder, 2026

The Paris Court of Appeal ruled that the French flag carrier and Europe’s leading aerospace manufacturer were “solely and entirely responsible for the crash of flight AF447,” ordering each to pay 225,000 euros ($261,000) - the maximum fine for corporate manslaughter.

While the penalties are symbolic, the ruling will be seen as significant reputational damage for both companies.

On June 1, 2009, Air France Flight AF447, travelling from Rio de Janeiro to Paris, was cruising over the Atlantic when the pilots lost control of the aircraft, causing it to plunge into the ocean.

There were no survivors among the 216 passengers and 12 crew on board the Airbus-built A330 aircraft, the dead including 72 French nationals and 58 Brazilians.

The companies, who have denied any criminal liability, blaming pilot error, had been acquitted by a lower court in 2023.

That verdict was a blow to the victims’ families, who said they were outraged by the court’s decision to clear the companies of the charges.

Although prosecutors at the time had asked for the charges to be dropped, they had subsequently lodged the appeal to allow “the full potential of the legal appeals procedure” to play out.

The eight-week appeal trial ran between September and December last year.

In November, prosecutor Rodolphe Juy-Birmann lambasted the behaviour of Air France and Airbus over the years.

“Nothing has come of it — not a single word of sincere comfort,” he said.

“It’s a rock-solid defence. One word sums up this whole circus: indecency.”

Lawyers for the families have argued that both companies were aware of the problem with pitot tubes, which are used to measure flight speed, and that the pilots were not trained to deal with such a high-altitude emergency.

The court heard how a malfunction with the tubes, which became blocked with ice crystals during a mid-Atlantic storm, caused alarms to sound in the plane’s cockpit and the autopilot system to switch off.

Experts highlighted how, after the instrument failed, the pilots put the plane into a climb that caused the aircraft to stall and then crash into the ocean.

Diesel sales at pumps in some regions have jumped 20% to 30% as prices for industrial buyers climb to 40 to 42 rupees a litre higher than retail pump prices, said Sujata Sharma, a joint secretary in the federal oil ministry on Thursday.

The retail price of a litre of diesel is 91.58 rupees in New Delhi.

The spike in demand is adding to losses for state-run Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp, which are already selling diesel at below market prices for retail customers.

“Bulk customers should take from bulk supply points and retail buyers should go to the petrol pumps,” Sharma said.

State fuel retailers are monitoring sales at outlets facing shortages and are seeking support from local authorities and police to curb purchases by bulk consumers, she said.

India hikes fuel prices for second time in a week

Preliminary fuel sales data show Indian state retailers’ diesel sales from May 1 to 15 surged nearly 11.5% to about 3.8 million metric tons from a year earlier, while gasoline sales rose nearly 19% to 1.8 million tons.

Indian state retailers’ diesel sales are also driven by higher prices charged by private fuel retailers and rising consumption from farmers using diesel-powered generators for irrigation during the harvesting season, she said.

BPCL on Thursday said its gasoline sales surged by 16.38% to 1 million kilolitres between May 1 and 20 from a year earlier, while gasoil rose by 16.7% to about 1.7 million kilolitres.

The company said it is focusing on maintaining seamless supplies across smaller cities and remote markets, “where localised demand spikes and precautionary buying tendencies have been observed in recent days”.

The Securities and Exchange Board of India (SEBI) released a consultation paper on reforms to the pre-open call auction session, a one-hour window before regular trading to set opening prices.

SEBI said current rules, especially for re-listed stocks, can lead to artificially low starting prices and large-scale rejection of buy orders due to price band limits.

Among the proposed changes, SEBI suggested a shift towards a more “realistic” and market-linked base price for re-listed stocks, including using recent market prices or independent valuations.

India’s markets regulator proposes to tighten variable net worth norms for brokers

The regulator did not propose any change to the base price mechanism for initial public offerings, which will continue to use the issue price.

It also proposed that price discovery in the pre-open session should involve at least five distinct buyers and sellers to ensure broader participation.

The changes aim to improve price discovery and curb volatility on listing day.

The insurer’s net profit rose to 234.20 billion rupees ($2.43 billion) for the three months ended March 31, up from 190.13 billion rupees a year earlier.

Analysts had expected a strong quarter for India’s largest insurer, after tax changes late last year lifted demand for insurance in the world’s most populous country, though they also said the Middle East conflict could have dented customer sentiment somewhat in March, hurting sales of market-linked policies.

LIC’s net premium income grew 11.5% to 1.65 trillion rupees. One-time premiums rose 21.5%, while first year premiums from new policies rose around 17%.

Indian insurer HDFC Life’s new business growth slows

The firm’s solvency ratio, which measures an insurer’s ability to meet its long-term financial obligations, rose to 2.35 during the quarter from 2.11 a year earlier. A higher number means a larger financial buffer for the insurer.