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From Sugar Cartels to Power Losses: IMF’s 11 New Conditions Target Elite Capture
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From Sugar Cartels to Power Losses: IMF’s 11 New Conditions Target Elite Capture

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SLAMABAD: The International Monetary Fund (IMF) has added 11 stringent new structural benchmarks to Pakistan’s $7 billion Extended Fund Facility (EFF), pushing the total number of conditions to 64 in just 18 months, according to the staff-level report for the second review released on Thursday.The fresh conditions focus heavily on governance failures and elite capture. By December 2026, asset declarations of high-level federal (and later provincial) civil servants will be published online, allowing banks to cross-check income-asset mismatches. An anti-corruption action plan targeting the 10 most vulnerable institutions must be published by October 2025, led by the National Accountability Bureau.In a direct attack on entrenched interests, the IMF has demanded a national sugar market liberalisation policy by June 2025, ending licensing distortions, price controls, zoning restrictions and discretionary import/export permissions long exploited by powerful mill owners.Remittance costs, projected to hit $1.5 billion annually, will undergo a comprehensive review with an action plan due by May 2025. The Federal Board of Revenue (FBR) faces sweeping reform deadlines, including a detailed roadmap by December 2024 and a full medium-term tax strategy by end-2025.Power sector losses prompted demands for private-sector participation in HESCO and SEPCO, alongside public service obligation agreements with seven major entities before the next budget.Alarmingly, the government has already agreed to present a mini-budget by December 2025 if revenue targets are missed, potentially raising federal excise duty on fertilisers and pesticides by 5%, imposing new duties on sugary items and shifting more goods to the standard 18% sales tax rate.Analysts warn the expanded conditionality reflects deepening IMF concerns over governance and reform ownership, with failure risking derailment of the entire programme.

The Impact of AI on Business: What You Need to Know About 3 Major Industries
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The Impact of AI on Business: What You Need to Know About 3 Major Industries

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The next few years may redefine what work looks like across several major industries and according to a leading OpenAI executive, the transformation has already begun. On a recent episode of the Unsupervised Learning podcast, Olivier Godement, Head of Product for Business at OpenAI, shared why he believes life sciences, customer service, and software engineering are entering an era of accelerated automation. His insights offer a candid look into how fast AI technologies are evolving and how businesses should prepare. 1. Life Sciences & Pharma: AI Is Becoming the New Research Partner: Godement’s first prediction is bold but grounded in real-world progress:the life sciences and pharmaceutical industries are on the brink of a major AI-driven shift. Working closely with companies like Amgen, Godement sees firsthand how drug discovery and development processes can be streamlined. “Once you lock the recipe of a drug, getting it to market takes months, sometimes years,” he explained. “Models are now very good at consolidating huge datasets and tracking document changes. A lot of this admin work can be automated.” In an industry where delays cost billions and impact human lives, AI automation could radically shorten development timelines, reduce operational overhead, and accelerate medical innovation. 2. Software Engineering: The Most Heated Debate in Tech: Few topics have sparked more controversy in 2024 and 2025 than the future of software engineering. According to Godement, while AI isn’t replacing engineers outright “yet” the trajectory is clear. “We’re not at the point of fully automating a software engineer’s job. But we now have a line of sight to get there.” AI-powered coding tools have already become standard across tech companies. Large models can generate boilerplate code, debug issues, review pull requests and even propose architectural solutions. A recent Indeed report reinforces the shift: software engineers, QA engineers, product managers and project managers are the four roles most frequently cut during tech layoffs, largely due to automation and restructuring. The message is unmistakable:coding is becoming more automated, and the nature of engineering roles is evolving fast. 3. Customer Service & Sales: Automation Is Closer Than We Think: Customer-facing roles may feel safe for now, but Godement believes the next two years will bring surprising changes. Working with companies like T-Mobile, OpenAI is already seeing customer support tasks automated at scale with high accuracy. “We’re achieving strong results at meaningful scale. My sense is we’ll be surprised in the next year or two at how many tasks can be reliably automated.” From chat support to sales assistance and ticket resolution, AI systems are becoming more conversational, reliable and available 24/7 making them valuable assets for large enterprises. Are White-Collar Jobs at Risk? Industry Leaders Say Yes: Across Silicon Valley, warnings are growing louder. AI pioneer Geoffrey Hinton, known as the “Godfather of AI,” recently said that while physical jobs like plumbing remain safe for now, intellectual and clerical roles face the greatest risk. “For mundane intellectual labor, AI is going to replace everybody,” Hinton said.He even admitted he’d be terrified to work in a call center today. Paralegals, administrative staff, analysts and customer support agents: these are roles where AI is already outperforming humans in speed, accuracy and cost. The Bottom Line: AI Isn’t Coming, It’s Already Here: Olivier Godement’s insights reflect a bigger trend: The AI revolution is touching every corner of the business world. Industries at the forefront:• Life Sciences → Faster drug discovery, automated documentation• Software Engineering → AI-assistance becoming the norm• Customer Service & Sales → Massive automation potential at enterprise scale As AI systems improve, the businesses that adapt early will lead and those that don’t may struggle to survive.

Pakistan and Yemen Move Toward a New Era of Trade Growth, A Strategic Partnership Re-Emerges
World

Pakistan and Yemen Move Toward a New Era of Trade Growth, A Strategic Partnership Re-Emerges

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In a promising development for regional commerce, Pakistan and Yemen have reaffirmed their commitment to strengthening bilateral trade relations. The discussion took center stage when Federal Minister for Commerce Jam Kamal Khan met H.E. Mohammed Motahar Alashabi, Ambassador of Yemen to Pakistan, in Islamabad for an in-depth dialogue on future economic cooperation. This high-level meeting marks a renewed momentum between the two nations an important step as Pakistan looks to expand trade footprints in nearby and emerging markets. A Relationship Built on Trust and Shared History: H.E. Alashabi emphasized the long-standing warmth and trust that have shaped Pakistan-Yemen relations for decades. Despite regional instability and logistical hurdles in recent years, Yemen continues to view Pakistan as a reliable strategic partner. He also highlighted a meaningful statistic that reflects deep people-to-people tiesNearly 300 Yemeni students are currently pursuing higher education in Pakistan. This, he noted, is evidence of Yemen’s continued confidence in Pakistan’s academic excellence and stable learning environment. Reactivating Trade Agreements and Institutional Collaboration: During the meeting, the Yemeni ambassador stressed the urgent need to revive and operationalize existing bilateral trade agreements, many of which have remained dormant due to regional conditions. Strengthening institutional mechanisms, he said, would pave the way for smoother, more consistent commercial interaction between the two countries. For Pakistan’s business community especially SMEs this signals a potential opening of a nearby market hungry for diversified imports, manufacturing partnerships, and service sector collaboration. Pakistan’s Vision: Cost-Efficient Regional Trade: Federal Minister Jam Kamal Khan reaffirmed Pakistan’s commitment to expanding regional trade networks, with Yemen identified as a key partner due to its geographical proximity and long-standing ties. One of the most compelling elements shared by the Minister was Pakistan’s plan to introduce ferry-based small shipping services. This initiative aims to:• Lower freight costs• Enable faster shipments• Strengthen connectivity for SMEs• Boost trade with Yemen, Somalia, Ethiopia, Oman, and other neighboring markets Improved logistics, he noted, are crucial for empowering Pakistan’s growing entrepreneurial and SME ecosystem a sector that thrives when given access to cost-effective trade routes. A Shared Commitment to the Future: Both sides agreed that reviving formal cooperation frameworks, improving logistics, and maintaining structured dialogue will unlock substantial opportunities for bilateral trade and investment. Pakistan assured that all relevant ministries and platforms will be engaged to accelerate proposals and remove bottlenecks standing in the way of enhanced economic collaboration. Why This Matters for Businesses: For traders, exporters, and investors on both sides, this renewed momentum signals:• New market entry points• Lower logistics barriers• Improved SME-friendly policies• Expanded commercial partnerships• Potential growth in manufacturing, food products, textiles, education, and services sectors As Pakistan and Yemen move toward a more structured economic relationship, opportunities for regional business growth are set to multiply.

Pakistan Opens Karachi & Gwadar Ports to Turkmenistan, Unlocking a New Era of Central Asian Trade
Pakistan

Pakistan Opens Karachi & Gwadar Ports to Turkmenistan, Unlocking a New Era of Central Asian Trade

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In a significant move that could reshape regional trade dynamics, Pakistan has officially offered Turkmenistan access to its deep-sea ports in Karachi and Gwadar. The development came during Prime Minister Shehbaz Sharif’s two-day visit to Ashgabat, where he met Turkmen President Serdar Berdimuhamedov on the sidelines of an international forum. The proposal marks a strategic shift toward closer regional integration, opening new land and sea routes that could transform Pakistan into a major commercial gateway for Central Asia. A New Trade Corridor for Central Asia: Turkmenistan, a landlocked nation heavily dependent on overland routes, has long sought diversified access to global markets. Pakistan’s offer aims to create: • New alternative trade corridors• Reliable access to South Asia, the Middle East, and the wider global market• Expanded land-and-sea connectivity that benefits both countries According to official statements, the ports of Karachi and Gwadar are well positioned to support Turkmenistan’s growing trade ambitions, particularly as Central Asian nations look to reduce their logistical dependence on traditional routes. Strategic Diplomacy in Ashgabat: Prime Minister Shehbaz Sharif and President Berdimuhamedov met during international celebrations marking 30 years of Turkmenistan’s permanent neutrality, a globally recognized UN designation. During the meeting, the Pakistani premier highlighted how both ports especially Gwadar, located near vital shipping lanes can serve as high-value gateways for Central Asian exports and imports. Sharif also expressed gratitude to the Turkmen government for assisting in the evacuation of Pakistani citizens from Iran earlier this year during heightened tensions between Iran and Israel. High-Level Delegation from Pakistan: The Pakistani delegation included:• Ishaq Dar – Deputy Prime Minister• Awais Leghari – Federal Minister for Energy• Atta Tarar – Federal Minister for Information Their presence signals Pakistan’s intention to expand cooperation in energy, logistics, and trade infrastructure, even though no formal agreements or investment figures were announced during this round of talks. Energy Cooperation: A Long-Term Opportunity: Turkmenistan is one of the world’s major natural gas exporters, while Pakistan continues to face unresolved energy challenges. Both nations have previously explored major energy projects such as the TAPI gas pipeline, which is proposed to run through Afghanistan. While progress has been slow, renewed diplomatic engagement may help revive long-term energy cooperation discussions. Invitations for High-Level Visits in 2026: Prime Minister Shehbaz Sharif extended formal invitations to:• President Serdar Berdimuhamedov, and• Former President Gurbanguly Berdimuhamedov, now recognized as the National Leader of the Turkmen People for official state visits to Pakistan in 2026. These visits could push forward economic agreements, investment frameworks, and energy partnerships. Participation in Global Peace Forum: Shehbaz Sharif is also attending the International Forum on Peace and Trust, organized to mark the UN’s declaration of 2025 as the International Year of Peace and Trust. The forum reflects Turkmenistan’s long-standing diplomatic identity centered around neutrality and peaceful cooperation. Why This Matters for Regional Business & Investment: Pakistan’s offer has the potential to:• Position Karachi and Gwadar as regional trade hubs• Strengthen economic ties between South Asia and Central Asia• Enhance Pakistan’s relevance in global supply chains• Open doors to future energy, logistics, and infrastructure investments If fully realized, the collaboration could reshape commercial flows across the region, making Pakistan a central player in Central Asian trade connectivity.

KSE-100 Suffers Sharp Pullback as Profit-Taking Hits Market, Index Sheds 877 Points Amid Volatile Trading
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KSE-100 Suffers Sharp Pullback as Profit-Taking Hits Market, Index Sheds 877 Points Amid Volatile Trading

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The Pakistan Stock Exchange (PSX) witnessed a turbulent trading session on Thursday as the benchmark KSE-100 Index closed with a notable decline, ending the day at 168,574.69 points, down 877.17 points or 0.52%. After weeks of strong upward momentum, investors opted for profit-taking, triggering a broad-based selloff across major sectors. Volatility Dominates: Index Swings Over 1,700 Points: The market remained highly volatile throughout the session. The KSE-100 surged to an intraday high of 170,301.48 points (+849.62), but heavy selling pressure later dragged it down to an intraday low of 168,548.45 points (-903.41) a massive swing of 1,753 points. The benchmark index recorded a strong activity level, trading 656.55 million shares, reflecting sustained investor participation despite the bearish close. Market Breadth Turns Negative: Out of the 100 companies on the index:• 30 stocks closed higher• 68 declined• 2 remained unchanged The day clearly belonged to the sellers. Top Performers & Major Losers: Top GainersDespite the decline, a few stocks delivered impressive gains:• NML (+10.00%)• KAPCO (+10.00%)• SSGC (+7.50%)• GADT (+7.17%)• PABC (+5.30%) Top LosersSeveral major names came under intense pressure:• ISL (-6.62%)• PKGP (-6.51%)• PSEL (-5.80%)• INIL (-5.75%)• DHPL (-5.33%) Who Moved the Index? Key Contributors: Top Negative Contributors• FFC (-232.66 pts)• LUCK (-150.29 pts)• HBL (-97.52 pts)• PSEL (-85.26 pts)• HUBC (-63.40 pts) Top Positive Contributors• ENGROH (+86.63 pts)• NML (+86.60 pts)• OGDC (+57.57 pts)• KAPCO (+49.60 pts)• AICL (+37.86 pts) These gains helped cushion what could have been a steeper fall. Sector-Wise Performance: Cement & Banking Under Pressure: A deeper breakdown shows that multiple heavyweight sectors dragged the index into the red: Sectors Pulling the Index Down• Cement (-343.52 pts)• Fertilizer (-264.87 pts)• Commercial Banks (-253.96 pts)• Miscellaneous (-70.31 pts)• Engineering (-64.48 pts) Sectors Providing Support• Textile Composite (+108.80 pts)• Oil & Gas Exploration (+57.15 pts)• Investment Banks / Securities (+48.09 pts)• Insurance (+37.86 pts)• Technology & Communication (+26.22 pts) Broader Market Also Slips: The overall market followed a similar trend.The All-Share Index closed at 102,171.27 points, losing 383.53 points or 0.37%. • Total market volume: 1,288.97 million shares (higher than yesterday’s 1,190.53m)• Traded value: Rs 55.23 billion (up Rs 4.74 billion)• Total trades: 429,816 across 485 companies Among these:• 189 stocks advanced• 257 declined• 39 remained unchanged Despite Today’s Drop, KSE-100 Still on a Stellar Run: Even with Thursday’s correction, the market’s bigger story remains overwhelmingly positive. The KSE-100 has gained:• +42,947 points (34.19%) in FY 2025-26• +53,448 points (46.43%) in CY 2025 This makes PSX one of the world’s strongest performing equity markets this year.

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From Newsrooms to Gig Economy: PAFLA Trains Journalists, Photographers with Freelancing Art

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KARACHI: The Pakistan Freelancers’ Association (PAFLA) has planned an initiative to empower journalists with freelancing skills in collaboration with press clubs and associations across Pakistan, following its first capacity-building session at the Karachi Press Club (KPC). The nationwide initiative aims to equip Pakistani journalists with in-demand freelancing skills, enabling them to diversify income streams, build global clients, and generate sustainable income in a rapidly changing media economy. In this regard, PAFLA recently organized a “Learn and Earn Session” at the Karachi Press Club as part of its Empowering Journalists series in the digital world, which saw an overwhelming turnout from press club members. PAFLA Chairman Ibrahim Amin said the program is designed to help journalists translate their newsroom strengths, research, storytelling, verification, interviewing, and beat expertise, into paid opportunities across the global digital marketplace. “Journalists already have the most valuable currency in the digital economy: credibility, communication, and clarity,” said Ibrahim Amin, Chairman PAFLA. “Our mission is to empower Pakistani journalists with practical freelancing skills so they can earn with dignity, stay independent, and thrive in the modern world of work.” “Freelancing is not a ‘side hustle’ anymore; it’s a full professional ecosystem,” Amin added. “When journalists understand platforms, pricing, portfolios, and global client expectations, they don’t just survive disruption, they lead it.” The initiative comes at a time when Pakistan’s media industry has been facing repeated waves of job cuts, closures, and salary delays, putting intense financial pressure on reporters, producers, editors, and digital teams. The session was also addressed by experienced freelancing experts, Faraz Hussain and Hasan Bin Liaquat, President KPC Fazil Jamili, and Manzer Turk, Head of Capacity Building Committee-KPC.

Pakistani Rupee Holds Firm Against US Dollar
Pakistan

Pakistani Rupee Holds Firm Against US Dollar

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The Pakistani rupee (PKR) continued its steady trajectory on Thursday, posting a marginal gain against the US dollar in the interbank market. The local currency appreciated by 1.14 paisa, closing the day at PKR 280.36 per USD, slightly stronger than the previous close of 280.37. Despite the modest move, the rupee showed relative stability throughout the session, touching an intraday high (bid) of 280.40 and a low (ask) of 281.40, reflecting a calm trading environment amid improving sentiment in the currency market. Open Market: Dollar Remains Range-Bound: In the open market, exchange companies quoted the US dollar at:• Buying: PKR 280.60• Selling: PKR 281.40 The close alignment between interbank and open-market rates highlights increased supply and better liquidity, which has helped reduce volatility over the past few weeks. PKR Shows Mixed Movement Against Major Global Currencies: While the rupee held firm against the dollar, it showed a divergent trend when compared to other major international currencies. Euro (EUR)• PKR depreciated by 1.49 rupees (0.46%)• Closed at PKR 328.08 vs. previous 326.59 British Pound (GBP)• PKR weakened by 1.20 rupees (0.32%)• Settled at PKR 374.83 versus 373.63 earlier Swiss Franc (CHF)• PKR dropped by 2.47 rupees (0.71%)• Closed at PKR 350.83 Japanese Yen (JPY)• PKR slipped by 0.77 paisa (0.43%)• Closed at PKR 1.7977 compared to 1.7900 previously Chinese Yuan (CNY)• PKR eased by 1.67 paisa (0.04%)• Finished at PKR 39.72 Interestingly, the rupee showed slight strength against Gulf currencies: Saudi Riyal (SAR)• Gained 0.70 paisa (0.01%)• Closed at PKR 74.71 UAE Dirham (AED)• Gained 0.73 paisa (0.01%)• Closed at PKR 76.33 Rupee’s Performance in FY25 and CY25: The Pakistani rupee has displayed a mixed but improving pattern this year. Current Fiscal Year (FY25)• PKR has appreciated by 3.40 rupees (1.21%) against the USD Calendar Year (CY25)• PKR has depreciated 1.81 rupees (0.65%) so far The overall trend shows that while global currency pressures remain, Pakistan’s local unit is benefiting from better inflows, improved sentiment, and tighter administrative measures. Outlook: Stability Continues Amid Global and Local Shifts: The rupee’s slight gain against the dollar and its controlled movement across major currencies signal a market that is gradually stabilizing. With improving foreign exchange reserves, restrained imports, and steady remittance flows, analysts expect the PKR to maintain a narrow trading range in the near term. However, external factors such as global oil prices, geopolitical developments, and Federal Reserve rate decisions will continue to influence PKR’s direction.

World

Philip Morris International Expands its Partnership with Scuderia Ferrari HP, Launching a Bold New Chapter in Their Long-Standing Relationship  

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ZYN Branding to be present in selected races, starting with the Formula 1 Etihad Airways Abu Dhabi Grand Prix 2025 Stamford: Philip Morris International Inc. (NYSE: PM) today announced an expanded partnership with Scuderia Ferrari HP and with Ferrari Challenge Trofeo Pirelli—the single-marque motorsport championship created in 1993—for the 2026 season and beyond.  This next chapter introduces one major development: the ZYN brand of nicotine pouches—the number one nicotine pouch brand globally[1]—will feature on Scuderia Ferrari HP Formula 1 liveries at select races throughout the seasons. This bold new chapter reinforces a spirit of relentless innovation and unforgettable experiences that has defined the partnership for more than five decades—making it one of the strongest in sports history.  To mark this moment, ZYN branding will first feature on the Scuderia Ferrari HP car livery during the Abu Dhabi Grand Prix 2025 scheduled for December 7. “PMI shares with Scuderia Ferrari HP the pursuit to innovate and challenge the status quo for millions of adults that share this passion. By engaging in this space, we demonstrate our commitment on this journey,” said Stefano Volpetti, President Smoke-Free Products & Chief Consumer Officer, PMI. “By further enhancing our partnership with Scuderia Ferrari HP, we hope to accelerate the replacement of cigarettes, and we want our adult consumers of nicotine products, like ZYN, to embrace and enjoy every moment of this thrilling ride.” “Ferrari has always valued partnerships built on innovation, responsibility and a vision oriented toward continuous improvement, with a forward-looking mindset. Our renewed collaboration with PMI is a concrete expression of this approach and continues a relationship that has lasted for over fifty years, grounded in scientific progress and long-term thinking. As PMI advances the development of smoke-free alternatives, we are proud to evolve together, uniting our shared values of excellence, discipline and innovation to drive progress both on and off the track,” said Lorenzo Giorgetti, Chief Racing Revenue Officer, Ferrari.

Telenor Pakistan and UNICEF Advance Child Online Protection, Championing Safety in Pakistan’s Digital Space
Pakistan

Telenor Pakistan and UNICEF Advance Child Online Protection, Championing Safety in Pakistan’s Digital Space

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Islamabad: Telenor Pakistan and UNICEF jointly hosted the closing ceremony of their three-year partnership (2022–2025) dedicated to advancing child online protection. The event brought together representatives from government bodies including Pakistan Telecommunication Authority (PTA), the National Commission on the Rights of Child (NCRC) and the National Cyber Security emergency Response Team, Cabinet Division (NCERT), UN agencies, diplomatic missions, private sector partners, civil society, academia, as well as children and youth, providing a platform to celebrate achievements, foster dialogue, and envision the future of child online safety in Pakistan. The ceremony marked a milestone in advancing children’s safety in the digital space, highlighting achievements through collaboration between government, private sector, and civil society. Children’s voices were celebrated through creative showcases and youth-led messages promoting safe, responsible, and inclusive digital citizenship. The launch of the “Child Online Protection Anthem” by the NCRC Child Advisory Panel reinforced the collective commitment to protecting children online and tackling child sexual exploitation and abuse.Read more: PTCL-Telenor Acquisition Review is Now in Final Stages Speaking at the ceremony, Fridtjof Rusten, CEO, Telenor Pakistan, said, “Online safety is a global emergency, with one in three internet users being a child, many facing exploitation and abuse. In Pakistan, the situation is particularly urgent. Protecting children’s digital rights requires collaboration across all sectors. Through our partnership with UNICEF, we have laid the foundations, and at Telenor Pakistan, we know that keeping children safe online is a shared responsibility.” During the event, preliminary insights were shared from the ongoing Disrupting Harm II study, conducted in partnership with ECPAT International and INTERPOL. The study represents one of the most comprehensive research initiatives on online child sexual exploitation and abuse in Pakistan. Its full findings, expected in April 2026, are set to inform evidence-based policies, legislative reforms, and a costed national action plan to strengthen child online protection across the country. The ceremony also featured an engaging panel discussion with experts from government, civil society, academia, and the private sector, who shared perspectives on sustaining child online protection, highlighting key priorities, and exploring collaborative solutions to emerging digital risks. “As Pakistan’s connectivity grows, so does our responsibility to protect children from online risks. Our collaboration with Telenor and national partners has laid the foundations of a safer digital environment – from evidence generation, to establishing the first Child Online Protection Committee and to empowering children, parents, and educators. We are united around one shared goal: keeping every child safe online,” said Pernille Ironside, UNICEF Representative in Pakistan. Over the past three years, the UNICEF–Telenor partnership has empowered children, youth, parents, and teachers through digital campaigns, community engagement, and capacity-building initiatives, while advocating for stronger policies and embedding child online safety within national education frameworks. By combining expertise, evidence-driven interventions, and sustained advocacy, the partnership has strengthened Pakistan’s digital protection ecosystem and set a benchmark for collaborative, sustainable efforts in safeguarding children online.

The Boardroom PK delivers trusted business news, analysis, and insights from Pakistan and beyond, keeping readers informed, inspired, and ahead in the evolving world of business and leadership.

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