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ISPR Rejects India’s ‘Operation Sindoor’ Documentary As Propaganda
Pakistan

ISPR Rejects India’s ‘Operation Sindoor’ Documentary As Propaganda

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Pakistan’s military media wing has rejected India’s ‘Operation Sindoor’ documentary, describing it as a “Bollywood-style” production that allegedly attempts to portray a military setback as a successful operation. In a statement issued on Tuesday, the Inter-Services Public Relations (ISPR) accused India of presenting a selective and inaccurate version of last year’s Pakistan-India military confrontation. The statement said the documentary was designed to reshape the narrative surrounding the conflict for a domestic audience. “More than a year after Marka-i-Haq, India refuses to face the harsh reality,” ISPR said, adding that instead of acknowledging what Pakistan describes as a failed military venture, India had chosen to present events in its preferred version. The remarks came after Indian content creators produced a highly dramatized documentary featuring senior Indian political and military leadership and focusing on Operation Sindoor, the name New Delhi gave to its strikes on Pakistan on May 7, 2025. ISPR Questions India’s Account Of Operation Sindoor ISPR said the documentary used dramatic narration, selectively edited interviews and cinematic reconstructions to present what it described as a distorted account of the military confrontation. According to the military’s media wing, the production contained “fundamental contradictions” that raised questions about its version of events. ISPR particularly challenged the documentary’s attempt to connect a speech delivered by Pakistan’s army chief on April 16, 2025, with the Pahalgam attack that occurred six days later. The Pakistani military said the documentary was attempting to create a conspiracy theory by linking the two events without providing evidence to establish such a connection. The statement also questioned India’s timeline regarding the alleged perpetrators of the Pahalgam attack. ISPR said India later claimed that three alleged perpetrators were identified and killed on July 28, 2025, which was 82 days after Operation Sindoor. The military questioned how Operation Sindoor could be described as punishment for those responsible for the Pahalgam attack if India itself subsequently claimed that the alleged perpetrators were eliminated months later. Pakistan Challenges ‘100pc Mission Success’ Claim ISPR also rejected the documentary’s portrayal of Operation Sindoor as a complete military success. The military said the claim of “100 per cent mission success” did not correspond with what it described as the operational record of the conflict. According to ISPR, Pakistan’s armed forces successfully resisted Indian military action during what Pakistan calls Marka-i-Haq, claiming that eight Indian military aircraft were shot down. Pakistan subsequently launched Operation Bunyanum Marsoos, using precision-guided rockets and missiles, Pakistan Air Force precision munitions, long-range loitering munitions and precision artillery. ISPR said the operation targeted 26 military targets, including facilities that Pakistan claimed were involved in attacks against Pakistani citizens and entities it accused of supporting terrorism against the country. The Pakistani military presented these events as evidence that the conflict did not result in the unilateral Indian victory portrayed in the documentary. ISPR Points To Contradictions In Documentary The military’s statement said the documentary itself contained admissions that were difficult to reconcile with its portrayal of a decisive Indian victory. ISPR pointed to references in the production to Pakistani missile, drone and air activity, engagements along the Line of Control and the activation of Indian air-defence systems. According to the statement, these references indicate that the conflict involved sustained military activity and significant responses from Pakistan. ISPR argued that such acknowledgements contradicted the documentary’s repeated suggestion that Pakistan had been decisively defeated. The military also challenged the documentary’s account of how the fighting ended. US Intervention And Ceasefire According to ISPR, the documentary acknowledged that hostilities ended following communication between the two countries’ directors general of military operations and an agreement to cease military action. Pakistan’s military said this undermined the portrayal of Operation Sindoor as an exclusively unilateral Indian victory. ISPR maintained that the cessation of hostilities, which followed US intervention, could not later be presented as evidence of unconditional Indian military success. The statement also highlighted what it described as contradictions in the documentary’s account of escalation. According to ISPR, the production simultaneously claimed that India achieved surprise, precision, deep strikes and escalation dominance while also arguing that New Delhi deliberately limited the conflict and gave Pakistan an “exit window”. The Pakistani military said these competing claims demonstrated that the documentary was designed primarily as a domestic political and military narrative rather than an objective account of events. ISPR Says Battlefield Record Cannot Be Rewritten ISPR accused India of attempting to use cinematic reconstruction to reshape the history of the conflict. “India has not declassified the truth,” the military said, arguing that the documentary had been assembled to present what Pakistan considers a military failure as a successful operation. The statement said that cinematic presentation could not change the chronology of events, aircraft losses, military casualties or the actual engagements that took place. ISPR further argued that Pakistan did not need to manufacture a narrative around Marka-i-Haq, saying the operational record, battlefield evidence, diplomatic exchanges and subsequent statements by India provided evidence of what occurred. The military also reiterated Pakistan’s stated commitment to regional peace and stability. At the same time, ISPR said the Pakistan armed forces remained prepared to defend the country’s sovereignty, territorial integrity and national interests. The statement ended with a warning that any future military action against Pakistan would receive a firm response.

Pakistan’s Food Import Bill Surges to $9.16bn in FY26 Despite Agriculture’s 23.4% GDP Share
Pakistan

Pakistan’s Food Import Bill Surges to $9.16bn in FY26 Despite Agriculture’s 23.4% GDP Share

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Pakistan imported $9.16 billion worth of food in FY26, accounting for 13.2 percent of the country’s total import bill. Productivity and Processing Shortfalls Official data shows the food import bill rose about 11.7 percent from $8.2 billion in the previous year. Palm oil alone accounted for roughly $3.79 billion, remaining the single largest item. Sugar imports jumped dramatically, reaching around $175 million after the government allowed large-scale purchases to meet domestic shortages. Tea, pulses and other items also added to the rising bill. Analysts note that Pakistan possesses one of the world’s largest contiguous irrigation networks and significant cultivable land. Yet yields remain low in several key crops while post-harvest losses and limited processing capacity continue to hurt output. Food exports meanwhile declined sharply to about $5 billion from over $7 billion a year earlier, widening the food trade deficit. Structural Reforms Needed Across the Value Chain Economic Policy & Business Development highlighted that the core problem is not land scarcity. It is weak productivity, inadequate processing facilities, limited value addition and inefficient markets. Without stronger research, better seed varieties, improved storage and modern agro-processing units, import dependence will persist. Experts argue that targeted incentives for oilseed cultivation, better crop forecasting and farmer-friendly policies could reduce the edible oil and sugar import burden. Market reforms that improve farm-to-market linkages and reduce intermediaries would also help farmers earn more while boosting domestic supply. Policymakers have been urged to treat agriculture as a complete value chain rather than focusing only on production. Strengthening the entire chain—from input supply and cultivation to processing, packaging and export—offers the clearest path to cutting the food import bill. Continued reliance on imports for basic food items places pressure on foreign exchange reserves and exposes the economy to global price shocks. Addressing these structural weaknesses remains essential for long-term food security and external account stability.

Pakistan To Develop Lithium-Ion Battery Standards For Electric Vehicles
Tech

Pakistan To Develop Lithium-Ion Battery Standards For Electric Vehicles

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The Ministry of Industries has directed the Pakistan Standards and Quality Control Authority (PSQCA) to develop standards for lithium-ion batteries used in electric vehicles (EVs), as Pakistan moves to strengthen safety and quality requirements for its emerging electric mobility and energy storage industries. The move comes as the government works with industry stakeholders to finalise the Next Generation Energy Storage Policy 2026-2033. Engineering Development Board (EDB) Chief Executive Hammad Mansoor is expected to present an updated version of the policy at an upcoming stakeholders’ meeting. A senior official of the Ministry of Industries said PSQCA had been asked to develop the necessary standards while the broader energy storage policy was being prepared. The initiative aims to establish a regulatory framework for EV-grade batteries, including requirements covering safety, durability, thermal management, battery management systems and performance under Pakistan’s road and weather conditions. Pakistan Needs EV-Grade Battery Standards Pakistan currently has no dedicated standards for advanced lithium-ion battery packs designed for four-wheeled electric vehicles. The official explained that the country mainly has access to basic consumer-grade lithium batteries used in products such as mobile phones and laptops. However, EV battery systems operate at much higher voltages and capacities and require more advanced industrial safety and performance standards. Electric vehicle battery packs must be capable of handling significant electrical loads while maintaining safety during charging, driving, accidents, extreme temperatures and other demanding conditions. The government therefore wants PSQCA to establish standards that can be incorporated into the proposed Next Generation Energy Storage Policy. The standards could also provide clearer requirements for manufacturers, assemblers and importers entering Pakistan’s growing EV market. EV Industry Seeks Local Battery Manufacturing Several EV assemblers operating in Pakistan have expressed willingness to work with the Engineering Development Board on establishing facilities for lithium-ion battery assembly or cell manufacturing. The development of local battery production could support the government’s broader efforts to increase domestic manufacturing and reduce dependence on imported components. However, officials believe safety standards must be established before the industry expands significantly. The standards would also apply to imported batteries to ensure that products entering Pakistan meet minimum requirements for safety, durability and performance. The ministry official said standards were necessary to ensure that imported lithium-ion batteries are safe and durable under local operating conditions. Battery Safety And Abuse Testing One of the major components of the proposed framework is Cell Safety and Abuse Testing. The standards are expected to include extreme stress validation to determine how battery cells behave under potentially dangerous conditions. The proposed testing framework could require cells to undergo computerised and physical destruction tests, including mechanical crushing, overcharging and thermal abuse. The objective would be to ensure that batteries do not catch fire or become dangerously unstable when subjected to severe stress. Such testing is particularly important for EV batteries because damage to individual cells can potentially trigger thermal events that spread across an entire battery pack. The proposed standards would therefore establish minimum safety requirements before batteries can be used in electric vehicles. Battery Management Systems Need Regulation Another key area identified by the ministry is the Battery Management System (BMS). BMS technology monitors and manages battery cells during charging and operation. It can track parameters such as voltage, temperature and battery condition and intervene when operating conditions become unsafe. According to the ministry official, Pakistan currently has no dedicated regulations covering BMS technology for EV batteries. The proposed standards would require smart BMS systems capable of responding rapidly to abnormal voltage conditions. Microsecond-level cutoffs could be required to protect battery cells from overvoltage and undervoltage conditions. Such problems can contribute to cell swelling and other battery failures. Establishing BMS requirements would therefore become an important part of the country’s EV battery safety framework. Thermal Safety And Fire Containment Pakistan’s climate also creates specific challenges for lithium-ion battery operation. The proposed standards include requirements for Thermal Defect Logging to ensure batteries remain functional and safe under local temperatures and environmental conditions. Another important requirement would be a Fire Containment mechanism. Under the proposed framework, finished battery packs could be required to incorporate materials such as aerogel or fire-retardant epoxy sheets. These materials can help limit heat transfer between battery modules if a single cell experiences a failure. Containing heat within a damaged section could reduce the risk of thermal propagation and help prevent a single-cell failure from developing into a larger battery fire. Batteries To Face Pakistan-Specific Durability Tests The proposed framework would also introduce a Pakistani Road Durability requirement. Under this standard, battery packs would have to withstand a one-metre drop onto bare concrete without developing structural cracks, leaks or internal damage. The requirement is intended to ensure that battery packs can withstand the physical stresses associated with Pakistan’s road conditions and vehicle operating environments. The standards would also address environmental protection. Battery packs would need suitable dust shields and weatherproofing, including protection against water exposure. This is particularly important in Pakistan because heavy rainfall, flooding and monsoon conditions can expose vehicles and their electrical systems to significant amounts of water. Water-submersion resistance would therefore be an important consideration for EV battery design. Policy Could Support Pakistan’s EV Industry The development of lithium-ion battery standards could provide greater certainty to EV manufacturers, assemblers, importers and potential battery producers. A clearly defined regulatory framework could help manufacturers understand the technical requirements for selling or producing EV batteries in Pakistan while giving consumers greater confidence in battery safety and reliability. The initiative also fits into the government’s broader efforts to promote electric mobility and develop domestic energy storage capabilities. With the Next Generation Energy Storage Policy 2026-2033 under development, battery standards could become a key component of Pakistan’s transition toward electric transportation and cleaner energy technologies. The final standards will determine how EV-grade batteries are tested, certified and regulated in Pakistan. Their implementation could also influence future investment in local battery assembly and manufacturing.

Samba Bank Acquisition Faces 90 Day Delay as Najd Gateway Extends Offer Deadline
Business

Samba Bank Acquisition Faces 90 Day Delay as Najd Gateway Extends Offer Deadline

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The proposed Samba Bank acquisition by Najd Gateway Holding Company has hit another delay, raising fresh questions about the timing and final structure of the deal. The acquirer has secured a 90 day extension to make its Public Announcement of Offer, pushing the deadline from August 19 to November 17, 2026. The development was disclosed by Arif Habib Limited, the Manager to the Offer, through a notice submitted to the Securities and Exchange Commission of Pakistan and the Pakistan Stock Exchange. Najd Gateway is seeking to acquire 84.51 percent of Samba Bank Limited and take control of the bank. The proposed transaction involves 852.04 million ordinary shares, representing 84.51 percent of the bank’s issued and paid up capital. The latest extension indicates that negotiations between the parties have not yet reached the stage required for the formal Public Announcement of Offer. Why the Samba Bank Acquisition Is Being Delayed The proposed Samba Bank acquisition dates back to a Public Announcement of Intention published on February 20, 2026, followed by an addendum issued on March 5. Under Regulation 7(1) of the Listed Companies Substantial Acquisition of Voting Shares and Takeovers Regulations, 2017, the Public Announcement of Offer was required within a prescribed 180 day period. That period was due to expire on August 19, 2026. However, ongoing negotiations prevented the acquirer from completing the announcement within the original timeframe. Najd Gateway has now exercised the option to extend the deadline by another 90 days, making November 17, 2026 the new deadline for the Public Announcement of Offer. 84.51 Percent Stake Makes Samba Bank Acquisition Significant The scale of the proposed transaction makes the Samba Bank acquisition more than a routine shareholding change. Acquiring 84.51 percent of a bank effectively provides the buyer with controlling influence over its strategic direction, management and future expansion. For existing shareholders, however, the prolonged negotiation period creates uncertainty. Investors now face another three months before the transaction moves to a potentially more definitive stage. The critical issue is that an extension does not guarantee completion of the acquisition. It only provides additional time for negotiations and regulatory and transaction-related processes. Delay Raises Questions for Samba Bank Investors The latest development deserves closer scrutiny because the transaction has already progressed through the announcement of intention and its subsequent addendum, yet the formal offer remains pending. That raises an important question for the market: what issues are keeping negotiations open for so long? Neither the notice nor the information provided explains the specific matters still being negotiated. This lack of detail leaves investors with limited visibility into whether the delay relates to valuation, transaction conditions, regulatory requirements, financing arrangements or other commercial considerations. For shareholders, greater transparency around the reasons behind the extended negotiations would help reduce uncertainty. What Happens Next The immediate deadline for the Samba Bank acquisition is now November 17, 2026. Until then, investors will be watching for further disclosures regarding the terms of the proposed offer and whether the parties successfully conclude their negotiations. If the Public Announcement of Offer is made within the extended period, the transaction could move into a more concrete phase. If negotiations face further obstacles, however, another delay could intensify concerns about the certainty and timeline of the proposed takeover. The coming three months will therefore be crucial for Samba Bank, Najd Gateway and shareholders waiting for clarity on one of the bank’s most consequential ownership developments.

Petrol Price Rises Rs5.77, HSD Rs6.47 As New Rates Take Effect
Breaking News

Petrol Price Rises Rs5.77, HSD Rs6.47 As New Rates Take Effect

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The government has increased the petrol price by Rs5.77 per litre and the price of high-speed diesel (HSD) by Rs6.47 per litre, raising fuel costs for consumers and businesses across Pakistan. Following the latest revision, petrol will be sold at Rs331.20 per litre, while HSD will cost Rs390.42 per litre. The new prices are effective from August 18, 2026, according to a notification issued by the Petroleum Division. The government continues to collect Rs114 per litre in taxes and duties on petrol and Rs100 per litre on diesel, adding significantly to the overall cost paid by consumers. The latest increase comes amid continued volatility in international oil markets and renewed tensions in the Middle East, which have disrupted global energy supply routes and increased uncertainty over crude oil prices. Petrol Price Increases To Rs331.20 Per Litre The petrol price has increased by Rs5.77, moving from Rs325.43 to Rs331.20 per litre. Petrol is primarily used by private vehicles, motorcycles, rickshaws and other small vehicles. As a result, increases in petrol prices directly affect household transportation expenses, particularly for middle- and lower-middle-income consumers. Higher petrol prices can also increase the cost of transportation services and put additional pressure on businesses that depend on road-based mobility. The latest rate remains significantly below the record high reached earlier this year. Petrol had climbed to Rs458.41 per litre on April 3, after beginning an upward trend from around Rs266 per litre during the first week of March. Although prices have subsequently declined from those peaks, the latest increase reflects renewed pressure from international market conditions. HSD Price Rises To Rs390.42 The government has increased the price of high-speed diesel by Rs6.47 per litre, taking it to Rs390.42 per litre. Diesel plays a critical role in Pakistan’s economy because it powers heavy transport, agricultural machinery, power plants and large generators. An increase in HSD prices can therefore have a broader impact on the economy than petrol price increases. Higher diesel costs can raise transportation expenses and increase the cost of moving agricultural and industrial goods across the country. The HSD price is still well below its record level of Rs520.35 per litre, recorded on April 3. According to the available price history, HSD had started increasing from around Rs281 per litre after the US-Iran conflict began on February 28. Govt Moves Toward Daily Fuel Pricing The latest price revision comes after Petroleum Minister Ali Pervaiz Malik announced that the government would move toward daily fuel price adjustments because of fluctuations in international petroleum prices. Under the new mechanism, the Oil and Gas Regulatory Authority (OGRA) has been given responsibility for determining fuel prices on a daily basis based on movements in international markets. Previously, the government had been announcing fuel price revisions on a weekly basis. The weekly system had been introduced alongside fuel conservation measures amid concerns over possible disruptions to global oil supplies caused by the conflict in the Middle East. The shift to daily pricing is intended to allow domestic fuel prices to respond more quickly to changes in international crude oil and petroleum product prices. However, the All Pakistan Dealers Association has opposed the daily pricing mechanism and said it would consider a protest plan. Fuel Prices Affect Consumers And Businesses Changes in petroleum prices have a direct impact on consumers as well as businesses. Petrol is widely used for private transportation, motorcycles, rickshaws and small vehicles. A rise in petrol prices therefore increases daily commuting costs for millions of people. Diesel is particularly important for the transportation and industrial sectors. Heavy trucks and other commercial vehicles depend heavily on HSD, meaning an increase in diesel prices can raise freight costs. Higher transportation expenses can eventually affect the prices of food, consumer goods and other products because businesses may pass increased logistics costs on to customers. The impact can also extend to electricity generation in areas where diesel-powered generators are used. Petrol And Diesel Remain Major Revenue Sources Petrol and HSD remain among the government’s largest petroleum revenue sources because of their high consumption levels. Monthly sales of petrol and HSD are estimated at around 700,000 to 800,000 tonnes, compared with monthly kerosene demand of only around 10,000 tonnes. The large consumption base means changes in petroleum taxes and prices can have a substantial effect on government revenues. At the same time, higher fuel prices can increase inflationary pressure and raise transportation costs for households and businesses. The government therefore faces a difficult balance between maintaining petroleum revenues, responding to international market movements and limiting the impact of higher fuel costs on consumers. With the new rates effective from August 18, petrol will now cost Rs331.20 per litre, while HSD will be available at Rs390.42 per litre. Further changes will depend on international oil prices, global supply conditions and the government’s daily pricing mechanism.

Pakistan’s Economic Stabilisation Comes at a Heavy Cost for the Poor
Editor pick

Pakistan’s Economic Stabilisation Comes at a Heavy Cost for the Poor

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Pakistan’s repeated efforts to stabilise its economy have significantly changed the country’s economic landscape, but experts warn that the adjustment process has also increased pressure on vulnerable households. Speaking at the opening of the 8th International Conference on Applied Development Economics in Lahore, economists highlighted the difficult balance between macroeconomic stability, economic growth and social welfare. Economic Growth Remains Constrained by Weak Exports Lahore School of Economics Professor and Dean of the Economics Faculty Dr Azam Chaudhry said Pakistan’s economic growth has reached a ceiling because of the country’s limited export performance. He identified weak investment by domestic firms as a major factor behind the prolonged stagnation. Businesses face information gaps, limited access to credit and coordination problems that make it difficult for them to expand operations and compete in international markets. Without stronger private-sector investment and export capacity, stabilisation alone may not be enough to place Pakistan on a sustainable higher-growth path. Stabilisation Has Changed the Economic Landscape Pakistan has repeatedly relied on measures such as exchange-rate adjustments, privatisation and economic liberalisation to address persistent financial pressures. While these measures have contributed to changes in the structure of the economy, experts at the conference noted that their social consequences cannot be ignored. Higher adjustment costs can disproportionately affect lower-income households, particularly when economic reforms coincide with pressure on household incomes and limited employment opportunities. Government Spending Remains Important for Social Protection Lahore School of Economics Rector Dr Shahid Chaudhry stressed that national development requires substantial government spending. He pointed to publicly supported healthcare and social protection programmes as examples of the challenges involved in developing stronger welfare systems. The issue highlights the need to balance fiscal discipline with adequate protection for households that are most vulnerable during periods of economic adjustment. Remittances Provide a Safety Net for Vulnerable Families University of Michigan Professor Dean Yang highlighted the role of migrant remittances as a form of income insurance for vulnerable households. According to the research presented at the conference, families with members working abroad can use remittances to cope with economic shocks. Some households may also view overseas migration as a deliberate strategy to diversify family income and reduce financial vulnerability. This makes remittances an important source of resilience for Pakistani households facing economic uncertainty. Digital Land Records Improve Women’s Inheritance World Bank economist Kate Vyborny presented evidence showing that the digitisation and centralisation of land records in Punjab had a positive impact on women’s inheritance of parental property. The research found that women’s share of inherited parental land increased from 13 percent to 22 percent following improvements in land-record systems. The finding suggests that administrative and digital reforms can produce meaningful social benefits when they improve access to property rights and reduce barriers faced by vulnerable groups. Early-Life Shocks Can Have Lasting Consequences Researchers at the conference also examined the long-term impact of childhood exposure to economic and environmental shocks. Studies presented at the event found that exposure to the devastating 2010 floods during early childhood resulted in lasting effects on children’s health and cognitive development. At the same time, researchers highlighted positive outcomes from educational interventions. Child-marriage edutainment programmes and greater access to local higher education were associated with improvements in female enrolment, grade progression and longer-term educational outcomes. Pakistan Needs More Inclusive Economic Growth The discussions underline a central challenge for Pakistan: achieving macroeconomic stability while ensuring that the benefits of economic development reach vulnerable communities. Stabilisation measures can address immediate financial pressures, but stronger exports, greater private investment, better access to credit and effective social protection are needed to create sustainable growth. The three-day conference, being held from August 17 to 19, is organised by the Centre for Research in Economics and Business and the Innovation and Technology Centre at Lahore School of Economics, in collaboration with the International Growth Centre and the Consortium for Development Policy Research. The discussions demonstrate the importance of research and evidence in designing policies that can support economic stability without leaving vulnerable segments of society behind.

SBP Revokes Al-Rahim Exchange Company Licence Over Regulatory Breaches
Editor pick

SBP Revokes Al-Rahim Exchange Company Licence Over Regulatory Breaches

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The State Bank of Pakistan (SBP) has cancelled the authorisation and licence of Al-Rahim Exchange Company (Pvt.) Limited, citing serious violations of the central bank’s regulatory requirements. The cancellation has taken effect immediately, effectively removing the company from Pakistan’s formal foreign exchange market. Al-Rahim Exchange Company Barred From Forex Operations Following the SBP’s decision, Al-Rahim Exchange Company and all of its branches are prohibited from conducting foreign exchange-related activities. The company can no longer buy, sell or otherwise deal in foreign currencies. Customers and counterparties will therefore no longer be able to conduct foreign exchange transactions through the exchange house. First Exchange Licence Cancellation of FY2026-27 The action represents the first exchange company licence cancellation during the financial year that began on July 1, 2026. The decision also comes amid continued regulatory enforcement against exchange companies. The SBP has taken several actions against exchange houses during 2026 as part of efforts to improve compliance across the sector. SBP Provides Limited Details on Violations The central bank did not disclose the specific regulatory violations that led to the cancellation. Exchange companies operating in Pakistan are subject to regulatory requirements covering areas such as foreign exchange transactions, documentation, reporting and anti-money-laundering compliance. The latest action highlights the importance of maintaining compliance with the SBP’s regulatory framework for companies operating in the foreign exchange market. Al-Rahim Had Operated Since 2004 Al-Rahim Exchange Company was established in 2004 and was based in Karachi. The company operated through a network of branches in several cities. Its head office was located on Shahrah-e-Faisal in the PECHS area of Karachi. With its licence now cancelled, the company no longer has the legal authority to conduct foreign exchange business in Pakistan. SBP Tightens Oversight of Exchange Companies The latest enforcement action reflects the SBP’s continued focus on strengthening oversight of Pakistan’s exchange company sector. Only entities authorised and licensed by the central bank can legally conduct foreign exchange business. Licence cancellations serve as a reminder that regulatory compliance remains a fundamental requirement for companies operating in the sector. The SBP’s action is also aimed at maintaining confidence and integrity within the country’s formal foreign exchange market.

Cnergyico Buys 8.1m Barrels Of US Crude As Pakistan Diversifies Energy Supplies
Pakistan

Cnergyico Buys 8.1m Barrels Of US Crude As Pakistan Diversifies Energy Supplies

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Pakistan’s largest refiner Cnergyico is increasing its purchases of US crude oil as the country seeks to diversify energy supplies after disruptions linked to the Iran war exposed its heavy reliance on Gulf shipping routes. Cnergyico, which first started importing US crude last year, is considering additional spot purchases alongside longer-term supply contracts with Vitol and other suppliers. Vice Chairman Usama Qureshi told Reuters that the company would assess purchases based on pricing, reliability and supply security. The move comes as Pakistan looks to reduce the risks associated with relying heavily on a single region for energy imports. The disruption caused by the conflict has highlighted the vulnerability of Pakistan’s oil and liquefied natural gas (LNG) supply chains, particularly because a large share of these shipments normally passes through the Strait of Hormuz. Cnergyico Imports 8.1 Million Barrels Of US Crude Cnergyico has imported approximately 8.1 million barrels of US crude over nine months, according to Qureshi. Of this total, around 7.1 million barrels worth approximately $750 million were imported during the fiscal year that ended in June. The company’s purchases represent a significant portion of the increase in Pakistan’s imports from the United States. According to central bank data, Pakistan’s payments for US imports increased by $914 million to $3.27 billion during the fiscal year. Cnergyico’s US crude purchases therefore accounted for roughly 80% of the increase in Pakistan’s import payments from the US. The growing crude purchases could help Pakistan increase bilateral trade with Washington while also providing the country with another source of oil supplies. Pakistan Seeks More US Imports Pakistan is also seeking to increase imports from the United States as part of broader efforts to manage its trade relationship with Washington. Higher purchases from the US could help narrow Pakistan’s trade surplus with the country and potentially support Islamabad’s efforts to secure lower trade tariffs imposed by US President Donald Trump. The government has been looking for ways to increase commercial ties with the United States while securing better market access for Pakistani exports. Cnergyico could further increase its purchases of US crude if Pakistan’s proposed EXIM Bank trade-finance facility becomes available to the refiner, Qureshi said. Pakistan proposed the facility last month to enable Pakistani buyers to defer payments to US exporters for as long as three years. Such financing could make larger crude purchases more manageable for local refiners and improve their ability to diversify suppliers. Gulf Routes Remain Critical Pakistan currently relies heavily on Saudi Arabia and the United Arab Emirates for its oil supplies. Before the recent disruptions, around 90% of Pakistan’s oil and LNG imports passed through the Strait of Hormuz, making the route critical to the country’s energy security. The Iran conflict and resulting disruption have increased concerns over the reliability of the route. Any prolonged disturbance can affect shipping schedules, insurance costs, freight rates and the availability of energy supplies. Pakistan has therefore been exploring alternative supply arrangements. One option under consideration is importing Saudi crude through Yanbu, a major port on Saudi Arabia’s Red Sea coast. The route could provide an alternative to shipments that normally travel through the Strait of Hormuz. Cnergyico Plans $1.2bn Refinery Upgrade Cnergyico is also evaluating infrastructure investments to strengthen its ability to handle crude and refined products. The company is considering the development of a second offshore mooring connected to its storage network. The facility would allow the refiner to import crude and export refined products using large tankers outside Karachi’s congested port facilities. The proposed infrastructure forms part of Cnergyico’s broader $1.2 billion refinery upgrade. The upgrade is expected to help the company meet Euro V fuel standards, reduce furnace-oil production and increase refining capacity to approximately 200,000 barrels per day. A second offshore mooring could also improve the efficiency of crude imports and refined-product exports by reducing dependence on constrained port infrastructure. US Crude Could Lower Shipping Costs Industry analysts believe greater access to US crude could provide logistical benefits for Pakistan. Fawad Basir, head of research at KTrade Securities, said the disruptions in the Middle East had demonstrated the risks associated with dependence on a single supply route. According to Basir, using Very Large Crude Carriers (VLCCs) to transport US crude could reduce freight costs by approximately 25% to 30%. The use of larger vessels could allow refiners to transport greater volumes per shipment, potentially reducing transportation costs per barrel. A second Single Point Mooring (SPM) could also accelerate vessel turnaround times by allowing tankers to load or unload crude offshore rather than relying entirely on existing port facilities. Pakistan Seeks Greater Energy Security The shift toward US crude comes as Pakistan faces rising fuel costs and growing pressure to secure reliable energy supplies. Higher petroleum prices have already increased pressure on households and businesses, while protests over inflation and fuel costs have emerged in the country. For Pakistan, diversifying crude suppliers could provide greater flexibility during future disruptions. However, US crude purchases will also depend on international oil prices, freight costs, financing arrangements and the compatibility of different crude grades with local refineries. Cnergyico’s growing purchases suggest that US crude could become a more important component of Pakistan’s energy supply mix. The refinery’s proposed infrastructure expansion, combined with alternative supply routes and greater access to international crude markets, could help Pakistan reduce its exposure to disruptions around the Strait of Hormuz. The strategy also supports Islamabad’s broader effort to strengthen economic ties with Washington while addressing the country’s energy security challenges.

The Rise of Flexible Workplaces and Modern Business Culture
Opinion

The Rise of Flexible Workplaces and Modern Business Culture

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The Rise of Flexible Workplaces: How Modern Offices Are Changing Business Culture Flexible workplaces are here to stay. In the last few years, the nature of traditional workplaces consisting of employees working specified hours at assigned workstations has given way to more flexible work systems. Employees’ favourite work systems include the adoption of flexible work hours and remote work, coupled with innovative office plans designed with an emphasis on work flexibility and collaboration. Flexible work systems have become an integral element in modern business strategies. Companies that embrace flexible work systems find it easier to hire and retain the services of top employees and build teams able to meet business needs with a high level of satisfaction. Understanding the Flexible Workplace A flexible workplace is a workplace with a high degree of freedom for employees about how, where, and when work is carried out, as long as the work objectives are achieved. A flexible workplace may include remote work, collaboration work flexibility coupled with working hours flexibility, or workstations designed for collaboration in place of individual workstations. The purpose of flexible work systems is not convenience. The intention is to develop work systems that would ensure that the staff maintains maximum productivity but with better work-life balance. Why Businesses are Adopting Flexible Work Models Flexibility in work schedules and remote working arrangements is of great importance to future employees nowadays. Increased work policy flexibility ensures greater employee satisfaction and retention rates. Employees appreciate having control over their schedules. Flexible scheduling benefits businesses as it broadens their search parameters when looking for new employees. Employees can be located anywhere. Businesses are now able to choose from potential employees around the world. Flexible work policies lead to greater business diversity as employees from around the world become potential employees. The Impact on Business Culture Flexible work policies also cut overhead related to underused office space. Employees work from home efficiently, but at the cost of the business losing some of its in-person performance. Flexible work structures also increase employee satisfaction and empower them to be more autonomous and self-responsible. The trust-based system of flexible work models relies on employees taking initiative in collaboration. Digital tools have filled the workplace void and helped teams stay connected. Challenges That Businesses Should Address Flexible work models also bring with them challenges. Managers who rely on old work systems and don’t trust employees to take ownership of their responsibilities create cultures of low motivation and dissatisfaction, ultimately decreasing innovation. Establishing performance goals, multiple ways of communication, and necessary equipment are a few strategies high-performing organizations employ. Managers also create collaborative and high-performing teams, motivate employees, and build strong cultures. Looking Ahead Disruption will continue to be created as a result of technology and customers’ demands. In order to be a winner, companies should have the ability to adjust themselves fast enough since the future belongs to those who can take advantage of the market disruption. The flexible approach will provide content employees and good collaboration. Companies that recognize this will be the first choice for top talent and will allow them to sustain long-term growth. Conclusion Framed differently, flexible workplaces may be the future of all workplaces. Businesses that offer employee well-being, trust and employee communication will be the most successful. Flexible workplaces will be the way of the future in order to have the best productivity and the best employee well-being for all employees. FAQs What is a flexible workplace? Flexible workplace environments provide their employees with the ability to decide when and where to work, provided that it is helping the organization to achieve its objectives. Do flexible workplaces improve productivity? Most businesses report increased productivity and employee engagement as well as improved balance in the work and personal lives of employees. Why are companies adopting hybrid work models? A flexible work environment will assist an organization in keeping its employees while at the same time lowering its costs of operation.

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