Author name: Web Desk

Pakistan Exempts Export Development Surcharge to Boost Exporter Confidence
Pakistan

Pakistan Exempts Export Development Surcharge to Boost Exporter Confidence

The State Bank of Pakistan (SBP) has officially implemented the exemption of the 0.25% Export Development Surcharge (EDS) on all exported goods, as per the Federal Government’s S.R.O 2335(I)/2025 dated December 1, 2025. This move withdraws previous SBP circulars immediately, providing significant relief to exporters by reducing business costs and enhancing global competitiveness. Khurram Schehzad, Advisor to the Finance Minister of Pakistan said the Federal Government has exempted all exported goods from Export Development Surcharge levied under sub section (1) of section 11 of the Finance Act 1991, with immediate effect, see the notification attached by the State Bank of Pakistan. Accordingly, the SBP’s Circular Letters stand withdrawn immediately. Decision taken by the Prime Minister in a few days of forming the focused Working Groups with the Private Sector in the lead, to revoke the Export Development Surcharge, amongst other key restructuring decision, including giving charge of hanging export development fund to the exporters, has now been implemented as well. The speed of decision and implementation has shown the will and committment of the Government of Pakistan to reduce cost of doing business while providing an enabling environment for investors and exporters.

Crypto Pioneer Bilal Bin Saqib Exits Government Role, Sparks Social Media Speculation
Pakistan

Crypto Pioneer Bilal Bin Saqib Exits Government Role, Sparks Social Media Speculation

Islamabad: Bilal Bin Saqib, Pakistan’s Minister of State for Crypto and Blockchain, has resigned from his position as Special Assistant to the Prime Minister (SAPM) owing to bureaucratic hurdles. The move stems from the Rules of Business 1973, which prohibit holding the SAPM role while chairing a statutory body like the Pakistan Virtual Assets Regulatory Authority (PVARA), of which Saqib remains chairman. Rumors of the crypto ministry’s shutdown spread rapidly on WhatsApp, but a staffer clarified that developments continue, with Saqib scheduled to speak at Binance Blockchain Week in Dubai on December 3. His profile was removed from the Cabinet Division website, igniting social media chatter. Journalist Shahzad Paracha posted on X: “Has Bilal Bin Saqib’s state minister position been revoked? Profile deleted from cabinet division website,” noting PVARA’s finalized crypto rules and impending notification. Appointed in May 2025, Saqib spearheaded Pakistan’s blockchain strategy, establishing PVARA and the Pakistan Crypto Council. With over 50 million crypto users and $300 billion in annual trading, Pakistan ranks top 5 globally in adoption, bolstered by its youthful demographic—70% under 30—and third-largest freelancer market. A Forbes Under 30 alum and MBE recipient from King Charles III for humanitarian work like One Million Meals during COVID-19, Saqib founded Tayaba to address water crises via the H2O Wheel. Reddit users speculated on his vested interests in crypto businesses, calling his tenure promotional amid unregulated markets. Analysts see this as a regulatory alignment, potentially speeding crypto legalization without performance concerns.

Faysal Bank Launches Pakistan’s First PayPak–Mastercard Co-Badge Debit Card
Pakistan

Faysal Bank Launches Pakistan’s First PayPak–Mastercard Co-Badge Debit Card

Karachi: Faysal Bank Limited (FBL), in partnership with PayPak and Mastercard, has unveiled Pakistan’s first PayPak–Mastercard Co-Badge Debit Card, a landmark development for the country’s payments ecosystem. The new card brings together the global acceptance and security of Mastercard with the reliability and cost-efficiency of PayPak, supporting the State Bank of Pakistan’s (SBP) vision of a robust and self-reliant domestic payments infrastructure. The launch underscores Faysal Bank’s commitment to advancing digital transformation and financial inclusion by offering customers seamless payment capabilities at home and abroad. Powered by PayPak’s homegrown infrastructure and Mastercard’s international network, the co-badge card provides secure, interoperable, and globally connected payment options. The event was attended by the Governor State Bank of Pakistan, Mr. Jameel Ahmad as Chief guest along with Mr. Saleem Ullah Deputy Governor State Bank of Pakistan and the senior leadership of Faysal Bank Limited, Paypak , MasterCard & Euronet, highlighting the strategic importance of this collaboration in shaping Pakistan’s digital payments future. Mr. Jameel Ahmad, Governor State Bank of Pakistan expressed his views;“Today’s co-badging initiative is a step forward towards developing mutually beneficial partnerships between international and domestic payments schemes that can create better value for all stakeholders. I congratulate Faysal Bank, Mastercard, and 1Link on taking this initiative. SBP would continue to ensure a level playing field for all the payment system players, including the international payment schemes. The future of our payments system lies in a strong, interoperable, secure and self-sustaining digital payments infrastructure that supports financial inclusion and facilitates sustainable and inclusive economic growth.” Speaking at the ceremony, Mr. Yousaf Hussain, President & CEO of Faysal Bank, said;“We feel honored to pave the way for fostering digital payments in Pakistan by launching PayPak Mastercard Co-Badge Debit Card at Faysal Bank, that marks the next chapter in Pakistan’s payments evolution. This is another industry first product similar to Faysal Bank’s flagship Noor card, the only Shariah-compliant credit card available in the market. This milestone reflects the growing strength of our domestic payments ecosystem, the value of collaboration between local institutions and global partners, our commitment as a bank and as a wider industry to provide customers with secure, modern, internationally accessible digital payment solutions as envisioned by the State Bank of Pakistan.” Through this initiative, Faysal Bank continues to lead in Shariah-compliant and digitally innovative banking, reinforcing its mission to provide future-ready solutions that empower customers and strengthen Pakistan’s evolving payments landscape.

Apple Refuses Indian Govt Orders for Built-in Cyber Security App Fearing Infringement on Privacy of Citizens
World

Apple Refuses Indian Govt Orders for Built-in Cyber Security App Fearing Infringement on Privacy of Citizens

New Delhi: India’s telecom ministry has ignited a fierce political and industry debate with a confidential November 28 directive mandating that all new smartphones be preloaded with the state-owned Sanchar Saathi app, aimed at bolstering cyber security amid rising scams and thefts.The app, which tracks and blocks stolen devices using IMEI verification, must be non-deletable and pushed via updates to existing phones within 90 days. Targeting firms like Apple, Samsung, Xiaomi, Vivo, and Oppo, the order seeks to safeguard India’s 1.2 billion telecom users from fraud and counterfeit devices—successes already credited with recovering thousands of lost phones and curbing millions of fake lines.Yet, the move has triggered widespread concerns over privacy and potential surveillance. Opposition leader Rahul Gandhi and Congress Party lawmakers decried it as a “snooping tool,” vowing parliamentary scrutiny and demanding a rollback. Privacy advocates echoed fears of unchecked government access to 735 million smartphones.Apple (AAPL.O), powering 4.5% of the market, plans to resist, citing global policies against third-party preloads that compromise iOS security. Sources say the company will urge New Delhi for alternatives, like user prompts. Other Android makers are reviewing compliance, highlighting tensions between national security and user rights in the world’s second-largest smartphone market.

Declining Demand at Home, China Dumps Millions of Unsold Gasoline Cars on the World
External Sector, World

Declining Demand at Home, China Dumps Millions of Unsold Gasoline Cars on the World

Beijing: As Western governments fixate on the electric-vehicle onslaught from BYD and Tesla rivals, China’s traditional automakers are waging a quieter but bigger war with gasoline cars they can no longer sell at home.Domestic demand for internal-combustion-engine vehicles has collapsed under aggressive NEV quotas, subsidies, and local license-plate restrictions. Factories owned by FAW, SAIC, Changan, Dongfeng, and their foreign joint-venture partners now sit on mountains of unsold petrol sedans, SUVs, and pickups.Instead of idling capacity, Beijing has unleashed a fire sale on emerging markets. In 2025 alone, China is on track to export over 4.2 million gasoline and mild-hybrid vehicles—up 65% from 2023—mostly to Southeast Asia, Latin America, the Middle East, Africa, and Russia. Prices routinely undercut local and European brands by 30–50%, often below cost.Industry analysts warn the flood is locking developing nations into fossil-fuel dependency for another decade, undermining global climate targets while gutting remaining Western and Japanese assembly plants in those regions. Former joint-venture partners like Volkswagen, Stellantis, and Honda are being crushed by the very factories they helped build.One Bangkok dealer summed it up: “A new MG or Chery petrol SUV costs less than a used Corolla. Customers don’t care about 2035 bans here—they want cheap now.”Quietly, the gasoline car has become China’s most potent automotive export weapon.

No Notification 2 Days After Army Chief’s Term Ends: Rana Sanaullah Rejects Nawaz ‘Objection’ Rumours, Blames Process for CDF Delay
Politics

No Notification 2 Days After Army Chief’s Term Ends: Rana Sanaullah Rejects Nawaz ‘Objection’ Rumours, Blames Process for CDF Delay

ISLAMABAD: Two days after Chief of Army Staff and Field Martial General Syed Asim Munir completed his three-year tenure on 29 November, the federal government has yet to issue the crucial notification appointing the country’s first Chief of Defence Forces (CDF) – a powerful new position created through the recently passed 27th Constitutional Amendment.The unusual silence has triggered intense political speculation and a flurry of social-media theories ranging from behind-the-scenes power struggles to alleged London-based vetoes.Speaking to reporters outside Parliament House on Monday evening, Adviser to the Prime Minister on Political and Public Affairs Rana Sanaullah attempted to douse the fire, insisting that the delay was purely procedural and that the notification would be issued immediately upon Prime Minister Shehbaz Sharif’s return from abroad.“The Prime Minister is returning in a day or so. The moment he lands, the matter will move forward,” Sanaullah said, refusing to give an exact date for either the PM’s arrival or the notification. By late Monday night, Mr Sharif had still not returned to Pakistan.He emphasised that the government was following a strict constitutional sequence. “First comes the Constitution, then the law, and then the rules. We are taking every step with complete care and precision. There is no question of bypassing procedure,” he maintained.Under the 27th Amendment, the CDF will serve as the senior-most uniformed officer above the three service chiefs and will enjoy a fixed five-year term – significantly longer than the three-year tenure of individual service chiefs. The amendment also grants the CDF authority over joint strategic planning and operational command in certain scenarios. Although no official shortlist has been released, senior government and military sources confirm that the incumbent COAS, Gen Asim Munir, remains the overwhelming favourite to be elevated to the new post. If appointed, his current role would automatically merge into the CDF position, effectively extending his tenure until November 2030.Sanaullah acknowledged that “multiple options” were under consideration but stressed that “until the final decision is taken, no notification can be issued.” He added that the CDF’s term would officially commence only from the date of the notification – a clause that has added legal complexity to the timing.The adviser categorically rejected rumours that PML-N supremo Nawaz Sharif, currently in London for medical treatment, had raised objections to Gen Munir’s elevation. “This impression is 100 percent incorrect,” Sanaullah declared. “Mian Nawaz Sharif has never expressed any reservation on the subject of the CDF. Whatever statements are being attributed to him have either been taken out of context or are completely fabricated.”The controversy has been amplified by the opposition Pakistan Tehreek-e-Insaf (PTI), which has accused the government of deliberately creating constitutional uncertainty to retain undue civilian influence over the military high command.In a related development, Rana Sanaullah disclosed details of a tense closed-door meeting held earlier in the day with a PTI delegation in the National Assembly Speaker’s chamber. The opposition lawmakers had demanded immediate facilitation for party leaders to meet imprisoned former prime minister Imran Khan in Adiala Jail.According to Sanaullah, the government side requested the delegation to wait until Prime Minister Shehbaz Sharif’s return so that a “structured and sustainable” arrangement could be finalised. However, within hours of the meeting’s conclusion, Khyber Pakhtunkhwa Chief Minister Sohail Afridi issued what Sanaullah described as an open threat. “Immediately after they left, a threat was received from the KP chief minister,” Sanaullah claimed. “In such an environment of intimidation and disruptive behaviour, no jail meeting can be permitted.”PTI spokespersons rejected the accusation, calling it another attempt to deflect attention from the CDF controversy and the government’s alleged unwillingness to allow Imran Khan access to his lawyers and party leadership.Meanwhile, diplomatic circles in Islamabad are watching the situation with keen interest. Several friendly countries that maintain close defence ties with Pakistan have privately expressed hope for a swift and smooth transition, underscoring Gen Munir’s personal rapport with key international partners, particularly in the Gulf and Washington.Within military circles, junior and mid-level officers have largely remained silent in public, but off-the-record conversations reveal a strong preference for continuity under Gen Munir rather than the uncertainty of a last-minute outsider appointment, according to media reports.Legal experts point out that, technically, Gen Munir continues to discharge duties as COAS even after 29 November because no successor has been named and the CDF notification remains pending – a situation made possible by the transitional clauses inserted in the 27th Amendment.Political analysts believe the government deliberately scheduled the amendment’s final passage and enforcement in such a way that the CDF decision would fall during Prime Minister Shehbaz Sharif’s physical presence in the country, allowing him to personally oversee the sensitive transition rather than handling it remotely. As Monday drew to a close, the Prime Minister’s Office issued no official itinerary for Mr Sharif’s return, and the Defence Ministry remained silent on the CDF file. With each passing hour, the political temperature continued to rise.PTI announced countrywide protests for Tuesday, demanding “immediate restoration of constitutional order” and the issuance of the CDF notification without further delay. Concurrently, PML-N loyalists began circulating messages urging patience and trust in the leadership’s judgment.For now, Pakistan finds itself in an extraordinary interregnum: its most powerful military office is technically vacant, yet fully functional; its most powerful new constitutional post remains unfilled; and the entire nation awaits a single notification that will shape civil-military relations for the next half-decade.Until Prime Minister Shehbaz Sharif boards his flight home – whenever that may be – the speculation, the protests, and the behind-the-scenes manoeuvring are likely to intensify rather than subside.

Pakistani Rupee Gains Relatively Big Against US Dollar
Pakistan

Pakistani Rupee Gains Relatively Big Against US Dollar

Karachi: The Pakistani rupee appreciated 0.09% or Re0.26 against the US dollar in early inter-bank trading on Tuesday, reaching 280.25 by 10:00 AM. The local currency had closed at 280.51 on Monday. The greenback remained under pressure globally after US manufacturing contracted for a ninth straight month, with the ISM PMI falling to 48.2 in November. Weak new orders, employment, and persistent tariff drag intensified bets on a Federal Reserve rate cut. Markets now assign an 88% probability of a 25-bp reduction at the Fed’s December 10 meeting, up from 63% a month ago. The US Dollar Index slipped to 99.408, marking its seventh straight decline. Meanwhile, oil prices rose for a second day amid Ukrainian strikes on Russian energy infrastructure and escalating US-Venezuela tensions, indirectly supporting emerging-market currencies including the rupee.

Pakistan’s Honour First: Minister Warns Against Travel with Fake Documents
Pakistan

Pakistan’s Honour First: Minister Warns Against Travel with Fake Documents

Lahore: Federal Interior Minister Mohsin Naqvi on Tuesday categorically stated that no passenger possessing complete and genuine travel documents is being offloaded or will ever be stopped from travelling abroad.During a surprise visit to Allama Iqbal International Airport, Lahore, the minister reviewed FIA immigration counters and issued strict instructions: passengers carrying bogus or incomplete documents will “absolutely not” be allowed to travel. “Pakistan’s honour is the honour of all of us. Anyone who brings dishonour to the country cannot be permitted to leave,” Naqvi declared.The statement comes amid recent social media allegations of arbitrary offloading, which the FIA has already termed “fabricated and misleading.” The agency clarified that only travellers with legitimate purpose and verified documents are cleared.Minister Naqvi praised the FIA’s newly integrated high-speed system linking travel history with CNIC and passport data, reducing clearance time to as little as two minutes. Interacting directly with departing and arriving passengers, he received widespread appreciation for the improved experience.Commending FIA Director Ali Zia and his team, Naqvi stressed continued vigilance against human trafficking and illegal agents while ensuring genuine travellers face no inconvenience.

Pakistan 5 Months Trade Deficit Jump 37.2% to $15.469 Billion
Pakistan

Pakistan 5 Months Trade Deficit Jump 37.2% to $15.469 Billion

Islamabad: Pakistan’s trade deficit ballooned by 32.8% year-on-year to $2.855 billion in November 2025, marking the second-highest monthly deficit in the last five months, according to data released by the Pakistan Bureau of Statistics (PBS) on Tuesday.The sharp widening came on the back of a 15.4% annual drop in exports to $2.398 billion from $2.833 billion in November 2024, while imports rose 5.4% to $5.253 billion from $4.983 billion a year earlier.On a month-on-month basis, however, the trade gap narrowed 11.9% from $3.239 billion in October 2025, as both exports and imports declined sequentially.For the first five months of FY2025-26 (July–November 2025), the cumulative trade deficit swelled 37.2% to $15.469 billion compared with $11.277 billion in the corresponding period last year. During this period:Exports contracted 6.4% to $12.844 billion from $13.721 billionImports jumped 13.3% to $28.313 billion from $24.998 billionThe latest monthly figures place November 2025’s deficit just behind the $3.0 billion-plus gap seen earlier in the fiscal year, underscoring persistent pressure on the external account despite some monthly improvement.Analysts attribute the export decline to weak global demand, energy shortages, and competitiveness challenges, while import growth continues to be driven by machinery, petroleum, and food items despite administrative curbs.The deteriorating trade balance has also contributed to a sharp widening of the current account deficit, which surged 256% in the first four months of FY26.The State Bank of Pakistan and the Ministry of Commerce are expected to face renewed calls for urgent export-boosting measures and import rationalization to arrest the rapid depletion of foreign exchange reserves.

Build Up 2025 by Invest2Innovate (i2i): Founders Urge New Entrepreneurs to Focus on Strategy, Systems, Persistency and Self-Care
Uncategorized

Build Up 2025 by Invest2Innovate (i2i): Founders Urge New Entrepreneurs to Focus on Strategy, Systems, Persistency and Self-Care

Invest2Innovate (i2i) hosted the inaugural Build Up 2025, a one-day founder conference aimed at addressing the operational, financial, and mental challenges faced by entrepreneurs in Pakistan. The event gathered founders, investors, operators, and ecosystem experts to provide actionable insights for navigating the country’s complex business environment. Pakistan’s startup ecosystem operates under significant economic uncertainty, limited access to capital, and operational constraints. Entrepreneurs frequently face financial pressure, bottlenecks in scaling operations, and personal burnout, highlighting the need for practical guidance beyond conventional networking events. Build Up 2025 sought to address these gaps through focused sessions on capital raising, operational systems, and founder mental wellbeing. Financial sessions explored fundraising strategies, alternative funding options, and investor readiness. Operational workshops covered process optimization, leadership development, team alignment, and automation. Mental wellness sessions emphasized resilience, stress management, and techniques for maintaining focus in high-pressure environments. Notable discussions included a fireside chat with Asif Makhani, Co-Founder of Infino AI, and Sarah Munir, CEO of i2i, who shared insights on scaling businesses in challenging markets. The financial panel, The Art of Selling, offered strategies for pitching to customers, partners, and investors. Investors from Fatima Gobi Ventures, i2i Ventures, YouPitchLive, Sturgeon Capital, Endeavor Pakistan, and several angel investors conducted office hours, providing targeted advice to founders. Over 25 speakers contributed to the program, sharing real-world strategies for sustaining and growing startups. Participants highlighted the value of structured guidance on financial planning, operational efficiency, and mental health, areas often overlooked in traditional startup events. Following positive feedback, i2i announced plans to expand Build Up into an annual conference across multiple cities, with the objective of creating safe and structured learning spaces for founders nationwide.

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