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Zinedine Zidane Appointed France Coach After End of Didier Deschamps' Historic Era
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Zinedine Zidane Appointed France Coach After End of Didier Deschamps’ Historic Era

The long-awaited appointment has finally become reality. Zinedine Zidane Appointed France Coach is now official after the French Football Federation (FFF) confirmed the legendary former midfielder as the new head coach of the French national team. The decision marks one of the most significant managerial changes in international football and signals the beginning of a new chapter for one of the world’s strongest football nations. After years of speculation, Zidane has secured the role many believed was destined to be his. The appointment follows the departure of Didier Deschamps, whose remarkable 13-year reign transformed France into a global football powerhouse and established one of the most successful eras in the country’s history. Zinedine Zidane Appointed France Coach After Years of Expectation The announcement comes as little surprise to football fans. Zidane had long been regarded as the leading candidate to manage France and had patiently waited for the opportunity since leaving Real Madrid in 2021. His appointment represents the fulfilment of a career ambition that has been widely discussed across European football. Rather than returning to club management, Zidane chose to remain available for the national team role, reinforcing his commitment to leading the country he helped make world champions as a player. The French Football Federation’s decision reflects confidence in Zidane’s proven leadership, tactical intelligence and ability to manage elite footballers on the biggest stages. End of the Didier Deschamps Era Didier Deschamps officially leaves the position after serving as France head coach since 2012. During his tenure, France consistently ranked among the world’s elite national teams, highlighted by winning the 2018 FIFA World Cup and reaching multiple major tournament finals. His final tournament concluded earlier this month, with France finishing fourth at the World Cup. Although the result fell short of expectations, Deschamps departs after establishing an enduring legacy built on consistency, discipline and international success. Interestingly, Deschamps and Zidane share one of French football’s greatest achievements. Both were teammates in France’s historic 1998 FIFA World Cup-winning squad, making this transition symbolic as one World Cup champion hands responsibility to another. Why Zidane’s Appointment Could Transform French Football Zidane arrives with one of the most impressive managerial resumes in modern football despite spending relatively few years in coaching. During his time at Real Madrid, he guided the Spanish giants to multiple major honours and demonstrated an exceptional ability to handle high-pressure situations while managing some of football’s biggest personalities. His experience working with world-class talent is expected to benefit France’s current generation of international stars. Supporters and analysts alike will closely watch how Zidane reshapes the squad, develops younger players and prepares the team for upcoming international competitions. The appointment also creates renewed optimism among French supporters, who believe Zidane’s winning mentality and calm leadership could inspire another successful era. What Comes Next for France With Zinedine Zidane Appointed France Coach, expectations will immediately rise. France possesses one of the deepest talent pools in world football, and supporters will expect the new manager to challenge for every major international trophy. The transition from Deschamps to Zidane represents more than a managerial change. It is a passing of the torch between two icons who have shaped French football both as players and leaders. Whether Zidane can replicate his club success on the international stage will become one of football’s most closely watched stories in the coming years.

Seven firms, including HerBBeck Nutraceuticals, Muslim Herbal and Nutraceuticals, fined for deceptively similar COLCOREX packaging
Pakistan

Seven Firms, Including Herbbeck Nutraceuticals, Muslim Herbal And Nutraceuticals, Fined For Deceptively Similar Colcorex Packaging

Competition Commission Cracks Down On Deceptive Veterinary Product Branding ISLAMABAD, July 28: The Competition Commission of Pakistan (CCP) has imposed total penalties of Rs5.5 million on seven veterinary medicine manufacturers for using brand names and packaging that were identical or deceptively similar to the registered trademark “COLCOREX”. The action was taken under Section 10 of the Competition Act, 2010, following a complaint by M/s Shahujee Herbal Pharma. The complainant said it had been marketing its veterinary herbal medicine under the COLCOREX brand since 1999 and had registered the trademark with the Intellectual Property Organization of Pakistan (IPO) in 2017. CCP Finds Multiple Copycat Brands According to the Commission, several manufacturers were selling similar veterinary products under names such as COLCOREX FORTE, TM-CALCOREX, CALCOREX-C, CALCOJEX, COLCOREX-M, CALCOREX-T, COLCOREX-V, GOLD COLCOREX, AR CALCOREX, SUPER COLCOREX, COLCORX LIQUID and HI-CALCOREX. The CCP found that the disputed brands either reproduced the registered trademark in full or introduced only minor spelling changes, prefixes or suffixes. In a number of cases, the respondents also adopted similar colour schemes, typography, taglines and packaging. This, the Commission held, was capable of misleading an ordinary purchaser into believing the products originated from or were associated with the complainant. Penalties Imposed On Seven Companies Rs1 million each: M/s Atzan Natural Products, M/s Muslim Herbal and Nutraceuticals, M/s S-Asia Oriental Pharma and M/s Izfaar Nutraceuticals Industries. Rs500,000 each: M/s HerBBeck Nutraceuticals, M/s Vital Mark Laboratories (Pvt.) Limited and M/s Hi-Vet Nutraceuticals Pharma. Proceedings against M/s Blessco International were dropped after the Commission found insufficient evidence linking the company to the manufacture or sale of the impugned product. Companies Ordered To End Trademark Misuse The CCP clarified that product enlistment by the Drug Regulatory Authority of Pakistan (DRAP) does not authorise the use of another undertaking’s registered trademark, nor does it oust the Commission’s jurisdiction. It noted that DRAP, IPO and CCP perform distinct statutory functions, and parallel proceedings before DRAP, the courts or the Intellectual Property Tribunal do not prevent the Commission from examining deceptive marketing practices under the Competition Act. Relying on Supreme Court jurisprudence, the Commission held that adding prefixes or suffixes, changing a single letter, or making minor packaging alterations does not create a distinct trademark when the overall commercial impression remains deceptively similar. Such conduct amounts to fraudulent use under Section 10(2)(d) of the Competition Act. Compliance Deadline And Daily Fine The respondents have been directed to stop using the impugned trademarks, modify all related promotional material across media platforms, and submit compliance reports within 30 days. Non-compliance will attract an additional penalty of Rs100,000 for each day of default.

PTCL Swings To Profit In Q2 As Revenue Climbs; Still No Dividend Recommended
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PTCL Swings To Profit In Q2 As Revenue Climbs; Still No Dividend Recommended

PTCL Returns To Profit In Second Quarter Pakistan Telecommunication Company Limited (PTCL) reported a turnaround in profitability for the quarter and half-year ended 30 June 2026, reversing prior-year losses on both unconsolidated and consolidated bases. The Board of Directors, meeting on 28 July 2026 in Islamabad, recommended no cash dividend, bonus shares, right shares or other entitlement. Unconsolidated Results Revenue for the three months rose 10% to Rs32.24 billion from Rs29.31 billion a year earlier. Gross profit stood at Rs8.67 billion against Rs8.27 billion. Operating profit improved to Rs3.93 billion from Rs3.69 billion. After a much smaller past-service pension cost (Rs355 million versus Rs5.89 billion last year) and higher other income, the company posted a pre-tax profit of Rs2.66 billion compared with a loss of Rs4.82 billion. Net profit for the quarter was Rs2.73 billion (EPS Rs0.53) against a loss of Rs4.44 billion (LPS Rs0.87). For the six months, revenue reached Rs63.75 billion (up from Rs58.91 billion). Net profit was Rs3.63 billion (EPS Rs0.71) versus a loss of Rs3.26 billion (LPS Rs0.64). Consolidated Results Group revenue jumped sharply to Rs103.82 billion in the quarter from Rs62.75 billion, lifting gross profit to Rs37.12 billion from Rs20.81 billion. Operating profit more than doubled to Rs15.90 billion from Rs7.40 billion. Net profit for the three months was Rs1.60 billion (EPS Rs0.31) against a loss of Rs5.93 billion (LPS Rs1.16). For the half-year, consolidated revenue rose to Rs201.67 billion from Rs124.60 billion and net profit stood at Rs4.67 billion (EPS Rs0.92) versus a loss of Rs9.90 billion (LPS Rs1.94). Cash Flow And Financial Position Finance costs remained elevated on both bases. Net cash generated from operating activities strengthened, though investing and financing outflows kept overall cash positions under pressure. Equity on the unconsolidated balance sheet improved to Rs130.73 billion at 30 June 2026 from Rs127.10 billion at year-end 2025. No Dividend Recommended The Board of Directors recommended no cash dividend, bonus shares, right shares or any other entitlement for shareholders. The quarterly report will be transmitted through PUCARS within the prescribed timeframe.

Govt Picks Rs98bn Interest Cost To Push Exports With Cheap 5% Long-Term Loans
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Govt Picks Rs98bn Interest Cost To Push Exports With Cheap 5% Long-Term Loans

Government Approves Rs98 Billion Export Support Package ISLAMABAD: The government on Monday approved a Rs98 billion subsidy to provide highly cheaper loans to exporters, including 10-year financing at a fixed 5% rate, in a fresh bid to reverse a 6% drop in exports during the last fiscal year. Three Schemes Cleared By ECC Performance Rebate And Long-Term Facility Launched The Economic Coordination Committee, chaired by Finance Minister Muhammad Aurangzeb, endorsed three schemes recommended by the central bank for the current fiscal year and beyond. Under the enhanced Exim-administered Export Finance Scheme, exporters will access six-month working capital loans at 8.5%. The government will pick the remaining 5% interest cost, requiring a Rs58 billion subsidy this year. The scheme’s portfolio has been raised from Rs1 trillion to Rs1.5 trillion to expand access. Some ECC members sought caps on maximum limits to ensure wider distribution of cheaper funds. New Long-Term Financing Facility For Export Growth A new Long-Term Export Growth Financing Facility will offer loans at 2% for the first two years and a fixed 5% for the subsequent eight years. It targets new export-oriented projects and balancing, modernisation and replacement of existing units. Loans of Rs350 billion are projected under the facility, with a total subsidy impact of around Rs196 billion over time as the government absorbs interest costs up to 11.5%. This year’s estimated cost is Rs25 billion. The existing long-term facility with variable rates had drawn limited interest due to rate risk. The fixed-rate structure is designed to remove that uncertainty for businesses planning capacity expansion. Performance-Based Rebates To Reward Export Growth The third measure is a performance-based rebate on incremental exports, effective from July 1, 2026, at an annual cost of Rs15 billion. Exporters achieving up to 10% growth over the previous year will receive a 1% rebate on the incremental value. Those recording growth above 10% will qualify for a 2% rebate. The finance ministry said the total estimated subsidy impact of the export schemes over 10 years stands at Rs270 billion at current interest rates. The government last month withdrew a Rs76 billion subsidy on foreign remittance transfer costs, signalling a clear preference for export promotion. Exports trailed remittances by $11.5 billion in the last fiscal year. The ECC directed that a six-month performance report on the new schemes be presented to assess their impact. Officials noted that earlier incentives had failed to prevent the 6% export decline. Focus Shifts Towards SMEs And Sustainable Export Expansion The package places emphasis on fixed low-rate financing and greater inclusion of small and medium enterprises.

Gold Price in Pakistan Falls Rs4,300 Per Tola as Global Bullion Weakens
Pakistan

Gold Price in Pakistan Falls Rs4,300 Per Tola as Global Bullion Weakens

The gold price in Pakistan recorded a significant decline on Tuesday, with the price of 24-karat gold falling by Rs4,300 per tola in line with weakness in global bullion markets. According to rates issued by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), 24-karat gold is now being sold at Rs427,436 per tola, compared with Rs431,736 per tola a day earlier. The decline follows softer global gold prices as a stronger US dollar reduced demand for the precious metal, while investors awaited the outcome of the US Federal Reserve’s latest monetary policy meeting. Gold Prices in Domestic Market The latest price revision also lowered the value of gold on a 10-gram basis. The new domestic gold rates are: The fall reflects changes in international bullion prices and fluctuations in the rupee-dollar exchange rate, both of which influence Pakistan’s local gold market. Silver Prices Also Decline Silver prices also moved lower in the domestic market. According to APGJSA, 24-karat silver is now trading at: The decline in silver prices mirrors the broader weakness seen across precious metals in international markets. Gold and Silver Price ComparisonPrecious Metal July 28, 2026 July 27, 2026 Daily ChangeGold (24K per tola) Rs427,436 Rs431,736 -Rs4,300Silver (24K per tola) Rs6,223 Rs6,397 -Rs174 Despite Tuesday’s decline, gold remains Rs2,600 higher than the beginning of the current fiscal year, although it is Rs29,526 lower compared with the start of the calendar year. International Gold Market In global markets, spot gold traded near $4,051 per ounce, declining by approximately $21, or 0.52 per cent, from the previous trading session. Market analysts attributed the decline to a stronger US dollar, which reduced the appeal of gold for investors holding other currencies. Traders are also closely monitoring the upcoming US Federal Reserve policy announcement, as expectations regarding interest rates often influence demand for non-yielding assets such as gold. Higher interest rates generally strengthen the US dollar and increase the opportunity cost of holding gold, while lower rates tend to support bullion prices. Market Outlook Analysts expect gold prices to remain volatile in the coming days as investors assess signals from the Federal Reserve regarding future monetary policy. In Pakistan, local gold prices will continue to be influenced by movements in international bullion markets, changes in the rupee-dollar exchange rate and domestic demand from jewellers and investors.

Pakistan Exports to Saudi Arabia, Qatar Decline as Regional Tensions Hurt Trade
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Pakistan Exports to Saudi Arabia, Qatar Decline as Regional Tensions Hurt Trade

Pakistan’s exports to Middle East countries declined by more than 2 per cent during fiscal year 2025-26 (FY26), reflecting the impact of prolonged geopolitical tensions and conflict in the region on bilateral trade. According to data compiled by the State Bank of Pakistan (SBP), exports to Middle Eastern markets fell to $3.093 billion in FY26 from the previous fiscal year, as shipments to several key destinations weakened amid ongoing instability in the region. The decline highlights the growing challenges facing Pakistani exporters as conflicts in the Middle East continue to disrupt supply chains, trade routes and business activity. Exports Decline Across Major Markets Pakistan recorded lower exports to several important trading partners, including Saudi Arabia, Qatar, Bahrain and Jordan, during FY26. Among the Gulf countries, Saudi Arabia remained one of Pakistan’s largest export destinations despite a decline in trade. Exports to the Kingdom fell 3 per cent to $682.56 million in FY26 compared with $706.04 million recorded in the previous fiscal year. Exports to Qatar, Bahrain and Jordan also registered declines during the year, reflecting weaker regional demand and the impact of ongoing geopolitical uncertainty. However, Kuwait stood out as the only major market in the region where Pakistani exports increased during FY26. Meanwhile, exports to the United Arab Emirates (UAE)—Pakistan’s largest export market in the Middle East—remained largely unchanged, helping limit the overall decline in regional exports. Imports Also Register Decline Pakistan’s imports from the Middle East also contracted during FY26. According to the SBP data, imports declined 4 per cent to $16.413 billion, compared with $17.097 billion in the previous fiscal year. The reduction was primarily driven by lower imports from Bahrain, Qatar and Kuwait, while imports from the UAE, Saudi Arabia and Jordan recorded growth during the same period. The decline in imports reflects changing trade patterns as Pakistan adjusted its purchasing decisions amid volatile global energy prices and regional security concerns. June Marks Fourth Consecutive Monthly Contraction Trade data showed that June became the fourth month of import contraction since March, underlining the continued impact of geopolitical developments on Pakistan’s external trade. The trend suggests that Pakistan’s import flows remain highly sensitive to developments in the Middle East, particularly disruptions affecting regional energy corridors and shipping routes. Rising geopolitical risks have increased uncertainty in international commodity markets, influencing both the availability and cost of imported goods. Pakistan Remains Dependent on Gulf Energy Supplies Despite the decline in overall imports, Pakistan continues to rely heavily on the Gulf region for its energy requirements. The data indicates that approximately 90 per cent of Pakistan’s energy imports originate from the United Arab Emirates and Saudi Arabia, making the two countries the nation’s primary energy suppliers. Other Gulf producers—including Qatar, Kuwait, Oman and Bahrain—continue to play supporting roles in Pakistan’s energy imports despite their significant production and export capacity. The country’s heavy dependence on Middle Eastern oil and petroleum products means that any disruption in regional supply chains can have a direct impact on Pakistan’s economy, inflation and energy security. Trade Deficit Narrows in FY26 Although exports declined, Pakistan’s trade deficit with the Middle East narrowed during FY26 due to the sharper fall in imports. The trade deficit decreased 4.48 per cent to $13.32 billion, compared with $13.94 billion in the previous fiscal year. The improvement follows a challenging FY25, when Pakistan’s trade deficit with the Middle East widened 7.37 per cent to $13.97 billion, up from $13.01 billion recorded in FY24. The narrower deficit suggests that slower import growth helped offset weaker export performance, although Pakistan continues to maintain a substantial trade imbalance with the region. Regional Stability Remains Crucial The latest trade figures underline the importance of stability in the Middle East for Pakistan’s external sector. The Gulf region remains one of Pakistan’s most significant trading partners, supplying the bulk of its energy imports while also serving as an important destination for Pakistani food products, textiles, surgical instruments and other manufactured goods. Analysts believe that sustained geopolitical tensions could continue to affect trade volumes, shipping costs and business confidence in the coming months. Conversely, an improvement in regional stability could support stronger export growth and smoother import flows, particularly in the energy sector. With the UAE and Saudi Arabia remaining Pakistan’s key economic partners in the Middle East, future trade performance will largely depend on global oil market conditions, regional security and the pace of economic activity across Gulf economies.

Nadra Verification Case: PHC Stops Deportation of Petitioner Named ‘Quaid-i-Azam’
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Nadra Verification Case: PHC Stops Deportation of Petitioner Named ‘Quaid-i-Azam’

The Nadra verification case took a significant turn on Monday after the Peshawar High Court (PHC) restrained authorities from deporting a petitioner named Quaid-i-Azam and directed him to appear before the National Database and Registration Authority (Nadra)’s verification board for further proceedings. PHC Grants Interim Relief in Nadra Verification Case The court’s interim order provides temporary relief to the petitioner, whose Computerised National Identity Card (CNIC) was blocked after Nadra classified it as suspicious during its verification process. The decision ensures that no deportation action can be taken against him until the verification board reviews his case. A two-member bench comprising Justice Waqar Ahmed and Justice Inamullah Khan heard the petition filed by Quaid-i-Azam, who challenged the blocking of his identity card and sought protection against possible deportation. During the hearing, Advocate Saifullah Mohib Kakakhel represented the petitioner, while Nadra was represented by its Assistant Director Legal, Shahid Imran Gigiyani. Petitioner Claims CNIC Blocking Disrupted Business Activities The petitioner’s lawyer argued before the court that his client is a Pakistani citizen who has been conducting business both in Pakistan and Dubai for several years. According to the counsel, the blocking of the CNIC has severely disrupted his client’s personal and business affairs, creating legal and financial difficulties. The lawyer maintained that the petitioner regularly pays taxes to the government and has legitimate business interests that require frequent travel and official documentation. He told the bench that the suspension of the identity card had effectively deprived his client of access to essential services and caused unnecessary hardship. The counsel further informed the court that Nadra had recently asked the petitioner to produce his uncle before the authority as part of the verification process. He questioned the necessity of this requirement, arguing that several other members of the petitioner’s family already possess valid Pakistani national identity cards issued by Nadra. According to the petitioner’s legal team, these family records should support the claim that Quaid-i-Azam is a genuine Pakistani citizen and should be considered during the verification process. Nadra Defends Verification Process Responding to the petition, Nadra’s legal representative informed the court that the authority had already submitted its written reply. He explained that the petitioner’s identity card had been blocked because it had been categorised as suspicious during routine verification procedures. Nadra maintained that the blocking was part of its legal mandate to ensure the accuracy and authenticity of the national identity database. The authority did not disclose in open court the specific reasons that led to the petitioner’s identity card being flagged. However, it insisted that the matter should be examined by Nadra’s verification board before any final decision is made regarding the petitioner’s citizenship status and restoration of his CNIC. Court Directs Petitioner to Appear Before Verification Board After hearing arguments from both sides, the PHC directed the petitioner to personally appear before Nadra’s verification board, where his case will be examined in accordance with the applicable laws and procedures. The court also issued an important interim order restraining the relevant authorities from deporting the petitioner until the verification board completes its proceedings. The ruling provides temporary legal protection while allowing Nadra to complete its verification process through its designated forum. Case Highlights Importance of Due Process The case highlights the legal challenges that sometimes arise when identity documents are suspended during verification procedures. Since the Computerised National Identity Card serves as the primary proof of identity for Pakistani citizens, its suspension can affect access to banking services, employment, property transactions, travel, taxation, mobile phone registration and other essential public services. Courts across Pakistan have previously emphasised that while Nadra has the authority to verify identity records and investigate suspicious cases, affected individuals must also be provided an opportunity to present evidence and defend their citizenship claims through a transparent legal process. The PHC’s latest order seeks to balance these two objectives by allowing Nadra to continue its verification while protecting the petitioner from deportation until the process is completed.

Khyber Pakhtunkhwa Timber Worth Rs3.8 Billion Left to Decay as Government Delays Sale for 16 Years
Pakistan

Khyber Pakhtunkhwa Timber Worth Rs3.8 Billion Left to Decay as Government Delays Sale for 16 Years

A staggering stockpile of Khyber Pakhtunkhwa timber valued at nearly Rs3.8 billion has remained abandoned for the past 16 years, raising serious questions about governance, public asset management, and missed economic opportunities. The timber, legally harvested under an approved provincial policy, now lies exposed to harsh weather conditions, floods, and natural decay while local communities continue to lose substantial income. The prolonged delay has transformed what was once a valuable natural resource into a symbol of administrative paralysis, highlighting how policy bottlenecks can inflict enormous financial losses on both the government and forest-dependent communities. Why Khyber Pakhtunkhwa Timber Worth Billions Remains Unsold According to officials and local residents, the timber was harvested under the Dry Wind Fall Policy, 2003, which permitted the extraction of naturally fallen dry trees rather than healthy forests. Between 2008 and 2010, authorities harvested approximately 4.5 million cubic feet (cft) of wind-fallen timber in Lower and Upper Kohistan. Most of the harvested timber was successfully auctioned during the policy period. However, around 0.55 million cft could not be sold before the policy expired. Since then, the remaining timber has been stranded due to the absence of fresh government approval for disposal. Instead of generating billions in revenue, the timber has been left scattered along the Karakoram Highway, roadside storage locations, forest areas, and water channels, where continuous exposure to rain, snow, and harsh weather has significantly reduced its commercial value. Khyber Pakhtunkhwa Timber Delay Hurts Local Communities the Most The consequences extend far beyond deteriorating wood. Under the provincial revenue-sharing mechanism, 80 percent of the proceeds from timber sales are paid to local forest owners, while the remaining 20 percent goes to the government for forest management and conservation. The prolonged delay has therefore deprived thousands of local residents of income that could have supported livelihoods, education, healthcare, and local economic activity. Communities that legally cooperated with the harvesting process continue to wait for payments that have been delayed for more than a decade. Forest experts argue that the government’s failure to dispose of legally harvested timber has created unnecessary financial hardship for people who depend on forest resources. Policy Bottlenecks Continue to Block Khyber Pakhtunkhwa Timber Sales Officials familiar with the matter explain that harvesting dry wind-fallen trees is a lengthy technical process involving detailed forest surveys, scientific marking of eligible trees, preparation of working plans, and independent third-party verification before cutting can begin. Because many forests are located in snow-covered mountainous regions, harvesting operations can only be carried out during limited weather windows each year. Experts believe that government policies should focus on disposing of already harvested timber instead of linking approvals to policy timelines that expire before the timber can be fully marketed. Once harvested, prolonged storage only increases deterioration and reduces the financial return. Social Media Fear Becomes an Unexpected Obstacle Senior officials have also pointed to an unusual challenge that has complicated the disposal process. According to officials, whenever trucks transport legally harvested timber, photographs shared on social media often trigger allegations of illegal logging or timber smuggling. The resulting public criticism has reportedly made successive provincial governments reluctant to approve timber auctions despite the wood being harvested legally under an authorised policy. Officials say a fresh summary has recently been submitted to higher authorities seeking provincial cabinet approval to dispose of the remaining timber before additional losses occur. Economic Cost of Delayed Decisions The continued deterioration of Khyber Pakhtunkhwa timber demonstrates how administrative delays can turn valuable public assets into economic liabilities. Every passing year reduces the market value of the timber while increasing the risk that floods, landslides, or prolonged exposure will destroy it entirely. Beyond the direct financial loss of Rs3.8 billion, the delay undermines investor confidence in natural resource management and highlights the need for transparent, timely, and science-based forestry policies. With billions of rupees at stake and local communities waiting for long-overdue revenue, experts believe that swift government action is essential to prevent further losses and restore confidence in the province’s forest management system. The case of the abandoned Khyber Pakhtunkhwa timber is more than a forestry issue it is a governance challenge with significant economic and social implications. Timely policy decisions, transparent disposal mechanisms, and effective public communication could unlock billions in revenue while protecting the interests of forest owners and ensuring that legally harvested resources are utilised before they lose their value.

Listed Firms Face Daily Penalties for Missing Shariah Reporting in FY26 Statements
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Listed Firms Face Daily Penalties for Missing Shariah Reporting in FY26 Statements

The Pakistan Stock Exchange (PSX) has directed 449 listed companies whose nature of business has been identified as Shariah-compliant to ensure full compliance with mandatory Shariah disclosure requirements in their half-yearly and annual financial statements. Shariah Disclosure Requirements for FY26 Financial Statements In Notice PSX/N-939 issued on July 27, 2026, the exchange said the requirements under Clauses 5.6.9A and 5A.13(e)(ii) of the PSX Regulations will apply to the financial statements for the periods ended June 30, 2026 and September 30, 2026, as applicable. The notice is a continuation of earlier directives issued in November 2025, December 2025 and January 2026. It reiterates that companies must also follow the clarification issued through PSX Notice No. PSX/N-435 dated April 17, 2026 to maintain uniformity, comparability and consistency in disclosures. 449 Listed Companies Covered by the Directive PSX has attached the latest list of companies as Annexure A. The same list is available on the exchange’s website under listed companies data. Companies whose business nature is marked “Compliant” are required to make the disclosures; those marked “Non-Compliant” fall outside the mandatory reporting net. Daily Penalties for Non-Compliance Failure to comply will attract a fine of Rs100,000, with an additional Rs2,000 charged for every day the non-compliance continues. The move is aimed at strengthening transparency around Shariah-related information for investors and market participants. The list covers a wide range of sectors including textiles, cement, sugar, chemicals, engineering, energy, food and pharmaceuticals, while conventional banks, insurance companies and certain financial institutions appear in the non-compliant category. Impact on Listed Companies and Investors Companies on the compliant list have been advised to ensure meticulous adherence to the prescribed disclosure format in the upcoming reporting cycle.

Better Work Pakistan Report Finds Stronger Factory Performance and Rising Buyer Confidence
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Better Work Pakistan Report Finds Stronger Factory Performance and Rising Buyer Confidence

First synthesis report shows participating factories are more resilient and better positioned for international markets, while buyers signal greater sourcing potential as compliance and transparency improve. ISLAMABAD, Pakistan (ILO News) – Better Work Pakistan (BWP), which now engages 135 garment and textile factories across Pakistan, today released its first synthesis report, finding that participating factories demonstrate stronger business performance, greater operational resilience and improved workplace outcomes than comparable non-participating factories. The report also points to growing confidence among international buyers, with one-third saying they are likely to increase sourcing from Pakistan over the next two to three years if progress continues on labour compliance, product quality and supply chain traceability. Factory Performance and Competitiveness Improve The report provides the first comprehensive factory-level evidence on compliance performance, business competitiveness and buyer expectations in Pakistan’s garment and textile sector. Drawing on factory assessments, buyer surveys and industry research conducted during Better Work Pakistan’s pilot phase from 2022 to 2025, it highlights how investments in better working conditions can also strengthen factory performance and competitiveness. Among participating factories, more than two-thirds reported improvements in worker productivity after joining Better Work, while around two-thirds also reported improvements in worker morale, occupational safety and health, and worker-management relations. Approximately 60 per cent reported moderate to large improvements in market access, business risk mitigation and reduced duplication of buyer audits, suggesting that stronger labour compliance can also support business performance. Export Resilience Despite Economic Pressures The report also highlights the resilience of Pakistan’s export-oriented garment sector despite continued economic pressures. While 88 per cent of surveyed factories reported rising operating costs in 2025, 42 per cent maintained stable export values and a further 39 per cent reported export growth compared with the previous year. More than half also reported receiving requests from international buyers to reduce prices despite increasing production costs, underscoring the pressures facing manufacturers. At the same time, the report finds generally low levels of non-compliance on wages and worker employment contracts among factories assessed in 2025. It identifies occupational safety and health systems, emergency preparedness, and ensuring workers understand their employment terms and conditions as key priorities for continued improvement. International Buyers Show Growing Confidence A survey of international buyers sourcing from Pakistan indicates cautious optimism about the country’s future sourcing potential. Thirty-three per cent of buyers said they were likely to increase sourcing from Pakistan over the next two to three years, while another 25 per cent expected to maintain current sourcing levels. Nearly half (49 per cent) said they would be more likely to expand sourcing if factories continued improving labour compliance, product quality consistency and supply chain traceability, reflecting the growing importance of sustainability and transparency in global supply chains. “This report marks an important milestone for Better Work Pakistan and for the sector as a whole. For the first time, we have a rigorous, factory-level evidence base that speaks directly to what buyers, government and industry need to know. Factories that invest in compliance are more competitive, more resilient, and better positioned in global markets. We are proud to present this evidence and remain committed to taking this programme to the next level with our partners,” said Ivo Spauwen, Programme Manager of Better Work Pakistan. Better Work Pakistan Expands Its Reach Launched in 2022, Better Work Pakistan has expanded from 78 participating factories in 2023 to 135 factories in 2025, reaching more than 300,000 workers through factory assessments, advisory services and workplace training. Building on the pilot phase, the programme is pursuing a second phase that would expand engagement to additional garment and textile enterprises across Punjab and Sindh, as well as into other export sectors. About Better Work Pakistan Better Work Pakistan is a joint programme of the International Labour Organization (ILO) and the International Finance Corporation (IFC). It works with factories, buyers and government to improve working conditions and business competitiveness in Pakistan’s garment and textile sector.

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