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AI Driving Increased Use of Real-Time Data by Accountants Enabling Better Business Decisions, but Integrity Concerns Widespread
Education

AI Driving Increased Use of Real-Time Data by Accountants Enabling Better Business Decisions, but Integrity Concerns Widespread

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Karachi – July 21, 2026 CFOs and finance teams are harnessing an explosion in data and AI technology to drive better business insights. But a new survey shows most have concerns over the integrity of AI-generated analysis A major report, Enabling finance insight, from two of the world’s leading accountancy bodies, reveals a clear trend towards greater use of real-time operational data, with more than 60 per cent of finance teams increasing its use over the past two years to support better business insight and decision-making. This shift from retrospective reporting towards current and forward-looking insights is driven by a greater breadth of data– from real-time operational metrics to unstructured internal text data – and increased use of AI technologies to reshape how data is analysed and interpreted. The global survey of 1,600 finance professionals also reveals a real shift in the way that finance teams are working with data and IT across an organisation. Traditional silos are breaking down, with almost 60 per cent reporting close collaboration with data and IT teams. But the research from ACCA (the Association of Chartered Certified Accountants) and Chartered Accountants Australia and New Zealand (CA ANZ) shows that 93 per cent of finance professionals are concerned by the integrity and verifiability of AI-generated insights. Issues include AI hallucinations, inaccuracies, incomplete data sets, lack of transparency and bias. These findings underline that awareness must be followed by upskilling in this fast-developing area. ACCA Chief Executive Helen Brand OBE said: “This research shows how finance teams are evolving from retrospective reporting engines into strategic enablers of enterprise-wide insight. This is a great opportunity, but upskilling is critical. CFOs and finance teams need to lead in the responsible adoption of AI across organisations, ensuring robust training and governance is in place. Critical thinking, sceptical validation and an ethical approach is vital.” CA ANZ Chief Executive Officer Ainslie van Onselen said: “AI is now a core part of the finance toolkit, but it’s not a shortcut. CFOs and finance teams need to use it to sharpen judgement and generate real value, not just speed up old processes. That means investing in structured learning and working more closely with IT and data teams. Upskilling isn’t optional. It’s how you manage the risk.” Data from the survey shows a growing skills gap, with 72 per cent of respondents reporting only basic or no GenAI skills, however 41 per cent are seeking training and upskilling in their own time. As real-time data becomes central to decision-making, thinking critically about its limits is becoming a core skill. Globally, the survey showed strategic priorities (45 per cent) and regulatory requirements (43 per cent) are the key drivers of the increase in data analysis to produce insights. While progress is significant, the report highlights the key areas finance functions need to address to improve business insights: data quality issues (42 per cent), lack of appropriate skills (42 per cent), and difficulty integrating multiple sources (40 per cent). Realising finance’s potential as a strategic enabler of insight hinges on developing the right skills and strengthening collaboration. The research examined the talent profile of the modern finance function and found that while ambition is high, execution is threatened by a misalignment between skills and capabilities in areas such as generative AI literacy, predictive analytics, collaboration over coding, storytelling and data governance/ethics. The report aims to equip CFOs and finance leaders with actionable recommendations to help their teams provide trusted insight, effectively steward data, govern AI responsibly, and drive measurable value for the entire organisation. Read the report. Key messages from the report:

Chery Master Pakistan Launches Pakistan's First Auto Boutique Studio
Business

Chery Master Pakistan Launches Pakistan’s First Auto Boutique Studio

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Karachi, 21 July 2026 Chery Master Pakistan, introduced by Master Auto Engineering Private Limited, a company of Master Group of Industries, has set a new benchmark for premium automotive experiences with the launch of Chery Studio, Pakistan’s first premium boutique automotive studio.Located at 37C Khayaban-e-Ittehad Road, DHA Phase 6, Karachi, Chery Studio has been designed to offer customers a more refined and immersive environment to discover, test drive and own a Chery vehicle. Chery Master Pakistan today offers Pakistan’s largest and best-selling Plug-in Hybrid (PHEV) lineup, spanning the locally assembled Tiggo 7 PHEV, Tiggo 8 PHEV and Tiggo 9 PHEV. Chery Studio brings this proposition to life, providing customers with a premium destination to explore the brand’s expanding family of intelligent new energy vehicles. Powered by Chery Super Hybrid (CSH), recognised as the world’s best plug-in hybrid technology, Chery’s locally assembled PHEV lineup delivers Pakistan’s longest-range Plug-in Hybrid experience. The lineup offers up to 170 km of pure electric driving range and up to 1,400 km of combined driving range, setting a new benchmark for range, efficiency and everyday mobility. It also delivers massive power with impressive horsepower, torque and strong 0-100 km/h acceleration, making it the best of both worlds by combining electric efficiency with high-performance driving. Visitors to Chery Studio can explore Chery’s latest generation of intelligent mobility across its Plug-in Hybrid lineup. The experience reflects the brand’s commitment to innovation, 5-star safety, unmatched comfort and everyday convenience. Globally, Chery is trusted by more than 19 million users across 130+ countries and regions. In Pakistan, the brand is backed by Master Group’s more than 60 years of industrial manufacturing excellence and automotive expertise, bringing internationally recognised engineering, innovation and quality to the local market. Speaking on the occasion, Director Chery Master Pakistan, Syed Asif Ahmed, said: “Chery Studio represents an important milestone in our journey to redefine automotive retail in Pakistan. It reflects our commitment to extending Chery’s global standards into every stage of the customer journey, creating a premium ownership experience that reflects the quality, innovation and trust our brand stands for. As we continue expanding our footprint, we remain focused on bringing intelligent mobility and long-term customer value closer to Pakistani families.” The launch of Chery Studio marks another significant milestone in Chery Master Pakistan’s long-term growth strategy. It reinforces the brand’s commitment to redefining automotive retail while strengthening its position as Pakistan’s leading Plug-in Hybrid SUV brand. With the opening of Chery Studio, Chery Master Pakistan now operates a network of 10 dealerships nationwide. The company plans to expand this footprint to 20 dealerships within the next six months, further strengthening its nationwide presence and bringing its products and services closer to customers across Pakistan.

Sindh to introduce multiple insurance schemes with Private Sector
Pakistan

Sindh To Introduce Multiple Insurance Schemes With Private Sector

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KARACHI: Sindh Chief Minister Syed Murad Ali Shah has said the provincial government is working closely with the insurance industry to introduce multiple insurance schemes in collaboration with the private sector to expand financial protection and social safety nets for the people. Addressing as the chief guest at the 1st IAP & PSOA International Insurance Conference 2026 held in Karachi on Tuesday, he said the Sindh government is facilitating the growth of the insurance sector through supportive policies, including a significant reduction in taxes and the allocation of adequate funds for insurance premiums. Sindh Government Plans New Insurance Schemes Motor, Health, Agriculture and Accidental Death Coverage The Chief Minister said the Sindh government was the first in the country to introduce mandatory third-party motor vehicle insurance to provide financial compensation to victims of road accidents. Under the scheme, compensation of Rs700,000 will be paid in the event of death, while Rs500,000 will be provided in cases of permanent disability. He added that the provincial government is also working on a scheme to provide Rs100,000 in accidental death insurance coverage for every resident aged 18 years and above. Sindh Chief Minister Syed Murad Ali Shah said the government is also planning to introduce additional insurance initiatives in the health and agriculture sectors to extend financial protection and welfare to the people of Sindh. Mobile-Based Insurance and Regulatory Reforms Prime Minister’s Coordinator on Commerce Rana Ahsan Afzal Khan said the government is working to upgrade the existing agricultural financing scheme by introducing additional features aimed at strengthening and protecting the country’s agriculture sector. He said the insurance industry’s outreach could be significantly expanded by leveraging Pakistan’s large mobile phone user base through micro digital insurance solutions, making insurance products more accessible and affordable. He also underscored the need to establish a joint committee to identify and address the legal and regulatory bottlenecks hindering the growth of the insurance industry. Higher Insurance Penetration Could Boost Economy Adviser to the Ministry of Finance and Revenue Adnan Pasha said that if the insurance sector’s penetration doubled to 2 per cent of GDP, it could generate billions of rupees in additional economic activity and significantly strengthen the country’s financial ecosystem. He added that the government has introduced several initiatives in key sectors, including agriculture, housing, small and medium-sized enterprises (SMEs), and electric vehicles. These programmes are expected to stimulate economic activity, create wealth, and indirectly support the growth of allied industries, particularly the insurance sector. He noted that Pakistan’s low insurance penetration is largely attributable to limited public awareness and inadequate distribution channels, which should be addressed through collaboration within the industry and favourable government policies. Pakistan’s Insurance Penetration Remains Below Global Average Insurance Association of Pakistan (IAP) Chairman Shoaib Javed Hussain said Pakistan’s insurance penetration remains significantly below regional and global averages, highlighting the immense growth potential of the industry. He mentioned that Pakistan’s insurance-to-GDP ratio stands at 0.9 per cent, compared with an average of 4 per cent in regional economies and around 6 per cent in developed countries. Similarly, the country’s insurance density is only $14 per capita, compared with the global average of approximately $60 per capita. Mr Hussain said the low level of insurance penetration should not be viewed as a challenge but as a vast untapped opportunity for insurers to expand coverage, particularly among Pakistan’s young and growing population. He urged industry stakeholders to accelerate the sector’s growth through innovation, greater collaboration and stronger partnerships with the regulator. He also called for continued government support to strengthen the country’s regulatory framework and expedite reforms in key areas, particularly crop and health insurance, to improve financial protection for businesses and households. More than 500 insurance executives, actuaries, regulators, policymakers, and international experts gathered in Karachi on July 21 for Pakistan’s largest-ever international insurance conference, jointly organised by the Insurance Association of Pakistan (IAP) and the Pakistan Society of Actuaries (PSOA) under the theme, “Reimagining Pakistan’s Resilience: Building a Sustainable Future through Insurance.”

Daducha Dam Affectees Allege Fresh Eviction Drive, Seek Rehabilitation Before Relocation
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Daducha Dam Affectees Allege Fresh Eviction Drive, Seek Rehabilitation Before Relocation

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Families affected by the Daducha Dam project have alleged that the district administration has intensified efforts to clear the remaining residents from the project area, claiming they are being asked to vacate their homes without complete rehabilitation or the provision of basic facilities. According to the Daducha Dam affectees, the latest developments followed a recent visit by the newly appointed Assistant Commissioner to the project site. They claimed that the remaining households had been instructed to leave the area immediately, while electricity supply to the locality had also been disconnected. The affected families fear that an operation could soon be launched to remove those who have stayed behind to protect their livestock and recover belongings from homes that have already been demolished. The allegations were made by representatives of the displaced residents, who appealed to the federal and Punjab governments to halt any further evictions until rehabilitation measures are fully implemented. Residents Link Evictions to Expected CM Visit Families Allege Clearance Ahead of Official Visit The displaced families further alleged that preparations are underway for an expected visit by Punjab Chief Minister Maryam Nawaz to the Daducha Dam project later this month. According to the residents, the recent eviction campaign is part of efforts to clear the project area ahead of the anticipated visit. However, no official statement has been issued by the district administration linking the reported eviction drive to the Chief Minister’s expected visit. The families urged authorities to ensure that development projects are implemented without compromising the rights and dignity of affected communities. Families Say Livelihoods Have Been Destroyed Representatives of the affected residents said they had already lost their agricultural land, grazing fields, and traditional sources of income due to land acquisition for the dam project. “We have lost our land and our livelihoods, and now even the roofs over our heads are being taken away,” representatives of the affected families said. They alleged that despite sacrificing their homes and farmland for a public infrastructure project, they have not received dignified rehabilitation, alternative housing, or adequate civic facilities. According to the residents, many displaced families were forced to build new homes on alternative land using their own financial resources because government rehabilitation arrangements remained incomplete. They said the new settlements continue to lack basic infrastructure, including roads, electricity, and other essential public services. Residents Question Land-Related Actions The Daducha Dam affectees also questioned what they described as unequal implementation of official action. They alleged that while local residents are being displaced, a private housing society operating within the vicinity of the Daducha Dam project has continued its activities without interruption. According to the families, this has raised concerns about whether land-related regulations are being applied uniformly to all stakeholders. The residents further claimed that the housing society is attempting to take possession of land that was not acquired for the dam project. They alleged that access to their remaining land has been restricted and that they have faced intimidation through the alleged use of the names of influential individuals. These claims have not been independently verified, and the housing society has not publicly responded to the allegations. Affectees Seek Implementation of Earlier Decision The displaced families also alleged that the private housing society continues to occupy 82 kanals of land that they say legally belongs to local residents. According to them, the then Assistant Commissioner ruled in January 2026 that ownership of the disputed land rested with the affected families. However, they claimed that the decision has yet to be implemented, leaving the land dispute unresolved. The residents urged the relevant authorities to enforce the earlier administrative decision and restore possession of the disputed land. Families Present Key Demands to Authorities The families have appealed to the federal government, the Punjab government, the Chief Secretary, and other concerned authorities to suspend any forced eviction until comprehensive rehabilitation is completed. They said displaced communities should first receive suitable housing, compensation, and access to essential public services before being required to vacate their remaining homes. Among their key demands are: The affected families said these measures are necessary to enable them to rebuild their lives with dignity after displacement caused by the Daducha Dam project. As of now, the district administration has not publicly responded to the allegations made by the affected residents.

Oil Prices Fall as Markets Watch US-Iran Ceasefire Efforts and Middle East Tensions
Business

Oil Prices Fall as Markets Watch US-Iran Ceasefire Efforts and Middle East Tensions

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Oil prices today moved lower on Tuesday as investors weighed reports of renewed diplomatic efforts to secure a temporary ceasefire between the United States and Iran against continued military exchanges and fresh threats to energy supplies in the Middle East. Brent crude futures fell 96 cents, or 1.1%, to $88.26 per barrel, while US West Texas Intermediate (WTI) crude declined 73 cents, or 0.9%, to $82.50 per barrel. The more actively traded September WTI contract also slipped 57 cents, or 0.7%, to $81.91 per barrel as traders assessed geopolitical risks alongside expectations for US oil inventory data. Ceasefire Proposal Raises Hopes of De-escalation Market Sentiment Improves on Diplomatic Efforts Market sentiment improved after reports emerged that international mediators had proposed a 10-day ceasefire between the United States and Iran in an effort to revive diplomatic negotiations. According to Reuters, a senior Iranian official said Tehran had received the proposal, which aims to preserve the Memorandum of Understanding (MoU) signed on June 17 and create space for broader negotiations toward ending the conflict that began on February 28. Analysts at ING said hopes for de-escalation helped ease concerns over immediate supply disruptions. However, they cautioned that significant differences remain between Washington and Tehran, making a breakthrough uncertain. The analysts also noted that US President Donald Trump has warned of retaliation following the deaths of several US soldiers, highlighting the fragile nature of the diplomatic process. Military Operations Continue Despite Diplomacy Despite renewed diplomatic efforts, military activity continued across the region. The latest mediation initiative followed another night of US strikes targeting Iranian cities, while Iran’s Revolutionary Guards reportedly launched attacks on US military assets in the region. Later on Monday, US Central Command announced that it had initiated another round of military strikes against Iranian targets. The continuation of military operations has kept investors cautious, as any further escalation could threaten oil production, shipping routes, and regional stability. Tanker Attack Adds to Market Uncertainty Adding to market uncertainty, a commercial tanker transiting the Strait of Hormuz reported being struck by an unidentified projectile. According to the United Kingdom Maritime Trade Operations (UKMTO), the crew abandoned the vessel and evacuated to a lifeboat following the incident. The Strait of Hormuz remains one of the world’s most critical energy corridors, carrying a significant share of global crude oil exports. Reports also indicated that vessel traffic through the strategic waterway declined further as shipping companies exercised greater caution amid rising security risks. Any disruption in the Strait of Hormuz has the potential to affect global oil supplies and increase transportation costs. Supply Risks Continue to Influence Oil Markets Markets were also monitoring developments in Yemen after the Iran-aligned Houthi movement announced plans to impose a naval blockade on Saudi Arabia. The threat has raised concerns that the conflict could expand beyond the Gulf, potentially affecting another major oil-exporting nation. Tim Waterer, Chief Market Analyst at KCM Trade, said the Houthi announcement represents a significant development because it increases the risk of supply disruptions involving Saudi Arabia, one of the world’s largest crude oil exporters. An expansion of hostilities involving Saudi energy infrastructure or shipping routes could have broader implications for global energy markets. Crude Stockpile Report in Focus In addition to geopolitical developments, traders are closely watching upcoming US crude inventory data for further direction. A preliminary Reuters survey indicated that US crude oil inventories likely declined last week, gasoline stockpiles were also expected to fall, while distillate fuel inventories, including diesel and heating oil, were projected to increase. Lower crude inventories generally indicate stronger demand or reduced supply, while higher fuel inventories can signal weaker consumption in some sectors. The official inventory figures are expected to provide additional insight into supply-demand conditions in the world’s largest oil-consuming nation. Outlook for Global Oil Prices Although oil prices edged lower on Tuesday, market participants remain highly sensitive to developments in the Middle East. Investors continue to balance hopes for diplomatic progress with the ongoing risk of military escalation that could disrupt production, shipping, and global energy supplies. Analysts say any confirmed ceasefire agreement between the United States and Iran could ease upward pressure on crude prices. However, further attacks involving the Strait of Hormuz, Saudi Arabia, or other major energy infrastructure could quickly reverse the current decline and increase market volatility.

Pakistan, China Sign $440m Pharmaceutical Agreements to Accelerate CPEC 2.0
Business

Pakistan, China Sign $440m Pharmaceutical Agreements to Accelerate CPEC 2.0

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Pakistan and China have signed nine pharmaceutical agreements worth approximately $440 million, marking a significant milestone in bilateral economic cooperation and advancing the industrial collaboration envisioned under the second phase of the China-Pakistan Economic Corridor (CPEC 2.0). The agreements were signed between private-sector companies from both countries during the Pakistan-China Pharmaceutical Business-to-Business (B2B) Conference, held in the presence of Prime Minister Shehbaz Sharif. Addressing the conference, the Prime Minister said the Pakistan China Pharmaceutical Agreements would pave the way for practical investment projects in pharmaceutical manufacturing, vaccine production, biotechnology, and research and development (R&D). According to the Ministry of Information and Broadcasting, the agreements are expected to strengthen Pakistan’s healthcare industry, attract foreign investment, and promote technology transfer between the two countries. PM Says Pakistan Can Become Regional Pharmaceutical Hub Prime Minister Shehbaz Sharif said the newly signed agreements have the potential to transform Pakistan into a regional hub for producing and exporting life-saving medicines. He said increased collaboration with Chinese pharmaceutical companies would strengthen domestic manufacturing capacity, improve research capabilities, and help Pakistan expand exports of medicines to neighboring countries and other international markets. The Prime Minister noted that developing the pharmaceutical sector would not only improve healthcare services but also contribute to industrial growth, employment generation, and export earnings. He expressed confidence that the agreements would move beyond memorandums into practical projects that support sustainable economic development. CPEC 2.0 Opens New Opportunities Highlighting the long-standing partnership between Pakistan and China, PM Shehbaz said China has consistently stood by Pakistan during challenging periods and remains the country’s most trusted economic partner. He noted that China has invested more than $30 billion under the first phase of the China-Pakistan Economic Corridor (CPEC), supporting major infrastructure, energy, and transportation projects across Pakistan. The Prime Minister described the latest pharmaceutical agreements as another milestone under CPEC 2.0, which focuses on industrial cooperation, technology transfer, innovation, and private-sector investment. He congratulated the Pakistani and Chinese entrepreneurs for reaching the agreements and acknowledged the contributions of Federal Health Minister Syed Mustafa Kamal, Special Assistant to the Prime Minister Haroon Akhtar Khan, Pakistan’s Ambassador to China Khalil Hashmi, Chinese Ambassador Jiang Zaidong, government institutions, and business leaders for making the conference successful. Government Reaffirms Security for Chinese Nationals Prime Minister Shehbaz also reiterated the government’s commitment to ensuring the safety and security of Chinese nationals working on projects across Pakistan. He assured Chinese investors that comprehensive security measures remain a top government priority and reaffirmed Pakistan’s determination to provide a secure and business-friendly environment for investment. The Prime Minister also highlighted Pakistan’s diplomatic efforts in promoting regional peace, saying the country had played an important mediating role during the recent regional crisis with the support of friendly countries, particularly China. He acknowledged the contributions of Chinese President Xi Jinping and Premier Li Qiang, as well as the diplomatic engagement of Field Marshal Syed Asim Munir and Deputy Prime Minister and Foreign Minister Ishaq Dar in strengthening bilateral relations. Health Minister Sees Strong Growth Potential Earlier, the nine agreements worth $440 million were formally signed in the Prime Minister’s presence. Federal Health Minister Syed Mustafa Kamal said the conference reflected the Prime Minister’s vision of expanding Pakistan-China cooperation through private-sector partnerships. He said weeks of intensive consultations helped pave the way for productive business-to-business engagements and praised Pakistan’s Ambassador to China, Khalil Hashmi, for facilitating discussions between companies from both countries. The Health Minister said Pakistan and China possess considerable untapped potential for cooperation in pharmaceuticals, biotechnology, healthcare, and medical technology. He added that the government is committed to improving access to quality healthcare while creating a more attractive investment climate for pharmaceutical companies. He thanked Chinese firms for their confidence in Pakistan’s pharmaceutical sector and welcomed further collaboration. Chinese Ambassador Highlights Investment Opportunities Chinese Ambassador Jiang Zaidong said Pakistan’s large and growing population has created significant demand for healthcare services, making its pharmaceutical industry an attractive destination for investment. He said the Chinese Embassy is actively working to connect businesses from both countries and encourage greater commercial cooperation. The ambassador also welcomed Pakistan’s improving economic indicators and appreciated Islamabad’s constructive role in recent regional developments. He expressed confidence that Pakistan would continue to provide a stable, secure, and investor-friendly environment for Chinese enterprises. Innovation and Technology Transfer at the Core Special Assistant to the Prime Minister on Industries and Production Haroon Akhtar Khan said Pakistan is pursuing innovation-led industrial development, with a strong emphasis on implementation, technology transfer, and global competitiveness. He noted that the Prime Minister’s recent visit to China had opened new avenues for industrial cooperation and investment. Haroon Akhtar said pharmaceuticals, biotechnology, and vaccine manufacturing have been identified as strategic industrial priorities under the government’s economic agenda. He added that reforms aimed at reducing bureaucracy and improving the ease of doing business are expected to attract additional foreign investment. Inviting Chinese companies to deepen their presence in Pakistan, he said both countries could jointly expand research, manufacturing, and export capabilities to serve regional and global markets. Outlook The Pakistan China Pharmaceutical Agreements highlight the growing diversification of bilateral cooperation beyond infrastructure, with both countries seeking to strengthen partnerships in healthcare, advanced manufacturing, biotechnology, and innovation under CPEC 2.0.

Punjab, Sindh Seek Urgent Wheat: Govt Mulls Imports
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Punjab, Sindh Seek Urgent Wheat: Govt Mulls Imports

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Federal and provincial governments convened in Islamabad on Monday for the second high-level meeting in five days to address an emerging wheat crisis. Punjab and Sindh, the country’s main food-producing provinces, have formally sought substantial releases from federal reserves amid rising prices and low provincial stocks. The crisis has intensified following procurement shortfalls and rising wheat prices, prompting the federal government to review possible import options while assessing provincial demand. Root Causes of the Shortage The crisis stems from policy shifts and procurement failures. Two years ago, the government ended the wheat support price under IMF conditions without establishing a robust alternative mechanism. This year, Punjab and Sindh largely failed to procure wheat directly from farmers. Federal Response and Import Considerations Economic Affairs Minister Ahad Cheema chaired the meeting, which reviewed import options to bolster strategic reserves. A final decision on imports was deferred until all provinces submit detailed written demands. Officials noted that meeting current requests could deplete federal stocks held by PASSCO. The country produced 29.78 million metric tonnes of wheat this year, plus two million tonnes from previous stocks. Estimated national requirement stands at 31.66 million tonnes, suggesting a marginal surplus on paper. However, ground realities tell a different story. Provincial Demand and Stock Position Punjab has demanded one million tonnes from federal reserves. Sindh seeks a minimum of 220,000 metric tonnes from stocks available in its godowns, with additional requests up to 700,000 tonnes from Punjab. Khyber-Pakhtunkhwa requested around 100,000 tonnes for public sector and 700,000 tonnes for private sector needs. Provincial reserves remain critically low. Punjab procured only about 480,000 tonnes against a target of three million. Sindh managed just over 200,000 tonnes. Concerns also persist over four million tonnes believed to be hoarded in Punjab that authorities have been unable to trace. Wheat Prices Continue to Rise Wheat prices have risen noticeably between June 11 and July 9. In Punjab, the price per 40 kg increased from Rs4,188 to Rs4,423. Sindh saw a sharper jump from Rs4,188 to Rs4,625. Flour prices have reached Rs142 per kg in major cities including Karachi, Rawalpindi, and Islamabad. Muzzammil Aslam, finance adviser to the Khyber-Pakhtunkhwa government, described the situation as the first serious wheat crisis within four months of harvest. He emphasized that only imports could effectively bring down prices. The Afghanistan border closure since November has eliminated smuggling possibilities. Cheema reiterated that protecting local farmers remains the top priority and no decisions would harm their interests. Govt Assures Supply Support Provinces reported stable markets with no immediate crisis during the meeting. Strict actions against hoarding and market manipulation continue. Cheema assured wheat releases according to existing MoUs with PASSCO and additional support where required. Another meeting is expected within 24 hours. The federal government may need to import between 500,000 and one million tonnes if shortages persist after addressing provincial demands. Outlook The evolving wheat situation highlights weaknesses in Pakistan’s wheat management and procurement system. Coordinated efforts between the federal and provincial governments will be essential to stabilize supplies, control prices, protect consumers, and safeguard farmers’ interests if import decisions become necessary.

FIA Launches Cryptocurrency Investigation Unit to Curb Money Laundering, Terror Financing
Business

FIA Launches Cryptocurrency Investigation Unit to Curb Money Laundering, Terror Financing

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The Federal Investigation Agency (FIA) has established a dedicated Cryptocurrency Investigation Unit within its newly operational National Command and Control Centre (NC3) to combat money laundering, terrorism financing, and other financial crimes involving digital assets. The initiative is part of the FIA’s broader efforts to strengthen Pakistan’s law enforcement capabilities in response to the growing use of cryptocurrencies in illicit financial activities. The new unit will investigate the criminal misuse of virtual assets while working alongside the recently established Pakistan Virtual Assets Regulatory Authority (PVARA), which is responsible for regulating the country’s digital asset sector. Speaking to Dawn, FIA Counter-Terrorism Wing Director Dr Muhammad Athar Waheed said the Cryptocurrency Investigation Unit has been created to identify and investigate cases where digital currencies are used for illegal activities, including terrorism financing and money laundering. He clarified that while PVARA will regulate the virtual asset ecosystem, the FIA’s role will focus on criminal investigations involving cryptocurrencies and other digital assets. Specialised Units Proposed for NCCIA and ANF Dr Waheed also recommended that other federal agencies establish similar specialised units to address emerging threats linked to digital currencies. He suggested that the National Cyber Crime Investigation Agency (NCCIA) should create a dedicated cryptocurrency investigation team to tackle cyber-enabled financial crimes, while the Anti-Narcotics Force (ANF) should establish a similar unit to investigate the use of cryptocurrencies in drug trafficking and narcotics financing. He added that new operational rules are currently being drafted to ensure all investigations are completed within defined timelines, improving efficiency and accountability across the FIA. According to Dr Waheed, the FIA has already achieved noticeable improvements through institutional reforms, with several additional modernization projects expected to be completed within the next six months. He also acknowledged the support of Interior Minister Mohsin Naqvi, saying the minister played a key role in strengthening the agency by backing modernization initiatives and operational reforms. NC3 Becomes FIA’s Central Operations Hub The newly established National Command and Control Centre (NC3) has been designed as a unified platform for intelligence gathering, operational coordination, monitoring, and nationwide law enforcement support. According to FIA officials, the centre integrates multiple operational wings under one command structure, enabling faster information sharing and coordinated responses to emerging security threats. Its Immigration Monitoring Unit and Integrated Border Management System (IBMS) provide real-time monitoring of passenger movements across all ports of entry and exit, using biometric verification and advanced screening systems to strengthen border security. The Human Trafficking and Migrant Smuggling Desk coordinates intelligence-based operations against organized trafficking networks, while the Risk Analysis Unit identifies suspicious travel patterns, high-risk individuals, and emerging security threats. Dedicated Financial Crime and Cyber Intelligence Units To strengthen investigations into financial crimes, NC3 houses dedicated Anti-Money Laundering (AML) and Virtual Currency Investigation Units, enabling the FIA to investigate increasingly sophisticated financial offences involving digital technologies. The centre also includes an Interpol Desk, which serves as Pakistan’s national coordination point for international law enforcement cooperation, facilitating information sharing and cross-border investigations. Officials said a centralized Case Management System (CMS) now allows real-time monitoring of investigations and performance across FIA offices nationwide, improving transparency and operational oversight. Public services have also been enhanced through a 24-hour helpline, a complaint management unit, and a dedicated overseas complaints cell, providing faster assistance to citizens and overseas Pakistanis. Advanced Cyber Surveillance and Intelligence Gathering The NC3 further strengthens the FIA’s intelligence capabilities through specialized units focused on Open Source Intelligence (OSINT), cyber patrolling, cellular detection, and dark web investigations. These units support lawful intelligence collection, technical analysis, and the detection of cyber-enabled crimes and transnational criminal networks. A centralized Daily Situation Report (DSR) and operational support desk provide FIA leadership with real-time situational awareness, enabling faster decision-making and coordinated nationwide operations. SWAT Teams, Recruitment Drive and Human Trafficking Crackdown To improve officer safety during high-risk operations, the FIA has established Special Weapons and Tactics (SWAT) teams to accompany raiding parties. The agency has also expanded its vehicle fleet to improve operational mobility across the country. Officials revealed that international cooperation is also being strengthened through the creation of a new Director International Coordination position, aimed at enhancing collaboration with foreign law enforcement agencies. The FIA is currently recruiting approximately 1,300 new officials, with additional hiring planned in the future to strengthen its investigative capacity. Employee welfare measures have also been expanded by adopting several service rules currently followed by the Punjab Police. Highlighting recent enforcement efforts, officials said that during the past two years the FIA registered more than 300 First Information Reports (FIRs) related to human trafficking, arrested 258 human trafficking agents, and made significant recoveries during investigations. According to FIA officials, multiple organized trafficking networks have been dismantled, contributing to a decline in fatal migrant boat tragedies involving Pakistani nationals. Outlook The establishment of the FIA Cryptocurrency Investigation Unit marks another significant step in Pakistan’s efforts to strengthen financial crime enforcement as digital assets become increasingly integrated into the global financial system.

Govt Bars Private Firms from High Speed Diesel Imports, Hands Exclusive Rights to PSO
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Govt Bars Private Firms from High Speed Diesel Imports, Hands Exclusive Rights to PSO

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The federal government has banned private oil marketing companies (OMCs) from importing high-speed diesel (HSD) during the current fiscal year, granting Pakistan State Oil (PSO) exclusive authority to handle diesel imports. The move is part of a broader fuel supply strategy aimed at protecting consumers from rising international oil prices while ensuring uninterrupted petroleum supplies amid regional geopolitical uncertainties. The decision was approved by the federal cabinet and communicated to the Oil and Gas Regulatory Authority (OGRA) through revised policy guidelines issued by the Petroleum Division. Alongside the diesel import ban, the government has also imposed limits on petrol imports by private OMCs, linking their import allocations to their historical market share and sales performance. According to the new policy, only PSO will be allowed to import HSD throughout FY2026-27, while private OMCs will continue to import petrol only after receiving approval from OGRA under the existing monthly Product Review Meeting (PRM) mechanism. Govt Restricts Private Petrol Imports While private OMCs have not been completely barred from importing petrol, the government has introduced stricter controls. Petrol import quotas will now be determined based on each company’s previous market share, with a minimum cargo size of 10,000 tonnes. The policy also introduces strict penalties for companies failing to meet their import commitments. Any OMC that delays scheduled imports, fails to import within the agreed delivery month, or defaults on committed refinery upliftments will lose eligibility for additional petrol import allocations for the next nine months. Officials believe the measure will improve supply discipline, discourage speculative imports, and ensure a more stable domestic fuel market. PSO to Sign Long-Term Petrol Supply Deal with Oman As part of the government’s fuel security strategy, PSO will also enter into a long-term petrol supply agreement with OQ Trading of Oman. The agreement comes amid concerns over the security of global energy supplies following disruptions linked to the closure of the Strait of Hormuz, one of the world’s most critical oil shipping routes. The government believes securing long-term contracts with reliable suppliers will reduce supply risks and improve Pakistan’s energy security. The arrangement mirrors the existing long-term diesel supply agreement between PSO and Kuwait Petroleum Company (KPC), which has remained the primary supplier of imported HSD to Pakistan. OGRA to Publish Daily Petroleum Prices The revised policy introduces a significant change in petroleum pricing. OGRA has been directed to calculate and publish ex-depot prices of petrol and diesel every day on its official website without requiring approval from the federal government or the prime minister. However, the Director General (Oil) will continue to receive official notifications of each price publication. Although OGRA currently calculates petroleum prices internally and shares them with the Petroleum Division, it has not publicly displayed daily prices on its website for more than a decade after the federal government resumed the political responsibility for announcing fuel prices. The new framework is expected to improve transparency and provide consumers with timely access to fuel price information. Seven-Day Rolling Average to Determine Fuel Prices The government has also revised the pricing methodology for imported petroleum products. The import price for both petrol and HSD will now be calculated using a seven-working-day rolling average of the published Platts Arab Gulf Free on Board (FOB) assessments. For petrol, the benchmark will be MS 92 RON, while HSD 10 parts per million (ppm) sulphur will serve as the diesel benchmark. Import premiums, incidentals, and customs duties will continue to be based on PSO’s actual imported cargoes using a weighted average over the same seven-day period. If PSO does not import petrol during the rolling seven-day period, authorities will use the calendar year-to-date average of premiums, incidentals, and customs duties. Once the proposed long-term supply agreement with OQ Trading becomes operational, the contract premium will automatically be applied whenever no fresh PSO imports are available during the review period. Similarly, if PSO does not import HSD during the seven-day window, the pricing mechanism will rely on the existing Kuwait Petroleum Company term-contract premium along with the calendar year-to-date averages for other import costs. Existing Pricing Components to Continue Apart from the revised import policy, the government has decided to retain all existing pricing components. These include exchange rate adjustments, Refinery Regulatory Duty (RRD), Research Octane Number (RON) adjustments, HSD sulphur penalties, and the Inland Freight Equalisation Margin (IFEM), which will continue to be applied under the current framework. The Petroleum Levy will also remain in place, although its rate cannot exceed the ceiling approved by the federal cabinet. The Finance Division will continue to determine the applicable levy rate during the fiscal year before the Petroleum Division issues the formal notification. Outlook The government says the new policy is designed to strengthen Pakistan’s fuel supply chain, improve market discipline, enhance pricing transparency, and minimise the impact of international oil market volatility on domestic consumers while ensuring adequate petroleum availability throughout the fiscal year.

Commission fines AliExpress €550 million for breaching the Digital Services Act
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Commission fines AliExpress €550 million for breaching the Digital Services Act

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European Commission Imposes €550 Million Fine on AliExpress The European Commission has fined AliExpress €550 million for violating its obligations under the Digital Services Act (DSA) by failing to properly assess and reduce the risks associated with the sale of illegal, unsafe, and counterfeit products on its e-commerce platform. The Commission has also ordered AliExpress to take corrective measures to comply with the DSA and strengthen consumer protection across the European Union. Failure to Diligently Assess Risks The Commission found that AliExpress failed to adequately assess the risks linked to the dissemination of illegal, unsafe, and counterfeit products on its platform in several key areas. The company did not properly evaluate whether it had sufficient staff to review potentially illegal listings and significantly overestimated the effectiveness of its systems for detecting and removing unlawful products. As a result, it failed to account for the imbalance between the number of human moderators and their workload. The investigation also found that AliExpress did not sufficiently assess how its recommender and advertising systems contributed to the spread of illegal products. Testing conducted by the Commission showed that many illegal items continued to be recommended or advertised to consumers before they were removed. In addition, AliExpress relied on only one quantitative indicator to measure the effectiveness of its moderation efforts. The Commission concluded that this metric did not accurately measure whether illegal products were being prevented from appearing or reappearing on the platform. Independent testing further showed that a significant number of illegal products remained available despite the platform’s moderation efforts. Failure to Mitigate Identified Systemic Risks The Commission also determined that AliExpress failed to implement effective measures to reduce the risks associated with illegal products. Its product detection system did not function effectively, allowing counterfeit goods, unsafe toys, dangerous cosmetics, and other illegal products to remain on the platform for several weeks even after being identified. The investigation further found that AliExpress did not properly enforce its penalty policy against traders repeatedly selling illegal products. Many sellers continued operating despite previous enforcement actions. Product Compliance Checks Were Easily Circumvented The Commission found that AliExpress’ product compliance checks could be bypassed through product miscategorisation. According to the findings, the company assigned insufficient staff to verify whether products had been placed in the correct categories. As a result, dishonest sellers intentionally listed products under incorrect categories with less stringent compliance requirements, allowing non-compliant products to be published without proper review. Counterfeit Product Controls Found Ineffective Counterfeit products were identified as another major concern during the investigation. The Commission concluded that AliExpress’ mandatory brand authorisation system, designed to prevent counterfeit sales, was ineffective and lacked adequate staffing. This allowed traders to bypass the verification process and publish counterfeit products that were only removed after complaints or later reviews. The Commission noted that counterfeit products not only pose risks to consumers but also undermine legitimate businesses that invest in product design, safety testing, quality assurance, and innovation. Fine Based on Serious and Prolonged Breaches The €550 million fine was calculated based on the nature, severity, and duration of the violations, which continued until at least June 2025, when the Commission issued its preliminary findings. The Commission stated that AliExpress’ failure to conduct proper risk assessments and effectively mitigate systemic risks represented serious violations of the Digital Services Act. However, it also considered mitigating factors, including the relatively recent implementation of the DSA, when determining the final penalty. AliExpress Given Deadline to Comply AliExpress has until 20 October 2026 to submit a detailed action plan outlining how it will address the identified shortcomings. The European Board for Digital Services will review the plan within one month of submission before providing its opinion. The European Commission will then issue its final decision and establish a deadline for implementing the required measures. Failure to comply with the Commission’s decision could result in additional periodic financial penalties. Background of the Investigation The European Commission launched formal proceedings against AliExpress on 14 March 2024 to assess possible violations of the Digital Services Act relating to risk management, content moderation, trader traceability, advertising transparency, recommender systems, complaint handling, and researcher access to platform data. On 18 June 2025, the Commission accepted a series of commitments offered by AliExpress addressing several areas of concern, including advertising transparency, recommender systems, and notice-and-action mechanisms. However, the commitments did not resolve concerns regarding the assessment and mitigation of systemic risks linked to illegal products. The final non-compliance decision was based on AliExpress’ 2023 and 2024 risk assessment reports, additional information provided by the company, responses to formal information requests, submissions from third parties, and the Commission’s own investigative findings.

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