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Gulshan-e-Iqbal BRT Collapse Triggers Safety Inquiries After Guard’s Death

Web Desk / October 1, 2026

Duty Guard Killed After Under-Construction Structure Collapses A structure belonging to an under-construction Bus Rapid Transit (BRT) project collapsed near Baitul Mukarram Mosque in Karachi’s Gulshan-e-Iqbal area on Thursday, killing a duty guard at the construction site, according to Rescue 1122 officials. The guard was trapped beneath the debris after the structure collapsed. Rescue teams reached the site and recovered his body from the rubble. Rescue officials said the operation had been completed and that no other people were trapped or injured in the incident. The cause of the collapse had not immediately been determined. Collapsed Structure Part of Karachi BRT Project According to rescue authorities, the collapsed structure was part of the Bus Rapid Transit project being developed in the area. The incident has brought renewed attention to construction safety as work continues on Karachi’s Red Line BRT project, which has experienced repeated delays and implementation challenges. The project was launched in 2022 with an original 30-month completion target. It was initially scheduled for completion by June 2024, but delays have pushed construction well beyond the original timeline. Red Line BRT Project Faces Prolonged Delays The Red Line project is divided into two major sections. Lot 1 covers the route from Airport Signal to Mosamiyat, while Lot 2 extends from Mosamiyat to Numaish. Lot 2 has faced significant execution problems, including work stoppages and disputes between the contractor and authorities. The Frontier Works Organisation (FWO) resumed work on Lot 2 along University Road in April after authorities terminated the previous contractor’s contract over delays and performance concerns, according to Geo News. The Asian Development Bank has also previously raised concerns regarding construction progress, quality and health, safety and environmental compliance, the report said. Construction Safety Under Scrutiny The latest collapse is expected to draw further attention to safety arrangements at construction sites, particularly as major infrastructure work continues across Karachi. While rescue officials confirmed the fatality and recovery operation, authorities had not immediately disclosed what caused the structure to collapse. The Red Line BRT project has already faced financial disputes, contractor-related problems and prolonged delays, while road users in affected areas have continued to experience route disruptions and congestion.

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Ufone Ranks Last in 4G Speeds and Video Performance, PTA Report

Web Desk / October 1, 2026

Ufone Trails Jazz and Zong Across Most Network Performance Measures Ufone has ranked behind Jazz and Zong across most major national network performance indicators, according to the Pakistan Telecommunication Authority’s Opensignal report for the second quarter of 2026. The operator recorded a national 4G download speed of 12.82 Mbps, compared with 17.61 Mbps for Jazz and 18.55 Mbps for Zong. Ufone’s upload speed stood at 4.42 Mbps, while Jazz and Zong recorded 6.26 Mbps and 7.81 Mbps, respectively. Ufone also posted the lowest video experience score among the three operators at 36.64. Jazz recorded 41.51, while Zong reached 41.66. Ufone’s Gaming Performance Stands Out Gaming was the only major national performance category where Ufone ranked ahead of both Jazz and Zong. Ufone recorded a games score of 50.08, compared with 47.28 for Zong and 40.15 for Jazz. The result makes gaming Ufone’s strongest comparative performance in the Q2 2026 data. However, strong gaming performance does not necessarily translate into a better overall mobile data experience, particularly for users who rely on streaming, online classes, news and live video. Video Performance Declines Further Ufone’s video experience score declined from 42.33 in the first quarter to 36.64 in the second quarter of 2026. Jazz and Zong also recorded declines, falling from scores of around 47 to approximately 41.5. The reduction therefore did not narrow the gap between Ufone and its two major competitors. Video performance considers factors such as picture quality, video start time and freezing, making it an important measure of the experience users receive while streaming content. Download and Upload Speeds Show Limited Improvement Ufone’s download speed improved from 12.36 Mbps in Q1 to 12.82 Mbps in Q2 2026. Its upload speed also increased from 3.98 Mbps to 4.42 Mbps. Despite the improvement, both measures remained significantly below Jazz and Zong. Across all operators, national 4G download speed stood at 18.9 Mbps, while high-end smartphones recorded an average of 31.3 Mbps. City-Level Results Show a Similar Pattern Ufone did not lead any major city in download speed in the Q2 data. Its strongest download result among the highlighted cities came from Hyderabad, where it recorded 17.26 Mbps. Even there, the operator remained behind Jazz and Zong. Gaming performance was stronger across several cities. Ufone recorded a games score of 56.03 in Karachi, 53.28 in Islamabad, 53.63 in Rawalpindi and 55.28 in Hyderabad. Network Availability Remains Another Challenge Time-on-network was another area where Ufone faced weaker results. Nationally, Ufone recorded a time-on-network score of 92.16%, the lowest among Jazz, Zong and Ufone. City-level figures also varied significantly. Ufone recorded 87.97% in Hyderabad, 85.4% in Khairpur and 48.67% in Skardu. The figures indicate that gaming performance needs to be viewed alongside network availability, since a strong gaming score offers limited practical value when connectivity is inconsistent. Ufone Remains Behind Jazz and Zong on Key Indicators The Q2 2026 Opensignal figures broadly follow the pattern established in the first quarter. Ufone remains behind Jazz and Zong on download speed and video performance, while gaming continues to be its strongest area. Telenor recorded even lower download and video performance, but its results do not change Ufone’s position in the comparison with Jazz and Zong. The latest data therefore shows a clear divide in Ufone’s performance: it leads on gaming but trails its two major competitors on speed, video experience and network availability.

Breaking News, Pakistan

Stagnant Speeds and Deteriorating Streams: Jazz Struggles on 4G Benchmarks

Web Desk / September 30, 2026

Jazz’s national video experience score declined sharply in the second quarter of 2026, while its 4G download performance remained virtually unchanged, according to Pakistan Telecommunication Authority (PTA) Opensignal benchmarking reports. Jazz’s national video score fell from 47.00 in the first quarter to 41.51 in the second quarter, marking the most significant movement among its reported national metrics. Meanwhile, national 4G download speed remained almost flat at 17.61 Mbps, compared with 17.62 Mbps in the first quarter. Jazz 4G Download Speed Remains Flat Jazz’s national 4G download speed showed virtually no change during the second quarter. Download speed stood at 17.61 Mbps, compared with 17.62 Mbps in Q1. Upload speed, meanwhile, declined slightly from 6.40 Mbps to 6.26 Mbps. Time on network remained unchanged at 93.33 percent. The operator’s games experience score improved marginally from 39.34 to 40.15, although it remained Jazz’s weakest national metric among the five measured categories. The figures come from PTA’s Opensignal benchmarking reports for the first and second quarters of 2026. The reports measure everyday mobile network experiences rather than relying on conventional drive-test scorecards. Video Experience Shows Sharper Decline Download speed alone does not necessarily reflect how users experience streaming services. Opensignal’s video experience score considers factors including picture quality, video start time and freezing. The scoring system ranges from 0 to 100. Jazz’s national video score fell to 41.51 in Q2 from 47.00 in Q1. Zong recorded a national video score of 41.66 in the second quarter, narrowly exceeding Jazz’s 41.51. Both operators had recorded scores of around 47 in the first quarter. National 4G Speeds Remain Below High-End Device Performance Across all operators, national 4G download speed averaged 18.9 Mbps during the period. Users with high-end smartphones recorded an average download speed of 31.3 Mbps. Jazz’s 17.61 Mbps national download speed therefore remained just below the all-network 4G average and considerably below the figure recorded on high-end devices. Jazz Retains Strong Performance in Several Cities National performance does not necessarily translate into identical results across individual cities. Jazz led 4G download speeds in Islamabad at 20.86 Mbps and recorded a video experience score of 50.22. This was the strongest large-city video score in the second-quarter data. The operator also led download performance in Rawalpindi, Peshawar, Faisalabad, Sukkur, Hyderabad and Swabi. Quetta emerged as another notable market for Jazz, where its 4G download speed reached 22.41 Mbps. Jazz and Zong Show Different Results in Karachi In Karachi, Zong recorded a faster 4G download speed than Jazz. Zong’s download speed stood at 18.27 Mbps, compared with Jazz’s 17.8 Mbps. However, Jazz recorded the stronger video experience score in Karachi at 47.18, illustrating how download speed and streaming experience can produce different results for subscribers. Gaming Experience Remains a Separate Measure Jazz’s performance also varies depending on the type of mobile activity being measured. Ufone continued to lead the national games experience category, while Jazz remained behind in this metric despite its improvement from 39.34 to 40.15. For mobile users, this distinction can matter depending on how they use their connection. Browsing, navigation and downloads can produce a different experience from video streaming or multiplayer gaming. 5G Remains Limited in Overall Usage The second-quarter data also provides context for Pakistan’s emerging 5G market. National 5G download speeds reached 127.74 Mbps, substantially higher than 4G performance. However, users were connected to 5G for only 3.95 percent of the measured time. As a result, the second quarter of 2026 remained predominantly a 4G story for Jazz and other mobile operators. Jazz’s Q2 2026 Network Performance Jazz’s second-quarter results show a mixed picture. Its national 4G download speed remained broadly stable, while its video experience score recorded a notable decline. At the same time, the operator maintained strong results in several cities, including Islamabad and Quetta, and recorded a higher video score than Zong in Karachi. The contrasting results across network experience categories underline why mobile performance cannot be judged through download speeds alone. Video streaming, gaming, availability and other everyday-use measures can produce different outcomes for subscribers.

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Pakistan Will Explain Rs 853 Billion Statistical Discrepancy to IMF

Web Desk / September 29, 2026

Pakistan has told the International Monetary Fund (IMF) that it will provide additional details to explain an Rs853 billion statistical discrepancy in the accounts of five governments for fiscal year 2025-26. The federal government accounts for Rs448 billion of the discrepancy, while Punjab has reported Rs266 billion. Officials said the mismatch is primarily linked to differences in the timing and recording of transactions rather than unaccounted expenditure. The government has maintained that the discrepancy will not affect Pakistan’s primary surplus of 2.9 percent of GDP. Timing Differences Drive Fiscal Gap Officials attributed much of the discrepancy to timing differences in government accounts. Provincial governments parked surplus cash in treasury papers, while cheques issued toward the end of June were sometimes reflected in Account-1 after the June 30 financial year-end. Delayed releases for development spending also resulted in large paper savings at the close of the fiscal year. Punjab has pointed to differences in commercial-account flows and federal and provincial accounting practices as additional factors behind the mismatch. The incomplete implementation of the Treasury Single Account (TSA) has also contributed to the discrepancy, with several government entities continuing to hold funds outside the central account. Finance Ministry To Provide Additional Documentation The Finance Ministry has committed to providing the IMF with additional documentation to reconcile the reported figures. The clarification is part of ongoing discussions between Pakistan and the Fund, with the current review talks expected to conclude on October 7. Agriculture Tax Collection Remains Weak The IMF mission has also pressed provincial authorities over weak agricultural income tax collection, particularly after tax rates on agricultural income were increased from 15 percent to 45 percent. Despite the higher rates, collections remained close to Rs5 billion last year. Sindh collected Rs1.1 billion against a target of Rs2 billion and could fall short of its Rs6 billion target for the current year by at least Rs3 billion. Punjab collected Rs4 billion against a target of Rs10.5 billion last year and has established a Rs12.5 billion collection target for the current fiscal year. Sindh Expands Digital Agriculture Tax Administration Sindh has transferred agricultural income tax administration to the Sindh Revenue Board. The province has recorded 3,650 digital registrations and 1,912 returns. It has also received federal data concerning 44,350 individuals who declared agricultural income. The provincial government wants to establish real-time data links with the Federal Board of Revenue (FBR) to strengthen monitoring and improve agricultural tax collection. FBR Revenue Target Faces Regional Risks The FBR missed its revised revenue collection target for the previous year by Rs929 billion. For the current fiscal year, the tax authority expects to achieve its first-quarter collection target of Rs7 trillion, while also pointing to indicators such as digital invoicing as part of efforts to improve revenue collection. However, the government stopped short of committing to achieving the full-year FBR target of Rs15.263 trillion. Officials said the final outcome will partly depend on the security situation in the Middle East, which could affect economic activity, trade and revenue collection. IMF Questions Trader Fixed-Tax Scheme The IMF also raised concerns about the limited response to the second fixed-tax scheme introduced for traders. Officials described the scheme as a final opportunity for traders to enter the formal tax system before penalties and enforcement measures are applied. The discussions highlight the broader challenge of improving tax compliance while Pakistan works to strengthen revenue collection and meet fiscal commitments under its IMF programme. Pakistan’s Fiscal Position Under Review The Rs853 billion statistical discrepancy, weak agricultural income tax collection and uncertainty surrounding the FBR’s annual revenue target remain important issues in Pakistan’s ongoing IMF review. While officials have attributed the discrepancy largely to accounting and timing differences, the government is expected to provide additional documentation to reconcile the federal and provincial figures. At the same time, stronger provincial tax collection and improved federal revenue performance remain important for maintaining the government’s fiscal targets.

Breaking News, Business

Nishat Chunian Power Posts Full-Year Gross Profit Drop Despite Quarterly Recovery

Web Desk / September 29, 2026

Nishat Chunian Power Limited closed FY26 with gross profit of Rs1.47 billion, down 32 percent from Rs2.16 billion a year earlier. Higher sales failed to protect margins as costs rose faster than revenue across the year. The decline came even as net sales climbed 69 percent to Rs9.43 billion. Cost of sales more than doubled, wiping out the benefit of stronger dispatch and leaving the power business with thinner earnings before associate income. Quarterly Sales Surge Lifts Gross Profit In the fourth quarter, net sales reached Rs4.95 billion, roughly triple the same period last year and more than double the preceding quarter. Higher plant utilization drove the jump. Gross profit in the quarter rose to Rs450 million from Rs55 million a year earlier. The sequential gain was 54 percent. Lower comparative base and better load factor both played a part, though administrative expenses also increased. Associate Income Powers The Profit Swing Profit after tax for the quarter stood at Rs900 million, against a small loss in the same period last year. Earnings per share came in at Rs2.4. The main support was a Rs910 million share of profit from NexGen Auto, more than double the previous quarter, helped by higher vehicle sales. Absence of last year’s CPPA-G adjustments also removed a large drag that had pushed the company into a full-year loss in FY25. For the full year, profit after tax reached Rs2.48 billion, or Rs6.75 per share, compared with a loss of Rs3.38 billion previously. Finance costs stayed modest. Cash Dividend Of Rs1 Per Share The board announced a final cash dividend of Rs1 per share for the quarter. That takes the full-year payout to Rs2.5 per share, down from Rs7 a year earlier. The result shows earnings now lean heavily on the auto associate. Core power margins remain under pressure even as quarterly volumes recover.

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Government Rules Out Funding For New PIA Aircraft

Web Desk / September 28, 2026

The government has clarified that it is not purchasing aircraft for Pakistan International Airlines (PIA) following the airline’s privatisation and has not provided a taxpayer-funded loan or sovereign guarantee for a new fleet. Adviser to the Finance Minister Khurram Schehzad issued the clarification after discussions surrounding official talks in New York raised questions about possible government support for PIA aircraft financing. What Prompted The Government Clarification On September 25, Finance Minister Muhammad Aurangzeb met John Jovanovich, chair of the US Export-Import Bank, on the sidelines of the United Nations General Assembly. The discussions included possible financing for aircraft that PIA could purchase. Schehzad said some of the subsequent reaction had conflated the privatisation of the airline with the normal role of an export credit agency. He clarified that the government is neither purchasing aircraft for PIA after privatisation nor has it announced a government guarantee or loan funded by taxpayers for that purpose. How US Exim Bank Aircraft Financing Works The US Export-Import Bank, commonly known as US Exim Bank, supports US exports and American jobs. Boeing aircraft qualify as US exports, allowing the bank to provide financing to eligible foreign buyers, including airlines, under its established rules. Such financing can involve asset-backed structures in which the aircraft itself serves as security for the transaction. The bank can also assess the creditworthiness of the airline, lessee or any guarantor involved in the financing arrangement. No Sovereign Guarantee Announced According to Schehzad, a sovereign guarantee is not a requirement for such financing. He said no government guarantee has been announced for potential PIA aircraft purchases, nor has the government announced any borrowing for the airline’s fleet expansion. The clarification was intended to distinguish commercial financing arrangements available to airlines from direct government financing or borrowing. Government Role Remains Focused On Commercial Access Schehzad said the government’s role is to help Pakistani companies access international financing, technology and suppliers while creating commercial opportunities. The New York meeting was also broader than potential PIA aircraft financing. Discussions covered possible financing for the wider aviation sector, refinery expansion and the Reko Diq project. Government Rejects Taxpayer-Funded PIA Fleet Support Schehzad rejected suggestions that the discussions represented a hidden subsidy, new public debt or an arrangement that would transfer PIA’s commercial aircraft risk to taxpayers. He said none of these arrangements had been announced. The distinction is significant because aircraft purchases can involve substantial financing requirements, while the government has stated that the commercial risk associated with PIA’s future fleet decisions does not automatically fall on the public budget. What PIA Privatisation Means For Aircraft Purchases PIA was sold through an auction in December last year, with the transaction intended to transfer ownership, commercial management and day-to-day operations to the private sector. Under the post-privatisation structure, decisions concerning the airline’s fleet and related commercial financing are to be handled by its new ownership and management. The government can continue supporting Pakistani businesses in accessing international markets, financing, technology and suppliers without directly assuming the commercial risks associated with private-sector investment decisions.

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Banks Warn AI Shopping Bots Raise Fraud Risks

Web Desk / September 26, 2026

A group of major international banks has warned that the rapid growth of AI-powered shopping agents could introduce new risks for consumers, including scams, fraud and data-privacy breaches. AI agents are increasingly being promoted as digital personal shoppers that can search for products, compare options, make purchasing decisions and complete transactions on behalf of users. While the technology could make online shopping faster and more convenient, banks say consumer protections and industry standards may not be keeping pace. Why Banks Are Warning About AI Shopping Agents Technology companies are expanding the use of AI agents that can handle multiple stages of an online purchase. Instead of manually searching websites, comparing products and completing checkout, consumers can describe what they want and allow an AI system to perform much of the process. The shift is already becoming visible among retailers. At John Lewis, searches originating from AI agents increased to 2.5 percent from 0.3 percent a year earlier, highlighting the rapid growth of agent-driven shopping activity. Consumers are showing interest in this form of “agentic” commerce, but banks say the technology is developing faster than the standards and safeguards designed to protect shoppers. AI Shopping Bots Could Increase Fraud Risks One of the major concerns surrounding AI shopping bots is whether they will consistently act in the consumer’s best interests. Shoppers could face situations where an AI agent purchases the wrong product, spends more than expected or directs them toward a fraudulent seller. The growing number of automated decisions could also make it harder for consumers to understand why a particular product or seller was selected. Banks are particularly focused on situations where AI agents interact directly with payment systems and websites. Payment Details Raise Data Privacy Concerns AI shopping agents may require access to payment information to complete purchases. In some cases, agents could enter card details directly on retail websites or potentially influence which payment method consumers use. This creates concerns around both financial security and data privacy. Banks warn that some payment methods may provide weaker buyer protection, potentially leaving consumers with fewer options when a transaction turns out to be fraudulent or disputed. The issue also raises questions about how much personal and financial information AI shopping agents should be allowed to access and retain. Who Is Responsible When an AI Purchase Goes Wrong? Accountability is another major concern as agentic commerce expands. If an AI agent selects a fraudulent seller, makes an incorrect purchase or exposes payment information, consumers may not know whether responsibility rests with the AI provider, retailer, payment service or another party. The uncertainty could make it more difficult for customers to understand what protections apply and whom they should contact when something goes wrong. Major Banks Call for Stronger AI Shopping Rules The group raising concerns includes Bank of America, NatWest, ING, Capital One, ASB Bank and Commonwealth Bank of Australia. The banks plan to take proposals to policymakers aimed at establishing clearer protections for consumers and businesses using AI shopping agents. Among the proposals is greater transparency about when an AI agent is involved in a transaction. The banks also want consumers to receive information about how an AI agent reached its purchasing decision. Banks Seek Greater Protection for Customer Data Stronger safeguards for customer data are another key part of the proposals. AI shopping agents can potentially interact with personal information, payment details and purchasing histories. As these systems become more involved in online transactions, banks say consumers need greater clarity and protection over how their information is handled. The proposals also call for shoppers and merchants to retain the freedom to choose which AI services they use rather than being locked into a particular system. Interoperability Could Shape Agentic Commerce The banks also want different AI shopping systems to be able to work together. Interoperability could allow consumers and merchants to use different services without being restricted by incompatible systems. It could also support greater competition as agentic commerce develops. The broader concern is that rapid technological adoption should not move ahead of consumer protection, payment security and clear accountability. AI Shopping Needs Trust and Clear Consumer Protection AI shopping agents could significantly change how people search for products, compare prices and complete purchases. However, their expansion also introduces new questions around fraud, privacy, payment protection and responsibility. For banks, the challenge is to ensure that convenience and automation do not come at the expense of consumer trust and security. As agentic commerce develops, clearer rules and stronger safeguards could become increasingly important for shoppers, retailers, payment providers and AI companies.

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Sazgar To Introduce ArcFox Electric Vehicles In Pakistan

Web Desk / September 25, 2026

Lahore-based Sazgar Engineering Works Limited has told the stock exchange it intends to bring ArcFox new energy vehicles to Pakistan. The September 25, 2026 filing is short on dates and prices. Still, it marks another step in the company’s shift from rickshaws and hybrids toward a broader electric lineup. What The Company Told The Exchange Sazgar said the move will expand its New Energy Vehicle portfolio. It described ArcFox as BAIC Group’s high-end intelligent electric brand. The notice highlighted premium design and advanced technology, plus engineering ties with Magna and Huawei. It did not name models, launch timing, local assembly plans, or investment size. Who Sazgar And ArcFox Are Sazgar started in 1991 and is listed on the Pakistan Stock Exchange as SAZEW. It still builds three-wheelers under its own name and assembles four-wheelers from Great Wall Motor and BAIC. The firm was first in Pakistan with a locally assembled hybrid, the Haval H6 HEV. It later added plug-in hybrids, electric rickshaws, and other GWM and BAIC products. ArcFox sits at the premium end of BAIC’s electric business. The brand is known for smart cabins and driver-assist systems, with Magna on engineering and Huawei on in-car technology. Why The News Matters For Buyers Pakistan’s passenger EV market is still small, but hybrids and plug-in models have already found buyers who want lower fuel bills without a full leap to charging. A high-end BAIC brand would sit above Sazgar’s more mainstream Haval and Tank range. That could give urban buyers another option if charging and after-sales catch up. Until models and prices appear, this remains an intent, not a showroom date. Watch for follow-up filings on which cars arrive first and whether they will be imported or assembled in Lahore.

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Petroleum Levy Feeds Inflation Beyond Pump Prices

Web Desk / September 24, 2026

The impact of Pakistan’s petroleum levy extends well beyond the price motorists see at fuel stations. Economists argue that higher fuel costs can feed into freight, agriculture, manufacturing and retail prices as businesses pass higher transport and logistics expenses through the supply chain. Official Pakistan Bureau of Statistics data shows that motor fuel prices were among the major sources of non-food inflation in August 2026. The data also recorded a 5.61% month-on-month increase in urban motor fuel prices. The broader issue is that the direct weight of fuel in the consumer basket does not capture all of its indirect effects. How Fuel Costs Multiply Across The Economy Motor fuel represents a relatively modest share of household consumption expenditure, but transport costs affect the movement of almost every major category of goods. Diesel is particularly important for economic activity because it is widely used by freight operators, agricultural machinery and industrial users. When diesel becomes more expensive, the resulting increase in transportation and production costs can eventually reach consumers through higher prices. That creates a distinction between the direct inflation effect of fuel and the potential second-round effects transmitted through supply chains. The Pakistan Bureau of Statistics reported that motor fuel prices increased sharply on a year-on-year basis in August, while transport-related costs also recorded significant increases. Easy Collections, Delayed Tax Reform The petroleum levy remains an important fiscal instrument because it can be collected relatively efficiently through fuel sales. Pakistan’s IMF programme has also placed emphasis on strengthening public finances and broadening the tax base. The IMF has noted that higher petroleum development levy collections helped offset an FBR revenue shortfall during FY2026. The government has simultaneously continued reforms involving petroleum taxation and energy pricing. Under the IMF-supported reform programme, the FY2026 Finance Act introduced a carbon levy that increased the petroleum development levy by Rs2.50 per litre and provided for a further Rs2.50 increase in FY2027, while also bringing fuel oil into the PDL framework. This creates a fiscal trade-off. Fuel taxation can provide relatively predictable revenue, but greater reliance on consumption-based taxes can leave less pressure to address weaknesses in broader direct-tax collection. The Tax Reform Question The longer-term issue is therefore not simply whether petroleum products should generate more revenue. A broader tax base could distribute the burden across more sources of economic activity instead of relying heavily on fuel consumption. The IMF’s current programme for Pakistan explicitly includes broadening the tax base among its fiscal priorities. Improving tax compliance, expanding documentation and strengthening collection from sectors that remain relatively difficult to tax could provide alternatives to repeatedly increasing levies on widely consumed products. For households and businesses, the distinction matters because fuel costs can influence prices well beyond the amount paid directly at the pump. What The Fuel Levy Means For Inflation The petroleum levy has two roles that can pull policy in different directions. As a revenue measure, it can support fiscal consolidation and help the government meet its budget objectives. As a cost imposed on fuel consumption, however, it can increase transportation and production expenses and potentially contribute to broader price pressures. The IMF has noted that inflation in Pakistan has risen as higher global commodity prices passed through to domestic energy prices. That makes the policy challenge broader than the price of petrol or diesel alone. The question is how to maintain fiscal revenues while reducing the economy’s dependence on taxes that can feed into transportation, logistics and production costs. For Pakistan, a more diversified and effective tax system would reduce the need to rely so heavily on fuel consumption as a source of government revenue while addressing the wider cost pressures that fuel prices can transmit through the economy.

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Shabbir Tiles Reports Wider Loss After Sales Decline

Web Desk / September 24, 2026

Shabbir Tiles and Ceramics Limited reported a significantly wider annual loss for FY2026 as lower sales, weaker margins and higher financing costs put pressure on its financial performance. Revenue And Margins Came Under Pressure Shabbir Tiles’ net turnover fell to Rs11.90 billion in FY2026 from Rs13.85 billion a year earlier. The decline in revenue was accompanied by a sharp reduction in gross profit, which dropped to Rs1.88 billion from Rs2.75 billion. Operating expenses remained substantial, resulting in an operating loss of Rs649 million compared with an operating loss of Rs37 million in FY2025. The deterioration in operating performance came as the company dealt with weaker sales and continued pressure on its cost base. Loss Widened And Loss Per-Share Increased Finance costs increased significantly during the year, rising to Rs310 million from Rs179 million as the company’s borrowings increased. Shabbir Tiles reported a loss before tax of Rs969 million for FY2026. After accounting for a tax credit, the company’s loss for the year stood at Rs802 million, compared with a loss of Rs192 million in FY2025. The loss per share consequently widened to Rs3.35 from Rs0.80. Balance Sheet Shows Investment And Higher Debt Despite the weaker earnings performance, total assets increased to Rs9.46 billion from Rs7.94 billion. Property, plant and equipment also increased following capital expenditure of more than Rs1 billion during the year. Total equity declined to to approximately Rs1.85 billion as accumulated losses replaced the unappropriated profit reported previously. Short-term financing increased sharply to Rs2.36 billion, while long-term financing also rose. Cash generated from operations turned negative during the year, with higher inventory and receivables contributing to the pressure on operating cash flow. Customer Concentration And Asset Base The company disclosed that its five major customers accounted for approximately 19% of total sales during the year, compared with a lower proportion in the previous period. Shabbir Tiles also reported that all of its non-current assets are located in Pakistan. The board authorised the company’s financial statements in September 2026. Meeting And Book Closure Dates The company’s annual general meeting is scheduled for 22 October 2026 at 10:30 a.m. in Karachi. The share transfer books will remain closed from 15 October to 22 October 2026. Transfers received by 14 October will be considered timely for participation in the relevant corporate proceedings. With no dividend, bonus shares or right issue recommended for FY2026, shareholders will instead review the company’s financial performance and balance-sheet position at the upcoming AGM.

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