Blaze News - Pakistan

Pakistan Stock Exchange (PSX) remained bearish in the outgoing week, where investors displayed lack of interest in market activity fearing an increase in consumer gas prices and resorted to profit-taking. It came despite positive developments on the economic and political scene. The rupee continued to gain strength against the US dollar, standing below 288/$ at the end of the shortened week on Thursday. In addition, the Election Commission released the constituency delimitation lists, which was seen as a major step towards general elections early next year. At the beginning of the week on Monday, the bourse dropped slightly as a poor economic outlook and concerns over a shortfall in external financing deterred investors. Next day, the market continued its losing streak with modest losses, which was attributed to the global equity sell-off and a downturn in international crude oil prices. Read PSX leads in global markets On Wednesday, however, the KSE-100 index notched up marginal gains...

Pakistan’s largest coal miner Sindh Engro Coal Mining Co (SECMC) expects to boost its output by 51.3% in 2024, its Chief Executive said, as the South Asian economy seeks to reduce imports, cut fuel costs and shore up its finances. Faced with a crippling foreign exchange crisis, the government is trying to preserve its depleted foreign exchange reserves and cushion itself against geopolitical shocks. SECMC aims to help by boosting coal production to 11.5 million tonnes in 2024, from an expected 7.6 million tonnes this year, said CEO Amir Iqbal on Friday. The company will seek to push power plants currently operating fully on imported coal to use 20-25% domestically mined coal, Iqbal said. “We have done some initial work (on imported coal-based power plants). It is very much possible,” he said. SECMC has funds to finance the expansion of mining for 2024, but faces challenges in boosting output after that as Chinese lenders have stopped funding coal projects, Iqbal said. “That is one chal...

In a significant operation at Karachi's Jinnah International Airport, the Pakistan Customs Drug Enforcement Cell on Saturday uncovered a stash of crystal methamphetamine, commonly known as "crystal ice", with an estimated street value of Rs300 million. The narcotics were concealed within three baskets of dry fruits that were originally sent from Afghanistan to Bahrain and subsequently returned to Pakistan. Read More: Customs foil bid to smuggle 46kg ice drug to Australia The contraband, which had been dispatched to an individual named Gulbaz Khan residing in Bahrain, returned unattended. Under international law, the parcel could not be opened without proper authorisation from the intended recipient. According to Collector Shafiq Ahmed, who is stationed at Jinnah International Airport's terminal, it is suspected that Gulbaz Khan, possibly out of fear of legal consequences, chose not to receive the parcel and decided to send it back. The bags of dry fruits, originally d...

The Balochistan Counter-Terrorism Department (CTD) on Saturday registered a case against unknown attackers for the Mastung bombing as the tragedy's death toll reached 53.. The First Information Report (FIR) for the blast during an Eid Miladun Nabi procession includes provisions of murder, attempted murder, terrorism and the explosives act, reported Express News. The province has also declared a three-day mourning period for the martyrs of the attack. Read At least 50 killed, scores injured in blast near Eid Miladun Nabi procession in Mastung A spokesperson from the Civil Hospital Quetta confirmed that seven severely injured individuals are being cared for in the intensive care ward of the hospital while 17 injured are undergoing treatment at Ghousbakhsh Memorial Hospital, and 25 victims have been discharged so far. Hangu suicide blast case Similarly, police in Khyber-Pakhtunkhwa also registered a case regarding the suicide blast in Hangu's police lines against u...

Israel and Saudi Arabia are moving towards the outline of a historic US-brokered deal to normalize relations after decades of hostility, the White House said on Friday. President Joe Biden is hoping to transform the Middle East -- and score an election-year diplomatic victory -- by securing recognition of the Jewish state by Saudi Arabia, the guardian of Islam's two holiest sites. "All sides have hammered out, I think, a basic framework for what, you know, what we might be able to drive at," National Security Council spokesman John Kirby told reporters. "But, as in any complex arrangement, as this will inevitably be, everybody is going to have to do something. And everybody is going to have to compromise on some things." Read Israel on cusp of region-reshaping peace with Saudi Arabia, Netanyahu says The United States has urged its Middle East allies Israel and Saudi Arabia to normalize diplomatic relations, following on from similar deals involving the United Ar...

Indian Foreign Minister Subrahmanyam Jaishankar said on Friday there was a "climate of violence" and an "atmosphere of intimidation" against Indian diplomats in Canada, where the presence of Sikh separatist groups has frustrated New Delhi. "Because there is freedom of speech, to make threats and intimidate diplomats, I don't think that's acceptable," Jaishankar told reporters on Friday evening in Washington. Relations between India and Canada have been tense of late, mostly due to the presence of Sikh separatists in Canada who have kept alive the movement for Khalistan, or the demand for an independent Sikh state to be carved out of India. Canada's foreign ministry did not immediately respond to a request for comment. Earlier this month, Canadian Prime Minister Justin Trudeau alleged that Indian agents may have had a role in the June murder of Sikh separatist leader and Canadian citizen Hardeep Singh Nijjar, who was labeled a "terrorist...

A New Mexico man was charged with attempted murder for allegedly shooting a demonstrator at a protest over plans to reinstall a statue of a Spanish conquistador in the north of the state, police said. Twenty-three-year-old Ryan Martinez of Sandia Park was arrested on Thursday after he shot a 42-year-old man while attempting to disrupt a peaceful protest at a civic center in Espanola, state police said in a statement. The return of the statue of 16th-century colonial ruler Juan de Onate to a pedestal outside the public offices had been planned for Thursday but postponed by officials due to security concerns. The bronze was taken down in 2020 during nationwide anti-racism protests to topple monuments to European colonizers and Confederate officials. A public defender assigned to Martinez did not immediately respond to a request for comment. The wounded man, identified by family as Native American climate activist Jacob Johns of Seattle, was in critical condition at University of...

When Carolina's captors arrived at dawn to pull her out of the stash house in the Mexican border city of Reynosa in late May, she thought they were going to force her to call her family in Venezuela again to beg them to pay $2,000 ransom. Instead, one of the men shoved her onto a broken-down bus parked outside and raped her, she told Reuters. "It's the saddest, most horrible thing that can happen to a person," Carolina said. A migrant advocate who assisted Carolina after the kidnapping, who spoke to Reuters on condition of anonymity due to security concerns, confirmed all the details of her account. The attack came amid an increase in sexual violence against migrants in the border cities of Reynosa and Matamoros, both major transit routes for immigrants seeking to enter the US, according to data from the Mexican government and humanitarian groups, as well as interviews with eight sexual assault survivors and more than a dozen local aid workers. "The inhumane way ...

A wanted terrorist was killed during an intelligence-based operation (IBO) in Khyber-Pakhtunkhwa’s Mardan district, the military said in a statement on Friday. According to Inter-Services Public Relations (ISPR), a high-value target, terrorist ring leader Faisal, was killed in the Katalang area of the district. The statement said that the killed terrorist was actively involved in numerous terrorist activities and was highly wanted by law enforcement agencies. Weapon and ammunition were also recovered from the killed terrorist, it added. Read: Army most popular institution in Pakistan: Gallup survey In another encounter with terrorists in the general area of Parachinar, Kurram district, Pakistani troops effectively engaged the terrorists’ location. However, 33-year-old resident of Kurram district Lance Naik Ghairat Khan, having fought gallantly against the terrorists, embraced martyrdom. “Security forces of Pakistan are determined to eliminate the menace of terrorism from the countr...

The race for lunar exploration supremacy between India and China has reached new heights, as India's Chandrayaan-3 rover recently made a historic landing near the lunar South Pole. This achievement, however, has ignited a debate between the two space giants, with a top Chinese scientist questioning the significance of India's accomplishment. Ouyang Ziyuan, often regarded as the pioneer of China's lunar exploration programme, has expressed scepticism speaking to the Chinese-language Science Times newspaper regarding the claims surrounding Chandrayaan-3's landing, Taipei Times reported. He argues that the Indian rover's landing site, situated at 69 degrees south latitude, falls considerably short of the lunar South Pole, which is defined as being between 88.5 and 90 degrees. In essence, he contends that India's achievement, while remarkable, does not truly qualify as a polar landing. Comparing the lunar coordinates to their Earthly counterparts, it becomes apparen...

In a startling turn of events, the perpetrator behind the tragic killing of the renowned transgender individual, Laiq, also known as Malala, has been revealed to be none other than her Afghan friend. The accused cited "betrayal" as the motive for the crime. The fugitive suspect, who had been attempting to flee the country from Quetta, was apprehended by law enforcement officers. In a subsequent confession, he disclosed that he attempted to dispose of the victim's body by throwing it into the Attock River in an ill-conceived bid to conceal his heinous act. District Police Officer Nowshera, Nasir Mahmood, shared the chilling details of the murder. On September 20, the Khairabad Police received information about a mutilated body found on the banks of the River Indus at Khairabad. The deceased was identified as transgender individual Laiq, alias Malala, a resident of Kohat Road in Peshawar. Read More: Worrying rise in digital hate speech against transgender community: report ...

PML-N President Shehbaz Sharif's persistent efforts to convince his elder brother, former prime minister Nawaz Sharif, to reconsider his demand for holding former military officials accountable for their "unconstitutional actions" seem to have borne fruit. A well-informed source within the party claims that the three-time former prime minister is now inclined towards adopting a more conciliatory stance. He intends to prioritize the country's economic stability and uphold constitutional principles. The source, on the condition of anonymity, revealed that the change of heart was purely an outcome of the discussion between the two Sharif brothers. He added that the feedback from the party was also negative about Nawaz’s demand for the accountability of former army chief Gen (retd) Qamar Javed Bajwa and ex-director general of the Inter-Services Intelligence (ISI) Lt-Gen (retd) Faiz Hameed, The PML-N source said it was thought that taking this narrative forward would put t...

In a peaceful demonstration held in front of the United Nations (UN) amid heavy rain, Kashmiri Americans, along with supporters of the Kashmir cause, voiced their demand for freedom for Indian Illegally Occupied Jammu and Kashmir (IIOJK) from Indian occupation. This protest took place as Dr S Jaishankar, the Foreign Minister of India, was addressing the UN General Assembly. Participants in the demonstration expressed their condemnation of the enactment of the Domicile Law and other illegal measures designed to alter the demographic makeup of Occupied Kashmir. They held placards with messages such as "Indian Forces: Out of Kashmir", "Who is the terrorist? Modi, Modi", "India: Honour UN Pledges", "Wake Up-Wake Up: UN Wake Up", "We Demand Justice for Yasin Malik", and "India: Release All Political Prisoners". Dr Ghulam Nabi Mir, President of the World Kashmir Awareness Forum, emphasised the failure of the world to protect the bas...

A spokesperson for the Supreme Court issued a clarification on Wednesday regarding reports that attributed a statement to Chief Justice of Pakistan (CJP), Justice Qazi Faez Isa, suggesting that love marriages are problematic for the court. In a statement issued by Public Relations Officer Shahid Hussain Kamboyo, it was revealed that on September 26, 2023, Courtroom No. 1 of the Supreme Court heard a family matter involving a dispute over the custody of two minor daughters. During the proceedings, it became apparent that the parents in question had entered into a love marriage. He said contrary to media reports, the court did not express disapproval of love marriages. Instead, it encouraged the parties to apply the same principle of love in addressing the welfare of their children. Read more: SC moved to determine army chief’s role in affairs of state “It transpired that the parents had entered into a love marriage, and during the hearing the Court observed that they should apply the sa...

A Corporate Conference held on Monday evening emphasised the critical importance of embracing modernisation and innovation in business while prioritising people-centric development, particularly during uncertain times. The event brought together prominent figures from various sectors and underscored the role of professional accountants in effectively managing business affairs. Addressing the audience, Senator Waleed Iqbal delivered a passionate keynote speech, highlighting the qualities required for success in today’s uncertain business landscape. He stressed the need for a focus on human development and improving living standards. Iqbal pointed out that the UN Declaration of 1986 places immense focus on the Right to Development, advocating for equal rights in social and economic uplift. He called upon corporate entities to prioritise inclusive and participatory development, condemning gender and race discrimination in the pursuit of sustainable progress. He cited China’s achievement i...

The Progressive Group within the Lahore Chamber of Commerce & Industry (LCCI) has advocated for the establishment of an “Export Raw Material Authority” in Pakistan to bolster industries capable of producing raw materials for export-oriented sectors. Muhammad Ejaz Tanveer, a central leader of the group and an LCCI Executive Committee member, emphasised the potential benefits of such an authority. He highlighted that efficient management of the country’s natural resources could be achieved by regulating and controlling raw materials, ensuring their sustainable use and preventing rapid depletion. Speaking to some journalists, Tanveer noted that the authority could encourage or mandate the processing of raw materials domestically before export. This approach could result in the creation of value-added products, fetching higher prices in international markets and generating domestic employment opportunities. To incentivise industries producing raw materials for export, Tanveer proposed ...

The Pakistan Managing Director of China Energy International Group, Wang Huihua, has announced that the construction of the 884-megawatt Suki Kinari (SK) Hydropower Project is progressing rapidly under the China-Pakistan Economic Corridor (CPEC) initiatives. The managing director highlighted the significant impact of the run-of-the-Kunhar-river hydropower project. He stated that the SK hydropower project is expected to create over 4,250 employment opportunities and contribute substantial electricity to the national grid. Huihua expressed confidence that the SK hydropower project would reach completion by the end of the current year or by mid-2024, with its powerhouse and reservoir section in the final phases of construction. However, he noted that the 24-kilometer-long Hades Tunnel presents the most challenging aspect of the project due to difficult terrain, harsh winter weather conditions, and water drainage issues. To overcome these challenges, highly skilled manpower and state-of-th...

Pakistan’s central bank has deployed the person-to-merchant (P2M) online payment option on its instant payment system, Raast, which is a step forward towards reducing the use of cash, documenting and digitalising the economy. The State Bank of Pakistan (SBP) is expected to formally launch the new payment option in the next couple of weeks. Six entities including five banks have already become part of the new journey. P2M enables people to pay directly to merchants for shopping, dining and pay monthly utility bills through the QR code. Speaking at the 21st Conference on “Future Banking Summit 2023” on Tuesday, SBP Director at Payment Systems Policy and Oversight Department Qazi Shoaib Ahmad said “P2M has also been deployed on September 3, 2023.” Raast is an initiative of the SBP that enables instant end-to-end digital payments among individuals, businesses and government entities. “P2M will be a game changer in terms of adoption of Raast at the industry level,” he said, adding that the ...

The National Institute of Health has said that Pakistan reported two poliovirus cases this year and 27 positive environmental samples. Traces of wild poliovirus type 1 (WPV1) have been found in sewage samples collected from Hangu and Karachi. According to the Pakistan Polio Laboratory at the National Institute of Health, a sewage sample collected from the Keamari area of Karachi on Sept 5 and two samples collected from Hangu on Sept 6 tested positive for WPV1. The lab, which is also the World Health Organization’s Regional Reference Lab, stated that the virus isolated from all three sewage samples was genetically connected to the YB3A cluster circulating in neighbouring Afghanistan. Federal Minister for Health Dr Nadeem Jan vowed to stamp out poliovirus from the country, saying: “Viruses move with people and can infect vulnerable children anywhere. We are launching a nationwide polio vaccination campaign in October to build children’s immunity.” The minister urged the parents to ensure...

Russia on Tuesday delivered the first batch of liquefied petroleum gas (LPG) in the amount of 100,000 metric tonnes to Pakistan. On its official X handle, the Russian Embassy stated that the delivery was made through Iran's Sarakhs Special Economic Zone. Russia has delivered the first batch of liquefied petroleum gas (LPG) in the amount of 100 thousand metric tons to Pakistan through Iran's Sarakhs Special Economic Zone. Consultations on the second shipment are underway 🇷🇺🤝🇵🇰 pic.twitter.com/AZJwf5f9I5 — RusEmbassy_Pakistan (@RusEmbPakistan) September 26, 2023 It further said that consultations on the second shipment are under way. The Express Tribune, quoting sources, earlier reported that independent Russian oil refiner Forteinvest clinched a deal that will see Russian gasoline sent to Pakistan by land for the first time, as Russian refiners seek alternative markets for motor fuels days before an EU import ban. Forteinvest has sold to a trader an initial 1,000-tonne lot ...

The Pakistan Tehreek-e-Insaf (PTI) on Monday claimed that Sanam Javed, one of the party's staunch activist, and other female supporters were rearrested after the Anti-Terrorism Court (ATC) ordered their post-arrest bail in Lahore Jinnah House Attack case two days earlier. However, so far, there has been no confirmation by the Punjab government over the claim made by the PTI. The party based its claim on a video posted by journalist Mughees Ali at the social media platform X, where he, without quoting the source, asserted that Sanam and others were again taken into custody. صنم جاوید سمیت دیگر رہا ہونے والی خواتین پھر گرفتار، پولیس کی گاڑی میں سے آواز آئی جی دوبارہ گرفتار کر لیا۔۔۔!!!pic.twitter.com/bZF8dwgne3 — Mughees Ali (@mugheesali81) September 25, 2023   In the video, a prison van could be seen at Kotlakhpat Jail which passes before the media persons with hands visible from its top, possibly of the said individuals. Someone, in the meantime, asks "again arrested" to ...

A Saudi delegation is due to visit Palestinian President Mahmoud Abbas in Ramallah this week, a Palestinian official said, amid diplomatic efforts to secure an accord between Israel and Saudi Arabia that could involve concessions for the Palestinians. The delegation will be led by the non-resident Saudi envoy to the Palestinians, who was appointed last month, the official said. The visit comes after both Saudi Crown Prince Mohammed bin Salman and Israeli Prime Minister Benjamin Netanyahu said last week that efforts were underway to reach an agreement normalizing relations between their two countries. US officials have cautioned that any agreement, expected to include a defence agreement with Washington and a civilian nuclear programme for Saudi Arabia, would be some way off. Read also: Israel on cusp of region-reshaping peace with Saudi Arabia, Netanyahu says Among the issues to be resolved would also be the Palestinian question, and calls for a revival of a peace process leading t...

Caretaker Sindh Chief Minister Justice (retd) Maqbool Baqar, taking strict notice of massive corruption in the Board of Revenue for many years, has removed six sub-registrars and a superintendent and ordered to appoint well-reputed officers in their places on Monday. The CM also asked the officials to conduct the audit of all public universities in Sindh with action against those involved in embezzlement of funds. Talking to Caretaker Minister for Revenue Younis Dhaga on the telephone, the CM directed him to remove five sub-registrars – Badar Metlo, Shakil Vighio, Nadeem Baloch, Iqbal Hussain, Ismail Rahpoto, and Asif Sarki. He also directed the removal of office superintendent Zia Shah for his alleged involvement in corruption in the transfers and postings of Mukhtiarkars and other revenue officers. Read More: CM orders probe into poor services at govt hospital These officers were recently posted and now their immediate transfer has been ordered. He also directed the Board of Revenue ...

While it remains too early to assert definitively, several indicators suggest that Pakistan’s economy may have weathered the worst of its recent challenges. There were serious concerns that due to the IMF’s push for easing import controls and letting the exchange rate float, the rupee may see further free fall. However, after hitting a record low of Rs335 on September 5, the rupee is regaining ground, stabilising at approximately Rs292 to the US dollar, a level where the caretakers inherited. Foreign exchange reserves have surged past $13 billion, including $5.5 billion held by commercial banks. Even with a notable spike in fuel prices, the inflation rate has slowed and now stands at 27.4%. As caretaker federal ministers take charge of their respective ministries, they face a daunting task. The latest entrant, the federal minister for privatisation, rightly directs attention towards Pakistan International Airlines (PIA) and Pakistan Steel Mills (PSM), the two ailing state enterprises t...

A minor boy was allegedly subjected to rape by three men in the village of Dilan Jo Tarh, located in Chelhar, a rural town within the Tharparkar district. The family of the 11-year-old victim reported the incident to the police on Sunday, accusing the suspects, Khuda Bux Dal, Javed Dal, and Zahid Dal, of molesting the boy in the bushes outside the village. The family alleged that the accused had lured the boy to accompany them out of the village under the pretence of retrieving solar plates. They also mentioned that before coming to the police station, they had informed the village elders about the incident, but no assistance was offered. In response to media reports, SSP Tharparkar Ali Mardan Khoso has directed the police to take action against the accused and investigate the incident. Following his directives, the police instructed the accused not to leave the village until they received the medical report of the boy, who was a grade VI student. The family further reported that they ...

Special Assistant to Caretaker Prime Minister on Human Rights and Women Empowerment Mushaal Hussain Mallick praised Prime Minister Anwaarul Haq Kakar on Sunday for raising his voice for the oppressed Kashmiris people in his address to the UN General Assembly (UNGA) session last week. Addressing an awards distribution ceremony arranged by the Bright Future Society, Mallick said that Prime Minister Kakar’s speech at the 193-member UNGA not only exposed India’s “fascist and notorious face” before the world but also brought the brutalities of the Indian forces to the international limelight. "I am grateful to the prime minister for highlighting the state terrorism in Indian Illegally Occupied Jammu and Kashmir [IIOJK] at the global stage," Mallick said. “The PM as the ambassador and advocate of the Kashmiris highlighted the worst human rights violations in the occupied valley.” The special assistant said that India’s fascist Narendra Modi-led government had turned the scenic Kash...

A Pakistan International Airlines (PIA) flight from Abu Dhabi narrowly escaped two accidents at the Sialkot Airport. According to aviation sources, flight PK-264 coming from Abu Dhabi to Lahore was shifted to Sialkot due to inclement weather conditions in Lahore. As soon as the report that the weather had cleared in Lahore came in, the plane took off from Sialkot but it was hit by a bird due to which the plane had to land again. Read also: Govt won’t let PIA be grounded The aviation sources said during the landing of the plane, three of its tires had burst, and the plane narrowly escaped an accident at the Sialkot Airport. The passengers left for Lahore by bus. According to the PIA spokesperson, tires had been sent from Lahore to Sialkot for the aircraft. The national flag carrier was facing another problem as several of its planes had already been grounded. from Latest News, Breaking News & Top News Stories | The Express Tribune https://ift.tt/TNGVAkY

In the aftermath of the release and subsequent re-arrest of political leaders following their bail hearings, the legal community on Saturday called upon Chief Justice of Pakistan Qazi Faiz Isa to uphold the supremacy of the law, saying that some “powerful camps” have openly flouted the law without any regard for its principles. The members of the legal fraternity, alongside politicians and columnists, addressed a seminar organised at a local hotel by the Lahore High Court Bar Association (LHCBA) under the title “On human rights, Pakistan Constitution and way forward”. The legal fraternity equated this "disobedience" with an attempt to mock the Constitution, wherein, the leaders of a political party were arrested again by lodging fresh cases after the release orders by the courts. They also urged the need for fair transparent elections for political stability. Read More: Elahi rearrested after short walk of liberty “The country has been trapped in the clamps of lawlessness, th...

Caretaker Minister for Finance, Dr Shamshad Akhtar, expressed confidence that the interim government’s recent measures would contribute to stabilising the country’s economy. In a meeting on Friday, she discussed key initiatives with the Pakistan Business Council (PBC), a business advocacy body supported by over 100 leading local and multinational companies operating in Pakistan. “The PBC was reassured that the measures taken by the interim government will stabilise the economy,” she said. The PBC applauded the interim government’s resolute actions to combat smuggling, bridge the gap between interbank and open market exchange rates, and demonstrate determination in energy and fuel pricing to uphold the IMF Stand-By Agreement. However, the council urged the finance minister to ensure that the forthcoming IMF programme focuses more on reform, particularly in broadening the tax base and addressing fundamental issues in the energy sector. The meeting was attended by the Chairman of the FBR,...

The Ambassador of Iran, Dr Reza Amiri Moghaddam, on Friday, expressed optimism about two transformative initiatives being undertaken by Pakistan’s government, highlighting their potential for robust economic growth. These initiatives, namely the Special Investment Facilitation Council (SIFC) and the Barter Trade Mechanism (BTM), are beginning to yield promising results. Speaking at the Lahore Chamber of Commerce & Industry (LCCI), alongside Iran’s Consul General in Lahore, Mehran MovahhedFar, Moghaddam emphasised the significance of reducing trade costs, with a particular focus on enhancing transportation to bolster product competitiveness. He underscored the unique advantage of a secure 1000-kilometer border shared by Pakistan and Iran, free from any border disputes, making trade convenient and transportation costs more affordable. During the event, the ambassador also inaugurated the Iran Desk at LCCI. Moghaddam revealed that three operational border markets and three more in dev...

Caretaker Federal Minister of Finance, Dr Shamshad Akhtar, has proposed the listing of government debt securities on the Pakistan Stock Exchange (PSX) as a means to foster the credit market’s growth. During the inauguration of the Central Gateway Portal (CGP), the caretaker finance minister, emphasised the pivotal role that the securities market could play in developing the country’s debt market through this initiative. Akhtar explained that listing government debt securities on PSX would not only facilitate retail participation but also enhance transparency in the process of issuing securities through public auctions. She underscored that this move would be instrumental in promoting the loan market in Pakistan. She urged regulatory bodies like Securities and Exchange Commission of Pakistan (SECP), PSX, and other stakeholders to collaborate closely for the effective implementation of these reforms. Highlighting the challenge of low liquidity in capital markets due to a limited number o...

Saudi Arabian Crown Prince Mohammed bin Salman said he does not care about allegations of "sportswashing" against the kingdom and that he will continue funding sport if it adds to the country's gross domestic product (GDP). The allegation of "sportswashing" is levelled at countries perceived to be using sport to improve their tarnished image abroad. Read More: ‘Saudi Arabia working on increasing direct flights to Pakistan’ "If sportswashing (is) going to increase my GDP by 1%, then we'll continue doing sportswashing," the crown prince told Fox News. Saudi Arabia has made massive investments in soccer, golf Formula One, boxing and tennis in recent years through its Public Wealth Fund, which is chaired by the crown prince, the kingdom's de facto ruler since 2015. Read More: Pakistan vital for Saudi tourism Critics accuse the country of using its sovereign wealth fund to engage in "sportswashing" in the face of heavy criticism of Saudi A...

Israeli Prime Minister Benjamin Netanyahu said on Friday he believed his country was on the cusp of peace with Saudi Arabia, predicting it could be clinched by U.S. President Joe Biden and reshape the Middle East. Yet, amid urging by Riyadh and Washington that the Palestinians be included in the diplomacy, Netanyahu told the United Nations General Assembly in New York that Palestinians should not be allowed to veto the regional dealmaking. Expectations that Israel might normalize relations with Saudi Arabia, the home of Islam's two holiest shrines, have been ratcheted up this week. Saudi Crown Prince Mohammed bin Salman said a deal was getting closer by the day and Netanyahu and Biden held a long-awaited meeting to discuss the prospects. Read More: Abbas says Middle East peace only possible when Palestinians get full rights Netanyahu described as a precursor the 2020 normalization accords between Israel and the United Arab Emirates and Bahrain, known as the Abraham Accords and spon...