Pakistan

Industry worried new formula may disturb product balance, refinery offtake

Initiative offers global stakeholders facility to store oil, LNG and LPG for onward export

KSE-100 index jumps 6,768 points over easing geopolitical tensions

Industry body fears oil, coal price volatility can escalate business costs

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LAHORE: Punjab Education Minister Rana Sikandar Hayat on Wednesday announced that all public and private schools across the province would remain closed on Fridays, with classes taking place four days a week. According to a notification by the Punjab School Education Department shared by Hayat on X, “Pursuant to approval of the competent authority, it is hereby notified that all public and private schools across Punjab shall remain off on Friday till further orders.” However, the notification didn’t mention the reason behind this decision. It also notified the opening and closing hours of public schools. Under the new schedule, schools with a single shift will operate from Monday to Thursday from 8am to 1:30pm. Meanwhile, schools with double shifts will have the morning session from 8:00am to 12:30pm, and the afternoon session from 1:00pm to 5:30pm. Speaking to Dawn, Punjab School Education Department Secretary Muddassir Riaz Malik also confirmed that educational institutions would remain closed on Friday. Me...

The State Bank of Pakistan (SBP) on Wednesday launched a new framework for teenagers’ accounts, enabling them to independently own and operate bank accounts and digital wallets. According to a statement issued by the SBP, the move will build a financially savvy young generation. “By providing a convenient entry into the formal financial system at an early age, the SBP aims to foster meaningful participation of teenagers in the economy,” the statement said. It added that the initiative addressed a critical gap in the country’s financial landscape. “While overall account ownership of the adult population has risen to 67 per cent, teenagers have largely been confined to joint or parent-controlled accounts, limiting their practical financial engagement and learning,” the SBP said. The central bank said that with around 26 million citizens between the ages of 13 and 18, the framework was an effort for “nurturing a generation that is financially literate, digitally adept, and capable of driving future growth”. Key ...

Pakistan and Norway on Wednesday signed the former’s first-ever carbon market deal under the Paris Agreement, according to an official press release. According to the press release, “Pakistan and Norway on Wednesday signed the country’s first landmark bilateral agreement under Article 6.2 of the Paris Agreement, opening the door to international carbon trading, climate finance and major investment in clean energy and climate-smart agriculture.” To tackle climate change and its negative impacts, world leaders at the UN Climate Change Conference (COP21) signed the Paris Agreement on December 12, 2015, according to the United Nations. The agreement included commitments from all countries to reduce their emissions and work together to adapt to the impacts of climate change, and called on countries to strengthen their commitments over time. The press release issued on Wednesday said that a memorandum of understanding (MoU) signed in Islamabad under the auspices of the Ministry of Climate Change and Environmental C...

WASHINGTON: US President Donald Trump is set to address his nation at 9pm EST on Wednesday (6:00am on Thursday in Pakistan) to provide what the White House has described as “an important update on Iran,” fuelling speculation that he may declare an end to the five-week conflict — with or without a negotiated settlement. US media outlets, reporting the announcement, noted that Trump has brushed aside the need for a formal agreement to end hostilities. Speaking to reporters at the White House on Tuesday, he said US forces would likely leave Iran in “two or three weeks.” “We leave because there’s no reason for us to do this,” Trump said. “We’ll be leaving very soon.” In remarks that appeared to redefine the war’s objectives, he suggested that a negotiated settlement was no longer essential. “Iran doesn’t have to make a deal. It’s a new regime. They are much more accessible,” he said, adding that if the war has prevented Iran from developing a nuclear weapon, “then we’ll leave whether we have a deal or not.“ Domes...

A significant gas pipeline explosion in Akhtarabad has caused widespread disruption of gas supply across several districts in Balochistan, authorities confirmed.

Palestinian shops and public institutions were closed across the occupied West Bank on Wednesday in protest of an Israeli law passed earlier this week permitting the execution of Palestinians convicted of deadly terror attacks. In the Palestinian territory’s main cities of Hebron, Ramallah, and Nablus, most stores were closed with their shutters down at midday, AFP journalists reported. Palestinian Authority president Mahmud Abbas’ Fatah party had called for a general strike the previous day. In Ramallah, the seat of the Palestinian Authority north of Jerusalem, entire shopping centres were closed as well as the city’s main market. People gathered to march against the law backed by Israel’s far-right National Security Minister Itamar Ben Gvir. “It’s a crazy law to be passed, it’s insane,” said Mohammed Gussein, a 24-year-old student at Al-Quds University, which like all Palestinian universities, was on strike. “It’s completely out of touch with humanity, and completely racist,” he told AFP. Riman, a 53-year-o...

A delegation from the International Finance Corporation (IFC) called on Finance Minister Muhammad Aurangzeb and discussed its “growing portfolio in Pakistan, which now exceeds $2 billion annually and approximately $2.7bn committed this year”, according to the finance ministry. IFC is the private sector arm of the World Bank Group. According to the ministry, the IFC delegation comprised IFC Divisional Director for Pakistan, Afghanistan and Central Asia Simon Andrews, World Bank Country Director for Pakistan Bolormaa Amgaabazar and IFC Country Manager Naz Khan. Key areas of engagement included financial sector support through risk-sharing and guarantee facilities to promote trade and small and medium-sized enterprises (SME) financing; expansion of local currency financing to mitigate foreign exchange risks; and upcoming initiatives such as a diversified payment rights facility and a green bond issuance with a leading local bank, the ministry said. “Discussions focused on further scaling private sector investmen...

The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index continued its bullish momentum on Wednesday, surging by over 6,700 points as investors appeared hopeful of de-escalation in the Middle East. The KSE-100 index climbed by 6,768.25 points, or 4.55 per cent, to close at 155,511.56 from the previous close of 148,743.31. The market fluctuated between an intraday low of 151,262.76 points at opening and surged by 8,603.86 points to reach an intraday high of 157,347.17 at 1:13pm. AKD Securities Ltd said the KSE-100 was eyeing recovery on “rising hopes of Middle East de-escalation”. “KSE-100 index is expected to rebound after recording its worst monthly performance in March 26 in the past six years, as the likelihood of de-escalation in the Middle East conflict increases,” it noted. Arif Habib Ltd highlighted China and Pakistan’s joint call for an immediate ceasefire in the Iran war, noting that “additional news flow has also been positive with regards to de-escalation”. “Further positive news flow will drive...

Federal Minister for Communications Abdul Aleem Khan on Wednesday approved large-scale new policies to ensure transparency and accountability in the National Highway Authority (NHA).

Prime Minister Shehbaz Sharif said on Wednesday that many countries were facing difficulties in maintaining the balance between demand and supply of essential commodities due to the global situation, but Pakistan was addressing the challenging situation “successfully and effectively,” the Prime Minister Office (PMO) said. According to a statement by the PMO, the prime minister made these remarks during a review meeting which was held to devise a comprehensive strategy to prevent the country from the financial and economic impacts arising from the regional conflict. PM Shehbaz commended the effective and timely measures taken by institutions to prevent any emergency situation regarding the demand and supply of essential goods. He appreciated the steps taken by relevant ministries and institutions through mutual coordination to address the financial and economic challenges and directed them to further enhance their cooperation. “After meeting domestic needs of food and essential items, progress is being made on...

Minister of Foreign Affairs of China Wang Yi conveyed his country’s appreciation and support to Pakistan’s active diplomatic role and efforts to end the conflict and promote peace in West Asia.

Prime Minister Shehbaz Sharif on Wednesday said that the government was prioritising to provide technical and vocational training to the youth with international certifications in skills with high global demand.

A significant reduction of 35 per cent in combat-related fatalities was recorded across Pakistan during the month of March, coinciding with Operation Ghazab lil-Haq, according to monthly statistics released by a think tank. Data released by Islamabad-based Pakistan Institute for Conflict and Security Studies (PICSS) showed that a total of 331 people were killed in March compared to 506 in February, marking a 35pc decline in overall combat-related deaths. PICSS also observed a decline in high-profile militant attacks, even as the overall number of attacks increased during the month. It noted that the reduction in human losses coincided with Pakistan’s cross-border military strikes under Operation Ghazab lil-Haq, which began in the last week of February and targeted terrorist positions in Afghanistan. “The timing suggests these operations may have contributed to disrupting militant capacity and reducing the lethality of attacks,” the report noted. It added that in response to these strikes, groups including Teh...

Security forces killed 13 terrorists in two separate engagements in Khyber Pakhtunkhwa, said a statement by the Inter-Services Public Relations (ISPR) on Wednesday. The military’s media wing said the engagement took place on March 30 and the terrorists belonged to “Indian Proxy Fitna al Khawarij”. Fitna al Khawarij is a term the state uses for terrorists belonging to the banned Tehreek-i-Taliban Pakistan. During the first intelligence-based operation (IBO) conducted in the Bara area of Khyber district, security forces killed 10 terrorists. “During the conduct of operation, own troops effectively engaged khawarij location and after an intense fire exchange, 10 khawarij were sent to hell,” said the ISPR. In another IBO conducted in the Bannu district of the province, three terrorists were killed by security forces. “Sanitisation operations are being conducted to eliminate any other Indian-sponsored kharji found in the area, as the relentless Counter Terrorism campaign under vision ‘Azm-e-Istehkam’ (as approved ...

Prime Minister Shehbaz Sharif on Wednesday met a delegation led by VEON Group CEO Kaan Terzioğlu to discuss investment opportunities and cooperation in Pakistan’s digital sector.