ISLAMABAD: The Islamabad police on Sunday issued a traffic plan for the twin cities of Islamabad and Rawalpindi from Oct. 14 till Oct. 16 on account of a meeting of representatives of the Shanghai Cooperation Organization (SCO) member states.
Pakistan is hosting the SCO Council of Heads of Government summit in Islamabad on Oct. 15-16 under its rotating chairmanship of the organization, with the participants expected to discuss issues related to trade, economic cooperation, security, and regional stability.
The summit comes amid heightened security concerns due to a rise in militant attacks across the South Asian country as well as a call for protest by jailed former prime minister Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) party over a denial by authorities to visit him.
In a statement on Sunday, the Islamabad traffic police advised residents of the twin cities and travelers to take alternate routes to avoid any inconvenience, saying more than 1,100 traffic officials will be on duty for the SCO summit from Oct. 14 till Oct. 16.
“People traveling from Peshawar to Rawat via GT Road should go through Taxila, Motorway, Chakri Interchange and Chak Baili Road,” they said in the statement.
“Those traveling from Lahore to Peshawar via GT Road should take the Rawat, Chak Baili Road, Chakri Interchange, Motorway and Taxila route.”
People traveling from Islamabad to Rawalpindi via Margalla Road were asked to use 9th Avenue as traffic from Faisal Avenue to Zero Point would be diverted toward 9th Avenue, according to the statement.
Those who wish to travel from Bharakahu to Rawalpindi may go via Qur’ang Road, Bani Gala and Lehtrar Road, while those coming to Islamabad from Rawalpindi may use Murree Road from Saddar.
“[Islamabad] Expressway will remain closed for all traffic from Zero Point, Faisal Avenue till Koral Chowk,” the statement read. “Those coming to Faizabad via Col. Sher Khan Shaheed Road should use Stadium Road from the 9th Avenue signal.”
For heavy traffic vehicles en route to Lahore from Peshawar, the traffic police urged drivers to take the Taxila, Motorway, Tarnol Railway Crossing, Fateh Jung Road Interchange and Motorway.
Similarly, heavy traffic coming to the twin cities from Lahore would be redirected through Chak Baili Road, Chakri Interchange and Motorway.
In the weeks leading up to the summit, Pakistan’s authorities have cracked down hard on dissent, banning an ethnic nationalist movement and introducing new laws that restrict protest in the capital. They have also arrested hundreds of supporters of Khan who attempted to march on Islamabad earlier this month. Islamabad has authorized the deployment of troops on the streets for the duration of the summit.
The SCO is sometimes touted as an alternative to the Western-dominated NATO military alliance. While the bloc has a mandate to discuss security, the Islamabad summit is due to focus on trade, humanitarian and cultural issues.
SCO summit: Authorities issue three-day traffic diversion plan for Islamabad, Rawalpindi
https://arab.news/cy8k8
SCO summit: Authorities issue three-day traffic diversion plan for Islamabad, Rawalpindi
- Pakistan is hosting the SCO Council of Heads of Government summit in Islamabad on Oct. 15-16 under its rotating chairmanship of the organization
- The summit comes amid heightened security concerns due to a rise in militant attacks as well as a protest call by jailed ex-PM Imran Khan’s party
Pakistan’s anti-graft body auctions three properties owned by top real estate firm
- Three out of six properties linked to Bahria Town, Malik Riaz Hussain, remained unsold due to lack of qualifying bids
- Anti-graft body says auction was part of efforts to recover “defrauded funds” from a court-approved plea bargain
KARACHI: Pakistan’s national anti-graft body said it auctioned three properties owned by top real estate firm Bahria Town and its founder Malik Riaz Hussain on Thursday, saying the move was part of its efforts to recover “defrauded funds” from a court-approved plea bargain.
The auction was held a day after the Islamabad High Court dismissed a petition by the firm against the planned auction of its properties by the National Accountability Bureau (NAB). The six properties up for auction include one in Islamabad and five in Rawalpindi.
NAB said the sale aims to recover unpaid amounts from a settlement deal linked to the £190 million case involving Hussain, the founder of Bahria Town. Hussain has spoken publicly for months about being pressured due to “political motives” and facing financial losses as NAB opens cases against his property development projects across Pakistan.
Farooq H. Naik, Bahria Town’s counsel, told Arab News on Wednesday the firm plans to challenge the high court’s decision in the Supreme Court.
“NAB Islamabad/Rawalpindi today conducted a public action of six commercial properties linked to Malik Riaz/Bahria Town, in efforts to recover defrauded funds from a court-approved plea bargain of 2019,” NAB said in a press release.
The anti-graft body said three out of the six properties remained unsold due to a lack of qualifying bids, adding that a re-auction for them will be announced “soon.”
Listing the details of the properties that were auctioned, NAB said Rubaish Marquee in Islamabad was successfully auctioned for Rs508 million [$1.78 million], which it said was Rs20 million [$70,000] higher than the reserved price.
It said the payment and transfer process for the property is underway.
Meanwhile, Bahria Town’s Corporate Office-I received conditional offers of Rs876 million [$3.07 million], disclosing that its final approval is pending from NAB’s competent authority.
The third property, named Corporate Office-II, received conditional offers of Rs881.5 million [$3.09 million]. The anti-graft body said its final approval is pending from NAB.
“NAB remains committed to transparent recovery of public funds and strict enforcement of accountability laws,” it added.
AL-QADIR TRUST
Pakistan’s government has launched a high-profile crackdown against Hussain in recent months. On Wednesday, Information Minister Attaullah Tarar said the Federal Investigation Agency (FIA) had uncovered evidence of Hussain’s and
Bahria Town’s involvement in money laundering of billions of rupees.
Hussain and Bahria Town have so far not responded to the allegations.
While Hussain has not explicitly named who was pressuring him or why, media and analysts widely speculate the crackdown relates to the Al-Qadir Trust case, which involves accusations former prime minister Imran Khan and his wife, during his premiership from 2018-2022, were given land by Hussain as a bribe in exchange for illegal favors.
In January, a court sentenced Khan to 14 years imprisonment in the Al-Qadir Trust case.
In 2019, Britain’s National Crime Agency (NCA) said Hussain had agreed to hand over £190 million held in Britain to settle a UK investigation into whether the money was from the proceeds of crime.
The agency said the assets would be passed to the government of Pakistan and the settlement with Hussain was “a civil matter, and does not represent a finding of guilt.”
The case made against Hussain and ex-PM Khan was that instead of putting the tycoon’s settlement money in Pakistan’s treasury, Khan’s government used the money to pay fines levied by a court against Hussain for illegal acquisition of government lands at below-market value for development in Karachi.
Hussain, who hasn’t appeared before an anti-graft agency to submit his reply to the summons issued to him, has denied any wrongdoing. Khan and his wife have also pleaded innocence.
The latest development marks another escalation in the legal troubles facing Hussain, widely regarded for years as Pakistan’s most influential businessman, known for close ties with political, media and military elites.
On Tuesday, Hussain said in a statement on social media platform X his property empire was on the brink of collapse due to what he termed a politically motivated crackdown. He claimed Bahria Town’s bank accounts had been frozen, vehicles seized and dozens of employees arrested, forcing a near shutdown of operations.
Earlier this year in January, NAB put out a public notice cautioning people against investing in Hussain’s new real estate venture to build luxury apartments in Dubai.
Pakistan says US doubling tariffs on India presents ‘strategic opening’
- After finalizing new trade deal with US, Pakistan has one of the lowest tariff profiles in the region
- Businessmen say taxes, high electricity, interest rates “major obstacles” to taking advantage of deal
KARACHI: US President Donald Trump’s move to double tariffs on Indian goods presents a “strategic opening” for Islamabad to deepen its trade partnership with Washington, Pakistan’s finance adviser Khurram Schehzad said on Thursday.
Trump signed an executive order on Wednesday to place an additional 25 percent tariff on India on top of a 25 percent tariff that went into effect on Thursday. The move made India one of the most heavily taxed US trading partners in Asia.
Pakistan, India’s traditional arch-rival, has meanwhile improved its ties with Washington. Pakistan and the US finalized a trade agreement last week under which a 19 percent tariff was imposed on a wide range of Pakistani goods. The new rate marked a considerable reduction from the initially proposed 29 percent under a sweeping executive order signed by Trump.
“The US tariff hike on Indian goods presents a strategic opening for Pakistan,” Schehzad told Arab News.
Washington’s 19 percent tariff on Pakistani goods makes them less expensive than Indian goods, making Pakistan one of the countries with the lowest tariff profiles in the region.
“We see this as a moment of opportunity to deepen trade and economic ties with the United States,” the finance official added.
The US is Pakistan’s largest export destination, State Minister for Finance Bilal Azhar Kayani said on Thursday. He added that out of $32 billion of Pakistan’s exports in the last fiscal year, $6 billion went to the US.
Pakistan’s tariff deal with the US took place at a time when Islamabad is pushing for an economic revival, buoyed by a $7 billion financial bailout package by the International Monetary Fund (IMF).
Pakistan has undertaken financial reforms over the past two years. Prime Minister Shehbaz Sharif has tasked authorities to ensure Islamabad’s $32 billion annual exports surge to over $60 billion by fiscal year 2028-29.
Pakistan, having one of the lowest regional tariff profiles and also attracting a growing US investment interest, is positioned to expand its exports, particularly in textiles, pharmaceuticals, agriculture, technology, mining & minerals, and other value-added manufacturing, Schehzad said.
“This agreement will help us realize the long-term export targets we have set under Uraan Pakistan program,” he said, referring to the government’s economic plan that aims to make Pakistan a trillion-dollar economy by 2035.
‘MAJOR OBSTACLES’
Pakistani businesspersons, especially those related to textiles, think otherwise.
Atif Ikram Sheikh, president of the Federation of Pakistan Chamber of Commerce and Industry (FPCCI), said the US has imposed the lowest trade tariffs in the region on Pakistan, which Islamabad should take full advantage of.
However, he said higher production costs in Pakistan could neutralize this benefit.
“Taxes and high electricity and gas prices for the industry are major obstacles to taking advantage of low tariffs,” Sheikh said.
The textile industry is Pakistan’s biggest foreign exchange earner, fetching $18 billion during the last fiscal year, most of which came from the US.
Kamran Arshad, chairman of the All Pakistan Textile Mills Association (APTMA), was also unsure whether the new trade agreement with the US would benefit Pakistan significantly.
“The costly power and high interest rates would not allow us to compete (in the global textile market) at this 19 percent tariff,” Arshad told Arab News.
Last week, Pakistan’s central bank kept the policy rate unchanged at 11 percent, adopting a cautious approach.
According to the APTMA, Pakistan has a higher interest rate of 11 percent, compared to India’s 5.5 percent, Bangladesh’s 10 percent, Vietnam’s 4.5 percent, Sri Lanka’s 7.75 percent, Indonesia’s 5.25 percent and Cambodia’s 3 percent.
The power tariff for industries in Pakistan, meanwhile, stands at $0.16 kilowatt per hour as compared to $0.096 in India, $0.10 in Bangladesh, $0.08 in Vietnam, $0.06 in Sri Lanka, $0.07 in Indonesia and $0.135 in Cambodia, the data shows.
Pakistani businesses are paying 29 percent corporate income tax and as much as 10 percent super tax compared to the 27.5 percent preferential taxes their competitors from India, Bangladesh, Vietnam, Sri Lanka, Indonesia and Cambodia are paying on incomes.
“Pakistan’s corporate tax, policy rate, labor costs, electricity rate put us at a disadvantage with India, Bangladesh, Vietnam, Sri Lanka and Indonesia,” Arshad noted.
Shankar Talreja, head of research at Karachi-based brokerage firm Topline Securities, said the US is a “big market” for pharmaceuticals, textiles and food products.
“If Pakistan gets preferential treatment in the US market, this will help our companies grow further,” he said.
Pakistan stocks surge to all-time high as economic gains, US trade deal drive optimism
- KSE-100 Index touched intraday high of 146,081.02 before settling at 145,647.13
- Energy, fertilizer and banking stocks led gains by adding 738 points collectively
ISLAMABAD: Pakistan’s benchmark stock index extended its bullish run and closed at an all-time high on Thursday, with analysts attributing the surge to rising investor confidence over Pakistan’s new tariff deal with the US and economic gains such as surging exports and currency stabilization.
The KSE-100 Index touched an intraday high of 146,081.02 before settling at 145,647.13, up by 558.64 points or 0.39 percent from the previous close of 145,088.49.
Energy, fertilizer and banking stocks led the gains, with Pakistan Petroleum Limited (PPL), Habib Bank Limited (HBL), Engro Fertilizers Limited (EFERT), Oil and Gas Development Company Limited (OGDC) and Systems Limited (SYS) adding 738 points collectively, as per the Pakistan Stock Exchange’s data.
Ahsan Mehanti, chief executive officer of Arif Habib Commodities, said the stocks closed on a new record high as investors weighed the 17 percent year-on-year surge in exports data for July this year, the first month of the new fiscal year.
“Rupee stability, surging global crude oil prices, surging global equities and expected positive outcome of favorable US-Pak tariff deal played catalyst role in bullish close at PSX,” Mehanti told Arab News.
The stock market rally takes place as Pakistan shows signs of macroeconomic recovery following the IMF Executive Board’s approval of a new $7 billion loan program in September 2024. The program, which succeeded a short-term Stand-By Arrangement, focuses on structural reforms, energy sector overhauls, and fiscal consolidation.
Pakistan and the US finalized a trade agreement last week under which a 19 percent tariff was imposed on a wide range of Pakistani goods. The new rate marked a considerable reduction from the initially proposed 29 percent under a sweeping executive order signed by Trump.
The country’s economic outlook has also been bolstered by the rupee rebounding sharply in recent weeks, buoyed by steady remittance inflows and an aggressive crackdown on the dollar black market launched in mid-2024. Foreign exchange reserves have crossed $11.3 billion, according to central bank data, their highest level in nearly three years.
Karachi-based top brokerage firm Topline Securities said the bullish momentum from previous sessions carried through on Thursday, fueled by strong institutional inflows. These inflows came particularly from local mutual funds, it added.
“Market participation remained vibrant, with total traded volume reaching 711 million shares and a robust traded value of Rs55.6 billion,” it continued.
“PPL led the volumes chart, with 33 million shares exchanging hands during the session.”
India vows to protect national interests after Trump threatens Delhi with 50 percent tariff
- The US is India’s top export market, making up around 18 percent exports, 2.2 percent GDP
- India likely to diversify trade partners, strengthen ties with Middle East, expert says
NEW DELHI: India has vowed to take “all actions necessary” to protect its national interests after President Donald Trump doubled US tariffs on India to 50 percent over Delhi’s purchase of Russian oil.
Trump signed an executive order on Wednesday to place an additional 25 percent tariff on India on top of a 25 percent tariff that is set to go into effect on Thursday, making the South Asian country one of the most heavily taxed US trading partners in Asia.
The order finds India is “currently directly or indirectly importing Russian Federation oil,” and says it is “necessary and appropriate” to apply the new 25 percent tariff on Indian goods.
The US is India’s top export market, making up around 18 percent of exports and 2.2 percent of its GDP.
Foreign Ministry spokesman Randhir Jaiswal said the US decision to impose additional tariffs were “extremely unfortunate,” as Delhi’s imports from Russia “are based on market factors” and done to ensure energy security for the 1.4 billion Indian population.
“We reiterate that these actions are unfair, unjustified and unreasonable. India will take all actions necessary to protect its national interests,” he said in a statement.
The 50 percent tariff could cut Indian GDP by 0.6 to 0.8 percent, according to Arupam Manur, an economist at the Takshashila Institution in Bangalore. The cut would risk India’s economic growth slipping below 6 percent this year.
As the combined tariffs will go into effect 21 days after the signing of the order, India still has time to negotiate with the Trump administration.
“There is speculation that the 25 percent additional tariffs might be a negotiating tactic by the Trump administration, which can be used as a leverage point against India in the upcoming round of trade talks,” Manur said.
“So, India will continue negotiating with the US, but the room for making concessions to the US is getting smaller due to the bad-faith nature of dealings.”
India will likely look at diversifying trade partners, as Washington becomes increasingly “unreliable trading partner with multiple ad-hoc tariff impositions.”
“The recently concluded FTAs (free trade agreements) with Australia and the UK have come at a good time. India will hope to sign a trading arrangement with Europe as well. India will also look to strengthen its trading relationship with the Middle East,” Manur said, highlighting how UAE and Saudi Arabia are India’s third and fifth largest trading partners, respectively.
As India exports around $81 billion goods annually to the US, the impact would be felt in India domestically in labor-intensive industries, such as gems and jewelry, apparel, textiles, auto parts, sea food and chemicals.
Lalit Thukral, president of the Noida Apparel Export Cluster, which employs about one million people, said the 50 percent tariff rate is “too much” for his industry.
“The 50 percent is out of reach now. We cannot do that. It means you have to close your factories, close your business … Buyers who are in the US are running away … They are placing orders to China, Vietnam or a third country. They will not come to India now,” he told Arab News.
“I have been in this field for the last 45 years and for the first time we have seen this kind of situation. This is a very horrible situation. Had we known that this trouble was coming we could have planned it, but we were not ready for this kind of thing to come.”
Pakistan naval chiefs calls for stronger Azerbaijan ties through joint exercises, training exchanges
Pakistan naval chiefs calls for stronger Azerbaijan ties through joint exercises, training exchanges
- Pakistan Navy chief holds talks with top Azerbaijan military and naval commanders
- Talks focus on maritime security, operational readiness and joint exercises
ISLAMABAD: Pakistan Navy Chief Admiral Naveed Ashraf on Thursday said Pakistan and Azerbaijan should strengthen naval cooperation through joint training programs, operational exercises and personnel exchanges.
Ashraf is on an official visit to Baku, which comes as both countries seek to expand defense collaboration in the maritime domain amid growing regional security challenges and shared strategic interests. Pakistan and Azerbaijan have long-standing ties, and military-to-military cooperation has increasingly become a pillar of the bilateral relationship.
At the Naval Forces Headquarters, Admiral Ashraf met with Commander of the Azerbaijan Naval Forces, First Grade Captain Shahin Mammadov.
The two officials “exchanged views on bilateral naval collaboration and regional maritime security,” the Directorate General Public Relations (Navy) said in the statement.
Admiral Ashraf “underscored the importance of enhancing the interaction between naval forces through exercises and training exchange programs.”
The naval chief was given a detailed briefing on the Azerbaijan Navy’s operational readiness, education and training initiatives, and visited the Special Operations Forces unit, where he witnessed a live demonstration of operational capabilities.
Later, Admiral Ashraf held talks with Chief of the General Staff of the Azerbaijan Army, Col. General Karim Valiyev, to discuss “matters of mutual interests and enhancing bilateral defense cooperations.”
As part of the official itinerary, the Naval Chief also laid a wreath at the Alley of Martyrs in Baku in tribute to fallen Azerbaijani soldiers.
“Pakistan and Azerbaija historically enjoy brotherly relations and the visit of Chief of the Naval Staff will further augment and expand defense ties between Pakistan and Azerbaijan in general and navies in particular,” the Navy’s statement concluded.
