Blog

Russia sentences ICC judges

capital

MOSCOW: Russia on Friday sentenced top International Criminal Court (ICC) judges and its chief prosecutor to jail terms, in a retaliatory move after the court issued an arrest warrant for President Vladimir Putin over the Ukraine war. In 2023, prosecutor Karim Khan charged Putin with illegally deporting children from Russian-occupied territories of Ukraine. Moscow responded by opening a case against him. The Moscow city court found that “ICC Prosecutor Karim Khan unlawfully prosecuted Russian citizens in The Hague” and that the ICC “instructed the judges of the chamber to issue…

Read More

Turkmen president hints at reforms

capital

ASHGABAT: Turkmenistan’s president hinted at possible political reforms on Friday ahead of a rare international meeting he is hosting with the attendance of counterparts from Russia, Turkey, Iran and elsewhere. President Serdar Berdymukhamedov, whom critics say presides over an autocratic and opaque system, made the comments in state newspaper Turkmenistan Today in honour of the 30th anniversary of the former Soviet nation’s declaration of neutrality. “We are carrying out extensive work aimed at transforming our neutral country into a powerful, democratic, and rule-of-law state where citizens live happy lives,” Berdymukhamedov…

Read More

Government plans to raise petroleum levy to Rs85 per litre to settle Rs1.7tr gas debt

capital

ISLAMABAD: The government is planning to increase the petroleum levy to Rs85 per litre to raise an additional Rs540 billion, use dividends of the state-owned companies (SOEs) and savings from diversion of imported cargoes to settle Rs1.7 trillion worth of gas sector circular debt. The plan, which has been discussed in depth at the level of the Minister for Finance Muhammad Aurangzeb this week, involves imposing an additional Rs5 per litre petroleum levy on petrol and high-speed diesel to raise money through 2031 to retire the debt, according to government…

Read More

Solar rush delivers economic and environmental dividends, study shows

capital

KARACHI: Pakistan’s citizen-led solar revolution is set to deliver substantial socio-economic benefits, says a study titled “The Many Dividends of Solar Rush in Pakistan,” and highlights that the mass-scale adoption of solar PV is not only reducing fossil dependence and easing grid strain but also mobilising private capital, creating jobs and cutting emissions at scale. As Pakistan grapples with mounting climate risks, including the devastating monsoon floods, distributed solar continues to deliver one of the country’s strongest mitigation outcomes. In FY25, solar PV avoided an estimated 35 million metric tons…

Read More

FBR warns PM of Rs560b shortfall

capital

ISLAMABAD: The tax machinery on Thursday told Prime Minister Shehbaz Sharif that it may miss the first half-year’s downward revised target by Rs560 billion without support from the office of the attorney general, amid a warning by the Ministry of Finance about the implications of a huge revenue shortfall for government expenditure. The meeting on fiscal affairs came a day after the International Monetary Fund (IMF)’s Resident Representative, Mahir Binici, met PM Sharif and delivered a message from the executive board. There were no official details on the meeting between…

Read More

Binance partnership brings regulated digital assets, tokenising up to $2b in state bonds

capital

The government has signed a memorandum of understanding with crypto exchange Binance to explore the “tokenisation” of up to $2 billion in sovereign bonds, T-bills and commodity reserves to boost liquidity and attract investors, the finance ministry said on Friday. Separately, the Ministry of Finance also gave initial clearance for Binance and HTX, a digital-asset platform, to register with regulators to set up local subsidiaries and begin preparations for full exchange licence applications, the virtual assets authority said. The ministry said the agreement paved the way to explore a potential…

Read More

Accord to set rules on Pakistan’s factory heat risks

capital

KARACHI: Pakistan and Bangladesh, despite being among the world’s lowest carbon emitters, continue to bear some of the harshest consequences of climate change, a reality underscored once again as the International Accord for Health and Safety in the Garment and Textile Industry moves to develop the first-ever Protocol on Heat Stress. The international accord promotes workplace health and safety through independent safety inspections, training programs, and a complaints mechanism for workers. For Pakistan, where textiles account for more than 60% of national exports, the issue cuts to the heart of…

Read More

SBP backs expansion of security-ink production

capital

KARACHI: State Bank Pakistan (SBP) Governor Jameel Ahmad has said that they are playing an important role in supplying high-quality security ink for the printing of Pakistan’s banknotes. Speaking at the 30th anniversary ceremony of SICPA Inks Pakistan Ltd, the governor expressed satisfaction over the partnership between SICPA and the Pakistan Security Printing Corporation for the production of high-quality security ink, noting that the collaboration has been mutually beneficial for both institutions. He appreciated the transfer of technology and the local production of various types of security inks, and emphasised…

Read More

Mohsin Naqvi, Iraqi Interior Minister Hold Key Talks; Agreement Reached on Pilgrim Management, Security Cooperation, and Anti-Smuggling Measure

capital

Brussels: Federal Minister for Interior and Narcotics Control Mohsin Naqvi and Iraqi Interior Minister General Abdul Ameer Al-Shammari held an important meeting, during which detailed discussions were held on Pakistan–Iraq bilateral relations and facilitation of pilgrims. Both sides agreed to strengthen cooperation between their Interior Ministries on effective and sustainable foundations. ‎ ‎The Iraqi Interior Minister appreciated Pakistan’s steps to formally organize and regulate pilgrim groups, saying that effective measures taken during Minister Naqvi’s tenure were commendable. He reiterated that all pilgrims included in the list provided by Pakistan’s Ministry…

Read More