ISLAMABAD: Prime Minister Shehbaz Sharif on Thursday extended by one month the fuel subsidies for motorcyclists, public-transport operators and goods transporters, aiming to shield economically vulnerable segment from the sharp rise in global oil prices triggered by the conflict in the Middle East.
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Pakistan reassigns three Islamabad High Court judges amid sharp criticism over opaque process
ISLAMABAD: The Ministry of Law and Justice on Wednesday notified the transfer of three judges from the Islamabad High Court to other provincial high courts, a day after the Judicial Commission of Pakistan approved the moves in a decision that immediately drew sharp criticism from lawyers’ organizations for what they described as a lack of transparency and uniform standards.
Pakistan’s $7 billion IMF program faces derailment risk as Iran conflict drives commodity shock, Oxford Economics says
ISLAMABAD: Commodity price shocks triggered by the US-Israel war against Iran are exposing Pakistan’s deep external vulnerabilities and threaten to delay or even derail the country’s $7 billion International Monetary Fund loan program, global economic advisory firm Oxford Economics warned in a recent report.
Competition regulator approves complete sale of loss-making PIA to Arif Habib-Led Consortium
ISLAMABAD: The Competition Commission of Pakistan has approved the acquisition of the remaining 25% stake in Pakistan International Airlines by a consortium led by Arif Habib Corp., completing the full privatization of the national carrier and handing control to private investors less than four months after they bought a 75% holding.
Interpol issues red notices for property tycoon Malik Riaz and Son in $2.5 billion money-laundering probe
ISLAMABAD: The National Accountability Bureau said Wednesday that Interpol has issued red notices for billionaire real estate developer Malik Riaz Hussain and his son Ali Riaz, escalating the anti-graft agency’s years-long effort to extradite the pair from the United Arab Emirates to face money-laundering and corruption allegations totaling more than Rs700 billion, or about $2.5 billion.
Islamabad High Court sets Thursday hearing on Imran Khan’s appeal in £190 million corruption case
ISLAMABAD: The Islamabad High Court on Wednesday scheduled oral arguments for tomorrow in the high-profile appeals filed by former prime minister Imran Khan and his wife, Bushra Bibi, challenging their convictions in a major corruption case involving £190 million in allegedly misused British crime proceeds.
Pakistan’s weekly oil import bill double to $800 million as Middle East war disrupts global energy markets
ISLAMABAD: Prime Minister Shehbaz Sharif told his federal cabinet on Wednesday that Pakistan’s weekly oil import bill has more than doubled to $800 million because of the sharp rise in global fuel prices triggered by the ongoing conflict in the Middle East.
Cambodia to repatriate 54 Pakistanis held over online scam operation
ISLAMABAD: Cambodian authorities have agreed to the swift repatriation of 54 Pakistani nationals arrested in a police raid on a scamming compound in Siem Reap province, Pakistan’s Foreign Office said on Tuesday, capping weeks of diplomatic pressure over the treatment of more than 200 Pakistanis held in overcrowded Cambodian detention facilities.
UAE quits OPEC in surprise break, stripping cartel of key swing producer amid Gulf tensions
ISLAMABAD: The United Arab Emirates said on Tuesday it will withdraw from OPEC and the broader OPEC+ alliance, effective May 1, removing the cartel’s third-largest producer and one of its few members with significant spare capacity at a moment when the US-Israeli war with Iran has already triggered a historic energy shock and disrupted global oil flows.
PIA fully privatised as Arif Habib consortium pays up for final 25 percent stake
ISLAMABAD: The Arif Habib-led consortium has acquired the remaining 25% stake in Pakistan International Airlines from the government, taking private ownership of the national carrier to 100% and clearing the way for a complete operational overhaul.