KARACHI: Pakistan’s state-owned Oil and Gas Development Company Ltd. made a fresh hydrocarbon discovery in Sindh province after engineers rescued a suspended exploratory well using an unconventional partnership with a local university — a find analysts say will add roughly Rs1.67 per share to annual earnings.
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US revives tariff push against 60 nations, including Pakistan, citing forced labour as trade distortion
KARACHI: The US Trade Representative proposed new tariffs on imports from 60 economies — spanning trade giants including China, India, the European Union and Pakistan — alleging widespread failures to prohibit goods made with forced labor, as the Trump administration moves to reassemble its trade enforcement agenda after a series of legal reversals.
Business confidence in Pakistan slumps as Mideast conflict freezes investment plans
KARACHI: Foreign investors and businesses operating in Pakistan are shelving expansion plans at an accelerating pace, rattled by the Middle East conflict’s knock-on effects on inflation, fuel costs and supply chains — a deterioration in sentiment that arrives at an especially uncomfortable moment for a government days away from presenting its annual budget.
Electricity tariff set for Rs1.74/unit hike after LNG supply disruption, nuclear outages
ISLAMABAD: Electricity consumers face a Rs1.74-per-unit increase in their June bills after the country’s power sector regulator received a request for more than Rs16 billion in additional fuel-cost recoveries, driven by a US-Iran military confrontation that disrupted liquefied natural gas supplies and was aggravated by reduced output from a nuclear plant outside Karachi.
US and Iran trade fresh strikes as ceasefire talks founder
ISLAMABAD: American warplanes fired a Hellfire missile into the engine room of an oil tanker in the Persian Gulf on Tuesday, the sixth vessel disabled since Washington imposed a naval blockade on Iran in April, touching off a cascade of retaliatory strikes and counter-strikes that laid bare the fragility of a ceasefire that has never truly held.
As US-Iran talks teeter, Netanyahu defies pressure to stand down in Lebanon — and eight more die
ISLAMABAD: Israeli drone strikes killed eight people in southern Lebanon on Tuesday, hours after President Trump declared that Israel and Hezbollah had agreed to stop fighting — an announcement undercut almost immediately by renewed bloodshed and a torrent of conflicting statements from governments on both sides of the conflict.
Pakistan delays budget presentation as coalition fractures, IMF talks linger
ISLAMABAD: Pakistan has postponed the unveiling of its federal budget for fiscal year 2026-27 by five days to June 10, as Prime Minister Shehbaz Sharif’s administration grapples with mounting pressure from fractious coalition allies and unfinished negotiations with the International Monetary Fund over the spending plan’s architecture.
NAB returns Rs6 billion to northwestern province in first phase of sprawling public funds fraud case
ISLAMABAD: Pakistan’s national anti-corruption agency has returned more than six billion rupees — roughly $21.5 million — to the government of Khyber Pakhtunkhwa province, authorities said on Tuesday, marking the first concrete recovery in a fraud case that investigators say drained more than 37 billion rupees, or approximately $133 million, from public coffers over nearly a decade.
Pakistan fuel demand hits 13-year May low as prices bite
KARACHI: Pakistan’s petroleum sales fell to their lowest level for any May in 13 years last month, as retail fuel prices above Rs400 per liter squeezed household budgets, curtailed transport activity, and compounded the demand hit from the Eid Al-Adha holiday, according to data compiled by Arif Habib Limited Research.
Eight Muslim nations issue joint rebuke over Israeli settler incursions at Al-Aqsa mosque
ISLAMABAD: The foreign ministers of eight Muslim-majority nations issued a joint condemnation on Tuesday of the systematic desecration of Al-Aqsa Mosque in occupied East Jerusalem, holding Israeli authorities directly responsible for escalating incursions by far-right settlers and demanding an immediate halt to a deliberate campaign to upend decades of legal and religious precedent at one of the world’s most contested holy sites.