Day: February 16, 2026

FPCCI Hails Reduction in Sindh Infrastructure Cess (IDC) Hundreds of Millions of Dollar Worth of Annual Relief Eyed Atif Ikram Sheikh, President FPCCI

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Karachi: Atif Ikram Sheikh, President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), has welcomed the Sindh government’s decision to reduce the infrastructure development cess, terming it a historic breakthrough that is expected to reduce the cost of doing business by hundreds of millions of dollars annually. Atif Ikram Sheikh lauded the provincial government for lowering the cess from the existing 1.85 per cent to a bracket of 0.80pc to 0.85pc. He noted that the business community had been struggling with this issue for the past 20…

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Reconstructed Main Runway at Karachi Airport Inaugurated, Upgraded to International Code 4-F Standard

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KARACHI: The reconstructed main runway at Jinnah International Airport was formally inaugurated on Saturday by Secretary of Defence Lt. Gen. (Retd) Muhammad Ali, the Pakistan Airports Authority (PAA) confirmed. During the inauguration ceremony, the Secretary was briefed on the technical specifications and execution of the project. According to PAA, the reconstruction was completed within the designated 18-month timeframe and without any cost overruns. The Secretary of Defence lauded the runway’s upgrade to Code 4-F classification — a top-tier international aviation standard — enabling the airport to handle larger, wide-body aircraft.…

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Shaza Fatima Highlights AI, Women Empowerment at Indus AI Week 2026 in Karachi

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KARACHI: Federal Minister for Information Technology and Telecommunication Shaza Fatima Khawaja on Sunday reaffirmed the government’s commitment to strengthening Pakistan’s IT and Artificial Intelligence (AI) sector, stating that national leadership is fully focused on transforming the country into a technology-driven economy. Addressing participants at the Indus AI Week 2026 women hackathon ceremony held at IT Park Karachi, the minister said Prime Minister Shehbaz Sharif, Chief of Army Staff and Chief of Defence Forces Syed Asim Munir, along with provincial leadership, are prioritising growth of the IT sector. She noted that…

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Beco Steel Moves Ahead with Solar Investment, Finalises Funding Plan with UAE Sister Company

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Beco Steel Limited has initiated the finalisation of funding arrangements with its UAE-based sister concern, Beco Steel Ferrous and Non Ferrous Metal Trading LLC, to finance its upcoming solar power project. In a notice submitted to the Pakistan Stock Exchange (PSX) on Monday, the listed company disclosed that its Board has begun structuring an arm’s length investment and participation arrangement with the UAE entity. The move aligns with Beco Steel’s strategy to execute the project without reliance on conventional interest-based borrowing, reinforcing its Shariah-compliant financial positioning. The development follows last…

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PPL Profits Cool in 1HFY26 as Margins Compress and Other Income Slumps

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Pakistan Petroleum Limited (PSX: PPL) reported a softer earnings performance in 1HFY26, as a modest decline in revenue, rising operating costs, and a sharp drop in other income weighed on profitability despite the company remaining solidly in the black. During the first half of FY26, revenue from contracts with customers fell 7 percent year-on-year. The decline in the topline proved significant, particularly as the company’s cost structure did not adjust proportionately. While royalties and levies declined 10 percent year-on-year, offering partial relief, operating expenses rose 10 percent, resulting in margin…

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