Day: October 14, 2026

KARACHI: Sindh Senior Minister for Information, Transport and Mass Transit Sharjeel Inam Memon has expressed confidence that the upcoming investment conference in Shanghai, China, will attract foreign investment, boost industrial development and create employment opportunities across the province. In a statement issued on Tuesday, Memon said the conference would showcase Sindh’s economic potential to international investors, strengthen business ties with Chinese companies and open new avenues for bilateral economic cooperation. He said Sindh offered significant investment opportunities in natural resources, energy, agriculture, minerals, transport, infrastructure and industrial development. Increased Chinese…

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ISLAMABAD: The Senate Functional Committee on Devolution has called for an effective mechanism to ensure joint and equal control of oil and gas resources by the federal government and provinces, urging the Petroleum Division to develop a clear implementation framework within 15 days. The committee expressed concern that, despite 16 years having passed since the 18th Constitutional Amendment, the constitutional provisions governing joint ownership of natural resources and equitable revenue sharing remain inadequately implemented. The committee proposed that provinces should either receive 50 per cent of the profits generated by…

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BANGKOK: Pakistan has sought a $6.7 billion concessional oil financing facility from Saudi Arabia for 15 years to ease external financing pressures, strengthen energy security and reduce the immediate burden of petroleum imports on foreign exchange reserves. Finance Minister Muhammad Aurangzeb raised the proposed revival of the $1.2 billion annual oil facility on deferred payments with Saudi Fund for Development (SFD) Chief Executive Officer Sultan Abdulrahman Al-Marshad on Tuesday, on the sidelines of the World Bank and International Monetary Fund (IMF) annual meetings in Thailand. The Ministry of Finance shared…

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KARACHI: Karachi experienced hot and uncomfortable weather on Tuesday as the temperature climbed to 38.7°C, with humidity reaching 43 per cent, according to the Pakistan Meteorological Department. A Met official said October is typically a warm month in the city, often described as Karachi’s “second summer”, as temperatures remain high before the transition towards cooler weather. The official attributed the recent rise in mercury to a high-pressure system in the upper atmosphere, which has weakened winds and contributed to increasing temperatures. He warned that temperatures could reach 40°C if the…

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KARACHI: Pakistan’s major commercial banks have made limited progress in incorporating climate change and biodiversity considerations into their lending policies, raising concerns about the environmental and social impacts of financed projects, according to a new assessment by Fair Finance Pakistan (FFP). The 2025 Benchmark of Bank Sustainability Policies in Pakistan, conducted in collaboration with Lahore University of Management Sciences (LUMS) and Profundo, found that positive policy coverage for borrowers and financed projects stood at just 13.8 per cent for climate change and 26.8pc for biodiversity. The assessment reviewed seven banks:…

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