Exports to the region have turned negative following the closure of the land route into Afghanistan. However, Pakistan has started exporting goods to CACs via Iran, but trade remains limited in volume because of the long distance.

In absolute terms, the value of Pakistan’s exports to the five CACs — Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan — dipped by 8.62pc to $147.992 million in July-April 2025-26 from $161.943m during the same period last year.

Similarly, imports from the region dipped by 87.96pc to $20.882m in 10MFY26 from $173.383m during the same period last year. The majority of these imports came from Tajikistan, Uzbekistan and Turkmenistan. Pakistan’s trade with CACs is between $400 and $500m annually via Afghanistan.

Uzbekistan has already implemented its transit trade agreement with Pakistan. Under the agreement, Uzbekistan has started importing goods under the transit agreement as well. The exports to almost all countries posted a negative growth during the months under review except Uzbekistan.

Exports fall 9pc and imports plunge 88pc due to Afghan route closure

Exports to Turkmenistan stood at $1.024m in 10MFY26, down from $1.435m in the corresponding months last year, a decline of 28.64pc. Imports from Turkmenistan also recorded a negative growth of 58.10pc to $5.327m during the period under review against $12.714 m over the corresponding months last year.

The export proceeds to Uzbekistan reached $64.139m in 10MFY26, up 38.27pc from $46.385m in the corresponding months last year. Imports from Uzbekistan declined by 84.83pc to $10.756m, down from $70.918m in the corresponding months last year.

Kazakhstan has the second-highest export value, at $70.373m in 10MFY26, down from $85.371m in the same period last year, a 17.57pc decline. The value of imports from Kazakhstan stood at $0.924m during the months under review, compared with $73.097m in the corresponding months of last year, a decline of $72.173m. Pakistan’s exports to Kyrgyzstan stood at $3.124m in 10MFY26 against $3.375m over the corresponding months last year, indicating a decline of 7.44pc. Imports from Kyrgyzstan stood at $0.626m, up from $0.493m.

Exports to Tajikistan stood at $9.332m in 10MFY26, down 63.22pc from $25.377m in the corresponding months last year. The imports from Tajikistan stood at $3.249m during the months under review, compared with $16.161m in the corresponding months of last year, a decline of 79.89pc.

Published in Dawn, June 11th, 2026

SPEC Refinery Pvt Ltd Chairman Zafar Sheikh held a meeting with Commerce Minister Jam Kamal to review progress on the project, which is being described as a major step towards strengthening the country’s energy security.

An official statement said the delegation briefed the commerce minister on the project’s progress and highlighted its strategic importance in reducing reliance on imported refined petroleum products, enhancing ene­rgy security, and promoting industrial development.

The proposed refinery will employ advanced deep-conversion technology to maximise the production of high-value petroleum products while processing a wide range of crude oil grades sourced from international markets.

Project to create 2,000 jobs, strengthen energy security

During the meeting, the delegation sought government support in facilitating the implementation of the Greenfield Refinery Policy and expediting the issuance of remaining regulatory approvals required from the Federal Board of Revenue (FBR) for timely execution of the project.

They noted that the project represents a major long-term investment in Pakistan’s energy sector and has the potential to catalyse the development of downstream petrochemical industries. The minister was informed that groundwork for the project has already begun and that future implementation strategies are currently being finalised.

Zafar Sheikh informed the commerce minister that the project is expected to generate approximately 2,000 direct and indirect employment opportunities in Hub and surrounding areas during both construction and operational phases. He added that it would contribute significantly to regional economic development, skills enhancement, technology transfer, and industrial growth.

The minister welcomed the investment and stressed that Pakistan offers immense opportunities for large-scale industrial and energy projects due to its strategic geopolitical location at the crossroads of South Asia, Central Asia, the Middle East, and Western China.

Jam Kamal said Pakistan’s geographic position, a growing domestic market of over 250 million people, expanding trade corridors, and connectivity initiatives provide a strong foundation for transforming the country into a regional hub for trade, energy, logistics, and manufacturing.

Published in Dawn, June 11th, 2026

KARACHI: The Pakistan Stock Exchange (PSX) came under renewed selling pressure on Wednesday as investors took profits amid a deteriorating situation in the Middle East and a subsequent surge in oil prices. As a result, the benchmark KSE-100 index failed to sustain the overnight gains above the crucial barrier of 170,000 points.

Topline Securities Ltd said the PSX experienced volatile trading as investors navigated sharp swings in market sentiment. The benchmark index remained volatile throughout the session, recording an intraday high of 399 points and an intraday low of 984 points, reflecting heightened uncertainty and cautious investor behaviour.

Despite intermittent recovery attempts, sustained selling pressure across key sectors kept the market under strain, dragging the benchmark index to close at 169,427.44, down 903.12 points or 0.53 per cent.

The wide intraday range reflected a tug-of-war between cautious optimism and lingering concerns, with sentiment remaining fragile as participants assessed evolving macroeconomic cues and positioned ahead of key market triggers.

Geopolitical risk, oil surge drag index below 170,000-level

On the index contribution front, heavyweight sto­cks including Meezan Ba­­nk, International Steels Ltd, Pakistan Oilfield, Inte­r­­­national Industries Ltd, and Interloop Ltd collectively added 183 points to the index. Conversely, Ba­­nk Al-Habib, United Bank, MCB Bank, Engro Holdings, and Oil and Gas Development Company wei­­­g­­­­­­h­­ed on performance, collectively eroding 464 po­­­ints from the benchmark.

Ali Najib, Deputy Head of Trading at Arif Habib Ltd (AHL), stated that the PSX recorded mixed trading activity, as investor confidence remained subdued amid renewed overnight tensions between the US and Iran. The lack of clarity on geopolitical issues kept market momentum fragile, leading investors to adopt a cautious approach and largely stay on the sidelines.

On the macro front, workers’ remittances rose 15pc year-on-year and 20pc month-on-month to $4.3bn in May. For 11MFY26, cumulative remittances increased 9pc to $38.1bn, providing continued support to the country’s external account position.

Investor participation remained healthy as trading volume rose 3.15pc to 791.6m shares. However, turnover fell 6.22pc to Rs25.4bn. TPL Properties led the volume chart with 64m shares.

Analysts consider geopolitical developments to be the main factor influencing the market. Until clarity emerges on the US-Iran situation, investor sentiment is expected to remain cautious, with market movements driven mainly by regional news and risk assessments.

Published in Dawn, June 11th, 2026

Adviser to the Finance Minister Khurram Schehzad shared the revised budget schedule in a post on X.

He added that the Pakistan Economic Survey for the outgoing FY2025–26 would be launched at 2:20pm on Thursday by Aurangzeb.

Budget sessions of the National Assembly and Senate have already been summoned by President Asif Ali Zardari.

The National Economic Council (NEC), the highest economic decision-making forum of the federation, met earlier on Wednesday to finalise federal and provincial development plans ahead of the budget presentation.

Prime Minister Shehbaz Sharif, who chaired the meeting, said the Centre held consultations with the provinces on all matters “with extreme seriousness, and we made decisions in the best interest of Pakistan”.

The NEC finally met after being delayed three times, as negotiations had continued over the freezing of provincial shares in the federal divisible pool under the National Finance Commission (NFC) award.

The budget presentation in the parliament had earlier been set for June 10.

The federal government, its coalition partners and provincial governments had been struggling to reach a consensus over the Centre’s demand for more than Rs1 trillion for strategic needs.

However, the ruling PML-N and its major ally, the PPP, on Monday reached a consensus on the broad framework of the federal budget.

They reached a broad agreement on cutting development and other expenditures at all tiers of the federation to cover around Rs800 billion revenue shortfall this year and jointly create similar, but higher, fiscal space next year for additional “strategic needs”.

Under the agreement, provincial shares from the federal divisible pool would stay frozen at the current fiscal year’s position. Any increase in the targeted revenue next year on top of the Federal Board of Revenue’s (FBR) collection in the current year would be retained by the Centre, informed sources said.

The sources said the additional amount being discussed for next year to be given up by the provinces was not fixed but dynamic, depending on FBR revenue collection, and could range anywhere between Rs1.3tr and Rs1.7tr.

Interestingly, Balochistan and Khyber Pakhtunkhwa were not part of the deal so far.

Under tight International Monetary Fund (IMF) oversight, the government has trimmed allocations for most sectors in the next federal development programme to create additional fiscal space for the PML-N’s trademark national highways, a new Rs87 billion share for coalition partners and a Rs70bn allocation for ruling party lawmakers’ schemes.

Yet, the government has unveiled a record national development programme of Rs4.715tr.

The overall deve­l­opment portfolio comprises the largest share of provincial annual development plans (ADPs) at Rs3.138tr (up 9.6pc), followed by the federal Public Sector Development Programme (PSDP) of Rs1.126tr, up 12.6pc from the current year, and Rs451bn from state-owned enterprises (SOEs), up 27pc from Rs355bn in the current fiscal year.

PM Shehbaz has said that the government was taking measures to bring the informal economy into the tax net.

The government last week unveiled the ‘Fixed Tax Asaan Scheme’ to bring small traders and shopkeepers into the tax net, with an annual turnover of up to Rs200 million.

The government is also considering relaxing the remittance cap in the upcoming budget as overseas Pakistanis in several countries face difficulties in protecting their investments and liquid assets abroad, according to sources in the financial industry.

The NEC met to finalise federal and provincial development plans ahead of the presentation of the budget for the upcoming fiscal year (FY2026-27). It is the highest economic decision-making forum of the federation, led by the premier and comprising the four chief ministers and four federal ministers.

“The Centre […] held consultations with the provinces on all matters with extreme seriousness, and we made decisions in the best interest of Pakistan,” PM Shehbaz said in remarks aired on television.

The prime minister thanked all chief ministers for their “consultations and assistance on all matters”.

PM Shehbaz noted that Punjab Chief Minister Maryam Nawaz could not attend the meeting as she was recovering after her recent medical procedure.

“Today, despite having to face big challenges, our economy is stable at the macroeconomic level. But, injecting growth into this is an extremely important process,” the premier observed.

“Advancing employment, production, exports and economic activity is our collective responsibility,” he said, adding that all governments tried their best to stay on track on the IMF programme despite “some difficult stages”.

In his address, he also spoke of a phone call with IMF Managing Director Kristalina Georgieva, saying that during the conversation, Georgieva was “extremely appreciative of Pakistan’s sincere efforts” towards the IMF programme.

He noted that ahead of the NEC, the centre had been consulting with the provinces on where more resources could be brought in.

PM Shehbaz noted that the “biggest challenge” the country faced was “to strengthen our defence”, particularly against terrorism.

“The entire nation, especially KP and Balochistan, as well as the law enforcement agencies and armed forces, is making sacrifices in the fight against terrorism,” the premier said.

He maintained that terrorism could only be eliminated if the country “put up a collective struggle against it”.

PM Shehbaz further stressed the need for “injecting” incentives aimed at export growth and manufacturing capabilities into the economy to accelerate GDP growth.

He noted that a common man would not concern himself with “macro-level stability” but rather wanted better employment opportunities, development in agriculture and the industrial sector, and growth in exports.

In his remarks, PM Shehbaz highlighted the recent “huge challenge” arising from the surge in global oil prices, which led to prices of petroleum products being increased.

“It was not possible that the Centre and provinces could have dealt with the difficult period without cooperating with each other,” he noted, expressing his heartfelt gratitude to all four chief ministers for their assistance.

“But before this provincial assistance, the Centre had already spent Rs128bn from its extremely limited resources,” he added.

Highlighting that no “rationing or long queues” were seen after the Middle East conflict sparked, PM Shehbaz affirmed that the reason for this was the “mutual unity” between the provinces and the Centre.

“It was the result of our sense of understanding and our teamwork that there were no lines at petrol stations and we made our best efforts to fulfil the expectations of the public,” he said.

Concluding his address, PM Shehbaz thanked Punjab Chief Minister Maryam Nawaz and PML-N supremo Nawaz Sharif as well as President Asif Ali Zardari, PPP Chairman Bilawal Bhutto-Zardari, Sindh CM Murad Ali Shah, KP CM Sohail Afridi, and Balochistan CM Sarfraz Bugti.

“Without provincial and federal integration, we would not have reached this point [..], and we must now move forward,” the premier concluded.

During the meeting, the NEC was to review federal and provincial development plans worth Rs4.715 trillion for the next fiscal year amid conflicting fiscal needs of critical political and other institutional stakeholders.

The government had also summoned sessions of the National Assembly (NA) and Senate for 5pm and 4pm today, respectively.

A source in the NA Secretariat told Dawn that both sessions have been called budget sessions for 2026–27. However, it is expected that the budget will be presented in parliament on June 12.

‘Forcefully presented province’s case’

KP CM Afridi, speaking to the media following the meeting, stated that the prime minister had assured the participants that formal meetings would be convened to update the NFC award within the next 180 days.

According to a detailed statement issued by the chief minister’s secretariat, Afridi said that the KP government had “forcefully presented the province’s case and unequivocally advocated for the protection of its constitutional, financial, and development rights”.

In the event that consensus could not be achieved within the stipulated timeframe, a summary would be forwarded to the president to facilitate the updating of the NFC award through a presidential order.

The chief minister noted that the revised NFC award would incorporate the financial share of the merged districts, describing it as a significant development.

Referring to the proposed reduction in the Accelerated Implementation Programme (AIP) for the merged districts, Afridi stated that the extent of the cut had been substantially mitigated following negotiations, but the KP government had continued to press for further improvements. He expressed optimism that additional enhancements would be made to both the Annual Development Programme and the AIP allocations for the merged districts.

The chief minister noted that according to Article 151 of the Constitution, ensuring the free movement of goods across provincial boundaries was the federation’s responsibility. He remarked that if implementation was not possible, consideration should be given to allowing provinces to formulate their own policies accordingly, the statement said.

On the issue of wheat supplies, he said that under the agreement reached with Pakistan Agricultural Storage and Services Corporation (Passco), KP would receive 175,000 tonnes of wheat at the agreed price. He added that the federal government had assured the province that there would be no increase in the committed rate.

Afridi emphasised that participation in NEC and NFC forums was carried out for safeguarding provincial rights and advancing the public interest.

NEC agenda

The NEC had a four-point agenda for the meeting. The first item pertained to a review of the Annual Plan 2025-26, approval of the Annual Plan 2026-27 and a presentation on key socio-economic indicators of the provinces.

This was to be followed by a review of Public Sector Investment (PSI) 2025-26, the proposed PSI 2026-27 and confirmation of changes made in the PSDP 2025-26 through addendums, corrigendums and adjustments on the directives of the prime minister, including a cut of around Rs175bn.

The meeting was also to include presentations on provincial annual development plans by the four chief secretaries.

The NEC was also expected to take up a progress report of the Central Development Working Party (CDWP) from April 1, 2025, to March 31, 2026, and schemes approved by the CDWP and the Executive Committee of the National Economic Council (Ecnec) during the same period.

The meeting of the NEC, previously planned for June 8, was postponed for the third time at the last moment amid continuing negotiations over the freezing of provincial shares in the federal divisible pool under the National Finance Commission (NFC) award.

Pakistan had initially announced austerity measures on March 9 to deal with the impacts of the ongoing war in the Middle East. Last month, Prime Minister Shehbaz Sharif had approved the extension of the austerity measures till June 13.

In a meeting chaired by Deputy Prime Minister (DPM) and Foreign Minister Ishaq Dar, the committee also recommended extending the application of these austerity measures till June 30, according to a statement by the DPM’s office.

The measures include a 50 per cent reduction in fuel allowance for official vehicles, with the exemption of operational vehicles such as ambulances and public buses. Other steps include the grounding 60pc of official vehicles and a complete ban on foreign visits by ministers and government officials, excluding those deemed essential for the country’s interests, as specified the last time.

The Dar-led committee on Wednesday also reviewed several cases by different ministries “seeking exemptions from applicability of certain austerity measures and finalised recommendations accordingly”.

“It was also decided that consular attestation services at the Ministry of Foreign Affairs (Mofa) and its liaison offices in Quetta, Karachi, Peshawar, Gujrat, and Lahore would remain operational on Fridays as well for public facilitation,” the statement read.

This decision comes after previously announced austerity measures reduced the working week for all government offices to four days — Monday to Thursday.

In attendance at the meeting were ministers for petroleum, climate change, and IT & telecom; the special assistant to the prime minister (SAPM) on finance; the special assistant to the DPM; the secretaries of cabinet, commerce, petroleum, and IT & Telecom; as well as senior officials from Mofa and other relevant ministries and divisions.

Adviser to the Finance Minister Khurram Schehzad also shared the data on X, stating that Pakistan had recorded its “highest-ever monthly remittance inflow in history”.

According to the SBP, the inflows increased by 20.2 per cent compared to April and were 15.4pc higher than the amount received in May last year.

“Cumulatively, remittances reached $38.1bn during July-May FY26, up 9.2pc from $34.9bn recorded in the corresponding period of the previous fiscal year,” the SBP said.

It elaborated that remittances from Saudi Arabia remained the highest in May at $1,025 million, followed by $1,006.6m from the United Arab Emirates (UAE).

Remittances from the United Kingdom stood at $645.5m and those from the US at $349.8m, the central bank said.

Schehzad said in his post that “with one month remaining in FY26, remittances are on track to exceed well beyond $41bn for the first time ever”.

However, currency experts believe remittance growth this year is weaker than in FY25. They cite concerns over a “managed” exchange rate, suggesting some inflows may be diverted away from official banking channels.

Hailing the record $4.3bn remittances, Prime Minister Shehbaz Sharif said the 20.2pc increase month-on-month was “highly encouraging”.

“The trust and positive partnership of overseas Pakistanis in the national economy is our national asset,” the premier said in remarks carried by PTV News.

Pakistan is among the top countries receiving large foreign exchange inflows through remittances. While a growing number of jobseekers leaving the country is termed by some economists as brain drain, the government considers it beneficial for the external balance.

A London-bound Boeing 787 Dreamliner in Riyadh Air’s white and lavender livery took off at 2:30am local time, putting in motion a flagship project in Saudi Arabia’s push to reduce its economic reliance on oil.

Riyadh Air, the country’s second state-owned airline after Jeddah-based Saudia, is meant to help turn the Saudi capital into a global hub to rival Dubai, the world’s busiest for international passengers.

“We want to bring glamour, we want to bring refinement, we want to bring grace back,” Riyadh Air CEO Tony Douglas told AFP.

The launch, originally planned for 2025, was set back by delivery delays from Boeing, which has suffered a series of manufacturing and safety problems in recent years.

It also follows unprecedented attacks from Iran, which has fired thousands of drones and missiles at Gulf targets, including airports, casting the wealthy region into sudden economic uncertainty.

But, for Douglas, ex-CEO of Abu Dhabi’s Etihad airline, the inaugural flight is “the culmination of four years’ worth of preparation”.

“I think Riyadh, as a result of its geography, during this particular point in time, has been less affected” by the attacks, he said, seated in a Riyadh Air Dreamliner cabin at a pre-launch event.

“You have the trials and the tribulations, you win some, you lose some, you make progress, you sometimes have setbacks, but you have made it, and this day we’ve made it,” added the CEO.

Saturated market?

Saudi Arabia is building a major new airport in Riyadh with a planned capacity of 120 million passengers a year by 2030, compared to 53m at the existing King Khalid International Airport.

Riyadh Air is owned by the $900 billion Public Investment Fund (PIF), the main vehicle for Crown Prince Mohammed bin Salman’s ambitious Vision 2030 economic reforms.

In a statement of intent, the airline ordered 132 Boeing 787 Dreamliners and last June signed for 25 Airbus A350-1000s, with an option for 50 more.

“Our ambition is to be able to connect to over 100 international cities over the next five years,” Douglas said.

At a ceremony celebrating the first planes’ delivery, PIF chief and Riyadh Air chairman Yasir Al-Rumayyan described “a historic moment for the nation” and said the company would create “200,000 direct and indirect jobs”.

Saudi Arabia is focusing on Vision 2030’s more pragmatic ventures as extravagances like Neom, a futuristic city in the desert, and Riyadh’s cuboid skyscraper Mukaab, are scaled back or scrapped to save costs.

Saudi Arabia, which is hosting the 2030 World Expo and the 2034 FIFA World Cup, and welcomes millions of pilgrims to Makkah each year, aims to triple its annual air traffic to 330 million passengers by 2030.

Some analysts have cast doubt over these ambitions in a regional market that is saturated with competitors such as Emirates, Qatar Airways and Etihad.

Yet Saudi airlines hold a significant advantage over Gulf competitors: a domestic market of approximately 35m people, by far the region’s largest.

According to Panah, the President’s Secretariat has formally forwarded the petition submitted by its president, Dr Masoodur Rehman Kiani, to the finance secretary and FBR chairman for action.

The petition urges the government to introduce higher taxes on ultra-processed foods and beverages as part of broader efforts to address the growing burden of non-communicable diseases in Pakistan.

Appreciating the president’s response, Dr Kiani described the move as an encouraging development for public health advocacy. He urged the relevant authorities to act swiftly on the proposal.

Published in Dawn, June 10th, 2026

Around 93pc feel new technologies, including AI-powered tools, are making online shopping faster and easier than before. AI is also influencing discovery, with 55pc typically discovering new brands or retailers while shopping online.

However, consumers remain more cautious about AI handling transactions on their behalf. Today, only 42pc would trust AI agents to complete checkout, underscoring the importance of earning consumer trust in the age of agentic commerce.

This is the outcome of the annual Stay Secure study in Pakistan, released by Visa, a world leader in digital payment, which assesses consumer awareness and behaviours around digital commerce and fraud. This year’s edition, conducted by Wakefield Research, highlights how AI-enabled shopping and social commerce are changing consumer behaviour even as expectations around trust and protection remain firmly in place.

Only 42pc trust AI agents to complete purchases

Around 65pc of respondents feel AI has made scams easier to recognise today and 87pc believe AI will play a critical role in protecting consumers from fraud in the future, the study said.

As commerce expands across new channels, fraud risks continue to follow consumers online. Around 55pc respondents have experienced a financial scam in the past 12 months.

Among those who have experienced a scam, 44pc report the incident occurred on social media, more than those who encounter scams on other platforms such as websites, online marketplaces, or shopping apps, the study said.

Around 77pc of consumers reported that children in their lives struggle to recognise scams. A significant 33pc had seen a child fall victim to a scam while gaming or shopping online. Around 44pc of Pakistani parents have children who can access mobile payment apps or digital wallets.

When it comes to protecting against fraud while shopping online, consumers look first to institutions rather than themselves as 49pc believe payment providers and online marketplaces should be primarily responsible, followed by government authorities or regulators (36pc) and banks or financial institutions (31pc). Only 13pc believe consumers themselves should hold primary responsibility.

Leila Serhan, Senior Vice President and Group Country Manager, North Africa, Levant and Pakistan at Visa, said that as commerce moves towards more agentic, AI-powered experiences, consumers are embracing the convenience AI can bring to shopping but remain cautious about AI completing purchases on their behalf.

Published in Dawn, June 10th, 2026

Topline Securities Ltd said the benchmark KSE-100 index ended the session on a strong note, closing at 170,330 points, up 1,377 points or 0.81 per cent.

Market sentiment remained positive, supported by a decline in international crude oil prices after geopolitical tensions between Iran and Israel eased. The improving regional outlook stren­gthened investor confidence and encouraged broad-based buying.

Although the market opened sharply higher, some gains were pared during the session as investors took profits. Neve­rtheless, sustained buying interest absorbed selling pressure, enabling the index to remain firmly in positive territory thro­ughout the day.

On the index contribution front, heavyweight stocks, including United Bank, Habib Bank, Hub Power, Lucky Cement, and Meezan Bank, collectively contributed 526 points to the benchmark index’s gain.

Market participation remained healthy, with total traded volume up 16.63pc to 767.45 million shares and total traded value surging 20.27pc to Rs27 billion.

Ali Najib, Deputy Head of Trading at Arif Habib Ltd, said the PSX staged a strong recovery, reclaiming the key 170,000 level on a closing basis.

Investor sentiment improved amid easing geopolitical concerns, prompting broad-based buying from the opening bell and pushing the benchmark index sharply higher. Although some gains were trimmed later in the session, sustained buying interest kept the market firmly in positive territory for most of the day.

On the macro front, media reports suggest the federal government is likely to present the FY27 Budget on June 12, rather than the previously scheduled June 10, with a final decision expected within the next couple of days.

Analysts say improving geopolitical sentiment has provided near-term relief to the market. However, investors are likely to remain focused on regional developments and upcoming budget announcements, which may continue to shape market direction in the coming sessions.

Published in Dawn, June 10th, 2026

The long-awaited update supersedes a list from early 2025, and comes less than a month after US President Donald Trump met China’s Xi Jinping on a visit to Beijing, where the two leaders maintained a delicate trade war truce.

China’s foreign ministry said on Tuesday that the list was discriminatory and “unreasonably suppressed” Chinese companies, urging the US to “correct its mistaken practices.”

The list now includes a broad swathe of China’s top technology firms key to advancing Beijing’s military and industrial prowess, reflecting Washington’s security concerns amid intense geopolitical competition between the countries.

Beijing terms move ‘discriminatory’ and ‘unreasonably suppressed’

In February, when Trump’s trip to China had been pending, the Pentagon briefly posted an updated list, known as the 1260H or CMC list, but then quickly withdrew it with little explanation.

The new version released on Monday mirrors the withdrawn February list with the exception of the inclusion of China’s top memory chipmakers CXMT and YMTC, two companies that had been removed from the short-lived February index to the ire of Washington’s China hawks.

YMTC said that it was deeply disappointed by the inclusion and that “despite years of engagement with US authorities, efforts to address concerns, and a demonstrated commitment to compliance,” the chipmaker continued to face various forms of sanctions “likely driven by anticompetitive motive rather than national security concerns.”

Other companies added include biotech firm WuXi AppTec , AI-driven robotics company RoboSense Technology Co Ltd and Unitree, a leading Chinese maker of humanoid and quadruped robots. On June 1, US AI chipmaker Nvidia said it plans to work with Unitree to build robots for researchers.

Though the list does not formally impose sanctions on Chinese firms, under recent US law the Defence Department will be prohibited starting later this month from contracting directly with companies on the list, and from buying their products or services via third parties beginning in 2027.

Those measures could have material costs for the Chinese firms and their partners.

Published in Dawn, June 10th, 2026

OpenAI did not disclose the size or terms of the offering, and said a timeline has not yet been determined. “It may be a while because there are things we want to do that are likely easier as a private company,” it said in a statement. It has been reported that the AI giant is targeting a valuation of up to $1 trillion in a stock market debut that could come as early as September.

At that valuation, OpenAI would set the stage for a trio of trillion-dollar-valuation companies debuting rapidly, which together are seen as the most consequential test of investor appetite for high-growth technology stocks in the last 10 years.

Elon Musk’s SpaceX was the first off the block, filing for an IPO that would rank as the largest in history if completed, with the company pursuing a $75 billion offering at a $1.75 trillion valuation. Anthropic, the company behind the viral coding assistant Claude Code, said on June 1 it had confidentially filed for a US initial public offering, weeks after raising $65 billion in a funding round that valued it at $965 billion.

“OpenAI is keeping options open as Anthropic edged ahead with its filing after a monster funding round,” said Michael Ashley Schulman, a partner at Cerity Partners.

On prediction markets, where traders wager on the outcome of future events, most participants had expected OpenAI to file for an IPO before Anthropic.

The AI era

The IPOs of Anthropic and OpenAI would crystallise a transformative period for the technology industry and global markets, with artificial intelligence rapidly emerging as the defining investment theme of the decade.

OpenAI said earlier this year that it was raising $110 billion at an $840 billion valuation from a roster of heavyweight backers including SoftBank, Amazon and Nvidia.

At the time, it also disclosed that ChatGPT had more than 900 million weekly active users and over 50 million consumer subscribers. The IPO filing follows OpenAI renegotiating its partnership with Microsoft, one of its earliest investors, which allowed the AI pioneer to forge new partnerships with firms such as Amazon.com and Alphabet’s Google.

The Windows maker’s early investment, totaling $13 billion since 2019, helped pave the way for OpenAI’s rapid rise and powered growth at Microsoft’s Azure cloud-computing business.

In March, OpenAI said it was generating $2 billion in monthly revenue and growing roughly four times faster than companies that defined the internet and mobile eras, including Alphabet and Meta. That compares with about $1 billion in quarterly revenue at the end of 2024.

OpenAI told investors during its most recent fundraising round that it did not expect to be profitable until 2030, according to a source familiar with the matter.

Challengers gain momentum

Yet the industry OpenAI launched has quickly become crowded and investors are scrutinizing whether the AI sector’s meteoric rise can be sustained. Anthropic has emerged as one of the biggest rivals, with soaring demand for its Claude AI from software developers to handle their computer programming, and some firms deploying its top-shelf model Mythos to unearth vulnerabilities in their code.

Published in Dawn, June 10th, 2026

He posted this on X, further stating that summaries to convene budget sessions in the National Assembly and Senate on June 10 (Wednesday) had been sent to the presidency for approval.

The sessions for the NA and the Senate have been advised to be summoned at 5pm and 4pm, respectively, Chaudhry added.

Before Chaudhry’s statement, uncertainty had surrounded the date for the budget’s presentation as the federal government, its coalition partners and provincial governments struggled to reach a consensus over the Centre’s demand for more than Rs1 trillion for strategic needs.

The meeting of the National Economic Council (NEC) was postponed for the third time on Monday at the last moment amid continuing negotiations over the freezing of provincial shares in the federal divisible pool under the NFC Award.

Muzzammil Aslam, adviser on finance to the Khyber Pakht­unkhwa chief minister, confirmed that the Centre had told provinces that their financial shares under the NFC for the current year would not be increased next year and that any amount above the current year’s share would have to be returned to the Centre.

According to Aslam, the provinces had protested the demand as it would push provincial budgets into deficit and make it difficult for them to run their governments. He said the federal government team suggested that provinces could freeze salaries and limit development schemes.

Aslam said a date for the NEC meeting was uncertain, as many issues that had developed over time were too significant to be settled ahead of the council’s meeting. As a result, the federal budget scheduled for June 10 could slip further, as there was “no way forward in sight” and consensus bet­w­­een the Centre and provinces appeared distant, he said.

On the other hand, the PML-N-led government and its major ally, the PPP, on Monday reached a consensus on the broad framework of the federal budget.

The two sides met for a third round of talks at Aiwan-i-Sadr, with Presi­dent Asif Ali Zardari in the chair and Prime Minister Shehbaz Sharif leading the PML-N team.

The talks, attended by political bigwigs from both sides, were held in two phases — first at the delegation level and then in a final round involving top leadership.

Federal Minister Ahsan Iqbal said the government had reached a “complete understanding” with the PPP on the Public Sector Development Programme (PSDP) and the development budget.

He added that top-level political consultations and delegation-level talks would continue to address the remaining budgetary demands.

Chairing a meeting focused on Discos’ privatisation, the premier stated that the privatisation of state-owned companies incurring losses was the government’s priority, according to a post on X by the Prime Minister’s Office (PMO).

Shehbaz directed the meeting attendees to accelerate the process, while urging for “a robust regulatory framework” to be established after the companies have been handed over to private owners.

The prime minister was also briefed on updates regarding the ongoing privatisation drive.

The first phase would involve the privatisation of Islamabad Electric Supply Company (Iesco), Gujranwala Electric Power Company (Gepco) and Faisalabad Electric Supply Company (Fesco).

The government has already invited expressions of interest (EOI) for these three Discos, while the Cabinet Privatisation Committee has approved the transaction structure for the process, according to the briefing.

Furthermore, roadshows are to be held this month to attract investors, including international investors from Saudi Arabia, Turkiye and China, the PMO said.

The meeting was attended by several senior government officials and ministers, including Deputy Prime Minister Ishaq Dar, Finance Minister Muhammad Aurangzeb, Power Minister Awais Leghari and Law Minister Azam Nazeer Tarar.

On May 19, the Privatisation Commission had invited EOIs from local and international investors for the much-delayed sale of three of the country’s most viable electricity distribution companies.

The deadline for submitting EOIs for the partial or full sale of the Discos falls in the first quarter of the next fiscal year.

Fesco, Gepco and Iesco collectively serve more than 14 million consumers across major industrial, commercial and urban centres of Punjab, the Islamabad region, and parts of Azad Jammu and Kashmir.

The transaction offers investors an opportunity to acquire between 51 per cent and 100pc shareholding, along with management control, in each of the three distribution companies.

At present, remittances exceeding Rs5 million are subject to restrictions if the sender and recipient are not blood relatives. The limit was previously set at Rs10m before being reduced to Rs5m.

According to sources, worsening conditions in parts of the Gulf region have prompted many Pakistanis to consider repatriating their funds. While the sale of overseas properties remains difficult, liquid assets can be remitted to Pakistan. However, the existing cap on transfers above Rs5m is viewed as a significant obstacle.

Pakistanis have consistently ranked among the largest foreign purchasers of property in Dubai, second only to Indians on several occasions. At the same time, thousands of Pakistani technology firms have relocated to Dubai in recent years, attracted by business opportunities and a more favourable tax regime.

Overseas Pakistanis struggle as remittance cap hinders repatriation of funds

“The war-like situation has entered its fourth month and there is still no clarity about Dubai’s future, even though it remained a prime target during the conflict that began on Feb 28,” said a financial expert with close links to the emirate.

He said most working-class Pakistanis continued to reside in Dubai, but wealthier individuals with substantial investments and property holdings were increasingly seeking to move their funds elsewhere amid concerns over the security of their assets.

Although no official data is available on Pakistanis expelled from Dubai, sources said they had witnessed several such cases. They added that many affluent Pakistanis were attempting to sell their properties and transfer their liquid assets out of the emirate.

Property prices in Dubai have fallen sharply, according to market observers, while finding buyers has become increasingly difficult.

Sources also pointed to challenges faced by Pakistanis in other countries. Thousands, they said, were encountering difficulties in settling in destinations such as South Africa, certain US states and other countries where immigrants were increasingly under pressure, prompting some to consider returning to their countries of origin.

“The removal of the remittance cap would benefit Pakistanis in several countries and could also support Pakistan’s economy by boosting remittance inflows,” a source said.

Meanwhile, State Bank data showed that trade with Abu Dhabi and Dubai increased despite regional tensions. During July-April FY26, imports from Abu Dhabi rose to $1.193 billion from $862 million in the corresponding period of the previous fiscal year. Imports from Dubai increased to $5.592bn from $5.254bn over the same period.

In March, when the conflict in the Gulf region was at its peak, imports from Abu Dhabi fell to $50.5m but recovered to $121m in April. Imports from Dubai similarly declined to $437m in March before rebounding to $862m in April.

Exports to Dubai edged down to $1.554bn during the first 10 months of FY26 from $1.578bn a year earlier. Exports to Abu Dhabi, however, increased to $179m from $78m during the same period.

Published in Dawn, June 9th, 2026

KARACHI: The Pakistan Stock Exchange (PSX) extended losses on Monday amid rising geopolitical tensions over the weekend, which soured hopes for a quick resolution to the ongoing Middle East conflict as clashes between Iran and Israel tested the fragile truce.

Additionally, uncertainty surrounding the budget further dampened investor sentiment, causing the benchmark KSE-100 index to fall below the 170,000 mark.

Topline Securities Ltd said the PSX witnessed a choppy session, mirroring weakness across international equity markets as escalating geopolitical tensions dampened investor sentiment.

The benchmark index remained under pressure throughout the session, plunging to an intraday low of 2,046 points before settling at 168,953, down 1,525 points or 0.89 per cent.

The negative momentum largely tracked global market trends amid heightened geopolitical uncertainty, driven by ceasefire violations and renewed attacks, which reignited concerns across financial markets and kept investor risk appetite subdued.

On the index contribution front, heavyweight stocks remained under pre­ssure, with United Bank, Engro Holdings, Fauji Fertiliser, Habib Bank, Hub Power and Pakistan Petroleum collectively erod­­ing approximately 561 points from the benchmark index.

Investor participation declined compared to the previous session as the total traded volume dipped 9.51pc to 658 million shares and the traded value decreased 15.54pc to Rs22.5 billion. TPL Pro­perties emerged as the volume leader, with 60 million shares changing hands.

Ali Najib, Deputy Head of Trading at Arif Habib Ltd (AHL), said the PSX recorded another negative Monday, with the KSE-100 index falling below the key psychological 170,000 level for the first time since May 22.

Notably, this marks the 15th negative Monday in the last 17, highlighting the persistent impact of geopolitical uncertainty (emerging over the preceding weekends) on investor sentiment since February 9.

Market sentiment rem­ained subdued throughout the session as renewed exchanges of attacks between Iran and Israel dampened hopes of a near-term peace agreement, prompting investors to adopt a cautious stance.

On the corporate front, Sazgar Engineering’s four-wheeler sales rose 75pc year-on-year to 1,604 units in May, while three-wheeler sales fell 12pc year-on-year to 1,636 units. For 11MFY26, four-wheeler sales surged 73pc year-on-year to 16,459 units, while three-wheeler sales edged up 1pc YoY to 23,578 units.

Published in Dawn, June 9th, 2026

Businessmen Group (BMG) Chairman Zubair Motiwala and Karachi Chamber of Commerce and Industry (KCCI) President Rehan Hanif urged policymakers to incorporate the business community’s recommendations in the budget 2026-27.

In a joint statement, they said that the disappointing outcomes of several fiscal measures introduced over the past two years should serve as a cautionary lesson for policymakers.

They emphasised that many of these measures had been strongly opposed by KCCI well before their implementation. Unfortunately, those concerns were ignored, resulting in adverse consequences for businesses, exports, investment, employment, and revenues.

On the shift of exporters from the Final Tax Regime (FTR) to the Normal Tax Regime (NTR) under the Finance Act 2024, they said the government adopted a short-term revenue approach without considering its long-term impact on exports and economic growth.

They demanded the immediate restoration of the FTR at a one per cent rate for all exporters. They expressed serious concern over the removal of the Export Facilitation Scheme benefits on yarn and fabric, as the scheme had played a critical role in enhancing the competitiveness of the export sector.

Lasbela Chamber

Lasbela Chamber of Commerce and Industry (LCCI) has urged the federal government to introduce comprehensive reforms to taxation, energy, trade, and investment policies in the upcoming budget to stimulate industrial growth, attract investment, and strengthen business confidence.

The chamber said Pakistan’s economic revival depended on creating a competitive and predictable business environment, adding that its recommendations were aligned with the government’s stated objective of promoting industrialisation and generating employment opportunities.

The LCCI called for a multi-year macroeconomic stabilisation framework with clearly defined targets for inflation and fiscal deficit reduction, coupled with a transparent foreign exchange policy to ensure policy consistency and investor confidence.

Published in Dawn, June 9th, 2026

The Gwadar Chamber of Commerce and Industry (GCCI) urged the federal government, senior customs officials and other relevant authorities to take immediate notice of the strategic importance of the Gabd-Rimdan border crossing, remove bureaucratic bottlenecks and ensure the smooth movement of commercial vehicles.

It blamed the suspension of trade at the Gabd-Rimdan border on what it described as the incompetence of Pakistan Customs officials. The chamber accused customs authorities of deliberately disrupting formal border trade through unnecessary procedural delays.

“This crisis comes at a time when Pakistan’s border trade infrastructure is already under severe strain,” said GCCI President Jiand Hoot.

He noted that the Chaman border remains closed, while traders at the Taftan-Zahedan border are currently on strike due to deteriorating security conditions.

He further said that trade through the Panjgur and Mand-Radig border crossings is virtually non-existent because of poor road infrastructure and recurring incidents of arson and vehicle burnings.

“With other major trade routes effectively closed, the country’s overland energy supply chain has become heavily dependent on the Gabd-Rimdan border,” he said.

However, over the past 10 to 15 days, hundreds of LPG-laden bowsers and trucks have remained stranded at the terminal awaiting customs clearance, triggering shortages in major urban centres.

According to Mr Hoot, LPG prices have surged in Karachi and parts of Punjab, with the commodity reportedly unavailable even at Rs400 per kilogram.

Expressing grave concern over the worsening situation, he said the border disruption comes at a time when shipping constraints in the Strait of Hormuz have already placed additional pressure on national energy supplies.

“If the gridlock at Gabd-Rimdan continues, LPG could disappear from local markets altogether,” he warned.

Mr Hoot claimed that Iranian commercial vehicles are being systematically denied entry and turned back from the National Logistics Corporation (NLC) yard. He said the bottleneck has not only disrupted imports but has also paralysed exports.

Published in Dawn, June 9th, 2026

Under the revised framework, SECP will process licensing applications without requiring security clearance at the application stage. However, the appointment of foreign directors will remain subject to clearance by the relevant authorities. Applicants will be required to provide an undertaking that any proposed director whose security clearance is denied will be replaced accordingly.

The measure is expected to reduce procedural delays, enhance regulatory certainty, and facilitate foreign investment in Pakistan’s regulated financial services sector. The revised framework will benefit companies operating in capital markets, non-banking finance, insurance, and other regulated financial services.

Previously, companies with foreign directors were required to obtain security clearance before submitting their licensing applications to SECP. The process is often lengthy and viewed by investors as a barrier to establishing regulated financial businesses in Pakistan.

Published in Dawn, June 9th, 2026

ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) is in disarray after one of its three members stepped down amid pricing investigations, amid a government move to depute civil servants to run the otherwise autonomous regulator.

In order to give legal cover to the appointment of civil servants in Ogra, the government has reportedly initiated the process to amend the Ogra law through a presidential ordinance before the budget.

According to sources, Ogra member (oil) Zainul Abideen Qureshi tendered his resignation from the position following his interrogation by the Federal Investigation Agency (FIA) Karachi over controversial payments to an oil marketing company (OMC) on account of price differential claims (PDCs) arising out of subsidised oil pricing after the US-Iran war.

The FIA found misreporting of oil stocks and sales, apparently for pricing benefits, leading reportedly to Rs14bn questionable claims.

While Go Petroleum secured a stay order against the FIA probe from the Sindh High Court, the federal government constituted a committee led by an additional secretary of the Ministry of Finance and comprising senior representatives of the petroleum division, the FBR, the auditor general and Ogra to examine in detail the integrity of PDC payments.

The FIA, however, quizzed Mr Qureshi and Director (Oil) General Imran Ahmad in separate sessions spanning over 72 hours. While otherwise defending the oil pricing and PDC reconciliation process, Mr Qureshi tendered his resignation upon returning to the capital last week.

On the other hand, the government has inducted at least three officers of the district management group — renamed Pakistan Administrative Service — in Ogra without legal cover. On April 8, the government appointed Secretary Establishment Nabeel Ahmed Awan as Ogra chairman for three months.

The post had fallen vacant almost 18 months ago but the government did not make a new appointment for unknown reasons.

Under the Ogra law, the vice chairman holds the charge in the absence of the chairman. Shahzad Iqbal, member gas, had actually taken over the chairman’s slot but was denotified by the government in the middle of oil supply arrangements following the Gulf conflict.

Meanwhile, even tho­ugh Mr Awan’s appointment as the Ogra chairman was challenged in the Islamabad High Court, he has acquired the services of at least two more officers on deputation last week. They include Majid Mohsin Panhwar of BS-20 and Imran Ali Sultan of BS-18.

According to sources, the cabinet committee on legislative cases has already cleared amendments to the Ogra law to provide for the appointment of BS-21 and 22 officers against the position of the chairman for four years, extendable for another term, along with the deputation of other civil servants to assist the chairman.

The amendments to the Ogra law may be made through a presidential ordinance ahead of budget sessions later this week, before the court could take cognisance of the matter.

Published in Dawn, June 8th, 2026