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Gaza: 110 more Palestinians, 34 aid seekers martyred in Israeli attacks – RADIO PAKISTAN
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Call for affordability as NEV Policy unveiled – Business
LAHORE: As Pakistan rolls out its long-awaited New Energy Vehicle (NEV) Policy 2025-30 — aimed at cutting emissions and reducing fuel dependency — industry voices are calling for a rethink on how new technologies are priced and marketed to consumers.
Speaking to the media in Lahore, Syed Asif Ahmed, General Manager Marketing Division at MG Motors, welcomed the policy as a step in the right direction but criticised the local hybrid electric vehicle (HEV) market for remaining largely unaffordable and inaccessible to the average consumer.
“HEVs in Pakistan have become a luxury item for a niche market,” he said. “Despite policy support, the real benefits have not trickled down to car buyers.”
Mr Ahmed noted that the most expensive hybrid-electric sport utility vehicle (SUV) in the country — a seven-seater — carries an ex-factory price tag of Rs16 million, while five-seater variants are priced between Rs9.6m and Rs12m.
Plug-in hybrids better suited for urban Pakistan, says auto executive
“The industry must seriously consider affordability,” he stressed, adding that plug-in hybrid electric vehicles (PHEVs) are a better alternative for urban mobility, offering practical electric range alongside hybrid versatility.
The NEV Policy, unveiled by the Ministry of Industries, introduces official classifications for electric vehicles (EVs), PHEVs, and hydrogen-powered vehicles as “New Energy Vehicles”, aligning Pakistan’s regulatory framework with global standards.
Mr Ahmed also criticised earlier tax incentives that allowed traditional hybrids to be classified as NEVs, primarily benefiting established automotive players. “Unfortunately, these subsidies neither served the environment nor the public. They simply padded profits for principal companies and their local partners.”
In contrast, he said, PHEVs offer a meaningful solution: pure electric driving for short urban commutes and hybrid flexibility for longer journeys — addressing the range anxiety often associated with EVs.
He pointed out that affordability remains a major hurdle. Globally, hybrids become financially viable when priced within 10pc of an equivalent petrol vehicle. In Pakistan, however, the price gap is much wider — averaging 45pc.
“For example, a C-segment SUV hybrid can cost up to Rs12m, while its petrol counterpart is priced around Rs8m — a difference of Rs4m,” he said.
While the NEV policy outlines a progressive roadmap, industry implementation remains critical. With more PHEV models expected to enter the market, the key question is whether automakers will pass on incentives to consumers — or repeat the hybrid-era model of high margins and minimal environmental benefit.
“The potential is enormous,” Ahmed concluded. “But only if we prioritise real consumer value and environmental impact over short-term profits.”
Published in Dawn, July 13th, 2025
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Auto prices surge up to Rs600,000 – Business
KARACHI: Indus Motor Company (IMC) has increased the prices of various models by up to Rs600,000 following the imposition of the New Energy Vehicle (NEV) adoption levy in the FY26 budget.
Additionally, Honda Atlas Cars Ltd (HACL) has announced the introductory price of its recently launched hybrid model, the HR-V.
The prices of Honda HR-V VTI, HR-V VTI S and HR-V e HEV are Rs7.549 million, Rs7.799m and Rs8.999m. The new prices will take effect on July 14.
As per the price list issued by the IMC, Toyota Yaris 1.3 GLI MT, 1.3 GLI CVT, 1.3 Ativ MT, 1.3 Ativ CVT, 1.5 Ativ X CVT Beige, and 1.5 Ativ X CVT Black carry new prices of Rs4.649m, Rs4,809m, Rs4.829m, Rs5.732m, Rs6.402m and Rs6.462m as compared to Rs4.479m, Rs4.760m, Rs4.730m, Rs5.617m, Rs6.268m and Rs6.332m.
Toyota Corolla Altis 1.6MT, 1.6 CVT, 1.6 CVT UpSpec, 1.8 Altis, 1.8 Grande Beige and 1.8 Grande Black are now priced at Rs6.112m, Rs6.712m, Rs7.352m, Rs7.042m, Rs7.682m and Rs7.722m as compared to Rs5.982m, Rs5.572m, Rs7.202m, Rs6.902m, Rs7.522m and Rs7.562m.
The prices of Toyota Hilux 4×2 S/C STD, 4×2 S/C Deckless, 4×2 S/C U/S and 4×4 S/C STD carry new price tags of Rs7.092m, Rs6.562m, Rs7.122m and Rs9,382m as compared to Rs6.872m, Rs6.362m, Rs7.122m and Rs6.872m, Rs6.362m Rs6.902m and Rs9.092m.
The new prices of Hilux E 4×4 D/C STD, Revo G MT, G AT, V AT, Rocco 4×4 AT and Revo GR-S are Rs11.394m, Rs12.344m, Rs12.954m, Rs14.294m, Rs14.884m and Rs15.854m.
Published in Dawn, July 13th, 2025
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Mawlana Hazar Imam Shah Rahim Al Hussaini blesses Ismailis with a historic first Didar as the 50th Hereditary Imam – Barakah
Prepared and compiled by MALIK MERCHANT
Anchor Links: His Highness the Aga Khan’s historic visit to France
(Last updated: July 13, 2025, 10:22 AM, EDT)
Please visit this page frequently for updates on His Highness the Aga Khan’s historic visit to France. For quick access to our updates posted on this page, please click on the following anchor links:
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July 12, 2025: His Highness the Aga Khan blesses Ismailis with the first ever Didar since becoming the 50th Imam
Mawlana Hazar Imam, His Highness the Aga Khan, wearing a chain bearing the names of 50 Imams, addresses the France jurisdiction Ismaili community in Paris on July 12, 2025, during the first historic Didar since becoming the 50th Ismaili Imam on February 4, 2025. Photograph: IPL / Akbar Hakim. Mawlana Shah Rahim Al Hussaini Hazar Imam, His Highness the Aga Khan, who inherited the Throne of Imamat from his father, Mawlana Shah Karim, His Late Highness Aga Khan IV, on February 4, 2025, bestowed his first ever Didar (lit. a glimpse) upon his spiritual children who had gathered on July 12, at Paris Expo Porte de Versailles. This was a powerful moment for the Ismaili community, as they demonstrated their unity by coming together from various countries under the jurisdiction of the Aga Khan Council for France. A second Didar will be held on July 13 for Ismailis from the remaining French jurisdiction countries that did not participate on July 12.
Aside from the joy and happiness the Jamat experienced during their first-ever mulaqat (meeting) with their Imam in Paris, their brothers and sisters worldwide were also joyful for them. They have been offering supplications and prayers for their beloved Imam to visit them soon. Mawlana Hazar Imam had expressed his wish during his Takhtnashini Farman made on February 11, 2025, that he would very much look forward to visiting the Jamats and meeting with the leaders of the countries where the Jamats live.
Mawlana Hazar Imam, accompanied by his two sons, Prince Irfan (10 years old) and Prince Sinan (8), conveyed guidance and blessings for the worldwide Jamat. His deep gratitude towards the volunteers for their tireless efforts in organizing the visit was evident.
Mawlana Hazar Imam, His Highness the Aga Khan, seated on stage at the Didar hall in Paris, July 12, 2025. Photograph: IPL / Akbar Hakim. ~~~~~~~~
Mawlana Hazar Imam, His Highness the Aga Khan, is received at the Didar hall by the esteemed Mukhi Saheb, Kamadia Saheb, Mukhiani Saheba, and Kamadiani Saheba of Paris Principal Jamatkhana, July 12, 2025. These community leaders officiate the Ismaili Jamatkhana proceedings daily, as representatives of the Imam. Photograph: IPL / Akbar Hakim. The Mukhi Saheb of Paris Principal Jamatkhana submitted Bayah (oath of allegiance) to the Imam on behalf of the Jamat, and Aiaze Mitha, President of the Ismaili Council for France, delivered a welcome address. Hazar Imam had a separate mulaqat for young members of the Jamat. It was a testament to his personal connection with them, making them feel a significant part of the community he leads.
The student Mukhi and Kamadia from Belgium, and Mukhiani and Kamadiani from Switzerland welcome Mawlana Hazar Imam, His Highness the Aga Khan, to the youth mulaqat, July 12, 2025. Photograph: IPL / Akbar Hakim. ~~~~~~~~
Mawlana Hazar Imam, His Highness the Aga Khan, addresses young members of the Ismaili community at a mulaqat in Paris, July 12, 2025. Photograph: IPL / Akbar Hakim. ~~~~~~~~
Mawlana Hazar Imam, His Highness the Aga Khan, meets with young members of the Ismaili Volunteers, July 12, 2025. Photograph: IPL / Akbar Hakim.
To commemorate the historic event, the Jamat prepared an art installation entitled Ensemble-Together, representing the community’s individual and collective stories. The artwork is a visual narrative of the Jamat’s historical journey, made up of symbolic plants and fruits including the Mangrove, which represents migration across the Indian Ocean — from Gujarat to Madagascar and East Africa; an Olive Tree, symbolising the welcome the Jamat found in France and the countries of its jurisdiction; the Pomegranate, honouring members of the Jamat from Afghanistan, Tajikistan, Pakistan, and India; the Fig, commemorating those who journeyed from Syria and other parts of the world; and Grape Leaves, representing the extension of the community to include family members from different faiths and backgrounds.
President Aiaze Mitha of the Aga Khan Council for France and the Jamats living under its jurisdiction presents an art installation, entitled Ensemble-Together, to Mawlana Hazar Imam, His Highness the Aga Khan. The artwork, a compelling visual narrative, depicts the Jamat’s historical journey through the last 150 years, July 12, 2025. Photograph: IPL / Akbar Hakim. The fruits and leaves were inscribed with hundreds of hand-written messages by members of the Jamat and multi-faith family members of all ages, expressing their commitment to care for the environment and to serve the Imam and his Jamat.
Mawlana Hazar Imam, His Highness the Aga Khan, waves to members of the Ismaili Volunteers, July 12, 2025. Photograph: IPL / Akbar Hakim. ~~~~~~~~
Members of the Ismaili Volunteers bid farewell to Mawlana Hazar Imam, His Highness the Aga Khan, as he departs the Didar hall in Paris, July 12, 2025. Photograph: IPL / Akbar Hakim. External websites: Please click on the following link(s) for more coverage and photographs of Mawlana Hazar Imam’s Didar in Paris (July 12, 2025):
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JULY 11 – JULY 12, 2025: THE ISMAILI UPDATE (PART 3), HIS HIGHNESS THE AGA KHAN MEETS FRENCH FOREIGN MINISTER AND ARRIVES AT THE DIDAR VENUE IN PARIS
The following YouTube posting by The Ismaili (Part 3) includes a brief recording of Mawlana Hazar Imam arriving at the venue in Paris for his historic Didar and being warmly received by the Jamati leadership. The video host also introduces the art installation, Ensemble-Together, a powerful representation of the community’s individual and collective stories and tributes. The video’s primary focus is on Mawlana Hazar Imam’s earlier meeting with the French Foreign Minister (see below), which took place on July 11.
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July 11, 2025 (2): His Highness the Aga Khan welcomed to Quai d’Orsay by the Foreign Minister of France, Jean-Noël Barrot
Jean-Noël Barrot, French Minister of Foreign Affairs, welcomes Mawlana Hazar Imam, His Highness the Aga Khan, to the Quai d’Orsay, July 11, 2025. Photograph: AKDN / Frédéric Bukajlo. Mawlana Hazar Imam, His Highness the Aga Khan, was welcomed to Quai d’Orsay, the seat of France’s Foreign Ministry, by the Foreign Minister, Jean-Noël Barrot. This followed his visit to Élysée Palace, where he met President Macron to begin his official visit to France
In welcoming the 50th Hereditary Imam of the Ismaili Muslims, the Foreign Minister expressed the country’s shared desire to cooperate with the Ismaili Imamat in the service of the common good.
He said: “We are doing so with a high level of ambition to build together a global, coherent and effective vision.” He further expressed the hope that the “partnership will take us as far as possible along this path of responsibility, towards peace, development and the promotion of human dignity.”
Clockwise from top: Mawlana Hazar Imam, His Highness the Aga Khan, meets France’s Interior Minister Bruno Retailleau at Place Beauvau (also see X post below); Luis Monréal, the General Manager of the Aga Khan Trust for Culture (AKTC), signs agreements in the field of culture between AKTC and the International Alliance for the Protection of Heritage; and AKTC and Musée Guimet as His Highness the Aga Khan and Jean-Noël Barrot look on., July 11, 2025. Photographs: Top, AKDN / Akbar Hakim, and bottom, AKDN / Frédéric Bukajlo. Mawlana Hazar Imam also met with government officials, including the Minister of the Interior, Bruno Retailleau, at Place Beauvau, the official residence of the Minister of the Interior.
Two agreements in the field of culture were signed: between the Aga Khan Trust for Culture (AKTC) and the International Alliance for the Protection of Heritage (ALIPH); and between AKTC and the Musée Guimet. These agreements formalise ongoing cooperation and create the framework for new projects.
External websites: Please click on the following link(s) for more coverage and photographs of the Aga Khan’s visit to France:
Posts on X
An English translation of the X post: I had the pleasure of welcoming to Beauvau His Highness Prince Rahim Aga Khan V, spiritual leader of the Nizari Ismaili Muslims. Our discussions focused on the organization of Islam in France and the ties that the Republic maintains with the Ismaili community present in our territory.
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July 11, 2025 (1): His Highness the Aga Khan is received by Emmanuel Macron; signs three Agreements with the French Republic
Mawlana Hazar Imam , His Highness the Aga Khan, is received at the Élysée Palace by French President Emmanuel Macron as he begins his official visit to France, the first such visit since becoming the 50th Imam of the Shia Imami Ismaili Muslims on February 4, 2025. He arrived in France on the evening of July 10, 2025. Photograph: AKDN / Akbar Hakim Mawlana Hazar Imam, His Highness the Aga Khan, was received on Friday, July 11, 2025, at the Élysée Palace by President Macron for a luncheon and private discussions to begin his official visit to France. He was accompanied by his uncle, Prince Amyn, and his brothers, Prince Hussain and Prince Aly Muhammad, along with leaders of the Ismaili community and the Aga Khan Development Network (AKDN). The following three agreements were signed at the Élysée:
1. Agreement between the French Republic and the Ismaili Imamat
Mawlana Hazar Imam, His Highness the Aga Khan, and French President Emmanuel Macron following the signing of an agreement between the French Republic and the Ismaili Imamat at the Élysée Palace, July 11, 2025. Photograph: AKDN / Frédéric Bukajlo. The agreement reinforces a long-standing and deep relationship. It spans the domains of development investment, humanitarian support, health care, education, higher education and research, culture and the arts, agriculture development, food security, infrastructure, environmental protection and the fight against climate change, and social cohesion. It also facilitates dialogue and cooperation in matters of international relations, with the aim of fostering peace and stability, reinforcing a respect for pluralism, developing a strong and effective civil society, and promoting interfaith dialogue. The agreement recognises the presence of the Ismaili Imamat in France, including through official representation between the two parties and a joint coordinating committee.
2. Declaration of Intention to Cooperate in Syria
France and the Ismaili Imamat signed a declaration confirming their intention to cooperate for the successful and peaceful transition in Syria, protection of human dignity, rebuilding resilience and resettling displaced people. Cooperation will include responses to the urgent need for humanitarian assistance, and investments in the foundation for the sustainable, long-term development of the country, including rebuilding the economy through agricultural support and entrepreneurship; reinforcing the healthcare system; and providing cultural support to create employment and catalyse economic growth.
L to R: Michael Kocher, General Manager of Aga Khan Foundation (AKF); Shamir Samdjee, the Ismaili Imamat’s representative to France; Thani Mohamed Soilihi, Minister of State; and Rémy Rioux, CEO of Agence Française de Développement (AFD) sign an agreement at Élysée Palace as Mawlana Hazar Imam, His Highness the Aga Khan, and French President Emmanuel Macron look on, July 11, 2025. Photograph: AKDN / Frédéric Bukajlo 3. Declaration of Intention to Cooperate in the Indian Ocean Region
France and the Ismaili Imamat signed a declaration of their intention to cooperate on the regeneration of coastal zones and marine ecosystems in the Indian Ocean region. Notably, this initiative will include support for the reconstruction and sustainable development of Mayotte. The partnership will encompass four key priorities: protection and restoration of coastal ecosystems, in particular mangroves; the promotion of nature-based solutions to respond to the climate crisis; the development of opportunities in the blue and green economies; and the reduction of pressure on coastal and marine zones by improved access to drinking water, energy, waste management and improved agricultural practices. The agreement envisages the joint mobilisation of Euro 100 million to support action in Mayotte, Kenya, Madagascar, Mozambique and Tanzania.
His Highness the Aga Khan’s visit reinforces a longstanding relationship, spanning decades and across multiple areas of endeavour. For more than three decades, AKDN and the Agence Française de Développement (AFD) have cooperated in areas of mutual concern, involving more than 60 projects in Africa, South Asia, Central Asia and the Middle East. AKDN is a founding member of the Paris Peace Forum. His family has enjoyed close relations with France going back over 75 years. His father, Mawlana Shah Karim, His Late Highness Aga Khan IV, was well-known and respected for his contributions to France in culture, tourism, diplomacy, and thoroughbred racing, amongst other areas.
Members of the Ismaili community have lived in France for more than six decades and contribute actively to the strength and prosperity of the country. On July 12 and 13 July, Hazar Imam will grace the Jamat of France, Switzerland, Belgium and Côte d’Ivoire with didar.
July 11, 2025: More coverage on external websites
Click on the thumbnail collage to view a gallery of photos posted by Getty Images of Mawlana Hazar Imam, His Highness the Aga Khan’s current visit to France, as he is received by French President Emmanuel Macron. The Getty gallery may include photos from earlier years of Mawlana Shah Karim, His Late Highness Aga Khan IV. Please click GETTY. Please click on the following links for videos and photographs of His Highness the Aga Khan being received by the French President as he commences his official visit to France:
The following official video, posted by The Ismaili (Part 2), provides a comprehensive overview of Mawlana Hazar Imam’s first full day visit to France. Hazar Imam and members of his family were received at Palais de l’Élysée by Emmanuel Macron, President of the French Republic. The Ismaili will be updating their website regularly, and we encourage you to visit their postings for more information.
JULY 11, 2025: THE ISMAILI UPDATE (PART 2), HIS HIGHNESS THE AGA KHAN MEETS PRESIDENT MACRON
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July 10, 2025: His Highness the Aga Khan arrives in France – His first in a series of inaugural visits to his Ismaili followers as their 50th Hereditary Imam
Mawlana Hazar Imam, His Highness the Aga Khan, the 50th Hereditary Imam of the Ismaili Muslims, is welcomed to Paris by Aiaze Mitha, President of His Highness the Aga Khan Shia Imami Ismaili Council for France, July 10, 2025. Photograph: IPL / Akbar Hakim. Mawlana Hazar Imam, His Highness the Aga Khan, accompanied by his sons, Prince Irfan and Prince Sinan, arrived in France on the evening of Thursday, July 10, 2025. This marks a historic moment, as it is his first Jamati (community) visit to any part of the world since succeeding to the Throne of Imamat on February 4, 2025.
At the invitation of His Excellency Emmanuel Macron, President of the French Republic, Mawlana Hazar Imam was received by Jean-Christophe Peaucelle, the French government’s official representative to the Ismaili Imamat. Shamir Samdjee, the Ismaili Imamat’s representative to France, and Aiaze Mitha, President of the Aga Khan Ismaili Council for France, were also present. Diwan Shafik Sachedina, who has served the Ismaili Imamat loyally for several decades, was also in attendance. A delegation of Jamati leaders, representing the Jamats from France, Switzerland, Belgium, and Côte d’Ivoire, warmly welcomed Hazar Imam, showcasing the unity and strength of the Ismaili community.
During his visit, Hazar Imam will meet with President Emmanuel Macron and senior officials of the French government.
He will also grace the French jurisdiction Jamat with Didar (lit. a glimpse). Didar is a profound spiritual experience that connotes both the physical meeting with the Imam and the feeling of his spiritual presence. As the Imam-of-the-Time, descended from Imam Ali, Hazar Imam is the current bearer of the Nur (also Noor) or Light of Imamat, through which his followers seek the elevation of their souls. The following supplications by the 14th-century Ismaili missionary and Pir, Hasan Kabirdin, fondly express the Ismailis’ yearning for their Imam and his status:
Transliteration
Eji, Aash Karine Ya Ali hun tere dar ubhi,
Kar jodine em mangu Ya Shah;
Dejo didar tusi mahavar datar Shah,
Hama tere charane lagu.Translation
With hope I stand at Thy door,
O Ali! And sincerely beg of Thee;
Bless me with Thy Holy Didar,
O Great Lord and Benefactor!
At Thy Feet I fall to prostrateand
O Exalted Islam Shah [Imam-of-the-Time]
Our Lord and Master of the Age,
To you our hearts devoutly supplicate,
O the Eternal King and Lord of our souls!
Grace us with your visit to the Indian Subcontinent
[The Imam’s base at the time was in Iran.]
O Ali! You are Eternal,
You are the Lord of Eternity.
You alone are the Knower of the End,
Of the End that has no End.The anticipation and excitement for this visit, a globally significant event, have been overwhelming, creating a buzz and energy that is palpable to all. The preparations, which have been underway in France for several weeks, reflect this excitement. The visit was announced in a Talika from Mawlana Hazar Imam, read out to the worldwide Jamat on May 30, 2025. Then, on June 15, the youth of the Jamat under the jurisdiction of the France Aga Khan Council learnt that Mawlana Hazar Imam would give them separate Mulaqats, adding to the eagerness for the upcoming events.
Mawlana Hazar Imam, His Highness the Aga Khan, is welcomed to Paris by Jean-Christophe Peaucelle, official representative of the French Republic to the Ismaili Imamat, July 10, 2025. Photograph: IPL / Akbar Hakim. Two days ago, we were thrilled to learn that all his inaugural visits would be underpinned by the motif of Nur. The worldwide Jamat is eagerly anticipating these visits, feeling spiritually connected as Mawlana Hazar Imam, the bearer of the Light of Imamat, bestows his loving blessings on his spiritual children during his presence with them. We look forward to covering the visit through official reports published by the Ismaili and AKDN websites, as well as our readers’ personal accounts of the Mulaqat with Hazar Imam. Our coverage will be comprehensive, with links to external media reporting on the visit.
The following official video, posted by The Ismaili, provides a comprehensive summary of Mawlana Hazar Imam’s arrival in France. It offers glimpses of the significant work carried out by hundreds of dedicated Jamati members in preparation for the mulaqats taking place over the weekend. The Ismaili will be updating their website regularly, and we encourage you to visit their postings for more information.
JULY 10, 2025: THE ISMAILI UPDATE (PART 1), ARRIVAL OF HIS HIGHNESS THE AGA KHAN
Date posted: July 11, 2025.
Last updated: July 13, 2025 (10:22 AM, EDT).________________
FEEDBACK AND Table of Contents
Before you leave, remember that Barakah’s editor, Malik, is here to assist yo u. If you have any questions or feedback, please scroll down to leave a comment or send an email to mmerchant@barakah.com. Also, don’t miss the opportunity to explore the diverse and extensive content on Barakah’s Home Page or Table of Contents, with over 350 pieces dedicated to Mawlana Hazar Imam, members of his family and the Ismaili Imamat. And don’t forget to visit our sister websites, Simerg and Simergphotos. You can stay updated by following Malik on @Facebook, @X and @LinkedIn.
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PTCL’s financial woes deepen – Business
ISLAMABAD: Despite generating higher revenues, Pakistan Telecommunication Company Ltd (PTCL) — the only state-owned enterprise (SOE) managed by the private sector — continues to incur losses, raising concerns over its financial health and future strategy.
According to the biannual performance report (July-December FY25) released by the Central Monitoring Unit (CMU) of the Ministry of Finance, PTCL posted a loss of Rs7.2 billion during the period, pushing its accumulated losses to Rs43.6bn.
The report also noted that PTCL has moved up the ranking of loss-making SOEs, rising from 10th position in the first half of FY24 to 7th place in the current fiscal year.
The finance ministry cautioned that the proposed acquisition of Telenor Pakistan by PTCL, if not carefully managed, could further destabilise the Group’s finances. The ministry warned the move may hinder PTCL’s digital transformation goals and limit its ability to invest in core growth areas over the coming years.
Finance ministry flags risks to Telenor acquisition
The report also highlighted PTCL’s outstanding pension liabilities, which stand at Rs42.84bn.
Notably, PTCL had posted a net profit of Rs20.78bn in 2005-06 — the year its management control was handed over to UAE-based telecom firm Etisalat, which acquired a 26pc stake. The government of Pakistan retains a 62pc shareholding in PTCL, while the remaining 12pc is held by public investors through the stock market.
PTCL Group also comprises Ufone, its cellular subsidiary, and UBank, a microfinance institution.
The finance ministry described the planned acquisition of Telenor Pakistan as a bold strategic step to strengthen PTCL Group’s market position. The move promises potential synergies, cost efficiencies, and an expanded subscriber base. However, it also presents significant risks.
Published in Dawn, July 13th, 2025
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PTCL’s financial woes deepen – Newspaper
ISLAMABAD: Despite generating higher revenues, Pakistan Telecommunication Company Ltd (PTCL) — the only state-owned enterprise (SOE) managed by the private sector — continues to incur losses, raising concerns over its financial health and future strategy.
According to the biannual performance report (July-December FY25) released by the Central Monitoring Unit (CMU) of the Ministry of Finance, PTCL posted a loss of Rs7.2 billion during the period, pushing its accumulated losses to Rs43.6bn.
The report also noted that PTCL has moved up the ranking of loss-making SOEs, rising from 10th position in the first half of FY24 to 7th place in the current fiscal year.
The finance ministry cautioned that the proposed acquisition of Telenor Pakistan by PTCL, if not carefully managed, could further destabilise the Group’s finances. The ministry warned the move may hinder PTCL’s digital transformation goals and limit its ability to invest in core growth areas over the coming years.
Finance ministry flags risks to Telenor acquisition
The report also highlighted PTCL’s outstanding pension liabilities, which stand at Rs42.84bn.
Notably, PTCL had posted a net profit of Rs20.78bn in 2005-06 — the year its management control was handed over to UAE-based telecom firm Etisalat, which acquired a 26pc stake. The government of Pakistan retains a 62pc shareholding in PTCL, while the remaining 12pc is held by public investors through the stock market.
PTCL Group also comprises Ufone, its cellular subsidiary, and UBank, a microfinance institution.
The finance ministry described the planned acquisition of Telenor Pakistan as a bold strategic step to strengthen PTCL Group’s market position. The move promises potential synergies, cost efficiencies, and an expanded subscriber base. However, it also presents significant risks.
Published in Dawn, July 13th, 2025
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Equities surge past 134,000 points in record-breaking week – Business
KARACHI: The stock market continued its bullish run for the second straight week, crossing the 134,000-point threshold amid strong macroeconomic fundamentals and persistent buying by local mutual funds. A surge in workers’ remittances, robust auto sales, and improved foreign exchange reserves provided a solid backdrop for investor optimism, helping offset subdued participation and minor currency depreciation.
The benchmark KSE-100 index closed at 134,299.77, gaining 2pc or 2,351 points on a weekly basis. According to Topline Securities Ltd, the rally was largely driven by mutual funds, which recorded net inflows of $30m month-to-date as of Friday’s close. The average traded volume stood at 948m shares, while traded value amounted to Rs38.8bn.
Key macro indicators underpinned market sentiment. Workers’ remittances rose to a historic $3.4bn in June, up 8pc year-on-year, taking full-year FY25 inflows to a record $38.3bn — a 27pc increase over the previous year. Concurrently, the State Bank of Pakistan’s foreign exchange reserves surged by $1.8bn to $14.5bn for the week ending July 4, marking a 39-month high.
The auto sector further supported market gains. As per the Pakistan Automotive Manufacturers Association (PAMA), car sales in June rose 64pc year-on-year and 47pc month-on-month to 21,773 units. Full-year FY25 sales grew 43pc to 148,000 units, buoyed by pre-buying ahead of a proposed GST increase on smaller vehicles.
Unprecedented remittances and fund inflows drive market momentum; caution looms ahead
Arif Habib Ltd reported that investor confidence also benefited from diplomatic and economic developments, including reports of a proposed trade and tariff framework with the United States and a $2bn investment deal with Azerbaijan, signed during the ECO Summit. Investors also tracked a production boost reported by OGDCL at the Rajian-05 well and signing Pakistan-Russia discussions over reviving the Pakistan Steel Mills.
On the monetary front, the government raised Rs1.41tr through a T-bill auction amid total participation of Rs2.7tr. Yields on 12-month paper declined by 13bps, reflecting stable investor expectations. Meanwhile, Rs1.045tr out of the allocated Rs1.1tr development budget for FY25 was utilised, indicating improved fiscal execution.
Sector-wise, commercial banks were the largest contributors, adding 1,329 points to the index, followed by the cement sector (304 points), the automobile sector (150 points), the textiles sector (147 points), and the pharmaceutical sector (124 points). On the other hand, exploration and production (E&P) firms lost 82 points, miscellaneous sectors 78 points, fertilisers 56 points, technology 47 points, and oil marketing companies (OMCs) 39 points.
Among individual stocks, United Bank Ltd contributed 417 points to the index, followed by Meezan Bank (297), MCB Bank (171), Habib Metropolitan Bank (150), and Bank Alfalah (148). In contrast, Bank Al-Habib pulled the index down by 103 points, with other negative contributors including Engro Fertilisers (86), Pakistan Services (78), Mari Petroleum (60), and Pakistan Petroleum Ltd (54).
According to AKD Securities, optimism was supported by expectations of strong corporate earnings and favourable macro data. However, market participation remained tepid, with a 2pc decline in average weekly volumes and a 6.3pc fall in traded value to $136.5m.
Foreign investors remained net sellers, offloading $5.76m during the week, compared to $15.33m a week earlier. Most of the selling was concentrated in commercial banks ($3.8m) and FMCGs ($1.2m). On the local side, mutual funds and individual investors were net buyers, with inflows of $30.91m and $14.08m, respectively. Meanwhile, companies and banks collectively offloaded $17.6m.
On the currency front, the rupee depreciated slightly by 0.17pc to close at Rs284.46 against the dollar. Other significant developments included the early retirement of Rs500bn SBP debt, Rs208bn raised through floating-rate PIBs, and a 7.2pc YoY increase in textile exports during FY25. NEPRA also announced a negative fuel cost adjustment of Rs4.03/kWh for K-Electric consumers.
The outlook remains broadly positive, with analysts at Arif Habib Ltd and AKD Securities citing strong earnings potential, macroeconomic stability, and attractive valuations as key drivers. The KSE-100 index currently trades at a forward price-to-earnings ratio of 6.8x for 2026, below its 10-year average of 8.0x. However, analysts caution that intermittent profit-taking and investor wariness ahead of earnings announcements may create short-term volatility.
Published in Dawn, July 13th, 2025
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A new Pakistan – Pakistan
THE recent standoff with India in May has suddenly recalibrated Pakistan’s global image, offering it a rare moment of diplomatic and strategic ascendancy. Once struggling on the geo-economic front, Islamabad has found renewed space in the geopolitical theatre, not just as a reactive player, but as one redefining its regional and global bearings.
The conflict, while perilous, proved to be an inadvertent diplomatic windfall for Pakistan. New Delhi’s narrative on terrorism, long used to isolate Islamabad, now appears increasingly unconvincing, especially in the absence of credible evidence following the Pahalgam incident. Pakistan’s measured yet forceful military response surprised many observers and signalled a new strategic confidence. At the same time, the quiet revival of security ties with Washington added another layer to Islamabad’s growing diplomatic leverage.
Amid this recalibration, several factors stand out. China remains Pakistan’s foremost strategic partner, followed closely by Turkiye. Equally critical are the country’s untapped mineral reserves, now drawing renewed international attention. Afghanistan’s evolving landscape and Pakistan’s counterterrorism gains have further enhanced its profile in regional security conversations. Pakistan’s diplomacy during the Iran-Israel conflict also added to its strengths.
These shifts are set within a rapidly transforming geopolitical environment that spans the Middle East, South Asia, and the Caucasus. Islamabad’s diplomatic overtures are now reaching deeper into Central Asia and even into South Asia’s periphery, particularly Bangladesh. With growing disenchantment toward India and Russia’s increasingly transactional regional posture, Pakistan finds itself in a position to cultivate new alliances, provided it can maintain strategic coherence.
The current geopolitical environment is shifting in Pakistan’s favour.
Yet, this emerging external opportunity is contingent on internal consolidation. To sustain its newfound geopolitical relevance, Pakistan must stabilise its domestic front economically, politically, and institutionally. Without internal strength, diplomatic gains risk becoming transient. Pakistan has come to the critical realisation that sustaining recent strategic and diplomatic gains requires a more effective and evolved counterterrorism strategy. This urgency was underscored last week when the military leadership emphasised the need for “decisive and holistic actions at all levels” against all shades of terrorist groups.
Currently, Pakistan is engaged in counterinsurgency and counterterrorism operations in Balochistan and the Khyber Pakhtunkhwa border regions adjoining Afghanistan — efforts that international actors have acknowledged. However, what continues to be a point of vulnerability, and what India persistently exploits, is the lingering presence of banned groups that were once active in India-administered Kashmir, particularly Lashkar-e-Taiba (LeT) and Jaish-e-Mohammad (JeM). In recent years, Pakistan has taken concrete steps to dismantle these networks, mainly in response to FATF requirements and sustained diplomatic pressure, especially from Washington and European capitals.
Despite these measures, India continues to assert that elements of these groups remain active within Pakistan and Azad Jammu and Kashmir. It has effectively used this narrative to shape international opinion, particularly in Western policy circles, and has shown little indication of abandoning this diplomatic tool. However, it is increasingly evident that sustaining such a posture requires not only rhetoric but also viable alternatives. If India’s narrative begins to lose traction without credible evidence or renewed justification, it may be compelled to recalibrate its approach, potentially opening space for dialogue on more equal terms.
The latest reports submitted by India and Pakistan to FATF reveal contrasting approaches toward addressing terrorism financing. While Pakistan’s submission reflects a structured and institutionally grounded effort, India’s input appears more selective and strategically framed to serve its ongoing narrative.
India’s contributions are included in sections related to in-kind methods, the misuse of e-commerce platforms, and the use of online payment services and VPNs to fund lone-actor terrorism. India provided two case studies; first, about an attempted attack on April 3, 2022, at the Gorakhnath Temple, and second, the February 2019 suicide bombing of an Indian security convoy, which resulted in the deaths of 40 soldiers. Notably, the FATF report did not reference the Pahalgam incident, nor did it express any concern about Pakistan’s compliance status.
In the case studies presented by India, the sources of the findings are not transparently identified. In contrast, Pakistan’s case studies, focusing on the TTP and IS-K, detail how these groups exploit informal banking systems and engage in kidnapping-for-ransom to generate funds. Crucially, Pakistan’s submissions cite the National Counter Terrorism Authority as the source of the intelligence, lending greater credibility to its inputs.
The contrast between the two approaches is telling. While India continues to weaponise narratives for diplomatic leverage, Pakistan is slowly repositioning itself through institutional credibility and regulatory compliance. In a shifting geopolitical landscape, such measured engagement is likely to yield more sustainable dividends.
Indian media outlets have misrepresented FATF’s findings, selectively quoting from the latest report to falsely suggest that Pakistan is not in compliance. FATF has neither issued any warning against Pakistan nor expressed dissatisfaction with its current level of compliance. On the contrary, Pakistan’s counterterrorism financing efforts have been acknowledged and appreciated by FATF member states.
Interestingly, as India’s counterterrorism narrative loses its international traction, Pakistan appears to be adopting a similar approach, attributing almost every act of terrorism on its soil to Indian involvement. Rather than playing to India’s rhetorical framework, Pakistan would be better served by charting its own strategic course. The current geopolitical environment is shifting in Pakistan’s favour. To fully capitalise on this, Pakistan must remain focused on dismantling terrorism and insurgency through sustained, credible efforts. This, more than counter-narratives alone, will demonstrate a meaningful difference to the world.
The writer is a security analyst.
Published in Dawn, July 13th, 2025
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Travel well, my friend Zubeida – Pakistan
SINCE the news of Zubeida Mustafa’s passing, a flood of tributes has poured in, in which those whose lives she touched have spoken eloquently about the iconic, towering figure of the incredible journalist and rights advocate.
To me, Zubeida was my senior, my colleague and my friend, and an incredible woman and human being. She brushed aside daunting personal and professional challenges to power ahead with everything that mattered to her and nothing mattered to her more than the education of Pakistanis. She was Dawn‘s first woman op-ed editor. She’d worked at the newspaper for over 30 years before being named to the position.
That was less a reflection of her ability and intellect and more on the patriarchal, male-dominated work culture we have had in the best of times and the best of places. Zubeida was very mindful of that and, on her elevation, bluntly said: this would not have happened in the past.
She inspired and contributed to the growth of dozens of journalists, women and men alike, and so many have written/talked about what she meant to them. One of her most remarkable achievements at the newspaper, where I was privileged enough to work alongside her, was the transformation of the op-ed pages which, despite her fast deteriorating eyesight and health, she single-mindedly pulled into the present from a distant past where they seemed trapped.
Zubeida was long associated with and espoused the causes of the marginalised, whether women or the poor or minorities.
Zubeida Mustafa had the guts to politely yet firmly inform a stable of former senior civil servants and ex-military officers who had weekly op-ed slots that their submissions would be assessed on merit alongside other contributors. The new op-ed editor introduced hugely talented writers, both men and women, with the latter being somewhat under-represented in the newspaper till then, and her pages acquired a new look, life, vibrancy and relevance. She also insisted on not waiting for days to write leaders and began, for the first time in the paper’s life, editorials on the day.
Her generation is often blamed, sometimes rightly, for discouraging youth in the name of favouring ‘experience’ but Zubeida placed her faith in young writers and editors on her team.
It was in the tenure of Mrs Mustafa, as she was addressed by all Dawn editorial staff, that young Cyril Almeida was recruited on the team and was also given the Wednesday column slot vacated by the well-established and widely-read Ayaz Amir when he decided to run for parliament on a political party’s ticket. Those were huge shoes to fill for Cyril but Zubeida’s instinct stood her in good stead and the young columnist was soon to carve a niche for himself and developed his own large following.
This was a summary, albeit so brief that I worry if it does her justice at all, of her work as a team leader and editor. As a columnist, unlike so many of us who write more or less exclusively on politics pointlessly, she chose more substantial issues to address such as education. Like one of her correspondents who calls her a ‘literary friend’, Nasser Yousaf remarked in an email to me: Although no one could write English like her, she was a relentless advocate for education in the mother tongue.
Her volume of work on education, her passion, must be unprecedented in the country in terms of its quality too. She would talk with excitement and exuberance about a school in Karachi started by a woman in her garage for poor children and would talk long about how that was transforming lives. I know she supported every initiative for the provision of quality education in rural areas and, into her eighties, remained an intrepid traveller to interior Sindh to support and chronicle what Sadiqa Salahuddin and Naween Mangi (to name just two) are doing for girls’ education and development there.
After I left Pakistan, we continued to communicate via email. When I had the audacity to express positive thoughts about education in Pakistan, she shot back an email: “I felt puzzled when you wrote about education being taken up in earnest in Pakistan. Abbas, that is an impossible dream now. Who will teach? The teachers are as uneducated as the children they have to teach. What should we do then?” But despite her directness she also had a very big heart, as she added: “I continue to enjoy your columns nevertheless.” With nearly 26 million children out of school in her country, I can’t even begin to imagine her heartbreak.
Zubeida was long associated with and espoused the causes of the marginalised, whether women in a patriarchal society or the poor or the minorities. I can’t even begin to imagine how she must have suffered seeing a spate of ‘honour’ killings every year, particularly of young women exercising choice in marriage or hearing of a father killing a daughter for having a TikTok account or a father and family reportedly disowning a daughter for choosing a career in acting, so much so that her forlorn death nine months ago in her Karachi flat was discovered just this week. Nobody cared enough to inquire after her when she went incommunicado all those months ago. Only because she was a woman with her own will and mind.
But what more can a writer do but write? Zubeida Mustafa was a true legend and a fighter who battled impossible odds. It is beyond my intellect and ability to write a befitting tribute to her. She was a believer in the public healthcare system and breathed her last at SIUT, an institution she supported with unparalleled zeal. Her own last act, the gift of sight, a donation to two individuals, is the most eloquent tribute to her. Travel well, Zubeida. Thoughts are with your daughters Seemi and Huma you often told me about with such pride and your sister Dr Fatema Jawad who was by your side to the end.
The writer is a former editor of Dawn.
abbas.nasir@hotmail.com
Published in Dawn, July 13th, 2025
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Hybrid worries – Newspaper – DAWN.COM
THE government seems to have gone out of its way to make a mountain out of what would otherwise have been a molehill. After all, only the very credulous would have believed reports about the president resigning and being replaced by the army chief.
With things going the establishment’s way, what good reason could it have to suddenly tear down the civilian façade that it has built up so carefully? There seems to be no doubt in anyone’s mind about where the real power resides; even the country’s defence minister recently spoke glowingly about how well the hybrid system has been working. Why, then, would the establishment risk alienating one of its main partners by displacing its figurehead from the top constitutional office?
The answer is quite simple if one looks at the question from a different perspective. The government has panicked because there are good reasons for players in hybrid set-ups to fear conspiracies. Political scheming and machinations are, after all, a central feature of coalition governments and hybrid power-sharing arrangements, and when the balance of power between civilians and the military goes off kilter, things can unravel rather quickly.
The ‘reports’ may have been based on rumours, but they were backed up with just enough ‘facts’ to sow seeds of doubt in the minds of various stakeholders. So much so that they prompted PML-N Senator Irfan Siddiqui, a key advisor to the Sharifs, to come forth with an endorsement of President Asif Zardari. “He is performing excellently in his role as the constitutional head of state,” he said.
Then came Interior Minister Mohsin Naqvi. “For the first time, politicians, the government and the military establishment are on the same page, and that bothers certain individuals.”
This was followed by Syed Nayyar Hussain Bukhari, the PPP-P secretary general, who noted that “Zardari is the duly elected president of this country and this system cannot function without him.”
This was followed by yet another round of assurances from the interior minister and even PM Shehbaz Sharif. The former accused “those involved in this narrative” of “collaboration with hostile agencies”, while the latter reportedly stated that “Field Marshal Asim Munir has never expressed any desire to become the president, nor is there any such plan in the offing.”
It is painful to see civilian leaders scrambling to assert their relevancy: not because the rumour carried real weight, but because it touched a nerve. Once elected office is reduced to theatre, useful only for maintaining appearances, it becomes a stage for managing perceptions rather than exercising power. Politicians quickly find that they have little left to offer but words. Mutual suspicion becomes a default setting, and the system grows increasingly brittle. And this, perhaps, is the real cost of ceding civilian supremacy.
Published in Dawn, July 13th, 2025
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