Category: 3. Business

HONOLULU (HawaiiNewsNow) – New labeling requirements for macadamia nut products sold in Hawaii took effect Jan. 1.

If a product contains macadamia nuts grown outside the state, it must now include a label saying, “This package contains macadamia nuts that were not grown in Hawaii.”

Gov. Josh Green signed the new requirements into law to strengthen truth-in-labeling laws and provide consumers with greater clarity on the origin of macadamia nuts in products.

The exact geographical location is not required, nor is the percentage of macadamia nuts not grown in Hawaii.

“The new law aims to enhance, preserve, and protect the premium brand of Hawaii-grown macadamia nuts,” said Sharon Hurd, chair of the Hawaii Board of Agriculture and Biosecurity.

“Truth in labeling should prevent companies from misrepresenting the origin of the macadamia nuts used and help assure consumers that they are getting a true Hawaii product rather than one that has been outsourced from another country,” Hurd said.

Items that include macadamia nuts but not as a predominant ingredient are exempt from the new requirements, such as candies, energy bars, cookies, some other baked goods, and ice cream.

The Hawaii Department of Agriculture and Biosecurity’s Measurement Standards Branch has been working with the industry since the law was enacted in 2024 to help guide implementation of the new packaging requirements.

Copyright 2026 Hawaii News Now. All rights reserved.

KARACHI:

Pakistan equities extended their bullish run at the start of 2026, with the benchmark KSE-100 Index surging 1.52% on Friday to close slightly above 179,000, driven largely by sustained buying from local institutional investors. The rally followed a strong weekly performance marked by gains in banking, fertiliser and energy stocks, while robust fertiliser sales data further boosted investor sentiment. Despite foreign investors remaining net sellers, broad-based participation and heavy trading volumes underscored growing confidence in the market’s near-term outlook.

“The rally was once again driven by domestic institutional buying, with broad-based participation across blue-chip stocks, reinforcing the prevailing positive trend,” said Ali Najib, Deputy Head of Trading at Arif Habib Limited.

At the close of trading, the benchmark KSE-100 Index posted a gain of 2,679.44 points, or 1.52%, to settle at 179,034.93.

According to Arif Habib Limited (AHL), the Pakistan Stock Exchange (PSX) witnessed a strong start to 2026, with the KSE-100 Index gaining 3.85% on a week-on-week basis. On Friday, market breadth remained positive as 64 shares closed higher, while 35 declined. United Bank Limited (UBL), Engro Fertilisers (EFERT) and Engro Holdings (ENGROH) were the major contributors to index gains, rising by 4.73%, 10.0% and 2.89%, respectively. In contrast, Lucky Cement (LUCK), Maple Leaf Cement (MLCF) and DG Khan Cement (DGKC) emerged as the biggest drags on the index, shedding 0.54%, 1.09% and 1.16%, respectively.

On the macroeconomic front, data from the Pakistan Bureau of Statistics (PBS) showed that Pakistan recorded a trade deficit of $3.7 billion in December 2025. Exports during the month stood at $2.3 billion, reflecting a sharp decline of 20.4% year-on-year and 4.3% month-on-month, while imports rose to $6.0 billion, up 2.0% year-on-year and 13.5% month-on-month. Cumulatively, during the first half of FY26, the trade deficit widened by 34.6% year-on-year to $19.2 billion.

Meanwhile, the government is reportedly considering imposing a levy of up to 5% on the import of mobile phones and electronic devices under a proposed policy framework for 2026–33, a move expected to be positive for Airlink, whose shares gained 1.21%. From a technical perspective, AHL noted that immediate support for the KSE-100 is placed at 175,000 points, while 182,000 points represents the near-term upside target for the coming week.

A Topline Securities market review said the KSE-100 Index continued its bullish momentum, gaining 1.52% to close at 179,039. The rally was attributed to recent buying by local institutions on new allocations. Investor interest was particularly evident in the fertiliser sector, following Topline Securities Limited’s report, “Pakistan Fertiliser – Urea sales for Dec 2025 at an all-time high of 1,356,000 tonnes; inventory at 0.31 million tonnes.” The fertiliser sector closed 2.7% higher.

The top positive contribution to the index came from UBL, EFERT, ENGROH, PPL, OGDC and FFC, which cumulatively added 1,663 points. In terms of traded value, Bank of Punjab (Rs4.28 billion), PSO (Rs3.98 billion), PPL (Rs3.33 billion), OGDC (Rs3.24 billion), MARI (Rs3.16 billion), HUBC (Rs2.56 billion) and MEBL (Rs2.55 billion) dominated trading activity. Traded volume and value for the day stood at 1.1 billion shares and Rs64 billion, respectively.

Overall trading volume in the Ready Market was recorded at approximately 1.11 billion shares, compared with 1.40 billion in the previous session. The value of shares traded stood at Rs64.34 billion.

Shares of 484 companies were traded in the Ready Market. Of these, 253 stocks closed higher, 201 declined and 30 remained unchanged.

Bank of Punjab was the volume leader, with trading in 102.5 million shares, gaining Rs1.89 to close at Rs42.23. It was followed by K-Electric with 100.09 million shares, losing Rs0.12 to close at Rs6.35, and Media Times Limited with 43.63 million shares, gaining Re1 to close at Rs5.84.

Foreign investors sold shares worth Rs7 billion, according to data released by the National Clearing Company.

LAHORE:

Pakistan’s largely informal gold market is eroding economic value, weakening consumer confidence and discouraging investment, with more than 90% of trading taking place outside formal channels, the Pakistan Business Forum (PBF) has warned.

According to a statement issued on Friday, the Forum said Pakistan consumes an estimated 60 to 90 tonnes of gold annually, yet most transactions remain undocumented. This widespread informality, it said, distorts prices, encourages smuggling and under-invoicing, and results in significant revenue losses. The country is also heavily import-dependent, with gold imports valued at about $17 million in FY2023-24.

The Forum said the sharp rise in domestic gold prices during 2025 had further exposed weaknesses in market governance. Market data shows the price of 24-karat gold per tola increased from around Rs272,600 at the end of 2024 to about Rs456,962 by the end of 2025, a jump of nearly Rs184,362 within a year.

The statement said informal, cash-based trading continues to allow unregulated networks to influence supply and pricing. It added that fragmented policy oversight, high and inconsistent taxation, complex compliance procedures, limited refining, assaying and hallmarking capacity, and the lack of reliable data on trader registration, sales volumes and quality standards have discouraged formalisation and weakened consumer protection.

The Forum also highlighted upcoming mining initiatives, particularly the Reko Diq copper-gold project, as a major opportunity to reshape Pakistan’s gold ecosystem. With an estimated economic potential of up to $74 billion, the project could strengthen domestic supply chains and value addition if supported by a transparent and competitive downstream market.

ISLAMABAD:

Pakistan has booked over $19 billion trade deficit during the first half of the current fiscal year as exports further plunged and imports increased faster than projections on the back of trade liberalisation, keeping the external sector stability under pressure.

The Pakistan Bureau of Statistics (PBS) reported on Friday that the gap between imports and exports reached $19.2 billion during the July-December period. The deficit was nearly $5 billion, or 35%, higher than the same period of last fiscal year, according to the national data collecting agency.

The half year’s deficit was also equal to two-thirds of the annual official target, indicating that the central bank may have to buy more dollars from the local market than initially planned to keep the foreign exchange reserves at reasonably comfortable levels.

The trade summary showed that exports fell against all the three monitored benchmarks — month-on-month, year-on-year and half year.

PBS stated that exports fell to $15.2 billion during the first half of the current fiscal year, down 8.7% on a yearly basis. In absolute terms, exports were $1.5 billion less than the same period of last year. Six-month exports were equal to only 42% of the annual target.

The government has cut import taxes in the budget to liberalise trade and based on World Bank’s estimates, the trade liberalisation should result in 14% increase in exports compared to only a 7% rise in imports. However, the results of the first half of the fiscal year have not supported the World Bank’s assumptions.

Exporters are complaining about the overvalued rupee, which according to them has eroded their profitability. The national coordinator of the Special Investment Facilitation Council last month called for making the exchange rate regime more reflective of the ground realities.

The rupee-dollar parity remained around Rs280.1 to a dollar on Friday. The central bank is letting the rupee appreciate but in a gradual fashion with gain of one or two paisa every day against the greenback.

Contrary to exports, imports grew to $34.4 billion during the July-December period, a jump of $3.5 billion, or 11.3%, compared to a year ago. Imports were equal to more than half of the annual target and were putting pressure on the external sector.

However, the central bank is offsetting the higher import cost through increased inflows of remittances and major purchases of foreign currency from the local market.

PBS stated that exports further decreased to $2.3 billion in December, down $594 million, or 20.4%, from the same month of last year. It was the fifth consecutive month of decline in exports.

Imports grew 2% to over $6 billion in December. It was the sixth consecutive month when imports stayed above $5 billion and for the first time crossed $6 billion in the current fiscal year. In absolute terms, imports increased $118 million last month.

As a result, the trade deficit widened one-fourth to $3.7 billion, up $712 million. On a month-on-month basis, the trade deficit also increased 28% due to the reduction in exports and the double-digit increase in imports.

As exporters were already struggling to remain globally competitive, they faced yet another challenge at the hands of the Federal Board of Revenue (FBR). The tax machinery has directed its field formations to pick at least 70 exporters for scrutiny of their income tax returns.

The FBR stated that an analysis carried out at its headquarters revealed that a significant number of exporters, associations of persons and companies substantially reduced their declared taxable income for tax year 2025 after the taxation regime for export proceeds was modified from the final tax to the minimum tax, according to the FBR’s instructions.

These instructions showed that all field formations were directed to closely examine the declarations of major exporters falling within their respective jurisdictions to ascertain whether there was any abnormal reduction, inconsistency or change in declaration patterns after the amendment.

However, Pakistan Retail Business Council Chairman Ziad Bashir complained to the prime minister about the FBR’s action. “At a time when Pakistan’s export sector is already under stress owing to some of the highest effective tax burdens, energy tariffs, interest rates and financing costs in the region, the issuance of such broad, open-ended scrutiny instructions sends a deeply troubling signal to the business community,” Ziad wrote to the PM.

The FBR was forced to give a public explanation after the hue and cry made by the exporters. In a press statement issued on Thursday, the FBR said “in order to mitigate the possibility of any bonafide or other errors, the field formations were directed to pursue the returns and process them in accordance with the law, wherever any legal inconsistency is identified.”

Conducting desk audits of returns and ensuring compliance with tax laws is the statutory and primary responsibility of the FBR, it added. The FBR said that to prevent any inconsistency, misuse or undue inconvenience to taxpayers, this exercise has been initiated under the supervision of the FBR headquarters.

The Canadian Food Inspection Agency has added several Peace by Chocolate and NuttyHero products to its ongoing recall of pistachios possibly contaminated with salmonella.

The latest recall published on Friday includes Peace by Chocolate bars and assorted chocolates sold across Canada.

They may have been sold individually or as part of a variety pack.

The affected products include Dubai Style Chocolate Pistachio and Kunafa Bar, The Peace Maker Specialty Bars, Trans Canada Trail — Peace Seeker, the Classic Box, the Proudly Canadian box and assorted filled chocolates.

Some of the Peace by Chocolate products appear to be custom labelled for companies, including TD, Dexterra, First Onsite Property Restoration and Tri-County Regional Centre for Education.

The food inspection agency also added NuttyHero nut and seed butters — including maple cinnamon, coconut crunch and chocolate bliss flavours — to the recall list on Friday.

Hundreds of pistachios and pistachio-containing products have been recalled in Canada in recent months.

People who think they might have recalled products should throw them out and contact a health-care provider if they have become sick.

Food contaminated with salmonella may not look or smell spoiled but can still make you ill.

Symptoms can include fever, headache, vomiting, nausea, abdominal cramps and diarrhea.

Young children, pregnant women, seniors and people with weakened immune symptoms are especially at risk of serious illness.

The complete list of recalled products can be found by clicking on “pistachio” on the Canadian Food Inspection Agency’s recall website.

WASHINGTON — Today, President Trump published an order ordering the divestment by HieFo Corporation (“HieFo”), a Delaware corporation and foreign person of certain assets of EMCORE Corporation (“EMCORE”), a New Jersey corporation.  The assets that were the subject of the transaction comprised EMCORE’s digital chips and related wafer design, fabrication, and processing business, including a semiconductor manufacturing facility (the “EMCORE Digital Chips Business”).  

The Committee on Foreign Investment in the United States (“CFIUS” or the “Committee”) reviewed and investigated this transaction pursuant to Section 721 of the Defense Production Act of 1950, as amended (“Section 721”). CFIUS identified a national security risk arising from the transaction relating to potential access to EMCORE’s intellectual property, proprietary know-how, and expertise and to the potential diversion of supply of indium phosphide chips manufactured by the EMCORE Digital Chips Business away from the United States.  To address this risk, the President’s order directs HieFo to divest all interests and rights in the EMCORE Digital Chips Business.   

HieFo did not file the transaction with CFIUS until after CFIUS’s non-notified team investigated the transaction.  CFIUS’s non-notified function has been enhanced by authorities provided by Congress in FIRRMA and ongoing appropriations to support the Committee’s ability to identify and review non-notified transactions.  Parties to transactions should carefully consider whether or not any transaction they may be undertaking may be subject to CFIUS jurisdiction, including whether or not the transaction has a potential nexus to U.S. national security.

The CFIUS process focuses exclusively on identifying and addressing national security risks arising from a covered transaction.  CFIUS’s risk analysis involves consideration of the potential threat, vulnerability, and consequence of any given transaction.  CFIUS reviews each transaction on a case-by-case basis and considers the specific facts and circumstances relating to that transaction.  As such, the disposition of each CFIUS case is reflective only of CFIUS’s analysis of that specific transaction and not indicative of a general position on the transaction parties, countries, or industries involved.  CFIUS’s mandate to conduct case-by-case reviews is reflective of the U.S. Government’s commitment to maintaining its open investment policy while protecting U.S. national security.

View a copy of the President’s order.

ABOUT CFIUS

CFIUS is an interagency committee authorized to review certain transactions involving foreign investment in the United States and certain real estate transactions by foreign persons, in order to determine the effect of such transactions on the national security of the United States.  CFIUS is chaired by the Secretary of the Treasury and includes as members the Secretaries of State, Defense, Commerce, Energy, and Homeland Security, the Attorney General, the Director of the White House Office of Science and Technology Policy, and the U.S. Trade Representative.  The Director of National Intelligence and the Secretary of Labor participate as non-voting, ex-officio members, and the Secretary of the Department of Agriculture is a member when a case involves elements of the agricultural industrial base that have implications for food security.  

Treasury’s Office of Investment Security leads CFIUS’s efforts to identify transactions where no voluntary notice has been filed under section 721 of the Defense Production Act of 1950, as amended. If CFIUS determines that a non-notified transaction may be a covered transaction or covered real estate transaction and may raise national security considerations, the Committee may contact the transaction parties and request a CFIUS filing.  Members of the public may contact Treasury with any tips, referrals, or voluntary self-disclosures at CFIUS.tips@treasury.gov. 

####