KARACHI: A new joint study by ACCA (the Association of Chartered Certified Accountants) and the University of Glasgow’s Adam Smith Business School highlight the urgent need for globally consistent accounting standards for carbon-related instruments.
The research, titled Reality of accounting for carbon-related instruments, reviewed 300 companies in high-emitting sectors and found significant inconsistencies in how these instruments are treated in corporate financial reports.
Currently, there is no dedicated IFRS Accounting Standard for carbon-related instruments, leading companies to create their own accounting policies.
According to Professor Ioannis Tsalavoutas from the University of Glasgow, this discretion results in a lack of transparency and comparability, with inconsistent terminology and methodologies undermining confidence in sustainability claims.
To address this gap, ACCA and the University recommend developing a globally applicable accounting standard. This would guide companies on defining the scope, recognition, measurement, and disclosure of carbon-related instruments, ensuring faithful representation of their financial and environmental impact. They also suggest adopting a unified term—“carbon-related instruments”—to promote harmonized communication across markets.
ACCA has supplemented the report with two practical articles offering insights for decision-makers and finance teams, including workflows based on current IFRS standards and the broader implications for ESG reporting, tax risk, and reputation.
Aaron Saw, Head of corporate reporting insights, at ACCA, emphasized that quality information on these instruments is vital for stakeholders. ACCA calls on regulators, standard-setters, and finance professionals to engage with the findings, to build a more transparent and trustworthy carbon market.
KARACHI: BRIndex100 and BR Sectoral Indices on Friday (August 01, 2025).
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BR INDICASE AT A GLANCE
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BRINDEX100
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Day Close: 141,034.99
High: 141,160.93
Low: 138,957.71
Net Change: 1,644.57
Volume (000): 304,553
Value (000): 43,126,230
Makt Cap (000) 4,217,926,000
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BR AUTOMOBILE ASSEMBLER
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Day Close: 23,109.50
NET CH (-) 19.29
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BR CEMENT
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Day Close: 10,844.14
NET CH (+) 116.24
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BR COMMERCIAL BANKS
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Day Close: 40,734.40
NET CH (+) 376.06
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BR POWER GENERATION AND DISTRIBUTION
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Day Close: 21,968.39
NET CH (+) 702.59
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BR OIL AND GAS
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Day Close: 12,921.54
NET CH (+) 637.00
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BR TECH & COMM
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Day Close: 3,220.47
NET CH (-) 60.73
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As on: 01- Aug -2025
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LAHORE: The Spot Rate Committee of the Karachi Cotton Association (KCA) on Friday increased the spot rate by Rs 200 per maund and closed it at Rs 16,200 per maund.
Cotton Analyst Naseem Usman told Business Recorder that the cotton crop was effected due to rains in cotton growing areas of Punjab.
He also told that the cotton market remained steady and the trading volume remained satisfactory.
He also told Business Recorder that the rate of new cotton in Sindh is in between Rs 16,200 to Rs 16,300 per maund and the rate of cotton in Punjab is in between Rs 16,200 to Rs 16,400 per maund.
The rate of Phutti in Punjab is in between Rs 6,900 to Rs 7,600 per 40 kg and the rate of Phutti in Sindh is in between Rs 6,800 to Rs 7,500 per 40 kg. The rate of cotton in Balochistan is in between Rs 16,200 to Rs 16,800 per maund. The rate of Phutti in Balochistan is in between Rs 7,000 to Rs 7,500 per maund.
Around, 800 bales of Tando Adam, 600 bales of Shahdad Pur, 200 bales of Mir Pur Khas were sold at Rs 16,200 per maund, 600 bales of Sanghar and 400 bales of Khanewal were sold at Rs 16,300 per maund.
The Spot Rate Committee of the Karachi Cotton Association increased the spot rate by Rs 200 per maund and closed it at Rs 16,200 per maund. Polyester Fiber was available at Rs 330 per kg.
ISLAMABAD: The meeting of the Senate Standing Committee on Economic Affairs, chaired by Senator Saifullah Abro, was convened on Friday to address serious allegations of irregularities, collusive practices, and potential corruption in the awarding of contracts for the Central Asia Regional Economic Cooperation (CAREC) Tranche-III corridor project by the National Highways Authority (NHA).
The committee uncovered significant concerns regarding NXCC’s prior disqualification, arbitration conflicts, payment discrepancies, document manipulation, and collusive bidding practices.
The chairman committee pointed out that contract was initially awarded based on auditor sheets without verifying the credentials of M/s Dynamic Constructors, M/s Rustam Associates, and M/s M/s Ningxia Communications Construction Co, Ltd (NXCC).
The committee maintained that M/s NXCC is a non-performing firm and is currently involved in litigation related to the Multan-Lodhran project.
Surprisingly, NHA proposed Zafar Hussain Siddiqui as an arbitrator, despite his past association with the first lowest bidder to M/s Dynamic Constructors and M/s Rustam Associates Construction Companies.
Senator Saifullah Abro presented a money trail with bank statement that clearly indicated Zafar Hussain Siddiqui’s prior affiliation with the JV partners of M/s NXCC.
However, the NHA maintained that it had no prior knowledge of the arbitrator’s connection with either party. After thorough discussion, the chairman committee recommended that NHA file a petition in the Supreme Court against the award, as the circumstances strongly suggest official mala fide intent to clear M/s NXCC from litigation and non-performance issues ultimately facilitating the award of the ADB CAREC Tranche-III (Rajanpur-DG Khan-DI Khan) Project.
The secretary, Ministry of Communications also questioned the concerned NHA officials, asking how this situation was allowed to occur.
Furthermore, Senator Saifullah Abro informed the committee that NHA had submitted incomplete documents.
KARACHI: Bank Makramah Limited (BML) has achieved a historic milestone by reporting a profit before tax of Rs 1.44 billion and an after tax profit of Rs 707 million for the half-year ended June 30, 2025 – the first profit declared by the Bank in more than a decade.
These results, approved by the Board of Directors at its meeting held on August 1, 2025, reflect a remarkable turnaround from the loss before tax of Rs 2.44 billion reported for the corresponding period last year, an improvement of Rs 3.88 billion. Earnings per share (EPS) also improved to Rs 0.11 from a negative Rs 0.22 during the same period in 2024.
BML Chairman Abdulla Nasser Abdulla Hussain Lootah said, “The Bank’s strong performance has been driven by improved net mark-up income, record recoveries of legacy non-performing loans, a significantly improved deposit mix that has reduced the average cost of deposits, and exceptional Treasury gains during the period. These results reflect the success of BML’s broader turnaround strategy, he further stated that this milestone is proof of the dedicated efforts and commitment of our teams, we have strong faith in the banks future and Pakistan’s reviving economic fundamentals.”
Subsequent to the half-year period, the Bank has further bolstered its position through the successful sale of a strategic asset for Rs 12 billion and an injection of Rs 5 billion from its Sponsor as advance against share capital. The Scheme of Arrangement is also in the final stages filed before the Islamabad high Court and expected to further strengthen the Bank’s capital base once concluded.
President and CEO Jawad Majid Khan stated these historic results mark a decisive turning point for the Bank, and validates the tireless efforts of BML’s management and employees and also sends a strong signal of renewed strength and stability to the customers, investors, and the market at large. With the restructuring efforts nearing conclusion, the management is confident that BML is now firmly on the path toward sustained profitability and growth.
The Board of Directors expressed its deepest gratitude to the Sponsor and chairman for their unwavering support and long-term commitment which has been instrumental in the Bank’s revival journey.
A 14-member squad has been announced by Ireland for the three-match T20I series against Pakistan.
Gaby Lewis will continue to lead the side, with Orla Prendergast serving as her deputy.
The Ireland squad is bolstered by the return of off-spinner Freya Sargent, who makes her comeback after recovering from injury.
Fellow spinner Lara McBride retains her place in the squad after an impressive debut series against Zimbabwe.
The series serves as key preparation for Ireland as they gear up for the ICC Women’s T20 World Cup Europe Qualifier, where they’ll be aiming to secure a spot in next year’s showpiece event.
The two sides have faced off 19 times in T20Is, with Pakistan holding the upper hand, having won 15 of those encounters.
However, in their last T20I series in 2022, it was Ireland who emerged victorious, clinching the series 2-1.
Speaking on facing Pakistan after a succesful series against Zimbabwe, National Women’s Selector Ciara O’Brien said, “After a strong 5-0 series win against Zimbabwe Women across formats under new Head Coach Lloyd Tennant, it’s great to be able to move so quickly into what will understandably be a much tougher assignment against Pakistan Women in Clontarf for this T20I series.”
“With the upcoming matches, our preparation continues for the ICC Women’s T20I World Cup Europe Qualifier in the Netherlands in a few weeks, so we’re looking to see this latest momentum continued by the squad at Clontarf.”
Ireland Squad :
Gaby Lewis (captain), Ava Canning, Christina Coulter Reilly, Laura Delany, Amy Hunter, Arlene Kelly, Louise Little, Jane Maguire, Lara McBride, Cara Murray, Leah Paul, Orla Prendergast, Freya Sargent, Rebecca Stokell.
Europa Clipper’s radar instrument received echoes of its very-high-frequency radar signals that bounced off Mars and were processed to develop this radargram. What looks like a skyline is the outline of the topography beneath the spacecraft. Credit: NASA Larger image
The agency’s largest interplanetary probe tested its radar during a Mars flyby. The results include a detailed image and bode well for the mission at Jupiter’s moon Europa.
As it soared past Mars in March, NASA’s Europa Clipper conducted a critical radar test that had been impossible to accomplish on Earth. Now that mission scientists have studied the full stream of data, they can declare success: The radar performed just as expected, bouncing and receiving signals off the region around Mars’ equator without a hitch.
Called REASON (Radar for Europa Assessment and Sounding: Ocean to Near-surface), the radar instrument will “see” into Europa’s icy shell, which may have pockets of water inside. The radar may even be able to detect the ocean beneath the shell of Jupiter’s fourth-largest moon.
“We got everything out of the flyby that we dreamed,” said Don Blankenship, principal investigator of the radar instrument, of the University of Texas at Austin. “The goal was to determine the radar’s readiness for the Europa mission, and it worked. Every part of the instrument proved itself to do exactly what we intended.”
Europa Clipper’s radar instrument received echoes of its very-high-frequency radar signals that bounced off Mars and were processed to develop this radargram. What looks like a skyline is the outline of the topography beneath the spacecraft. Credit: NASA Larger image
The radar will help scientists understand how the ice may capture materials from the ocean and transfer them to the surface of the moon. Above ground, the instrument will help to study elements of Europa’s topography, such as ridges, so scientists can examine how they relate to features that REASON images beneath the surface.
In this artist’s concept, Europa Clipper’s radar antennas — seen at the lower edge of the solar panels — are fully deployed. The antennas are key components of the spacecraft’s radar instrument, called REASON. Credit: NASA/JPL-Caltech
Limits of Earth
Europa Clipper has an unusual radar setup for an interplanetary spacecraft: REASON uses two pairs of slender antennas that jut out from the solar arrays, spanning a distance of about 58 feet (17.6 meters). Those arrays themselves are huge — from tip to tip, the size of a basketball court — so they can catch as much light as possible at Europa, which gets about 1/25th the sunlight as Earth.
The instrument team conducted all the testing that was possible prior to the spacecraft’s launch from NASA’s Kennedy Space Center in Florida on Oct. 14, 2024. During development, engineers at the agency’s Jet Propulsion Laboratory in Southern California even took the work outdoors, using open-air towers on a plateau above JPL to stretch out and test engineering models of the instrument’s spindly high-frequency and more compact very-high-frequency antennas.
But once the actual flight hardware was built, it needed to be kept sterile and could be tested only in an enclosed area. Engineers used the giant High Bay 1 clean room at JPL, where the spacecraft was assembled, to test the instrument piece by piece. To test the “echo,” or the bounceback of REASON’s signals, however, they’d have needed a chamber about 250 feet (76 meters) long — nearly three-quarters the length of a football field.
Europa Clipper’s radar instrument received echoes of its very-high-frequency radar signals that bounced off Mars and were processed to develop this radargram. What looks like a skyline is the outline of the topography beneath the spacecraft
Enter Mars
The mission’s primary goal in flying by Mars on March 1, less than five months after launch, was to use the planet’s gravitational pull to reshape the spacecraft’s trajectory. But it also presented opportunities to calibrate the spacecraft’s infrared camera and perform a dry run of the radar instrument over terrain NASA scientists have been studying for decades.
As Europa Clipper zipped by the volcanic plains of the Red Planet — starting at 3,100 miles (5,000 kilometers) down to 550 miles (884 kilometers) above the surface — REASON sent and received radio waves for about 40 minutes. In comparison, at Europa the instrument will operate as close as 16 miles (25 kilometers) from the moon’s surface.
All told, engineers were able to collect 60 gigabytes of rich data from the instrument. Almost immediately, they could tell REASON was working well. The flight team scheduled the full dataset to download, starting in mid-May. Scientists relished the opportunity over the next couple of months to examine the information in detail and compare notes.
“The engineers were excited that their test worked so perfectly,” said JPL’s Trina Ray, Europa Clipper deputy science manager. “All of us who had worked so hard to make this test happen — and the scientists seeing the data for the first time — were ecstatic, saying, ‘Oh, look at this! Oh, look at that!’ Now, the science team is getting a head start on learning how to process the data and understand the instrument’s behavior compared to models. They are exercising those muscles just like they will out at Europa.”
Europa Clipper’s total journey to reach the icy moon will be about 1.8 billion miles (2.9 billion kilometers) and includes one more gravity assist — using Earth — in 2026. The spacecraft is currently about 280 million miles (450 million kilometers) from Earth.
More About Europa Clipper
Europa Clipper’s three main science objectives are to determine the thickness of the moon’s icy shell and its interactions with the ocean below, to investigate its composition, and to characterize its geology. The mission’s detailed exploration of Europa will help scientists better understand the astrobiological potential for habitable worlds beyond our planet.
Managed by Caltech in Pasadena, California, NASA’s Jet Propulsion Laboratory in Southern California leads the development of the Europa Clipper mission in partnership with the Johns Hopkins Applied Physics Laboratory in Laurel, Maryland, for NASA’s Science Mission Directorate in Washington. APL designed the main spacecraft body in collaboration with JPL and NASA’s Goddard Space Flight Center in Greenbelt, Maryland, NASA’s Marshall Space Flight Center in Huntsville, Alabama, and Langley Research Center in Hampton, Virginia. The Planetary Missions Program Office at NASA Marshall executes program management of the Europa Clipper mission. NASA’s Launch Services Program, based at NASA Kennedy, managed the launch service for the Europa Clipper spacecraft. The REASON radar investigation is led by the University of Texas at Austin.
Find more information about Europa Clipper here: https://science.nasa.gov/mission/europa-clipper/
LOS ANGELES — Lindsay Lohan is back on the big screen, and she’s singing again too!
The star of Disney’s “Freakier Friday” lends her voice to the film’s brand-new soundtrack, out now and packed with original songs, including one by Maitreyi Ramakrishnan.
The soundtrack also revives the cult-favorite Pink Slip track “Take Me Away,” originally recorded by the Australian band Lash and performed by Christina Vidal in the 2003 movie. Now, it’s been reimagined for “Freakier Friday.”
“I was giddy with excitement,” Lash’s Jackyn Pearson told On The Red Carpet about seeing Vidal perform the track at the film’s world premiere. “I’ve never seen anyone else play our song before. It felt like a role reversal-almost like ‘Freaky Friday,’ but with us!”
Ramakrishnan, who also performs a new track for the film, called it a dream come true. “I feel so blessed to be part of this film,” she said. “My scenes are with Lindsay and Jamie-I mean, come on-and I get a song!”
With powerhouse vocals, nostalgic callbacks, and some fresh new energy, the “Freakier Friday” soundtrack hits all the right notes.
The track listing for the Soundtrack is as follows:
1. “Baby (Acoustic)” – Performed by Lindsay Lohan 2. “Better Than the Last One (Ella)” – Performed by Chantry Johnson 3. “One Fine Day” – Performed by Maitreyi Ramakrishnan 4. “Baby” – Performed by Lindsay Lohan and Julia Butters 5. “Take Me Away” – Performed by Pink Slip and Christina Vidal Mitchell 6. “Ultimate” – Performed by The Beaches 7. “The Plan” – Performed by Amie Doherty (Score) 8. “Classic Coleman Chaos” – Performed by Amie Doherty (Score 9. “What A Freaking Day” – Performed by Amie Doherty (Score) 10. “Double Switch, Double Trouble” – Performed by Amier Doherty (Score) 11. “Baby (Beach)” – Performed by Lindsay Lohan
“Freakier Friday” is in theaters August 8. The soundtrack is available now.
The Walt Disney Company is the parent company of this ABC station.
Apple is expected to unveil the iPhone 17 Air this year alongside the iPhone 17, 17 Pro, and 17 Pro Max. The Air will be very thin and is the replacement for the Plus model in the line, which has been the worst selling by far.
To accomplish better success, the iPhone 17 Air will be all about radical slimness, but in the service of that it will only have one rear camera like the iPhone 16e. And it’s also been rumored to have a tiny battery. Today a new leak brings us some shots that purportedly show its battery in all its glory, here it is.
Alleged shots of the iPhone 17 Air’s battery
The source of these images tells us to expect the iPhone 17 Air’s battery capacity to be “around 2,900 mAh”, which even for iPhones (that are notoriously more efficient than Android devices) is incredibly small. For comparison’s sake, note that the vanilla iPhone 16 has a 3,561 mAh cell, and that’s the smallest one of the family.
The iPhone 17 Air’s battery will be encased in steel. Such technology was first used for the iPhone 16 Pro last year. The steel case is supposed to improve heat dissipation and battery density thanks to its higher structural resistance. The steel case can also very easily be integrated with the L-shaped design of the phone’s inner side, fitting its reduced-size logic board perfectly.
The entire iPhone 17 lineup is said to come with new battery adhesives that will serve to make replacements easier. The new devices will be unveiled in September, most likely during the week which commences on September 8.
Chief Justice of Pakistan (CJP) Justice Yahya Afridi chairing a strategic meeting in Peshawar at the Supreme Court Branch Registry, Peshawar on August 1, 2025. — PID
ISLAMABAD: Chief Justice of Pakistan (CJP) Justice Yahya Afridi Friday met with a delegation of lawyers from Khyber Pakhtunkhwa at the Supreme Court Branch Registry, Peshawar.
He was accompanied by the Peshawar High Court chief justice and Supreme Court and Peshawar High Court registrars.
The delegation included representatives of the Khyber Pakhtunkhwa Bar Council, High Court Bar Association, and 35 district bar associations across the province.
According to a press release, the chief justice briefed the delegation on the justice sector reforms being pursued through the Law and Justice Commission of Pakistan (LJCP), highlighting that for the first time, bar representatives had been granted membership in the Commission to strengthen participatory decision-making in the legal policy.
He also shared key decisions from the recent meeting of the National Judicial (Policy Making) Committee (NJPMC), which included the issue of enforced disappearances and formation of a dedicated response committee; directives to High Courts to establish safeguards against external interference with judicial officers; and establishment of Commercial Litigation Corridors and Model Criminal Trial Courts to ensure speedy case disposal.
The other reforms included time-bound adjudication in 13 categories of cases, piloting of a double-docket court regime, court-annexed mediation, introduction of a Professional Excellence Index, standardization of district judiciary appointments and training, biometric case verification, video link attendance for under-trial prisoners and witnesses, ethical guidelines for AI use, and improved judicial welfare measures.
The chief justice expressed concern over the lack of basic infrastructure in underdeveloped districts, particularly the absence of solar power and digital connectivity, and emphasized targeted interventions to bridge regional disparities in justice delivery.
In a major step toward inclusive justice, he announced a new legal aid initiative to bring inclusivity to ensure that no litigant remains unrepresented.
Financially distressed litigants will now be provided with legal representation at all levels from the magistrate courts to the Supreme Court at the state expense.
The bars may nominate competent lawyers to the relevant Judges.
The chief justice further encouraged the bar members to benefit from Continuing Legal Education (CLE) programs at the Federal Judicial Academy and instructed them to make most of the program.
He attentively heard the issues raised by the delegation and assured the bar representatives of his commitment to addressing their concerns in coordination with relevant institutions.
