PCB refutes reports of changes in ICC Champions Trophy schedule

PCB refutes reports of changes in ICC Champions Trophy schedule
This picture taken on September 7, 2017 shows pigeons resting on a sign for the Pakistan Cricket Board at the Gaddafi Stadium in Lahore. (AFP/File)
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Updated 20 August 2024
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PCB refutes reports of changes in ICC Champions Trophy schedule

PCB refutes reports of changes in ICC Champions Trophy schedule
  • Statement comes day after PCB Chairman Mohsin Naqvi said none of Pakistan’s stadiums could meet international standards in present condition
  • The PCB says some media outlets ‘misconstrued’ Naqvi’s comments, promises fans an ‘unforgettable experience’ at ICC Champions Trophy 2025

ISLAMABAD: The Pakistan Cricket Board (PCB) on Tuesday refuted reports of changes in the schedule of International Cricket Council (ICC) Champions Trophy 2025, saying it was “fully committed” to hosting the tournament.

The statement came a day after PCB Chairman Mohsin Naqvi said none of Pakistan’s cricket stadiums could meet international standards in their present condition as he reviewed construction work at Qaddafi Stadium in Lahore.

The PCB said a section of local media “misconstrued” Naqvi’s comments regarding the upgradation of three Pakistani cricket stadiums where the ICC Champions Trophy is supposed to be held, clarifying that the “redevelopment and redesign” of the stadiums would be completed on time.

“The PCB categorically denies the recent media reports suggesting that the dates for next year’s ICC Champions Trophy in Pakistan might be rescheduled,” the board said on Tuesday. “The PCB is fully committed to hosting a world-class ICC Champions Trophy 2025 at three of Pakistan’s iconic venues.”

The ICC Champions Trophy 2025 is scheduled to be held from February 19 till March 9 next year in Karachi, Lahore and Rawalpindi. The tournament will be the first ICC event to be held in Pakistan since the 1996 One-Day International (ODI) World Cup.

The PCB expressed disappointment over the “unnecessary sensationalism” created by local media outlets in this regard.

“The PCB chairman also mentioned that while some domestic matches may need to be shifted to facilitate uninterrupted construction work, this in no way pertains to the ICC Champions Trophy, which remains a priority for the PCB as a premier eight-team international event,” it said, promising an “unforgettable experience” for cricket fans at the Champions Trophy.


Economists blame lax regulation, call for reforms to resolve Pakistan’s recurring sugar crisis

Economists blame lax regulation, call for reforms to resolve Pakistan’s recurring sugar crisis
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Economists blame lax regulation, call for reforms to resolve Pakistan’s recurring sugar crisis

Economists blame lax regulation, call for reforms to resolve Pakistan’s recurring sugar crisis
  • Retailers, sugar suppliers report prices have surged to $0.71 per kg despite being set at $0.61 per kg by Pakistani authorities
  • Pakistan’s food security minister denies sugar shortage reports, says country has sufficient stocks to meet annual consumption 

ISLAMABAD: Pakistani economists on Thursday blamed weak enforcement of regulations by the government and lack of transparency for the recurring sugar crisis in the country, stressing the urgent need for reforms in the sugar industry to resolve the problem. 

In Pakistan, high sugar prices have often triggered public outcry and become flashpoints for opposition criticism, with recurring allegations of hoarding and cartelization, especially during election years or periods of economic volatility.

Sugar crisis has once again started to make headlines in Pakistan, with retailers and suppliers reporting that prices of the commodity have risen sharply to Rs200 [$0.71] per kilogram in many parts of the country. This development takes place despite the government’s announcement earlier this month that it has capped sugar’s retail price at Rs173 [$0.61] per kilogram. 

“The sugar crisis is not new, it recurs every two to three years regardless of which party is in power, even under military regimes,” Dr. Kaiser Bengali, a leading economist, told Arab News.

“This pattern continues due to weak enforcement, lack of transparency in stock reporting and poor regulatory oversight at all levels.” 

The economist said the crisis was caused primarily by a powerful cartel of sugar mill owners who manipulated prices by influencing both the federal and provincial governments’ policy decisions.

Bengali explained that these sugar mill owners, many of whom were politically connected, created artificial shortages to drive up prices and maximize their profits.

“Each year, mill owners pressure the government to allow sugar exports, claiming they need to clear old stock to begin the crushing season,” Dr. Bengali said.

He said mill owners also demanded subsidies under the pretext of covering price differentials, only to later cause domestic shortages and raise sugar prices.

Pakistan’s Food Security Minister Rana Tanveer Hussain refuted reports of a sugar shortage in the country, alleging that a perception was being created as if there were major issues regarding the availability, supply and pricing of sugar.

“The government launched a crackdown on hoarders and profiteers, including retailers and even mill owners, in an effort to curb market manipulation,” Hussain told Arab News after addressing a press briefing on the issue.

“We have also fined shopkeepers Rs180 million ($639,000) who were selling [sugar] at higher prices,” the minister said. 

In a press statement released by his ministry, Hussain said Pakistan currently has 5.8 million metric tons of sugar from this year’s production in stock and with the buffer stock of 500,000 metric tons, the total availability stands at 6.3 million metric tons. He said this is sufficient to meet the annual domestic consumption requirement, which is also around 6.3 million metric tons.

The statement said Pakistan exported 750,000 metric tons of surplus sugar, earning $402 million. The ministry said this export decision was not an “abrupt” one but was taken after thorough verification of data from the Federal Board of Revenue (FBR) and other departments. 

Responding to criticism over the government’s export and import decisions, Hussain told Arab News said such narratives ignored a ten-year trend in Pakistan where sugar exports typically followed the crushing season and were sometimes followed by imports of the commodity.

He acknowledged that initial projections for the 2024–25 season estimated sugar production at 7 million metric tons, slightly above the previous year. However, the adverse effects of climate change affected agricultural output, including sugarcane yield.

“As a result, actual production dropped to 5.8 million metric tons,” he said. 

’NO QUICK FIXES’

Pakistani business reporter Shehbaz Rana, who has extensively reported on the matter, said the control of sugar mills by politically powerful families was the major reason for the crisis. 

“The only viable solution is full deregulation of the sugar supply chain, removing government controls over production, pricing, imports and exports to dismantle cartel structures and foster true market competition,” Rana said. 

Economist Dr. Khaqan Najeeb, Pakistan’s former finance adviser, said the sugar sector’s crisis underscored the urgent need to move beyond “reactive firefighting” and adopt structured, tech-driven, and market-aligned frameworks.

“Addressing this challenge requires deep policy expertise and a commitment to serious, evidence-based reform,,” he told Arab News.

He pointed out the need for six key sugar sector reforms: improving per-acre yields, promoting ethanol and bagasse power, deregulating the market, enforcing anti-cartel laws, using technology to monitor the supply chain, and setting transparent, formula-based pricing with timely farmer payments.

“These are not quick fixes — they demand consistent, hard work, but after years of misaligned interventions through poorly timed exports and imports, one thing is clear, there is no easy solution, only the hard path of structural reform,” he added. 


Pakistan T20 captain backs ‘fine’ blend of youth, experience ahead of West Indies series

Pakistan T20 captain backs ‘fine’ blend of youth, experience ahead of West Indies series
Updated 31 July 2025
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Pakistan T20 captain backs ‘fine’ blend of youth, experience ahead of West Indies series

Pakistan T20 captain backs ‘fine’ blend of youth, experience ahead of West Indies series
  • Pakistan face West Indies in three-match T20I series starting Aug. 1 in Florida
  • Green Shirts will then face West Indies in three-match ODI series from Aug. 8-12

ISLAMABAD: Pakistan T20 captain Salman Ali Agha has expressed confidence in the team’s “fine” blend of youth and experience as they take on the West Indies in the United States for a three-match series starting Aug. 1, the Pakistan Cricket Board (PCB) said this week.

The three T20Is, beginning on Thursday, July 31 (1 August, 5 am Pakistan Standard Time) at the Central Broward Park and Broward County Stadium in Florida is the first meeting between the two teams in T20Is since December 2021.

The second and third T20I are scheduled to take place on 2 and 3 August at the same venue with the first ball slated to be bowled at 8pm local time (3 and 4 August, 5 am Pakistan Standard Time).

“We have a fine blend of youth and experience in our squad, and it is highly productive that we are going into yet another T20 series as the build-up toward the T20 World Cup picks up pace,” Agha said. 

Pakistan’s T20 squad comprises experienced cricketers such as Fakhar Zaman, Hasan Ali, Shaheen Shah Afridi, Haris Rauf along with youngsters Abrar Ahmed, Hassan Nawaz, Sahibzada Farhan, Sufyan Moqim and Saim Ayub. 

“We are really looking forward to playing at this wonderful venue and our time here so far has been exciting,” the Pakistan captain said. “I feel the three T20 will also be entertaining and as a team we are eagerly looking forward to take the field.”

He added that Pakistan will need to play their best game to “outfox a formidable T20 side.”

The ODIs will be played at the Brian Lara Cricket Academy in Trinidad & Tobago on August 8, 10 and 12, with Mohammad Rizwan set to lead Pakistan as its captain.

Pakistan will take the field in Lauderhill for the second time, having previously defeated Ireland by three wickets at the same venue during the ICC T20 World Cup 2024.

Pakistan has won 15 out of 21 T20s played against the West Indies, while the hosts have won three matches, with three ending without a result.

Pakistan and the West Indies will be looking to bounce back from their recent T20I series defeats against Bangladesh and Australia, respectively.

PAKISTAN SQUADS:

ODI: Mohammad Rizwan (captain), Salman Ali Agha (vice-captain), Abdullah Shafique, Abrar Ahmed, Babar Azam, Faheem Ashraf, Fakhar Zaman, Hasan Ali, Hasan Nawaz, Hussain Talat, Mohammad Haris (wicket-keeper), Mohammad Nawaz, Naseem Shah, Saim Ayub, Shaheen Shah Afridi and Sufyan Moqim

T20I: Salman Ali Agha (captain), Abrar Ahmed, Faheem Ashraf, Fakhar Zaman, Haris Rauf, Hasan Ali, Hasan Nawaz, Hussain Talat, Khushdil Shah, Mohammad Haris (wicket-keeper), Mohammad Nawaz, Sahibzada Farhan (wicket-keeper), Saim Ayub, Shaheen Shah Afridi and Sufyan Moqim


Pakistan ruling party chief discusses strengthening bilateral defense, economic ties with Saudi envoy

Pakistan ruling party chief discusses strengthening bilateral defense, economic ties with Saudi envoy
Updated 31 July 2025
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Pakistan ruling party chief discusses strengthening bilateral defense, economic ties with Saudi envoy

Pakistan ruling party chief discusses strengthening bilateral defense, economic ties with Saudi envoy
  • Nawaz Sharif, Punjab Chief Minister Maryam Nawaz meet Saudi Ambassador to Pakistan Nawaf bin Said Al-Malki 
  • Maintaining close contact with Saudi Arabia at consular level is a top priority of Punjab government, says Nawaz 

ISLAMABAD: The president of Pakistan’s ruling Muslim League-Nawaz (PML-N) party Nawaz Sharif and his daughter, Punjab Chief Minister Maryam Nawaz, met Saudi Ambassador Nawaf bin Said Al-Malki on Thursday to discuss strengthening bilateral defense, political and economic ties between the two countries, an official of the Punjab government said. 

Pakistan and Saudi Arabia enjoy close defense, economic and diplomatic ties. In recent months, the two countries have sought closer economic cooperation, with Islamabad and Riyadh signing 34 business-to-business agreements last year worth $2.8 billion. 

During their meeting, Sharif and the Punjab chief minister conveyed their sincere wishes and respect for Saudi Arabia’s King Salman Bin Abdulaziz Al Saud and Crown Prince Mohammed bin Salman, the public relations officer to the Punjab chief minister said in a message circulated to media.

“The meeting included discussions on matters of mutual interest, economic cooperation, defense partnership, and unity of the Muslim Ummah,” the statement said. 

It added that both sides reaffirmed to further strengthen the historic, political, economic and defense ties between Pakistan and Saudi Arabia.

“Both sides agreed to expand defense partnership, joint training, intelligence sharing and mutual cooperation,” it said. 

The Punjab chief minister said Pakistan and Saudi Arabia’s relationship is based on mutual trust, shared values and long-standing brotherhood.

“Relations with Saudi Arabia are a central pillar of Pakistan’s foreign policy, which continues to grow stronger in political, economic, and other sectors,” she was quoted as saying. 

Nawaz said Islamabad is grateful to Saudi Arabia for hosting 2.5 million Pakistani expatriates in the Kingdom. 

“Maintaining close and continuous contact with Saudi Arabia at the consular level is a top priority of the Punjab government,” she added. 

Apart from being a key regional ally and close business partner, Saudi Arabia also happens to be the largest source of foreign remittances for Pakistan.

These remittances are a lifeline for Pakistan’s cash-strapped economy, playing a critical role in stabilizing foreign exchange reserves and its supporting balance of payments. 


Pakistan gets offers in 100,000 metric tons white sugar tender, traders say

Pakistan gets offers in 100,000 metric tons white sugar tender, traders say
Updated 31 July 2025
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Pakistan gets offers in 100,000 metric tons white sugar tender, traders say

Pakistan gets offers in 100,000 metric tons white sugar tender, traders say
  • Lowest price offered in international tender to buy 100,000 metric tones of white sugar believed to be $539, say traders
  • Traders say offers in tender from state trading agency TCP still being considered and no purchase has yet been reported

HAMBURG: The lowest price offered in the international tender to buy 100,000 metric tons of white refined sugar from Pakistan on Thursday was believed to be $539.00 a metric ton cost and freight included, European traders said in initial assessments.

Offers in the tender from the state trading agency Trading Corporation of Pakistan (TCP) are still being considered and no purchase has yet been reported, they said.

The TCP can negotiate for some time in tenders before deciding whether to purchase.

Reports reflect assessments from traders and further estimates of prices and volumes are still possible later.


Fueled by Pakistan-US trade deal, PSX breaches 140,000 mark during intraday trade 

Fueled by Pakistan-US trade deal, PSX breaches 140,000 mark during intraday trade 
Updated 31 July 2025
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Fueled by Pakistan-US trade deal, PSX breaches 140,000 mark during intraday trade 

Fueled by Pakistan-US trade deal, PSX breaches 140,000 mark during intraday trade 
  • KSE-100 index reached intraday high of 140,215.22 points before closing at 139,390.42 points 
  • Pakistan says deal will lead to reduction of reciprocal tariffs, especially on Pakistani exports to US

KARACHI: The Pakistan Stock Exchange (PSX) briefly crossed the 140,000-point mark during intraday trading on Thursday, with analysts attributing the surge to strong investor confidence following a “landmark” trade deal between Pakistan and the United States. 

The KSE-100 index reached an intraday high of 140,215.22 points, gaining by 1,802.97 points or 1.3 percent from the previous close of 138,412.25. However, the Pakistani stocks closed at 139,390.42 points, posting a gain of 978.17 points or 0.71 percent.

The investor confidence was driven by Pakistan’s finance ministry announcement on Wednesday that Islamabad had reached a trade deal with Washington after weeks of extensive negotiations. The ministry said the deal would pave the way for reduced tariffs and deeper economic ties. US President Donald Trump, meanwhile, separately spoke about a new partnership with Pakistan to develop its oil reserves.

Ahsan Mehanti, CEO of Arif Habib Commodities, said rupee stability and reports of rising Pakistan sovereign bonds following a recent S&P ratings upgrade played a key role in fueling bullish activity at the PSX.

“Stocks traded near all-time high after US strikes trade deal with Pakistan affirming work over massive oil reserves,” he told Arab News.

The agreement between Pakistan and the US is expected to reduce reciprocal tariffs, marking the beginning of a new era of economic collaboration in sectors such as energy, mining, IT, cryptocurrency and more, Pakistan’s finance ministry said. 

Meanwhile, Sana Tawfik, the head of research at Arif Habib Ltd., also said the “primary driver” behind the stock market’s intraday impressive performance was the development regarding the US-Pakistan trade tariff deal.

“The deal triggered positive momentum, especially in the energy chain, which was largely in the green and led the market’s upward movement,” she told Arab News.

“Another factor was the ongoing results season — today’s banking sector results came in as well, which were more or less in line with expectations, contributing to market sentiment.”

Prime Minister Shehbaz Sharif had also reacted to the development, expressing hope that the deal would pave the way for deeper collaboration between the two countries.

“I wish to convey my profound thanks to President Trump @realDonaldTrump for his leadership role in finalization of the historic US-Pakistan trade agreement, successfully concluded by our two sides in Washington, last night,” he said in a social media post.

“This landmark deal will enhance our growing cooperation so as to expand the frontiers of our enduring partnership in days to come.”