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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
Updated 20 August 2024
Hasaan Ali Khan
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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.

Topics: Pakistan Cricket Board ICC Champions Trophy 2025

PM directs speedy container clearance, attractive tariffs at Pakistan ports as part of maritime reforms

PM directs speedy container clearance, attractive tariffs at Pakistan ports as part of maritime reforms
Updated 53 sec ago
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PM directs speedy container clearance, attractive tariffs at Pakistan ports as part of maritime reforms

PM directs speedy container clearance, attractive tariffs at Pakistan ports as part of maritime reforms
  • Pakistan has formed a maritime taskforce to streamline its blue economy by optimizing operations at various ports
  • Shehbaz Sharif asks officials to accelerate pace of installation of scanners to reduce time for container clearance
Updated 53 sec ago
Arab News Pakistan

ISLAMABAD: Prime Minister Shehbaz Sharif has instructed officials to speed up the process of container clearance and ensure attractive trade tariffs at Pakistani ports, his office said on Monday, as the South Asian country undertakes maritime reforms to boost its economy.
Pakistan, which averted a default in 2023, is currently navigating an economic recovery path under a $7 billion International Monetary Fund (IMF) program and has undertaken several reforms in various sectors.
A taskforce is working on sustainable reforms in the maritime sector to end the long-standing stagnation in Pakistan’s maritime economy, according to the prime minister.
“Pakistan has been bestowed with a long coastline, sea and other unlimited resources,” Sharif was quoted as saying at a meeting of the maritime taskforce he presided over in Islamabad.
“A plan should be made to minimize the duration of the presence of containers at the ports,” he said, asking authorities to auction containers available at the ports as soon as possible to better utilize the port space.
During the meeting, officials informed the prime minister that a National Dredging Plan (NDP) has been formulated keeping in mind the country’s needs for the next ten years. It will help set up a National Dredging Company for dredging of all the ports, according to Sharif’s office.
A plan of action has also been prepared for the rehabilitation and reconstruction of the Pakistan National Shipping Corporation (PNSC) through public-private partnership for the next 25 years. Similarly, a plant is being established in Gadani, Balochistan to dispose of chemical waste and other hazardous materials, while the Pakistan Maritime Port Act is in the final stages, which will implement uniform rules and regulations at all ports.
On the occasion, Sharif said the development of economy is linked to marine resources and access to them.
“The pace of installing the latest scanners at all ports should be accelerated,” he said. “Trade tariffs should be reviewed to bring the country’s ports to a competitive standard.”

Topics: Pakistan Prime Minister Shehbaz Sharif Pakistani ports Karachi port

Pakistan regulator moves to reinvigorate ‘waqf’ charitable endowments for Islamic social finance

Pakistan regulator moves to reinvigorate ‘waqf’ charitable endowments for Islamic social finance
Updated 33 min 12 sec ago
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Pakistan regulator moves to reinvigorate ‘waqf’ charitable endowments for Islamic social finance

Pakistan regulator moves to reinvigorate ‘waqf’ charitable endowments for Islamic social finance
  • In Islamic tradition, waqf charitable endowments, or religious donations, are made by Muslims to benefit the community
  • Historically, the instrument has funded education, health care and social welfare, supporting institutions like Al-Azhar
Updated 33 min 12 sec ago
Ismail Dilawar

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP), a corporate legislative and financial regulatory agency, has issued a ‘concept paper’ to revive and modernize ‘waqf’ charitable endowments for Islamic social finance, it said on Monday.
In Islamic tradition, waqf charitable endowments, or religious donations, are made by Muslims for the benefit of the community. Historically, the instrument has funded education, health care and social welfare, supporting institutions like Al-Azhar and the Ottoman public works system.
Waqf remains an important player in the socio-economic fabric of the Muslim world and countries like Malaysia, Turkiye, and Indonesia have successfully adapted it to modern financial systems through regulatory frameworks, innovative governance models, and Shariah-compliant financial instruments.
But in Pakistan, the financial instrument remains underutilized due to outdated management practices and the lack of a robust regulatory framework, according to the SECP, which aims to develop modern and efficient corporate sector, insurance and capital markets in Pakistan.
“The concept paper proposes strategies to harness waqf for Islamic social finance, including reinvigorating the waqf institution, enabling the establishment of waqf in corporate structures as waqf companies, and developing Islamic instruments and financial services products for such companies,” the regulator said.
The proposals aim to improve efficiency, complete the Islamic finance ecosystem, and create social impact in Pakistan, according to the SECP. The suggested pathway to transform waqf into a dynamic, sustainable and impactful institution for socio-economic development will be deliberated and discussed with key industry stakeholders before initiating the required regulatory interventions.
It noted that the concept paper included various options, such as amending provincial waqf laws and other regulations, to provide for waqf companies in order to address concerns pertaining to its jurisdiction and legal considerations.
“It is expected that the revival and modernization of waqf will enable sustainable Islamic social finance institutions, thereby helping achieve the objective of shared prosperity by making resources available for social and welfare projects,” the SECP added.

Topics: Securities and Exchange Commission of Pakistan Securities and Exchange Commission of Pakistan (SECP) Islamic Waqf

Women strangle blackmailing Pakistan faith healer — police

Women strangle blackmailing Pakistan faith healer — police
Updated 07 April 2025
AFP
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Women strangle blackmailing Pakistan faith healer — police

Women strangle blackmailing Pakistan faith healer — police
  • The women say they turned to Riaz Hussain for help in removing black magic curses but he instead took their compromising videos
  • Faith healers are revered by some communities in Pakistan and their orders are followed devotedly, allowing for widespread exploitation
Updated 07 April 2025
AFP

LAHORE: Two women have been arrested for murder after strangling a Pakistani faith healer with a scarf after years of being blackmailed over videos he took of them, police said on Monday.
The women told police they had turned to Riaz Hussain for help in removing black magic curses but he instead took compromising videos that he threatened to release.
“During the investigation it was found that Riaz Hussain had been sexually harassing women for a long time under the pretext of spiritual healing,” police in the city of Multan in Punjab province said in a statement.
The women, with the help of their cousin and another man, strangled the faith healer with a scarf before dumping his body.
The four have been arrested for murder, police said, adding that a fifth man has also been arrested.
Faith healers are revered by some communities in Pakistan and their orders are followed devotedly, allowing for widespread exploitation.
A pregnant woman was brought to a hospital with a nail hammered into her head in 2022 after a faith healer said it would guarantee she gave birth to a boy.
Another woman died the following year after being tortured with sticks for days by a faith healer who claimed to be following an exorcism ritual.

Topics: murder case Punjab Police

Pakistan says Saudi Arabia, China, US among countries participating in Minerals Investment Forum

Pakistan says Saudi Arabia, China, US among countries participating in Minerals Investment Forum
Updated 07 April 2025
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Pakistan says Saudi Arabia, China, US among countries participating in Minerals Investment Forum

Pakistan says Saudi Arabia, China, US among countries participating in Minerals Investment Forum
  • Pakistan is hosting summit from Apr. 8-9 in Islamabad to attract international investment in its mining sector
  • Ali Pervaiz Malik says around 2,000 people expected to attend conference, out of which 300 will be foreigners
Updated 07 April 2025
Fatimah Amjad

ISLAMABAD: Business representatives and officials from Saudi Arabia, China, US and the UK, among other countries, will participate in the two-day Pakistan Minerals Investment Forum scheduled to take place this week, Petroleum Minister Ali Pervaiz Malik said on Monday. 

The summit will be held in Pakistan’s capital from April 8-9 and is part of the government’s recent efforts to attract local and international investment in the mining and minerals sector. Pakistan has vast reserves of minerals and natural resources, which the government hopes can become a key source of economic development in the future. 

The country is home to one of the world’s largest porphyry copper-gold mineral zones. The Reko Diq mine in southwestern Balochistan has an estimated 5.9 billion tons of ore. Barrick Gold, which owns a 50 percent stake in the Reko Diq mines, considers them one of the world’s largest underdeveloped copper-gold areas, and their development is expected to have a significant impact on Pakistan’s struggling economy. 

Pakistan’s state media said in February that the Oil and Gas Development Company Limited (OGDCL), the country’s leading exploration and production (E&P) company, in collaboration with the government and strategic partners, would organize the summit. 

“We are expecting participation at the senior level [for the summit] from Azerbaijan, Saudi Arabia, China and America,” Malik told reporters at a press conference, adding that participants from Denmark, Finland, Kenya and the UK are also expected to attend. 

Malik said the government estimates around 2,000 people to participate at the event, out of which 300 are expected to be foreigners. He said Pakistan will sign key agreements and memoranda of understanding (MoUs) with other countries at the summit. 

“It is the prime minister’s wish that we do not restrict this event to just words, so we will confirm some MoUs in front of you,” Malik said. “Along with this, not just MoUs but a few agreements will also be executed after which we will take these entire matters toward implementation.”

The minister said that the government will formally unveil Pakistan’s newly developed, investor-friendly National Minerals Harmonization Framework 2025, which aims to attract investment in the country’s mineral sector.

Pakistan has designated mining and minerals as a priority sector for national economic development, aiming to reduce its reliance on imports and enhance exports. The country is undertaking efforts to utilize its natural resources through foreign investment and collaboration to stabilize its $350 billion economy, which has suffered a prolonged economic crisis over the past few years. 
 

Topics: Ali Pervaiz Malik Mineral mining Pakistan Minerals Investment Forum

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Brutal day at Pakistan Stock Exchange as Trump tariffs hammer global financial markets

Brutal day at Pakistan Stock Exchange as Trump tariffs hammer global financial markets
Updated 07 April 2025
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Brutal day at Pakistan Stock Exchange as Trump tariffs hammer global financial markets

Brutal day at Pakistan Stock Exchange as Trump tariffs hammer global financial markets
  • Trading at PSX halted briefly on Monday as benchmark share index declined over 5% during the day
  • Asian equity markets sank, European shares crashed to a 16-month-low and oil prices plummeted
Updated 07 April 2025
Ismail Dilawar

KARACHI: The Pakistan Stock Exchange fell to an intraday low of 8,687 points, the largest intraday point-wise drop in PSX history, before ending the session down 3.3% from the previous close, as major stock indexes plunged on Monday over US President Donald Trump’s sweeping tariff plans.

Trump has announced tariffs on goods imported from the rest of the world, saying a 10% tariff on all nations and much higher rates of up to 50% on individual countries will boost the US economy and protect jobs.

Asian equity markets sank, European shares crashed to a 16-month-low and oil prices plummeted on Monday as investors feared the duties Trump announced last week could lead to higher prices, weaker demand and potentially a global recession.

The PSX suspended stocks trading for an hour at 11:58 am after the KSE-30 index, which tracks the performance of the 30 most liquid companies listed on the exchange, fell by 5.6% or 2,055 points to 34,723 points. According to PSX rules, trading is halted if the KSE-30 index falls below 5% and keeps trading below that number continuously for five minutes. The benchmark KSE-100 index, which measures the performance of 100 companies, lost 5.3 percent or 6,287 points, the highest intraday drop in terms of points.

However, as trading resumed at 1:03pm, the index pared some losses and ended the week’s first session at 114,909 points, down 3.3% or 3,882 points from the previous close.

“A brutal day at the Pakistan Stock Exchange as the market mirrored the global sell-off, opening on a sharply negative note and experiencing relentless selling pressure throughout the day,” Topline Securities said in its daily market review. 

“The benchmark index nosedived to an intraday low of 8,687 points … While this decline set a new record in absolute terms, it was not the steepest in percentage terms. The most severe single-session percentage fall remains the 12.4% drop on June 1, 1998.”

Mohammed Sohail, CEO at Topline Securities Ltd, said in a note to clients the global market crash would most affect the oil and gas exploration, technology and textile sectors “as these are either linked to the global commodity prices (like crude oil) or linked with global aggregate demand.”

Trump’s Wednesday tariff announcement shook global stock markets, wiping out $5 trillion in value for S&P 500 index companies by Friday’s close, a record two-day decline driven by recession fears, prices for oil and commodities plunged, while investors fled to the safety of government bonds.

Washington has also imposed 29% tariffs on Pakistani goods. 

“The sharp selloff this morning mirrors a broader wave of global market volatility, driven by the US administration’s recent imposition of sweeping tariffs,” Shahid Ali Habib, chief executive officer at Arif Habib, told Arab News. “These measures have intensified fears of a global trade war, shaking investor confidence worldwide.”

“Impact on the KSE-100 index is a reflection of investor anxiety as they anticipate negative effects on overall economic stability,” Muhammad Waqas Ghani, head of research at JS Global Capital, said.

The stock market slump is bound to weigh on investor sentiments in Pakistan, where equity traders had just started earning profits from a boom triggered by a much-awaited IMF deal with Pakistan last month for a new $1.3 billion climate arrangement and a successful first review of an ongoing 37-month bailout program.

Topics: Pakistan Stock Exchange (PSX) Blood bath in PSX US tariffs

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