Court adjourns prohibited funding case till Sep 7


Islamabad: The Banking Court in Islamabad on Thursday adjourned the hearing of the foreign funding case against the founder of Pakistan Tehreek-e-Insaf (PTI) and other accused until September 7, after the court was informed that scrutiny of the charge sheet had been completed.



The case was presented in the court of Judge Abdul Ghafoor Kakar. Special Prosecutor, Wasiq Malik appeared before the court and informed the bench that scrutiny of the charge sheet in the foreign funding case had been completed by the Registrar’s Office .



The Federal Investigation Agency (FIA) has registered a foreign funding case against the PTI founder and other accused, with the charge sheet running to 57 pages and naming 11 accused in total, including the PTI founder as the principal accused.



FIA arrests proclaimed offender in Rs5.6 million illegal money transfer fraud


Islamabad: The Federal Investigation Agency (FIA) has arrested a proclaimed offender wanted in an illegal money value transfer case involving Rs5.6 million, following a raid conducted by the Commercial Banking Circle Islamabad.



An official told reporter on Thursday that the accused, Hamza Faisal, son of Faisal Mushtaq, was arrested from Rawalpindi on the basis of credible intelligence after remaining in hiding to evade arrest.



The official said the suspect was a proclaimed offender nominated in FIR No. 42/2025 registered with the FIA Commercial Banking Circle Islamabad.



According to the investigation, the accused allegedly caused a loss of Rs 5.6 million to the complainant through illegal money value transfer services.



Following his arrest, the suspect was produced before the competent court, which granted the FIA a three-day physical remand for further investigation.



The official said the investigation was continuing to identify other individuals who might have been involved in the illegal financial network and to recover additional evidence related to the case.



Governor Kundi congratulates CM GB, invites him to visit KP


Islamabad: Governor Khyber Pakhtunkhwa, Faisal Karim Kundi on Thursday congratulated Chief Minister Gilgit Baltistan, Amjad Hussain Advocate on his election as chief minister during a meeting held here.



The Governor said the people of Gilgit Baltistan had reposed exemplary trust in Pakistan Peoples Party (PPP) Chairman Bilawal Bhutto Zardari and the party.



He said Bilawal Bhutto Zardari had led an outstanding election campaign, which reflected his leadership qualities.



Governor Kundi also invited the newly elected Gilgit Baltistan chief minister to visit Khyber Pakhtunkhwa.



PPP Parliamentary Leader in the Khyber Pakhtunkhwa Assembly Ahmad Kundi was also present during the meeting.



Public warn users to stay vigilant as AI may turn social media photos into fingerprint threats


Islamabad: Cybersecurity experts Thursday cautioned the public to remain aware and vigilant against sharing high-resolution images online, warning that Artificial Intelligence (AI) could be exploited by criminals to reconstruct fingerprints and carry out identity-related fraud.



Talking to a private news channel, cybersecurity expert Abdul Qadir highlighted growing digital privacy risks and urged people to exercise caution while sharing photos on social media platforms.



He warned users against posting high-resolution images showing gestures such as thumbs-up and victory signs, as such images may expose sensitive biometric details.



Abdul Qadir explained that advancements in Artificial Intelligence have increased the ability of cybercriminals to analyze publicly available images and potentially reconstruct fingerprint patterns from clear photographs, adding that fingerprints are unique biometric identifiers and should be protected like passwords.



The cybersecurity expert advised social media users to avoid sharing close-up images of their fingers, especially those captured with high-quality cameras, as criminals may misuse such information for identity-related fraud and other cybercrimes.



He further encouraged the public to adopt responsible online habits, including reviewing privacy settings, limiting the amount of personal information shared publicly and being mindful of the potential risks associated with digital content.



Abdul Qadir said that awareness and caution are key to reducing cyber threats in an increasingly digital environment. He urged users to think carefully before uploading personal images online and to remain updated about emerging cybersecurity risks.



He emphasized that while social media platforms provide opportunities for communication and connection, users must also take necessary precautions to protect their personal data and digital identities.



The expert further encouraged social media users to review their privacy settings, limit the information they share publicly, and remain aware of the risks associated with posting personal images online.



Abdul Qadir said that cyber awareness is the first line of defense against digital crimes and urged people to adopt safe online habits. He added that users should think carefully before sharing personal content and take necessary steps to safeguard their digital identities.



Concluding his remarks, Abdul Qadir warned that the rapid advancement of Artificial Intelligence could create serious challenges in the coming years, adding that by 2030, the volume of AI-generated and manipulated content could become so widespread that people may even struggle to distinguish real images of their own family members from fake ones.



ADB says Pakistan economy grew at 3.7pc in FY2026


Islamabad: The Asian Development Bank (ADB) said Thursday that Pakistan’s economy grew at 3.7 percent in fiscal year 2025-26, supported by strong performance in the industrial and services sectors along with modest gains in agriculture.



According Asian Development Outlook (ADO) July 2026, the economic growth during FY2026, which ended on June 30, 2026, was driven by broad-based expansion across key sectors of the economy.



The ADB, however, revised down its GDP growth forecast for FY2027 to 3.7 percent, citing higher energy costs and mounting pressure on workers’ remittances that are expected to weigh on economic activity.



The bank also revised Pakistan’s inflation forecast upward to 7.2 percent for FY2026, attributing the increase to rising food and fuel prices.



For FY2027, the inflation forecast has been raised further to 8.3 percent, reflecting the persistent adverse spillover effects of the ongoing Middle East conflict.



According to the ADB, elevated energy prices and continued external uncertainties are expected to keep inflationary pressures high, posing challenges to Pakistan’s economic outlook in the coming fiscal year.



It is pertinent to mention here that the bank has lowered its growth forecast for developing Asia and the Pacific economies to 4.9% for 2026 compared to 5.5% growth in 2025.



This is a reduction of 0.2 percentage points from April projections, according to ADB’s latest economic outlook released by the bank on Thursday.



Prolonged disruptions to energy markets caused by the Middle East conflict have weighed more heavily on the region’s prospects than anticipated, says Asian Development Outlook (ADO) July 2026 adding the 2027 growth forecast is maintained at 5.1%, reflecting recovering activity as these pressures ease.



The outlook expects disruptions to global energy markets to unwind only gradually, despite a framework agreement signed in June.



With impacts extending beyond energy to fertilizers, other commodity prices, and supply chains, inflationary pressures are likely to persist. Regional inflation is now forecast at 4.3% this year compared to 3% in 2025-an upward revision of 0.7 percentage points from April. The inflation forecast for 2027 remains at 3.4%.



Maritime Task Force reforms boost customs efficiency, trade facilitation: FBR


Islamabad: The Federal Board of Revenue (FBR) on Thursday said sweeping reforms initiated under the Prime Minister’s Maritime Task Force had significantly enhanced customs efficiency, increased revenue collection, curbed smuggling and improved trade facilitation.



It said a series of digital and infrastructure interventions were also underway to transform Pakistan into a regional maritime and logistics hub.



Addressing a joint news conference along with Chairman of the Prime Minister’s Maritime Task Force Iftikhar Rao and Secretary Maritime Affairs Nadeem Mahbub, FBR Member Customs Syed Shakeel Shah said the task force had identified key structural bottlenecks in the maritime sector and facilitated their swift resolution through coordinated implementation.



He said one of the most successful reforms was the introduction of the faceless customs assessment system at ports, which eliminated direct interaction between customs officials and importers, improved transparency and substantially enhanced compliance.



“The average revenue per Goods Declaration (GD) has increased from Rs 6.8 million to approximately Rs 7.7 million, reflecting a 16 per cent improvement,” Shah said, adding that import-related tax collection had grown by 14 per cent, of which eight percentage points resulted from improved enforcement and compliance while six percentage points were driven by higher import volumes.



Highlighting the impact on port efficiency, he said customs clearance time had been reduced from 53 hours to only 18 hours since the task force was established.



“Our next target is to bring customs dwell time down to 12 hours over the next one to two years, placing Pakistan below international benchmarks,” he said.



The FBR member said the task force had also paved the way for Pakistan’s entry into the ship bunkering business by facilitating the formulation and notification of comprehensive bunkering regulations.



He said international operators were already planning fuel supply operations at Karachi and Gwadar ports, which would attract larger vessels and enhance maritime commercial activity.



He added that dredging work had commenced at both major ports to enable the handling of bigger ships, a critical step towards positioning Pakistan as a regional transshipment and logistics hub.



Shah said customs and sales taxes on vessels and shipbuilding had been abolished, removing a major obstacle to investment in Pakistan’s maritime industry.



He said the task force had also helped streamline cargo handling at Azakhel Dry Port, introduced faceless assessment there, and curbed misuse of cargo clearance procedures.



The FBR member said work was progressing on Digital Enforcement Stations under the FBR transformation programme to facilitate legitimate trade while using risk-based targeting to intercept smuggled and tax-evaded goods without disrupting lawful commerce.



He said enforcement measures had produced encouraging results, with legal imports of tyres increasing by 42 percent, fabrics by 41 percent, toiletries by 75 percent and electronics by 105 percent, reflecting a significant reduction in illicit trade.



“The success against tyre smuggling has restored investor confidence, making local investment in tyre manufacturing commercially viable,” he observed.



Shah said freight forwarding agents were being brought under an automated registration regime through the Pakistan Single Window, while the licensing examination for customs agents had been outsourced to the Institute of Business Administration (IBA), Karachi, to ensure transparency and professional standards.



He said a new point-based accountability system had also been introduced for customs agents to improve declaration quality.



Among future reforms, Shah said the FBR planned to expand advance filing of Goods Declarations, allowing importers to complete customs formalities before cargo arrived in Pakistan, thereby reducing congestion and accelerating cargo clearance.



He said the current uptake of advance declarations had reached around eight percent and the target was to raise it beyond 50 percent during the current fiscal year.



The FBR member said customs operations at ports were also being expanded towards 24-hour working through fresh recruitment to ensure uninterrupted cargo clearance.



He said the Pakistan Single Window-based Port Community System was being rolled out to digitally integrate customs, regulators, ports, terminal operators, banks and logistics providers, enabling traders to complete documentation and payments online without visiting government offices.



Shah said the FBR was simultaneously modernising its 14-year-old WeBOC customs system under a comprehensive technology upgrade recommended by the task force, with major modules scheduled for rollout during the current financial year and complete implementation targeted by June 2028.



He said artificial intelligence-assisted non-intrusive cargo scanning and modern cargo tracking systems had already been introduced to reduce physical inspections, strengthen risk management and monitor container movement from ports to inland destinations and border crossings in real time.



Shah said the task force had also resolved the longstanding issue of 4,000 to 5,000 litigation-hit containers occupying valuable port space, making the area available once again for import, export and transshipment activities.



He said the Prime Minister’s Maritime Task Force had identified 99 reform interventions, many of which had already been implemented, while the remaining measures were being pursued through regular monitoring to further improve Pakistan’s maritime competitiveness and ease of doing business.