ISLAMABAD: Breaking centuries-old tradition, Justice Syeda Tahira Safdar took oath as the first woman chief justice of Balochistan high court on Saturday.
Governor Muhammad Khan Achakzai administered the oath of office at the Governor House in Quetta, capital of the southwestern province.
Her appointment was announced last month by Saqib Nisar, the chief justice of Pakistan's Supreme Court.
Justice Safdar --- also the first woman civil judge to be appointed in Balochistan -- replaces provincial chief justice Mohammad Noor Muskanzai, who retired yesterday.
Daughter of Syed Imtiaz Hussain Baqri Hanafi, a renowned lawyer, Justice Safdar was born on October 5, 1957, in Quetta.
“Justice Safdar completed her Masters in Urdu Literature from the University of Balochistan and her degree in Law from the University Law College of Quetta in 1980,” a statement released by the high court read.
She began her career as a civil judge on April 22, 1982. She was promoted to the position of additional judge of Balochistan’s high court on September 7, 2009 and later confirmed as the judge on May 11, 2011.
“Justice Safdar was one of the three judges of the special court constituted under Section 4 Criminal Law Amendment (Special Court) Act 1976 for trial of offence of High Treason against ex-president General Pervez Musharraf,” the statement read.
Musharraf, who seized power in October 1999, was in authority till 2008 and is currently living in self-imposed exile. He is undergoing trial in a number of high-profile cases including being charged for treason for imposing a state of emergency on November 3, 2007.
First woman chief justice takes charge in Balochistan
First woman chief justice takes charge in Balochistan
- Justice Syeda Tahira Safdar was also the first civil judge to be appointed in the province
- She completed her degree in law from the University Law College of Quetta in 1980
Pakistan stocks hit record high on strong buying from local institutions
- The KSE-100 Index hit a record high of 117,974 points, rising by 973 points
- Overall, 543 million shares were traded, with a turnover of Rs 32 billion
ISLAMABAD: Pakistan’s benchmark stock index (PSX) hit an all-time high on Wednesday, nearing the barrier of 118,000 points due to strong buying activity from local institutions, Topline Securities said.
The KSE-100 Index hit a record high of 117,974 points, rising by 973 points (0.83 percent).
“The market continued its upward momentum, fueled by strong buying activity from local institutions, peaking at 118,244 points during the day,” Topline Securities said in its market review.
The rally was primarily driven by Hub Power Company, Mari Energies, Engro Holdings, Systems Limited and Pakistan Petroleum, which together contributed 551 points to the index. On the other hand, Fauji Fertilizer Company, Engro Fertilizer, and Pakistan Oilfields exerted downward pressure, pulling the index down by 54 points.
“Overall, 543 million shares were traded, with a turnover of Rs 32 billion. Pakistan International Bulk Terminal topped the volume chart with 52 million shares traded,” Topline added.
Mohammed Sohail, a chief executive at Topline Securities, attributed the bull run to “expectations that the government will agree with banks to resolve old circular debt issues that will help listed energy companies.”
In Pakistan, “circular debt” refers to a cascading cycle of unpaid liabilities within the energy sector, where power distribution companies (DISCOs) fail to pay the Central Power Purchasing Authority-Guarantee (CPPA-G), which in turn cannot pay power generation companies (GENCOs), and so on.
The government last week announced it had reached an agreement with banks to extend PHL, a state-owned entity, Rs1.25 trillion in financing at a favorable floating interest rate of Kibor minus 0.90pc per annum.
The move was described as part of a broad strategy to eliminate circular debt in the power sector, which has been fueled by unpaid bills, theft, and distribution losses that have continued to accumulate over the past decade. Circular debt is one of the most contentious issues in Pakistan’s negotiations with the International Monetary Fund (IMF) for the first review of its $7 billion bailout program.
Sana Tawfik, head of research at Arif Habib Limited, said the positive momentum in stocks was continuing since last week.
“Secondly, volume levels have improved since Ramazan’s first week — that is, buying activity is visible,” she said. “On the economic front, there has been significant progress made regarding the IMF deal.”
Pakistan announces three-day Eid Al-Fitr holiday from Mar. 31 to Apr. 2
- Eid Al-Fitr marks the end of the fasting month of Ramadan for Muslims worldwide
- Muslims offer prayers, spend time with loved ones and enjoy lavish meals on Eid
ISLAMABAD: The Pakistani government has announced a three-day holiday from Mar. 31 to Apr. 2 on account of the Muslim festival of Eid Al-Fitr, an official notification by the Cabinet Division said on Wednesday.
Eid Al-Fitr marks the end of the fasting month of Ramadan for Muslims worldwide. On Eid morning, Muslims offer special prayers and spend time with family and loved ones, enjoying lavish meals and engaging in recreational activities.
The country’s central moon sighting committee, the Ruet-e-Hilal Committee, spots the Shawwal moon and declares Eid dates in advance in the South Asian nation.
“It is notified that the Prime Minister has been pleased to declare public holidays (Monday to Wednesday) on the occasion of Eid-Al-Fitr,” the notification said.
Eid Al-Fitr is one of two major Muslim festivals, the other being Eid Al-Adha, which is marked by the slaughtering of animals such as sheep and goats. The meat is shared among family and friends and donated to the poor.
Pakistani home appliances giant targets $100 million exports in 2 years by tapping US market
- Pak Elektron Limited announced this week it is expanding export operations to US
- PEL says company eyeing expanding its footprint to Saudi Arabia after tapping US market
KARACHI: Pakistani home appliances giant Pak Elektron Limited (PEL) plans to increase its exports to $100 million by the end of 2026, a senior official of the company said on Wednesday, days after announcing it had begun its export operations to the United States.
The Lahore-based manufacturer of home appliances has been one of the most-traded scrips at the Pakistan Stock Exchange (PSX) so far this week. It had the second-most traded stock on Wednesday, registering a 3.2 percent gain and over 36 million volumes.
On Monday the company announced it has expanded its global footprint and will be now exporting its products to the US. PEL’s new American client is Maddox Industrial Transformer LLC, which supplies new and remanufactured power transformers to commercial and industrial clients in the US.
“We are exporting distribution transformers for now and the majority of our exports, say 90 percent, are going to the US,” Nadeem Asghar, the general manager of finance at PEL, told Arab News.
PEL plans to increase its exports up to $50 million this year by December and double the same to $100 million by the end of 2026, Asghar said.
The company’s current exports stand at $3 million, with most of its shipments going to the United Kingdom, Jordan and African countries.
PEL’s stock price appears to have increased steadily in recent days. Its recent announcement of beginning export operations to the US has contributed to a notable increase in its stock price, Sana Tawfik, the head of research at the Karachi-based brokerage firm Arif Habib Ltd., said.
“The stock price has witnessed a gain of 13 percent in the last three days,” Tawfik told Arab News.
The company has already sent its first consignment of distribution transformers to the US on Mar. 13 as part of its business expansion strategy to explore new international markets.
Asghar, meanwhile, said this is the first time that PEL has received a “major order” from the US.
“The majority of our products will be exported to America now,” he said, adding that PEL would keep increasing its exports even beyond $100 million after 2026 as “sky is the limit.”
PEL entered into a strategic partnership last month with Swedish giant Electrolux AB, a global leader in multi-category home appliances brands such as Electrolux, AEG and Frigidaire, to leverage its strength to drive sustainable growth.
In 2024 Electrolux Group had sales of Swedish Krona 136 billion and the company employed 41,000 people worldwide.
After tapping the US market, Asghar said the Pakistani company plans to expand its reach to the Middle East as well, particularly Saudi Arabia.
“We would look to tap the Saudi Arabian market where we see enough demand for our products,” Asghar said, adding that talks with the company’s potential clients from Saudi Arabia were underway. He did not mention their names.
“We will tap all these markets, the UK, Saudi Arabia and others. Our negotiations are ongoing with the Saudi Arabian clients,” Asghar added.
Pakistan’s Prime Minister Shehbaz Sharif has repeatedly said his government is prioritizing exports to ensure sustainable economic growth for the country’s fragile $350 billion economy. Sharif has recently said his government aims to increase Pakistan’s exports to $60 billion in five years.
Pakistan is trying to stabilize its economy through sustainable reforms agreed with the International Monetary Fund (IMF) in exchange for a financial bailout program.
Key Pakistan-Afghanistan border crossing reopens after nearly a month
- Pakistan closed Torkham crossing on Feb. 21, alleging Afghan authorities constructed trenches along border
- Hundreds of trucks containing perishable items remained stranded for weeks on both sides of border
PESHAWAR: The key Torkham border crossing between Pakistan and Afghanistan reopened on Wednesday after remaining closed for nearly a month, officials from both sides confirmed, paving the way for the resumption of trade between the countries.
Pakistan closed the border crossing on Feb. 21 after Afghan authorities initiated “construction of trenches and other development work” along the border, Pakistani forces had said. This led to the suspension of cross-border trade and movement between the two sides.
The Torkham border crossing is the main transit artery for travelers and goods between Pakistan and landlocked Afghanistan. Trade between the two countries was worth over $1.6 billion in 2024, according to Pakistan’s foreign office.
“The Torkham gate has been reopened for transport,” Naheed Khan, a senior police official in Pakistan’s northwestern Khyber district, told Arab News.
Hazrat Nabi Toor, an Afghan customs clearing agent, confirmed that the gate at the Torkham border had been opened for the movement of trucks to and from Afghanistan.
Hajji Hikmatullah, the Torkham gate commissioner in Afghanistan, told Arab News earlier that the reopening of the crossing would help trucks stranded on both sides of the border in reaching their destinations.
“The Torkham route between Pakistan and Afghanistan that remained closed will reopen today at around 4:00 p.m. while passengers’ movement through the border will start from Friday,” he added.
Hikmatullah urged both countries to work out a “comprehensive strategy” to separate politics from business to foster stronger economic ties.
Asghar Ali, a Pakistani customs clearing agent, told Arab News that upon hearing the news of the border reopening, hundreds of vehicles loaded with vegetables, fruits and other non-perishable items started moving toward the crossing point at the border.
“This border closure inflicted millions of dollars of losses on businessmen,” Ali said. “Trade should not suffer in diplomatic and political wars between the two countries.”
Border clashes between Pakistani and Afghan forces have led to the closure of key crossings like Torkham and Chaman in the past, severely disrupting trade and halting the movement of people between the two countries.
Last month, the Torkham closure escalated into a skirmish between the two border forces, leaving three Pakistani civilians wounded, a Pakistani police official said.
The development comes at a time of strained ties between Kabul and Islamabad over a surge in militant attacks in Pakistan’s western provinces that border Afghanistan.
Islamabad has frequently accused Afghanistan of sheltering and supporting militant groups that launch cross-border attacks. Afghan officials deny involvement and insist Pakistan resolve its security matters internally.
Khyber Pakhtunkhwa aims to become Pakistan’s first province with universal digital payment system
- Ali Amin Gandapur says initiative will enhance financial transparency, eliminate fraud and corruption
- ’Cashless Khyber Pakhtunkhwa,’ developed with mobile wallet service providers, will also work offline
PESHAWAR: The provincial administration of Khyber Pakhtunkhwa (KP) said on Wednesday it has prepared a strategy to roll out a universal digital payment system, making it the first province in Pakistan to introduce a cashless economy for business and financial transactions.
The “Cashless Khyber Pakhtunkhwa” initiative aims to modernize financial transactions by requiring all public and private payments, including small and large-scale business transactions, to be conducted digitally.
The strategy includes a phased implementation plan, with various government departments, institutions and district administrations assigned specific responsibilities under defined timelines.
The system, developed in partnership with mobile wallet service providers, will also work offline to ensure accessibility in remote areas.
“The province has decided to launch a universal digital payment system for all types of transactions and business payments,” the KP government said in a statement, adding that a detailed implementation strategy had been finalized.
The system will require all businesses — small and large — as well as private and government transactions to shift to digital payments.
As part of the initiative, the government will collect data on all commercial entities, including small shops, stalls and street vendors at the village council level, ensuring that they are integrated into the new digital framework.
The statement said Chief Minister Ali Amin Gandapur has issued directives for the immediate implementation of the system and instructed the Chief Secretary’s Office to oversee compliance.
“KP will be the first province in Pakistan to introduce a cashless system,” Gandapur said. “This initiative will help promote the digital economy, enhance financial transparency and eliminate fraud and corruption.”
Under the Cashless Khyber Pakhtunkhwa program, all businesses, public transport services and commercial establishments will be required to display QR codes for digital payments. A strong regulatory framework will be enforced to ensure effective implementation.
The KP administration has also planned public awareness campaigns, training programs and support services to help businesses and citizens transition to the new system.
Gandapur said the digital payment system will not only promote fintech solutions and improve economic security but also facilitate better tax collection and create a business-friendly environment in the province.
“The introduction of a digital payment system will encourage private investment and align KP with international digital financial standards,” he added.
