Leading Pakistani textile firm temporarily suspends operation amid declining market situation

A Pakistan textile labourer checks the quality of the yarn at a power loom in Karachi, Pakistan on January 25, 2019. (AFP/File)
Short Url
Updated 29 December 2022
Follow

Leading Pakistani textile firm temporarily suspends operation amid declining market situation

  • Pakistan’s textile industry is vital to national economy and accounts for more than 60 percent of its total exports
  • Aside from the textile sector, companies in the automobile industry have also suspended operations in Pakistan

ISLAMABAD: A leading textile company in Pakistan announced in a statement released to the Pakistan Stock Exchange (PSX) on Wednesday it would partially shut down operations due to declining market conditions.

Pakistan’s textile and clothing industry plays a vital role in sustaining its economy since it accounts for more than 60 percent of the country’s total exports. According to a market and consumer data platform, Statista, Pakistan was among the top 10 global textile exporters in 2021 with a value of about $9 billion.

However, the country is currently witnessing economic turmoil amid energy shortages and a major balance of payments crisis. To mitigate the situation, the government has started imposing curbs on the industrial sector to reduce the size of its import bill. As a result, many companies have been pushed to limit or suspend their operations.

“The company has an installed capacity of 219,528 spindles and 2,880 rotors in its spinning division,” Nishat Chunian Limited (NCL) said in a PSX filing on Wednesday. “[It] has decided to temporarily close 51,360 spindles after one month due to market conditions.”

The firm added its remaining units would operate as usual, and the spindles would be restarted as soon as there was an improvement in the market conditions.

Earlier this month, another textile company, Kohinoor Spinning Mills Limited (KOSM), also announced in a statement to the PSX it had decided to temporarily shut down operations “due to the prevailing global and economic downturn, overdue plant maintenance, and high cost of production and low price and demand.”

Aside from the textile sector, other companies have also suspended operations in the country, including Indus Motor Company and Pak Suzuki Motor Company Ltd, among others.


Pakistan closes pedestrian traffic at all Iran border crossings as Israel strikes escalate

Updated 5 sec ago
Follow

Pakistan closes pedestrian traffic at all Iran border crossings as Israel strikes escalate

  • Closures affect crossings in Balochistan’s border districts of Chaghi, Gwadar, Kech, Panjgur 
  • All are key routes for cross-border movement, local trade between Iran and Balochistan province

 QUETTA: Pakistani authorities have closed all major border crossings with Iran for pedestrian traffic amid escalating cross-border strikes between Iran and Israel, officials in the southwestern Balochistan province said on Sunday.

The closures affect the Taftan crossing in Chaghi district, the Gabd-Rimdan crossing in Gwadar district, the Chedgi and Jirrak crossings in Panjgur district and the Rideeg Mand crossing in Kech district. All are key routes for cross-border movement and local trade between Balochistan and Iran. 

“All kinds of pedestrian movement at the Gabd-Rimdan border has been suspended due to the Iran-Israel conflict,” Jawad Ahmed Zehri, assistant commissioner for Gwadar, told Arab News.

Trade activity at the crossing would remain open and Pakistani citizens stranded in Iran would be allowed to return, he said, but no new entries into Iran would be permitted through this point until further notice.

In a separate order, authorities also said the Taftan border crossing in Chaghi district had been closed for pedestrian traffic.

“We have closed pedestrian movements at the Taftan border until further notice,” said Naveed Ahmed, assistant commissioner for Taftan, adding that trade and customs operations from the crossing were continuing as usual.

The Chedgi, Jirrak and Mand Radig border crossings have also been shut, officials in the Kech and Panjgur districts confirmed. 
 
The closures come amid heightened tensions following Israeli strikes on Iranian cities since Friday with scores killed, including senior Iranian military commanders.

The blockade is expected to affect daily wage laborers, small-scale traders and local residents who depend on frequent cross-border movement for commerce, supplies and family visits.

Small items such as fruit, vegetables and household goods are commonly traded by hand or in small vehicles along these routes.

Bilateral trade volume between Pakistan and Iran reached $2.8 billion in the last fiscal year, which ended in June. Both countries have signed a memorandum of understanding with the aim of increasing this volume to $10 billion.

Iran also supplies about 100 megawatts of electricity to border towns in Balochistan.


World entering new era as nuclear powers build up arsenals — SIPRI think tank

Updated 6 min 33 sec ago
Follow

World entering new era as nuclear powers build up arsenals — SIPRI think tank

  • Nine nuclear states — US, Russia, UK, France, China, India, Pakistan, North Korea, Israel plan to increase their stockpiles
  • Of total global inventory of estimated 12,241 warheads in Jan. 2025, about 9,614 were in military stockpiles for potential use

STOCKHOLM: The world’s nuclear-armed states are beefing up their atomic arsenals and walking out of arms control pacts, creating a new era of threat that has brought an end to decades of reductions in stockpiles since the Cold War, a think tank said on Monday.
Of the total global inventory of an estimated 12,241 warheads in January 2025, about 9,614 were in military stockpiles for potential use, the Stockholm International Peace Research Institute said in its yearbook, an annual inventory of the world’s most dangerous weapons.
Around 2,100 of the deployed warheads were kept in a state of high operational alert on ballistic missiles, nearly all belonging to either the US or Russia.
SIPRI said global tensions had seen the nine nuclear states — the United States, Russia, the United Kingdom, France, China, India, Pakistan, North Korea and Israel — plan to increase their stockpiles.
“The era of reductions in the number of nuclear weapons in the world, which had lasted since the end of the Cold War, is coming to an end,” SIPRI said. “Instead, we see a clear trend of growing nuclear arsenals, sharpened nuclear rhetoric and the abandonment of arms control agreements.”
SIPRI said Russia and the US, which together possess around 90 percent of all nuclear weapons, had kept the sizes of their respective useable warheads relatively stable in 2024. But both were implementing extensive modernization programs that could increase the size of their arsenals in the future.
The fastest-growing arsenal is China’s, with Beijing adding about 100 new warheads per year since 2023. China could potentially have at least as many intercontinental ballistic missiles as either Russia or the US by the turn of the decade.
According to the estimates, Russia and the US held around 5,459 and 5,177 nuclear warheads respectively, while China had around 600.
 


Israel’s unchecked nuclear capability will have ‘catastrophic consequences,’ Pakistan warns West

Updated 14 min 23 sec ago
Follow

Israel’s unchecked nuclear capability will have ‘catastrophic consequences,’ Pakistan warns West

  • Analysts warn Israel’s unacknowledged nuclear weapons could encourage it to take more aggressive steps
  • Tensions have surged in the Middle East following Israel’s June 13 “Operation Rising Lion” aerial offensive on Iran

ISLAMABAD: Pakistan’s defense minister Khawaja M. Asif on Sunday warned Western governments that their support for Israel risked unleashing “catastrophic consequences,” citing concerns over Israel’s nuclear capabilities and regional aggression.

Tensions have surged in the Middle East following Israel’s June 13 “Operation Rising Lion” aerial offensive targeting Iranian nuclear and military facilities, reportedly killing more than 130 people, including senior military commanders and nuclear scientists. Iran has retaliated with missile and drone barrages on Israeli cities, sparking concerns of a wider conflict. 

Israel is widely believed to possess nuclear weapons but maintains a policy of ambiguity and is not a party to the Nuclear Non-Proliferation Treaty (NPT). The 1970 accord is aimed at preventing the spread of nuclear weapons, promoting disarmament, and ensuring peaceful use of nuclear technology. Pakistan is also not a signatory to the NPT but frequently underscores its commitment to nuclear safety and non-proliferation principles through other international frameworks.

Displaced Palestinians stand outside tents as they watch trails of Iranian missiles targeting Israel, from Rafah's Mawasi area in the southern Gaza Strip on June 15, 2025.(AFP)

Analysts warn that in the current volatile situation, Israel’s unacknowledged nuclear weapons could encourage it to take more aggressive steps, increasing the risk that the conflict could spread across the region or even spark a wider international crisis.

“World should be wary and apprehensive about Israel’s nuclear prowess, a country not bound by any international nuclear discipline,” Asif said in a post on social media platform X. “It is not signatory to NPT or any other binding arrangement.”

The minister contrasted Israel’s position with Pakistan’s, stating that Islamabad was a signatory to “all international nuclear disciplines” and maintained a nuclear program solely for “the benefit of our people and defense of our country against hostile designs.”

“We do not pursue hegemonic policies against our neighbors,” Asif added, accusing Israel of doing just that through its military actions. 

“Western world must worry about conflicts being generated by Israel. It will engulf the whole region and beyond. Their patronage of Israel, a rogue state, can have catastrophic consequences.”

The Pakistani minister’s comments come amid growing international concern over the humanitarian toll of Israel’s ongoing military operations in Gaza, as well as fears that the conflict could expand regionally following tensions with Iran and Hezbollah.

There was no immediate response from Israeli or Western officials to Asif’s remarks.


Pakistan hikes petrol, diesel prices in fortnightly review

Updated 36 min 51 sec ago
Follow

Pakistan hikes petrol, diesel prices in fortnightly review

  • Government sets petrol at Rs258.43 per liter, up from Rs253.63
  • High-speed diesel will cost Rs262.59 per liter, up from Rs254.64

KARACHI: Pakistan’s government has increased fuel prices, raising the rate of high-speed diesel (HSD) by Rs7.95 per liter and petrol by Rs4.80 per liter effective from today, Monday, an official notification from the finance division said. 

The notification set the price of petrol at Rs258.43 per liter, up from Rs253.63, while high-speed diesel will cost Rs262.59 per liter, up from Rs254.64.

The revision is based on “recommendations from the Oil and Gas Regulatory Authority and relevant ministries,” the finance division saiad. 

The government did not provide a specific explanation for the hike.

Fuel prices in Pakistan are generally influenced by global oil market trends, currency fluctuations, and changes in domestic taxes.

Fuel costs are revised every two weeks and have a direct impact on inflation. Rising fuel prices increase production and transportation costs, leading to higher prices for goods and services across the board in Pakistan, including food and other essential items. This direct relationship is further amplified by the country’s dependence on imported fuel. 


Pakistan closes pedestrian traffic at key Iran border crossings as Israel strikes escalate

Updated 15 June 2025
Follow

Pakistan closes pedestrian traffic at key Iran border crossings as Israel strikes escalate

  • The closures affect the Taftan crossing in Chaghi district and the Gabd-Rimdan crossing in Gwadar district
  • Both are key rotes for cross-border movement, local trade in Pakistan’s Balochistan province

QUETTA: Pakistani authorities have closed two major border crossings with Iran for pedestrian traffic amid escalating cross-border strikes between Iran and Israel, officials in the southwestern Balochistan province said on Sunday.

The closures affect the Taftan crossing in Chaghi district and the Gabd-Rimdan crossing in Gwadar district, both key routes for cross-border movement and local trade between Balochistan and Iran. 

The Gabd-Rimdan border crossing is a point on the Iran-Pakistan border, specifically at “BP-250,” the second crossing along the 900-kilometer border between the two countries. The crossing facilitates trade and people-to-people contact between Iran and Pakistan.

“All kinds of pedestrian movement at the Gabd-Rimdan-250 border have been suspended due to the Iran-Israel conflict,” Jawad Ahmed Zehri, assistant commissioner for Gwadar, told Arab News.

Trade activity at the crossing would remain open and Pakistani citizens stranded in Iran would be allowed to return, he said, but no new entries into Iran would be permitted through this point until further notice.

In a separate order, authorities also closed the Taftan border crossing in Chaghi district for pedestrian traffic.

“We have closed pedestrian movements at the Taftan border until further notice,” said Naveed Ahmed, assistant commissioner for Taftan, adding that trade and customs operations from the crossing were continuing as usual.

The closures are expected to affect daily wage laborers, small-scale traders and local residents who depend on frequent cross-border movement for commerce, supplies and family visits.

Small items such as fruit, vegetables and household goods are commonly traded by hand or in small vehicles along these routes.

The closures come amid heightened tensions following Israeli strikes on Iranian cities since Friday with scores killed, including senior Iranian military commanders.

The bilateral trade volume between Pakistan and Iran reached $2.8 billion in the last fiscal year, which ended in June. Both countries have signed a memorandum of understanding with the aim of increasing this volume to $10 billion.

Iran also supplies about 100 megawatts of electricity to border towns in Balochistan.