Iran-Israel conflict a threat to peace: PM
Prime Minister Shehbaz Sharif on Wednesday termed the regional situation very alarming due to escalated armed conflict between Iran and Israel and said it posed threat not only to the regional but also to the global peace.
The prime minister reiterated Pakistan's complete solidarity with brotherly country Iran and its people against Israeli aggression and called upon the international community to make efforts for ensuring immediate ceasefire in the ongoing armed conflict.
Addressing a meeting of the cabinet, which was telecast on national Tv channels, the prime minister said that Pakistan had strongly condemned the Israeli aggression against Iran in which hundreds of Iranian people lost their lives and a larger number of others were injured. "The global community should ensure a ceasefire," he stressed and expressed the optimism for lasting peace.
Digital economy
Prime Minister Shehbaz Sharif on Wednesday established a high-level committee to promote cashless economy and speed up the digitization.
The committee, chaired by the prime minister himself, will review the progress and initiatives related to the promotion of digitization and cashless economy on a weekly basis.
During the briefing, the meeting was informed that the traders were given instructions regarding digital payments and transfers of money through digital means.
The meeting was also briefed on the initiatives regarding the ministries of Finance and Information Technology.
Daanish Schools
Prime Minister Shehbaz Sharif on Wednesday said that provision of equal educational and developmental opportunities to the economically weaker children remained among the government's top priorities.
The prime minister directed that educational facilities in Daanish Schools and the University projects should align with the international standards.
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Express Tribune
37 minutes ago
- Express Tribune
Dar says Israeli aggression threatens regional stability
Listen to article Deputy Prime Minister/Foreign Minister Ishaq Dar has emphasised the urgent need for unity among Muslim nations to confront growing challenges facing the Ummah. Addressing the 51st session of the Organization of Islamic Cooperation (OIC) Council of Foreign Ministers in Istanbul, the deputy prime minister strongly condemned Israel's recent attacks on Iran, calling them a blatant violation of the United Nations Charter. He warned that the rising tensions in the Middle East, fueled by Israeli aggression, pose a serious threat to regional peace and stability. Calling for an immediate and unconditional ceasefire in Gaza, the foreign minister denounced the ongoing genocide of Palestinians, highlighting the tragic loss of thousands of innocent lives, including women and children. "The time has come for the Muslim Ummah to unite," Dar stressed. "The OIC is expected to play a decisive and leading role in addressing these critical issues." He also raised serious concerns over India's actions in the region, accusing New Delhi of weaponizing water resources against Pakistan. "Blocking Pakistan's water is tantamount to declaring war," he asserted. Dar reiterated Pakistan's call for the resolution of the Jammu and Kashmir dispute in accordance with United Nations Security Council resolutions. He condemned Indian aggression and said that India had targeted innocent Pakistani civilians. In response, Pakistan exercised its right to self-defense, he added. Highlighting the growing issue of Islamophobia, the deputy prime minister called for collective action by the Muslim world to counter rising anti-Islam sentiment globally. He also extended his gratitude to Turkish President Recep Tayyip Erdogan and the Turkish leadership for their warm hospitality during the conference. Turkish President Recep Tayyip Erdogan accused Western leaders of providing "unconditional support" to Israel. A trenchant critic of Israel's actions in both Gaza and Iran, Erdogan called for "high-level peace talks" between Tehran and the United States, according to his office, adding that Turkey was ready to play a "facilitator" role to help bring an end to the war. Erdogan, who met Iranian foreign minister Abbas Araghchi on the sidelines of Saturday's meeting, said Turkey would not allow borders in the Middle East to be redrawn "in blood". "It is vital for us to show more solidarity to end Israel's banditry — not only in Palestine but also in Syria, in Lebanon and in Iran," he told the OIC's 57 member countries. According to Qatar's foreign ministry, Araghchi also met the Gulf state's top diplomat in Istanbul, who said he was working to bring the sides "back to the path of dialogue". Iran's President Masoud Pezeshkian warned of a "more devastating" retaliation should Israel's nine-day bombing campaign continue, saying the Islamic republic would not halt its nuclear programme "under any circumstances". Israel said on Saturday it had killed three more Iranian commanders in its unprecedented offensive, while Foreign Minister Gideon Saar claimed the campaign had delayed Tehran's alleged progress towards a nuclear weapon by two years. "We will do everything that we can do there in order to remove this threat," Saar told the German newspaper Bild, asserting Israel would keep up its onslaught. Israel and Iran have traded wave after wave of devastating strikes since Israel launched its aerial campaign on June 13, saying Tehran was on the verge of developing a nuclear weapon. Iran denies seeking an atomic bomb, and on Saturday Pezeshkian said its right to pursue a civilian nuclear programme "cannot be taken away... by threats or war". In a phone call with French President Emmanuel Macron, Pezeshkian said Iran was "ready to discuss and cooperate to build confidence in the field of peaceful nuclear activities". "However, we do not agree to reduce nuclear activities to zero under any circumstances," he added, according to Iran's official IRNA news agency. Referring to the Israeli attacks, he said: "Our response to the continued aggression of the Zionist regime will be more devastating." Israel's military earlier said that a strike in Qom, south of Tehran, killed Saeed Izadi, a top Revolutionary Guards official in charge of coordination with Hamas. Two other commanders were killed overnight, it added. Israel said it had also attacked Iran's Isfahan nuclear site for a second time, with the UN nuclear watchdog later reporting that a centrifuge manufacturing workshop had been hit. Top diplomats from Britain, France and Germany met Araghchi in Geneva on Friday and urged him to resume nuclear talks with the United States that had been derailed by the war. But Araghchi told NBC News that "we're not prepared to negotiate with them (the Americans) anymore, as long as the aggression continues". Trump, dismissive of European diplomatic efforts, said he was unlikely to ask Israel to stop its attacks to get Iran back to the table. "If somebody's winning, it's a little bit harder to do," he said of Israel's campaign. Any US involvement would likely feature powerful bunker-busting bombs that no other country possesses to destroy an underground uranium enrichment facility in Fordo. (With additional input from News Desk)
Express Tribune
an hour ago
- Express Tribune
Govt scrambles for oil backup plans
Listen to article Amid escalating tensions between Iran and Israel, the Oil and Gas Regulatory Authority (Ogra) has warned oil marketing companies (OMCs) to maintain a minimum of 20 days of oil stock in accordance with licensing requirements. The prime minister has already constituted a high-level committee to explore alternative options in the wake of the Iran-Israel conflict to pre-empt any potential oil shortages in the country. Oil Marketing Companies are obligated to maintain 20-day oil reserves under their licensing terms. Ogra has previously issued directives to this effect and has now reiterated its warning, stating that companies failing to comply will face penalties and fines. In a statement, the Ogra spokesperson said, "The Oil and Gas Regulatory Authority (OGRA) has confirmed that the country currently holds sufficient stocks of petroleum products to meet existing demand". However, in light of future needs and the volatile market environment, Ogra has formally advised all OMCs to adhere strictly to the mandatory 20-day stock levels, as stipulated in their respective licences. "OGRA remains committed to monitoring the situation closely and will continue to take proactive steps to ensure national energy security," the spokesperson added. In response to the evolving geopolitical situation following Israel's recent attack on Iran and the resulting fluctuations in global oil markets, Prime Minister Shehbaz Sharif constituted a high-level committee to oversee petroleum pricing and supply dynamics. The committee is headed by the finance minister and includes senior representatives from key federal ministries, regulatory bodies and energy sector experts. It has already held its first meeting and is scheduled to reconvene early next week to assess possible supply routes and contingency measures. During its initial meeting, the committee explored alternative oil supply routes from Saudi Arabia and the United Arab Emirates (UAE), including pipeline transport, in case the Strait of Hormuz – a critical global oil supply route – is blocked due to escalating hostilities. The committee was informed that Saudi Arabia possesses an existing pipeline network, including the East-West Pipeline (Petroline), which transports crude from its eastern province to the Red Sea port of Yanbu. Similarly, the UAE's Abu Dhabi Crude Oil Pipeline (Adcop) to Fujairah is designed to bypass the Strait of Hormuz, ensuring uninterrupted exports. The Petroleum Division, in a submitted report, stated that the Strait of Hormuz handles 20% of global crude oil exports. Any closure of this route by Iran could severely impact global supply chains, including Pakistan's. Under a worst-case scenario, global oil prices could surge to $100$150 per barrel. While there is currently no immediate threat of a spike in prices, Pakistan is in discussions with international oil suppliers to ensure continuity of supply. At present, the country has access to up to one million tons of furnace oil storage capacity through abandoned power plants. Experts have recommended that the government utilise these facilities to store strategic oil reserves. It has also been proposed that the government purchase these storages, as the power sector plans to dispose of them as scrap.
Express Tribune
an hour ago
- Express Tribune
PSX posts fourth weekly decline
Shares of 366 companies were traded. At the end of the day, 182 stocks closed higher. PHOTO: AFP/FILE Listen to article Pakistan Stock Exchange (PSX) extended its bearish run in the outgoing week, which was the fourth consecutive weekly decline, as escalating geopolitical tensions following Israeli airstrikes on Iran, surging global commodity prices and weak regional markets dented investor sentiment. The benchmark KSE-100 index lost 2,120 points, or 1.74% week-on-week (WoW), to close at 120,023, slipping below key technical levels after touching the intra-week low of 119,770. Average daily trading volumes contracted 9.4% to 822 million shares, reflecting cautious participation amid macroeconomic uncertainty and rising oil prices, which hit a five-month high at $77 per barrel. On a day-on-day basis, the PSX on Monday remained range bound and registered thin gains of 82 points as investors treaded cautiously ahead of monetary policy announcement later in the day, where the central bank left policy rate unchanged at 11%. Despite the conflict between Israel and Iran, the benchmark KSE-100 index recorded a slight rise of 0.07% and settled at 122,225. On Tuesday, the market witnessed a volatile trading session, mirroring global market trends amid escalation in geopolitical tensions in the Middle East. The index swung between a high of 666 points and low of 409 points, before closing down by 254 points. On Wednesday, the bourse dived over 1,500 points as it came under pressure in the wake of heightened Israel-Iran conflict and unease over Pakistan's weak economic indicators. The KSE-100 recorded a sharp drop of 1,505 points at 120,466. The PSX extended the downward trend on Thursday and ended lower by 463 points to settle at 120,003, following a volatile session as early gains, driven by policy optimism, were wiped out by selling pressure amid Middle East tensions. The market ended the week by closing flat on Friday as investors remained cautious amid uncertainty about the Israel-Iran conflict. Although the index touched the intra-day high of 120,829, it closed with a slight rise of 21 points. In its report, AKD wrote that the market maintained a bearish momentum during the week as geopolitical concerns continued to weigh on investor confidence. The benchmark KSE-100 index closed the week at 120,023, down 2,120 points, or 1.74% WoW. The week began with the monetary policy committee maintaining the status quo on Monday, aligning with market expectations. Several macroeconomic indicators were released during the week, including a current account deficit of $103 million for May 2025 and net foreign direct investment of $194 million for the month. Additionally, the State Bank's auctions saw a reduction in Pakistan Investment Bonds' (PIBs) cut-off yields in contrast to an increase in T-bills' yields. Furthermore, the State Bank-held forex reserves rose $46 million, ending the week at $11.7 billion as of June 6. In the currency market, the Pakistani rupee depreciated 0.26% WoW against the greenback, closing at 283.7/$. Syed Danyal Hussain of JS Global noted that following the spike in commodity prices and a decline in Asian markets due to geopolitical tensions in the Middle East, the KSE-100 index dropped 3.5% (4,330 points) from its recent high seen last week. On a WoW basis, the index was down 1.7%, with average volumes falling 9.4% to 822 million shares. Brent oil prices continued to climb up to $77 per barrel, hitting a five-month high, on supply-side fears. Accordingly, the SBP opted to maintain policy rate at 11% in its monetary policy meeting held earlier in the week, he said. Moreover, the current account recorded a deficit of $103 million, however, the 11MFY25 figure remained comfortable with a surplus of $1.8 billion. Notably, exports fell 19% YoY while imports were up 9% YoY in May 2025. The analyst pointed out that Pakistan secured a syndicated loan of $1 billion from a foreign commercial bank and arrangements were also underway to secure a refinancing of $1.3 billion from Chinese banks by the end of June 30. In other news, the government raised Rs557 billion in the PIB auction against the target of Rs300 billion, with yields falling 29 to 64 basis points. Lastly, he added, June 19 was the final date for the submission of Expressions of Interest for PIA's acquisition, where five bids were received by the Privatisation Commission.
