TOP STORIES
- IRSOA abruptly calls off nationwide strike, admits announcement was premature
Inland Revenue Service officers withdraw their planned October 19 pen-down strike after FBR leadership assures them that the Service’s interests will be protected during restructuring. - FBR faces nationwide revolt as IRS officers announce pen-down strike on October 19Inland Revenue Service officers threaten firm, collective and lawful resistance to FBR restructuring, accusing the authorities of risking institutional fragmentation, wasting public money and undermining specialist tax administration.
- Brent crude oil hits $110 as Strait of Hormuz tensions escalate
Brent crude climbs 3.7% to $109.86 a barrel as attacks involving Iran, Houthi militants and Ukraine intensify concerns over global oil supplies. - Pakistan’s net FDI rises 20% to $720 million in 1QFY27
Stronger foreign investment in financial services, power and trade offsets sharp declines in mining, communications and oil and gas exploration.
FINANCE
- Pakistan explores new Sukuk and financing options
Finance Minister Muhammad Aurangzeb discusses debt management, economic stability and diversified funding opportunities with Ajman Bank during the World Bank-IMF meetings in Bangkok. - Aurangzeb discusses financing partnership with Sharjah Islamic BankPakistan explores Sukuk issuance, Panda bonds and innovative financing instruments as the government seeks to reduce short-term borrowing costs and extend debt maturities.
- Aurangzeb discusses economic reforms and financing strategy with US Treasury official
Aurangzeb briefs US Treasury official on Pakistan’s economic reforms, $3 billion Eurobond issuance, financing diversification and plans to achieve a BB sovereign credit rating. - Pakistan’s net FDI rises 20% to $720 million in 1QFY27Stronger foreign investment in financial services, power and trade offsets sharp declines in mining, communications and oil and gas exploration.
NATIONAL
- Pakistan reduces petrol price by Rs3.93 per litre for next three days
Petrol falls to Rs386.30 per litre from October 17 to 19, while high-speed diesel remains unchanged at Rs396.96 amid volatility in global oil markets. - NA approves parliamentary committee for electoral reforms
The proposed committee will include members from both Houses of Parliament and recommend legal and technological changes to ensure free, fair and transparent elections. - Pakistan’s weekly inflation rises 11.38% year-on-year
The Sensitive Price Indicator declined slightly in the week ended October 15, as lower tomato, onion and banana prices offset increases in flour, chicken and pulses. - Ishaq Dar orders crackdown on hoarding, overpricing of essential commodities
A Cabinet Committee meeting reviews commodity stocks, supply arrangements and prices, with officials reporting adequate supplies and no anticipated shortages.
TAXATION
- Time of withholding tax deduction under section 158 in tax year 2027
Section 158 of the Income Tax Ordinance, 2001 requires tax on profit on debt to be deducted at the earlier of payment or credit to the recipient’s account, while other deductions generally apply when payment is made. - FBR explains tax collection on prize bond winnings for Tax Year 2027
Section 156 of the Income Tax Ordinance, 2001 requires tax deduction on prize bond winnings, lottery prizes and other specified rewards, with the tax treated as final on such income. - IRSOA abruptly calls off nationwide strike, admits announcement was prematureInland Revenue Service officers withdraw their planned October 19 pen-down strike after FBR leadership assures them that the Service’s interests will be protected during restructuring.
- FBR faces nationwide revolt as IRS officers announce pen-down strike on October 19Inland Revenue Service officers threaten firm, collective and lawful resistance to FBR restructuring, accusing the authorities of risking institutional fragmentation, wasting public money and undermining specialist tax administration.
MONEY & BANKING
- SBP may increase policy rate by up to 100 basis points: Survey
Topline Securities’ poll shows 61% of market participants expect an interest rate hike on October 26, with rising oil and food prices fuelling inflation concerns. - UBL reports 13% fall in third-quarter profit to Rs30.7 billion
United Bank Limited’s third-quarter profit declines from Rs35.4 billion a year earlier as rising operating expenses weigh on earnings, despite stronger non-interest income and an unchanged Rs8 per-share dividend. - Pakistan’s foreign exchange reserves rise to $26.86 billion
Pakistan’s total foreign exchange reserves increased by $65.9 million week-on-week to $26.86 billion as of October 9, 2026, supported by higher holdings at both the State Bank of Pakistan and commercial banks. - SBP revises sugar export rules for 200,000 tonnes, clears Punjab and Sindh mills
Banks can process exports under revised quotas for eligible sugar mills in Punjab and Sindh, while Khyber Pakhtunkhwa’s approval remains pending.
TRADE AND INDUSTRY
- Pakistan’s textile exports rise by 5.26% in 1QFY27
Pakistan’s textile exports reach $5.03 billion in July–September FY2027, driven by strong growth in ready-made garments, cotton yarn and towels. - PM Shehbaz orders action plan to revive Pakistan’s gemstones sector
Government earmarks Rs1 billion for sector development as eight new exploration blocks are identified and Centres of Excellence are planned. - KCCI lambasts K-Electric over prolonged power outages in Karachi
KCCI President Talat Mahmood warns that prolonged outages, reportedly reaching 14 hours in some areas, are threatening industrial output, exports and livelihoods. - SBP revises sugar export rules for 200,000 tonnes, clears Punjab and Sindh millsBanks can process exports under revised quotas for eligible sugar mills in Punjab and Sindh, while Khyber Pakhtunkhwa’s approval remains pending.
AUTOMOTIVE
- Royal GPX Pakistan to enter most popular motorcycle market as traditional style 70cc launch teased
Royal Power GPX has teased its upcoming RPX 70cc motorcycle for an October reveal, with an initial image showcasing a traditional motorcycle design and mechanical details. - NORA EV warns customers against fake pricing rumors about new models
NORA EV clarifies that official prices of the NORA NEO and NORA METRO have not been announced yet, urging customers to rely on authentic company updates. - Geely plans to bring Google Gemini and Maps to global cars in 2027The automaker’s partnership with Google will introduce AI-powered voice assistance, navigation and app downloads to selected overseas models from the second half of 2027.
- BYD Racco makes global debut outside Japan with $34,615 price
The compact electric kei car expands beyond Japan with a 320km driving range, two LFP battery options and seating for four passengers.
IT & TELECOM
- Honor Win2 series teased with 2K 185Hz displays
Honor’s upcoming gaming-focused smartphones will feature ultra-high refresh-rate screens, active cooling and batteries of up to 12,070mAh. - Verizon to charge $10 monthly for Apple’s iPhone Handoff feature
The service will let users share one phone number between two iPhones, but Verizon’s fee is twice T-Mobile’s monthly charge. - Mercedes and Nvidia target Level 4 autonomous driving technology
The companies are extending their partnership to develop a next-generation driving system designed to handle driving tasks without human intervention under defined conditions. - Section 154B sets income tax on social media earnings for Tax Year 2027
Section 154B of the Income Tax Ordinance, 2001 requires banks and financial institutions to deduct tax on social media revenues, with different treatment for resident and non-resident recipients.