TOP STORIES
- Two expatriates killed in drone attack on Saudi Aramco facility
Saudi air defences intercepted a drone targeting a processing facility at the Shaybah oil field, while a contractor’s vehicle caught fire outside the facility’s perimeter. - President Zardari reaffirms Pakistan’s commitment to IMF-backed economic reforms
President says Pakistan will pursue fiscal sustainability, tax reforms, privatisation and energy-sector restructuring as GDP reaches $452.1 billion in FY2026. - Pakistan calls for greater SCO connectivity and economic cooperation
Ishaq Dar urges investment in energy, transport, agriculture and technology, while proposing an SCO development bank and greater use of national currencies in trade settlements. - Pakistan, US discuss accelerating bilateral trade negotiations
High-level dialogue focuses on expanding market access, agricultural exports, mining investments, and regional commercial connectivity.
FINANCE
- Aurangzeb says Pakistan’s twin deficit falls to 2.6% of GDP
Finance minister highlights fiscal consolidation, rising tax revenues and stronger foreign exchange reserves, while the IMF urges fair and predictable tax reforms to support sustainable economic growth. - Foreign investors repatriate $864m as profit, dividends from Pakistan during 1QFY27
Latest central bank data reveals significant outflows in foreign direct and portfolio investments during the first quarter of the fiscal year. - Pakistan’s economy grows 3.65% in FY26, highest in four years
National Accounts Committee reports four-year-high annual GDP growth, but a sharp industrial contraction drags fourth-quarter expansion to a six-quarter low of 2%. - 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.
NATIONAL
- Pakistan cuts petrol price by Rs2.71, raises diesel by 31 paisas
Petrol falls to Rs379.31 per litre from October 22, 2026, while high-speed diesel rises to Rs390.11 amid changing international oil benchmarks. - Pakistan reviews wheat reserves to ensure food security
Ishaq Dar chairs a high-level meeting to assess wheat stocks, projected demand and supply chains, urging federal and provincial authorities to ensure nationwide availability and price stability. - NCCIA arrests suspect in Rs35bn US postage stamp fraud
The suspect was allegedly involved in an online scheme selling more than five million counterfeit US postage labels, causing estimated losses of over $126 million to the US Postal Service. - Pakistan raises petrol price by 88 paisas, diesel by 53 paisas per Litre
Revised fuel prices take effect on October 21 under the daily pricing mechanism, with petrol reaching Rs382.02 and high-speed diesel Rs389.80 per litre.
TAXATION
- FBR sets formula for customs values of carbon steel seamless pipes
New Valuation Ruling No. 69 of 2026 establishes a comprehensive computational formula incorporating LME billet prices, square-billet differentials, and fabrication costs. - FBR revises customs values for imported coconut oil
Valuation Ruling No. 2116 of 2026 sets new C&F values for bulk and retail-packed coconut oil based on origin, with premium virgin and extra virgin varieties excluded. - FBR sets final tax collection rules for Tax Year 2027
Section 169 of the Income Tax Ordinance, 2001, outlines the treatment of final taxes, restrictions on deductions and refunds, and adjustments for taxpayers filing returns. - FBR allows credit against tax collected under Section 168 for Tax Year 2027
Taxpayers may claim credit for eligible tax collected or deducted during Tax Year 2027, subject to statutory restrictions, while unused eligible credits may qualify for refunds.
MONEY & BANKING
- SBP adopts AAOIFI Shariah standard for Tawarruq transactions
The State Bank of Pakistan adopts AAOIFI Shariah Standard No. 30 with immediate effect to strengthen Shariah compliance and harmonise Islamic banking practices. - 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.
TRADE AND INDUSTRY
- PCDMA urges SBP to cut policy rate to revive economyPCDMA Chairman Saleem Mukati calls for a single-digit interest rate, saying lower borrowing costs could stimulate industrial growth, trade and employment.
- Pakistan, EU exchange views on GSP+ framework
Minister of State for Law and Justice Barrister Aqeel Malik meets an EU delegation to discuss trade, counter-terrorism, regional stability and bilateral cooperation. - KCCI pledges firm support to goods transporters over rising costs
Karachi Chamber vows to approach federal and Sindh governments over soaring diesel prices, excessive traffic fines, poor roads and inadequate port parking. - Gul Ahmed Textile Mills posts Rs923 million loss in FY26
Gul Ahmed Textile Mills reports Rs131.09 billion in net sales as its transformation plan, including the exit from Export Apparel, weighs on annual earnings.
AUTOMOTIVE
- BYD unveils new Seagull EV with flash charging for under $10,000
The second-generation BYD Seagull arrives in China with a larger five-seat cabin, up to 420 km of CLTC range, advanced driver assistance and rapid charging technology. - Chery enters electric motorcycle market with $300 budget moped motorcycle
The Chinese automaker has secured regulatory attention for a low-cost electric scooter as it prepares to introduce extended-range motorcycles under its Cinnox brand. - Auto Policy 2026–31 proposes EV tax cuts, $6bn export target
Pakistan’s proposed automotive policy seeks lower taxes on electric and hybrid vehicles, mandatory export targets, higher localisation and gradual tariff reductions to boost competitiveness. - Subaru unveils independent EV platform ahead of 2029 launch
The new electric vehicle architecture features a 380kW all-wheel-drive setup, a next-generation battery and advanced electronic systems as Subaru prepares to reduce its reliance on Toyota.
IT & TELECOM
- Apple expands US manufacturing partnerships for iPhone Duo and iPhone 18 Pro
Apple commits up to $100 million to titanium supplier Perryman and expands its Qnity Electronics partnership to support advanced camera technology and American jobs. - Supreme Court sets aside Rs4.79bn tax liability on USF payments to telecom companies
The Supreme Court rules that Universal Service Fund payments to telecom companies for providing services in underserved areas are not subject to tax deduction under Section 153(2)(b) of the Income Tax Ordinance. - Jazz, Samsung partner to expand AI smartphone access in Pakistan
Strategic partnership introduces flexible payment options, Galaxy AI experiences and 5G-ready devices to support Pakistan’s digital inclusion. - JazzCash wins silver award for InsurTech innovation at Money20/20 USA 2026
Pakistan’s digital financial services platform secures its second consecutive Silver Award, with its Sehat+ health-protection service recognised for expanding affordable insurance access.