KARACHI: A major breakthrough has been reported in the ongoing inquiry into alleged encroachments at Hill Park in Karachi, with officials questioning the legality of a disputed plot and launching a formal land survey to verify records, ARY News reported.Mayor of Karachi, Murtaza Wahab, said that the plot presented in the case does not exist in the original layout plan. He added that, according to available records, the disputed land is not part of the approved scheme.Speaking on the matter, he said the construction carried out at Hill Park was justified using PECHS lease documents; however, the original layout plan shows no existence of the contested plot number.The Mayor further stated that under the 1974 notification, the total area of Hill Park in Karachi is approximately 56 acres. He clarified that the Karachi Metropolitan Corporation (KMC) has never allotted this land to any individual or organization.He said KMC has already initiated a detailed land survey to determine the exact boundaries and facts regarding the Hill Park land in Karachi.Warning against illegal occupation, he stated that if PECHS is found to have violated the approved layout plan, strict action will be taken. He added that encroachment or illegal construction on the land will not be tolerated under any circumstances.Murtaza Wahab further assured that all legal and administrative measures will be taken to protect public land, and said that the ongoing inquiry and survey aim to bring all facts related to Hill Park land in Karachi before the public. KMC flags forged approval letter in Hill Park land dispute Earlier, the Karachi Metropolitan Corporation (KMC) rejected claims that it authorised construction activity on land within Hill Park, stating that no permission or no-objection certificate (NOC) was issued for the use or development of the government-owned property.According to KMC officials, an attempt to occupy part of the land through the use of allegedly forged documents has been uncovered. The civic authority has described the ongoing construction activity on the site as a possible encroachment on public land and has ordered an immediate investigation into the matter.The Director of Land at KMC stated that a document identified as Letter No. DL/KMC/232/2026 has been declared fabricated and carries no legal validity. The authority has also initiated inquiries into all development activities currently taking place on the disputed site.As part of the investigation, formal correspondence has been sent to the Senior Superintendent of Police (SSP) East and the Station House Officer (SHO) of Ferozabad Police Station, requesting legal action and further scrutiny of the case.KMC officials emphasised that no individual or private organisation has been granted development rights over the Hill Park land. They added that the legal status of Plot No. 39-G-4 in the PECHS area is currently under review.The authority further stated that a conditional NOC is allegedly being misrepresented to justify the construction work. According to KMC, the document in question does not grant permission to occupy, develop or utilise any government or municipal land.Officials have recommended the registration of criminal cases against individuals found involved in land grabbing, forgery or fraudulent activities linked to the matter.

The Pakistan Stock Exchange (PSX) witnessed a sharp downward trend on Monday, June 1, 2026, with the benchmark KSE-100 Index closing significantly lower amid strong selling pressure.At the close of trading at PSX, the KSE-100 Index fell by 3,325 points to close at 170,637 points, compared to last Friday’s closing level of 173,962 points.During the trading session, the stock market remained volatile, with the index reaching an intraday high of 174,171 points before reversing course and ending deep in the red.Today, the trading activity at PSX remained robust, as a total of 581.2 million shares were traded during the day at Rs. 31 billion.Overall, shares of 563 companies were traded at the Pakistan stock exchange (PSX). Of these, 168 companies recorded gains, while 296 companies saw their share prices decline. The remaining stocks closed unchanged. Read Also: PSX raises Rs76.3bn in 6th Hybrid Sukuk Auction Pakistan Stock Exchange Limited (PSX) successfully raised Rs76.286 billion for the Ministry of Finance through the 6th Auction of Government of Pakistan Hybrid Sukuk (GHS), reflecting continued investor appetite for Shariah-compliant government securities.A private bank played a leading role in the transaction as Joint Financial Advisor, contributing towards the structuring, development, and successful execution of the Sukuk programme, further reinforcing its position as a key player in Pakistan’s Islamic capital markets landscape.

The Kuwaiti Dinar (KWD) demonstrated good performance against the Pakistani Rupee (PKR) in the open market on Monday, June 1, 2026, holding perfectly flat after closing out May on steady ground.Backed by Kuwait's immense oil revenues, unmatched sovereign wealth reserves, and a robust fiscal buffer, the Kuwaiti Dinar confidently retains its status as the world’s highest-valued currency.Conversely, the State Bank of Pakistan (SBP) continues its tightrope walk to manage the Pakistani Rupee, deploying targeted policy measures and leaning on steady remittance channels to shield the local currency against persistent domestic inflation and steep external debt obligations.Weekend vs. Week-Open Market DynamicsTrading for the new week opened with absolute stability, showing zero variance from the prior month's close. On Saturday, May 30, the Kuwaiti Dinar wrapped up May trading at a buying rate of Rs. 883.35 and a selling rate of Rs. 894.25.As banks and exchange counters reopened on Monday, June 1, the Kuwaiti Dinar to Pakistani Rupee pairs held their ground completely unchanged, with the buying rate maintaining a firm stance at Rs. 883.35 and the selling rate remaining locked at Rs. 894.25, reflecting total near-term equilibrium in the open market.Sophisticated Currency Baskets vs. SBP Defense StrategiesThe exceptional stability of the Kuwaiti Dinar to the Pakistani Rupee pair underscores the stark contrast between a cash-rich Gulf economy and a reforming South Asian market.Financial analysts point out that the Kuwaiti Dinar's elite global standing is heavily protected by Kuwait’s unique managed exchange rate system. Rather than tracking a single asset, the Kuwaiti Dinar is linked to an undisclosed basket of international currencies.This multi-currency peg effectively cushions the Kuwaiti Dinar against aggressive shocks in any single global market, reinforcing deep investor confidence in Kuwait's financial architecture.Meanwhile, the Pakistani Rupee continues to face structural headwinds, including trade imbalances and shifting foreign exchange reserves. To keep the Pakistani Rupee from experiencing erratic spikes or sudden sell-offs, the SBP has introduced strict regulatory policies.These interventions, paired with reliable inflows from overseas workers, have successfully built a defensive floor for the Rupee, containing excessive volatility across retail and corporate exchange sectors.Cross-Border Commerce and the Remittance LifelineThe flat yet elevated exchange rate continues to reshape the financial landscape for commercial entities and cross-border families alike.Escalating Import Barriers vs. Foreign Investment IncentivesThe sustained strength of the Kuwaiti Dinar acts as a double-edged sword for corporate Pakistan. Importers dealing in crude petroleum, heavy industrial equipment, and machinery from the Gulf are navigating much steeper rupee-denominated settlement costs.On the corporate flip side, the powerful exchange rate gives Kuwaiti venture capitalists and institutional investors immense purchasing power within Pakistani markets, though local exporters face uphill pricing challenges trying to remain competitive in Dinar terms.Essential Economic Support for Remittance-Dependent HomesFor the vibrant Pakistani expatriate community residing in Kuwait, the Kuwaiti Dinar's premium valuation remains an ongoing financial victory. When converted, hard-earned Dinar salaries transform into substantial rupee payouts back home, acting as a crucial economic buffer for families struggling against high local utility costs and inflation.These steady, high-value inflows do double duty directly, funding household consumption and serving as a key pillar supporting Pakistan's broader balance of payments.Near-Term Forecast and Transaction GuidanceForex dealers anticipate that the Kuwaiti Dinar to the Pakistani Rupee pair will trend sideways in a highly stable channel over the coming weeks. While future momentum will be dictated by international crude oil price fluctuations and Kuwait's fiscal adjustments, the Rupee's domestic performance hinges strictly on Pakistan's capability to expand its export base, cool down consumer price indexes, and successfully build up its central bank reserves.Trading Insight: Financial experts recommend that individuals and corporations closely evaluate live spreads across several SBP-licensed money changers before finalizing any major transactions, as retail rates can slightly diverge between cities.To ensure secure handling and transparent pricing, always utilize official, regulated banking channels and verify any upfront service commissions prior to signing off on a currency exchange settlement.Disclaimer: Open market exchange rates are subject to intraday fluctuations and may vary across commercial banks, licensed exchange booths, and digital financial platforms.

ISLAMABAD: A new video has emerged of Pakistani crew members being held hostage aboard the hijacked vessel Honour 25 in Somalia, with the captives appealing to authorities for urgent intervention and rescue, ARY News reported.In the video, one of the hostages, identified as Yasir, said that 10 Pakistani crew members have been stranded in dire conditions for the past 42 days since the vessel was seized by pirates.Describing the deteriorating humanitarian situation, Yasir said the hostages do not have access to clean drinking water and are surviving on a single meal of boiled rice every 24 hours.“We have no clean water to drink and only eat boiled rice once a day,” he said, adding that the crew's condition continues to worsen with each passing day.[video mp4="https://arynews-1313565080.cos.ap-singapore.myqcloud.com/zip-archives/wp-content/uploads/2026/06/WhatsApp-Video-2026-06-01-at-6.22.57-PM.mp4"][/video]The hostages appealed to Pakistan's leadership, including Field Marshal Asim Munir, seeking immediate assistance for their safe recovery.“We request the Prime Minister of Pakistan, Field Marshal Asim Munir, President and all relevant authorities to help secure our release. We cannot endure these conditions much longer,” Yasir said in the video message.The crew members also alleged that the company operating the vessel has not been engaged in meaningful negotiations regarding their release.According to the hostages, promises are being made to the captors but their demands have yet to be fulfilled, leaving the crew uncertain about when they may regain their freedom.“We are not being told anything about our recovery or when we will be released,” the Pakistani hostage said.The latest video has renewed concerns over the safety of the Pakistani crew aboard Honour 25, as calls grow for urgent diplomatic and humanitarian efforts to secure their release from captivity in Somalia.

The Omani Riyal (OMR) maintained its position of regional strength against the Pakistani Rupee (PKR) in the open market on Monday, June 1, 2026.On the other side of the pair, the Pakistani Rupee continues to leverage steady remittance inflows from the Gulf region to buffer ongoing domestic inflation, import demands, and external financing pressures managed by the State Bank of Pakistan (SBP).Weekend vs. Week-Open Market DynamicsThe open market rates shifted slightly into a narrower spread as trading commenced for the week. On Saturday, May 30, the Omani Riyal closed out the month trading at a buying rate of Rs. 717.00 and a selling rate of Rs. 731.00.By Monday, June 1, 2026, the Omani Riyal experienced a localized adjustment, with the buying rate rising to Rs. 719.15 while the selling rate edged down slightly to Rs. 730.25, reflecting a highly stable yet tightly managed trading environment for market participants.Central Bank Pegs and Domestic SupportsThe trajectory of the Omani riyal to Pakistani rupee pair highlights the intersection of strict Gulf monetary regimes and South Asian economic realities.The Omani Riyal's robust global valuation is structurally anchored by its fixed exchange-rate mechanism, which has been pegged to the US Dollar at a rate of 2.6008 since 1986. This regime shields the Omani Riyal from typical international market volatility, though it leaves the currency indirectly tied to macroeconomic developments in the United States and shifts in Federal Reserve policy.Conversely, the Pakistani Rupee’s baseline stability relies heavily on the continuous flow of capital from overseas workers. Financial experts note that persistent remittance inflows from Gulf nations, including Oman, serve as a critical defense line for the SBP's foreign exchange reserves. This constant supply of liquidity has successfully contained major weekly fluctuations, keeping the Omani riyal to Pakistani rupee pair bound within a predictable horizontal channel.Trade Resilience and Impact on Overseas WorkersThe current exchange rate environment heavily dictates the financial health of bilateral trade partnerships and expatriate households alike.Stability Anchors Billion-Dollar Trade CorridorEconomic relations between Pakistan and Oman remain deeply integrated, with annual bilateral trade volumes hovering between $1 billion and $1.2 billion. Pakistan primarily exports textiles, rice, and agricultural goods to Muscat, while importing vital petroleum and energy-related products from the Sultanate. Analysts point out that a stable, low-volatility exchange rate allows cross-border enterprises to execute long-term financial planning and control input costs with minimal currency risk.Reliable Purchasing Power for Expatriate FamiliesThe steady Riyal continues to act as a vital safety net for thousands of Pakistani blue-collar and professional workers living in Oman. Under the current market rates, a modest monthly salary of 500 OMR translates into roughly Rs. 362,000 when remitted back home, significantly boosting the purchasing power of recipient families. For outbound travelers or families funding overseas expenses, a benchmark of Rs. 1,000 currently yields approximately 1.38 OMR.Near-Term Forecast and Transaction GuidanceMarket observers expect the OMR/PKR pair to follow a relatively flat, stable path in the near term. Because the Riyal is pegged to the Dollar, the Rupee’s side of the equation will remain the primary variable—heavily dependent on Pakistan’s external debt management, domestic inflation control, and overall foreign exchange liquidity.Trading InsightFinancial experts strongly advise citizens to thoroughly compare live quotes across multiple SBP-licensed exchange companies before finalizing trades, as retail rates can vary slightly by provider and city. Consumers are also urged to verify any additional service fees or commissions before settlement, and to use exclusively authorized channels to ensure transaction security.Disclaimer: Exchange rates shift continuously throughout the day and are subject to minor variation across commercial banks, retail money changers, and formal financial institutions.

ISLAMABAD: The All Pakistan Clerks Association (APCA) has demanded a 200 percent increase in salaries and a 500 percent increase in house rent, medical and other allowances for government employees ahead of the announcement of the federal budget for fiscal year 2026-27, ARY News reported.According to details, APCA's central leadership has presented a six-point charter of demands to the government and announced a large-scale protest demonstration in Islamabad on June 2 to press for the acceptance of its proposals.Among its key demands, the association has called for an immediate 200 percent increase in basic pay scales for government employees, arguing that soaring inflation and rising living costs have made it increasingly difficult for workers to meet their daily expenses.APCA has also sought a 500 percent increase in house rent, medical and other official allowances, saying existing benefits no longer reflect current economic realities.The association further demanded that the government permanently halt any plans to privatise public-sector institutions.Criticising the government's economic policies, APCA leaders said persistent inflation has severely affected the purchasing power of government employees and clerical staff.They argued that the sharp rise in the cost of living has placed an unbearable burden on workers, making it difficult for many families to survive on current salaries.To increase pressure on the government ahead of the budget, APCA has called for a nationwide protest in Islamabad on June 2. Clerks and government employees from across the country are expected to participate in the demonstration.Meanwhile, authorities in the federal capital have reportedly begun making security arrangements in anticipation of the protest.

KARACHI – June 1, 2026 – The State Bank of Pakistan's official foreign currency rates for the first day of June, shows US Dollar (USD) holding near recent lows while the Euro (EUR) and British Pound Sterling (GBP) recorded noticeable change. The Kuwaiti Dinar (KWD) remains the most expensive currency in the interbank market. The data, released by SBP, includes both spot (ready) rates and forward rates for tenors ranging from one week to one year. US Dollar (USD) Remains Subdued The US Dollar was quoted at Rs. 278.4728 for ready transaction on June 1, 2026 — virtually unchanged from last week's closing levels. In forward markets, the dollar gradually strengthens, reaching Rs. 280.5119 at one month and Rs. 290.0563 at six months. This forward curve suggests modest depreciation pressure on the rupee over the medium term. The USD/PKR pair remains the primary reference for trade settlements, overseas worker remittances, and external account monitoring under the IMF program.UK Pound (GBP) Moves Higher The British Pound Sterling (GBP) saw a notable uptick, trading at Rs. 375.0333 for ready — a significant rise from mid-May levels around Rs. 364-365. The sharp move reflects renewed strength in the Pound globally, rather than rupee-specific factors. Remittance flows from the United Kingdom remain a vital source of foreign currency for Pakistan. Forward rates show the GBP climbing further, reaching Rs. 367.6595 at one month and Rs. 387.9048 at one year, though the curve is uneven.Euro (EUR) Jumps Sharply The Euro recorded a substantial increase, quoted at Rs. 324.6576 for ready — up from approximately Rs. 317 in late May. This represents one of the single largest weekly gains for the Euro against the Rupee in recent months. The move is attributed to broad Euro strength following hawkish European Central Bank (ECB) signals. Forward rates indicate continued Euro appreciation, with one-year EUR/PKR quoted at Rs. 345.3063. For Pakistani students heading to EU countries and travelers planning summer trips, the Euro has become noticeably more expensive.Canadian Dollar (CAD) Moves Moderately The Canadian Dollar (CAD) was quoted at Rs. 201.5509 for ready, showing a modest increase from previous sessions. The loonie's uptick aligns with firmer crude oil prices. The CAD/PKR rate remains a critical figure for Pakistani families supporting students at Canadian universities, as tuition-related remittances typically rise ahead of fall semester deadlines. Forward rates show the CAD reaching Rs. 204.7663 at three months.Middle East Leaders: Bahraini Dinar, Kuwaiti Dinar, Omani Riyal Note: The SBP rate sheet for June 1, 2026 does not display these currencies in the excerpt provided. Based on recent pegs, the following estimated ranges apply: Kuwaiti Dinar (KWD): Expected near Rs. 904-909 — remains the strongest currency against the Rupee. Bahraini Dinar (BHD): Expected near Rs. 737-741 — stable due to US Dollar peg. Omani Riyal (OMR): Expected near Rs. 721-725 — also dollar-linked. These exchange rates ensure that Pakistani workers in Kuwait, Bahrain, and Oman continue to receive high rupee value for their remitted earnings.Pakistan Currency Rates - Latest Updates Other Currencies at a Glance Among other actively traded currencies on the June 1 SBP sheet: the Japanese Yen (JPY) traded at Rs. 1.7464 per unit (ready), while the Swiss Franc (CHF) was quoted at Rs. 355.5351. The Australian Dollar (AUD) came in at Rs. 199.9435, the Swedish Krona (SEK) at Rs. 30.1276, the Norwegian Krone (NOK) at Rs. 30.1935, the Danish Krone (DKK) at Rs. 43.4394, and the Singapore Dollar (SGD) at Rs. 75.8203. Forward rates for all currencies are available on the SBP sheet. Disclaimer: These are the interbank rates issued by the State Bank of Pakistan for June 1, 2026. Actual retail rates at exchange companies and banks may vary due to applicable margins, taxes, and market conditions.

The UK Pound (GBP) has dipped slightly against the Pakistani Rupee (PKR) in the open market after Eid al-Adha holidays.Despite this minor downward tick, the Pound continues to exhibit strong global performance, sustained by high investor confidence and a cautious monetary approach by the Bank of England (BoE).Meanwhile, the Pakistani Rupee remains under pressure due to domestic inflationary concerns, upcoming external debt repayments, and a tight benchmark policy rate maintained at 10.50% by the State Bank of Pakistan (SBP).Weekend vs. Week-Open Market DynamicsThe Pakistani Rupee gained minor ground over the weekend, slightly cooling off from the previous week's closing rates.On Saturday, May 30, 2026, the UK Pound wrapped up the month holding steady at an average buying rate of Rs. 374.08 and a selling rate of Rs. 379.10 against the Pakistani Rupee.By Monday, June 1, 2026, the open market numbers adjusted slightly downward, with the UK Pound buying rate settling at Rs. 372.98 and the selling rate landing at Rs. 378.10, marking a modest drop of roughly one Rupee for market participants.Contrasting Central Bank TrajectoriesThe ongoing movement of the UK Pound to the Pakistani rupee pair reflects two entirely different economic environments.The UK Pound retains its position as a highly resilient global asset. Experts point to the United Kingdom’s steady macroeconomic indicators and a widespread belief that the Bank of England will remain highly disciplined with its monetary policy. This steady baseline keeps global investor interest high.On the other side of the equation, the State Bank of Pakistan is working to protect the Pakistani Rupee against multiple compounding headwinds.The Pakistani Rupee’s stability is heavily dependent on hitting key milestones in Pakistan's IMF program, managing high import demands, and preserving foreign exchange reserves. To balance the aggressive push of domestic inflation against basic economic growth needs, the SBP has chosen to hold its primary interest rate steady at 10.50%.The Two-Sided Reality: Commercial Strain vs. Remittance GainsThis exchange rate climate directly impacts both corporate bottom lines and everyday household budgets in distinct ways.Increased Pressures on Imports and Higher EducationPakistani businesses relying on British goods, such as medical supplies and specialized machinery, are absorbing much higher operational expenses. For instance, settling a routine £10,000 commercial invoice now demands nearly Rs. 3.79 million out of pocket.This financial weight extends to families sending students to the UK. With typical British tuition and living overheads running between £15,000 and £25,000 annually, even minor shifts in the exchange rate can alter a family's educational budget by hundreds of thousands of Pakistani Rupees. Consequently, corporate treasuries are turning more frequently to authorized currency hedging mechanisms to lock in costs.A Boost for Families Supported by Overseas WorkersOn the flip side, the UK Pound's elevated value is a major win for Pakistani expats living in Britain. Under current market conditions, sending home just £100 yields roughly Rs. 37,843 for local families. This added value directly elevates the spending power of these households, which supports local businesses and injects critical foreign liquidity into the broader national economy.Near-Term Forecast and Trading AdviceMarket analysts foresee a stable to modestly bullish path for the UK Pound to the Pakistani rupee pair in the weeks ahead. While technical indicators suggest the UK Pound still has upward momentum on the global stage, traders should watch for upcoming UK economic reports and BoE press conferences, which often spark quick bouts of volatility.For Pakistan, the path forward hangs heavily on boosting exports, maintaining high remittance numbers, and securing steady foreign investments.Trading Insight:Forex specialists strongly suggest that individuals and corporations execute all currency transactions solely through licensed banks and SBP-approved financial institutions. They also note that market liquidity and price fluctuations hit their peak during the afternoon hours when the Karachi and London trading sessions overlap.Disclaimer: Exchange rates shift rapidly throughout the day and frequently differ among individual banks, retail booths, and corporate exchange platforms.

LAHORE: The Punjab government has announced the restoration of old business timings across the province, under which all markets and shops will be required to close at 8:00 pm from tomorrow.According to official details, the temporary relaxation in trading hours granted under the government’s austerity drive has come to an end. A notification issued on May 15, 2026, had allowed traders to keep markets open beyond regular hours until June 1, after which the revised schedule was set to be enforced.From Tuesday, June 20, all markets, shopping malls, and commercial centres across Punjab — including Lahore — will revert to the earlier timetable, making 8:00 pm the mandatory closing time.The provincial government says the decision is part of its energy conservation and austerity measures, aimed at reducing power consumption and enforcing disciplined commercial activity.However, the move has triggered concern among the business community in Punjab, with traders expressing reservations over the impact on sales, particularly during the ongoing heatwave and sluggish market conditions.According to sources, various trader associations have initiated urgent consultations with senior officials in an effort to seek an extension in the relaxed timings.Business representatives argue that reduced evening trading hours could significantly affect revenues and have urged the Punjab government to reconsider the decision.No fresh notification has been issued so far, meaning authorities are expected to ensure strict implementation of the 8:00 pm closure policy starting tomorrow.

KARACHI: As May 2026 comes to a close, many Pakistanis who invested in the Iranian rial are feeling anxious and disappointed. While the IRR remained strong in the open market, it did not deliver the massive surge that traders and small investors had hoped for amid Iran war. Throughout the month, the standard bundle of 1 crore Iranian rials (10 million IRR) traded steadily between PKR 8,000 and PKR 10,000 in Pakistan’s informal cash market. This rate remained largely stable with only minor fluctuations. Compared to early May, there was no significant upward movement. The premium stayed three to four times higher than the old baseline of PKR 2,500 per crore, but the expected “big jump” many were waiting for simply did not materialize. Authentic Mid-Market Rate (International Benchmark) 1 PKR ≈ 4,700 – 4,730 Iranian rials 1 crore IRR ≈ PKR 2,110 – 2,130 The gap between the local open market and the real international rate remained wide, but the lack of fresh momentum left many local buyers worried. In Karachi’s Saddar and Quetta’s currency markets, stories of cautious hope are turning into quiet disappointment. Ahmed Khan, a 42-year-old shopkeeper from Karachi, invested his savings in Iranian rials in early April expecting a quick profit. “Everyone was saying the rate would cross PKR 15,000 or even 20,000 per crore by the end of May. I bought at PKR 9,500 thinking I would make good money. Now it’s almost the same. My money is stuck,” he said with visible concern. Similar sentiments echo across Balochistan and Sindh. Many middle-class families and small traders had shifted money into rials hoping for sanctions relief or improved Iran-Pakistan trade to push the value higher. When the expected rally did not happen, anxiety spread. Saima Bibi, a housewife in Quetta who convinced her husband to invest family savings, shared her worry: “We heard big news about trade with Iran. People said the rial would skyrocket. Now I lie awake thinking about our savings. The rate is not falling, but it’s also not rising. What should we do?”Key Reasons Behind the Stable but Flat Performance Strong but not explosive demand for cross-border trade (fuel and goods). Limited positive geopolitical developments between Iran and the US. Steady supply of physical rials in the local market preventing a sharp shortage-driven rally. Global weakness of the Iranian rial kept international rates stable. Market experts believe the rial may remain range-bound in the coming weeks unless there is a major breakthrough in regional politics or trade policies. While the current premium still offers some protection compared to international rates, the dream of a sudden windfall appears to be fading for now.

ISLAMABAD: The Federal Investigation Agency (FIA) has offloaded three women passengers at Karachi airport after uncovering an alleged Germany student visa fraud scheme, an FIA spokesperson said on Monday.According to the spokesperson, FIA Immigration officials stopped three women — identified as Nida, Gulnaz, and Aqsa — on suspicion of carrying suspicious educational documents.Nida and Gulnaz were travelling on German student visas, while Aqsa held a German residence permit.During immigration clearance, Nida and Gulnaz were unable to provide satisfactory information about their academic programmes or their proposed studies in Germany. Both reportedly admitted that they had not received education from any college or university in Pakistan.Further investigation revealed that Aqsa had been residing in Germany for the past 10 years and was allegedly facilitating visa processing, blocked account arrangements, and the preparation of educational documents for prospective applicants.According to the FIA, a search of Aqsa’s mobile phone led to the recovery of suspicious mark sheets, academic records, signatures, and other material indicating the alleged preparation of forged educational documents.Investigators also identified a Karachi-based agent, Humayun, who allegedly provided fake educational documents to the passengers in exchange for Rs150,000 per person.The FIA said all three women were offloaded and transferred to the agency’s Anti-Human Trafficking Circle (AHTC) in Karachi for further legal action.An investigation into the matter is underway, the spokesperson added.

ISLAMABAD: Pakistan and the European Union on Monday reaffirmed their commitment to transforming bilateral ties into a comprehensive and mutually beneficial partnership, highlighting the vast potential for cooperation during the 8th Pakistan-EU Strategic Dialogue held in Islamabad.Deputy Prime Minister and Foreign Minister Ishaq Dar, addressing a joint press breifing with the European Union’s High Representative for Foreign Affairs and Security Policy and Vice-President of the European Commission, Kaja Kallas, described the dialogue as the highest institutionalized forum between Pakistan and the EU.The two sides reviewed progress on cooperation under the Pakistan-EU Strategic Engagement Plan 2019, covering sectors including trade, investment and development, human rights and rule of law, migration and mobility, and security and counter-terrorism.Dar highlighted that the EU was among Pakistan’s major trade partners and described Pakistan-EU trade cooperation under the GSP+ framework as a win-win template and stated that discussions focused on further strengthening bilateral trade and investment ties.During the dialogue, both leaders exchanged views on a range of regional and global developments, including tensions involving the United States and Iran, the security situation in South Asia, Afghanistan, Europe, and the Middle East.The deputy prime minister raised concerns regarding unprovoked Indian aggression and reiterated Pakistan’s principled position on the Jammu and Kashmir dispute, advocating for its resolution according to the wishes of the Kashmiri people in line with UN Security Council resolutions.He also shared that Pakistan’s position on the Indus Waters Treaty stands vindicated after the Court of Arbitration’s supplementary award, which affirmed that the Treaty placed substantive limits on India’s water control capability on the western rivers.Read More: No Change in Pakistan’s Policy Toward Israel, says Ishaq DarOn security issues, Ishaq Dar emphasised concerns regarding the presence of Fitna Khawarij and Fitna Hindustan elements on Afghan soil and their continued attacks against Pakistan.In her remarks, Kaja Kallas described Pakistan as a major regional power and an important partner for the European Union.Kallas noted that the EU remains Pakistan’s largest export destination, stating that Pakistan is the world’s leading beneficiary of the EU’s GSP+ scheme.She expressed appreciation for Pakistan’s mediation efforts between the United States and Iran, which have helped prevent a return to full-blown war.Commenting on Afghanistan, Kallas said Pakistan has the right to protect its people and defend itself in accordance with international law.Both leaders expressed resolve to further strengthen EU-Pakistan ties across trade, climate resilience, digital infrastructure, clean energy, migration, mobility, and people-to-people links, including through the Erasmus Mundus scholarship programme in which Pakistan tops the rankings.

KARACHI: The Sindh High Court (SHC) on Monday suspended the termination of a female employee of the State Bank of Pakistan (SBP) and ordered her reinstatement, ruling that she could not be declared medically unfit solely because of a rare congenital heart condition known as dextrocardia.The petitioner, Iman Gulzar, had approached the court after being dismissed from her job allegedly due to the position of her heart, which is located on the right side of her chest instead of the left.During the hearing, her counsel argued that the State Bank had terminated her employment after medical examinations revealed the congenital condition.A constitutional bench comprising Justice Muhammad Saleem Jessar and Justice Nisar Ahmed Bhanbhro heard the case and suspended the termination order.The court directed the State Bank of Pakistan to immediately send the petitioner for training and issued notices to the SBP governor and other relevant officials.In its observations, the court remarked that no individual could be declared ineligible solely on medical grounds without proper justification.“The placement of the human heart on the right side is a congenital condition and can be entirely normal,” the court observed.The SHC adjourned further proceedings in the case until August 2026.Read More: Summer vacation commences in SHC, lower courts

LARKANA: Armed intruders opened fire in a house in Larkana leaving four members of the family dead while two others were injured in the incident on Monday.Armed men entered in a house in Sindh Green Colony of Larkana and opened indiscriminate firing in which four persons were killed and two injured. Those killed included a woman, her two sons and a daughter.The head of the family and a four-year girl were injured in firing. The injured and dead bodies were shifted to local hospital, police said.Police said that the incident seems to be the result of an old enmity.Police have launched a search for arrest of the culprits, officials said.Man kills daughter, son-in-lawAlso in Larkana, a man opened fire at his daughter and son-in-law and killed both of them on the spot, police said.The man has slain his daughter and her husband in the name of honour, police said. The couple had married with their free will.The dual murder culprit surrendered to police after the crime.

Karachi: Silver rate in Pakistan has maintained a firm tone on Monday June 1, the first day after Eid al-Adha holidays, with the chandi ka rate standing at Rs. 7,908 per tola— as local demand has surged due to the final days of the wedding season in Pakistan. This performance reflects the ongoing positive momentum, as silver stays closely attuned to global market movements and safe-haven interest besides being a wedding luxury in Pakistan. Current local rates stand at Rs. 6,778 per 10 grams and Rs. 677.8 per gram, backed by international spot silver activity and its strong correlation with gold. The metal remains attractive as an accessible safe-haven asset and an essential industrial commodity in today’s economic environment. This stability mirrors gold’s positioning (local 24K gold around Rs. 510,000+ per tola), underlining the close relationship between the two metals in the current market setting.Understanding the rise of silver rates in Pakistan Strong Link to Gold Rally – Gold’s solid levels (international spot near $5,100+/oz and local rates firm) provide support to silver, as investors frequently trade both for hedging and portfolio diversification. International Spot Silver Momentum – Global silver continues to exert upward pressure (with spot prices in elevated ranges), directly influencing local PKR rates through import costs and exchange rate fluctuations. Reliable Industrial Demand – Silver’s critical uses in solar panels, electric vehicles, electronics, and renewable energy sectors ensure consistent consumption, helping stabilize and support prices across different market conditions. Local Buyer Engagement – Pakistani investors and jewelers maintain steady interest in silver as an inflation hedge and a more affordable alternative to gold, contributing to the firm trend observed in Sarafa markets. Analysts note that silver’s fluctuating yet promising outlook has kept it resilient, with recent movements reinforcing its dual role as both an investment asset and an industrial metal. Read More: Gold Rates Today in Pakistan Buyers and investors should always check live Sarafa market quotes before making any transactions, as prices can change quickly based on international developments and local sentiment.Current Silver Rates in Pakistan (June 1, 2026) Weight Rate (PKR) Notes 1 Gram 677.8 Fine/Pure Silver 10 Grams 6,778 Fine/Pure Silver 1 Tola 7,908 Standard Sarafa Market Rate Rates are approximate and based on latest Karachi Sarafa/local reports

The Federal Board of Revenue (FBR) collected Rs 966 billion in tax revenues during May 2026, representing a 7% year-on-year increase. Despite this growth, collections remained Rs 184 billion below the monthly target of Rs 1,150 billion.Over the first eleven months of fiscal year 2025–26, the FBR generated total tax revenues of Rs 11,227 billion. However, cumulative collections from July 2025 to May 2026 were Rs 868 billion lower than the revised target set for the period.The revenue target for the first eleven months of the fiscal year stood at Rs 12,095 billion. While tax receipts recorded a 7% annual increase, the FBR was unable to achieve its projected revenue objectives.Read More: FBR reduces Islamabad property valuation rates by up to 33%On a month-on-month basis, tax collection in May 2026 posted a modest increase of 1%, indicating limited growth compared with the previous month.Meanwhile, the federal government is considering reducing transaction taxes on the real estate sector in the upcoming budget to stimulate property market activity and enhance overall tax revenue.Sources said significant relief is expected for the real estate sector as part of the government’s efforts to promote real estate and construction activities, which are closely linked to employment generation and economic growth.According to sources, the government has informed the International Monetary Fund (IMF) about its proposal to reduce transaction taxes on property transactions. Officials believe that lower taxes will encourage greater buying and selling activity in the property market, ultimately leading to higher tax collection.

LAHORE: Former caretaker minister Gohar Ejaz on Monday presented his shadow budget proposals ahead of the announcement of the federal budget for FY2026-27.In a statement Chairman Economic Policy and Business Development, Gohar Ejaz said, "Every year a ritual to pass budget being performed in June". "The budget prepared behind the walls of some ministries and less than two weeks' time given to the Parliament for scrutiny of the budget", he said.Gohar Ejaz said that the business community informed after passage of the budget. "They expect the business community to run the wheels of the national economy".He said this process of budget making has been failed, as the investment has stopped in the country, "In last three years average two percent economic growth can be achieved. It is not the economic stability, it is a step-by-step decline," Ejaz said.Gohar Ejaz said that the government debt has galloped from 19 trillion to 80 trillion in 10 years. "Sixty percent of the budget being spent on debt-servicing".He said the taxation system punishing tax holders, the receipts have doubled in five years, tax-to-GDP ratio has reach to 10% as burden being piled up over the salaried and business classes.Former caretaker minister said that the undocumented economy being run outside the tax net.Presenting the budget proposals of the Economic Policy and Business Development, Gohar Ejaz suggested reducing the income tax rate from 35% to 20% and corporate tax rate from 29% to 25%. He also proposed reducing the sales tax rate from 18% to 15% in next three years.While suggesting removal of the non-filer category, he suggested fixing the FBR's tax collection target at 14,500 billion. He also proposed steps to reduce the government spending by three to four trillion rupees.Gohar Ejaz also suggested return of expensive loans, ban on constitution of new departments, handing over of the devolved institutions to provinces and expansion of the scope of the single treasury accounts.Former minister also suggested that the government funds should not be deposited in commercial banks.He said the meaningful financial reforms are difficult until constitution of the new National Finance Commission Award.He said that the figures of the shadow budget are based on facts, "challenge them if they are unreal". He said the business community could not accept the un-consulted decisions and urged for giving heed to the proposals given in the shadow budget.

LAHORE: The City Traffic Police have taken action against unregistered Qingqi rickshaws and loaders, imposing a ban on their entry into model roads, including Canal Road.In order to ensure the protection of citizens’ lives and property and to maintain smooth traffic flow, authorities have prohibited the entry of unregistered loaders and Qingqi rickshaws on model roads, particularly Canal Road.The Traffic Police have initiated strict enforcement measures for public safety, stating that Qingqi rickshaws and loaders without registration or number plates will no longer be allowed to operate on the roads.According to an awareness campaign issued by the Traffic Police, the entry of unregistered and unnumbered loaders and Qingqi rickshaws has been completely banned on model roads, especially Canal Road.[gallery ids="832507"]The statement further said that this step has been taken to ensure public safety, maintain traffic discipline, and reduce the increasing number of road accidents.Traffic officials noted that unregistered vehicles not only create traffic congestion but also make it difficult to identify responsible individuals in the event of crimes or accidents.The City Traffic Police confirmed that the ban will take immediate effect, and strict legal action will be taken against violators.Authorities have appealed to citizens and drivers to ensure the registration of their rickshaws and loaders and to comply with traffic regulations in order to contribute to safer roads.They also emphasised that road safety can only be achieved through strict adherence to traffic laws, and violations will be treated as punishable offences.

Karachi Police have arrested Anmol Pinky; however, reports suggest that despite being in custody, the cocaine trafficking network allegedly associated with her network continues to operate.Anmol alias Pinky was arrested earlier this month from her Garden apartment in a joint raid conducted by police and a civilian intelligence agency in connection with two cases pertaining to the possession of narcotics and an unlicenced weapon.Investigations indicate that drug trafficking networks have altered their methods of supply. In Karachi, cocaine is reportedly being concealed within snack packets, including children’s crisps and papad packaging.It has further been alleged that cocaine is being delivered to homes, bungalows, and restaurants concealed inside such snack packets.Sources claim that members of the “Pinky network” have issued additional account numbers for transactions. Online payment details, including one-time or “OneZip” accounts and other digital accounts, are reportedly being shared directly with customers.In one reported exchange, a supplier allegedly instructed a customer“My rider will deliver several packets of chips.”The supplier further allegedly explained:“Inside these chips packets, there will also be a separate packet containing cocaine.” Anmol Pinky case: 'Inconsistencies' in police report emerge It is further reported that suppliers continue to provide detailed instructions to customers regarding delivery and concealment methods.Authorities are continuing their investigation into the alleged network and its evolving operational tactics.

ISLAMABAD: Private airline South Air has announced plans to launch regular flight operations to Dera Ismail Khan (DI Khan) in Khyber Pakhtunkhwa, marking a significant step toward improving air connectivity in the province.A delegation of South Air, led by Kanwar Muhammad Tariq, met Khyber Pakhtunkhwa Governor Faisal Karim Kundi to discuss the airline's expansion plans and future operations in the province.During the meeting, Governor Kundi assured the delegation of full support for launching flights to Dera Ismail Khan and Chitral. Aviation News - ARY News "South Air is welcome in Khyber Pakhtunkhwa," the governor said, expressing confidence that the airline's operations would prove successful in the province.He emphasized the importance of enhanced air connectivity for promoting tourism, business, and economic development, noting that Khyber Pakhtunkhwa is one of Pakistan's leading tourism destinations.Governor Kundi pointed out that several important regions of the province still lack adequate air transport facilities. He said flights connecting Peshawar with Karachi, Lahore, and Quetta would help accelerate economic activity and improve regional connectivity.The governor added that the entry of new airlines into the province would create employment opportunities and contribute to the growth of tourism and commercial activities.Earlier, South Air launched its first trial flight service from Karachi to Gwadar.The trial flight successfully landed at the New Gwadar International Airport, marking a key milestone in efforts to improve air travel facilities in the coastal region.According to the flight schedule, South Air flight Z8-905 departed Karachi at noon and arrived at the New Gwadar International Airport at 3:40 p.m.The operationalization of the airport under the China-Pakistan Economic Corridor (CPEC) project is expected to facilitate the movement of passengers, cargo, and services.The new air service is also expected to reduce travel time between Gwadar, Karachi, Quetta, and other cities while boosting trade, tourism, and development activities across the Makran division.