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  • BOP Rejects Reports of Cyberattack, Clarifies Credit Card System Glitch

    BOP Rejects Reports of Cyberattack, Clarifies Credit Card System Glitch

    PAKISTAN

    The Bank of Punjab (BOP) has categorically rejected media reports suggesting a cyberattack on its systems, clarifying that the issue stemmed from a temporary technical glitch in its credit card system.

    In a statement issued to the Pakistan Stock Exchange (PSX), the bank said that during routine monitoring it identified certain irregular credit card transactions and immediately initiated an internal review. The investigation established that the transactions occurred due to a system-related issue, which temporarily allowed a limited number of existing customers to execute unauthorized transactions.

    BOP clarified that the issue was not linked to any cyberattack, nor was it associated with any government scheme or programme, including the Asaan Karobar Card. The incident affected only a specific set of credit card holders and did not impact the bank’s overall operations.

    The bank said the identified system gap has since been fully rectified, adding that a recent system update carried out on Friday, January 2, 2026, had no connection with the issue. Recovery actions have been initiated in line with the bank’s standard procedures, and most affected customers have already come forward and started settling over-limit amounts.

    Addressing speculation regarding the scale of the issue, BOP stated that claims circulating about the quantum of the amount involved are exaggerated and incorrect, and emphasized that the situation remains fully manageable for the bank.

    The bank further said that all impacted credit card holders have been contacted and informed accordingly, while customers who have not been approached by the bank remain unaffected and need not be concerned.

    BOP also advised customers to remain vigilant against unauthorized approaches, urging them to engage only with verified bank officials after proper identification and to avoid entertaining any suspicious contacts.

    The clarification was issued as part of the bank’s broader public awareness campaign aimed at addressing rising cyber fraud-related concerns. For further information, customers have been advised to contact the BOP helpline. – ER News Desk

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  • JS Investments Appoints New Chairman, CEO; Approves FY 2026 Budget

    JS Investments Appoints New Chairman, CEO; Approves FY 2026 Budget

    PAKISTAN

    The Board of Directors of JS Investments Limited has approved key leadership appointments and the company’s budget for the year ending December 31, 2026, according to a notice issued to the Pakistan Stock Exchange (PSX).

    In a meeting held on January 9, 2026, the board appointed Mr. Suleman Lalani as Chairman of the Board of Directors. The board also approved the appointment of Ms. Iffat Zehra Mankani as Chief Executive Officer (CEO) of the company for a period of three years, subject to the approval of the Securities and Exchange Commission of Pakistan (SECP).

    Additionally, the board approved the budget for FY 2026, marking an important step in the company’s strategic and operational planning for the coming year. – ER News Desk

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  • PAAPAM urges removal of Rs3 million car financing cap to boost local auto industry growth

    PAAPAM urges removal of Rs3 million car financing cap to boost local auto industry growth

    PAKISTAN – Auto Industry

    Federal Minister for Commerce Jam Kamal Khan visited the Bin Qasim automotive cluster of the Pakistan Association of Automotive Parts & Accessories Manufacturers (PAAPAM), reaffirming the government’s commitment to strengthening Pakistan’s local automobile manufacturing and export potential.

    During the visit, the Minister toured the Tecno Auto Glass Factory and key production facilities of Pak Suzuki Motor Company, including the Press Shop, Injection Moulding, Engine, and Transmission units. He was briefed on local parts manufacturing activities and ongoing efforts toward indigenization.

    Expressing satisfaction over the quality of production, Jam Kamal Khan said it was heartening to witness world-class automotive parts being manufactured in Pakistan. He appreciated PAAPAM’s positive contribution to GDP growth, job creation, and the acquisition of modern technologies, describing the sector as a critical driver of economic activity.

    The Commerce Minister expressed optimism that sales of locally manufactured vehicles would improve significantly in the coming years, particularly due to government policies aimed at discouraging the import of used cars. PAAPAM representatives welcomed these measures, stating that they provide much-needed support to domestic parts manufacturers and help strengthen the local supply chain.

    Highlighting future prospects, Jam Kamal Khan said that Pakistan’s current local car production—below 200,000 units—has the potential to rise to between 500,000 and 1 million units, creating new investment opportunities and broader economic momentum. He also underscored the need to enhance auto financing facilities to encourage higher sales volumes of locally manufactured vehicles.

    PAAPAM requested the Federal Minister for Commerce to consider the removal of the State Bank’s existing Rs 3 million caps on car financing, noting that easing this restriction would facilitate car buyers and further accelerate growth in the local automotive industry. – PR

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  • Pakistan to Develop $80m Seafood Processing and Export Zone at Korangi Fisheries Harbour

    Pakistan to Develop $80m Seafood Processing and Export Zone at Korangi Fisheries Harbour

    PAKISTAN

    Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry announced plans to establish a 100-acre, US$80 million Seafood Processing and Export Zone at the Korangi Fisheries Harbour Authority (KoHFA), aimed at boosting the blue economy and global seafood trade.

    The proposed project, as stated in an official announcement, aims to develop, finance, and operate a modern seafood processing and value addition complex under KoHFA, positioning the harbour as a regional hub for sustainable, technology-driven seafood processing linked to high-value international markets.

    Chaudhry said the initiative would bridge medium-scale seafood processors and value-added plants with global buyers by providing modern infrastructure, certification standards and efficient export logistics. He added that the project reflects the government’s intent to move away from raw seafood exports towards higher-value processed products.

    The minister noted the project would cover 100 acres of dedicated seafood processing and export infrastructure at Korangi Fisheries Harbour in Karachi. He said the estimated project cost ranges between 60 million and 80 million dollars, based on regional benchmarks from countries such as Vietnam, China and Ecuador, which have developed similar seafood parks.

    He said the planned facilities would include multi-tenant seafood processing units, large-scale cold storage, packaging facilities, logistics and export terminals, and a wastewater treatment plant to ensure environmentally compliant operations. The zone would be used exclusively for commercial seafood processing, packaging, cold storage and export-oriented activities.

    Minister Chaudhry said the project is proposed under a public-private partnership or build-operate-transfer concession model, under which private investors would develop, operate and maintain the processing zone, while KoHFA would retain regulatory oversight and provide facilitation.

    Elaborating on the development components, the minister said the zone would host between 20 and 25 mediums to large-scale seafood processing units designed for fish, shrimp and cephalopod processing, value addition and export-grade packaging. He said these units would support a wide range of products, from primary processing to ready-for-market seafood items.

    He said the project would include a cold storage and blast freezing complex with multi-temperature storage ranging from minus 18 to minus 40 degrees Celsius, allowing safe handling of fresh, processed and unprocessed seafood. Ice plants and flake ice stations with a daily capacity of 50 to 100 tons would support fish landing, processing and transportation needs.

    The minister said dedicated value addition and ready-to-eat units would be established for filleting, marinated products, breaded seafood and export-oriented convenience foods, enabling Pakistani exporters to tap premium retail and food service markets abroad.

    “Packaging and labelling units would operate under international food safety and quality standards, including HACCP and ISO certifications, offering vacuum packing, modified atmosphere packaging and retail-ready solutions”, he added. – ER News Desk

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  • PEC Expands Graduate Engineer Trainee Program with 15 New MoUs in Karachi

    PEC Expands Graduate Engineer Trainee Program with 15 New MoUs in Karachi

    PAKISTAN – Graduate Engineer Trainee Placement Program

    The Pakistan Engineering Council (PEC) has signed Memoranda of Understanding (MoUs) with an additional 15 organizations in Karachi under its flagship Graduate Engineer Trainee (GET) Placement Program, further expanding the nationwide initiative aimed at strengthening practical training for young engineers.

    Previously, PEC had entered into partnerships with 14 leading organizations in Islamabad, bringing the total number of partner organizations under the GET Placement Program to 29. The program was launched under the leadership of PEC Chairman Engr. Waseem Nazir as part of the Council’s broader effort to modernize engineering education and professional development in Pakistan.

    Chairman PEC, Engr. Waseem Nazir

    The MoU signing ceremony was held at a local hotel in Karachi and was led by Chairman PEC Engr. Waseem Nazir along with his team. Former PEC Chairman Engr. Qadir Shah, senior engineers, and representatives of the partner organizations were also present at the event.

    GET Partners’ Views

    Often described as a “house job for engineers,” the GET Placement Program is designed to bridge the long-standing gap between academic learning and industry requirements by providing structured, hands-on professional training to fresh engineering graduates.

    The newly signed partner organizations include Yunus Textile Mills Limited, Karachi Shipyard & Engineering Works Ltd., Karachi Port Trust (KPT), Pakistan Airports Authority, Pakistan Cables Limited, Pakistan Machine Tool Factory, Naval Research & Development Institute, Inbox Business Technologies Limited, Harbin Electric International, Dewan Cement Limited, Alsons Industries (Pvt.) Ltd., Cynergico, DHA City Karachi, H. Nizam Din & Sons Ltd., and MAK Power International (Pvt.) Ltd.

    Engr. Waseem Nazir with GET partners

    Engineering graduates and professionals have long emphasized the need for such a structured training mechanism, noting that academic qualifications alone are insufficient to prepare young engineers for real-world challenges. The GET Program addresses this concern through a six-month training cycle, comprising five months of on-the-job field exposure and one month dedicated to soft skills development, mirroring the house-job model successfully implemented in the medical profession.

    Addressing the ceremony, Chairman PEC Engr. Waseem Nazir said the initiative would enable graduates to transition smoothly from classroom theory to workplace practice.

    “This program is about turning knowledge into competence,” he said. “Our goal is to produce industry-ready engineers who are confident, skilled, and capable of contributing effectively to Pakistan’s national development.”

    He added that similar partnerships have already been established in other parts of the country and that PEC plans to further expand the program nationwide.

    Representatives of the partner organizations welcomed PEC’s renewed focus on practical training, describing the GET initiative as a timely and forward-looking effort to align academic output with industry needs. They stressed that Pakistan’s industrial and economic growth depends on engineers who are not only theoretically sound but also technically proficient and adaptable.

    One industry representative remarked that programs like GET could “reshape the professional culture of engineering in Pakistan,” provided the process remains transparent, consistent, and results-oriented.

    For the thousands of young engineers entering an increasingly competitive job market each year, the Graduate Engineer Trainee Program represents both an opportunity and a challenge. If implemented effectively, it has the potential to become a sustainable national model for professional development—where education meets application and potential is transformed into performance. – ER

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  • PPL Appoints CFO Mohammad Khalid Rehman as Interim CEO

    PPL Appoints CFO Mohammad Khalid Rehman as Interim CEO

    PAKISTAN – PPL

    Pakistan Petroleum Limited (PPL) has informed the Pakistan Stock Exchange (PSX) that its Board of Directors has approved the appointment of Mr. Mohammad Khalid Rehman, currently the Chief Financial Officer (CFO) of the company, as the Chief Executive Officer (CEO) and Managing Director on an interim basis.

    According to the notice issued pursuant to Rule 5.6.1 of the Stock Exchange Rules, the decision was taken at the Board meeting held on January 9, 2026. Mr. Rehman will assume the additional role of CEO/Managing Director alongside his existing responsibilities as CFO, with effect from January 10, 2026.

    The appointment has been made as an interim arrangement for a period of three months or until the appointment of a regular CEO of the company, whichever is earlier. He replaces Mr. Sikandar Ali Memon, who has ceased to hold the office.

    PPL stated that the interim appointment is aimed at ensuring continuity in leadership and smooth management of the company’s operations during the transition period. – ER News Desk

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  • PEC to sign MoUs with industry partners for Graduate Engineer Trainee Placement Program Today

    PEC to sign MoUs with industry partners for Graduate Engineer Trainee Placement Program Today

    PAKISTAN – PEC GET

    The Pakistan Engineering Council (PEC) will hold a Memorandum of Understanding (MoU) signing ceremony for its Graduate Engineer Trainee (GET) Placement Program on Friday, January 9, 2026, in Karachi, marking a major step toward strengthening industry–academia collaboration in the country.

    The ceremony will take place at 3:00 pm at Zaver Hall, Pearl-Continental Hotel, Club Road, Karachi. Chairman Pakistan Engineering Council, Engr. Waseem Nazir, will preside over the event.

    The MoU signing ceremony represents a significant milestone in PEC’s efforts to enhance capacity building and career development opportunities for young engineering graduates across Pakistan. Under the initiative, PEC will formally partner with leading employer organizations that are actively supporting and contributing to the implementation and sustainability of the GET Placement Program.

    The Graduate Engineer Trainee Placement Program is designed to bridge the gap between academic learning and industry requirements by providing fresh engineering graduates with structured, hands-on professional experience. Through collaboration with employer partners, the program aims to improve employability, practical skills, and professional exposure for young engineers entering the workforce.

    Senior representatives from partner organizations, academia, and the engineering community are expected to attend the event. The ceremony will highlight the shared commitment of PEC and participating employers to nurturing engineering talent and supporting the country’s human resource development in the engineering sector. – ER Report

    Previous Developments in the Program

    PEC Launches Graduate Engineer Trainee Program, Places 600 Engineers Nationwide
    The Pakistan Engineering Council (PEC) has launched the first batch of its Graduate Engineer Trainee (GET) Placement Program, placing 600 young engineers in leading public and private sector organizations across the country for hands-on industrial training. Read Details

    PEC Signs MoUs with 14 Organizations for Graduate Engineer Trainee Program
    In a major step toward strengthening the professional competence of Pakistan’s young engineers, the Pakistan Engineering Council (PEC) has signed Memoranda of Understanding (MoUs) with 14 leading organizations under its flagship Graduate Engineer Trainee (GET) Placement Program. The ceremony, held in Islamabad, was attended by PEC Chairman Engr. Waseem Nazir, senior engineers, and representatives from both the public and private sectors. Read Details

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  • Zarea Limited advances digital transformation and global expansion with key strategic initiatives

    Zarea Limited advances digital transformation and global expansion with key strategic initiatives

    PAKISTAN – Technology

    Zarea Limited has undertaken a series of major strategic initiatives as part of its ongoing digital transformation and international expansion strategy, further strengthening its technology backbone, brand identity, and innovation capabilities.

    As a significant milestone in its global branding efforts, Zarea Limited has successfully acquired the premium five-letter global domain www.zarea.com . The acquisition of this high-value digital asset enhances the Company’s global brand recognition and aligns with its long-term international expansion plans. The domain is also expected to positively contribute to the Company’s intangible asset value.

    In parallel, Zarea Limited has completed a comprehensive technology upgradation across its digital and enterprise platforms. The transformation covered all critical phases, including planning and initial setup, design and development, pilot testing and optimization, and full implementation. As a result, the Company has established a more scalable, resilient, and future-ready technology ecosystem.

    A key component of this transformation is the strengthening of ERP and supply chain capabilities through deep integration of AI-enabled tools with core ERP systems, alongside the development of custom supply chain management (SCM) software. These enhancements have enabled optimized supplier management, intelligent procurement, and data-driven decision-making, leading to more efficient and transparent procurement workflows.

    Zarea has also modernized its infrastructure by migrating to cloud-native technologies, leveraging frameworks such as Next.js, React.js, and Node.js, supported by AWS-based cloud infrastructure, including RDS and advanced cloud services. These upgrades have significantly improved system performance, data processing and warehousing capabilities, cybersecurity, reliability, and scalability, while delivering a faster and more intuitive user experience.

    As part of its focus on artificial intelligence and innovation, the Company has launched “Zarea AI – Your Commodities Assistant,” described as Pakistan’s first AI-enabled commodities assistant. The new feature provides intelligent commodity discovery, market intelligence, sourcing support, pricing insights, enhanced platform navigation, and other value-added services for users.

    In addition, Zarea Limited has successfully completed the registration of its trademark and copyright in Pakistan, ensuring formal legal protection of its brand identity and proprietary digital platform.

    Collectively, these initiatives are expected to enhance Zarea Limited’s operational efficiency, strengthen the strategic value of its intangible assets, and position the Company for sustained growth and innovation as it expands its digital commerce and supply chain platforms globally. – ER News Desk

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  • Pakistan to Host National Clinical Trials Summit: Health Minister

    Pakistan to Host National Clinical Trials Summit: Health Minister

    PAKISTAN – Healthcare

    Federal Minister for Health Syed Mustafa Kamal has announced the launch of a National Clinical Trials Summit in Pakistan, designed to unite national and international experts, research institutions, CROs, sponsors, and stakeholders in advancing collaboration and promoting Pakistan’s emerging role in global clinical research.

    Federal Minister for Health Syed Mustafa Kamal chaired a high-level review meeting to assess and accelerate the development of Pakistan’s clinical trial sector, reaffirming the government’s commitment to positioning the country as a regional hub for clinical trials in the near future.

    The meeting was attended by the Chief Executive Officer of the Drug Regulatory Authority of Pakistan (DRAP), the Chief Executive Officer of the National Institute of Health (NIH), the Director General Health, and Mr. Babar Saeed, Director of the Clinical Trial Unit, along with other senior officials.

    Addressing the meeting, the Federal Health Minister stated that Pakistan has immense potential to emerge as a preferred destination for clinical research. He emphasized that, to achieve this goal, necessary amendments are being introduced to the DRAP Bio-Study Rules to establish a regulatory framework that is transparent, efficient, internationally compliant, and time-bound.

    The minister highlighted that all required measures are being undertaken to promote clinical trials in the country. These include the rapid implementation of a modern digital system to ensure that all clinical trial applications are processed online, thereby enhancing efficiency, transparency, and ease of conducting research in Pakistan.

    Syed Mustafa Kamal further announced that a National Clinical Trials Summit will be organized in Pakistan, bringing together national and international experts, institutions, stakeholders, Contract Research Organizations (CROs), and sponsors to explore collaboration opportunities and showcase Pakistan’s growing research capabilities.

    He reiterated the Government of Pakistan’s resolve to provide all possible facilitation for the introduction of new technologies and innovative medicines into the local market. International CROs and sponsors interested in conducting clinical trials in Pakistan will be extended full support and enabling facilities.

    The Federal Health Minister concluded by stating that these initiatives will help Pakistan secure a prominent global position in research and development, contributing to improved healthcare outcomes and economic growth. – ER News Desk

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  • Gas Allocation from Mari Field Discoveries for Fertilizer Sector Approved

    Gas Allocation from Mari Field Discoveries for Fertilizer Sector Approved

    PAKISTAN – Energy

    MariEnergies Limited has informed the Pakistan Stock Exchange (PSX) that the federal government has approved the allocation of gas from the Ghazij and Shawal discoveries in the Mari Field, located in Daharki, District Ghotki, Sindh, to key fertilizer manufacturers.

    Under the approved allocation, Fauji Fertilizer Company (FFC) Port Qasim will receive 104 MMscfd of raw gas, equivalent to 80 MMscfd of processed gas. Fatima Fertilizer’s Sheikhupura plant has been allocated 68 MMscfd of raw gas (52 MMscfd processed), while Agritech Limited’s Daud Khel plant will receive 50 MMscfd of raw gas, translating into 38 MMscfd of processed gas.

    MariEnergies stated that raw gas will be delivered to the respective fertilizer companies within the Mari gas field at designated delivery points. The gas price at the delivery point will be the applicable wellhead price as notified by the Oil and Gas Regulatory Authority (OGRA) from time to time. The fertilizer companies will enter into separate bilateral gas sale and purchase agreements with MariEnergies.

    As part of the arrangement, the fertilizer plants will install their own gas processing and compression facilities for injection of processed gas into the Sui gas companies’ network. The customers will also execute third-party access arrangements with Sui Northern Gas Pipelines Limited (SNGPL) and Sui Southern Gas Company Limited (SSGCL) in accordance with the Third Party Access (TPA) Rules, 2018 and the Pakistan Gas Network Code. For supplies to FFC Port Qasim, gas swap arrangements will be undertaken by SNGPL and SSGCL.

    MariEnergies further noted that any surplus volumes from the Ghazij and Shawal reservoirs may be supplied as swing gas to its customers, including SNGPL and SSGCL, on an as-and-when-available basis. In the event of natural depletion of the HRL reservoir currently supplying fertilizer plants, the company may backfill depleted volumes from the Ghazij and Shawal reservoirs.

    In a related development, the government has approved the de-allocation of 110 MMscfd of gas from the HRL reservoir in the Mari Field previously allocated to GENCO-II. Additionally, the existing allocation of 26 MMscfd gas to Engro Fertilizer’s base plant from the HRL reservoir has been enhanced to 105 MMscfd.

    The government has also regularized and reallocated up to 110 MMscfd gas to SNGPL from the Mari Deep reservoir, an allocation that had expired in June 2024. – ER News Desk

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