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Pakistan records highest-ever IT exports at $4.6 billion

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— Pakistan’s information technology industry has reached its greatest ever export earnings as IT exports hit a record $4.6 billion during the fiscal year, highlighting the sector’s rising contribution to the national economy.

According to the data of the Ministry of Information Technology and Telecommunication, IT exports grew by 21 percent over the last financial year and the sector had a trade surplus of 85 percent.

Drivers of Growth

The milestone was credited to the government’s industry-friendly policies, continuous support to the technology sector and specific focus of Prime Minister Shehbaz Sharif to build Pakistan’s digital economy, the ministry said.

The IT industry has become the country’s fastest growing export sector thanks to initiatives to improve its competitiveness and create new opportunities for technology companies, it added.

World growth

The government facilitated Pakistan’s participation at over 20 international technology shows over the past year, giving more than 250 Pakistani IT companies and startups the opportunity to present their goods and services to buyers and investors around the world.

The ministry said that representatives of the IT industry also accompanied the prime minister on official foreign visits, aiding enterprises in accessing new markets, attracting investments and reinforcing international commercial partnerships.

Skills and incentives

As part of efforts to improve the country’s digital workforce, the government has trained more than 100,000 young people with modern IT skills in the past year.

The government also continued to offer a series of advantages to IT exporters including the final tax regime and 0.25 percent tax facility on exports, moves which the ministry said have further boosted the sector’s competitiveness and export potential.

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LHC issues show-cause notice to senior police officer

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The Lahore High Court (LHC) on Tuesday issued a show-cause notice to the Superintendent of Police (SP) Model Town,

The court ordered the SP concerned to appear before it today (3 Nov). It also warned him of contempt of court proceedings against him if he does not appear before the court.

Citizen Muhammed Sajid has moved the petition which would be heard by Justice Tariq Mehmood Bajwa.

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Saudi Aramco profits surge 34.6% in third quarter

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Saudi oil company Aramco said Tuesday its third-quarter net earnings soared 34.6 percent as the Middle East war has kept crude prices high and the kingdom’s energy infrastructure regularly struck.

Since hostilities erupted in July, Yemen’s Iran-aligned Houthis have routinely targeted Saudi tankers, pipelines, storage facilities and refineries but have stepped up their attacks in recent weeks.

The monarchy also has had to deal with the Houthis and Iran disrupting commerce in the straits of Bab al-Mandeb and Hormuz making exports more difficult.

But Aramco, Saudi Arabia’s economic engine and one of the world’s most valuable firms, posted soaring earnings in the third quarter, powered in large part by stubbornly high oil prices.

The company stated net profit in the third quarter was 135.9 billion riyals ($36.2 billion), compared with roughly 101 billion riyals in the same time a year earlier.

The results come as energy majors throughout the world have seen profits jump on the back of interruptions to oil and gas supplies in the Middle East pushing up refining margins and prices.

But the head of Aramco cautioned the dispute was still a major drag on energy security.”Geopolitical uncertainty and attacks on key energy facilities continued to amplify the global energy supply crisis in the third quarter of 2026, with serious implications for global energy security,” said president and CEO Amin H. Nasser in a statement.

Adjusted net income, excluding exceptional items, was 116.9 billion riyals.

An outside estimate based on 12 experts estimates puts the median analyst expectation for third-quarter adjusted net income at $30.66 billion.”The earning results are likely to be rosier (compared) to a year ago, when oil prices were much lower, but less promising compared to last quarter,” Robert Mogielnicki, a research fellow at the Arab Gulf States Institute, told AFP.

Aramco’s net profit rose 44 percent year-on-year to 122.6 billion riyals in the second quarter.

The Middle East war, which began on February 28 with Israeli and U.S. assaults on Iran, has disrupted global energy markets, triggered a global run on critical reserves, and fed inflation.

And as conflict continues to rage in the Gulf, Ukrainian drones have also struck Russian energy infrastructure, causing Moscow to block shipment of several items – particularly petrol and diesel.

The Houthis said last month they attacked Aramco’s headquarters, a sprawling complex of buildings and housing in the eastern part of the kingdom.

Saudi officials stated a structure was damaged in the region housing the operations center of Aramco, while two employees of the business, who spoke to AFP on condition of anonymity, said a tower in the headquarters was hit.

  • A tight spot – With the Strait of Hormuz in dispute, US Navy naval escorts have been allowing millions of barrels of crude to flow through the vital waterway each day.

US Central Command said last month it had assisted Gulf nations export more than 1.5 billion barrels of crude oil through the strait since the summer, and enabled more than 3,000 commercial boats transit over the past six months.

But the rise in Gulf exports has done nothing to stop market volatility.

Oil prices dropped more than seven percent on Monday as signals that Tehran and Washington were resuming communication raised hopes for an end to the Middle East turmoil.

Back in the kingdom, months of uncertainty have compounded economic challenges.

Saudi Arabia has raised its estimated budget deficit for 2026 to 245 billion riyals, or 4.9 percent of gross domestic product, from an initial forecast of 165 billion riyals. Government receipts were higher than previously forecast.

Government spending will rise 9.3 percent more than previously predicted, but the finance ministry expects the Saudi economy would shrink 3.6 percent in 2026, as oil-related activity will fall 21.8 percent.

The kingdom aims to lower its deficit to 191 billion riyals in 2027, or 3.6 percent of GDP, while continuing to invest in economic diversification programs.

The IMF now expects Saudi Arabia’s GDP to shrink by 3.3% at the end of the year, five percentage points less than its previous prediction in July.

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Binance to reopen withdrawals for more assets on several networks

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Binance announced on Monday that it will ‌reopen withdrawals for more ​assets on ​networks including as BSC, ⁠ETH, SOL, ​XRP and ​SUI.

Reopenings will commence at 04:00 ​GMT ​on Tuesday, the business said.

Some ⁠crypto-assets on networks ARBITRUM, OPTIMISM, ​TRX, ​and ⁠BASE will also be restored for withdrawals at the same time.

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