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Business RecorderEDMONTON, (Canada): Canada's province of Alberta rejected a plan to hold a binding independence referendum, results showed Tuesday, a win for unity as the country faces worsening ties with the United States. Public broadcaster CBC and leading private network CTV projected a clear win for the federalist side, with official results showing more than 76 percent support for Alberta remaining in Canada with nearly 45 percent of ballots counted. Prime Minister Mark Carney welcomed the result and said Albertans had made a 'clear choice' in favor of unity. 'They chose unity, to build together, and to take care of each other,' he said in a statement on X. Carney, who grew up in Alberta, urged the province to reject separatism and argued that Canada needed stability as it confronted US President Donald Trump's trade war and annexation threats.Read more..
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Business RecorderPakistan Oilfields Limited (PSX: POL) started FY27 on a strong note, reporting a 51 percent year-on-year increase in profitability during 1QFY27. The improvement was supported by higher oil prices, stronger gas production, lower exploration expenses and increased other income. However, the performance was not without its weaknesses, as oil production declined and operating costs continued to rise. POL reported a net profit of Rs8.19 billion in 1QFY27, compared with Rs5.43 billion in the same period last year. Net sales increased by nearly 26 percent year-on-year to Rs16.5 billion in 1QFY27. The growth was largely price-driven, with average Arab Light crude prices rising by around 26 percent year-on-year to approximately $90 per barrel. Higher wellhead gas prices following periodic revisions also supported revenues. On the production side, the picture was mixed. POL's average daily crude oil production declined by around 8 percent year-on-year, mainly due to lower output. Gas production per day on average, however, increased by approximately 28 percent, supported by improved output from joint venture fields, and additional production from newer developments. This helped offset some of the weakness in oil volumes. The increase in revenue did not translate into a similar improvement in gross profitability in 1QFY27. Operating costs increased by around 30 percent, while royalty and additional wellhead charges rose by nearly 29 percent year-on-year. As a result, gross profit increased by 24 percent, while the gross margin slipped slightly from 64.9 percent to 64.1 percent. A major contributor to the bottomline improvement was the sharp reduction in exploration expenses. These declined by 83 percent year-on-year to Rs193 million from Rs1.13 billion in 1QFY26, reflecting relatively subdued exploration activity and the absence of dry-well costs during the quarter. While this provided significant earnings relief, lower exploration spending is not necessarily a positive development for longer-term production growth. Other income also provided substantial support, increasing by 58 percent year-on-year in 1QFY27, primarily reflecting higher income from investments. Meanwhile, finance costs declined by 59 percent. These factors helped lift profit before tax by 49 percent. Moving forward, POL's earnings will continue to depend on international oil prices, wellhead gas pricing, and its ability to sustain production from existing fields. The recovery in gas volumes is encouraging, but declining oil output and rising operating costs remain concerns. Ongoing drilling and development activity could provide some production support. However, POL's reliance on a relatively concentrated portfolio of producing fields, highlights the importance of exploration and new discoveries.
Business RecorderISLAMABAD: The Chief Justice of the Islamabad High Court (IHC) has summoned the Federal Board of Revenue (FBR) officials and Commissioner Inland Revenue (CIR) to appear in person and explain the continued inaction in cases involving the suspension of sales tax registrations. The order was passed in a constitutional petition filed by a commercial importer challenging the continued suspension of his sales tax registration despite subsequent compliance with the FBR's electronic invoicing system requirements under SRO 1852(I)/2025. The petitioner's sales tax registration was suspended on September 2, 2026 following non-integration with the FBR's electronic invoicing system. The petitioner subsequently completed the required integration and submitted documentary evidence. However, the suspension remained in force despite the subsequent compliance. READ ALSO: Integration failure: FBR starts suspending sales tax registrations Osama Shahid, Advocate, counsel for the taxpayer, argued that the tax authorities had failed to act within the statutory period of thirty days prescribed under Section 21(2A) of the Sales Tax Act, 1990, to revoke the suspension or proceed with blacklisting. The continued suspension, despite compliance, was alleged to be unlawful and to have adversely affected the petitioner's business, particularly the clearance of imported goods from the port. He further submitted that clearance of the petitioner's goods would generate customs duty, advance income tax and sales tax revenue for the State, but the suspension of the petitioner's sales tax registration had prevented the clearance of the imported goods and, consequently, the collection of these taxes by the state. The petition also highlighted that repeated representations to the tax authorities had gone unanswered, leaving the petitioner unable to resume normal business operations. Taking note of the submissions, the Court directed respondents to submit reports and parawise comments before the next hearing, fixed for October 22, 2026. The law officers present in court were directed to ensure strict compliance with the order. On the same day, another writ petition challenging the prolonged suspension of a taxpayer's tax registration was also heard before the Islamabad High Court. The increasing number of such petitions reflects a growing trend of taxpayers approaching the High Courts for relief against continued suspensions, particularly where registrations remain suspended despite compliance with the prescribed requirements. Copyright Business Recorder, 2026
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LAHORE: The Punjab government has prepared proposals to amend the rules and terms of reference (ToRs) of the provincial food supplies committee to ensure food security during emergencies. The proposals were discussed at a meeting of the committee chaired by Secretary Food Safety and Consumer Protection Dr Kiran Khurshid, following the directions of the Punjab chief minister. Dr Kiran Khurshid said recommendations for expanding the committee's scope and amending its ToRs would soon be sent to the cabinet secretary for approval. The Punjab food safety and consumer protection department has also forwarded the proposed amendments to the home department. She said timely measures were being taken to assess food grain requirements, determine strategic food reserves at provincial and regional levels, and maintain minimum safe stocks in anticipation of emergencies. Proposals were also presented to improve the storage and distribution of food grains according to emergency requirements. Recommendations include special arrangements to protect food reserves against radiation and climate-related hazards, an effective mechanism for supplying and distributing food grains during emergencies, and legal and regulatory measures for their procurement and supply. According to the secretary, special measures have also been proposed to protect food storage facilities, warehouses and distribution systems. The meeting focused on coordinated planning to meet the food requirements of the civilian population and armed forces during emergencies. Dr Kiran Khurshid said it had also been proposed to retain representatives of the food department, finance department, armed forces, Pakistan Railways, transport department, National Logistics Corporation (NLC) and Pakistan Agricultural Storage and Services Corporation (PASSCO) on the committee. She said the proposed amendments aimed to ensure the availability, protection, transportation and timely supply of food grains during emergencies. Participants of the meeting reaffirmed their commitment to making the storage and distribution of food grains more transparent and efficient. The Cabinet Division had approved the establishment of the committee and its terms of reference on September 2, 2020. Copyright Business Recorder, 2026
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Kate Middleton turns heads with her latest appearance at Buckingham Palace.The Princess of Wales who was accompanied by Prince William as the couple welcomed the Sultan of Oman, dawned a yellow…
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Riyadh, October (پاکستان پوائنٹ نیوز 21 اكتوبر 2026ء) The gold medal came in the 400-meter T20 athletics event, where a new Games record was set. Four silver medals were won in athletics in the shot put, long jump, and 100-meter events, while two more came in para ..
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Empowering women through academic leadership
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(261020) -- YINCHUAN, Oct. 20, 2026 (Xinhua) -- A C919 aircraft passes through a water gate at the Yinchuan Hedong International Airport in Yinchuan, .....
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