تازہ ترین

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    Pakistan launches virtual asset licensing regime

    ByJustpaste.in

    Pakistan has formally introduced a licensing system for virtual asset service providers, requiring existing operators to apply for regulatory approval by September 5, 2026, or stop providing services. The Pakistan Virtual Assets Regulatory Authority (PVARA) has notified new licensing regulations and launched its online application portal under the Virtual Assets Act, 2026. The move establishes a formal regulatory structure for the country’s rapidly growing virtual asset sector. The new framework includes 10 licence categories covering major activities such as cryptocurrency exchanges, custody services, broker-dealer operations, advisory services, lending and borrowing, derivatives, asset management, transfer and settlement, asset issuance and mining-related services. Each category will be subject to specific rules covering business conduct, financial safeguards, technology standards and anti-money laundering and counter-terror financing requirements. Existing virtual asset service providers have been given a statutory deadline of September 5. Under Section 70 of the Virtual Assets Act, businesses that were already providing such services before the law came into force must submit an application for a No-Objection Certificate by the deadline. Those failing to submit an application will be required to cease operations, while continuing to operate without applying after the deadline will constitute an offence. PVARA Chairman and Minister of State Bilal Bin Saqib said the regulatory system was designed to bring an already active market into the formal economy. He said young Pakistanis had helped build the virtual asset market before the state had established a regulatory structure for it. The new system, he added, would provide legal protections for customers while creating opportunities for legitimate businesses. Under the regulations, licensed service providers will be required to keep customer assets separate from their own holdings. They will also be prohibited from lending or pledging customer assets without written consent and will face legal obligations regarding the protection of client holdings if a platform encounters financial difficulties. The licensing system follows a public consultation held between June 11 and July 2, 2026. The consultation also included a webinar for stakeholders to provide feedback on the proposed framework. The licensing process will operate in two stages for applicants planning to establish businesses in Pakistan. They can either enter a regulatory sandbox or obtain a No-Objection Certificate under Section 19 before incorporation and subsequently seek a full licence. Existing operators, however, must submit their NOC applications by September 5. The new framework also provides licensed virtual asset businesses with access to Pakistan’s formal banking system. The State Bank of Pakistan’s Circular No. 10 of 2026, issued on April 14, allows regulated financial institutions to open accounts for PVARA-licensed virtual asset service providers, including segregated client money accounts. This replaces the restrictions on banking services for virtual asset businesses that had remained in place since 2018. PVARA was established as a permanent statutory authority through an Act of Parliament in March 2026. Within months, the authority secured a formal banking framework for licensed operators and completed the licensing regulations following public consultation.

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    Priyanka reveals Nick Jonas won her heart

    ByJustpaste.in

    LOS ANGELES: Actress Priyanka Chopra has opened up about her marriage to singer Nick Jonas, saying mutual respect and kindness have played an important role in keeping their relationship strong. Priyanka discussed her relationship while attending the New York premiere of The Cycle of Love on August 20. She is also an executive producer of the documentary, which tells the extraordinary story of Indian street artist PK Mahanandia and his 6,000-mile bicycle journey to reunite with his love, Charlotte Von Schedvin. The couple’s decades-long love story appeared to resonate with Priyanka, who described it as an inspiring and heartwarming example of enduring love. Speaking about her own marriage, the actress highlighted the importance of respecting cultural backgrounds in a multicultural relationship. She said Nick’s willingness to embrace her Indian heritage has been an important part of their bond. Priyanka said understanding and respecting a partner’s roots can strengthen a relationship, particularly when two people come from different cultural backgrounds. Nick has embraced several aspects of Indian culture and traditions. The couple has also made efforts to ensure their four-year-old daughter, Malti, remains connected to her Indian heritage through family traditions and Hindu celebrations. Priyanka also shared a simple piece of advice for couples hoping to maintain a strong relationship. According to the actress, kindness towards one’s partner is one of the most important elements of a lasting marriage. The actress and Nick Jonas married in 2018 after a whirlwind romance. Since then, the couple has frequently spoken about their family life and their efforts to balance their professional commitments with raising their daughter.

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    13 migrants missing after boat sinks off Tunisia

    ByJustpaste.in

    TUNIS: At least 13 Tunisians are missing after a migrant boat sank off the country’s coast while attempting to reach Italy, according to a migrant rights official. Two people were rescued following the incident, but one of them was reported to be in critical condition. The head of the Tunisian Observatory for Human Rights, Mostafa Abdelkebir, said the boat had departed early Thursday. One of the survivors told rescuers that the passengers had spent hours stranded at sea after the vessel overturned. Rescue efforts were launched after the boat sank, but the whereabouts of the missing migrants remained unknown. The incident highlights the continuing dangers faced by migrants attempting to cross the Mediterranean in overcrowded or poorly equipped vessels. Tunisia has been a major departure point for migrants seeking to reach Europe, particularly Italy. However, the number of departures from the country has declined significantly over the past two years as authorities have strengthened maritime surveillance and border controls. The tighter measures have received financial and technical support from European countries, particularly Italy, as part of efforts to curb irregular migration across the Mediterranean. The European Union’s migration cooperation with Tunisia has also faced criticism from international rights organisations. Human Rights Watch, Amnesty International and other humanitarian groups recently accused the EU-Tunisia arrangement of contributing to serious abuses against migrants and asylum seekers. The organisations have urged the EU to suspend funding for migration and border-control operations involving Tunisian security forces. Tunisian authorities have defended their position, saying the country is facing intense pressure from the growing number of migrants attempting to use its territory as a route towards Europe. The central Mediterranean remains one of the most dangerous migration routes in the world. Migrants from African and Middle Eastern countries frequently attempt the journey in boats that can be overcrowded, poorly maintained or unsuitable for long sea crossings.

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    US, Iran tensions rise over new sanctions

    ByJustpaste.in

    The United States and Iran have stepped up their hostile rhetoric as Washington prepares to announce a new package of economic sanctions targeting Tehran and potentially countries that continue doing business with it. US Treasury Secretary Scott Bessent is expected to outline the measures on Monday, with Washington describing them as among the toughest sanctions imposed on Iran. The measures could also affect major trading partners, including China, which remains a key buyer of Iranian oil. Iran has rejected the planned sanctions, calling them an unlawful attempt by the United States to impose its authority beyond its borders. Iranian Foreign Ministry spokesperson Esmaeil Baghaei said secondary sanctions had no basis in international law. US President Donald Trump has warned countries providing economic support to Iran that they could face consequences. He said Tehran wanted an agreement but had not yet accepted what Washington considers acceptable terms. The confrontation comes as the war approaches its sixth month. Although the United States and Iran are not currently exchanging fire, diplomatic efforts to end the conflict remain stalled. The situation has also severely disrupted shipping through the Strait of Hormuz, a critical route for global energy supplies. Ship-tracking data showed that only a handful of commercial vessels crossed the waterway on Thursday, while major crude oil and liquefied natural gas carriers remained largely absent. Iran has nevertheless allowed several Iraqi oil tankers to pass through the strait after requests from Baghdad. The permission was reportedly discussed during the recent visit of Iranian Parliament Speaker Mohammad Bagher Ghalibaf to Iraq. Oil flows through the waterway have fallen sharply from pre-war levels. US officials said an average of around 8 million barrels of oil a day was moving through the strait, compared with more than 20 million barrels before the conflict. The disruption has contributed to higher oil prices and raised concerns about wider effects on the global economy. US military operations have inflicted heavy damage on Iran’s military capabilities and economy, but Tehran still retains missile and drone capabilities that could threaten shipping and regional targets. Washington has also yet to achieve some of its stated objectives, including fully determining the status of Iran’s nuclear programme and creating conditions for political change in Tehran. International nuclear inspectors have been unable to access Iran since 2025. Iranian military officials have continued to threaten a strong response to any further attacks. However, President Masoud Pezeshkian has called for a diplomatic solution and an end to the conflict. Iranian officials have also acknowledged the growing economic pressure. Ghalibaf warned that military strength alone would not be enough to sustain the country if economic activity, production and financial circulation continued to suffer.

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    TikToker Ayesha Shamsu’s murder case solved

    ByJustpaste.in

    Police have claimed to have solved the murder case of TikToker Ayesha Shamsu in Taxila, saying she was allegedly killed by her father, brother and cousin in the name of so-called honour. Rawalpindi SSP Operations Tariq Mehboob said during a press conference that Ayesha Gulamna, also identified as Ayesha Shamsu, was allegedly targeted by her family members because they objected to her activities on TikTok. According to the police official, the suspects were identified with the help of surveillance cameras and other technological tools. Ayesha was shot dead in Taxila on the evening of August 14. Her sister and brother were also wounded when the suspects allegedly opened fire. Police said they have arrested the alleged main suspect and two shooters in connection with the killing. A total of five suspects, including Ayesha’s father, have been taken into custody. The initial investigation suggested that Ayesha’s family disapproved of her presence and activities on social media. Police said the family had previously attempted to stop her from using TikTok, but she continued her online activities. The suspects allegedly decided to kill her after their attempts to prevent her from using the platform failed. SSP Tariq Mehboob said further legal proceedings would be initiated against the suspects and a formal challan would be submitted before the court. Police have vowed to pursue the case and ensure that those responsible for the killing face legal consequences.

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    Lawyer explains why Mohsin Naqvi was excluded from…

    ByJustpaste.in

    ISLAMABAD: Barrister Uzair Bhandari, representing Dr Uzma Khan, has clarified why Interior Minister Mohsin Naqvi was not initially named as a respondent in the contempt of court petition filed before the Supreme Court. Dr Uzma Khan, sister of PTI founder Imran Khan, filed the petition in connection with alleged non-compliance with a court order. Questions were subsequently raised over the absence of the interior minister from the list of respondents. In a statement shared on X, Bhandari explained that the respondents were selected on the basis of their alleged involvement, public statements and administrative responsibilities. He said Federal Ministers Azam Nazeer Tarar and Attaullah Tarar were included because they had publicly commented on the relevant court decision and the issue concerning the transfer. Prime Minister Shehbaz Sharif was also named, Bhandari said, in line with the legal principle established by the Supreme Court in the Yousaf Raza Gilani case. Under that precedent, the prime minister carries ultimate administrative responsibility for ensuring compliance with court orders. Regarding Mohsin Naqvi, the lawyer said the interior minister had not made any direct statement about the specific court decision at the time the petition was filed. As a result, there was no immediate basis for including him as a respondent. Bhandari, however, clarified that this does not prevent Naqvi from being added to the proceedings in the future. If relevant evidence emerges during the investigation, or if the Supreme Court considers it necessary, the interior minister could subsequently be made a party to the case. The lawyer also explained the inclusion of the Interior Secretary. Under the Rules of Business, 1973, the Interior Secretary serves as the administrative head of the Interior Division. The secretary was therefore named on the basis of the division’s legal and administrative responsibilities.

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    ‘Imran could face Morsi’s fate,’ sister warn…

    ByJustpaste.in

    Pakistan Tehreek-e-Insaf (PTI) founder Imran Khan has expressed fears about his safety and allegedly told his sister that he could face a fate similar to that of former Egyptian president Mohamed Morsi, according to Dr Uzma Khan. Speaking at a press conference in Islamabad, Uzma said she was deeply concerned about her brother’s physical and mental condition following his prolonged confinement in Adiala Jail. She claimed Imran had repeatedly complained about being kept in solitary confinement and said he believed he was being treated inhumanely. According to Uzma, Imran told her that his concerns were not being properly heard by jail authorities. She said he had complained about the lack of human contact and believed that the isolation was affecting his health. Uzma further claimed that a doctor who examined Imran on August 10 attributed his anxiety and high blood pressure to his prolonged solitary confinement. She also said newspapers and television access had only been provided to him for a limited period. The PTI founder’s sister said she attempted to reassure him during their meeting, telling him that people across the country stood with him and that he should remain hopeful. Dispute over hospital transfer Uzma also provided details of the events surrounding Imran’s proposed transfer to Shifa International Hospital. She said she reached Adiala Jail between 8pm and 8:30pm after being contacted by authorities. She waited there with Imran’s physician, Dr Faisal Sultan. According to Uzma, they were later informed that Imran had been taken away, but she was not initially told where he had been taken. She said she was subsequently taken in a vehicle accompanied by a security convoy. After travelling for some time, she was informed that they had reached the Pakistan Institute of Medical Sciences (PIMS). Uzma said she reminded officials that the Supreme Court had ordered Imran’s transfer to Shifa International Hospital. She was reportedly told that he had instead been taken to PIMS for an eye examination. When she eventually met her brother, Uzma said Imran appeared surprised to see her. She told him that he was expected to undergo a comprehensive medical examination at Shifa. She said doctors at PIMS checked his blood pressure and examined his eyes. Dr Faisal Sultan separately said he had been summoned and taken to Shifa International Hospital but was repeatedly given unclear responses when he asked when Imran would arrive. He said he eventually concluded that the PTI founder would not be brought to the hospital. Government seeks review of Supreme Court order The dispute intensified after the federal government approached the Supreme Court seeking a review of its August 18 order concerning Imran’s medical examination and proposed transfer to Shifa International Hospital. The government had earlier filed a review petition, but it was returned after objections were raised by the Supreme Court registrar’s office. The government subsequently refiled the petition after addressing those objections. In its revised plea, the government argued that the August 18 order had been issued beyond the court’s jurisdiction and contained errors of law that warranted reconsideration. The government also relied on the Pakistan Prison Rules, 1978, arguing that the transfer of a convicted prisoner to a hospital is governed by a prescribed legal procedure. It referred specifically to Rule 197, which deals with the mechanism for transferring prisoners for medical treatment. The government further invoked Article 10-A of the Constitution, which guarantees the right to a fair trial and due process. It argued that adequate notice and an opportunity of hearing should be provided to both sides. The government therefore asked the apex court to review and recall its earlier order. Government rejects allegations of non-compliance Information Minister Attaullah Tarar defended the government’s position and rejected claims that the Supreme Court’s directive had been ignored. In a statement posted on X, Tarar said Imran had been taken for a medical examination during the early hours of August 21 under appropriate security arrangements. He said a team of doctors, including specialists in ophthalmology, cardiology and general medicine, examined Imran and declared him medically fit. Tarar said Uzma remained present during the medical examination and treatment process. According to the minister, Imran was subsequently returned to Adiala Jail at around 5am. In another statement, Tarar clarified that the examination was conducted at PIMS and that doctors from Shifa International Hospital were also present. He attributed the decision to use PIMS to security concerns surrounding the route to and area around Shifa International Hospital, which he said had been created by PTI workers. The minister maintained that the government had provided medical facilities to Imran in the past and would continue to do so whenever required. Opposition accuses government of contempt Opposition parties, however, strongly criticised the government’s handling of the matter. Opposition leaders alleged that the Supreme Court’s order had not been implemented in the manner directed and questioned the circumstances under which Imran was separated from his sister and physician. National Assembly Opposition Leader Mehmood Khan Achakzai and Senate Opposition Leader Allama Raja Nasir Abbas criticised the government’s decision and said those responsible should be held accountable. Achakzai questioned the circumstances surrounding the events during the night and described the episode as evidence of wider political problems in the country. Raja Nasir Abbas alleged that the government had effectively disregarded the Supreme Court’s decision by not transferring Imran to Shifa International Hospital as expected. He said the opposition would continue its legal and political struggle over the matter. The opposition leaders also expressed concern about Imran’s health and called for his medical treatment to be conducted transparently. Opposition alliance plans Supreme Court action The opposition’s joint parliamentary party, operating under the Tehreek Tahaffuz Aiyeen-e-Pakistan (TTAP) platform, also held a meeting at Parliament House. The meeting was chaired by Achakzai and attended by Raja Nasir Abbas, PTI Chairman Barrister Gohar Ali Khan, PTI Secretary General Salman Akram Raja, Khyber Pakhtunkhwa Chief Minister Sohail Afridi and other opposition lawmakers. The participants discussed Imran’s health, the Supreme Court order, the country’s political

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    Meghan reportedly in talks for role in Netflix series

    ByJustpaste.in

    LONDON: Meghan, Duchess of Sussex, could be set to return to acting with a possible role in the Netflix crime drama The Gentlemen, according to media reports. The Hollywood Reporter reported that Meghan is in advanced discussions to appear in the third season of the series, which was created by filmmaker Guy Ritchie. However, Deadline reported that the talks remain tentative because Netflix has not yet officially renewed the show for a third season. The second season is scheduled to premiere next month. No specific character or role has reportedly been confirmed for Meghan. Netflix and representatives for Meghan and Prince Harry have not commented on the reports. Meghan previously gained international recognition for her role as Rachel Zane in the legal drama Suits, which she starred in from 2011 to 2018 before stepping away from acting. The reports come amid renewed attention on the Duke and Duchess of Sussex and their future plans. Harry and Meghan are currently based in California with their two children. The Gentlemen, starring Theo James, follows an aristocrat who unexpectedly inherits a country estate and discovers that the property is connected to a large cannabis operation and Britain’s criminal underworld.

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    Pakistan paid Rs6,405 billion to IPPs in capacity …

    ByJustpaste.in

      ISLAMABAD: Pakistan’s federal government paid a total of Rs6,405 billion to Independent Power Producers (IPPs) in capacity payments between 2020 and 2025, the National Assembly has been informed, highlighting the growing financial burden associated with the country’s power sector. According to a written response submitted by Federal Minister for Energy Awais Ahmad Leghari, capacity payments increased significantly during the five-year period despite government efforts to renegotiate power purchase agreements and reduce electricity costs. The figures presented to the National Assembly show that capacity payments rose from Rs613.9 billion in FY2020-21 to Rs1,807 billion in FY2024-25. This represents an increase of approximately 194% over the period. The government paid Rs613.9 billion in capacity charges during FY2020-21. The amount increased to Rs775.9 billion in FY2021-22 before rising sharply to Rs1,307 billion in FY2022-23. Capacity payments reached their highest level during FY2023-24, when the government paid around Rs1.902 trillion to IPPs. Although the amount declined slightly in FY2024-25 to Rs1.807 trillion it remained almost three times higher than the amount paid in FY2020-21. Capacity payments are charges made to power producers for keeping their generating plants available to supply electricity, regardless of whether the full generation capacity is actually utilised. These payments are part of the contractual arrangements between the government and IPPs and have frequently been identified as one of the factors contributing to Pakistan’s expensive electricity system and growing circular debt. Responding to questions in the National Assembly, Energy Minister Awais Ahmad Leghari said the government has taken several measures to reduce the financial pressure created by existing power agreements. According to the minister, a government task force has terminated power purchase agreements with six IPPs, while agreements with several other producers have also been revised. The objective of these measures is to reduce electricity costs and limit the financial burden on the national power sector. The Ministry of Energy estimates that the changes made to the agreements could result in savings of approximately Rs4.3 trillion over the remaining life of the contracts. Leghari also clarified that payments made to power producers are based on tariffs determined by the National Electric Power Regulatory Authority (Nepra) and the terms agreed under the relevant power purchase agreements. He rejected the impression that generators were receiving payments outside the approved contractual and regulatory framework, stating that there were no additional payments beyond the applicable arrangements. Despite the government’s renegotiation efforts, the figures show that capacity payments continue to represent a major financial obligation for Pakistan. The Rs1.807 trillion paid in FY2024-25 alone demonstrates the scale of the challenge facing the country’s power sector. The government’s efforts to terminate and revise agreements are expected to provide substantial savings in the coming years. However, reducing capacity payments and addressing the broader issues of electricity pricing, power utilisation and circular debt remain critical challenges for Pakistan’s energy sector.

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    NSPP conducts 5th three-day directors’ training …

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      LAHORE: The Executive Development Institute (EDI) of the National School of Public Policy (NSPP), Lahore, successfully conducted the fifth course of its three-day Directors’ Training Program (DTP) for State-Owned Enterprises (SOEs) from August 19 to 21, 2026. The training initiative was approved by the Securities and Exchange Commission of Pakistan (SECP) and focused on enhancing corporate governance, leadership and institutional performance within SOEs. A total of 21 participants from across Pakistan attended the program, representing federal and provincial governments as well as the private sector. Participants included officials and executives from the Ministry of Industries and Production, SECP, Pakistan Civil Aviation Authority, Pakistan Airports Authority, NESPAK, PASSCO, Northern Power Generation Company Limited, WAPDA, Water and Sanitation Services Company Haripur, Punjab Mineral Company, Punjab Police, Universal Service Fund, Pakistan Kidney and Liver Institute and Research Center, and Lahore Development Authority. Rector NSPP Mr. Farhan Aziz Khawaja welcomed the participants and highlighted the importance of strengthening corporate governance through quality professional training. He said the program aimed to establish a new benchmark in governance training with the support of SECP. He also emphasized the importance of transparency, accountability and responsible leadership in public-sector organizations. Dr. Naveed Elahi, Dean EDI, provided an overview of the training program and explained its focus on improving SOE governance and performance through effective leadership. He said the course addressed contemporary governance requirements, including directors’ legal responsibilities, board effectiveness, risk management and ethical decision-making. He encouraged participants to actively engage in case studies, simulations, discussions and networking opportunities throughout the training. The program featured a distinguished panel of guest speakers, including Mr. Abdul Rehman Warraich former SECP Commissioner; Dr. Ishrat Hussain, former Advisor to the Prime Minister; Mr. Kashif Ahmad Noor Military Accountant General; Mr. Farhan Aziz Khawaja, Rector NSPP/DG CSA; Dr. Irum Saba Director, IBA Karachi; Mr. Muhammad Anwar Sheikh retired Federal Additional Secretary, Finance Division; Mr. Mairaj A. Ariff, former Director General, NIPA Quetta; Dr. Kashif Zafar Dean-SST, UMT Lahore; Mr. Imtiaz Mahmood Company Secretary, SNGPL; Mr. Tariq Bajwa former Governor State Bank of Pakistan and Ex-SAPM on Finance; and Mr. Salman Amin Member, Competition Commission of Pakistan. The three-day course covered a wide range of topics, including principles of corporate governance, SOE reforms and legal frameworks, government stewardship, directors’ selection and performance evaluation, external and internal audits, audit committees, organizational culture, Islamic finance, financial risk governance, public service obligations, competitive neutrality, business planning, cybersecurity, digitization, reporting and disclosure, board composition and structure, as well as board simulations and case studies. During the closing session, Rector NSPP thanked the participants for their active participation and valuable contributions. He also appreciated the efforts of the Dean EDI and his team in successfully organizing the program. Participants showed keen interest throughout the course and actively participated in question-and-answer sessions. At the conclusion of the training, Rector NSPP, along with the Dean EDI, distributed certificates among the participants, formally marking the successful completion of the fifth Directors’ Training Program for State-Owned Enterprises.