PSX closes higher despite volatile trading

German Consul General Thomas E Schultze has extended Independence Day greetings to the people of Pakistan, praising the long-standing friendship between Pakistan and Germany and calling for stronger bilateral relations. In his message marking Pakistan’s 79th Independence Day, Schultze said the occasion was a time to celebrate the country’s creation while recognising the resilience, diversity and ambitions of its people. He noted that Pakistan and Germany will complete 75 years of diplomatic relations on October 15. He described the anniversary as an important milestone in the history of relations between the two countries. Schultze said economic links between Pakistan and Germany predated the establishment of formal diplomatic relations. He recalled that Siemens opened its first office in Lahore in 1922. According to the German diplomat, the relationship between the two countries rests on reliability, trust and sustainability. He said these principles had helped create lasting cooperation and opportunities that benefit both sides. Schultze highlighted the importance of economic ties between the two countries. He said Germany is Pakistan’s largest trading partner and the biggest importer of Pakistani products within the European Union. He also pointed to the significance of the EU’s GSP+ trade arrangement for Pakistan. Around 90 per cent of Pakistan’s exports to the European Union benefit from the scheme and enter the bloc’s market without customs duties, he said. The German consul general also highlighted the role of Pakistani women in the country’s future. He said women across Pakistan were making contributions in leadership, education, entrepreneurship and community development. Their efforts, he added, were helping create opportunities and inspiring younger generations. Schultze also spoke warmly about his experience in Pakistan. Having served in the country since last year, he praised the hospitality and warmth of the Pakistani people. He said Pakistan had gained a special place in his heart and expressed his appreciation for the relationship between the two countries. The German diplomat said he looked forward to working toward further strengthening Pakistan-Germany relations in the years ahead.

Islamabad: Questions have been raised over the affiliation process of hundreds of technical institutes after an audit revealed that 245 technical institutions were affiliated with the Federal Board of Intermediate and Secondary Education (FBISE) before concerns over legal authority and inspection procedures were fully addressed. The issue came up during the 47th meeting of the Public Accounts Committee, held under the acting chairmanship of Syed Naveed Qamar, where lawmakers reviewed audit objections related to FBISE’s affiliation procedures. According to audit findings, FBISE affiliated 245 technical institutes during 2022 and 2023 and collected Rs. 26.750 million in affiliation fees. The audit questioned the process, stating that the original FBISE Act of 1975 mainly covered intermediate and secondary education and did not clearly mention technical institute affiliations. Officials informed the committee that the matter was reviewed by the Law and Justice Division, which issued a legal opinion on 15 June 2026. The opinion stated that FBISE has legal authority under relevant sections of the FBISE Act 1975 to conduct examinations, provide affiliations and issue certificates for technical education programmes including Matric Tech and Inter Tech programmes at secondary and higher secondary levels. During the discussion, PAC members stressed that clear policies and official notifications should be issued so that all concerned institutions have proper guidance regarding technical education affiliations. The committee questioned whether the legal position and policy framework were clearly communicated before allowing affiliations. Officials were directed to ensure that proper procedures and documentation are completed before moving forward. The audit also highlighted another issue related to the registration process of technical institutes. Audit observations indicated that provisional registrations were issued to technical institutes before physical inspections were completed. The audit noted that registrations were granted without complete details of teaching staff. Officials informed the committee that inspections were being carried out and most institutions had already been reviewed, while only a limited number of uninspected institutions remained pending as of March 2026. Officials also informed the committee about steps being taken to improve technical and modern education in schools. The Federal Directorate of Education has introduced coding, robotics and artificial intelligence programmes to encourage students towards technology fields. Officials said coding fellows were engaged through support from NUST, while additional technology fellows were also working to support IT education. The committee was also informed about the Matric Tech programme, which was introduced to provide practical skills to students who may not continue traditional education after matriculation and want to enter professional careers. Officials said the aim of the programme is to provide students with useful skills that can help them find employment and participate in modern industries. The meeting also discussed the shortage of teaching resources, especially in areas where educational facilities face staff challenges. Officials informed the committee that 1,699 teaching and non teaching fellows, including technology fellows, were engaged to support educational needs. The committee emphasized that technical education is important for preparing young people for future jobs but stressed that proper monitoring, legal clarity and transparent procedures must remain part of the system.