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Pakistan pitches port on Arabian Sea to US; eye on minerals hub development: Report – The Times of India
Advisers to Pakistan’s military chief, Asim Munir, have reportedly approached US officials with a proposal to construct and operate a port at Pasni on the Arabian Sea, offering Washington a strategic presence in a geopolitically sensitive region. According to the Financial Times, the plan envisages transforming Pasni—a small fishing town—into a hub for transporting Pakistan’s critical minerals, including copper and antimony, essential for batteries, fire-retardant materials, and missile production. The town lies about 100 miles from Iran and 70 miles from Gwadar, where China operates a major port facility. The initiative, which is not official government policy, was reportedly shared with Munir ahead of his White House meeting with President Donald Trump last month. However, a senior Trump administration official clarified that the proposal had not reached the president or his advisers for discussion. The port plan forms part of a broader push by Pakistani officials to strengthen ties with the Trump administration. Other initiatives include collaboration on a Trump-backed cryptocurrency project, deeper cooperation against the Afghanistan-based militant group Isis-K, support for his Gaza peace plan, and access to critical minerals. US and Pakistani diplomats have described the relationship between Munir and Trump as “a bromance” since the president claimed credit in May for brokering a ceasefire between Pakistan and India. Over the summer, US-India relations have cooled, while Munir and Prime Minister Shehbaz Sharif publicly thanked Trump and even nominated him for the Nobel Peace Prize. Following their recent meeting, the White House released photographs showing Munir and Sharif presenting Trump with mineral samples. The Pasni port blueprint includes a railway to transport minerals from Pakistan’s interior, connecting to mines such as Reko Diq, developed by Canada’s Barrick Mining. The project’s estimated cost is $1.2 billion, with proposed funding from a mix of Pakistani federal and US-backed development finance. Supporters say the plan would diversify Pakistan’s strategic options while balancing relations with China, the US, Iran, and Saudi Arabia, following a recent security pact with Riyadh. The blueprint stated, “Pasni’s proximity to Iran and Central Asia enhances US options for trade and security. Engagement at Pasni would counterbalance Gwadar and expand US influence in the Arabian Sea and Central Asia.” It also flagged potential dual-use concerns at China’s Gwadar port under the Belt and Road Initiative, alluding to fears it could serve as a naval base, a claim denied by Islamabad and Beijing. The plan specifies no “direct basing,” meaning the port would not host US military installations. Pakistan has historically been a close US ally, first during the Cold War and then after the 9/11 attacks, but relations frayed due to Islamabad’s support for the Taliban in Afghanistan. One adviser, quoted by FT, said, “I’ve been telling our leaders we need to diversify from China. We don’t need to consult the Chinese as it’s outside the Gwadar concession.” Missouri-based US Strategic Metals (USSM) has shown early interest, signing a memorandum of understanding in September with Pakistan’s military engineering corps. USSM commercial director Mike Hollomon said, “In our conversations with the field marshal, he stressed that Pakistan has been an ally of the US for a long time and minerals is a way to rekindle a dormant friendship.” Late last month, Pakistan shipped a small first consignment of fewer than two tonnes of critical minerals, including copper, antimony, and neodymium, to USSM. The minerals sector currently accounts for about 3 per cent of Pakistan’s GDP, with large untapped reserves in insurgency-hit western provinces. Hussain Abidi, chair of the Pakistan Council of Scientific and Industrial Research, described the initiative as, “This is a reset with America through economic ties rather than just the traditional security ties.”
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Angel One sets Feb 26 as record date for 1:10 stock split. Shareholders will get 10 shares for each held.
Angel One Stock Split 2026
Angel One Stock Split Record Date: Domestic brokerage firm Angel One has fixed February 26 as the record date for its previously approved 1:10 stock split, moving ahead with a proposal cleared by its Board last month.
The company had earlier informed stock exchanges on Jan. 15 that its Board of Directors approved the sub-division of equity shares in a 1:10 ratio.
Board Approval For Share Sub-Division
Under the approved proposal, each fully paid-up equity share with a face value of Rs 10 will be split into 10 fully paid-up equity shares with a face value of Re 1 each.
In its Jan. 15 stock exchange filing, the company stated that the Board had approved the sub-division of one existing equity share of face value Rs 10, fully paid-up, into 10 equity shares of face value Re 1 each, fully paid-up. The move is aimed at increasing the number of outstanding shares and improving liquidity in the counter.
Stock splits typically make shares more affordable for retail investors by reducing the market price per share, although the overall market capitalization of the company remains unchanged.
Feb 26 Fixed As Record Date
In a subsequent filing dated Feb. 18, Angel One confirmed that its executive committee has fixed Thursday, Feb. 26, as the record date to determine eligible shareholders for the stock split.
The record date serves as the cut-off to identify shareholders who will be entitled to receive the additional shares. Investors holding the stock on or before Feb. 26 will qualify for the sub-division benefit.
What The Stock Split Means For Investors
Shareholders will receive 10 equity shares for every one share currently held. While the face value per share will reduce from Rs 10 to Re 1, the total value of an investor’s holdings will remain unchanged, as the split does not alter ownership percentage or overall wealth.
Angel One Q3 FY26: Profit Dips Amid Higher Costs
For the quarter ended Dec. 31, 2025, Angel One reported a 4.5% year-on-year decline in consolidated profit after tax to Rs 269 crore, compared with Rs 281.5 crore in the same quarter last year.
However, total income rose 5.8% to Rs 1,338 crore from Rs 1,264 crore in Q3 FY25. Total expenses increased to Rs 964.2 crore from Rs 876.5 crore, primarily due to higher employee benefit costs, elevated ESOP expenses, and increased operating expenditure.
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February 25, 2026, 07:20 IST
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Households are set to learn their energy bills will fall by around 7% from April in a shake-up of costs after the Government promised they will receive an average £150 cut.
Latest predictions suggest Ofgem will reduce the energy price cap by £117 to £1,641 a year for a typical dual fuel household from April 1 when it makes its announcement on Wednesday.
Chancellor Rachel Reeves said in November that £150 would be cut from the average household bill from April by scrapping the Energy Company Obligation scheme introduced by the Tories in government.
Customers have been warned not to expect a straight £150 discount on their bills, and that the cut will depend on the size and type of household and how much energy it uses.
The reduction is expected to be primarily applied through a lower price per unit of electricity used, with households advised to look out for information from their supplier explaining this after the price cap announcement.
Cornwall Insight said the changes will reduce the cap by about £145 a year once VAT and pricing allowances within the cap methodology are taken into account.
It added that increases in charges associated with the operation and maintenance of Britain’s energy networks have offset part of the savings.
Wholesale prices had also risen slightly since its last forecast in December, with the cost of gas particularly volatile due to “geopolitical factors”.
Looking further ahead, Cornwall said wholesale costs were still lower than when Ofgem set the January cap level and it expected the cap to remain “relatively steady” throughout 2026, “with only a small rise forecast in July”.
Ned Hammond, deputy director of customer policy at Energy UK, which represents firms, said: “At a time when many households are struggling with their bills, action taken by the Government to provide a considerable discount on energy bills is hugely welcome.
“While the saving will be £150 for the average household, it is important to note that the discount is applied to the unit rate.
“Therefore, households will experience significantly different savings depending on their energy consumption, some much higher and others substantially lower than £150.
“In addition, other moving parts, such as network charges and wholesale costs, mean energy bills will not necessarily fall in line with the saving provided.
“Indeed, the price cap is projected to drop by around £115 from April 1.”
Which? energy editor Emily Seymour said: “Households can expect a significant cut to their energy bills in April, which will come as a relief to millions of people struggling with cost-of-living pressures.
“The bulk of this change is expected to be applied to your electricity price per unit, so your exact savings will depend on your usage; look out for communications from your energy provider in the coming weeks to see how it will affect your bills.”
Simon Francis, co-ordinator of the End Fuel Poverty Coalition, urged households to note the changes in unit costs and standing charges, rather than focus on the headline “average energy bill”.
He said: “We know that energy bills can be confusing and trying to decide when to switch tariffs or change supplier is a big decision which can overwhelm people.
“As well as setting the price cap, Ofgem should play a greater role in ensuring that the tariffs reaching the market are fair and don’t discriminate against specific customer groups.
“Sadly the responsibility currently falls to households to pay careful attention to any changes in their unit costs and standing charges.”
A Lucid Gravity coming off the line at the company’s factory in Casa Grande, Arizona.
Lucid Group reported mixed fourth-quarter results Tuesday as the electric vehicle maker continues to face challenging market conditions and internal struggles.
The company widely missed Wall Street’s quarterly earnings expectations, while beating average revenue estimates by roughly 12%. It also revised its 2025 production results due to internal validation issues, but guided for a notable increase in vehicle production this year.
Here’s how the company performed in the fourth quarter compared with average estimates compiled by LSEG:
- Loss per share: $3.62 vs. a loss of $2.62 cents expected
- Revenue: $523 million vs. $468 million expected
Lucid’s results come days after the company laid off 12% of its U.S. salaried workforce in an effort to streamline operations and “operate with greater efficiency and deliver on our commitments to gross margin improvement and long term growth,” according to a statement from the company.
Interim Lucid CEO Marc Winterhoff described the cuts Tuesday to CNBC as a needed realignment of the company’s workforce amid broader market and economic concerns as well as needed gains in efficiency.
“We are adjusting and going to a level where we think we want to be and need to be,” he said. “But it’s nothing that will continue in the future.”
For 2026, the company announced a vehicle production target of between 25,000 and 27,000 units. That would mark an increase of roughly 40% to 51% compared with the year-end figures the company released Tuesday.
Lucid said the revision for the year — from 18,378 units to 17,840 units — came as “538 vehicles had not completed certain internal procedures required under its final validation process to be classified as produced.”
The company said the vehicles are expected to be completed this year, with the change not affecting its previously reported financial results.
Winterhoff described the expected growth as “healthy,” but not “outrageous” given the current slowdown in overall vehicle sales, including EVs.
“Our initial plans were higher, but we wanted to really be conservative and make sure that we are hitting the numbers that we are projecting,” he told CNBC.
Lucid is expected to begin production of a new, less expensive midsize vehicle at the end of this year, but Winterhoff said it will not be material to its 2026 production plans. He said the automaker’s Gravity SUV is expected to account for the majority of its production and sales this year, followed by the Air sedan. The company also plans to launch its first Lucid robotaxis with previously announced partners.
Winterhoff said the company’s main priorities this year are achieving its production target, growing sales, continuing efficiency gains and preparing for production of the midsize vehicle and robotaxis.
“We really want to make sure that we [are] on our path to profitability, make sure that we’re not spending money that we don’t have to. That’s very, very important,” he told CNBC.
Lucid has yet to say when the company expects to be profitable. It is scheduled to host an investor day on March 12 in New York.
Lucid said it ended last year with approximately $4.6 billion in total liquidity, which Lucid CFO Taoufiq Boussaid said was “strong” and would provide flexibility “to execute near-term objectives while investing in future growth.”
Lucid reported a net loss of $2.7 billion in 2025, in line with a $2.71 billion loss a year earlier. That includes more than doubling its year-over-year losses during the fourth quarter to $814 million. It reported a loss of $12.09 per share for the year.
The company’s 2025 revenue was up 68% to $1.35 billion, including more than doubling year-over-year results during the fourth quarter.
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