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Economy in ‘good spot,’ claims FinMin Aurangzeb amid global support | The Express Tribune

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Economy in ‘good spot,’ claims FinMin Aurangzeb amid global support | The Express Tribune


Says macro-economic stability, ‘geopolitical tailwinds’ leave Pakistan poised for growth, investment

In a virtual address at the second edition of the Pakistan International Maritime Expo and Conference in Karachi, Federal Minister for Finance Muhammad Aurangzeb said on Tuesday that Pakistan is enjoying a moment of convergence between internal economic stability and favourable international dynamics.

“Where we are as a country, we find ourselves in a good spot at this point and time because there is a confluence of factors,” he said.

He pointed to what he described as “macroeconomic stability combined with geopolitical tailwinds” as the main drivers of this improved position.

Aurangzeb underlined that the country’s long-standing relationships with its partners can now be transformed from mere government-to-government engagements into tangible trade and investment flows. “Our traditional partners, who have helped us through thick and thin … we find ourselves in a spot that we can now… move from government-to-government (G2G) discussions to trade and investment flows into the country,” he told the conference.

On the subject of global confidence in Pakistan’s economic management, Aurangzeb said that after a gap of two to three years, three major global rating agencies are now aligned in their view, reporting upgrades this year and offering stable outlooks. “After a hiatus of two to three years, we have three global rating agencies which are fully aligned … in terms of the upgrades we have seen over the course of this year, but also their outlook, which is stable for Pakistan’s economy,” he said.

He stated that the country is currently a part of an International Monetary Fund (IMF) programme, and that the recently announced staff-level agreement was evidence of international confidence in Pakistani authorities.

Blue Economy

Turning to sectoral strategy, Aurangzeb described the “blue economy” as a potential game-changer for Pakistan. He said the sector currently accounts for roughly $1 billion (0.4-0.5% of Gross Domestic Product [GDP]) and aims to scale significantly. “We are hovering at about 0.4 to 0.5 per cent of the national gross domestic product, which equates to roughly $1 billion,” he said, adding that Pakistan’s “real potential” was as high as $3 trillion.

The minister also emphasised that policy consistency would be central to achieving these goals. “As the finance minister, I would like to assure you … that we are going to ensure that there is policy consistency. Whatever we say, we see it through the cycle. So I think that is going to be a very important part of how we are going to take this discussion forward,” he said.

He outlined plans for seafood exports, currently sitting at approximately $500 million, to reach $2 billion over the next three to four years. “Getting that to $2 billion over the next three to four years was a very achievable milestone,” he said.

Further strategic pillars identified included modernising ports and logistics, digitisation, renewable energy and innovative financing such as blue bonds and blended finance.

The remarks signal Pakistan’s intent to harness a window of favourable external conditions and internal reform momentum to accelerate growth. However, ambitious targets and promises of sustained policy consistency will demand careful execution, strengthened institutional frameworks and deeper market confidence.





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Alan Bates to get multi-million-pound payout over Post Office saga

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Alan Bates to get multi-million-pound payout over Post Office saga


Post Office campaigner Alan Bates has agreed a multi-million pound compensation figure from the Post Office, sources close to the deal have confirmed to the BBC.

The payout for Sir Alan comes more than 20 years after he started campaigning for justice for victims of the Horizon scandal which led a group of 555 sub-postmasters launching landmark legal action against the Post Office.

The exact sum paid to Sir Alan has not been made public and he has not responded to requests for comment.

Between 1999 and 2015, more than 900 sub-postmasters were wrongly prosecuted after the faulty Horizon IT system indicated shortfalls in Post Office branch accounts.

Hundreds more poured their own savings into their branch to make up apparent shortfalls in order to avoid prosecution.

Marriages broke down, and some families believe the stress led to serious health conditions, addiction and even premature death.

A spokesperson for the Department for Business and Trade said: “We pay tribute to Sir Alan Bates for his long record of campaigning on behalf of victims.

“We can confirm that Sir Alan’s claim has reached the end of the scheme process and been settled.”

As of September 2025, a total of £1.23bn had been awarded to more than 9,100 sub-postmasters.

Sir Alan first received an offer of redress in January 2024, which he rejected, describing it as “cruel and derisory”.

He was made another offer in May 2024 which he said was around a third of what he had requested. In May of this year, he said that he’d received a third offer for less than 50% of his original claim.

Sir Alan was part of the Group Litigation Order compensation scheme, under which claimants can either receive £75,000 or seek their own settlement.

As part of plan to claim his own settlement, Mr Bates told the BBC his lawyers had included compensation owed for his 20 years of campaigning for justice for those sub-postmasters caught up in the scandal.

The Post Office/Horizon scandal reached new heights in the public consciousness last year after Sir Alan’s campaign for justice was portrayed in the ITV drama series Mr Bates vs the Post Office.

The government adopted all but one of the recommendations of a report published following an inquiry into the scandal.

The inquiry detailed the full human impact of the scandal for the first time: the report said that more than 13 people may have taken their own lives as a result of what happened to them.

Earlier this year, Sir Alan accused the government of putting forward a “take it or leave it” offer of compensation amounting to less than half of his claim.

Many victims have previously complained about being forced to accept low offers of compensation, without the benefit of legal help.

Last month, the government announced that all victims who are claiming compensation will now be entitled to free legal advice to help them with their offers.

There are four different compensation schemes, which are aimed at different groups of victims.

Individual eligibility for compensation depends on the particular circumstances of each case.

However, the schemes have been criticised for being too slow and complicated, with many of the worst-affected victims receiving far less than their original claims.



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Calls for ‘outright ban on absurd’ mid-contract telecoms price rises

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Calls for ‘outright ban on absurd’ mid-contract telecoms price rises



Ofcom is facing calls for an “outright ban” on “absurd” mid-contract price hikes after the Government separately asked the regulator to revisit its rules on the practice.

The calls follow O2 unexpectedly announcing it was raising prices by £2.50 a month for existing customers.

On Monday, Technology Secretary Liz Kendall wrote an open letter to Ofcom bosses asking them to review mid-contract price rises again.

She wrote: “As we discussed when we met earlier this month, driving down inflationary costs and protecting consumers are vitally important for this government.

“As such, I welcome both the action you took in January to increase transparency on how in-contract prices are presented in new contracts, and your statement yesterday expressing disappointment with O2’s price rises.

“I strongly agree they are against the spirit of your previous changes on pricing, and all the more disappointing given the current pressures on consumers.”

She added: “Nevertheless, I believe we need to go further, faster. I am keen that we look at in-contract price rises again.”

Ofcom has been given until November 7 to respond to Ms Kendall’s letter.

Ofcom said: “We share the Government’s concern that customers who face price rises must be treated fairly by mobile providers and they are empowered to exercise their right to switch penalty-free if they didn’t agree to them upfront.

“We will respond to the Secretary of State’s specific queries shortly.”

O2 said in a statement: “We appreciate that price changes are never welcome, but we have been fully transparent with our customers about this change, writing directly to them and providing the right to exit without penalty if they wish.”

Ofcom introduced new rules in January to crack down on phone and broadband providers increasing prices in the middle of a contract without warning.

But last week, O2 announced it would be raising its monthly prices by more than originally promised.

It was able to do this because the increase was not linked to inflation, and it has given customers 30 days to leave without penalty providing they continue to pay off the cost of their device.

O2 said it has not gone against the regulation and Ofcom’s rules do not stop providers from raising prices.

The firm said: “A price increase equivalent to 8p per day is greatly outweighed by the £700 million we invest each year into our mobile network, with UK consumers benefitting from an extremely competitive market and some of the lowest prices compared to international peers.”

Alex Tofts, broadband spokesman from comparison site Broadband Genie, said: “What we’re seeing from O2 and price rises from other major providers is a direct result of crude regulation that has been poorly thought out, with its implications not given enough consideration.

“The only real way to protect customers is to outright ban these absurd mid-contract price hikes. Some providers already offer fixed prices, so why can’t those with the biggest profit margins do the same?

“We fully back the call for Ofcom to revisit these regulations. Until then, we urge all consumers to check whether they’re still in contract.

“To be fair to Ofcom, the broadband switching process has become much easier thanks to the One Touch Switch system. One-in-three households are currently free to switch, and with many providers offering competitive new-customer discounts, now could be the best opportunity to protect your budget before further price rises take effect.”



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Primark owner profit dips as UK sales fall amid inflation squeeze

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Primark owner profit dips as UK sales fall amid inflation squeeze


Primark saw sales drop in the UK as people spent less at the budget retailer, its owner Associated British Foods (ABF) said.

In the year to September it saw a 3.1% fall in like-for-like sales compared with the year prior, which it said reflected weak consumer confidence.

The company said it expected the “subdued” retail market to impact Primark sales into 2026.

ABF said that it was exploring splitting off the fast-fashion retailer from its food business, where it owns brands like Twinings, Ovaltine and Ryvita.

The entire business saw profits fall by 13% to £1.4bn for the year.

Chief executive George Weston said though he was “confident” for 2026, it depended on the “consumer environment” which was was “particularly unpredictable at the moment”.

British shoppers have been tightening their belts amid rising prices on the UK high street, and turning to even cheaper competitors such as Shein and Temu.

Inflation, the rate at which prices rise, has held stubbornly at 3.8% for the year to September. Although inflation is down from highs seen in 2022-2023, it remains above the Bank of England’s target of 2%.

The Associated British Foods boss said in a call after the financial results that there was a “working assumption” in ABF that a separation of Primark “is where we would like to get to”, although no decision had been made.

Dan Coatsworth from AJ Bell said it was not clear what triggered a rethink by the board, which had previously pushed back against the idea of a break-up, but did say Primark could command a much higher share price as a standalone company separate from its food business, which AB Foods said was “less well-understood” by the market.

Mr Coatsworth said over the years many people have expressed a desire to only invest in Primark, rather than have its rapid growth “diluted” by non-retail interests.

He added that “the wheels are being greased for a corporate break-up”, especially as such demergers are “all the rage” at present, with Unilever, Kraft Heinz and Warner Bros Discovery among those currently in the process.

“The idea of ‘slimming to greatness’ is based on the principle that big companies might benefit from having a tighter focus rather than spinning three or four plates at the same time,” he added.

Laura Lambie from Rathbones added that ABF was a “disparate mixture of businesses with no real strategic rationale behind it”.

Primark, which has 475 stores in 18 countries, had reached the size where it requires extra focus to capitalise on its growth prospects, particularly overseas said analysts, with one saying Primark was the “jewel” in ABF’s crown.

But Primark’s challenges in the UK could worsen as Chancellor Rachel Reeves is widely expected to raise taxes in the Budget later this month.

That would come on top of cost rises seen since the last Budget, including more expensive staffing costs as a result of the rise in minimum wage.

People are feeling insecure about their jobs as businesses cut back on hiring, said Laura Lambie from Federated Hermes, and that was part of what was fuelling a “difficult environment” for retailers as profit margins shrunk.

The news comes as a series of casualties on the UK high street continue as the costs of maintaining bricks-and-mortar stores becomes too high amidst rising online competition and pressure on consumer spending.

Recent retail names that have had to close stores or enter administration include Bodycare, Claire’s, and Pizza Hut which said it will be slashing the number of restaurants it operates.



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