Business
FinMin pitches Pakistan’s green growth vision at World Bank forum | The Express Tribune
Aurangzeb outlines agri-finance reforms, climate resilience to drive private sector growth, exports
In Washington, during the sidelines of the IMF World Bank Annual Meetings, Finance Minister Muhammad Aurangzeb addressed a high-level World Bank panel titled “AgriConnect: Farms, Firms, and Finance for Jobs,” spotlighting Pakistan’s push to modernize its agricultural sector while confronting climate risks.
Aurangzeb began by underscoring agriculture’s central role in Pakistan’s economy, contributing nearly one quarter of GDP and supporting millions of smallholder farmers owning less than five hectares. He stressed that policy would shift from direct control to facilitation, allowing the private sector to drive growth in areas where it can be more effective.
He detailed pilot programs now underway, supplying seeds and fertilisers, offering agronomic services, and employing satellite-based crop monitoring to help farmers boost yields while reducing reliance on intermediaries.
To scale these efforts, the minister called on the financial sector to step in, offering first-loss guarantees, subsidized loans, and uncollateralized credit for small and tenant farmers.
Read: Govt close to sealing IMF staff deal, $1.2b payout expected to ease financial pressure
On climate resilience, Aurangzeb emphasised the urgency of adapting to extreme weather events, such as the recent floods that badly affected the rice crop. He noted that one-third of Pakistan’s ten-year Country Partnership Framework with the World Bank is devoted to climate action and decarbonization. Financial resources exist, he said, but deployment must accelerate to meet evolving challenges.
Investing in capacity building, the government has sent around 1,000 Pakistani students to China for advanced training in agricultural research, mechanization, and modern farming methods. In responses to queries, Aurangzeb reaffirmed commitment to deregulation and incentivizing private investment in infrastructure such as cold chains, warehousing, and value-added processing.
Read More: Aurangzeb lands in Washington
He also flagged the export potential of key crops, projecting rice exports of about $3.5 billion in the current year. In his closing remarks, the minister expanded the definition of agriculture’s impact, stating that when the full value chain is included, the sector contributes nearly 40 per cent of GDP.
Earlier in Washington, Aurangzeb also attended the G-24 Ministers’ meeting, where he highlighted Pakistan’s macroeconomic stability, crediting structural reforms in taxation, energy, and privatisation, while thanking the IMF and World Bank for backing tariff reforms and cross-border trade initiatives.
Business
Merchandise trade deficit rises 30.37% to $32.15 billion: Exports up 6.75%, imports surge 16.7% in September – The Times of India
India’s merchandise exports in September 2025 rose 6.75 per cent to $36.38 billion from $34.08 billion a year earlier, while imports jumped 16.7 per cent to $68.53 billion, according to data released by the ministry of Commerce and Industry on Wednesday. The surge in imports, led by gold, silver, fertilisers, and electronics, pushed the merchandise trade deficit up 30.37 per cent to $32.15 billion, ANI reported. On a combined merchandise and services basis, India’s trade deficit widened to an estimated $16.61 billion in September, compared with $8.60 billion in the same month last year. Total exports, including merchandise and services, were $67.20 billion, slightly up from $66.68 billion in September 2024, while imports increased to $83.82 billion from $75.28 billion.Commerce Secretary Rajesh Agrawal said, “In the first six months of this financial year, India achieved total exports of $413.30 billion as against the first six months of last year, registering a growth of 4.5 per cent.” He added that the industry has remained resilient, with supply chains maintained and performance improving despite global uncertainties.
Charlie Bigham is set to launch a new range of premium ready meals, costing up to £30, aimed at consumers increasingly deterred by the escalating price of eating out.
The entrepreneur’s ‘Brasserie’ collection will debut in Waitrose this Wednesday, offering dishes such as a pre-prepared beef wellington for £29.95, a salmon wellington at £19.95, and coq au vin, duck confit, or venison bourguignon, each priced at £16.95.
Mr Bigham stated that the rising expense of restaurant dining was the primary driver behind the creation of his new line.
He explained: “Dining out has got more expensive – we love eating in restaurants but you look at the bill at the end of the night now and you think ‘ooh, this has gone up’.”
He added, acknowledging the industry’s challenges: “And that’s not to criticise our wonderful hospitality industry at all. Their costs keep going up.”
Ultimately, he believes consumers are seeking the “dining-out occasion” but are “happier to do this in, rather than out,” reflecting a broader shift in spending habits.
D’s new venison bourguignon uses wild-caught venison from the Scottish Highlands, including the royal Balmoral Estate. The salmon wellington is made with sashimi-grade salmon fillet and the firm claims that every beef wellington is hand-rolled.
The company hopes consumers will consider the range to be an alternative to a meal out in a cafe or restaurant. Hospitality businesses have been forced to put up prices as costs such as labour, energy and tax soar.
At the top end, the new meals will be almost three times as expensive as Charlie Bigham’s traditional offerings, which cost around £10 for a two-person serving of dishes such as chicken tikka masala, chicken ham and leek pie, and lasagne.
Despite the cost, Mr Bigham said he expected the range to have broad appeal among consumers.
“If you think about it, you get a pizza for two delivered for £16. And these are not just eaten by rich people in certain London postcodes.”
The average restaurant meal cost 4.9 per cent more in August than it did a year earlier, according to data from the Office for National Statistics (ONS).
Rising grocery price inflation has also hit consumers hard, with shoppers also increasingly seeing their favourite items altered both by ‘shrinkflation’ and cheaper ingredients.
Mr Bigham said his firm had turned to neither, with portion sizes and ingredients remaining unchanged in an effort to protect its reputation as a higher-quality producer.
He said: “Making high-quality food is our mantra, so if we have to make the choice, we’ll put prices up.”
Mr Bigham’s firm turned a £5 million profit on sales of £144 million last year.
Emer MoreauBusiness reporter
Getty ImagesRoyal Mail has been fined £21m after almost a quarter of first-class post arrived late, Ofcom has announced.
It is the third-largest fine the communications watchdog has ever issued and follows its investigation after Royal Mail missed its targets for both first and second-class post in 2024/25.
Ian Strawhorne, director of enforcement at Ofcom, said: “Millions of important letters are arriving late, and people aren’t getting what they pay for when they buy a stamp.”
Royal Mail said it will “continue to work hard to deliver further sustained improvements to our quality of service”.
It delivered 77% of First Class mail and 92.5% of Second Class mail on time in the 2024/25 financial year, which was short of its 93% and 98.5% targets.
This is the third time it has been fined over delivery delays in recent years, with penalities of £5.6m in November 2023 and £10.5m in December 2024.
Ofcom said the fine would have been £30m, but it had reduced it by 30% to reflect Royal Mail’s admission of its failings.
The regulator warned fines were “likely to continue” unless the company urgently delivers “a credible improvement plan”.
‘Empty promises’
Ofcom said Royal Mail published an improvement plan for last year, aimed at delivering 85% of first-class post on time and 97% of second-class post, but “this has not materialised”.
Mr Strawhorne said: “Royal Mail must rebuild consumers’ confidence as a matter of urgency. And that means making actual significant improvements, not more empty promises.”
Ofcom’s investigation found the company “breached its obligations by failing to provide an acceptable level of service without justification”.
It said the actions taken by Royal Mail to try and reach its targets were “insufficient and ineffective”.
The fine, Ofcom said, reflected the “harm suffered by customers” as a result of Royal Mail’s poor service.
Citizens Advice said the postal service’s track record was “woeful” but that the fines may not push the company to do better.
“When these failures are just an ordinary part of doing business, Ofcom’s fine risks becoming another operating cost, doing little to encourage the company to improve its service,” Tom MacInnes, director of policy at Citizens Advice, said.
“Missed post has real life consequences, with people left waiting for urgent medical appointment letters, legal documents and benefit decisions.”
Second-class scrapped on Saturdays
Under the universal service obligation (USO), Royal Mail is required by law to deliver letters six days a week and parcels five days a week to every address in the UK.
Since July, some areas only receive second-class letters every other weekday and not on Saturday, a change proposed by Ofcom earlier this year.
Responding to Ofcom, a Royal Mail spokesperson said: “We acknowledge the decision made by Ofcom today and we will continue to work hard to deliver further sustained improvements to our quality of service.”
The spokesperson said that the reduction of second-class deliveries in some areas enabled the company to “drive a step change in quality of service”.
Royal Mail has also made changes in recruitment and training and has provided more support in delivery offices, the spokesperson added.
The fine will be paid to the Treasury.
Royal Mail was bought by Czech billionaire Daniel Kretinsky for more than £5bn last year. It posted a profit in September, following three years of losses.
EU Parl panel clears changes to report sustainability, due diligence
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