Business
Former SBP governor Shamshad Akhtar dies at 71 | The Express Tribune
She served as 14th SBP governor and later as caretaker finance minister before the 2018 and 2024 general elections
A file photo of former State Bank of Pakistan governor Dr Shamshad Akhtar during a news conference in Karachi on October 17, 2008. Photo: Reuters/ File
Shamshad Akhtar, the first and only woman to serve as governor of the State Bank of Pakistan and a two-time caretaker finance minister, passed away at the age of 71, the Ministry of Finance said on Saturday.
At the time of her death, Akhtar was serving as chairperson of the Pakistan Stock Exchange, marking a rare distinction of having led the country’s central bank, overseen fiscal management, and headed a key capital markets institution.
She served as 14th governor of the State Bank of Pakistan from 2006 to 2009 and later assumed the role of caretaker finance minister during the interim governments formed ahead of the 2018 and 2024 general elections.
Born in Hyderabad, Akhtar received her early education in Karachi and Islamabad and was known for her strong academic background. She graduated with a BA in Economics from the University of Punjab in 1974 and later earned an MSc in Economics from Quaid-e-Azam University, Islamabad. She went on to obtain an MA in Development Economics from the University of Sussex in 1977 and a PhD in Economics from the UK’s Paisley College of Technology in 1980.
Akhtar was also a Fulbright postdoctoral fellow and served as a visiting fellow at Harvard University’s Department of Economics in 1987.
President Asif Ali Zardari expressed profound grief over the passing of former State Bank of Pakistan governor Shamshad Akhtar, paying tribute to her lifelong commitment to public service and her role in strengthening economic governance and financial management in the country.
PRESIDENT’S SECRETARIAT
(Media Wing)
*****PRESS RELEASE
President expresses sorrow over passing of former Governor State Bank Shamshad Akhtar
Islamabad: 27 December 2025 — President Asif Ali Zardari has expressed deep sorrow and grief over the passing of former Governor State…
— Murtaza Solangi (@murtazasolangi) December 27, 2025
In a post shared on X by Presidential Spokesperson Murtaza Solangi, the president said he was deeply saddened by Akhtar’s death and acknowledged her contributions to the field of economics and public finance. He prayed for the elevation of the departed soul’s ranks and extended heartfelt condolences to the bereaved family.
Pakistan Stock Exchange also mourned the loss of its late Chairperson. “The Board and Management of Pakistan Stock Exchange express deep sorrow on the passing of Dr Shamshad Akhtar, Chairperson PSX. Dr Akhtar was a distinguished leader whose legacy and service will always be remembered, PSX wrote.
An economic stalwart
Pakistan’s economic and financial community is mourning the loss of Dr Shamshad Akhtar, who was widely regarded as one of the country’s most influential economic managers. Dr Akhtar played an active, hands-on role during Pakistan’s most difficult financial periods, contributing to policy responses to balance-of-payments pressures and participating in critical negotiations with the International Monetary Fund (IMF) to help stabilise the economy.
She broke new ground in 2006 when she became the first woman to head the State Bank of Pakistan, serving as its governor at a time when banking sector reforms and monetary tightening were central to economic management. Her tenure is remembered for strengthening financial regulation and enhancing the independence and credibility of the central bank.
Dr Akhtar later returned to public service as finance minister in caretaker governments formed in 2023, where she was entrusted with managing fragile economic conditions, engaging with international lenders, and ensuring continuity in fiscal and monetary policy during political transitions.
Beyond Pakistan, she built an exceptional global career, holding senior positions at leading international institutions. These included serving as Vice President of the World Bank for the Middle East and North Africa, Executive Secretary of the UN’s ESCAP, and senior leadership roles at the Asian Development Bank, where she oversaw development, governance, and financial programmes across Asia.
In addition to her public sector roles, Dr Akhtar also served in leadership positions within Pakistan’s capital markets, including her association with the Pakistan Stock Exchange (PSX), where she was Chairperson PSX Board and contributed to improving corporate governance, market transparency, and investor confidence.
While talking to the Express Tribune, former finance minister Miftah Ismail expressed deep sorrow over the demise of Dr Akhtar. “It is deeply saddening to hear about Dr Shamshad Akhtar’s passing. She was a great Pakistani who made her name both nationally and internationally. May she rest in peace. Ameen,” he said.
“Dr Shamshad Akhtar was more than an accomplished economist. She was a trailblazer who opened doors for women in the financial industry. Her leadership, integrity, and resilience made her a role model for generations aspiring to serve in economic and public policy roles.,” commented Arif Habib Limited Head of Research Sana Tawfik.
I always admired her. As a woman in a traditionally male-dominated financial world, Dr Akhtar proved that competence and courage can redefine leadership. She inspired countless young women to believe that they, too, belong at the highest decision-making tables, Tawfik added.
PSX CEO Farrukh H. Sabzwari also expressed sorrow and paid rich tribute to Dr Shamshad Akhtar. When contacted, he said, “It is with profound sorrow that we mourn the passing of Dr Shamshad Akhtar, Chairperson of the Pakistan Stock Exchange. Her visionary leadership, dedication, and unwavering commitment to strengthening Pakistan’s financial landscape have left an indelible mark on our institution and the country.”
“This is a great loss not only for PSX but for Pakistan as a whole. We extend our deepest condolences to her family and loved ones, and we honor her legacy with gratitude and respect,” he added.
Dr Akhtar’s legacy extends far beyond the offices she held. Her passing marks the end of an era for Pakistan’s economic leadership, with colleagues and policymakers remembering her as a steady hand during crises and a respected voice on the global financial stage.
Business
BrewDog owners say craft beer company could be sold off
Craft beer brand BrewDog could be sold off after the company started the process to find new investors.
The Scottish beer brand recently announced plans to close all of its distilling brands, meaning it would no longer produce any of its spirits, including Duo Rum, Abstrakt Vodka, and Lonewolf Gin, at its distillery in Ellon, Aberdeenshire.
The company, which was founded in 2007, said it made the decision to focus on its beer brands, including the highly-popular Punk IPA, Elvis Juice, and Hazy Jane.
Now, in a statement, a spokesperson for BrewDog said the company had appointed Alix Partners to “support a structured and competitive process to evaluate the next phase of investment for the business.”
The statement said: “As with many businesses operating in a challenging economic climate and facing sustained macro headwinds, we regularly review our options with a focus on the long-term strength and sustainability of the company.
“Following a year of decisive action in 2025, which saw a focus on costs and operating efficiencies, we have appointed AlixPartners to support a structured and competitive process to evaluate the next phase of investment for the business. This is a deliberate and disciplined step with a focus on strengthening the long-term future of the BrewDog brand and its operations.”
Although no decisions have been made, a sale is under consideration.
In a statment BrewDog added: “BrewDog remains a global pioneer in craft beer: a world-class consumer brand, the No.1 independent brewer in the UK, and with a highly engaged global community. We believe that this combination will attract substantial interest, though no final decisions have been made.”
According to reports by Sky News, AlixPartners had begun sounding out prospective buyers in the last few days.
The company, which has 72 bars worldwide and four breweries in Scotland, the US, Australia, and Germany, said its breweries, bars, and venues will continue to operate as normal. It employs 1400 people across the organisation.
BrewDog’s founders James Watt and Martin Dickie are the company’s major shareholders alongside private equity company TSG, which invested £213 million in 2017, making it a 21 per cent shareholder.
In 2024, the beer brand grossed £357 million in sales, and it is a major independent brewer with 4 per cent market share in the UK grocery market.
Business
Craft beer brewer BrewDog could be broken up as sale process begins
Beermaker BrewDog could be broken up after consultants were called in to help look for new investors.
The Scotland-based brewer, which makes craft beer such as Punk IPA and Elvis Juice, has appointed consultants AlixPartners to oversee a sale process.
Last month, BrewDog announced it was closing its distilling brands, sparking concerns for jobs at its facility in Ellon, Aberdeenshire.
The company, which was founded in 2007, said it made the decision to focus on its beer products.
No decision has been made in respect of the sale process.
A spokesperson for BrewDog said: “As with many businesses operating in a challenging economic climate and facing sustained macro headwinds, we regularly review our options with a focus on the long-term strength and sustainability of the company.
“Following a year of decisive action in 2025, which saw a focus on costs and operating efficiencies, we have appointed AlixPartners to support a structured and competitive process to evaluate the next phase of investment for the business.
“This is a deliberate and disciplined step with a focus on strengthening the long-term future of the BrewDog brand and its operations.
“BrewDog remains a global pioneer in craft beer: a world-class consumer brand, the number one independent brewer in the UK and with a highly engaged global community.
“We believe that this combination will attract substantial interest, though no final decisions have been made.
“Our breweries, bars, and venues continue to operate as normal. We will not comment on any further speculation.”
Brewdog operates 72 bars around the world as well as four breweries.
Business
‘Better to abolish RERA’: Supreme court says law helping defaulting builders
New Delhi: The Supreme Court has raised serious concerns over how real estate regulatory authorities are functioning across the country. Taking a sharp view, the top court said it may be “better to abolish” these bodies, suggesting they have failed to protect homebuyers and instead appear to benefit defaulting builders. The court added that states should reconsider the very need for such authorities if they are not serving their intended purpose.
A Bench led by Chief Justice of India Surya Kant and Justice Joymalya Bagchi said states should rethink the original purpose behind introducing RERA. The court observed that instead of protecting homebuyers, the law appears to be helping defaulting builders and not serving its intended role.
Expressing strong concern, CJI Surya Kant said states should reflect on the purpose for which RERA was created. He suggested the institution is failing to serve homebuyers and instead appears to benefit defaulting builders. “All states should now think of the people for whom the institution of RERA was created. Except facilitating builders in default, it is not doing anything else. Better to just abolish this institution,” CJI Kant said, quoted by Bar and Bench.
Last year, the High Court had stayed the state government’s decision to shift the RERA office, pointing out that the move was taken “without even identifying an alternative office location”. The court also noted that transferring 18 outsourced employees to other boards and corporations, as requested, “would render the functioning of Rera defunct”.
The Supreme Court, however, set aside the High Court’s order and allowed the state government to shift the RERA office to Dharamshala. It also permitted the relocation of the appellate tribunal to the same location. “With a view to ensure that persons affected by Rera orders are not inconvenienced, the principal appellate is also moved to Dharamshala,” the apex court said.
What Is RERA And Why It Matters
RERA, introduced in 2016, was aimed at addressing project delays, improving transparency and safeguarding homebuyers’ interests. Earlier, each state and union territory operated its own RERA website. However, in September 2025, the Ministry of Housing and Urban Affairs launched a unified RERA portal that brings together data from across states and UTs on a single platform.
-
Entertainment1 week agoHow a factory error in China created a viral “crying horse” Lunar New Year trend
-
Business4 days agoAye Finance IPO Day 2: GMP Remains Zero; Apply Or Not? Check Price, GMP, Financials, Recommendations
-
Tech1 week agoNew York Is the Latest State to Consider a Data Center Pause
-
Tech1 week agoNordProtect Makes ID Theft Protection a Little Easier—if You Trust That It Works
-
Tech1 week agoPrivate LTE/5G networks reached 6,500 deployments in 2025 | Computer Weekly
-
Fashion4 days agoComment: Tariffs, capacity and timing reshape sourcing decisions
-
Business1 week agoStock market today: Here are the top gainers and losers on NSE, BSE on February 6 – check list – The Times of India
-
Business1 week agoMandelson’s lobbying firm cuts all ties with disgraced peer amid Epstein fallout
