Business
Govt approves major regulatory reform package | The Express Tribune
ISLAMABAD:
The Cabinet Committee on Regulatory Reforms (CCoRR), chaired by Federal Minister for Investment Qaiser Ahmed Sheikh, on Friday reviewed and approved the third quarterly Regulatory Reform Package prepared by the Board of Investment (BOI).
According to an official statement, the meeting marked another step in the government’s effort to modernise Pakistan’s regulatory framework under directives of the prime minister.
The package, developed by the BOI reform team, sets a forward-looking agenda to enhance transparency, streamline processes, and improve the ease of doing business. Key reform areas included the Regulatory Governance Strategy 2025-2030, aimed at establishing a modern legal system through creation of a Pakistan National Legal Registry (PLR).
The package also proposed simplification of bank account opening for businesses. Online onboarding for low-risk firms and the launch of an Asaan Business Bank Account (ABA) for SMEs were highlighted.
Another major component is the shift from fragmented district registries to a centralised National Business Registry managed by the Securities And Exchange Commission Of Pakistan (SECP). As per the statement, this will repeal the outdated Partnership Act, 1932. A new risk-based and technology-enabled framework for security clearance of foreign investors was also proposed, introducing statutory timelines and greater transparency.
The review of the Companies Act, 2017 formed another pillar of the package. Proposed updates focus on modernising requirements for listed and unlisted companies, removing outdated provisions and aligning with international best practices.
During the meeting, the committee reviewed all proposals in detail. The reforms were endorsed and regulators agreed on implementation. Directions were issued to federal ministries and departments to ensure time-bound execution.
The National Business Registry will eliminate duplication across district registries, allowing faster firm registration with nationwide recognition of legal status. The risk-based clearance system will give foreign investors predictable timelines, reducing uncertainty and enabling quicker project starts. Amendments to the Companies Act will cut compliance costs and improve governance by easing outdated requirements.
Federal minister for investment commended the BOI reform team and regulatory bodies for their role. He said the review reflected the government’s commitment to regulatory modernisation and creating a transparent, efficient business environment.
Business
Why essentials like eggs, bread and milk cost so much more now
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Business
Spirit’s collapse, high fuel prices test limits of summer vacation spending
Travelers walk through the terminal at Ronald Reagan Washington National Airport on May 1, 2026.
Leslie Josephs | CNBC
Higher fuel prices are testing how badly consumers want to travel this summer, whether flying or driving.
Airfare hasn’t been this high since May 2022, when airlines stumbled out of the pandemic with aircraft and employee shortages to face hordes of consumers ready for “revenge travel.” Gasoline is above $4 a gallon and could get closer to $5 a gallon this summer, AAA warned this week.
Jet fuel prices doubled in the span of less than three months this year after the U.S. and Israel attacked Iran, kicking off a conflict that has left a key shipping channel effectively closed.
Domestic round-trip airfares in April averaged $623, the highest in nearly four years, according to data from the Airlines Reporting Corporation, which tracks travel agency ticket sales. Jet fuel is the second-biggest expense for airlines after labor, and carriers say they are increasingly passing those costs along to customers.
Separately, airlines are also trimming their growth plans because of higher fuel costs. Even if a route isn’t cut, fewer flights on certain routes means that customers will have fewer seats to choose from and, with demand robust, that could drive up prices even more.
Spirit Airlines, the most famous budget carrier in the U.S., shut down earlier this month, and partially blamed jet fuel prices for its failure to emerge from near back-to-back bankruptcies. It was the biggest U.S. airline collapse in decades. Other airlines swooped in to snatch up those customers in the aftermath, but the carrier’s demise removes a main purveyor of low fares.
The fuel spikes have set the stage for higher fares and more expensive gas station visits this summer. The start of the peak travel season Memorial Day weekend will be a taste of how much travelers will shell out to fly while everything from groceries to clothing has become more expensive this year.
The Transportation Security Administration said it expects to screen 18.3 million people between Thursday and next Wednesday, compared with the 18.5 million it saw over a similar period last year.
Lackluster road trip growth
Road trips won’t be a bargain either. AAA this week forecast 39.1 million people will drive at least 50 miles between Thursday and Monday, up just 0.1% compared with last Memorial Day weekend. That was the least growth in a decade, AAA told CNBC.
Gasoline price site GasBuddy forecast this week that prices across the U.S. will average $4.48 on Memorial Day, up from $3.14 last year, and that prices could average $4.80 through Labor Day “if the Strait of Hormuz remains closed for a significant portion of the summer.”
A customer fills his vehicle with fuel at a gas station in Miami, April 13, 2026.
Joe Raedle | Getty Images
Still flying
Leisure travel intentions in the U.S. were slightly lower in March — at 82.8% compared with 83.1% the same month a year earlier — though they are still relatively high, UBS said in a note Monday.
“We believe the year-over-year moderation in travel intentions this year was likely due to higher jet fuel and other geopolitical concerns,” UBS airline analyst Atul Maheswari wrote. He added that the intent to travel is near the highest points in the past nine years.
So far, airline executives said, customers are still booking, and executives are optimistic about the summer travel season. They’ve also said they’re expecting a boost from the FIFA World Cup, which will be held in June and July in the U.S., Canada and Mexico, and from major concerts such as Harry Styles’ residencies in Amsterdam and London this summer.
United Airlines said it expects to carry 53 million travelers between June and August, up 3 million people from last year. American Airlines has forecast 75 million customers between May 21 and Sept. 8, after Labor Day, topping its previous record, in 2019.
Refueling trucks at LaGuardia Airport in New York, April 23, 2026.
Zhang Fengguo | Xinhua News Agency | Getty Images
‘What are you waiting for?’
Airlines have been pruning their schedules and axing unprofitable or less profitable routes but have been eager to fill in the gaps after Spirit’s collapse.
Travelers can still find deals if they’re flexible, said Kyle Potter, who runs the Thrifty Traveler website. He recommended using tools such as the “Explorer” tool in Google Flights that allows users to look up destinations by the length of trip and by month in a map view.
He also suggested flyers consider traveling on a Tuesday or Wednesday, when fares and traffic are often lower.
“That, in many cases, can save you hundreds of dollars per ticket, and multiply that by a family of four,” he said.
He had a simple message for travelers sitting on piles of frequent flyer miles.
“Now is the time to use your miles or your credit card points or both,” he said, warning that miles can end up devalued. “What are you waiting for? I think a lot of people hoard their miles because they want to go to to Europe in 2027.”
— CNBC’s Contessa Brewer contributed to this report.
Business
‘Potential to diversify’: US state secretary Rubio pushes for US energy supplies to India in meeting with PM Modi
US Secretary of State Marco Rubio emphasised Washington’s intent to prevent geopolitical disruptions from distorting global energy markets, as tensions linked to the Iran conflict continue to affect oil supply routes and pricing dynamics.During discussions on energy security, Rubio’s office, quoted by Reuters, stressed that the US sees energy exports as a key instrument in strengthening partnerships, particularly with India, which remains a major crude importer navigating supply diversification challenges.In that context, Rubio said, “US energy products have the potential to diversify India’s energy supply.” He also emphasized a broader US position on global energy stability amid the Iran-related crisis, with his office adding, “the United States will not let Iran hold the global energy market hostage.”The remarks come as the Iran war has disrupted global energy flows and contributed to volatility in oil markets, complicating efforts by Washington to reduce India’s reliance on Russian crude imports. The instability has added a new layer of complexity to US energy diplomacy in Asia, where supply security has become increasingly central to strategic engagement.Officials indicated that the ripple effects of the conflict have not only impacted global pricing but also slowed parts of Washington’s broader effort to realign energy trade flows away from sanctioned or high-risk suppliers.Rubio’s comments were made alongside broader engagement in New Delhi, where he met Indian leadership to discuss energy cooperation, trade expansion under the “Mission 500” framework, and Indo-Pacific strategic alignment through the Quad.In earlier public remarks, Rubio had also signalled a more aggressive US commercial energy posture toward India, saying, “We want to sell them as much energy as they’ll buy.”Separately, he reiterated India’s importance in Washington’s strategic outlook, describing it as a key partner in shaping long-term regional stability while the US continues to manage the economic and geopolitical spillovers of the Iran conflict.
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