Business
Govt seeks private role in shipping | The Express Tribune
Maritime minister offers 140 acres of port land for industrial park for shipbuilding, shipping ventures
KARACHI:
Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry has invited the private sector, particularly Karachi’s business community, to invest in Pakistan’s shipping and maritime industry, traditionally dominated by foreign firms and the state-run Pakistan National Shipping Corporation (PNSC).
Speaking at the Karachi Chamber of Commerce and Industry (KCCI) on Tuesday, the minister said the government aims to open up the sector for local investors, offering port land and joint-venture opportunities to develop new shipping lines and terminals. “We have 140 acres of land available where an industrial park can be developed in partnership with the private sector,” he said, adding that the Karachi Port Trust (KPT) is ready to act as a strategic partner whilst the private sector handles operations.
He emphasised that the ministry will no longer allow real estate ventures on port lands, which will be reserved strictly for trade, logistics and industrial purposes. “We will provide land, but it must be used for business — not housing societies,” he stressed.
Pakistan’s business community, particularly in Karachi, has long voiced grievances against foreign shipping companies operating in the country. With the exception of the PNSC, nearly all shipping lines serving Pakistan are foreign-owned, with their headquarters based abroad. These firms handle the majority of the country’s import and export cargo through local agents who, traders allege, often treat them harshly and impose excessive charges.
Business leaders complain that shipping agents levy multiple fees under various heads, including container damage, port delays and demurrage, and pass on all such costs to local importers and exporters. In addition, several foreign shipping companies reportedly charge customers using an exchange rate of Rs297 per US dollar, significantly above the official interbank rate of around Rs280. These rates, displayed publicly on their websites, are said to exceed even the hawala or hundi market rates, further increasing the cost of doing business.
The business community has repeatedly appealed to authorities to address these practices, calling for regulatory oversight to ensure transparency and fairness in shipping operations.
Acknowledging these long-standing issues, the maritime minister has urged local entrepreneurs to invest in the country’s shipping sector. He encouraged businessmen to establish indigenous shipping lines and purchase vessels, assuring that the government would offer port land to investors at fair prices.
The minister urged Pakistani businessmen to form a consortium and launch local shipping companies, noting that “PNSC alone cannot bear the burden of reducing freight costs.” He announced that the government is expanding PNSC’s fleet by 50%, with five new vessels to be added soon, and directed that the target of 30 ships be achieved within one year instead of three.
Chaudhry also outlined plans to develop a Pakistan Maritime Industrial Zone on 700 acres, featuring a shipbuilding yard, steel melting unit and ship-breaking facility. He said the ministry was ready to offer land for both ship-breaking and shipbuilding, on the condition that it would not be converted into real estate.
New Delhi: February 2026 brings a series of important deadlines related to Tax Deducted at Source (TDS) that taxpayers and deductors should not overlook. From issuing TDS certificates to submitting mandatory statutory forms, these compliance dates play a key role in ensuring smooth and accurate tax reporting. Businesses, employers, and government offices must stay alert and complete the required filings on time to avoid penalties or complications under the Income-tax Act. Keeping track of these dates can help ensure hassle-free compliance and prevent last-minute stress.
February 14:
– Deadline for issuing TDS certificate under Section 194-IA for tax deducted on transfer of immovable property in December 2025.
– Deadline for issuing TDS certificate under Section 194-IB for tax deducted on rent paid by individuals or HUFs in December 2025.
– Deadline for issuing TDS certificate under Section 194M for tax deducted on contractual or professional payments made in December 2025.
– Deadline for issuing TDS certificate under Section 194S for tax deducted on transfer of virtual digital assets by specified persons in December 2025.
February 15:
– Deadline for government offices to furnish Form 24G where TDS/TCS for January 2026 was deposited without generating a challan.
– Deadline for issuing the quarterly TDS certificate for non-salary payments for the quarter ended December 31, 2025.
New Delhi: US entrepreneur Elon Musk’s net worth surged past the $800 billion mark after SpaceX acquired his artificial‑intelligence firm xAI, making him the richest person in history by a wide margin.
Musk’s net worth reached roughly $852 billion, almost $578 billion higher than the world’s second-wealthiest person, Google co-founder Larry Page, whose net worth is estimated at $281 billion.
The merger took the combined value of the company to $1.25 trillion and added about $84 billion to Musk’s fortune, according to reports.
Before the merger, Musk owned about 42 per cent of SpaceX which was valued at $800 billion and roughly 49 per cent of xAI, which was valued at $250 billion after a recent private fundraising round. Post‑merger, Musk’s stake in the combined entity touched 43 per cent, worth about $542 billion and SpaceX became Musk’s largest holding by a wide margin, the reports said.
Musk also retains about 12 per cent of Tesla, valued at approximately $178 billion, along with Tesla stock options, estimated at $124 billion. Further, in addition to these, Musk also receives a shareholder‑approved Tesla pay package up to $1 trillion in additional Tesla stock, before taxes over the next decade and the cost of unlocking restricted shares, if performance targets are met.
He crossed several wealth milestones in the past four months such as $500 billion, $600 billion and $700 billion, driven by SpaceX valuation gains and a Delaware Supreme Court ruling that restored his Tesla options.
Musk earlier said that SpaceX’s Starship will begin delivering the much more powerful V3 Starlink satellites to orbit in 2026, with each launch adding more than 20 times the capacity to the constellation as the current Falcon launches of the V2 Starlink satellites.
It will enable launches “every hour carrying 200 tons per flight” and ultimately lifting millions of tons to orbit and beyond, Musk has shared his plan.
Starship will also launch the next generation of direct-to-mobile satellites, which will deliver full cellular coverage everywhere on Earth, he added.
Last Updated:
Indian equities paused on Wednesday after the previous session’s sharp surge triggered by the India–US trade agreement
Stock Market Today.
Sensex Today: Indian equities paused on Wednesday after the previous session’s sharp surge triggered by the India–US trade agreement. The pact, which reduced US tariffs on Indian goods to 18 per cent from 50 per cent, had buoyed sentiment and removed a major overhang, but markets turned cautious as traders booked profits.
A decline in information technology stocks further weighed on the mood.
At the open, the BSE Sensex was around 83,430, down 309 points or 0.37 per cent, while the Nifty 50 stood at 25,663, lower by 65 points or 0.25 per cent.
Broader markets also traded in the red, with the Nifty MidCap index slipping 0.48 per cent and the Nifty SmallCap index easing 0.18 per cent.
The Nifty IT index tumbled more than 5.5 per cent, led by losses in Persistent Systems, LTIMindtree, Infosys, HCL Tech, Coforge, TCS, Mphasis and Tech Mahindra.
Global cues
US markets ended lower overnight as investors rotated out of technology stocks into sectors more closely tied to economic recovery. The Dow Jones slipped 0.34 per cent, the S&P 500 declined 0.84 per cent, and the Nasdaq fell 1.43 per cent at the close.
Asian markets were mixed in early trade on Wednesday amid the absence of strong triggers. China’s CSI 300 index dropped 0.29 per cent, Hong Kong’s Hang Seng edged down 0.05 per cent, and Japan’s Nikkei lost 0.61 per cent. In contrast, South Korea’s Kospi rose 0.54 per cent.
In commodities, spot gold gained over 1 per cent to $5,002 per ounce, while spot silver advanced 0.69 per cent to $85.70 per ounce.
On the macro front, investors await the release of S&P Global/HSBC composite and services PMI final data for January from both India and Japan.
February 04, 2026, 09:13 IST
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