Business
Industrial zone on PSM land planned | The Express Tribune
ISLAMABAD:
The government on Wednesday decided to establish a new industrial estate on the land of the closed Pakistan Steel Mills (PSM) and also sanctioned the diversion of Rs2.9 billion in publicity funds for the upgradation of an English news channel operated by the Pakistan Television Corporation (PTV).
The decisions were taken by the Economic Coordination Committee (ECC) of the Cabinet, which met under the chairmanship of Finance Minister Muhammad Aurangzeb. The ECC approved the establishment of the industrial estate on 3,200 acres of PSM land by changing its designated use from steel mills to industrial. The decision followed discussions with the Sindh government and deliberations in the apex committee of the Special Investment Facilitation Council (SIFC).
The ECC also rescinded its two-and-a-half-year-old decision banning the lease of PSM land to any industry, organisation, group, or individual, a move aimed at facilitating the development of the new industrial estate over the 3,200 acres. The government is also attempting to revive the closed PSM with assistance from Russia. Last month, Special Assistant to the Prime Minister (SAPM) on Industries Haroon Akhtar Khan visited Russia and held talks on the mill’s revival. According to Khan, the Russians expressed willingness to finance and conduct a feasibility study for the project.
The matter of pricing PSM land remains open, although the SIFC has already instructed that instead of selling land for industrial purposes, the concerned entities should issue licenses, a step that would substantially reduce costs for setting up new factories.
The ECC directed the Board of Investment (BOI) to develop clear criteria and terms and conditions for the allotment of land to industrial units and private developers for the establishment of the industrial estate within one month.
The government maintains that the industrial estate should not be developed using taxpayers’ money and that private developers should be engaged instead.
PSM owns about 19,013 acres of land in Karachi. Of this, 6,409 acres are available for setting up an industrial estate. However, the Sindh government has stated that establishing such an estate would require a change in land use from steel mills to industrial.
The Ministry of Industries informed the ECC that Pakistan’s regional competitors are offering a wide range of incentives to attract investment in the manufacturing sector, extending far beyond the provision of land at subsidised rates. Furthermore, comparatively higher costs of energy, power, and taxes constitute major impediments that could be offset by granting land through licenses.
The ministry also noted that the PSM has accrued liabilities of around Rs400 billion and that land remains the primary source to offset these. Since the current proposal does not involve transferring ownership of the land, the option to leverage it to offset PSM liabilities at an appropriate stage would remain intact, it added.
The ECC also approved a supplementary grant of Rs2.9 billion for upgrading PTV World, the English news channel owned by the state-run PTV Corporation. The decision was influenced by the context of the India-Pakistan war.
Both military and civilian authorities believe the country requires more English-language channels to convey the state’s narrative to foreign audiences and the diplomatic corps in Pakistan. The Rs2.9 billion will be used to modernise PTV World’s infrastructure, enhancing its capacity for high-quality national and international broadcasting, the ECC was informed.
The Ministry of Information told the ECC that, through its special wartime transmissions, PTV World had made a vital contribution to safeguarding national and ideological interests, boosting public morale, and projecting the courage and professionalism of Pakistan’s Armed Forces on the international stage.
Based on this experience, the PTV Corporation emphasised the urgent need to upgrade and modernise PTV World’s infrastructure to meet the demands of emerging broadcast technologies. However, due to severe financial constraints and limited internal resources, the corporation cannot undertake this initiative independently. The government has decided to divert Rs2.9 billion from the Rs5 billion allocated in the budget for government publicity and advertisement expenditure. The finance ministry also agreed to reallocate the funds from the publicity budget.
The finance ministry stated that the ECC had sanctioned Rs2.9 billion for the upgradation of its English news channel to improve broadcast quality and expand outreach to global audiences. The ECC further urged the ministry to develop a comprehensive business plan to make the channel self-sufficient and financially sustainable, thereby reducing dependence on federal grants in the future. The ECC also approved the removal of the requirement for Health Quarantine Certificates on the import and export of leather, a step aimed at facilitating the leather industry and enhancing its competitiveness in international markets, according to a Ministry of Finance announcement after the meeting.
The committee additionally approved a supplementary grant for the Ministry of Climate Change and Environmental Coordination for the current financial year 2025-26, enabling the ministry to strengthen initiatives for environmental protection and climate resilience through participation in the upcoming 30th Session of the Conference of Parties (COP-30) to be held in Brazil later this year.
Business
Greggs to reveal trading amid pressure from cost of living and weight loss drugs
Greggs is to shed light on demand from customers as the high street bakery chain contends with the rise of weight loss treatments and cost of living pressures on shoppers.
The high street chain is also wrestling with other factors including increases to labour costs and tax changes.
As a result, on Tuesday March 3, Greggs is expected to reveal pre-tax profits of around £173 million for the year to December 27, representing a 9% drop.
In its previous update shortly after Christmas, Greggs pointed to a strong finish to 2025 as sales growth accelerated in the final quarter of the year.
Like-for-like sales growth rose from 1.5% in the third quarter to 2.9% in the final months of 2025.
Totals sales were up 7.4% in the final quarter amid a boost from the group’s continued store opening programme.
The company opened 121 stores last year.
However, analysts at Deutsche Bank said expectations “have already been set low” for 2026 and are “unlikely to change”.
In January, Greggs said it was “cautious but hopeful” about its outlook for 2026, highlighting “subdued” consumer confidence.
Roisin Currie, chief executive of Greggs, also warned alongside its previous update that there was “no doubt” appetite-suppressing medication is having an impact on the bakery chain’s business.
It may provide more detail on how this continues to change customer eating habits.
Meanwhile, the group also announced that inflation was likely to be shallower than last year.
The group increased the price on a number of products and deals last year, so shareholders will also be keen to see how these changes have continued to impact trading.
Aarin Chiekrie, equity analyst at Hargreaves Lansdown, said: “Investors are keen to hear how 2026 is shaping up in the early months.
“While the picture on the cost front is beginning to look more favourable, Greggs has plenty of other challenges still to wrestle with.
“Unhelpful changes to tax rules and minimum wages, slowing UK economic growth, and cost-conscious consumers are all weighing on the outlook.”
Business
Chief of Staff of the Iranian Armed Forces Confirmed Martyred in US, Israeli Strikes – SUCH TV
Major General Seyed Abdolrahim Mousavi, the Chief of Staff of Iran’s Armed Forces, attained martyrdom in a cowardly Israeli-American aggression on Saturday.
Leader of the Islamic Revolution, Ayatollah Seyyed Ali Khamenei, was also martyred in the Saturday aggression, alongside many top-ranking military commanders and defense officials.
Major General Mousavi succeeded Major General Mohammad Bagheri following the 12-day war in June last year and carried forward the remarkable legacy of his predecessor.
He played a particularly vital role in the June 2025 war, leading the Iranian armed forces in their retaliatory operations that forced the Israeli regime to beg for surrender.
Mousavi previously served as the commander-in-chief of the Islamic Republic of Iran Army and played an instrumental role in bolstering the might of the army.
On August 21, 2017, he was promoted from Brigadier General to Major General and appointed Commander-in-Chief of the Islamic Republic of Iran Army by the Leader, replacing Seyed Ataollah Salehi.
Later, on May 28, 2019, Ayatollah Khamenei appointed him as the commander of the Khatam al-Anbia Air Defense Base, while he continued to serve as the army’s top commander.
Mousavi was born in 1960 in the holy city of Qom in central Iran. He was a graduate of the Army’s Ground Forces Officers’ University and held a doctorate in defense studies from the Supreme National Defense University. He joined the Iranian army in 1979.
During the years of the Imposed War in the 1980s, Major General Mousavi served in the Army’s artillery unit on various fronts, including the western battlefields in Kurdistan (28th Kurdistan Division) and the southwestern fronts (33rd Artillery Group of the Ground Forces) in Khuzestan province.
He participated in many operations such as Valfajr 4, Valfajr 9, Beit al-Moqaddas 5, Qader, Nasr, and several others. He is recognized as a veteran of the war.
After the Imposed War ended in 1997, he completed the Advanced Command and Staff Course (DAFOS) and later earned a doctoral degree in defense management at the Supreme National Defense University.
From 1999 to 2005, he served as the Chief of Joint Staff of the Army, and from 2008 to 2016, he was Deputy Commander-in-Chief of the Army. Following that, from 2016 to 2017, he held the position of Deputy Chief of Staff of the Armed Forces.
Mousavi held several significant leadership positions within Iran’s military. From 1999 to 2005, he served as the Chief of Joint Staff of the Army, later assuming the role of Deputy Commander-in-Chief from 2008 to 2016.
In 2016, he was appointed Deputy Chief of Staff of the Armed Forces, a position he held until 2017, when he was named Commander-in-Chief of the Islamic Republic of Iran Army, a role he held until today.
Additionally, since May 2019, served as the Commander of the Khatam al-Anbia Air Defense Base, further solidifying his central role in the country’s military strategy and operations.
Major General Mousavi also served as the Commander of Imam Ali (PBUH) Officers’ University, where he contributed to the training and development of military personnel.
He also led the Army’s Northeast Operational Base, overseeing strategic operations in the region.
In addition, he was the Deputy for Training and the Deputy for Planning and Programs within the Army Ground Forces, playing a key role in shaping military preparedness and strategy.
Mousavi’s expertise in operations led to his appointment as the Head of Operations for the Army, and later, he became the Director of the Army Strategic Studies Center, where he engaged in high-level research and policy development.
Business
Yorkshire Cat Rescue sees rise in abandoned cats as costs increase
Yorkshire Cat Rescue in Haworth says it paid £282,000 in vet bills in 2025 and rescued 925 animals.
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