Business
Pakistan can manage flood relief on its own, says Finance Ministry – SUCH TV
Finance Minister Muhammad Aurangzeb has ruled out the need for United Nations (UN) assistance for flood relief, stating that Pakistan has sufficient resources within its development budget of Rs4.3 trillion (around US$12–13 billion) to manage rescue and rehabilitation efforts.
Speaking as the keynote speaker at the Pakistan Business Summit in Peshawar, Aurangzeb emphasized that by efficiently prioritizing and coordinating between the federal government and provincial administrations, available funds could be redirected to address the devastation caused by the recent floods, which have severely affected agricultural areas nationwide.
He highlighted Pakistan’s strong performance in remittances, which reached $38 billion last year and are projected to grow to $41–43 billion in the current fiscal year.
Aurangzeb also noted that Pakistan successfully repaid $500 million in Eurobond obligations in September without disrupting the market and is well-positioned to meet the $1.3 billion Eurobond repayment due in April 2026.
The summit marked the first major business event in Khyber Pakhtunkhwa’s capital in several years, drawing policymakers, investors, and corporate leaders from across the country under the theme “Shaping What’s Next.”
Other key speakers included Acting President and Senate Chairman Yusuf Raza Gilani, KP Governor Faisal Karim Kundi, Federal Minister for Privatisation Mohammad Ali, KP Finance Advisor Muzammil Aslam, and former minister Mohammad Azfar Ahsan.
Aurangzeb reiterated that inflows into the formal economy were on the rise and projected continued growth in remittances. He also mentioned that the policy rate, currently at 11%, is expected to be gradually lowered during the fiscal year, noting that while the central bank controls the rate, there is enough flexibility to ease it further.
He stressed the importance of pursuing structural reforms to strengthen the private sector and restore public confidence in the tax authorities. “We are making progress in both widening and deepening the tax base,” he added.
The Finance Minister highlighted that the Federal Board of Revenue has been streamlined into a tax/revenue collection body, while economic policymaking has shifted to the Finance Division. The tax policy office of the Finance Division will present the budget for the next fiscal year.
On the privatisation front, Aurangzeb stated that 24 state-owned enterprises have been transferred to the Privatisation Commission.
Regarding foreign direct investment and international engagement, he said that recent visits to Beijing, Riyadh, and New York had produced tangible outcomes.
At the summit, awards were presented to Dr Rahman of RMI, Dr Abdul Bari Khan of Indus Hospital, and squash legend Jahangir Khan for bringing international recognition to Peshawar through their achievements.
Closing the summit, former air chief marshal Sohail Aman said Pakistan was at an “opportune moment” where a favourable external environment, internal cohesion, a willing private sector, and government support created the “perfect time to lift off.”
Pakistan suffers Rs371bn flood losses
It may be noted here that Pakistan has apprised the International Monetary Fund (IMF) of economic losses amounting to Rs371 billion in the aftermath of recent floods, which severely damaged infrastructure and agriculture.
Ministry of Finance high-ups briefed the IMF review mission about external financing needs of $26 billion, out of which $12 billion will be rolled over, citing the example China’s ambassador gave commitment before the IMF last time that all rollover and refinancing requirements of Pakistan would be fulfilled within the stipulated timeframe
The government had set a real GDP growth target of 4.2% for the ongoing fiscal year (FY26), approved by the National Economic Council (NEC) and parliament at the time of the budget.
However, in light of the flood-related damages, authorities have projected a downward revision of the target by 0.3% points, bringing it to 3.9%.
Last Updated:
Tata Consultancy Services will announce Q2 results and consider a 2nd interim dividend on October 9, 2025.
TCS to declare 2nd interim dividend on October 09.
TCS Dividend 2025 Record Date: IT major Tata Consultancy Services (TCS) is all set to kick off Q2 earnings season with the declaration of its quarterly results for the July-September period, 2025, on Thursday, October 09. The board will also consider the 2nd interim dividend for the financial year 2025-26.
In a stock exchange filing, TCS said, “A meeting of the Board of Directors of Tata Consultancy Services Limited is scheduled to be held on Thursday, October 9, 2025, to approve and take on record the audited standalone financial results of the Company under Indian Accounting Standards (Ind AS) for the quarter and six-month period ending September 30, 2025.”
TCS Dividend 2025 Record Date
TCS has also fixed the record date for the proposed 2nd interim dividend for FY2025-26. TCS added, “The second interim dividend, if declared, shall be paid to the equity shareholders of the Company whose names appear on the Register of Members of the Company or in the records of the Depositories as beneficial owners of the shares as on Wednesday, October 15, 2025, which is the Record Date fixed for the purpose.”
For Q1FY26, the board had declared an interim dividend of Rs 11 per share.
TCS Q1 FY26 Results
TCS had reported a 5.98 per cent rise year-on-year (YoY) in its net profit to Rs 12,760 crore for the first quarter ended June 30, 2025 (Q1 FY26). On a quarter-on-quarter (QoQ) basis, the net profit grew 4.38%.
It had reported a net profit of Rs 12,040 crore a year ago and Rs 12,224 crore in the previous quarter.
The Q1 FY26 earnings are better than expectations. A Bloomberg consensus poll of analysts had pegged TCS’ Q1 FY26 net profit growth at a muted 1.9% to Rs 12,263 crore.
The company’s revenue from operations during April-June 2025 stood at Rs 63,437 crore, which is 1.13 per cent higher as compared with the Rs 62,613 crore reported last year. On a sequential basis, the revenue fell 1.61%.
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst…Read More
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst… Read More
October 05, 2025, 14:57 IST
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Companies that charge drivers fees for recovering parking ticket debts are operating with an average profit margin of more than 60 per cent, a Government document has disclosed.
The Ministry of Housing, Communities and Local Government (MHCLG) stated that this figure indicates a “market failure”, while the AA branded the margins “disproportionately high”.
Debt recovery agencies are employed by parking operators to pursue payment for unpaid tickets, often adding up to £70 in additional fees per ticket for drivers.
These charges were set to be banned when the then-Conservative government introduced a code of practice in February 2022, but this was withdrawn four months later after a legal challenge by parking companies.
A new consultation document setting out the current Labour Government’s proposed code stated the £70 cap is “likely to be higher than can be reasonably justified” but it is “seeking further evidence”.
It added that recovery agencies have “an average profit margin of approximately 63 per cent”.
This is “comparable to highly innovative companies” despite the businesses involved providing “standard services such as payment plan provision”, according to the document.
It continued: “We therefore do not consider them to be providing significantly innovative services, and as such the high profits may be indicative of these firms having too much control over the market, thereby indicating that there is a market failure.”
Parking operators can take drivers to court if they continue to resist paying for tickets.
The MHCLG said debt recovery agencies would break even with fees of approximately £26 per ticket, if the proportion of those paying was stable.
Jack Cousens, head of roads policy at the AA, said: “The 63 per cent profit margin feels disproportionately high for the services provided.
“This only highlights the need to curb the sector and ensure balance for all.
“There remains an overzealous cohort among some private parking operators where they hand over cases to debt recovery firms for seemingly innocuous charges.”
He added that the ban on debt recovery fees in the original consultation was “the right position” and claimed the latest version “falls short of the mark”.
Steve Gooding, director of motoring research charity the RAC Foundation, said: “The profit margins revealed by the Government help explain why there are now more than 180 private parking firms buying vehicle keeper records from the DVLA so they can send demands to drivers – it’s a huge and profitable business.
“The private parking industry’s failure over time to be more open about its activities is part of the problem and its ongoing reluctance to open its books to official scrutiny shows why ministers must follow through with plans to bring transparency and independence to this sector.”
Recent analysis by the PA news agency and the RAC Foundation found 4.3 million tickets were issued by private companies to UK drivers between April and June.
That was a 24 per cent increase compared with the same period last year.
A BPA spokesman said it “strongly disputes the Government’s profit calculations” and called on it to “publish the methodology behind these figures”.
He continued: “The numbers presented are misleading and fail to reflect the reality of the debt resolution sector.”
He insisted the purpose of debt recovery fees is “not to generate profit but to act as a fair and effective deterrent against deliberate non-payment”.
An MHCLG spokesperson said: “This Government inherited a private parking market that lacks transparency and protection for motorists.
“We share their frustration, which is why our private parking code of practice will drive up standards in the industry and hold parking operators to account.
“We consulted on the current cap on debt recovery fees and will publish our response as soon as possible.”
Business
India-EU FTA: 14th round of trade talks to begin on October 6; aim to finalise deal before year-end – The Times of India
India and the European Union (EU) are gearing up for the 14th round of free trade agreement (FTA) negotiations in Brussels on Monday, as both sides aim to smoothen out the differences and finalise the deal by the end of the year.Senior officials from India and the 27-member bloc will hold a five-day round of talks, beginning from October 6. An official said the discussions will aim to resolve outstanding issues to help conclude the negotiations at the earliest.Commerce and industry minister Piyush Goyal recently expressed confidence that the two sides will sign the agreement soon. He is also expected to meet EU trade commissioner Maros Sefcovic in South Africa later this month to assess the progress, with December set as the deadline to wrap up the talks, PTI reported. The pact seeks to boost two-way commerce and investments.Last month, Sefcovic and European commission agriculture commissioner Christophe Hansen travelled to India to meet Goyal and review developments in the negotiations.The proposed trade pact, revived in June 2022 after an eight-year pause, seeks to boost trade and investment flows between India and the EU. Earlier talks were suspended in 2013 over disagreements on market access.The EU is pressing for steep tariff cuts on automobiles and medical devices, lower taxes on products such as wine, spirits, meat and poultry, and stronger intellectual property protections. For India, the deal could make its exports, including ready-made garments, pharmaceuticals, steel, petroleum products and electrical machinery, more competitive in the European market, according to PTI.Negotiations cover 23 policy areas, including goods and services trade, investment, sanitary and phytosanitary measures, technical barriers to trade, rules of origin, customs and trade facilitation, competition, trade remedies, government procurement, dispute settlement, intellectual property rights, geographical indications and sustainable development.The EU is currently India’s largest trading partner for goods. Bilateral trade reached $136.53 billion in 2024–25, with Indian exports worth $75.85 billion and imports worth $60.68 billion. The bloc accounts for around 17% of India’s total exports, while India makes up 9% of the EU’s global exports.In services, bilateral trade stood at $51.45 billion in 2023.
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