Business
Red tape delays licences for satellite-based ISPs | The Express Tribune
ISLAMABAD:
Satellite-based internet service providers have expressed serious concern over the bureaucratic hurdles in the way of finalising a licensing regime, which can halt investments of millions of dollars.
Five satellite-based internet service providers (ISPs), including Starlink, have applied for licences to provide broadband services in Pakistan. But they complain that state-owned entities are delaying the process.
Sources in the Pakistan Space Activities Regulatory Board (PSARB) said that five companies, including Starlink and Shanghai Spacecom Satellite Technology Limited providing satellite-based internet, had expressed interest in entering into the Pakistani market.
Other companies are OneWeb (Eutelsat Group), Project Kuiper of the Amazon Group and Canadian satellite firm Telesat, which are willing to invest and have completed groundwork for launching services in Pakistan.
The registration process awaits the go-ahead from PSARB, which has not yet finalised the licensing regime.
A senior PSARB official said that the draft for the registration process for low-earth orbit (LEO) to beam down internet service had not been finalised so far, adding that consultation with stakeholders was underway. The official stressed that more time would be required to finalise regulations for registration.
On the other hand, officials of the Ministry of IT and Telecommunication revealed that the matter primarily pertained to the security clearance of companies and draft regulations had been circulated among the government departments concerned. A senior executive of one of the interested companies said that the registration process at PSARB was the first step while PTA was set to finalise its LEO-based internet policy in the coming weeks, but establishing the administrative and infrastructure network would take time.
Kevin PeacheyCost of living correspondent
Getty ImagesInterest rates are widely expected to be held at 4% when policymakers at the Bank of England meet on Thursday.
The Bank rate, which heavily influences borrowing costs and savings rates, was cut from 4.25% to 4% by the Bank’s Monetary Policy Committee (MPC) at its last meeting in August.
It took the rate down to its lowest level for more than two years, but many analysts believe there will be no further cuts during the rest of this year.
The decision will be revealed at 12:00 BST and comes after official data on Wednesday showed prices were rising at nearly twice the target level, driven by the higher cost of food.
The rate of inflation remained at 3.8% in August, well above the 2% target. The Bank rate is policymakers’ main tool for controlling inflation.
In theory, making borrowing more expensive means people have less money to spend, which slows prices rises. However, increasing borrowing costs can also harm the economy.
Closely-watched vote
The decision to cut the Bank rate in August was taken after an unprecedented second vote by the nine members of the MPC.
Andrew Bailey, governor of the Bank, said the decision to cut interest rates was “finely balanced”.
Analysts expect Thursday’s vote to be more clear cut, with no change expected.
The relatively high rate of inflation means policymakers are unlikely to risk pushing that higher by cutting the Bank rate.
However, they do expect the inflation rate to start to drop soon, which leaves the possibility open of further interest rate cuts.
The Bank rate has a big impact on the interest homeowners face when taking out a new fixed-rate mortgage.
Lenders use the Bank rate to set their own rates. As a result, the expectation of interest rate rises can push up mortgage rates while the expectation of interest rate cuts can pull mortgage rates down.
Mortgage rates have dropped very slightly since the MPC’s last meeting in August, but further moves are uncertain, according to Rachel Springall, from the financial information service Moneyfacts.
“Many will be waiting with bated breath for the Budget. This waiting game, alongside forecasts for inflation to remain above target, makes it less likely for the Bank of England to make further rate cuts this year,” she said.
She said that savers had seen a downward trend in returns during the time when the Bank has been lowering the Bank rate.
“The average easy access [savings] rate has fallen further below 3%, so savers must act now and switch their variable rate account if it no longer pays a decent return on their hard-earned cash,” she said.
Global picture
The government would be keen to see interest rates fall further, to boost growth in the UK economy.
The Resolution Foundation think-tank, which which focuses on those on low to middle incomes, said living standards needed to improve after a “lost” 20 years of growth.
But ministers will be aware of the inflationary risk that remains in the UK, especially as prices are rising slower in countries such as the US, Germany, and France.
Thursday’s MPC decision will come after the US central bank chose to cut interest rates on Wednesday to a range of 4% to 4.25% for the first time since December.
Last Thursday, the European Central Bank chose to hold its interest its at 2%.
A record-breaking £150bn package of US investment into the UK has been announced during US President Donald Trump’s State Visit.
The UK government is calling this the largest commercial deal of its kind and expects it to create more than 7600 “high-quality jobs” across the country.
A large majority of the money will come from Blackstone, the world’s largest alternative asset manager, which has unveiled plans for a £90bn investment in the UK over the next decade.
Prime Minister Keir Starmer said the investments “are a testament to Britain’s economic strength and a bold signal that our country is open, ambitious, and ready to lead”.
“Jobs, growth and opportunity is what I promised for working people, and it’s exactly what this State Visit is delivering,” he added.
On Thursday, major UK and US investors will meet the Prime Minister and President Trump at Chequers to discuss how both countries can go further to deepen their economic ties and future collaborations.
Blackstone previously announced in June that it would invest £370bn in Europe over the next decade.
Earlier this week, Microsoft pledged to spend £22bn in the UK over the next four years, and Google pledged £5bn over the next two years to expand an existing data centre in Hertfordshire.
These investments will also help act as a powerful counterweight to the exodus of investment seen in the pharmaceutical sector.
However, the investments announced by Google and Microsoft are less than 4% of their annual spend, and the 7,600 jobs it is hoped to be created is a small number compared to the 160,000 payroll jobs lost since last year.
Blackstone’s large investment is in addition to the £10bn it previously announced for data centre development in the UK.
Real estate investment trust Prologis is also set to invest £3.9bn into the UK’s life sciences and advanced manufacturing.
Palantir will invest up to £1.5bn in UK defence innovation and plans to create up to 350 new jobs.
American tech company Amentum plans to create more than 3,000 jobs and expand its UK workforce by over 50%.
Boeing has said it will convert two 737 aircraft in Birmingham for the US Air Force, which would be the first USAF aircraft built in the UK for over 50 years, and could create 150 high-skilled jobs.
US Engineering firm, STAX, has also committed up to £38m to expand its UK operations.
The 7,600 total jobs promised are intended to be in all areas of the UK.
This is set to include 1,000 new jobs in Belfast and 6,000 more roles from Glasgow to Warrington, the Midlands and the North-East.
Business and trade secretary Peter Kyle said the deal reflects growing confidence in the UK’s industrial strategy.
“These record-breaking investments will create thousands of high-quality jobs across the UK,” he said.
“It’s a clear sign that our Plan for Growth is delivering for working people.”
The government said it wants to give “real opportunities for working people”, including apprenticeships in clean energy and careers in biotech and AI.
This comes ahead of the signing of the Tech Prosperity Deal on Thursday, which is a major new deal to accelerate the building of new nuclear power in both the US and the UK.
In an aerial view, a Cracker Barrel sign featuring the old logo hangs on a sign outside of a restaurant on Aug. 27, 2025 in Florida City, Florida.
Joe Raedle | Getty Images
Cracker Barrel Old Country Store said Wednesday the restaurant chain is focusing on enhancing its experiences for guests after it faced intense backlash over an attempted rebrand earlier this summer.
The company reported mixed fiscal fourth-quarter earnings Wednesday afternoon, and CEO Julie Masino said the company is “optimistic” about its future as it heads into next year.
The stock sank roughly 10% in after hours trading.
Here’s how the company performed compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
- Earnings per share: 74 cents vs. 80 cents expected
- Revenue: $868 million vs. $855 million expected
Masino said Cracker Barrel was grateful for customers voicing their “passion for Cracker Barrel in recent weeks” and that the company is now switching its focus.
“We conducted extensive research to inform our strategic plan, but what cannot be captured in data is how much our guests see themselves and their own story in the Cracker Barrel experience, which is what’s led to such a strong response to these changes,” Masino said on a call with analysts Wednesday.
The company is now focusing on innovating in the kitchen and “areas that enhance the guest experience,” Masino said, with the team aiming to return to a “positive trajectory.”
Still, Cracker Barrel said it expects total revenue for fiscal 2026 of $3.35 billion to $3.45 billion, compared with the $3.52 billion analysts expected, and a same-store traffic decline of 4% to 7%.
The company faced backlash last month after it announced a complete rebrand, including a redesign of its logo and a remodeling of its restaurants.
The new logo scrapped the image of a man sitting on a wooden chair leaning against a barrel, instead moving to a simpler black-and-yellow logo featuring only “Cracker Barrel,” without the “Old Country Store.” It had been the company’s latest move in a “strategic transformation” announced in May 2024 to reenergize the brand.
The restaurants were also scheduled to undergo remodeling to align with the new vision.
But the rebrand came under intense scrutiny. Users on social media called it “soulless” and “generic,” and conservatives took to X to argue that the logo change was an attempt to remove the American identity of the brand to cater to diversity, equity and inclusion efforts. The stock sank in the wake of the changes.
Cracker Barrel’s old and new logo.
Courtesy: Cracker Barrel
Cracker Barrel responded to the criticism, saying that the company could have “done a better job sharing who we are and who we’ll always be.” The chain said the man from the original logo, Uncle Herschel, would still be featured on the menu and part of the Cracker Barrel “family.”
President Donald Trump even weighed in on the situation, saying that Cracker Barrel “should go back to the old logo, admit a mistake based on customer response (the ultimate Poll) and manage the company better than ever before.”
The same day, the company announced a stunning reversal, shutting down the rebrand and retaining its original branding.
“We thank our guests for sharing your voices and love for Cracker Barrel. We said we would listen, and we have. Our new logo is going away and our ‘Old Timer’ will remain,” the company said in a statement.
Masino said on the Wednesday call that four locations with the modern designs are already being reverted to the traditional “Old Timer” signage.
“That’s why our team pivoted quickly to switch back to our ‘Old Timer’ logo and has already begun executing new marketing, advertising and social media initiatives leaning into Uncle Herschel and the nostalgia around the brand with more to come,” Masino said on the Wednesday call.
She added that the company is launching “Front Porch Feedback” on Thursday to build on what Cracker Barrel has received over recent weeks. The new tool will allow reward members to comment directly to team members after every visit, Masino said.
The company also announced it was suspending all of its restaurant remodels.
Shares of the company rose after the reversal, mostly restoring its losses. Since its first announcement, Cracker Barrel lost and regained almost $100 million in market value.
“Cracker Barrel is not just an old country store or a restaurant,” Masino said. “It’s the front porch of America, and we take that very seriously.”
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