.       INTERNATIONAL
THENEWS

Saturday

July 18, 2026


"View of an Apple logo at an Apple store in Paris,
France, April 23, 2025. Apple overtook Nvidia        aS

on Friday to become the world’s most valuable es
company, reshuffling the top ranks of tech
heavyweights as investors reassess the outlook
for artificial intelligence. Apple was last valued 3™

at $4.88 trillion as its shares held steady, while
Nvidia was roughly at $4.86 trillion, following a 8.5 §
per cent decline. The shift in the pecking order
. illustrates that investors are broadening their
focus beyond the most obvious beneficiaries of the FE
Al boom, such as Nvidia, which had been at the
helm for nearly a year. Apple is reclaiming the top
spot for the first time since April last year, “Apple
was seen as a laggard in the Al race because ©
it wasn't spending to develop models, but now F
sentiment has changed,” said Toni Meadows, head
of investment at BRI Wealth Management, “Apple
is less exposed to capex intensity and better
positioned to monetise Al via services, ecosystem
lock-in, and hardware upgrades, The re-rating
Teflects confidence in earnings durability rather
”          than speculative Al upside.” —Reuters

oo 5

1 Soe


Dubai was a beacon of plentiful jobs,
but layoffs reveal costs of Iran war

News Desk -            never returned. Stories like’ ism and aviation. Dubai —
Vivanda’s have become located roughly 90 miles
na recent June day common as Dubai is still across the Gulf from Iran
in Dubai, the United reeling from a conflict that — was one of the hardesthit
Arab Emirates’ larg. has unleashed far-reaching cities in the Middle East, as.
est city, Joy Vivanda walked changes across the region... the Emirates absorbed more *-
the streets in 100-degree heat,       For decades, the sprawk  of Lran’s retaliatory attacks
scanning job advertisements ing Persian Gulf city has than any other country,
on bulletin boards in search represented a beacon of While many visitors stayed
of her next paycheck, reports opportunity and security away, and some wealthy
The New York Times,         to people across the Mid- foreign residents fled, a
Sometimes she dle East, Africa, Asia and growing number of low-
approached strangers to beyond With atiny citzenry and middle-income migrant
ask if they needed a nanny and plentiful jots in the con workers appear to have lost.
or maid, a routine that has struction and service indus- their jobs, been forced into
become familiar since the tries, it attracted migrant furlough or faced salary cuts,
start of the US-Israeli war workers at such a rapid the NYT report said,
with Iran.                    pace that today, roughly 90 = In some densely popu.
“ Thave been doing this  per cent of its population is lated working-class neigh:
almost every single day for made up of foreign nationals, bourhoods, migrant workers
the last four months, but Over the past few can be seen going door to
with no luck,” said Vivanda, months, as Iranian missiles door with resumes, seeking
44,a domestic worker from and drones rained down jobs
the Philippines. She saidshe on Dubai's gleaming sky-
lost her job in March, weeks scrapers, killing and injuring damage has yet to emerge,
into the war, when the Rus. civilians, the war struck at as the authoritarian gov-
sian family she worked the city’s economy, which emment releases very little
for abruptly left Dubai and depends heavily on tour- up-to-date economic data.

The full picture of the’

Dubai's media office did enough cash flow to pay
not respond to a request for employees and suppliers.”
comment abouthowthe war He fears finding another
had affected unemphyment  fobs “ bedifficut, -
and economic growth.                     fany companies are not
In an interview with  hiving anymore,” Rahman
CNBC Africa in Apel, Abdulla. said. “Everyone ts tying to
Bin Touqab Mani, the Emirati survive...
economy and tourism minise =A framework “cease-fire
ter, dismissed the impact agreement reached last
of the war on the country’s month between the United
economy as a “glitch” that States and Iran provided a
would not last long. |            shaky and uncertain respite
- *We are built on agility,” from the fighting, raising
he said. “We are built on hopes ofan economic recov-
tesilience,”          + OY. Yet as Washington and
Ininterviews with foreign, Tehran continue to trade
workers across Dubai, how- strikes, many now fear a
ever, the pain caused by the retum to fulltown war. +
war fs palpable.              “A recent survey of 546
There is simply no busi- employers in the Emir.
ness,” said Mujeeb Rahman, ates by ManpowerGroup, a
an Indian accountant who recruitment company, found
said he was recently laid that one in four expected to
off, along with all of his col- cut jobs in the third quar-


SC rules against
input tax relief
_on construction

materials

tosmall

By Erum Zalil          .

The amount of moncy sent They don’t think the compar
by Pakistani migrant workers atively balanced FY26 current

KARACHE Pakistan posted a cur-  totalled $41.6 billion in JulyJune account is a reason for alarm

ISLAMABAD: The Supreme Court of Pakistan | rent account deficit in the fiscal FY26. These inflows increased by right now. However, a rise in
has ruled that claims for input tax adjustment on | year 2026 that ended in June, a Opercent, compared withthe pre. imports coupled with a deciine in
construction materials, such as cement and steel | shift from a surplus in FY25, as vious year. In June, these inflows exports creates a challenging sit-
used in the construction of factories or other | the nation’s trade gap widened reached $3.5 billion, reflecting a uation for the extemal account.
immovable structures, are not admissible under | due to higher imports and declin- 20 percent increase comparedto This combination indicates that
the Sales Tax Act, 1900,             .   ing exports, keeping the extemal the previous year, but a decline of domestic demand is recovering
-  Thecourt further emphasised that mandatory   position structurally weak,             183 per cent from Afay,                   more quickly than the econo-
legal requirements, particularly those conceming| The current account stood at _ The country recorded a cue my’s capacity to generate foreign
banking channels and the deposit of tax into the | a deficit of $139 million in FY26 rent acoount deficit of $649 mil. exchange,
national exchequer, cannot be overlooked.”            — equivalent to 0.03 per cent of lion in June, contrasting witha “On the surface, the current
. Athree-member bench, comprising Chief Jus-| gross domestic product, com- surplus of $500 million in May account position looks remark-
tice Yahya Afridi, Justice Irfan Saadat Khan, and | pared with a surplus of $1.8 bil- and a surplus of $220 million in ably composed, but the compo-
Justice Shakeel Ahmed, accepted the civil appeal | lion a year earlier, data released June 2025,               sition of that composure is what
(No 9302018) Giled by the Commissfoner Inland | by the State Bank of Pakistanon ..*The monthly deficit was demands scrutiny,” said Waqas
Revenue. The court set aside the decisions of | Friday showed The latest current  primarily attributable to higher Ghani, head of research at JS
the Sindh High Court and the Appellate Tribunal | account shortfall reading s atthe imports coupled with lower Global
Inland Revenue (ATIR), effectively restoring the | lower end of the central bank's. workers’ remittances in June“ *The”   goods   trade’   gap
original order of the tax department. The judg- | forecast of 0-1 of GDP.                 2026, resutting in the cumulathe  ‘expanded 25 per cent YoY to
ment was reserved on July 7, 2026.              .                 Last week, Governor SBP FY26 current account balance $33.6 billion over FY26, with
“ The court declared that the input tax adjust-/ Jameel Ahmad projected that the shiNing into a modest deficit,” imports rising 9.0 per cent YoY
ment claim on cement and steel filed by a sugar | current account would remain said Topline Securities.        ., . While exports slipped 5 percent
mill for the period of July to December 2013 was] balanced or show a slight surphis. Analysts believe that the cur- YoY, keeping the underlying
in violation of the law and relevant SROs.                in FY26, driven by record remit rent account has remained stable external position structurally
. Furthermore, essential legal requirements,  tances,                                  despite an increase in imports. weak,” Ghani added -

including payments through banking chan-|
nels, the submission of tax by the supplier,                                              a             we            ,
CPPA-G seeks hike of
Rs1.2 per unit for June’

and the provision of required records, had not

been fulfilled,

‘The SC clarified that a concession made by

any government representative o¢ lawyer on &

point of law is not binding on the court, as there

responsibility to ensure the correct interpretation            By our correspondent           unit in electricity tariff under the power distribution  companies
of the law, The verdict noted that the issues in this.                     - Toonthly fuct charges adjustment (DISCOs

case were not merely matters of fact but involved   ISLAMABAD:  ‘The stateowned   (FCA) mechanism for June 2026,        See tng to a petition sub-
significant questions of legal interpretation; thore-] Central Power Purchase Agen which would have an estimated mitted to the National Electric
fore, the High Court and the ATIR erred by treat- | cy-Guaranteed (CPPA-G) has financial impact of Rs18 billionon


can be no estoppel against the law. It is the court’s |.

Power
generation
falls 2.3pc

in FY26

By Tanveer Malik

KARACHL Power generation fell 23 a ber cent year-on-year
(YoY) to 13,431 GWhin June 2086, while electricity generation
for FY26 rosea modest 12 per cent YoY to 128,20 GWh, with
growth losing momentum towards the