A massive 30 per cent of Pakistan’s civilian pilots hold bogus licenses and are not qualified to fly, the country’s aviation minister said Wednesday.

262 of Pakistan’s 860 active pilots “did not take the exam themselves” and had paid someone else to sit it on their behalf, Ghulam Sarwar Khan said.

Some of these fake pilots also fly for foreign carriers.

The investigation was sparked by a May plane crash that killed 97 people when the pilots attempted to land without lowering the landing gear.

It’s not just Pakistan, either. In 2015, you could apparently get a pilot’s licence in India after just 35 minutes in the air.


In markets…

European and US share markets lifted on Thursday.

Regulations for the big US banks were rolled back to free up extra capital.

Meanwhile, surging COVID-19 cases has prompted Texas to hit pause on the reopening of the state’s economy.

Global oil prices also rose after Russia said it would cut exports.

The benchmark ASX200 Index is up 0.8 per cent to 5,868.7 points in morning trade but remains slightly down for the week.

The S&P/ASX Emerging Companies Index — 200 Australian microcap companies ranked between 350 to 600 by market cap — was up 2.08 per cent this morning to 1,386.7 points for a weekly gain of 1.7 per cent.



Here are the best performing ASX small cap stocks at 12pm Friday June 26:

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VMG Vdm Group 0.002 100.00% $6.9M
GLA Gladiator Resources 0.002 50.00% $2.0M
CML Chase Mining 0.026 36.84% $8.0M
MLS Metals Australia 0.002 33.33% $4.8M
MRR Minrex Resources 0.013 30.00% $2.7M
BMG BMG Resources 0.005 25.00% $3.4M
RGL Riversgold 0.105 31.25% $34.4M
AZI Alta Zinc 0.005 25.00% $11.0M
FPL Fremont Petroleum 0.005 25.00% $10.6M
AKM Aspire Mining 0.105 23.53% $53.3M
MSG MCS Services 0.022 22.22% $4.1M
RDN Raiden 0.006 20.00% $2.6M
BRK Brookside Energy 0.006 20.00% $6.0M
AGS Alliance Resources 0.18 20.00% $32.1M
AHL Ahalife Holdings 0.006 20.00% $4.0M
TRT Todd River Resources 0.025 19.05% $6.2M
BEE Broo 0.019 18.75% $13.2M
KTA Krakatoa Resources 0.038 18.75% $8.5M
ARN Aldoro Resources 0.085 19.72% $4.5M
HAV Havilah Resources 0.13 18.18% $35.2M
RGH Retail Food Group 0.072 18.03% $156.7M
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Chase Mining (ASX:CML) has hit two zones of massive sulphides in its first drill hole at the Alotta copper-palladium-platinum-nickel project in Canada.

The stock was up +36 per cent in morning trade.

Beleaguered Retail Food Group (ASX:RFG) was up ~20 per cent after customer count continued to improve among its domestic and international franchise networks; albeit below pre-COVID-19 levels.

“RFG expects trading conditions to remain challenging in the foreseeable term and therefore anticipates a continuation of those measures implemented by the group in response to the pandemic to support franchisees,” RFG executive chairman Peter George said.

“That said, there are a number of positive developments within the group’s business that provide optimism for the future.”

Explorers Krakatoa Resources (ASX:KTA) and Aldoro Resources (ASX:ARN) are up about 20 per cent after hitting gold at their respective projects.

And Havilah Resources (ASX:HAV) has secured ~$275,000 from the South Australian government to help accelerate exploration at two projects, sending the stock up 18 per cent.



Here are the worst performing ASX small cap stocks at 12pm Friday June 26:

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PNN Pepinnini Minerals 0.001 -33.33% $1.6M
ICG Inca Minerals 0.001 -33.33% $4.1M
FGO Flamingo 0.001 -33.33% $1.1M
GID GI Dynamics 0.003 -25.00% $2.7M
RXH Rewardle Holdings 0.003 -25.00% $1.6M
CLZ Classic Minerals 0.002 -25.00% $9.4M
WML Woomera Mining 0.013 -23.53% $2.4M
LAM Laramide Resources 0.27 -22.86% $57.9M
NGY Nuenergy Gas 0.007 -22.22% $10.4M
CAD Caeneus Minerals 0.002 -20.00% $7.0M
OAR Oakdale Resources 0.002 -20.00% $1.4M
NME Nex Metals Exploration 0.12 -20.00% $28.9M
IXR Ionic Rare Earths 0.009 -18.18% $23.8M
CAG Cape Range 0.31 -17.33% $29.4M
TRM Truscott Mining 0.02 -15.00% $2.0M
IXU IXUP 0.013 -13.33% $2.9M
CFO Cfoam 0.027 -12.90% $5.2M
CHK Cohiba Minerals 0.007 -12.50% $6.2M
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