How could a gov’t bank deprive a corporate president and sole account signatory of access to company money for nearly six years without any definitive finding that she had done anything wrong?
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BANGKOK – Thailand will keep the cost of household cooking gas locked at 423 baht for a standard 15-kilogram cylinder. This helpful price freeze will last until October 31 to help local families manage their daily living costs. Furthermore, the government wants to stop food and essential service prices from jumping higher. However, this popular […]
CHIANG RAI – Shoppers across Thailand are now dealing with a sharp increase in fresh farm chicken eggs, which have jumped to a surprising two-year high. Many local buyers are wondering what is causing this sudden spike in daily food costs. A major network of local farm groups recently announced a new farm-gate price for […]
A decision has been taken to reopen all border crossings and transit routes between Pakistan and Afghanistan, following a meeting chaired by Federal Interior Minister Mohsin Naqvi with senior officials and representatives of the business community. The meeting discussed measures to remove obstacles affecting bilateral trade and facilitate the movement of goods between the two countries. Participants also stressed the need to restore normal economic ties and improve trade relations between Pakistan and Afghanistan. The meeting further focused on making legal travel between the two countries easier and more convenient for their citizens. Officials and business representatives agreed that reopening the routes would help address difficulties faced by traders and support economic activity on both sides of the border. The government also emphasised the importance of reducing unnecessary hurdles in trade and movement while ensuring that legal procedures remain in place.
The All Pakistan Goods Transporters Alliance has announced an indefinite strike across Pakistan from Saturday, August 8, in protest against rising fuel prices and additional financial burdens on the transport sector. Alliance President Malik Shehzad Awan confirmed the strike and said goods transporters would continue keeping their vehicles off the roads until further decisions were made. He said the federal government had invited representatives of the transport alliance to a meeting on Monday to discuss their concerns. Awan said a committee had been formed to represent the transporters during talks with government officials. He added that the strike would continue until the meeting was held and the alliance announced its next course of action. According to Awan, earlier negotiations between the transport alliance and government officials at the commissioner’s office had failed to resolve the dispute. Following the unsuccessful talks, the transporters decided to proceed with their planned indefinite strike. The alliance is protesting against higher petrol and diesel prices. It is also opposing the government’s decision to determine petroleum product prices on a daily basis. Another major demand concerns the seven percent withholding tax imposed on the transport sector. Transporters say rising fuel costs and additional taxes have increased their operating expenses and created serious financial difficulties for the industry. They have urged the government to review the current policies and provide relief to the transport sector. The transporters have warned that the strike could affect the movement of goods across the country if the dispute continues. Goods transporters play a major role in supplying food, industrial products, raw materials and other essential items to markets and businesses. A prolonged strike could therefore put pressure on supply chains and affect the availability and transportation of essential goods in different areas. The government’s scheduled meeting with the transport alliance on Monday is expected to determine the next course of action. Transport representatives will present their demands during the talks and seek a solution to the ongoing dispute.
ISLAMABAD: A laboratory assessment has found that 176 out of 491 samples of packaged edible oil, ghee and milk failed to meet national quality standards. According to a statement issued by the Ministry of Planning, a total of 491 samples of packaged cooking oil, ghee and milk products were tested. Of these, 315 samples were found to comply with national standards, while 176 were declared substandard. The ministry said approximately 36% of the tested samples failed to meet the required quality standards. The assessment showed significant variations across different products. Of the 204 samples of vanaspati ghee tested, 98 were found to be below the required standards. Similarly, 40 out of 146 samples of blended cooking oil failed the quality assessment, while 26 of 104 samples of packaged liquid milk were declared substandard. The report also found quality concerns in milk powder, refined palm oil and refined canola oil. Eight of the 18 milk powder samples failed to meet national standards, while three of four refined palm oil samples were found to be substandard. In the case of refined canola oil, one out of 13 tested samples did not meet the required standards. The findings have highlighted concerns over the quality of commonly consumed food products and the need for stronger monitoring and enforcement to ensure that packaged edible oils, ghee and dairy products available in the market comply with national quality requirements.
Stock Exchange (PSX) recorded a strong performance during the outgoing business week, with the benchmark 100 Index gaining 5,335 points amid renewed investor confidence. The KSE-100 Index closed the week at 181,430 points, marking a significant rise from the previous level. During the week, the index traded within a range of 4,963 points, reaching a high of 182,007 points while its lowest level stood at 177,043 points. Trading activity also remained robust, with approximately 3.74 billion shares changing hands during the week at a total value of around Rs169 billion. The positive momentum was further reflected in the overall market valuation. The market capitalisation of the PSX increased by Rs482 billion over the week, reaching Rs20.237 trillion. Market sentiment remained positive as investors closely monitored developments surrounding the Iran-US conflict and signs of a possible pause in hostilities, which helped support confidence in the local equity market.
Karachi – The State Bank of Pakistan (SBP) has introduced a new system for the sale of Premium Prize Bonds and issued important instructions to commercial banks. According to details, the State Bank of Pakistan has directed all commercial banks to settle the proceeds from the sale of Premium Prize Bonds on the same day. In a circular issued by the SBP, it was stated that the new system has been introduced after reviewing the existing mechanism for reporting transactions related to the sale of Premium Prize Bonds. Under the new procedure, banks will report details of Premium Prize Bond sales through the Data Acquisition Portal within the prescribed time. The State Bank Banking Services Corporation will then deduct the reported sales amount from the relevant bank account on a daily basis. The State Bank has clarified that if a bank fails to settle the sales proceeds on the same day, it will have to pay charges for using the funds during the delay. These charges will be imposed for each day of delay at the SBP’s overnight reverse repo selling rate. The circular further stated that the calculation and recovery of these charges will be carried out by the SBP Karachi Office. The amount will be deducted from the relevant bank account and deposited into the Central (Non-Food) Account. The State Bank also clarified that if profit or prize money is incorrectly paid due to inaccurate, delayed or incomplete reporting of sales, encashment or transfer transactions, the concerned bank will be fully responsible. However, where applicable, adjustments will be made to the income tax amount.
Gold prices continued their upward momentum on Friday, extending gains for a third straight session as both international and domestic bullion markets witnessed a sharp rise. According to the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold in Pakistan surged by Rs5,100 per tola, reaching Rs454,336. The price of 10 grams of gold also climbed by Rs4,372 to settle at Rs389,519. The increase followed a strong performance in the international bullion market, where gold advanced by $51 per ounce to $4,319, providing fresh support to local prices. Silver also posted notable gains in the domestic market. The price of silver rose by Rs280 per tola to Rs6,939, while the rate for 10 grams increased by Rs240 to Rs5,949. The latest rise comes after substantial increases recorded earlier in the week. On Thursday, gold prices jumped by Rs11,300 per tola, while Wednesday saw another sharp increase of Rs10,000 per tola, reflecting sustained strength in global bullion markets and continued investor demand for the precious metal. Earlier in the week, however, gold prices had briefly softened. On Tuesday, the per-tola price slipped by Rs500 before rebounding strongly over the following days. Despite that temporary dip, the overall trend this week has remained firmly upward, pushing gold to fresh record levels in Pakistan.