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.
Weekly inflation in the country has recorded a slight increase. According to the Pakistan Bureau of Statistics (PBS), weekly inflation increased by 0.28%. During the week, prices of 20 essential commodities increased while nine items became cheaper and the prices of 22 items remained stable. According to the PBS, onion prices increased by 10.1% and chicken by 9.19%. The prices of gram lentils rose by 2.4% while the prices of ghee, flour and several other commodities also increased. The PBS said that tomato prices decreased by 6.82%. LPG, sugar, eggs and potatoes also became cheaper. Meanwhile, the price of a 20-kilogram bag of flour increased by up to Rs100 in one week. According to the PBS, the maximum price of a 20kg flour bag in the country is Rs3,133. In Karachi, the price increased by up to Rs100 to reach Rs3,000. In Larkana, the price of a 20kg flour bag also increased by up to Rs100 during the week reaching Rs2,600 in Khuzdar and Larkana. In Sukkur, the price of a 20kg flour bag increased by Rs60 while in Bannu it increased by Rs50. Following the increase, the price of a 20kg flour bag reached Rs2,950 in Bannu and Rs2,560 in Sukkur. In Islamabad, the price of a 20kg flour bag reached Rs3,133 while it stood at Rs3,100 in Peshawar and Rs3,093 in Rawalpindi. According to the PBS, a 20kg flour bag was priced at Rs2,960 in Bahawalpur while it reached Rs2,800 in Hyderabad, Multan, Sialkot and Gujranwala. In Sargodha, the price of a 20kg flour bag reached Rs2,793. In Quetta, a 20kg flour bag was priced at Rs2,750 while the price stood at Rs2,300 in Lahore and Rs2,200 in Faisalabad.
Islamabad: After years of waiting, 42 villages located near the Badar Gas Field in District Ghotki are finally moving towards receiving natural gas as the Senate Petroleum Sub Committee pushed authorities to act on a long delayed promise linked to the Prime Minister’s Directive of 15 September 2003 and Supreme Court directions. The Sub Committee, convened by Senator Jam Saifullah Khan, expressed concern over the continued delay in providing gas facilities to villages located within five kilometres of gas producing fields. The Committee directed relevant departments and companies to ensure that previous commitments are converted into practical work without further delay. The meeting was attended by Senators Manzoor Ahmed Kakar and Haji Hidayatullah Khan along with senior officials from the Petroleum Division, Finance Division, Oil and Gas Regulatory Authority, Sui Southern Gas Company Limited, Sui Northern Gas Pipelines Limited, Oil and Gas Development Company Limited, Pakistan Petroleum Limited, Mari Energies and other stakeholders. During the meeting, the Sub Committee decided to give top priority to the gasification project for the remaining 42 villages near Badar Gas Field, District Ghotki. The estimated cost of the project is Rs617 million. The Special Secretary Petroleum Division, Finance Division officials and Chairman OGRA assured the Committee that Rs200 million would initially be released from the allocated Rs1 billion funds to start the project immediately. Managing Director Sui Southern Gas Company Limited informed the Committee that the company would provide its share of funding and begin technical planning, engineering work and procurement activities. It was decided that project activities would begin within ten days after the release of initial funds. The Committee was informed that remaining funds required for completing the project would be arranged without interruption. The Petroleum Division and Finance Division assured the Committee that financial issues would not become a reason for further delay. The Sub Committee also reviewed the wider issue of gas supply to villages located within five kilometres of gas producing fields across Pakistan. Officials informed the Committee that new policy guidelines are being prepared to implement the Prime Minister’s Directive and Supreme Court instructions regarding gasification of eligible villages. The Petroleum Division was directed to present a complete implementation plan in the next meeting. The plan will include details about funding arrangements, responsibilities of different organizations, district wise schedules and clear completion timelines for all remaining eligible villages across the country.
Islamabad: The Senate Sub Committee has raised serious questions over the Federal Board of Revenue’s failure to provide complete records related to Rs1120 billion worth of tax exempted imports in former FATA and PATA regions, while also seeking detailed tax information from major tobacco companies including Pakistan Tobacco Company and Philip Morris Pakistan Limited. The matter came up during a meeting of the Senate Sub Committee convened by Senator Saifullah Abro at Parliament House. The Committee was reviewing press freedom concerns, cigarette smuggling networks, tax evasion issues and possible misuse of duty exemption systems. At the beginning of the meeting, Pakistan Federal Union of Journalists President Afzal Butt raised concerns regarding remarks made about a private channel reporter during an earlier Committee meeting. Senator Saifullah Abro assured that the Committee respects every citizen and considers the media an important partner in highlighting national issues. He stated that the Committee would continue working on matters related to illegal tobacco trade and economic losses faced by the country. At the beginning of the meeting, Pakistan Federal Union of Journalists President Afzal Butt raised concerns regarding remarks made about a private channel reporter during an earlier Committee meeting. Senator Saifullah Abro assured that the Committee respects every citizen and considers the media an important partner in highlighting national issues. He stated that the Committee would continue working on matters related to illegal tobacco trade and economic losses faced by the country. The main focus of the meeting shifted towards the Federal Board of Revenue’s pending information regarding tax exempted areas. The Committee noted that raw materials worth Rs1120 billion entered tax exempt regions between 2018 and 2026 under exemption arrangements. Members expressed concern that manual tracking systems and a lack of automated verification could create risks of illegal movement of goods into taxable markets. The Committee once again directed FBR to provide complete details of consumption certificates issued against the Rs1120 billion imports and submit tax related information for the tobacco sector, especially regarding Pakistan Tobacco Company and Philip Morris Pakistan Limited. During the meeting, officials also discussed investigations into cigarette theft cases and illegal activities in the tobacco sector. The Federal Investigation Agency briefed the Committee about cigarette theft cases in Peshawar, Khyber Pakhtunkhwa. The Committee also reviewed the investigation regarding senior officials and a tax charge sheet issued against Deputy Commissioner Inland Revenue Fahim Rashid in connection with Paramount Tobacco Company. Another serious matter discussed was the theft of 2,828 cigarette cartons from an FBR warehouse. The cartons were reportedly valued at Rs25 crore. The Committee directed FBR to prepare clear Standard Operating Procedures for registering, handling and managing seized goods to prevent such incidents in the future. The Committee also examined concerns related to cigarette smuggling and tax losses, stressing that illegal trade not only affects government revenue but also creates unfair competition for legal businesses. The meeting also discussed government advertisement spending and tobacco industry media campaigns. The Committee reviewed information provided by the Press Information Department and Pakistan Electronic Media Regulatory Authority and stressed the need for greater transparency in advertisement payments and media related spending. The meeting was attended by Senators Umer Farooq, Muhammad Talha Mehmood and Dilawar Khan as well as senior officials from the Ministry of Interior and Narcotics Control, Ministry of Information and Broadcasting, Press Information Department, FBR Inland Revenue, Customs, FIA, National Cyber Crime Investigation Agency and other relevant departments. Senator Saifullah Abro directed all concerned institutions to provide the required information and continue cooperation with the Committee. The Committee made it clear that investigations into tax exemptions, tobacco sector irregularities and smuggling networks would continue until complete records and explanations were provided.