Sindh schools adopt facial recognition attendance

ISLAMABAD: The federal government is preparing a wide-ranging reform package aimed at revitalising Pakistan’s construction industry, improving regulatory oversight and attracting greater investment in modern infrastructure. The proposed measures include the establishment of a Construction Industry Development Board (CIDB), consideration of a specialised Construction Development Bank (CDB), targeted tax reforms and changes to import and export policies. The proposals were discussed during a high-level meeting chaired by Federal Minister for Economic Affairs and Establishment Division Senator Ahad Khan Cheema. The meeting brought together senior government officials, representatives of the Construction Association of Pakistan and other stakeholders to examine the sector’s financial, regulatory and operational challenges. Under the proposed framework, the CIDB would promote the development of the construction industry while also regulating contractors, consultants and industry standards. The body would include representatives from both the public and private sectors and would seek to establish more consistent construction standards across the country. Senator Cheema said the government and the Construction Association of Pakistan were in agreement over the need for a dedicated regulatory and development body. The proposed framework will be presented to Prime Minister Shehbaz Sharif for approval. The government also plans to introduce targeted tax incentives and rationalise import and export policies to encourage the use of modern construction technologies and strengthen local production capacity. In a significant move to improve the quality and durability of public infrastructure, the standard Defect Liability Period for public development projects is expected to increase from one year to three years, with a longer-term plan to extend it to five years. The proposed reforms would also increase accountability for consultants. Unlike contractors, who can face penalties for poor performance, consultants currently have limited direct legal accountability. Under the new framework, consultants could be subjected to regulatory oversight and held financially and legally responsible for design defects and technical errors. The government is also examining the construction industry’s difficulties in obtaining financial and performance guarantees. Senator Cheema directed Minister of State for Finance Bilal Azhar Kayani to consult the State Bank of Pakistan and Pakistan Banks Association on these issues and assess the feasibility of establishing a dedicated Construction Development Bank. The government says the reforms are intended to ensure that public infrastructure projects deliver better value for money, remain durable and meet higher technical standards. Officials believe stronger regulation and accountability could reduce disputes, improve construction quality and bring Pakistan’s industry closer to international standards.

  KARACHI: Gold prices climbed in Pakistan on Monday, even though international gold rates experienced a slight decline. The increase in local prices was mainly attributed to continued uncertainty surrounding the Middle East conflict, concerns over rising inflation, and investor caution ahead of key US economic data expected later this week. According to the All-Pakistan Gems and Jewellers Sarafa Association, the price of 24-karat gold increased by Rs1,700 per tola, taking it to Rs428,436. Similarly, the price of 10 grams of goldrose by Rs1,457, reaching Rs367,314. The latest increase came after a significant decline on Saturday, when gold prices had fallen by Rs3,700 per tola to settle at Rs426,736. In contrast, the international gold market remained under slight pressure. Spot gold slipped by 0.1% to $4,037.01 per ounce, while US gold futures for August delivery declined by 0.3% to $4,035.80 per ounce during trading. Despite the minor drop, analysts believe global investors remain cautious because of ongoing geopolitical tensions and expectations of fresh economic developments in the United States. Silver prices in Pakistan also moved higher. The price of silver gained Rs54 per tola, taking it to Rs6,291, reflecting continued demand for precious metals in the local market. Adnan Agar, Director at Interactive Commodities, said that international gold prices had eased slightly after fluctuating throughout the trading session. According to him, gold touched a high of $4,080 per ounce before falling to a low of$4,019, eventually stabilising near $4,038. He noted that gold remains under pressure and the market is closely monitoring upcoming US economic indicators, particularly employment data, which could influence the Federal Reserve’s future monetary policy decisions. Agar added that gold has remained within a broad trading range of approximately $3,950 to $4,250 per ounce since June. However, he expects this range to break within the next one or two weeks, potentially leading to a stronger upward or downward price movement depending on market conditions. Market participants are now awaiting a series of important US labour market reports, as these will provide further insight into the Federal Reserve’s interest rate outlook. Higher interest rates generally reduce the appeal of non-yielding assets like gold, while expectations of rate cuts tend to support bullion prices. Another factor attracting attention in the global market is reports that South Korea’s central bank intends to purchase gold from domestic producers, a move that could provide additional support to demand in the coming months. Meanwhile, oil markets have also remained highly volatile. Brent crude futures surged by more than 20% last month, driven largely by geopolitical tensions in the Middle East, raising concerns that higher energy prices could fuel inflation worldwide. Edward Meir, an analyst at Marex, said gold has traded within a narrow range of $4,000 to $4,200 per ounce for over a month. He explained that the possibility of inflation picking up again, particularly after July’s economic data, is helping support gold prices despite the recent weakness. Separately, the Pakistani rupee posted another modest gain against the US dollar. The local currency appreciated by 0.01%, closing at Rs277.77 per dollar, compared with Rs277.80 at the end of the previous trading session, reflecting continued stability in the foreign exchange market.