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Express Tribune
22-05-2025
- Business
- Express Tribune
Rs146m allocated for Balochistan officers
Amid ongoing law and order situation in Balochistan, the government has expedited the work on implementing "incentive package and policy" for the officers posted in the province and devised a standard operating procedure (SOP) for the allocation of funds. In a recent meeting, the Finance Division briefed the Economic Coordination Committee (ECC) that the prime minister had approved the revised Incentive Package for PAS and PSP officers posted under the Government of Balochistan (GoB) on January 9, last year. Accordingly, the Establishment Division on January 29, 2024 notified the package, which aimed at motivating the PAS and PSP officers from outside Balochistan to be posted in Balochistan by addressing concerns like high cost of living, lack of facilities, support and social isolation. An SOP had been devised in consultation with the Establishment Division to allocate funds for the under the package, the ECC was informed. As per the SOP the Establishment Division would coordinate with the Balochistan government on a bi-annual basis. The SOP stipulated that funds would be surrendered to the consolidated account of the Balochistan government in favour of the Finance Division. The Finance Division would release the funds after obtaining the Technical Supplementary Grant (TSG) from the ECC. Accordingly, the Finance Division surrendered Rs146,413,696 for onward transfer to the Balochistan government in order to meet the demand under the Finance Division's allocation for FY 2024-25. The ECC's approval for the TSG was obtained under Grants, Subsidies & Miscellaneous Expenditures head.
TimesLIVE
07-05-2025
- Business
- TimesLIVE
Barrick's quarterly profit beats as gold price surge offsets lower production
Barrick Mining reported a first-quarter profit on Wednesday that beat analysts' estimates, driven by a surge in gold prices that helped offset lower production. Gold prices surged above $3,100 (R56,696) per ounce in the first quarter of 2025, driven by rising safe-haven demand amid growing uncertainty over tariffs that could fuel inflation and impact global economic growth. Bullion has gained around 29% so far this year, after rising more than 27% in 2024. Operations at Barrick's Loulo-Gounkoto complex, its largest mine in Mali and a key contributor to its gold output, have been suspended since January after the government seized about three metric tons of gold following accusations related to the company's tax non-compliance. For 2025, the company continues to expect total gold production between 3.15-million ounces and 3.50-million ounces, with Loulo-Gounkoto output excluded from its outlook. "We expect to update our guidance to include Loulo-Gounkoto when we have greater certainty regarding the timing for the restart of operations," Barrick said.
Express Tribune
23-04-2025
- Express Tribune
Seven booked for collateral gold scam
Police have registered a case against seven employees of a cooperative bank on charges of embezzling over Rs16.5 million by keeping fake gold in bags as collateral. The bank administration has suspended the employees including a branch manager, while an audit team has started an investigation. According to officials, a customer, Sajid Basheer Fatiana, had obtained loan by depositing gold as collateral. When the customer asked for his jewellery after repaying the loan amounting to Rs506,696, a senior officer took out the jewellery from the bag, but the bank's goldsmith declared it fake. A team from Lahore conducted an inquiry and found 533 grams of fake jewellery in the bags with bogus documents dated December 6 and November last year. The manager Amanat Ali, Noman Akram, Faryal, Zafar Iqbal, two guards, a messenger and a goldsmith are suspected to being involved in putting fake jewelry in the bags and sealing them. Harappa police registered a case against the suspects under Section 420, 468, 471 and 408 on the complaint of Nazeer Ahmad, a senior vice president of the bank. Local police officials said the suspects had not been arrested so far but an investigation was under way.
Express Tribune
03-04-2025
- Business
- Express Tribune
PM Shehbaz announces Rs6 per unit cut in electricity prices
Listen to article Prime Minister Shehbaz Sharif has announced a reduction of Rs7.59 per unit in electricity prices while addressing an event in islamabad to unveil the government's new electricity package, aimed at lowering costs for consumers. The decision on Thursday comes after approval from the International Monetary Fund (IMF) and is part of broader efforts to ease the financial burden of high electricity costs on the public. "The country cannot progress without a significant reduction in electricity prices, he said. "This is no ordinary feat," the premier remarked on the development while commending the efforts of his government. The Prime Minister also provided details on revised agreements with Independent Power Producers (IPPs) and highlighted other key reforms that, he said, had resulted in savings of Rs3,696 billion for the national exchequer. 'This amount was meant to be paid to the IPPs,' Shehbaz Sharif announced. Prime Minister Shehbaz Sharif also said said. "Arrangements have been made to address circular debt, with plans to eliminate it within five years, contingent on changes in behavior." The Rs7/59 per unit cut is a significant part of the government's plan to reduce power tariffs, with earlier proposals suggesting reductions ranging from Rs6 to Rs8 per unit. Giving details of the price cuts, Prime Minister Shehbaz explained that the rate per unit, which stood at Rs58.35 in June 2024, was reduced to Rs48.19, marking a decrease of Rs10.3 per unit. He hoped that the additional Rs7 per unit reduction announced today would benefit the people of Pakistan. He also highlighted the ongoing issue of electricity theft, estimating that the country loses approximately Rs600 billion annually due to this practice. The Prime Minister emphasized that the financial burden of these losses unfairly impacts vulnerable groups, such as the poor, widows, and orphans, and called for measures to eliminate electricity theft. Additionally, the Prime Minister proposed the creation of an open market in the electricity sector, aimed at fostering healthy competition and further lowering electricity rates. In his address, the Prime Minister emphasised the importance of these reforms in providing relief to the people and improving economic conditions. He assured that these measures were taken with the goal of easing the financial burden on consumers, particularly in the face of rising electricity costs. The announcement was made during a high-level meeting, where senior federal ministers and officials were present.
Zawya
28-03-2025
- Business
- Zawya
Qatar Islamic Insurance Group AGM proposes cash dividend of 50% of paid-up capital
Doha, Qatar: Qatar Islamic Insurance Group convened its Annual General Assembly Meeting for the year 2024, yesterday. The Board proposed to the assembly distribution of cash dividends of 50% of the paid-up capital, which equals QR0.50 per share for the year 2024. Addressing the Annual General Assembly, Jamal Abdulla Ahmad Al Jamal, Chairman of the Board said, 'It is with great honour that I welcome you, on behalf of the Board of Directors, to the Annual General Assembly of Qatar Islamic Insurance Group. The Group has been able, thanks to God Almighty, register good results in 2024. It is gratifying to announce that the Group succeeded in exceeding its business and operational goals and targets in 2024 by generating gross premium of QR551,135,023, shareholders' profit reached QR143,696,714. The shareholders' account has achieved (EPS) of 0.96 for 2024 comparing to 0.95 for the year 2023 with growth ration 1%, he added. As for the future, the Board will pursue, with unwavering determination, the Group's strategic plans for the Years 2025 – 2027 to ensure its continued growth and prosperity. Jamal Abdulla Ahmad Al Jamal further noted 'Our approved three year strategic plan and goals will permit us to increase our share of insurance business in Qatar, maximize our insurance underwriting capacities, retention and profit efficiency, re-engineer our motor insurance operations, maximize the efficiency of our investment assets diversification and profitability, rise the Qatarization percentage.' Based on the aforementioned results, the Board of Directors, in co-ordination with the Sharia' Supervisory Board, has decided to reimburse policyholders with cash surplus equaling 5% of the premiums written in 2023 . 'As for the shareholders, the Board proposes to the Assembly distribution of cash dividends of 50% of the paid-up capital, which equals QR0.50 per share for the year 2024.' 'Although we recognize that 2025 will pose a real challenge to the Qatari Private Sector and, especially, competition between insurance companies and other challenges, however, we will strive to exceed this year, products during the Group's offerings and display and that meet the needs of customers,' he added. 'We express our profound gratitude and deepest respects to H H the Amir and H E the Prime Minister for their unwavering support and endless encouragement. We give our sincere thanks to Qatar Central Bank, the Ministry Commerce and Industry, Qatar Financial Markets Authority, Edaa Company and our Sharia Supervisory Board, policyholders and shareholders.' 'Last, but not least, we convey our genuine appreciation to the General Management and staff of the Group for their wholehearted devotion and dedication. I would also like to extend my sincere thanks to all Board Members, directors and all its committees for their effort during 2024,' Chairman of the Board said. © Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. ( The Peninsula Newspaper
