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Business Recorder
26-05-2025
- Business
- Business Recorder
Gold seizure: Govt to pay Rs84.8m to Rangers (Punjab) after 36 years
ISLAMABAD: The government has decided to pay reward money of Rs 84.809 million to Pakistan Rangers (Punjab) after passage of 36 years for the seizure of gold 25 kilogram, near Narowal. Pakistan Rangers (Punjab) is a Civil Armed Force, under the administrative control of MoI&NC with primary role of guarding the Eastern International Border of Pakistan from Head Marala to Sadiqabad. The involvement of Pakistan Rangers (Punjab) had increased manifold on Internal Security assignments, VIP protection duties etc. in ICT and within Punjab. According to sources, HQ Pakistan Rangers (Punjab) had intimated that on May 27, 1989, the Pakistan Rangers confiscated 25 kg of gold in the area of responsibility of Post Narowal and amount of confiscated gold i.e. Rs.565,396,780/- was deposited in the public exchequer through the State Bank of Pakistan. Customs seizes smuggled goods worth Rs22.5m Pakistan Rangers (Punjab) further intimated that as per Rule 4(3) of the Customs Reward Rules 2012, the Rangers are eligible for a reward of Rs.84.809 million @ 15% of the total amount i.e. Rs.565,396,780/. The Finance and Revenue Divisions supported the proposal and Law & Justice Division stated that the Pakistan Rangers (Punjab) seized the gold in 1989 but the proceeds thereof have been realized in 2024. Under sub-rule (2) of rule 4 of the Custom Reward Rules, 2012 the amount of reward shall be sanctioned after realization of the whole of the duties and other taxes involved. As such, the Customs Reward Rules, 2012 shall be applicable instead of Customs Reward Rules, 1973 for the reasons explained in sub-rule (2) of the said rule 4. Mol&NC also highlighted the factor that caused delay in finalization of the case. On May 13, 2025, approval of the ECC was requested for Technical Supplementary Grant (TSG) amounting to Rs.84.809 million under head A06103-Cash Award to Pakistan Rangers (Punjab) under Demand No.062 Combined Civil Armed Forces (L01531) during CFY 2024-25, being essential requirement of the force. During the ensuing discussion the forum was informed that the instant case merits consideration as per Custom Reward Rules, 2012, because the amount against confiscated gold was realized in 2024. The forum was also informed that the case could not be concluded timely due to legal proceedings and some procedural lapses. MoI&NC, however, apprised the forum that this will not recur in future and they further ensured that the reward money shall reach deserved personnel or their heirs as per Law. After detailed discussion, the ECC approved the proposal with the directions that there shall not be any recurrence of such inexplicable phenomenon where the gold confiscated in 1989 has been disposed off in 2024. The Forum also approved that reward money shall reach deserved personnel i.e. those recorded in seizure report or their heirs in accordance with Reward Rules mentioned in the summary. Copyright Business Recorder, 2025
Mint
15-05-2025
- Business
- Mint
Gold Price Today: Yellow metal down 7% from record high on MCX, spot gold hits five-week low; Check key support levels
Gold prices erased early losses to steady on Thursday, helped by a weaker dollar and technical buying as investors await key U.S. economic data later in the day for further clarity on future interest rates. Spot gold was little changed at $3,179.07 an ounce as of 1102 GMT, after hitting its lowest since April 10 earlier in the session. U.S. gold futures fell 0.3% to $3,179.20. The dollar index slipped 0.3%, making gold cheaper for other currency holders. The U.S. and China this week agreed to temporarily slash harsh reciprocal tariffs, de-escalating a trade war and denting demand for gold as a safe haven. On Thursday, focus will turn to U.S. producer price index data due at 1230 GMT after softer-than-expected consumer data earlier this week. Federal Reserve Chair Jerome Powell's speech later in the day will be watched for clues on the Fed's rate path. Markets are expecting 50 basis points of rate cuts this year, with the reductions expected to start from October. Non-yielding gold tends to thrive in a low-rate environment. Elsewhere, spot silver dipped 0.4% to $32.09 an ounce and palladium rose 0.6% to $956.58. Platinum was up 0.7% at $982.53. The palladium market, which was in deficit in 2012-2024, will move into balance this year, with demand falling by 6% as a result of lower production of gasoline vehicles, a major industrial use of the metal, and increased recycling in China, Johnson Matthey said in a report. Rahul Kalantri, VP Commodities, Mehta Equities Ltd. Gold prices declined sharply on Wednesday, touching a five-week low, while silver also traded lower. The drop is attributed to profit-taking and liquidation by weaker hands. Meanwhile, a shift toward riskier assets in the broader market continues to pressure safe-haven demand. Today, gap down opening is expected amid Iran's Supreme leader said to sign nuclear deal with US if all economic sanctions are lifted. However, weakness in the dollar index and uncertainty over long-term trade deal between U.S. and other nations could support metal prices at lower levels. Gold has support at $3130-3100 while resistance at $3200-3220. Silver has support at $31.75-31.55 while resistance is at $32.30-32.65. In INR gold has support at Rs91,350-90,780 while resistance at Rs92,450-92,690. Sliver has support at Rs94,380-93,550 while resistance at Rs95,950-96,750.
Straits Times
15-05-2025
- Business
- Straits Times
Malaysians switch to cheaper alternatives as pork prices hit 2-year high due to African swine fever
African Swine Fever is the primary bane of the pig-rearing industry and the leading cause behind the sky-rocketing prices of pork in the markets in Malaysia. PHOTO: ST FILE GEORGETOWN - With pork prices skyrocketing to their highest in two years, more people are turning to eating fish or chicken and even mutton and beef. Housewife Allyssa Lim, 48, wants to ensure her family has a meat dish for dinner every day, as pork used to be a staple in their meals. 'Now that pork costs so much, we either eat less of it or opt for fish instead,' she said. 'Fish is not only fresh but also a healthier option.' Restaurant owner Jacob Quah, 38, said pork has now become a premium item on his menu as customers are choosing more budget-friendly alternatives like chicken and fish. 'I have to maintain a commitment to my local pork supplier, but with the rising costs, I have no choice but to raise the prices of my pork dishes. 'To offer more affordable options, we've expanded our menu to include more fish and chicken dishes, as well as mutton and beef choices that customers have responded to positively,' he said. Mr Pang, a butcher in Jalan Burma, said many in the trade have increased their stock of imported pork. 'Imported pork, such as that from Spain, is about RM30 (S$9.05) per kg, while local pork now goes for around RM40 per kg. 'About 60 per cent of our stock is now imported, and most of it is supplied to restaurants. Some customers have also turned away from pork altogether,' the 55-year-old said during a recent meeting 'They have chosen alternatives like beef, mutton, chicken or fish, which generally have more stable prices.' Checks at several markets found that popular cuts, such as pork belly, spare ribs and lean meat from local suppliers, are now priced between RM36 and RM46 per kg. The same parts from imported sources are priced between RM33 and RM39 per kg. Another butcher, Ms Fiona Ng, 32, also increased her stock of imported pork. 'In the past, imported pork was less preferred because customers valued the freshness of the local variety. But the price of local pork has increased three times since the beginning of this year. 'Currently, a whole pig from local farms is priced at RM1,780 per 100kg, compared to RM1,600 per 100kg just in 2024,' she said, adding that the steep increase has cost them about 20 per cent of their customers.' According to farmers, African Swine Fever is the primary bane of the pig-rearing industry and the leading cause behind the sky-rocketing prices of pork in the market. A 2023 outbreak had caused the number of farms in Penang to shrink by 25 per cent as farmers were forced to cull infected livestock, said Penang Pig Farmers Association chairman Wong Fu Sheng. 'There used to be about 160 farms, but now there are only about 120 still in operation,' said Mr Wong. 'To avoid over-crowding of pigs that could heighten the spread of the virus during an outbreak, the remaining farms are also rearing fewer animals.' Besides Penang, thousands of pigs had to be culled in Selangor and Malacca due to the ASF outbreak, said the Agriculture and Food Security Ministry, which caused supplies of pork to drop and prices to rise. THE STAR/ASIA NEWS NETWORK Join ST's Telegram channel and get the latest breaking news delivered to you.
The Star
14-05-2025
- Business
- The Star
Consumers switch to budget-friendly alternatives
GEORGE TOWN: With pork prices skyrocketing to their highest in two years, more people are turning to eating fish or chicken and even mutton and beef. Housewife Allyssa Lim, 48, wants to ensure her family has a meat dish for dinner every day, as pork used to be a staple in their meals. 'Now that pork costs so much, we either eat less of it or opt for fish instead. 'Fish is not only fresh but also a healthier option,' she said. Restaurant owner Jacob Quah, 38, said pork has now become a premium item on his menu as customers are choosing more budget-friendly alternatives like chicken and fish. 'I have to maintain a commitment to my local pork supplier, but with the rising costs, I have no choice but to raise the prices of my pork dishes. 'To offer more affordable options, we've expanded our menu to include more fish and chicken dishes, as well as mutton and beef choices that customers have responded to positively,' he said. Pang, a butcher in Jalan Burma, said many in the trade have increased their stock of imported pork. 'Imported pork, such as that from Spain, is about RM30 per kg, while local pork now goes for around RM40 per kg. 'About 60% of our stock is now imported, and most of it is supplied to restaurants. 'Some customers have also turned away from pork altogether. 'They have chosen alternatives like beef, mutton, chicken or fish, which generally have more stable prices,' remarked the 55-year-old during a recent meeting. Checks at several markets found that popular cuts, such as pork belly, spare ribs and lean meat from local suppliers, are now priced between RM36 and RM46 per kg. The same parts from imported sources are priced between RM33 and RM39 per kg. Another butcher, Fiona Ng, 32, also increased her stock of imported pork. 'In the past, imported pork was less preferred because customers valued the freshness of the local variety. But the price of local pork has increased three times since the beginning of this year. 'Currently, a whole pig from local farms is priced at RM1,780 per 100kg, compared to RM1,600 per 100kg just last year. 'This steep increase has cost us about 20% of our customers,' she said.
Zawya
05-05-2025
- Business
- Zawya
Oman: Tender Board achieved financial savings $17mln in government procurement
Muscat: The Directorate General of Government Procurement at the General Secretariat of the Tender Board (GSTB) has achieved financial savings of around RO6,780,000 until the end of April due to efforts in rationalizing expenditures mainly in three categories - vehicles, information technology, and facilities management. The list of contracts and projects implemented during the first quarter of 2025 included the unified framework contract for the purchase of desktop computers, laptops, and tablets, which contributed to achieving financial savings estimated at more than RO110,000. The unified framework contract for the supply of light vehicles to government agencies was also signed, with financial savings of approximately RO205,000, and the framework contract for school student enrollment was signed in cooperation with the Ministry of Education, achieving financial savings of approximately RO116,000. This was in addition to many projects in the information technology category, which saw financial savings of RO5.5 million, GSTB said in a release. The Directorate also issued the second change order to extend the contract for the technical support project for the tax system, which contributed to achieving financial savings estimated at approximately RO10,000, as well as to lease the Oman Exports platform and activate the Oman Exports Center for a renewable period of one year, achieving financial savings of more than RO46,000 The directorate signed a new framework contract for the purchase and renewal of Microsoft education licenses for government educational institutions, with financial savings exceeding RO25,000, and a control operations management system, with financial savings approaching RO219,000. The directorate contributed to concluding a group of framework contracts with government agencies that enhanced the efficiency of purchasing operations by standardizing prices and simplifying procedures, includingcentral agreement for Microsoft software licenses for government institutions, in cooperation with the Ministry of Transport, Communications, and Information Technology, the framework contract for school student enrollment, and the framework contract for textbook printing services, in cooperation with the Ministry of Education. The directorate's efforts also succeeded in reducing the purchasing documentation cycle by more than 70 percent and accelerating the pace of government contracting, and also contributed to enhancing local content by giving preference to local companies and small and medium-sized enterprises, which helped support the national economy and develop local production capacities. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
