Latest news with #Eid-ul-Adha
Business Recorder
36 minutes ago
- Business
- Business Recorder
Weekly Cotton Review: Prices steady, trading activity subdued
KARACHI: The cotton market is showing stability in prices, though trading activity remains subdued. New crop deals for the 2025-26 seasons are being finalized between Rs. 17,200 to Rs. 17,500 per maund, while phutti (seed cotton) is trading at Rs. 8,000 to Rs. 8,500 per 40 kg. According to industry sources, approximately 2,200 bales of the new crop have already arrived at ginning factories across the country. Currently, three ginning factories in Sindh and four in Punjab are partially operational. Market participants anticipate a significant uptick in trading after Eid-ul-Adha. Punjab's Secretary of Agriculture, Iftikhar Ali Soho, reported that the province has achieved 94% of its cotton cultivation target for the current season. Meanwhile, the textile industry has renewed its demand for the abolition of the Export Facilitation Scheme (EFS) and the removal of the 18% sales tax on locally produced cotton. Additionally, calls for eliminating the General Sales Tax (GST) persist, with expectations that the issue may be addressed in the upcoming budget. The Pakistan Cotton Ginners Association (PCGA) and the All Pakistan Textile Mills Association (APTMA) have jointly urged the government to scrap the EFS and abolish the 18% sales tax on domestic cotton. Chairman of the Cotton Ginners Forum (CGF), Ihsan-ul-Haq, warned that the entire cotton sector is grappling with the worst economic crisis in the country's history, stressing the need for immediate policy interventions to revive the industry. During the past week, the local cotton market saw stable prices for cotton. Trading remained limited as the partial arrival of the new cotton crop has begun. Currently, three ginning factories in Sindh province are partially operational, while four ginning factories in Punjab province have also partially started ginning. Partial arrival of phutti (seed cotton) from the lower regions of Sindh has commenced, with approximately 2,200 bales of phutti having reached ginning factories so far. Increased trading activity is expected after Eid-ul-Adha. The government has set a production target of one crore eighteen lakh bales for the new 2025-26 season. Currently, trading in the ongoing season is slow, with cotton prices ranging between 15,000 to 17,500 rupees per maund. Most transactions are being conducted on credit, with deals based on quality and payment conditions. The stock of cotton with ginners is gradually decreasing. Federal Minister for Trade Jam Kamal Khan has stated that the government is seriously working to eliminate the 18% general sales tax on local cotton in order to boost cotton production. He shared this during a press conference on Monday. The PHMA (Pakistan Hosiery Manufacturers Association) has urged the government to reduce electricity tariffs during peak hours to promote exports. In Sindh and Punjab provinces, cotton trading took place between 15,000 to 17,500 rupees per maund, depending on quality and payment conditions. New crop transactions were recorded at 17,000 to 17,500 rupees per maund, while phutti (seed cotton) was sold at 8,000 to 8,800 rupees per 40 kg. The Karachi Cotton Association's Spot Rate Committee maintained the spot rate stable at 16,700 rupees per maund. Naseem Usman, Chairman of the Karachi Cotton Brokers Forum, said that international cotton prices are experiencing fluctuations. New York cotton prices showed a mixed trend, with futures trading between 65.50 to 69 cents. According to the USDA's weekly export and sales report, 118,700 bales were sold for the year 2024-25. Vietnam remained at the top by purchasing 65,600 bales. Bangladesh secured the second position by buying 17,300 bales, while Turkey ranked third with 12,400 bales. For the year 2025-26, 13,800 bales were sold. Pakistan led the purchases with 7,600 bales, followed by Thailand in second place with 3,500 bales, and Peru in third place with 2,600 bales. Meanwhile, Punjab Agriculture Secretary Iftikhar Ali Sahu has informed the Business Club that cotton cultivation has been completed on over 33 lakh acres in Punjab, and the province has achieved 94% of the set target. He stated this while presiding over a high-level review meeting on the current situation of cotton. Punjab Agriculture Secretary Iftikhar Ali Sahu said that a unique and successful tradition has been established to improve cotton production through phased cultivation. Pakistan's cotton sector is facing its gravest financial crisis in decades, prompting swift government attention after urgent appeals from the Pakistan Cotton Ginners Association (PCGA) and the All Pakistan Textile Mills Association (Aptma). Both associations have launched a high-profile lobbying campaign, writing to Prime Minister Shehbaz Sharif and initiating a nationwide media blitz, demanding the immediate abolition of the Export Facilitation Scheme (EFS) or the removal of sales tax on domestically produced cotton and its by-products. The premier subsequently sought policy recommendations from the Ministry of National Food Security and Research (MNFSR). In response, the ministry has formally endorsed the industry's proposals. In a letter to PCGA President Dr Jassu Mal, Cotton Commissioner Dr Khadim Hussain stated that the government has recommended that the 18pc sales tax on domestic cotton, cottonseed, oilcake, and cottonseed oil be lifted immediately, or that imports of cotton, yarn, and grey cloth be taxed at the same rate. The ministry's recommendations, forwarded to safeguard farmers' incomes, revive local production, and stem Pakistan's soaring dependence on costly cotton imports, it says. The communiqué notes that Punjab has implemented targeted subsidies for farmers to increase their incomes and reduce production costs for various crops. Industry data reveals that textile mills have imported over 300 million kgs of cotton yarn and two million bales of cotton during the first nine months of 2024-25, draining billions of dollars in foreign exchange. Despite this, domestic production has fallen to a historic low of just 5.5m bales. Meanwhile, more than 200,000 bales of unsold cotton and vast stocks of yarn remain idle in factories, with demand at a standstill. Cotton Ginners Forum Chairman Ihsanul Haq says the fallout has been devastating as over 800 ginning units and 120 spinning mills have ceased to function, while hundreds more textile units are barely functioning. 'If the current policy persists, the sector risks total collapse,' he warns, adding that Pakistan may soon be forced to import not only cotton but also edible oil, compounding the country's financial woes. The MNFSR's recommendations underscore the urgency, recommending immediate tax relief for domestic producers or the imposition of equal taxes on imports to restore a level playing field. All eyes are now on the federal government, as the fate of Pakistan's cotton and textile industry hangs in the balance. Copyright Business Recorder, 2025
Business Recorder
an hour ago
- Business
- Business Recorder
‘Provision of items on control price is top priority'
LAHORE: Secretary Price Control and Commodity Management Department Dr. Ehsan Bhutta has said that Govt. will not compromise on provision of quality of items on control price on the occasion of Eid-ul-Adha. Chief Minister Punjab Maryam Nawaz has has taken serious notice on the high price. They have directed that local administration will ensure to provide quality items on control price. They will make surprise visits to ensure quality items on control price. He was addressing during his visit to Kahna Kacha Market and Sahulat Bazar Wahdat Colony. Secretary Price Control Dr. Ehsan Bhutta had meeting in Market Committee office kahna to check computerized price machine which was out of order. He directed the Secretary market committee to get it repaired and operational immediately. He then visited sheds of Onion, Potatoes & Banana to witness boli system at spot and discussed issues with Arties. He checked cold storages of Bananas too. He desired to have the cleanliness of the whole Mandi including waste bins, sheds etc and ensured drinking water etc. He also checked computerized entry system at gate and directed to gave all entries electronically so that to minimize chances of pilferage. Secretary Market Committee assured to fulfill all directions and Deputy Director Headquarter will submit the compliance report. Later, Dr. Ehsan Bhutta also visited Sahulat Bazar Wahdat Colony. He checked shops and sahulat stalls where special discount given on 10 items before Eid. Checked washrooms cleanliness, CCTV room. Dr. Ehsan Bhutta also directed to provide drinking water and fans as lot of hot weather. He also desired to ensure cleanliness and proper security arrangements. Sahulat Bazar CEO Naveed Rafaqat, Directors and DD Faisal were present alongwith manager wahdat Colony model bazar. Copyright Business Recorder, 2025
Express Tribune
5 hours ago
- General
- Express Tribune
Humanity on the line: true cost of a third world war
Listen to article Consequentialism is defined as "the ethical study of morals, duties and rights with an approach that focuses consequences of a particular action or cause". A consequentialist holds the belief that "consequences form the basis for any valid moral judgement about an action". Thus, from a consequentialist standpoint, a morally right action is one that produces a good outcome or consequence. The Muslims observe the Greater Bairam, known as the Eid-ul-Adha, in remembrance of the great sacrifice by Hazrat Ibrahim (AS) of his son Hazrat Ismael (AS) obeying his Creator. The sacrifice of what is dearest to heart in the world was demanded as a proof of unconditional obedience. The father was ready to offer the sacrifice of his son who was the dearest thing to him as the son was born in the father's old age. The demands of sacrifice become more poignant when the father is required to slaughter his son with his own hands. It is quite difficult to imagine feeling the agonising pain at the writhing body of one's own son being slaughtered. When the father was close to slaughter, the Creator transformed the son into a ram. The father came out victorious in the litmus test for devotion and love. The Muslims, particularly in our part of the world, have transformed this devotional sacrifice into a worldly affair of ostentation and self-aggrandisement. The wealthier the person is, the costlier the sacrificial animal is. The purchase in hundreds of thousands is a way to showcase one's opulence, as the sharing of wealth with the poor unshowingly doesn't satisfy one's urge for self-exhibitionism. Accepted that one ought to buy the cattle at par with one's financial muscle, but the real sacrifice would be to distribute its meat among the destitute. The children and youngsters play with their sacrificial animals in front of those who can't afford to buy one. It nurtures hopes in the poor neighbours that they would get a meal with the meat which has been unaffordable to them throughout the year, but this day, too, they wouldn't. We must advise our children to include such children in the festivities. A religion that enjoins upon its adherents to cover the eatables being taken home lest it might tantalise the poor children in the neighbours cannot allow them to exclude the less privileged from the festivities of a religious festival. Some families have devised a ploy to defang the pricking of conscience: They reserve mutton for the family and distribute beef among the poor. Paradoxically, the rich who relish mutton throughout the year behave as if they have never eaten mutton. As is the norm, they stuff their deep freezers with the meat for "the rainy days". The divine sacrifice demands parting with one's desires and avarice. The desire to store and avarice for more makes man the poorest of the lot. The irresponsibility people display in disposing of the remains of the sacrificed animals goes against the spirit of the sacrifice and Islamic teachings. The offal fly-tipped along the streets and roads creates an unpleasant scene marring the beauty and sanctity of the holy tradition of the great sacrifice as these litter louts don't bother that their actions might become the cause of public nuisance. Even if the remains are thrown away from the vicinity, they land near the slums and ghettos, compounding miseries of the dwellers twofold. First, they were not included in the joys and blessings of the festival. Second, they were reminded with the heaps of stinking offal that they are the segregated part of society. What to speak of including the minorities in the joys and blessings of the festival? The bliss of divine sacrifice is in inclusivity, not in exclusivity. It's a communal festival. If our offering of sacrifice doesn't make us shake off all the impurities of ego – arrogance, avarice, ostentation, selfishness and the ilk – we will have to take stock of our intentions and actions. If we don't find ourselves a changed, rather a metamorphosed, person after sacrificing what is dearest to us, it means we haven't sacrificed what is dearest to us – the raison detre of the divine sacrifice.
Express Tribune
6 hours ago
- General
- Express Tribune
The Greater Bairam: a festival of inclusivity
Listen to article Consequentialism is defined as "the ethical study of morals, duties and rights with an approach that focuses consequences of a particular action or cause". A consequentialist holds the belief that "consequences form the basis for any valid moral judgement about an action". Thus, from a consequentialist standpoint, a morally right action is one that produces a good outcome or consequence. The Muslims observe the Greater Bairam, known as the Eid-ul-Adha, in remembrance of the great sacrifice by Hazrat Ibrahim (AS) of his son Hazrat Ismael (AS) obeying his Creator. The sacrifice of what is dearest to heart in the world was demanded as a proof of unconditional obedience. The father was ready to offer the sacrifice of his son who was the dearest thing to him as the son was born in the father's old age. The demands of sacrifice become more poignant when the father is required to slaughter his son with his own hands. It is quite difficult to imagine feeling the agonising pain at the writhing body of one's own son being slaughtered. When the father was close to slaughter, the Creator transformed the son into a ram. The father came out victorious in the litmus test for devotion and love. The Muslims, particularly in our part of the world, have transformed this devotional sacrifice into a worldly affair of ostentation and self-aggrandisement. The wealthier the person is, the costlier the sacrificial animal is. The purchase in hundreds of thousands is a way to showcase one's opulence, as the sharing of wealth with the poor unshowingly doesn't satisfy one's urge for self-exhibitionism. Accepted that one ought to buy the cattle at par with one's financial muscle, but the real sacrifice would be to distribute its meat among the destitute. The children and youngsters play with their sacrificial animals in front of those who can't afford to buy one. It nurtures hopes in the poor neighbours that they would get a meal with the meat which has been unaffordable to them throughout the year, but this day, too, they wouldn't. We must advise our children to include such children in the festivities. A religion that enjoins upon its adherents to cover the eatables being taken home lest it might tantalise the poor children in the neighbours cannot allow them to exclude the less privileged from the festivities of a religious festival. Some families have devised a ploy to defang the pricking of conscience: They reserve mutton for the family and distribute beef among the poor. Paradoxically, the rich who relish mutton throughout the year behave as if they have never eaten mutton. As is the norm, they stuff their deep freezers with the meat for "the rainy days". The divine sacrifice demands parting with one's desires and avarice. The desire to store and avarice for more makes man the poorest of the lot. The irresponsibility people display in disposing of the remains of the sacrificed animals goes against the spirit of the sacrifice and Islamic teachings. The offal fly-tipped along the streets and roads creates an unpleasant scene marring the beauty and sanctity of the holy tradition of the great sacrifice as these litter louts don't bother that their actions might become the cause of public nuisance. Even if the remains are thrown away from the vicinity, they land near the slums and ghettos, compounding miseries of the dwellers twofold. First, they were not included in the joys and blessings of the festival. Second, they were reminded with the heaps of stinking offal that they are the segregated part of society. What to speak of including the minorities in the joys and blessings of the festival? The bliss of divine sacrifice is in inclusivity, not in exclusivity. It's a communal festival. If our offering of sacrifice doesn't make us shake off all the impurities of ego – arrogance, avarice, ostentation, selfishness and the ilk – we will have to take stock of our intentions and actions. If we don't find ourselves a changed, rather a metamorphosed, person after sacrificing what is dearest to us, it means we haven't sacrificed what is dearest to us – the raison detre of the divine sacrifice.
Business Recorder
3 days ago
- Business
- Business Recorder
Indian aircraft: Pakistan airspace to remain closed until June 24
LAHORE: The Pakistani airspace will remain closed to Indian aircraft until June 24 as per the government decision. Pakistan Airports Authority (PAA) Director Media Saifullah Khan expressed these views while addressing the Lahore Press Club's 'Meet the Press' programme on Thursday. He noted that reports from Indian media indicate that India has faced significant losses due to the closure of Pakistani airspace. He pointed out that when the situation worsened due to the India-Pakistan conflict, various airlines changed their routes; however, all airlines have now returned to Pakistan's airspace. Talking about recent developments regarding the airports, he said a new system will be introduced at Chitral and Gilgit airports, allowing flights to operate regardless of weather conditions. 'Moreover, Skardu Airport was currently undergoing upgrades while a campaign will be launched in collaboration with the local government on the disposal of garbage in conjunction with Eid-ul-Adha,' he added. Khan disclosed that incidents of bird strikes at Karachi Airport have decreased by 15 percent while there have been 36 reported incidents of bird strikes at Lahore Airport, adding that airports are always built away from residential areas for safety reasons. Regarding the Pakistan Airports Authority, he stated that it was established in August 2024, created following regulations set by the international aviation authority. 'The quality of the communication systems has improved since the formation of the Pakistan Airports Authority; the decision to establish this authority followed several air accidents in the country,' he added. He clarified that there is an established policy regarding the outsourcing of airport services. On this occasion, he was grateful for the invitation to address the Lahore Press Club, saying it brought him great joy to meet with senior journalists, and he had always learned from their experience. Copyright Business Recorder, 2025
