Latest news with #Rs1000
Business Recorder
2 hours ago
- Business
- Business Recorder
Prices of essential food items soar
PESHAWAR: Prices of essential food commodities, including vegetables, live chicken/meat, flour, pulses, cooking oil/ghee and others soar, said in a weekly-market survey conducted by Business Recorder here on Sunday. A noticeable increase in prices of most consumer items was witnessed, the survey said. The price of live chicken has increased from Rs410 to Rs430 per kg in the retail market, while the price of farm eggs also remained high, being sold at Rs360 per dozen, the survey said. Butchers were openly defying the official price-list and imposed artificial rates and authorities concerned kept a complete mum in this regard. Cow meat without bone was available at Rs1100 and cow meat with bone is being sold at Rs1000 per kilogramme. Mutton beef was being sold from Rs2500 to Rs3000/kg in the open market, the survey added. The survey noted the price of sugar remained unchanged as it was available at Rs200/kg in the open market. The price of cooking oil/ghee of various brands and quality remain stable. Tomato is being sold at Rs100 per kilogram in the open market whereas onion was being sold at Rs70-80/kg in the previous week. Ginger and garlic remained unchanged as being available at Rs600/kg and Rs200 and Rs300/kg respectively. Green chilli was being sold at Rs120/kg. Lemon is being sold at Rs400 per kilogram in the retail market, the survey said. Peas was being sold at Rs200-250 per kg against the price of Rs150/kg, capsicum at Rs100/kilo, ladyfinger Rs200/ kilo, Arvi Rs150-200/ kilo, turnip at Rs200/kg Eggplant (bringle) Rs100/ kilo, Zucchini (tori) Rs100-120/ kilo, Tinda Rs100/kg, cabbage at Rs100/kg, red-coloured potatoes available at Rs70/ kg while white-coloured potatoes are sold at Rs50/ kg in the retail market, the survey said. Price of flour was stable in the retail market as 20-kg fine flour sac was being sold at Rs1750-Rs1600/sac and brown-coloured flour sac at Rs1400/sac in the open market. Wheat flour and other products like maida, soji and choker flour also remained high in the retail market. According to the survey, prices of all brands and qualities of beverages also remained high in the local market. Black tea was being sold at Rs1400-1500/ kg. A mixed trend was also witnessed in prices of pulses, according to the survey. The survey said good quality rice (sela) was available at Rs360kg, while low quality rice was available at Rs300-320/kg, while tota rice was available at Rs200-220/kg. Dal mash was available at Rs480, dal masoor at Rs320 per kilo, dal chilka (black) at Rs320/kg, dal chilka (green) at Rs260/kg, moong at Rs400/kg, dhoti dal at Rs400/kg, dal Channa at Rs450/kg, red bean at Rs440 per kg, Gram flour (baisen) at Rs420/kg against Rs280/kg, big-size white Channa at Rs380/kg, small-size white Channa from Rs360/kg. Apple was available from Rs250-300 and Rs400-500/kg, banana at Rs150 and 200/dozen, mango at Rs200-250 and Rs300, plum at Rs150 and Rs200/kg, apricot at Rs300-350 and Rs400 per kg, leechi at Rs500/kg, black jamun at Rs500 and Rs600/ kg, melon at Rs100-150/kg, watermelon at Rs80/per kg. Copyright Business Recorder, 2025
Express Tribune
12 hours ago
- General
- Express Tribune
Wildlife crackdown sparks controversy
Listen to article The Punjab Wildlife Department has intensified its crackdown against the illegal trade of wild animals and the private keeping of exotic birds and animals for recreational purposes. While this is seen as a positive step towards protecting endangered species, many hobbyist bird keepers are growing increasingly anxious. In recent operations, wildlife rangers have recovered 25 lions and tigers, along with several rare birds and animals, from various districts including Lahore. Concerned citizens argue that the department's strict actions are also targeting those who have been keeping birds as a hobby for years. For instance, Rao Abdur Rehman, a resident of Model Town, shared that he has been keeping partridges for the past 15 years. Even though he has a license, it has not been renewed in recent years. "I care more for these birds than my own children. But now even they are at risk,' said Rehman. Similarly, Shehzad Hussain, another citizen, questioned why keeping birds at home was prohibited when the department itself issued hunting licenses. According to Hussain, licenses for black partridges haven't been renewed since 2007. "Go tough on commercial breeders, but at least allow hobbyists to keep a few birds,' implored Hussain. Conversely, wildlife law expert, Altamash Saeed opined that protected animals should not be allowed in private ownership under any circumstances. 'The policy on hunting migratory birds should be reviewed, particularly in the context of climate change. The department even issues hunting licenses during the breeding season, which is unacceptable,' claimed Saeed. The Wildlife Department has admitted that it lacks accurate records of privately kept wild animals and birds due to the previously manual licensing process. However, they are now shifting to a digital system to ensure transparency and maintain reliable data. According to Punjab's Assistant Chief Wildlife Ranger, Asim Bilal, certain animals listed under Schedule-II of the Wildlife Act, such as lions, tigers, leopards, jaguars, and different deer species, are not allowed to be kept within residential areas. 'Breeding farms can only be set up outside populated areas, and only with departmental approval. Exotic birds like macaws don't require a license if kept at home, but those breeding or trading them must obtain a dealer's license. For birds like peacocks, pheasants, and chakors, a license is mandatory. New restrictions have also been placed on species like the raw parrot, ring-necked parrot, and Alexandrine parrot, which now must be registered and tagged. The registration fee has been set at Rs1000,' said Bilal. The licensing for birds such as hawks, shikras, and falcons has been discontinued, except for hawks, for which a license will still be issued. Species like monkeys and pythons are now completely protected and cannot be kept in private captivity. Hunting of wild quails is only allowed with permission, but keeping them privately is considered a legal offense. While efforts to conserve wildlife in Punjab are commendable, the concerns of hobbyist bird keepers and citizens facing legal complexities cannot be ignored. Hence, it is essential to make existing laws and the licensing system more transparent, accessible, and realistic so that wildlife protection can be ensured without unnecessarily harassing law-abiding enthusiasts.
NDTV
31-07-2025
- Business
- NDTV
Tamil Actor S Srinivasan Arrested In High-Value Loan Fraud Case
New Delhi: Tamil film actor and self-styled doctor S Srinivasan also known as 'Powerstar' was arrested by the Economic Offences Wing in the national capital in a high-value loan fraud case, according to officials. According to officials, Srinivasan had promised to arrange a loan of Rs 1,000 crore for a firm, but cheated Rs 5 crore from it. The police said that Srinivasan was declare by the court as a 'Proclaimed Offender' twice. He absconded from trial proceedings since 2018 and he was the mastermind of a large-scale conspiracy to cheat the complainant company to the tune of Rs 5 crore on the pretext of arranging a Rs 1000 crore loan. Investigation revealed fraudulent diversion of funds for film production and personal use. The accused was found to be involved in six similar cheating cases in Chennai The Economic Offences Wing of Delhi Police traced Srinivasan to Chennai's Vanagaram area, with the help of local intelligence and technical surveillance. On July 27, he was arrested from Chennai's Golden Treasure Apartments, the Delhi Police said adding that he has been remanded to judicial custody. According to Delhi Police, in December 2010, the Complainant Company Blue Coast Infrastructure Development Ltd. was approached by Henry Lalremsanga, Deepak Banga, Anil Varshney, and Ramanuja Muvvala, who presented themselves as experienced consultants capable of securing a loan of Rs 1000 crores for hotel and corporate investment purposes. They assured that in case the loan is not sanctioned, they would refund any upfront amount paid, within 30 days. The consultants then arranged a meeting of the Complainant with Srinivasan, who claimed to be the proprietor of Baba Trading Company and a long-time lender capable of arranging the Rs1000 crores loan. Following this the complainant paid an upfront amount of Rs 5 crore, purportedly for purchasing special adhesive stamps (at 0.5% of the loan amount). However, no loan was arranged, nor were Rs 5 crore returned, and the post-dated cheque given as a counter guarantee was also dishonoured by the bank due to insufficient balance. Investigation revealed that Rs 5 crore was transferred on 27.12.2010 to s Baba Trading Co. from the complainant company, and then into bank accounts controlled by accused Srinivasan and his wife. He withdrew Rs 50 lakhs in cash and transferred Rs 4.5 crores into a joint account. An FD of Rs 4 crores was later made and seized. During the investigation, the accused Srinivasan was arrested and interrogated. He failed to produce any proof of purchasing adhesive stamps, showing a clear intent to cheat. He was first granted interim bail on 27.09.2013, with a commitment to repay Rs 10 crore within 15 days, of which he paid only Rs 3.5 lakh. He absconded and was declared a Proclaimed Offender (PO) in April 2016. He was re-arrested on 07.03.2017, granted bail again on 02.06.2017, and once again evaded trial, leading to a second PO declaration on 14.11.2018. The 64 year-old accused Srinivasan was also found involved in six other cases registered in Chennai with the same modus operandi.
Business Recorder
24-06-2025
- Business
- Business Recorder
Cement woes
This was a challenging year for the cement industry, mostly because of absent domestic demand. In 11MFY25, sales dropped 2 percent from a rather weak last year. This year's performance is 6 percent below industry volumes during FY23, and nearly 20 percent lower than volumes sold during FY22. At the time, the industry also made impressive profits as for the first time in many years, prices went up rather quickly. In the north zone, prices surged 30 percent while in the south, cement prices rose 25 percent. Since then, not only have prices skyrocketed, demand has continued to slid down. In the north, prices went up,averaging at Rs744 in FY22 to crossing Rs1000 in FY23, Rs1200 in FY24, and Rs1400 now in FY25. Southern prices have follow4d a similar trajectory, though they tend to be comparatively more stable. The other thing that changed was prices in north ovetook southern prices in FY23. Northern markets have maintained that differential since then. Prior to FY23, prices in the south were always higher than the north. Demand has been fairly erratic. Fluctuations in international coal prices, and often currency depreciation forced cement manufacturers to raise pricesafter FY21. South prices were always higher then due to higher competition in the north. But first came massive demand that made manufacturers more comfortable raising prices, then came crippling inflation that made it impossible to keep going without keeping prices up. In FY25, prices have not been as volatile but they have never really dropped significantly enough. Demand has been unforgiving. In fact, it was improved prices that allowed cement companies to turn decently positive financial performance. The second helper was exports. In 11MFY25, exports grew 26 percent and contributed to roughly 20 percent of the sales mix. This is the highest exports share in the past decade. Moving into FY26, demand may improve if PSDP disbursements keep coming and keep coming on time. When fiscal pressures intensify, the first line of defense is to cut on development spending. It's a time bound tradition. On the upside, the government's upcoming mark-up scheme for mortgages could resuscitate home construction demand which will breathe new life into the sector- at least for a little while. The construction material manufacturers will have that to look forward to. Even though demand is sure to grow in the fiscal year, even if it slows down later in FY26, if cement companies are able to keep prices sticky up, they will coast on their back fairly easily. The rub might come in the form of reduced export demand which is the perfect fallback plan for cement makers when domestic markets are weak. That may prove more trouble than it's worth.
Business Recorder
11-06-2025
- Business
- Business Recorder
KCCI says budget lacks steps for economic growth
KARACHI: The Karachi Chamber of Commerce and Industry (KCCI) has criticised the federal budget 2025-26, describing it as a 'more enforcement, less progressive' budget that lacks substantial measures for economic growth. Speaking to the media after the budget announcement by Federal Finance Minister Muhammad Aurangzeb, Chairman Businessmen Group (BMG) Zubair Motiwala, alongside KCCI President Muhammad Jawed Bilwani and other industry representatives, acknowledged the budget's technical soundness but expressed concerns over its limited focus on growth-oriented policies. Motiwala highlighted a significant imbalance in the budget's approach, noting that while import-related incentives have been proposed, there are no corresponding relief measures for exports. 'This is technically a sound budget but measures for economic growth are missing in it,' he stated. The business leader criticised the budget as a 'camouflage' document, suggesting that crucial details would emerge only after implementation. He expressed disappointment that despite the federal minister's emphasis on digitalisation, FBR's strict enforcement, and revenue collection, no attention was paid to exports growth and industrialisation. 'No measures were proposed in this budget for reduction in cost of doing business and cost of production.' Chairman BMG criticised the government for setting overly ambitious goals despite the country's poor economic performance in the previous fiscal year, during which all major targets, including GDP growth and fiscal consolidation, were missed. He questioned the rationale behind increasing the targets without providing any practical explanation of how these would be achieved, especially in a fragile economic environment dominated by uncertainty, high inflation, and IMF-imposed constraints. While acknowledging positive developments such as the reduction in interest rates, current account surplus, and a $2 billion increase in foreign reserves, he criticised the government's decision to increase gas tariffs. 'Prime fuel for export sector is gas and the government is increasing the tariff instead of reducing it.' The KCCI leader expressed disappointment over the agriculture sector's poor performance, which showed a depressing growth of just 0.6 percent against the ambitious target of 13 percent. He also criticized the allocation of only Rs1000 billion for the Public Sector Development Program (PSDP) calling it woefully inadequate, particularly in light of the deteriorating state of infrastructure. 'It is surprising to see a meagre allocation of Rs2.783 billion for climate change in a country which has witnessed increased frequency of climate-related disasters,' he added. While acknowledging that the budget was presented under strict IMF conditions, he said that despite being technically compliant, it fails to address the pressing needs of Pakistan's industrial sector or its citizens. He described the budget as one that may satisfy external lenders but does not offer any practical hope for businesses or the wider population. Vice Chairman BMG Anjum Nisar underscored the importance of establishing a fair and transparent taxation system that does not rely on intimidation or arbitrary enforcement. He warned that the environment being created through the proposed fiscal measures could foster fear among businesses instead of encouraging growth. He said that Karachi remains the economic lifeline of Pakistan and deserves special attention to unlock its full potential. Rather than continuously burdening it with revenue responsibilities, the government should empower it with infrastructure investment and policy support to enable it to contribute even more to the national economy. President KCCI Muhammad Jawed Bilwani rejected the budget, stating it completely failed to offer any meaningful relief to the industrial sector or the general public. He said the government's claim of reduced inflation does not align with the realities faced by households, where electricity bills remain unaffordable and basic necessities are out of reach. He criticised the lack of measures to reduce electricity tariffs and interest rates, which are key drivers of the high cost of doing business. He emphasised that without addressing these core issues, neither industrial expansion nor job creation is possible. The high cost of energy and borrowing has severely impacted the viability of businesses, and without urgent intervention, many enterprises may not survive. Bilwani expressed concern over the government's over-reliance on remittances and IMF programs to manage the economy, calling it an unsustainable and short-sighted approach. He stressed the need to develop a conducive environment for industrial growth, which is the only way to improve key economic indicators. He also criticised the minimal allocation for long-delayed infrastructure projects like K-IV, terming it a sign of the government's disregard for Karachi's needs and its vital contribution to the national economy. Despite repeated demands from the business community, no concrete steps have been taken to broaden the tax net or introduce structural economic reforms, which remain essential for long-term economic stability, he said, raising concerns about agricultural governance, noting that while the sector didn't perform when it was a federal subject, its transfer to provincial governments under the 18th Amendment has not yielded the expected improvements. Calling the entire budget an eye wash, Bilwani expressed frustration over the government's failure to implement serious measures for broadening the tax base, noting that the country continues to rely heavily on home remittances rather than expanding domestic revenue sources. However, not all business associations shared the KCCI's pessimistic assessment. The President of the Karachi Customs Agents Association (KCAA) termed it a 'public friendly budget,' welcoming its potential to provide relief to common citizens, particularly the salaried class. The KCAA president also praised the government's decision to reduce overall customs tariffs to rational levels over the next five years, describing the budget as 'so far so good.' Meanwhile, Mashood Khan, an expert of auto sector said that the FM's budget speech closely mirrors the IMF's recommendations. The downward trend in additional customs duty, regulatory duty and customs duty will likely hit local manufacturing instead of exports in the future, foreseeing severe consequences for our local manufacturing industry. He said that the auto parts and other manufacturing sectors would face significant challenges, urging FM to revisit the budget before seeking approval from the National Assembly. Copyright Business Recorder, 2025
