Latest news with #Rs171
Express Tribune
5 days ago
- Business
- Express Tribune
Rupee extends rally with gains of 20 paisa
The Pakistani rupee extended its gains against the US dollar on Wednesday, rising 20 paisa, or 0.07%, in the inter-bank market. The currency closed at 282.22 compared to the previous day's closing level of 282.42. It was the rupee's fifth consecutive day of appreciation, driven by improved market sentiment amid an ongoing crackdown on illegal currency dealers and smugglers. Last week, a court handed five-year prison terms to three illegal currency traders and fined Rs1 million each for engaging in unlawful foreign exchange operations. In global trade, the US dollar slipped after soft US inflation data reinforced expectations of a Federal Reserve rate cut next month. Political developments in Washington, including President Donald Trump's moves to tighten control over US institutions, also weighed on the greenback. The dollar index hit a more than two-week low, making bullion cheaper for overseas buyers, while the yield on the benchmark 10-year Treasury note edged lower, according to Reuters. Meanwhile, gold prices in Pakistan inched lower, diverging from the international trend, where the metal gained on a weaker US dollar and falling Treasury yields. Mild US inflation data reinforced expectations of a Federal Reserve rate cut in September, with markets also factoring in the possibility of further easing later this year. In the local market, the price of gold per tola fell Rs200 to Rs358,100, according to the All Pakistan Sarafa Gems and Jewellers Association. The rate for 10 grams declined Rs171 to Rs307,013. On Tuesday, gold had dropped by Rs500 to Rs358,300 per tola. Interactive Commodities Director Adnan Agar said global gold prices were moving within a narrow range, with Wednesday's high at $3,370 per ounce and low at $3,342. 'The market was trading at $3,355 and waiting for fresh triggers,' he noted. Agar pointed to the upcoming geopolitical events, including a Russia-US-Ukraine summit this weekend, as potential drivers. 'If the summit fails, gold prices are likely to rise. A breakthrough could push prices lower,' he said. Agar added that markets were also looking ahead to the US Federal Reserve's policy decision next month, where there was a strong likelihood of an interest rate cut, a move that could further influence gold's direction. Spot gold gained 0.4% to $3,357.59 per ounce by 12:10 pm ET (1610 GMT). US gold futures for December delivery rose 0.3% to $3,408.50. 'Gold is buoyant on heightened expectations of a September Fed rate cut, following benign inflation data and July's weak non-farm payrolls,' said Nikos Tzabouras, senior market analyst at
Hans India
7 days ago
- Business
- Hans India
Rainbow Medicare expands to Northeast
Hyderabad: Hyderabad-based Rainbow Children's Medicare Ltd (RCML), a leading multi-speciality pediatric hospital chain, announced on Tuesday that it will acquire a 76 per cent controlling stake in Guwahati-based Pratiksha Hospital for around Rs171 crore. The acquisition, fully funded through RCML's cash reserves and internal accruals, values Pratiksha Hospital at an enterprise valuation of Rs171 crore. The company has signed a definitive agreement with the hospital's promoters for the stake purchase. Post-acquisition, RCML will hold a majority share while founder-promoter Dr Pramod Kumar Sharma and his family will retain the remaining 24 per cent stake. Established in 1995, Dr Sharma is recognised as a pioneer in IVF and minimally invasive gynaecological surgery in Northeast India. Pratiksha Hospital began operations in Guwahati and achieved a milestone in February 1997 by delivering its first IVF baby.
Express Tribune
17-07-2025
- Business
- Express Tribune
Govt signs fresh sugar export deal
Listen to article The finance ministry on Wednesday finally admitted that the International Monetary Fund (IMF) objected to Pakistan's tax exemptions on sugar imports. Despite this, the government has entered into yet another agreement with the Pakistan Sugar Mills Association (PSMA), allowing future sugar exports if total stocks exceed seven million metric tonnes. The new agreement, signed on July 14 between the minister for national food security and research and the all-powerful PSMA, aims to persuade millers to keep ex-factory sugar prices between Rs165 and Rs171 per kilogram until October 15. It signals that the government has not learnt from its earlier decision to allow the export of 765,000 metric tonnes, which triggered the current price crisis. Prime Minister Shehbaz Sharif's government had permitted the export of 765,000 metric tonnes, driving local prices up to Rs200 per kg. In order to stabilise prices, the government allowed tax-free imports of sugar, prompting sharp criticism from the IMF. "The government is discussing the sugar issue with the IMF," said Secretary Finance Imdadullah Bosal at a National Assembly Standing Committee on Finance meeting held Wednesday. PPP's Syed Naveed Qamar chaired the committee also said that the IMF was displeased with the government's decision to waive taxes on the import of sugar. "There are about 70 benchmarks in the IMF programme, and one of those is that tax exemptions cannot be given," Bosal explained, responding to a question on the nature of the IMF objections. Sources said that the IMF has plainly asked the government to revoke three statutory regulatory orders issued to waive taxes. The Express Tribune reported on Tuesday that the IMF had reacted to the major breach of the $7 billion programme and conveyed its reservations about import of sugar by waiving taxes in violation of written commitments. Federal Board of Revenue (FBR) Chairman Rashid Langrial justified the tax waiver by pointing out that total import duties on sugar amounted to 53%, making imports unaffordable. The waiver aimed to cut the import price of sugar by Rs82 per kg. Initially, the Trading Corporation of Pakistan (TCP) issued a tender to import 300,000 metric tonnes. After IMF's objections, the volume was reduced to 50,000 tonnes, and the bid deadline was extended from July 18 to July 22. MNA Jawed Hanif criticised the double standard, saying the government used the IMF as an excuse during budget debates but later breached the agreement itself. Bosal denied speculation that the IMF would demand new taxes on salaried individuals in exchange for sugar import waivers. PPP's Nafisa Shah remarked, "Vested interests are stronger than the IMF." The sugar export agreement states that "the federal government will allow, for export of sugar stocks exceeding seven million metric tonnes (carryover plus 2025-26 production), after 30 days of the closing of the crushing season 2025-26." This definition means even imported sugar, if not consumed, could count toward total stock. The stock verification will rely on FBR's track and trace system and be overseen by a four-member committee, one official each from the federal and provincial governments and two from PSMA. Critically, the agreement includes a price-fixing clause that contradicts Competition Commission of Pakistan (CCP) laws. It states, "The maximum ex-mill price of sugar will be fixed at Rs165 per kg on July 15, 2025, and increased by Rs2 per kg monthly until October 15, 2025." Before last year's sugar exports, ex-mill prices were below Rs140 per kg. By setting the maximum price at Rs171 per kg, excluding retail profit margins, the government is effectively granting a windfall to millers. Qamar said the government should exit the sugar trade entirely, including ending the licensing regime for new sugar mills. "There are sufficient stocks in the country," Qamar added. "Importing sugar sends the wrong signals to the market." He further said the government should only regulate wheat, not sugar. "Sugar remains a highly regulated commodity, while wheat has been deregulated," he said. Other matters The committee also reviewed two key private member bills: the Corporate Social Responsibility (CSR) Bill, moved by Nafisa Shah, and the Parliamentary Budget Oversight Bill, proposed by MNA Rana Iradat Sharif Khan. The CSR bill proposes that companies contribute 1% of net income toward social welfare. However, the secretary finance opposed the bill, claiming it would raise the cost of doing business. Committee members rejected this argument, noting the levy targets net income, not sales. Nafisa Shah argued that many companies already allocate around 1.5% to CSR voluntarily and support the bill. Despite this, the finance ministry requested a one-month consultation period with stakeholders, which the committee said was unnecessary. Qamar also formed a sub-committee to further evaluate the Parliamentary Budget Oversight Bill, aimed at enhancing budgetary accountability. While Secretary Bosal expressed reservations against the bill, Qamar stressed that while the oversight bill may challenge the bureaucracy's fiefdoms, the proposed legislation is important for the improvement of the overall system.
