Latest news with #Rs176
Business Recorder
28-04-2025
- Business
- Business Recorder
Gold prices soar to record-breaking Rs369,000 per tola
KARACHI: Gold prices in Pakistan have saw an extraordinary journey from 1947 to 2025. The precious yellow metal, once available at just Rs57 per tola at the time of independence, has now soared to a record-breaking Rs369,000 per tola. In 1947, gold was priced at Rs57 per tola. Throughout the 1950s and 1960s, gradual increases were observed, crossing Rs100 by the late 1950s and reaching Rs176 by 1969. Despite periodic fluctuations, the overall trend remained upward. The 1970s marked a transformative era. Economic upheavals and political instability propelled gold prices sharply upward, reaching Rs432 per tola in 1973 and soaring to Rs2,250 per tola by 1980. Although the 1980s witnessed occasional dips, global inflation and market instability kept prices generally on the rise. During the 1990s, gold prices hovered between Rs3,000 and Rs6,000 per tola. The trend shifted dramatically after the 2008 global financial crisis, with gold emerging as a safe-haven asset, climbing to Rs23,500 per tola by the end of that year. From 2010 onwards, gold experienced a steep surge. In 2011, prices crossed Rs50,000 per tola for the first time. During the Covid-19 pandemic in 2020, gold breached Rs100,000 per tola, reflecting global uncertainty and local economic pressures. Copyright Business Recorder, 2025
Express Tribune
21-02-2025
- Business
- Express Tribune
Gandapur challenges Maryam to debate
In what seemed to be a bragging contest, the provincial governments of Punjab and Khyber Pakhtunkhwa (K-P) touted their "great" performances while belittling each other's work, with the chief minister of the latter challenging the chief minister of the former to a debate. K-P Chief Minister Ali Amin Gandapur, who belongs to the PTI, on Thursday announced distributing free laptops among students in the K-P, a move initiated by various PML-N led governments. He said his government would provide the same percentage of students with laptops as the Punjab government. In return, he urged the Punjab chief minister, Maryam Nawaz, to offer free health cards to citizens, just as the K-P government had done. "Our government provided the entire population with the Sehat Card Plus and is now offering life insurance. The Punjab government should also extend these facilities to its entire population," he said. Gandapur claimed that despite challenging circumstances, his government had increased revenue by 55%, urging Punjab to raise its revenue from 12% to 55% as well. He said the K-P government has a surplus of Rs176 billion in its treasury and is the only province to meet the International Monetary Fund's (MF) target. He pointed out that Punjab was given a target of a Rs300 billion surplus by the IMF but instead it incurred a Rs146 billion deficit. The CM said his government is facilitating the weddings of 4,000 underprivileged girls, providing each with Rs200,000. He challenged Punjab's performance, claiming it was not even 1% of K-P's, and declared his willingness to debate the issue. Meanwhile, Punjab Information Minister Azma Bukhari stated that while it is often said that governments struggle to perform in their first year, the PML-N has raised the flag of success in both the federal and Punjab governments within just one year. "The Punjab government has already delivered remarkable results, sending a clear message to all provinces to compete in the politics of public service," she said during a press conference at the DGPR, accompanied by Punjab Local Government Minister Zeeshan Rafiq. According to Bukhari, when someone has nothing substantial to say, he resorts to insults. " The public no longer wants abusive rhetoric, chaos, arson, or attacks on the federation. Other provinces should also initiate projects similar to those in Punjab." She criticized so-called journalists and analysts who once claimed that PML-N had lost relevance but now dismiss the party's rallies as unsuccessful. Bukhari said under the leadership of Maryam Nawaz, Punjab's first year in office has been marked by historic achievements and exemplary public service.
Express Tribune
20-02-2025
- Business
- Express Tribune
After Punjab, K-P announces free laptops for students
Khyber Pakhtunkhwa Chief Minister Ali Amin Gandapur has announced a free laptop scheme for students in the province, pledging to match the percentage of laptop recipients in Punjab. "If Punjab provides laptops to a certain percentage of students, we will do the same," Gandapur said. He urged Punjab's government to reciprocate by offering free health insurance cards similar to those provided in Khyber Pakhtunkhwa. He highlighted the province's healthcare initiatives, stating, "We have given our entire population the Sehat Card Plus and are now offering life insurance." He challenged the Punjab administration to extend similar benefits to its residents. Gandapur also claimed that his government had increased revenue by 55% despite financial challenges, contrasting it with Punjab's performance. "Punjab's revenue growth is only 12%. Let them increase it to 55% like us," he said. Regarding fiscal management, he asserted that Khyber Pakhtunkhwa had a budget surplus of Rs176 billion and was the only province to meet the International Monetary Fund (IMF) targets. "Punjab was given an IMF surplus target of Rs300 billion but instead recorded a deficit of Rs146 billion," he noted. The chief minister also announced financial support for underprivileged brides, stating that the provincial government would facilitate the weddings of 4,000 deserving girls, providing each with Rs200,000. Challenging Punjab's governance, he said, "I am ready for a debate. Punjab's performance does not even match 1% of ours."
Express Tribune
14-02-2025
- Sport
- Express Tribune
K-P boosts revenue by 55%, surplus Rs176b
PESHAWAR: Khyber-Pakhtunkhwa Chief Minister Ali Amin Khan Gandapur has said that the province has increased its revenue by 55 per cent, with a surplus of Rs176 billion in the treasury, which will be invested in the people, especially the youth. The chief minister on Friday inaugurated the Inter-College Sports Gala 2025 organized by the Higher Education Department. A ceremony in this regard was held in Peshawar, where the CM participated as the chief guest. Provincial Minister for Higher Education, Meena Khan Afridi, key officials from the Higher Education Department, teachers, students, and athletes, attended the event in large numbers. The chief minister unveiled the trophy to formally launch the Sports Gala, while teams of athletes participated in a march past. A spectacular fireworks display was presented on the occasion. The Sports Gala features 2,000 students from 320 colleges across eight zones of the province. Competitions will be held in 13 different sports, including cricket, football, hockey, basketball, volleyball, throwball, handball, table tennis, badminton, squash, kabaddi and netball. The competitions will take place in sports complexes in three districtsPeshawar, Charsadda, and Nowshera. Earlier, inter-collegiate competitions were held at the zonal level, and the winning teams from those contests are now participating in this event. Addressing the ceremony, the chief minister stated that solid measures are being taken to promote sports in the province in line with the vision of the founding PTI chairman, and he takes pride in fulfilling the dream envisioned for Khyber-Pakhtunkhwa. He highlighted that, for the first time in the province's history, an Inter-College Sports Gala is being organized, which will now be held annually. He encouraged students to work hard, excel in academics and sports, and bring pride to the province and the country.
Express Tribune
04-02-2025
- Business
- Express Tribune
KE expects Rs176b savings from hybrid project
Listen to article ISLAMABAD: The management of K-Electric on Tuesday informed the power-sector regulator that its 220-megawatt hybrid project in Dhabeji, Sindh will lead to aggregate savings of Rs176 billion. At a public hearing conducted by the National Electric Power Regulatory Authority (Nepra) on KE's bid evaluation report for the hybrid project, KE officials noted that the project's energy displacement analysis demonstrated a significant reduction in fuel costs with annual savings of Rs7.05 billion and foreign exchange reduction of $39.45 million. They elaborated that aggregate savings over the projected 25 years were extrapolated at Rs176.259 billion. This tariff has been achieved through collaboration with Chinese engineering, procurement and construction (EPC) providers, who assisted in optimising costs and offering a competitive price. The project marks a significant milestone in the renewable energy journey. Combining both solar and wind power, it is the first-of-its-kind project in Pakistan and is expected to play a pivotal role in addressing the energy needs while reducing reliance on imported fuels. At the hearing, which concluded on Tuesday, KE officials highlighted that the bidding process was transparent and conducted in compliance with all regulatory requirements. They explained that the process, which involved both physical and electronic bidding, reflected the commitment to fairness. A key point of discussion was the tariff structure, where the final bid secured Pakistan's lowest tariff of Rs8.9 per unit, translating into 3.09 cents. The low bid came in the backdrop of earlier estimate of Rs10.863 to Rs11.993 per unit. KE has conducted detailed simulations and modeling to ensure that the addition of this project will not only replace the expensive imported fuel sources but also improve the overall efficiency of energy supply. A Nepra member asked whether the analysis took account of intermittency as well. Responding to that, KE officials explained that it was taken into account by incorporating the performance curves of each technology, including solar, wind and base load, along with their complete capacity factors. They emphasised that the project's transmission line and infrastructure had already been planned and budgeted to ensure that the project could proceed smoothly without additional delays or costs. They also acknowledged the complexities of the bidding process and the extension in submission timeline, assuring that the result had been highly successful, which paved the way for securing the lowest tariff and positioning the project as a critical part of KE's energy transition. KE Chief Financial Officer Aamir Ghaziani highlighted that the project would enable the company to replace costly fuel-based generation, leading to substantial savings. He stressed that without advancing renewable projects, generation costs were likely to rise in future as the displacement factor played a key role in reducing the overall generation expenses. Nayab Rishi from Master Textiles requested the authority for a swift decision on 150MW solar projects in Balochistan, the hearing for which was held in December 2024. She mentioned that Master Textiles had been declared the lowest bidder under the competitive bidding framework.
