Latest news with #Rs600
Business Recorder
3 days ago
- Sport
- Business Recorder
PSB announces Rs8.2m cash reward for Pakistan U-16 volleyball teamvoll
The Pakistan Sports Board (PSB) has announced a cash award of Rs8.2 million for the national under-16 men's volleyball team following their historic title win at the Asian U-16 Volleyball Championship in Thailand. Each of the 12 squad members will receive Rs600,000 under PSB's revised 2024 Cash Award Policy, which grants 30% of the individual award amount to players in annual continental team events. The total for players amounts to Rs7.2 million. Additionally, Rs1 million has been allocated for the coaching staff, which is entitled to 50% of the team award value under the same policy, taking the total disbursement to Rs8.2 million. Pakistan stunned powerhouse Iran 3‑2 in a thrilling final to clinch the title, remaining unbeaten throughout the tournament. PSB spokesperson Khurram Shahzad said the awards would be distributed within days, with payments to be made directly to players and coaches named on the official roster after completing necessary documentation. 'This initiative reflects PSB's commitment to recognising and financially supporting sporting excellence at all levels,' he added.
Business Recorder
3 days ago
- Sport
- Business Recorder
PSB announces Rs8.2m cash reward for Pakistan U-16 volleyball team
The Pakistan Sports Board (PSB) has announced a cash award of Rs8.2 million for the national under-16 men's volleyball team following their historic title win at the Asian U-16 Volleyball Championship in Thailand. Each of the 12 squad members will receive Rs600,000 under PSB's revised 2024 Cash Award Policy, which grants 30% of the individual award amount to players in annual continental team events, the PSB said in a statement. The total for players amounts to Rs7.2 million. Additionally, Rs1 million has been allocated for the coaching staff, which is entitled to 50% of the team award value under the same policy, taking the total disbursement to Rs8.2 million. Pakistan stunned powerhouse Iran 3‑2 in a thrilling final to clinch the title, remaining unbeaten throughout the tournament. PSB spokesperson Khurram Shahzad said the awards would be distributed within days, with payments to be made directly to players and coaches named on the official roster after completing necessary documentation. 'This initiative reflects PSB's commitment to recognising and financially supporting sporting excellence at all levels,' he added.
Express Tribune
4 days ago
- Express Tribune
Massive wheat scam unearthed
Over Rs300 million worth of wheat has allegedly been embezzled from three procurement centres of the Punjab Food Department in Khanewal due to corruption, negligence and departmental apathy. Despite early warnings and internal reports, senior officials reportedly failed to take timely action. After the matter became public, authorities have now hinted at launching a formal inquiry. According to official sources, significant quantities of wheat have been misappropriated from three storage centers: 23,000 bags from Sardarpur Center, 27,000 bags from Kot Islam Center, and 13,000 bags from Bhatta Kot Center. During departmental checks prompted by public complaints, wheat bags worth more than Rs300 million were found damaged and decomposed. In some storage rooms, the wheat had turned completely black, and in certain piles of soil within the warehouses, wheat grains had even started to sprout. A sensitive intelligence agency in Punjab has identified three food centres in Khanewal and five in Multan where thousands of wheat bags have been misappropriated, and in some cases, the wheat has turned black. The agency has reported to the Punjab government that wheat worth Rs500 to Rs600 million has either been embezzled or spoiled. According to the report, when the Director in Multan exerted pressure on an inspector of one of the food centres, the inspector passed away, as he was facing a liability of Rs350 million in recovery. The food inspectors responsible during the time of the irregularities were: Malik Qasim and Ghazanfar Bhutta at Kot Islam Centre; Hasnain Siddiqui at Sardarpur Centre; and Rana Muhammad Sarwar at Bhatta Kot Centre. Sources fear that in addition to the negligence, a large quantity of good-quality wheat may have been sold in the open market, and blackened, unusable wheat mixed with soil was placed in the bags to cover up the theft. The wheat in question was procured in 2023 at the official rate of Rs3,900 per 40 kilogrammes. Despite being aware of the situation, the Deputy Director of Food Multan and the District Food Controller of Khanewal reportedly took no meaningful steps to address the issue. District Food Controller Muhammad Sufyan, when contacted for comment, acknowledged that some wheat had indeed spoiled. He attributed the spoilage to the ineffectiveness of the chemical treatment used for preservation. He claimed that an investigation into the matter is currently underway.
Express Tribune
16-07-2025
- Business
- Express Tribune
Gold dips slightly, rupee inches up
Listen to article Gold prices in Pakistan fell on Tuesday, mirroring a downturn in the international market as investors reacted cautiously to fresh US inflation data and awaited clarity on potential trade tariffs. According to the All Pakistan Sarafa Gems and Jewellers Association, the price of gold declined by Rs700 per tola, settling at Rs359,000. Similarly, the rate for 10 grams dropped by Rs600 to Rs307,784. The price per tola experienced a dip after an increase the previous day, when it surged by Rs1,600 to reach Rs359,700. Internationally, gold inched lower as the US Consumer Price Index (CPI) data showed a 0.1% uptick in inflation for June, in line with expectations but still keeping interest rate cut hopes subdued. Investors also remained wary of potential tariff announcements amid renewed trade rhetoric from US President Donald Trump. Spot gold fell 0.2% to $3,336.99 per ounce by 0940 am EDT (1340 GMT). US gold futures were down 0.4% to $3,345. The US dollar ticked up 0.2%, making gold more expensive for holders of other currencies. "I think the market continues to be focused on tariffs, keeping gold underpinned. I remain bullish on gold, even though we're well within the range that has been in place since the middle of May," said Peter Grant, Vice President and Senior Metals Strategist at Zaner Metals. "The market isn't slow – it's just moderate," Adnan Agar, Director at Interactive Commodities, told The Express Tribune. "Activity has been consistent over the past three to four days," he noted. "Today's (Tuesday's) high was $3,366 and we're trading near the day's low at $3,334." Agar attributed the dip to inflation data, which reduced the likelihood of an early interest rate cut by the US Federal Reserve. "With inflation edging up, the probability of a rate cut has now shifted further out – possibly to September 2025," he said. He added that the ongoing uncertainty around US tariff policy could continue to influence the market over the coming months. "If gold dips further, possibly to the $2,800-3,000 range, it will present a buying opportunity. In the long term, gold remains on an upward trajectory – perhaps by the end of this year or into next." Meanwhile, the Pakistani rupee recorded a marginal appreciation against the US dollar on Tuesday, appreciating by 0.02% in the inter-bank market. By the end of the trading session, the rupee closed at 284.67, up by five paisa from the previous day's close at 284.72. The US dollar remained near a three-week high against major global currencies as investors looked ahead to key US inflation data expected later in the day, which could offer insights into the future course of monetary policy.
Business Recorder
16-07-2025
- Politics
- Business Recorder
NA body slams Ogra over unregistered LPG tankers in KP and theft in Sindh
ISLAMABAD: The National Assembly Standing Committee on Planning, Development and Special Initiatives, while drawing attention to the unchecked and hazardous sale of LPG in plastic bags in Khyber Pakhtunkhwa and rampant theft in Sindh, sharply criticised the Oil and Gas Regulatory Authority (Ogra) for regulatory lapses, particularly regarding the vast number of unregistered LPG tankers operating across the country. Of the estimated 2,000 bowsers in circulation, only 800 are reportedly registered with the Department of Explosives and just 247 are licensed by OGRA—revealing a significant oversight gap. This was revealed before the committee which met with Syed Abdul Qadir Gillani in the chair here on Tuesday. The session opened with a critical discussion on the Multan LPG tanker explosion of 27th January 2025. Expressing serious concern, Chairman Gillani remarked, 'Such incidents are becoming rampant, and providing meagre aid to victims is not a solution. This must stop—we must identify and hold those responsible.' Committee members echoed these sentiments, drawing attention to the unchecked and hazardous sale of LPG in plastic bags in Khyber Pakhtunkhwa and rampant theft in Sindh. Questions were raised about the lack of surveillance, low inspection frequency, weak tracking mechanisms, and poor coordination between OGRA and the Explosives Department. The OGRA officials responded that a regional office had been opened in Multan and awareness campaigns were underway. They acknowledged the scale of unregulated operations and admitted that current laws are insufficient. The OGRA requested parliamentary support for legislative amendments to strengthen penalties and enforcement. The OGRA chairman stated that actions are being taken against illegal LPG tankers, and penalties are being made stricter. He revealed, 'We are bringing amendments to criminal laws. Previously, the penalty was six months imprisonment and a fine of Rs3,000. Now, through amendments, a proposal is to impose 10 years imprisonment and a fine of Rs20 million.' MNA Dawar Kundi criticised the previous meagre fine, asking, 'Such a small fine, why were the licenses of these tankers not canceled?' MNA Saleemur Rehman expressed outrage, stating, 'OGRA has committed injustice; CNG is being openly sold next to the Swat Motorway.' Major (retired) Tahir Iqbal questioned, 'Does OGRA have a system for checking tankers? Tracking should also be done.' He further suggested that 'increasing penalties will do nothing; suspending licenses is the right action.' The committee referred the matter of illegal and substandard LPG tankers to the Standing Committee on Petroleum and directed that answers to committee members' questions be provided in the next meeting. While contractors involved in the Multan incident are reportedly under review, the Committee expressed dissatisfaction with the accountability process and the compensation announced—deeming Rs600,000 grossly inadequate for lives lost. Members called for immediate suspension of licenses for those under investigation and urged the introduction of stringent safety and inspection protocols. The committee resolved to revisit the matter in the next session with a detailed presentation on the registration, licensing, and enforcement framework. A major agenda item was the presentation of the Sub-Committee's report by its Convener, Syed Samiul Hassan Gillani, concerning the execution of development projects—especially those formerly overseen by the Public Works Department (PWD) and subsequently transferred to provinces. Gillani appreciated the cooperation of federal ministries, including Finance, Planning, and Housing, shared the achievements of the sub-committee's performance while also highlighting persistent issues in coordination and project execution. Concerns were raised about the operational capacity of Pakistan Infrastructure Development Company Limited (PIDCL) and several issues which led to unnecessary delays. The committee chairman directed that the matter of development projects be discussed in the subcommittee. To address these challenges, the committee reconstituted its sub-committee, again placing Syed Samiul Hassan Gillani as convener. The sub-committee will review the status of ongoing PWD-linked projects and submit its findings within 30 days. It was unanimously noted that merely transferring personnel from PWD to PIDCL without addressing the underlying issues of inefficiency and corruption would be ineffective. While some members supported reforming and reviving PWD with stronger oversight, others advocated for establishing a new, competent institution for federal-provincial project coordination. The committee stressed that executing agencies must have adequate capacity and that elected representatives should have the discretion to select implementing partners for their constituencies. Additionally, the committee deliberated on the province-wise allocation of new Public Sector Development Programme (PSDP) projects for fiscal year 2025-26. The Ministry of Planning briefed the committee on PSDP projects while saying that 1,077 projects were placed in PSDP last fiscal year while 344 projects were completed last fiscal year. A total of 172 development projects were placed in PSDP in Punjab last fiscal year, and Rs116 billion were allocated for Punjab's development projects. Further, Rs53 billion were allocated for 102 projects in Khyber Pakhtunkhwa last year. Sindh had 117 projects last year and Rs171 billion were allocated last year. Balochistan had 186 projects last year and Rs93 billion were allocated. The committee sought details of projects for Narowal in the next meeting. The Ministry of Planning was directed to present a detailed breakdown—district-wise and division-wise—in the next meeting. The members also voiced concern over recurring infrastructure damage caused by seasonal floods. The committee urged the formulation of a comprehensive national flood prevention and mitigation policy, emphasising a shift from reactive to preventive planning. It was agreed that the matter would be explored further with relevant federal and provincial stakeholders. Copyright Business Recorder, 2025
