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Business Recorder
42 minutes ago
- Business
- Business Recorder
Surge in sugar prices: PAC seeks records of all sugar mill owners, exporters again
ISLAMABAD: The Public Accounts Committee (PAC) has sought records of all sugar mill owners and exporters again, aiming to investigate the underlying causes of the nationwide surge in sugar prices. Junaid Akbar chaired the meeting of the PAC. The members committee showed serious concerns over the sudden raise in sugar prices as the commodity is being sold at Rs 210 per kg in Karachi and Rs 215 in Haripur, while the average price is at Rs 173 per kg nationwide. New official sugar prices notified for Karachi The officials of the Ministry of Industries hesitated to disclose the sugar mill owners, forced the chairman committee to issue directives for submission of names and directorship of sugar mills. The PAC chairman warned that a privilege motion would be moved in case the list was not submitted shortly. The secretary for Food Security also faced strong criticism for allegedly presenting inaccurate data of sugar production, export and prices. According to the data provided by the Ministry of Industries, 5.09 million tons of sugar approved for export in last 10 years but only 3.927 million tons were actually exported, earning over $400 million in foreign exchange. Officials stated that Pakistan produced 7.66 million metric tons of sugar last year, with 1.3 million metric tons in surplus. Of that, 500,000 tons were reserved for the next year, while the government approved the export of 790,000 tons in three phases. At the time of export, the local market price of sugar was Rs143 per kg, which has now jumped to Rs 173. The lawmakers criticised the ongoing cycle of sugar export and import, calling it a decade-long deception. Members committee Riaz Fatyana and Muhammad Arshad alleged that the nation was defrauded of Rs 287 billion due to the manipulated price hike and artificial shortages. Junaid asked the officials why sugar mills were awarded export subsidies and the reason behind the sudden issuance of SROs granting tax exemptions. Moin Pirzada accused the government of looting the nation and blamed the Sugar Advisory Board for corruption, calling the sugar mafia an integral part of the government. The committee was apprised that the prime minister formed a committee led by Deputy Prime Minister Ishaq Dar to probe the matter. Copyright Business Recorder, 2025
Time of India
6 hours ago
- Business
- Time of India
DRI Mumbai seizes 160 tonnes of substandard Chinese toys, counterfeit cosmetics worth Rs 6.5 crore
Mumbai: In a major crackdown on smuggling of substandard goods, the Directorate of Revenue Intelligence (DRI), Mumbai zonal unit, seized 160 metric tonnes of illegally imported Chinese toys, counterfeit cosmetics, and unbranded shoes, valued at over ₹6.5 crore. Based on specific intelligence, DRI officers identified 10 containers at Mundra Port, Hazira Port, Kandla SEZ, and ICD Piyala (Faridabad). These containers, fraudulently declared as decorative items, keychains, and pencil boxes, were found concealed with large quantities of toys, cosmetics, and footwear. The toys were imported without mandatory BIS certification, violating the Foreign Trade Policy and Toys (Quality Control) Order, 2020. Counterfeit cosmetics infringed Intellectual Property Rights (Imported Goods) Enforcement Rules, 2007, and lacked required CDSCO licenses. The unbranded shoes also breached the Footwear (Quality Control) Order, 2024. You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai
Time of India
7 hours ago
- Business
- Time of India
India and Taiwan were leading buyers of Russian naphtha in June, LSEG data shows
India and Taiwan were the leading destinations for Russian seaborne naphtha exports in June, as cheaper volumes and domestic demand attracted buyers, according to traders and LSEG data. Naphtha is a primary feedstock in the petrochemical industry for producing olefins and aromatics, which are then used to manufacture a wide array of products, including plastics, synthetic resins, synthetic fibers, and various other chemicals. Since the European Union's full embargo on Russian oil products went into effect in February 2023, countries in the Middle East and Asia have become the main destinations for Russia's naphtha supplies. Naphtha export shipments from Russian ports to India in June totalled 250,000 metric tons, down 5% from May, and exceeded 1.4 million tons in the first half of 2025. Russian naphtha arrived at the western Indian ports of Mundra, Hazira, and Sikka, shipping data showed. India partially replaced naphtha purchases from the United Arab Emirates with cheaper Russian supplies in order to reduce import costs. Naphtha exports from Russian ports to Taiwan reached 234,000 tons last month, double their May level, and totalled 1.27 million tons between January and June, according to LSEG data. Singapore, Malaysia, Turkey and China were among the other top destinations for Russian naphtha export supplies in June. Ship-tracking data showed that no cargoes from Russian ports arrived in Fujairah in the United Arab Emirates in June. Russia had supplied 80,000 tons to the UAE in May. Vessels carrying nearly 300,000 tons of Russian naphtha loaded last month are heading to Asia via Southern Africa's Cape of Good Hope. Asia received 150,000 tons in May. Traders have been diverting Russian oil products cargoes around Africa since December 2023 to avoid the Red Sea due to a heightened risk of attacks by Yemen's Iran-aligned Houthi group. All the shipping data above are based on the date of cargo departure.
Economic Times
10 hours ago
- Business
- Economic Times
Aircraft maker Boeing's losses shrink as jet deliveries rebound
Boeing's quarterly losses more than halved and were much smaller than analysts' predictions as the U.S. planemaker ramped up jet production and deliveries, recovering from a regulatory crisis and a major strike that halted most production last year. ADVERTISEMENT Shares of the planemaker rose 2.4% in premarket trading as the results highlighted Boeing's efforts to cautiously increase monthly output this year, following years of quality issues and production delays on its flagship 737 MAX. An improvement in deliveries marks a pivotal step in Boeing's effort to rebound from years of production disruptions and crises that piled on debt, highlighting the urgency of accelerating output to restore financial stability. The planemaker's free cash flow usage, a key metric for Wall Street, also came in better than expected, signaling an improving cash position. "As we continue to execute our Safety & Quality Plan, there's more stability in our operations," CEO Kelly Ortberg said in a letter to Boeing employees on Tuesday. In May, the company produced 38 737s and production has been stable since then, according to the company. ADVERTISEMENT The U.S. Federal Aviation Administration had capped the production of Boeing's best selling 737 MAX jets following a mid-air panel blowout in a nearly new jet in January 2024. "We plan to seek FAA approval to increase to rate 42 when our key performance indicators (KPIs) show that we're ready," Ortberg added. ADVERTISEMENT It delivered 206 737 MAX jets through the first half of the year. Wall Street closely tracks aircraft deliveries, because planemakers collect much of their payment when they hand over jets to customers. Boeing also increased 787 production at its plant in Charleston, South Carolina, from five aircraft a month to seven a month. ADVERTISEMENT Through the first half of the year, the planemaker booked 668 orders, or 625 net orders after cancellations and conversions. It reported free cash flow usage of $200 million for the quarter, compared with analysts' expectations of $1.72 billion, according to data compiled by LSEG. ADVERTISEMENT Operating profit in its defense, space and security business came in at $110 million, compared with a loss of $913 million a year ago. The planemaker posted an adjusted core loss per share of $1.24 for the quarter through June, compared with $2.90 a year ago. Analysts had expected loss of $1.48 per share. Revenue for the quarter rose 35% to $22.75 billion, beating analysts' estimates of $21.84 billion. (You can now subscribe to our ETMarkets WhatsApp channel)
Economic Times
11 hours ago
- Business
- Economic Times
India and Taiwan were leading buyers of Russian naphtha in June, LSEG data shows
Synopsis In June, India and Taiwan emerged as the primary destinations for Russian seaborne naphtha exports, driven by competitive pricing and robust domestic demand. India's imports reached 250,000 tons, while Taiwan doubled its intake to 234,000 tons. Due to Red sea crisis, shipments are being rerouted via Southern Africa, impacting delivery times and costs. Agencies India and Taiwan were the leading destinations for Russian seaborne naphtha exports in June, as cheaper volumes and domestic demand attracted buyers, according to traders and LSEG data. Naphtha is a primary feedstock in the petrochemical industry for producing olefins and aromatics, which are then used to manufacture a wide array of products, including plastics, synthetic resins, synthetic fibers, and various other chemicals. Since the European Union's full embargo on Russian oil products went into effect in February 2023, countries in the Middle East and Asia have become the main destinations for Russia's naphtha supplies. Naphtha export shipments from Russian ports to India in June totalled 250,000 metric tons, down 5% from May, and exceeded 1.4 million tons in the first half of 2025. Russian naphtha arrived at the western Indian ports of Mundra, Hazira, and Sikka, shipping data showed. India partially replaced naphtha purchases from the United Arab Emirates with cheaper Russian supplies in order to reduce import costs. Naphtha exports from Russian ports to Taiwan reached 234,000 tons last month, double their May level, and totalled 1.27 million tons between January and June, according to LSEG data. Singapore, Malaysia, Turkey and China were among the other top destinations for Russian naphtha export supplies in June. Ship-tracking data showed that no cargoes from Russian ports arrived in Fujairah in the United Arab Emirates in June. Russia had supplied 80,000 tons to the UAE in May. Vessels carrying nearly 300,000 tons of Russian naphtha loaded last month are heading to Asia via Southern Africa's Cape of Good Hope. Asia received 150,000 tons in May. Traders have been diverting Russian oil products cargoes around Africa since December 2023 to avoid the Red Sea due to a heightened risk of attacks by Yemen's Iran-aligned Houthi group. All the shipping data above are based on the date of cargo departure.
