Business

Tandoor owners to go on strike over Punjab roti prices notification

Published

2 weeks ago

May 7, 2024

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Tandoor owners to go on strike over Punjab roti prices notification

Tandoor owners in Punjab have announced a province-wide strike over the issue bread prices as Chief Minister Maryam Nawaz directed the administration to ensure effective implementation of the new rates.

Soon after assuming the office, Maryam had made price control a top priority of her government and the latest orders are a continuation of a series of measure taken in this regard.

Read more: Administration activated for price control, crackdown on hoarders: Maryam

It is the Muttahida Nanbai Association – a representative body of tandoor owners – announced its decision to start strike from tomorrow (Wednesday), saying the Punjab government had failed to meet their demands.

Its president, Aftab Gul, says the district administration in Lahore isn’t giving any attention to their demand and they are shutting their businesses across Punjab from Wednesday to register their protest.

The tandoor owners are demanding a new notification of bread prices while calling for keeping the naan prices open and providing flour for roti to ensure implementation of government orders regarding fixing Rs16 as roti prices.

On the other hand, the chief minister in a meeting with assistant commissioners from across Punjab on Monday issued directions on different issues, including monitoring the bread prices notification.

The Punjab government is of the view that flour prices have been slashed – a development that must be reflected in the roti and naan rates.

Read more: Massive reduction in Punjab flour prices, 20kg bag costing Rs1,000 less: Bilal Yasin

It is not just the low-income workers living separately from their families due to their livelihood compulsions but also a large number of households prefer buying bread from tandoors.

In fact, morning breakfast with naan channa is a tradition in the province, as people young and old rush to the eateries to buy their favourite combo.

Also on Tuesday, Punjab Food Minister Bilal Yasin highlighted a marked decrease in flour prices and said the province already had enough wheat stock to meet the entire needs for year.

Yasin said 20 kilogramme flour bag price had decreased Rs1,000 during the past month and was available for Rs1,700 to Rs1,800 in the market. The current rate of 10 kilogramme bag was Rs900, he added.

Yasin also talked about the government decision to slash the roti prices. “Roti and naan are available at the notified rates across Punjab,” said the minister.

Last month, the Punjab government had slashed the bread prices which jumped higher for a long period due to the increase in wheat prices. Roti price is fixed at Rs16 and naan price at Rs20 – a move that produced the desired results despite initial resistance faced during the first week or so.

Yasin mentioned that around 50 per cent of population in Punjab was living in cities and the people from low-income groups – who worst affected by inflation – were very happy after the reduction in flour prices.

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Chinese firm aims to expand investments in Pakistan, shows interest in mining sector

Published

2 days ago

May 17, 2024

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Chinese firm aims to expand investments in Pakistan, shows interest in mining sector

A notable Chinese company has expressed keen interest in expanding its investment in Pakistan, in yet another sign of investor confidence boost in the leadership of Prime Minister Shehbaz Sharif.

A delegation from Chinese firm MCC Tongsin Resources led by its Chairman Wang Jaichen called on PM Shehbaz here on Friday.

The premier invited the Chinese company to invest in Pakistan’s mining sector and manufacturing of export goods.

Shehbaz assured the delegation that his government would extend all-out facilitation to the company from minerals exploration and processing to the export of goods.

The PM instructed the relevant federal ministers and officers to continue consultation with the Chinese firm, taking the Balochistan chief minister, provincial departments and stakeholders on board.

The delegates reposed trust in PM Shehbaz’s leadership, and expressed keen interest in enhancing their investment in Pakistan’s mining and minerals sectors.

The delegation briefed Prime Minister Shehbaz about the construction of a mineral park in Pakistan and their future investment plans.

The premier welcomed the Chinese firm and highlighted the priority steps by his government to promote foreign investment in Pakistan.

He said that being a time-tested friend, China supported Pakistan in every difficult hour for which the Pakistani nation was grateful to the leadership and people of China.

Federal ministers Ahad Khan Cheema, Dr Musaddik Malik, Rana Tanveer Hussain, Jam Kamal Khan and relevant senior officers attended the meeting.

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Business

Govt jacks up power price by Rs1.47 per unit

Published

2 days ago

May 17, 2024

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Govt jacks up power price by Rs1.47 per unit

The government on Friday increased the electricity tariff by Rs1.47 per unit.

According to Nepra sources, the collection from consumers will take place in August, September, and October.

The electricity companies had requested the funds as part of the third quarter adjustment for 2023-2024, seeking Rs 31.34 billion under capacity charges.

Sources said that Rs5.57 billion were requested for operation and maintenance costs, and Rs12.38 billion were requested for the transmission and distribution impact under monthly fuel cost adjustment.

Previously, Nepra had completed the hearing on the electricity companies’ request under the quarterly adjustment.

Nepra approved the Power Division’s request, allowing an increase of Rs 1.45 per unit in electricity prices.

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Business

Hong Kong allows China’s digital yuan to be used in local shops

Published

2 days ago

May 17, 2024

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Hong Kong allows China's digital yuan to be used in local shops

Hong Kong will allow mainland China’s pilot digital currency to be used in shops in the city, the head of its de facto central bank said on Friday, marking a step forward for Beijing’s efforts to internationalise the yuan amid rising geopolitical tensions.

The programme, backed by Beijing, will allow mainland Chinese and Hong Kong residents to open digital yuan wallets via a mobile app developed by China’s central bank and will permit them to make payments in retail shops and some online stores in Hong Kong and in mainland China.

Transactions using e-CNY, predominantly for domestic retail payments in China, hit 1.8 trillion yuan ($249.27 billion) as of end of June 2023, with 120 million digital wallets opened, according to the latest disclosure from China’s central bank.

Using the wallet, users can make payments at over 10 million merchants in 17 provinces and cities in the mainland.

Each wallet used in the city will be subject to a balance limit of 10,000 yuan, with single transactions and daily payments capped at 2,000 yuan and 5,000 yuan, respectively, officials from the Hong Kong Monetary Authority said.

Peer-to-peer transfers will not be allowed at the moment, according to the HKMA.

“By expanding the e-CNY pilot in Hong Kong .. users may now top up their wallets anytime, anywhere without having to open a mainland bank account, thereby facilitating merchant payments in the mainland by Hong Kong residents,” HKMA Chief Eddie Yue said.

Currently, users of other digital yuan wallets such as those operated by Ant Group and Tencent can make payments in the city.

Industrial and Commercial Bank of China, Bank of China Ltd, China Construction Bank Corp and Bank of Communications Co have been selected as e-CNY wallet operators.

The yuan’s use in global finance remains low, though it has shown steady increases.

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