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Express Tribune
03-07-2025
- Business
- Express Tribune
NA secretariat denies role in speaker's salary hike
The Spokesperson of the National Assembly Secretariat on Thursday clarified that neither the speaker's office nor the National Assembly Secretariat had any role in the salary increase of the Speaker. In a move that has raised eyebrows, the government had approved over fivefold increase in the salaries of Senate chairman and National Assembly speaker, taking it to Rs1.3 million a month. According to a notification dated May 29, the Senate chairman and NA speaker's salaries have been raised from Rs205,000 to Rs1.3m, besides 50pc of the revised salary (Rs650,000) as the sumptuary allowance. The hike, with retrospective effect, has become effective in January 2025. Addressing the matter, the spokesperson said the summary for the salary hike was prepared by the Ministry of Parliamentary Affairs. The summary was then forwarded by the ministry and approved by the federal cabinet.
Time of India
03-07-2025
- Business
- Time of India
NMC team visits twin cities to study infrastructure works
Nashik: Nashik Municipal Commissioner Manisha Khatri and senior officials from Nashik Municipal Corporation (NMC) embarked on three-day study tour of Pune and Pimpri-Chinchwad to examine infrastructure developments in both cities. Tired of too many ads? go ad free now Senior officials from the NMC visited various sites to study the projects undertaken by Pimpri Chinchwad Municipal Corporation (PCMC) on Thursday. They will visit Pune today. Civic officials inspected road junctions and PCMC's waste-to-energy project, PCMC-developed streets including footpaths and pedestrian-friendly facilities and evaluated strategies implemented by the PCMC administration to boost property tax revenue. The PCMC increased its property tax revenue from Rs150 crore to Rs650 crore in three years by categorising the city's taxpayers and adopting diverse tax recovery methods. Khatri and other civic officials toured the PCMC's bio CNG plant, which they plan to establish in Nashik. "We also studied the online services, e-office and various measures to increase the property tax of the civic body. We will assess whether we can enhance property tax by adopting the initiatives used by the PCMC administration," Khatri said. The PCMC has constructed a pillar-less bridge over the river, measuring 110m in length. Although the cost of constructing a pillar-less bridge is 25% higher, its longevity is greater. The commissioner stated, "We will explore whether bridges without pillars can be built on the Godavari river, even though bids have already been floated for construction of five new bridges on the Godavari river and its tributaries for the upcoming Simhastha Kumbh Mela." The NMC delegation visiting Pune and Pimpri-Chinchwad cities included additional municipal commissioner Pradeep Chaudhari, city engineer Sanjay Agrawal and executive engineer Ravindra Bagul, among others.
Express Tribune
29-06-2025
- Business
- Express Tribune
Stock market soars 3.6% in historic rally
Listen to article Pakistan's stock market staged a strong recovery in the outgoing week, where the benchmark KSE-100 index surged 4,356 points, or 3.6% week-on-week (WoW), to close at 124,379.06. The rally came after investor sentiment improved sharply following a ceasefire announcement in the Middle East, easing geopolitical concerns and stabilising oil prices. Despite a cautious start, the index recorded its second-largest single-day gain on Tuesday, surging 6,079 points (+5.23%). Meanwhile, economic developments, including the passage of Finance Bill 2025, a $4.5 billion commercial loan to address power sector debt and a sharp fall in State Bank of Pakistan's (SBP) reserves, remained in focus. On a day-on-day basis, the PSX faced a sharp sell-off on Monday as escalating geopolitical tensions rattled investor confidence and triggered panic selling. The KSE-100 index recorded a plunge of 3,856 points, or 3.21%, and settled at 116,167. On Tuesday, peace in the Middle East ignited a rally and the local bourse rebounded on ceasefire optimism, posting a historic second-highest gain of over 6,000 points by ending the day's affairs at 122,247 (+5.23%) and reconquering the 120k psychological level. However, the market had a range-bound day on Wednesday. The index mostly remained positive, during which it touched intra-day high of 123,257 (+0.83%) and low of 122,169 (-0.06%). It ended the day at 122,762, up 515 points, or 0.42%. After a surge of almost 6,600 points (+5.7%) in two sessions post Iran-Israel ceasefire, the PSX had a profit-taking day on Thursday. Resultantly, the index wrapped up the session at 122,047 by shedding 715 points, or 0.58%. Nonetheless, the market resumed its bullish momentum on last trading day of the week and the KSE-100 ended at 124,379 with impressive gains of 2,333 points, or 1.91%. Robust buying by institutional investors provided boost, driven by expectations of FY26 equity reallocations and budget approval by the National Assembly. Arif Habib Limited (AHL), in its weekly report, said the market opened under pressure in the outgoing week as investor sentiment turned cautious amid escalating geopolitical tensions in the Middle East, driving uncertainty across global markets and weighing on the KSE-100 index. However, following news of a ceasefire on Tuesday, the market staged a strong rebound, recording its second-largest single-day gain of 6,079 points (+5.23%). On the economic front, it mentioned, the SBP raised Rs345 billion in T-bill auction against the target of Rs650 billion, where yields dropped 3-9 basis points across all tenors. Additionally, Rs251.5 billion was raised through the government of Pakistan Ijara Sukuk, which exceeded the target of Rs175 billion. Power generation in May 2025 rose 1% year-on-year (YoY) to 12,755 gigawatt hours (GWh), while cumulative Roshan Digital Account (RDA) gross inflows reached $10.4 billion as of May. Meanwhile, SBP's foreign exchange reserves declined by $2.66 billion to $9.06 billion, primarily due to external debt repayments, including commercial borrowings. Pakistani rupee depreciated by 2 paisa WoW to close at 283.72 against the US dollar, AHL said. Sectors that contributed positively to the stock market were commercial banks (1,120 points), cement (691 points), fertiliser (629 points), exploration & production (577 points) and glass and ceramics (146 points). Meanwhile, sector-wise, negative contribution mainly came from miscellaneous (84 points). Among individual stocks, positive contribution came from Lucky Cement (382 points), Fauji Fertiliser Company (357 points), UBL (319 points), Meezan Bank (316 points) and OGDC (192 points). Scrip-wise, negative contributors were Pakistan Services (133 points), Pakgen Power (96 points), International Steels (7 points), Colgate-Palmolive (6 points) and SNGPL (5 points). Foreign selling was witnessed during the week under review, which came in at $11.78 million compared with net buying of $0.46 million last week. Wadee Zaman of JS Global noted that the KSE-100 index gained 3.6% WoW, driven by easing tensions in the Middle East amid a ceasefire announcement by the US president, which also helped cool off oil prices after recent spikes. Average daily turnover fell 10% WoW. On the economic front, he said, the National Assembly passed the Finance Bill 2025 with a total outlay of Rs17.6 trillion. Separately, the government secured a $4.5 billion loan from commercial banks to address power-sector circular debt at Karachi Inter-bank Offered Rate (Kibor) minus 0.9%, in line with IMF conditions.
Express Tribune
16-06-2025
- Climate
- Express Tribune
Delayed drain cleaning ups flood risk
With the monsoon season fast approaching, the government has yet to complete the Karimabad Underpass. During a heavy downpour, people can fall and die in the crater. PHOTO: PPI With the Pakistan Meteorological Department forecasting above-normal rainfall in Karachi and other parts of Sindh, the city remains ill-prepared for the monsoon season as storm water drains remain uncleaned due to the delayed release of funds by the Sindh government. Sources have revealed to The Express Tribune that despite repeated warnings and past experiences of urban flooding, the Karachi Metropolitan Corporation (KMC) has not received the required funds for comprehensive cleaning of the city's drainage network comprising of 586 storm drains, including 41 major ones under its jurisdiction. Experts have warned that the delay has already undermined the effectiveness of any upcoming cleaning efforts, as drains cannot be thoroughly cleared in a limited timeframe. "The monsoon season is just around the corner. If cleaning doesn't begin now, large paths of Karachi could be submerged," said an official close to the matter. Deputy Director of the Pakistan Meteorological Department, Anjum Nazir Saigham, confirmed that Karachi and interior Sindh were likely to receive 20 to 30 per cent more rainfall than average this season. "We have already issued alerts to all concerned agencies about the high risk of urban flooding in Karachi and flash flooding in parts of interior Sindh," said Saigham. Historical data reinforces these warnings. In July 2022 alone, the Mauripur observatory recorded 584mm of rain, with a total of 757mm for the monsoon season. A single-day record of 230mm was set on August 27, 2020; the day that brought the port city to a standstill. KMC's Senior Director of Municipal Services, Abdul Hannan, confirmed that a funding request had been sent to the Sindh government, though he declined to specify the amount. According to a senior municipal officer, KMC has sought Rs650 million for the current season, in line with requests made in previous years, which ranged from Rs600 to Rs800 million. "Unfortunately, the provincial government has never released the full amount. Typically, Rs400 to Rs450 million are provided, and that too when the rains are already upon us," said the official. It is worth mentioning that although partial cleaning under KMC's annual maintenance contract began in May, full-scale work will only commence once funds are released and new contracts awarded. A KMC report identified 19 key locations where rainwater accumulates several feet deep every monsoon season. These include I.I. Chundrigar Road, Shahrah-e-Faisal (Nursery, Jinnah Bridge, FTC Flyover), Civic Centre, NIPA Chowrangi, Rashid Minhas Road, and parts of Gulistan-e-Johar and Liaquatabad. Other historically flood-prone areas include Nagan Chowrangi, Banaras, KDA Chowrangi, Safoora Goth, Surjani, Thado Dam, and Palm Village Malir. In addition, The Express Tribune has received reports of at least 30 other vulnerable neighbourhoods including Jehangir East & West, Martin Quarters, Korangi Industrial Area, Qayyumabad, Noorani Mohalla (New Karachi), Liaquatabad No. 4 and 10, Water Pump, and Cheel Chowk in Lyari, which face a high risk of flooding if preventive measures are not taken immediately. Urban planner Dr Syed Nawaz Al-Huda called for systemic reforms beyond emergency cleaning. "The tradition of dumping garbage into drains must end. The Sindh Solid Waste Management Board should ensure daily waste collection and removal to landfill sites. Separating sewer lines from storm water drains could save the government millions of rupees by preventing future crises. Storm water should drain from city roads within 30 minutes - which is the global standard. In Karachi, however, due to poor planning, water takes three to four hours to drain out," highlighted Dr Al-Huda.
Express Tribune
14-06-2025
- Business
- Express Tribune
Sadiq, Gilani deny role in salary hike
National Assembly Speaker Sardar Ayaz Sadiq on Friday clarified he had no role in the phenomenal raise in the salaries of the custodians of the upper and lower house of parliament, and that those who had given that raise could also withdraw it. Sadiq was responding to a comment of the leader of opposition in the National Assembly, Omar Ayub, who during the budget session on Friday, said the government speaks of austerity but is committing "financial obscenity". The phrase — financial obscenity — was earlier used by the defense minister, Khawaja Asif, to describe a 500% raise in the salaries of the NA speaker and deputy speaker and the Senate chairman and deputy chairman. A report citing sources had claimed that Senate Chairman Yousaf Raza Gillani, who belongs to the PPP, presided over a meeting of the House Finance Committee a few months back to approve the raise in his own salary as well as that of the deputy chairman, Sardar Syedaal Khan Nasar of the PML-N It also claimed that NA Speaker Sardar Ayaz Sadiq of the PML-N chaired a similar meeting of the NA's House Finance Committee to "quietly" greenlight a raise in his own salary and that of the NA deputy speaker, a post held by PPP's Syed Ghulam Mustafa Shah. Responding to Omar's comment on Friday, Ayaz Sadiq said that neither the finance committees nor they themselves raised their salaries. "Those who have raised our salaries can also withdraw that raise. Any increment in our salary can be reversed by the government if it wishes," he added. Meanwhile, Senate Chairman Yousaf Raza Gilani on Friday also reportedly distanced himself from the massive hike in the salaries of senior parliamentarians including himself, saying he was not consulted before the raise was approved. A May 29 notification revealed that the Senate chairman and NA speaker's salaries had been raised from Rs205,000 to Rs1.3m, besides 50% of the revised salary (Rs650,000) as the sumptuary allowance. The hike took effect from January 2025.
