Tag: profits

  • Jahangir Tareen faces tough challenges in Lodhran

    Jahangir Tareen faces tough challenges in Lodhran

    As the nation gears up for the upcoming general elections, political tensions have intensified in Lodhran district, specifically between the Pakistan Muslim League-Nawaz (PML-N) and the newly emerged Istehkam-i-Pakistan Party (IPP).

    Failure to reach a seat adjustment formula between the two parties may result in a challenging electoral battle for Jahangir Tareen, the chief of the IPP, in his native district of NA-155.

    Reports from Dawn indicate that Jahangir Tareen, strategically evaluating the situation, has taken preemptive measures by filing nomination papers for NA-149 in Multan as well.

    Tareen has submitted papers for two National Assembly seats and four Punjab Assembly seats, indicating a readiness for multiple contingencies.

    The primary contender against Tareen, PML-N’s Abdul Rehman Kanju, has publicly opposed any seat adjustment with the IPP. Kanju has urged the party leadership not to impose such an arrangement, potentially setting the stage for fierce competition in Lodhran.

    Amid this uncertainty, 14 candidates have submitted their nomination papers for NA-154 (Lodhran), including notable figures such as Abdul Rehman Kanju and Imtiaz Begum.

    Meanwhile, 14 candidates who submitted their nomination papers from NA-154 (Lodhran) include PML-N divisional president and ex-interior state minister Abdul Rehman Kanju, and his mother Imtiaz Begum, PTI leader Akhtar Khan Kanju (an uncle of Abdul Rehman Kanju), ex-MNA Nawab Amanullah Khan, Ajmal Khan Kanju, Rana Faraz Noon, Rana Afzal Noon, Pir Raza Shah, Imdadullah Abbasi of PPP, Sohail Khan Kanju, Muhammad Zubair, Zafar Iqbal, Irfan Ahmed and Ismat Bibi.

    As many as 20 candidates have filed papers from NA-155, including Jahangir Tareen, former MNA Siddique Khan Baloch, ex-MNA of PTI Muhammad Iqbal Shah, his son, ex-MPA Aamir Iqbal Shah, Mudassar Jahanzeb Shah, Rana Muhammad Rafiq of the Tehreek-i-Labbaik Pakistan (TLP), Shah Nawaz of the PPP, Ziaul Rehman Tamimi of the Jamiat Ulema-e-Islam (JUI), Sajid Iqbal of Pakistan Markazi Muslim League, Saleem Abbas of Saraiki Democratic Alliance, Muhammad Akram Qaiser, Muhammad Qasim, Ghulam Mustafa, Wasim Ahmed, Ahmed Deen Malik, and Nafees Murad Meo.

    A total of 19 candidates have filed papers from provincial assembly constituency PP-225 (Lodhran -1), They include Abdul Rehman Kanju, ex-minister Jail Zawwar Hussain Waraich, ex-MPA Pirzada Jahangir Bhutta, Tahir Hussain Khan, Muhammad Razaq, Muhammad Saleem Akhtar, Ashiq Hussain Baloch, Imran Habib Bhutta, Kaleem Hassan, Ali Hassan, Nadira Hayatullah, Aftab Ali Babar, Muhammad Mubeen, Mumtaz Hussain Baloch, Shazia Hayat Tareen, Intizar Ahmad Attari, Muhammad Yuosuf, Rab Nawaz Khan and Waseem Abbas.

  • 8 prominent banks under investigation for involvement in exchange rate manipulation: SBP

    8 prominent banks under investigation for involvement in exchange rate manipulation: SBP

    On Tuesday, Jameel Ahmad, the governor of the State Bank of Pakistan (SBP), told the National Assembly’s Standing Committee on Finance and Revenue that inquiries had been initiated against eight banks for their alleged involvement in exchange rate manipulation.

    According to Ahmad, the first part of the investigation focused on Bank Al Habib, Habib Bank Limited (HBL), National Bank of Pakistan (NBP), Meezan Bank Limited, United Bank Limited (UBL), Allied Bank Limited (ABL), and Standard Chartered. The name of eighth bank was not disclosed.

    He told the tribunal that ABL, NBP, and Standard Chartered had each received show-cause warnings. The governor continued by saying that in the following stage, the other banks will be looked into.

    The committee’s chairman, MNA Qaiser Ahmad Sheikh, gave SBP instructions to take the proper action against all banks and exchange firms implicated in the manipulation of the currency rate during today’s meeting.

    According to a news release from the National Assembly Secretariat, he requested that the central bank assess the severity of the violations by both parties and take the necessary action to ensure that nobody “has the audacity to play with the economy of the country.”

    According to Dawn, the committee believed that the banks made enormous profits during the recent volatility in the exchange rate and the differential between the interbank rate and the rate provided by exchange providers.

    Ahmad has told the committee that after the investigation is complete, anyone who violated the rules will be punished.

    Members of the Committee, the Secretary of Finance, the Chairman of the FBR, the Governor of the State Bank, and other senior executives from the relevant agencies attended the meeting of the Committee.

    Prior to this, Dawn claimed that banks had quadrupled their purchases of US money and were using credit cards to move it outside as the government struggled to stop dollar withdrawals.

    In a media interview the next week, Finance Minister Ishaq Dar declared that manipulating the exchange rate would not be permitted.

    Dar stated that the rupee is now not in the proper position and added that he was aware of some speculators who were playing this game and advised them to quit right away.

  • Reporter asks Miftah Ismail how Candyland made millions under PTI’s bad economic regime

    Reporter asks Miftah Ismail how Candyland made millions under PTI’s bad economic regime

    Pakistan Muslim League-Nawaz (PML-N) leader and former Finance Minister Miftah Ismail held a press conference on Pakistan’s economy on Wednesday.

    Miftah Ismail said that the Pakistan Tehreek-e-Insaf (PTI) government was responsible for destroying the economy.

    A reporter asked him if the economy was so bad, how did his own company (Ismail Industries Limited) doubled its profits this year.

    “During PML-N’s tenure, your company made Rs 35 crore profits but under PTI, your company’s profits have doubled. How has the economy been destroyed then?”

    Miftah asked: “How are Candyland’s profits or losses related to the country’s economy?”

  • Jahangir Tareen’s sugar mills post profit of Rs138.92 million in three months: report

    Jahangir Tareen’s sugar mills post profit of Rs138.92 million in three months: report

    Pakistan Tehreek-e-Insaf (PTI) stalwart Jahangir Tareen’s sugar mills have reportedly posted a profit after tax of Rs138.92 million — a 170% increase in gross profits in three months — as compared to a loss of Rs353 million recorded in the same period last year.

    According to media reports, JDW Sugar Mills Limited has announced its financial results for the first quarter that ended on December 31, 2019, which show that the revenue of the largest white sugar producer in the country went up by 61.45% to Rs13.19 billion during the first quarter as compared to Rs8.17 billion recorded in the same period last year.

    The sales have increased mainly due to an increase in average selling prices of sugar, molasses and carryover sugar stocks.

    The sugar division comprises three sugar mills units, JDW Unit-I, JDW Unit-II and JDW Unit-III in Rahim Yar Khan and Ghotki districts. It is one of the largest groups in the sugar sector and contributes approximately 15-17% of the country’s sugar production. It is also managing Sugarcane Corporate Farms over an area of 24,000 acres in Punjab and Sindh.

    While people allege that the government had a role to play in scoring Tareen these profits, it is pertinent to note that as of last week, a serious case of sugar shortage had emerged as the country already stumbled amid a wheat crisis.

    During the PTI government’s 15 months, sugar prices have shot up to as high as Rs64 a kilogram (kg). However, over the past week, the wholesale rate rose from Rs64 to Rs74 per kg and an acute shortage surfaced in the country. Last year, Pakistan produced 600,000 tonnes of sugar. Now, however, the wholesale rate of sugar is expected to reach Rs80 per kg, The News reported.

    Further, if the government does with sugar what it did with wheat-flour and does not halt exporting it, prices could reach up to Rs100 per kg in Pakistan.