Articles by The Newspaper's Staff Reporter

Technology

Gold tumbles by record Rs14,000

KARACHI: Gold prices in the domestic market recorded their steepest-ever single-day drop on Tuesday, following a sharp fall in international rates. The price of 10 grams and one tola of gold fell by Rs12,003 and Rs14,000, respectively, to settle at Rs356,963 and Rs416,362. According to the All Pakistan Sarafa Gems and Jewellers Association, international prices slipped by $140 per ounce to $3,940. Earlier, on Oct 17, local prices had hit a record high after a $141-per-ounce jump in world markets pushed gold to $4,358 per ounce, lifting domestic rates by Rs11,082 per 10 grams and Rs14,100 per tola. The yellow metal rates hit a three-week low as the global reports attribute the current fall to easing concerns over the US-China trade outlook, a stronger dollar, and expectations of interest rate cuts by major central banks. However, analysts caution that geopolitical uncertainties and US policy signals could still sway the market. Jewellers said sales remain slow, as prices above Rs400,000 per tola continue to deter buyers despite the recent decline. Published in Dawn, October 29th, 2025

Technology

Nepra imposes Rs110m fines on Discos

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) on Tuesday imposed more than Rs110 million fines on four ex-Wapda Distribution Companies (Discos) over missed performance targets including system losses, recoveries and earthing of electricity poles. In five separate orders, the regulator said it imposed Rs10m fine on Hyderabad Electric Supply Company (Hesco), Rs40m on Quetta Electric (Qesco), Rs10m on Faisalabad Electric (Fesco) and Rs51m on Gujranwala Electric (Gepco) on two counts after completion of legal proceedings including show cause notices and fact finding probes. Nepra had started proceedings against various Discos after receiving Circular Debt Reports which revealed that Discos’ electricity purchases for FY24 had reduced by 1pc to 115,142 GWh (billion units) as compared to 116,696 GWh for the FY23. Further, Discos’ losses during FY24 had increased to 18.31pc as compared to 16.84pc during FY23, an increase of 1.47pc. The average target of T&D losses allowed by Nepra for FY24 was 11.77pc. Thus, Discos breached the target by 6.54pc. “This breach of target contributed around Rs276 billion in Circular Debt for the FY24 despite the fact that Discos have been allowed an investment amount of Rs163.1bn for FY24 to improve their network,” the regulator said. The companies reported that reduction in consumption was generally because of higher electricity rates following reduction in subsidies, removal of special incentive packages, and de-industrialisation, forcing consumers to reduce consumption either through low usage at the cost of living standards or through shift to alternate options, particularly solarisation. They had, however, weak defense against their inability to improve recoveries and reduce losses. While Hesco was imposed Rs10m fine because of multiple and continuous misleading statements before the regulator over a period of around 18 months, Gepco was penalised with Rs100,000 fine for insufficient earthing/grounding of low-tension and high tension poles. Qesco, Fesco and Gepco were imposed Rs40m, Rs10m and Rs50m, respectively for their failures to reduce technical and distribution losses and improve recovery of bills as per given targets during FY23 and FY24 despite given sufficient funding in tariff to invest in system improvement. Published in Dawn, October 29th, 2025