Pakistan

Pakistan raised consumer prices for petrol and diesel by more than 50% on Thursday, its second price hike in less than one month. This was due to the rising global oil prices, which were sparked by the conflict in the Middle East. Diesel prices will rise by more than 55%, to 520.35 Rupees ($1.88) a litre. Petrol prices are expected to increase by 55% or so to 458.40 Rupees a litre. The price increase was inevitable due to the international markets prices spiraling out of control following the US-Iran War, Pakistan's Petroleum Minister, Ali Pervaiz?Malik said at a press conference...

President Donald Trump claimed that the U.S. has been meeting with Iran "directly and indirect" and that the new Iranian leaders were "very reasonable". This was as more U.S. troops arrived in the area and Tehran warned they would not accept humiliation. Trump's comments on Sunday come after Pakistan, acting as an intermediary between Tehran, Iran and Washington, announced that it would be hosting "meaningful discussions" in the next few days to end the Iran?war, which has lasted for a month. Trump said to reporters Sunday night as he traveled on Air Force One from New York City to Washington....

Pakistan raised prices for petrol and diesel by?about 20% on Friday, citing a rise in oil prices due to the conflict in Iran. In a video message broadcast on television, Ali Pervaiz Malik, the Petroleum Minister announced an increase of 55 rupees ($0.20 per liter) for diesel and petrol to 321.17 rupiahs. The minister stated that the sharp rise in global petroleum prices forced them to make this decision. This decision will likely lead to higher inflation in Pakistan and affect the country's poor population. Fuel stations in major cities such as Lahore and Karachi were crowded with people before...

India has allocated record volumes of rice for ethanol production, as it battles with unprecedented inventories. These are expected to grow further when the new crop arrives. This is a turnaround from the earlier shortages which led to export restrictions. The conversion of more rice into ethanol helps reduce the rice stock in the world’s largest producer and exporter. It also keeps India’s ambitious ethanol blend programme on track, despite the drop in sugar cane supplies. India lifted the last of two years' worth of export restrictions in March. The poor rains had curtailed rice production. The abundant monsoon rainfall...

The International Monetary Fund announced on Thursday that it expects the Middle East and North Africa economy to grow only 2.6% by 2025, as uncertainty stemming a trade war in the world and lower oil prices are weighing on this region. The new projection was a significant downgrade from the October projection, which predicted 4% growth. This comes at a time when the region is grappling with geopolitical tensions and a softer external market. In an interview, Jihad Azour said, "Uncertainty can impact real economy, consumption and investment... All these elements have led to a softerening of projections." The direct...

China and Pakistan are upgrading and reconstructing Pakistan's rail network, and developing its Gwadar Port, while Chinese firms can invest in offshore oil and gas development of the South Asian nation, reported the official Xinhua News Agency on Thursday. Asif Ali Zadari, the president of Pakistan, is visiting China between February 4-8. He will attend the Asian Winter Games opening ceremony. Since 2013, Chinese financial and investment support has been a boon to the struggling economy of Pakistan. Both countries share a long-standing distrust of India, their common neighbor, and want to protect themselves from U.S. influence in the region....

The Pakistani Prime Minister's Office announced that the Pakistan signed an agreement on Monday with the Saudi Fund for Development, delaying by one year the payment of $1.2 billion on oil imports. The state-run Pakistani television broadcast the signing ceremony in real time before a delegation of the fund, led by its CEO Sultan Bin Abdul Rehman Al Marshad, visited Prime Minister Shehbaz Shariff. The office issued a press release in which Sharif expressed his appreciation for the signing of the Oil Import Financing Facility. The office said that Pakistan would receive oil with a one-year deferred payment. The Prime...

The following bids, mergers, acquisitions and disposals were reported by 0930 GMT on Friday: ** Sony Pictures Entertainment (SPE) and Apollo Global Management have actually made a $26 billion money deal for Paramount Global, the Wall Street Journal reported. ** Britain's competitors watchdog stated that Pennon Group's. acquisition of Sutton and East Surrey (SES) Water could. hurt the water regulator's capability to make contrasts in between. water companies. ** The UK's competitors regulator launched an in-depth probe. into Lindab's acquisition of British ventilation. company HAS-Vent, after the Swedish company did not provide any. undertaking following the guard dog's initial investigation....

The following bids, mergers, acquisitions and disposals were reported by 1930 GMT on Thursday: ** Commodities group Glencore is studying an method for Anglo American, two sources stated, a. advancement that could stimulate a bidding war for the 107-year old. mining business. ** U.S. personal equity firm Bain Capital is taking a look at. purchasing some essential assets of French tech and software application company Atos. , reported French paper Les Echos on its site,. pointing out sources. ** Pakistan will press back the deadline for business to. express interest in purchasing nationwide carrier Pakistan. International Airlines to May 18,...

Authorities said that heavy rains in Afghanistan and Pakistan caused severe flooding and collapsed buildings, killing 45 people and injuring 74. Kabul warned of the continued dangers from bad weather. The National Disaster Management Authority said that the majority of deaths were reported in the war-torn provinces of Afghanistan, such as Parwan, Maidan Wardak and Daykundi, where torrential rainfall caused flash floods and landslides. This led to the destruction or total destruction 130 homes. It said that conditions remained "unstable", with the risk of more rain and flooding continuing in certain areas. "In total 1,140?families were affected," NDMA stated in...

The pool in front Aleena Gul’s house, in Pakistan’s Hunza Valley, has been transformed into an ice skating rink every winter since the 1960s, with the jagged Himalayan mountains and the stone walls at Altit Fort as a backdrop. This year it didn't. Gul's bedroom allows her to see the pool, which doubles as an arena for hockey. She would wake up every morning at dawn and lace her skates before stepping out of her front door straight onto solid ice. She returned to playing after four years of university but is still waiting for winter. "There is a huge...

The pool in front Aleena Gul’s house, in Pakistan’s Hunza Valley, has been transformed into an ice skating rink every winter since the 1960s, with the backdrop of the jagged Himalayan mountains and the stone walls of Altit Fort. This year it didn't. Gul's bedroom allows her to see the pool, which doubles as an arena for hockey. She would step out of her door at the crack of dawn with her skates on, and she'd be skating straight onto solid ice. She returned to playing after four years of university but is still waiting for winter. Gul, 21, captain...

Munich Re reported in a report on Tuesday that global insured losses from disasters dropped to $108 billion. The German reinsurer stated that the U.S. mainland avoided hurricanes for the first time since 10 years. The total estimate of Munich Re for the last year is $107 billion higher than Swiss Re's, which was published in December. Insured losses accounted for $98 billion, primarily due to damage from wildfires, severe storms, and floods. Munich Re said that this was more than the inflation-adjusted annual average of $60 billion for the last 10 years. Thomas Blunck is a member on the...

According to Swiss company IQAir the air quality in India’s capital New Delhi deteriorated on Tuesday to dangerous levels, with the highest readings in the world. This is partly due to firecrackers used during Diwali, a Hindu festival of light. The Supreme Court of India relaxed its ban on firecrackers last week, allowing the use of "green crackers" in the city for three hours maximum each on Sunday and Monday, though witnesses reported that crackers were set off outside of the allowed times. The crackers emit emissions that are 30 to 50 percent lower than those of conventional fireworks. IQAir...

Nazar Shah, who was deported from Pakistan last June, was trying to rebuild his life when a nighttime earthquake struck. Six of his relatives died, his stepmother was injured, and his stone-and mud house was destroyed. The 40-year old Shah and 20 family members sleep under a tarpaulin by a river in the path of potential floods and feel daily aftershocks. Shah, a Masud farmer in Afghanistan's eastern Kunar province, which borders Pakistan, said, "We lost our shelter." Pots, bedding, and a few wheat bags were stacked outside on wooden beds. Since midnight on Sunday, two earthquakes have struck the...

After heavy rains in the north, parts of Delhi and Indian Kashmir flooded Thursday. However, weather officials predict some relief from the downpours. This year's fierce monsoon has caused immense destruction, with at least 130 deaths in August. The torrential rains in the Himlayan enclaves of Ladakh and Himachal Pradesh, as well as the federal territory Jammu and Kashmir and the Himlayan enclave Jammu and Kashmir have flooded many rivers to dangerous levels. After a breach in the Jhelum River embankment, authorities advised people to evacuate their homes. Omar Abdullah said on X that "the Jhelum is rising, but at...

Authorities said that hundreds of people were injured and dead in an earthquake measuring 6 on Monday in Afghanistan's rugged, northeastern province, Kunar. Rescuers searched through the rubble to find survivors. The health ministry reported that early reports indicated 30 deaths in one village. However, it added that more accurate figures were yet to be collected in an area with scattered hamlets and a history of earthquakes, flooding, and other natural disasters. In a press release, Sharafat Z. Zaman, spokesperson for the health ministry, said that "the number of casualties is high but because it is difficult to reach, our...

By Saeed Bukhari and Mubasher Shah ISLAMABAD - The flooding in Pakistan caused by water flowing down from India has been made worse because New Delhi suspended a river sharing treaty, and the gates of an Indian barrage collapsed, Pakistani officials stated on Friday. This week, torrential monsoon rainfall ravaged India and Pakistan. Further heavy rains are forecast this weekend. Flood waters in eastern Pakistan threatened to submerge Jhang and the second largest city in Pakistan on Friday. This was the worst flooding for almost 40 years. Indus Waters treaty regulates the flow of rivers from India into Pakistan for...

Officials warned that the eastern Pakistani towns of Chiniot & Hafizabad could face catastrophic flooding if a barrage on a major upstream river collapses after heavy rains have swollen it to capacity. India and Pakistan, both nuclear-armed neighbors, are fighting torrential rains caused by monsoons. These have led to flash floods and flooded rivers, resulting in 60 deaths so far this month, while the death toll for Pakistan is 805 since June. The Indian government is not likely to be able to ignore any flooding that occurs in India. Relations between India and Pakistan are already tense after a short...

In the last 24 hours, heavy rains swept through the Himalayas killing 36 people and forcing the authorities to open dams. This triggered flood alerts in Pakistan on three rivers. Officials said that the landslide near the Hindu mountain shrine Vaishno Dev on a pilgrimage route in India's federal Territory of Jammu and Kashmir, Tuesday afternoon, was the single deadliest disaster. Authorities added that three more people were killed as floodwaters flooded low-lying parts of the district of Doda after the river banks burst. Local media reported that about 200 children were left stranded after flood waters engulfed an entire...

An Indian government source reported that India opened Wednesday all gates on major dams in its part Kashmir region after heavy rains and warned Pakistan about the possibility of downstream floods. Pakistan has confirmed that Islamabad was notified of the flood warning and issued an alert to three rivers flowing into Pakistan from India. In recent weeks, India and Pakistan's arch-rivals have been devastated by monsoon rainfall and flooding. According to Pakistani officials, the Punjab province in Pakistan's heartland faces an "exceptionally" high risk of flooding because of a combination heavy rains as well as the excess water India releases...