Business News

Live · 6668 stories

Aggregated from Pakistan's leading business & financial newsrooms.

200 stories
Business Recorder · World ·

Dar, Kuwaiti FM discuss regional tensions, call for de-escalation

Deputy Prime Minister and Foreign Minister Ishaq Dar and his Kuwaiti counterpart Sheikh Jarrah Jaber Al-Ahmad Al-Sabah on Saturday discussed the evolving regional security situation, stressing the need for de-escalation, respect for states’ sovereignty, and full implementation of the Islamabad Memorandum of Understanding (MoU). According to a statement issued by the Foreign Office, the Kuwaiti foreign minister expressed his country’s serious concerns over the continued attacks on its territory and voiced hope that all parties would exercise restraint and fully implement the Islamabad MoU. The Islamabad MoU is an interim agreement between the United States and Iran that was reached to halt the war and de-escalate Middle Eastern geopolitical tensions. Sheikh Jarrah also appreciated Pakistan’s constructive and mediatory role in promoting dialogue and regional stability, the statement said. During the conversation, Dar underscored the urgent need to de-escalate tensions and stressed the importance of respecting the sovereignty and territorial integrity of all states. He said maintaining regional peace and security should remain the foremost priority and highlighted the need to uphold ceasefire commitments under the Islamabad MoU while avoiding any actions that could further aggravate the situation. The two foreign ministers also agreed to remain in close contact on matters of mutual interest, the Foreign Office added. Meanwhile, Kuwait said on Saturday that Iran struck a power and water plant as well as an oil facility, accusing it of targeting civilian infrastructure as the Middle East war escalates. It followed a seventh night of strikes by the United States on Iranian targets, which prompted attacks by Tehran on US-allied countries in the Gulf. “Another electricity and water distillation plant was targeted by a hostile attack that led to a fire erupting in one of the plant’s components,” Kuwait’s ministry of electricity and water said in a statement.

Business Recorder · World ·

Police shift fasting Indian activist to hospital against his will

NEW DELHI: Authorities in India’s capital Delhi moved social activist Sonam Wangchuk to hospital against his wish on Saturday, after his condition worsened on the 21st day of a hunger strike launched to demand the resignation of the federal education minister. Wangchuk, 59, had been fasting since June 28 in solidarity with India’s youth Cockroach Janta Party (CJP), which is demanding Education Minister Dharmendra Pradhan step down over exam paper leaks in May that affected millions of students. Wangchuk’s campaign has emerged as a rare public challenge to Prime Minister Narendra Modi’s government, drawing support across India and amplifying the activist’s demands through millions of views and shares on social media. Television footage on Saturday showed dozens of security personnel, some in plain clothes, holding large white cloth sheets like a curtain on a stage that had been created for the protest before Wangchuk was taken away. Wangchuk had told government doctors on Friday that he did not wish to be moved to a hospital. Police asked protesters to leave “In compliance with the court’s order, and based on health conditions and medical advice, Mr Sonam Wangchuk has been moved from here to an appropriate government hospital for much-needed medical intervention,” Deputy Commissioner of Police Sachin Sharma told reporters at the site. Wangchuk is weak due to prolonged fasting and dehydration, the state-run Safdarjung Hospital said in a statement. “Although he is currently stable, he requires continuous observation, monitoring and treatment,” it said. Satish Lamba, Wangchuk’s personal doctor, said the current concern was the risk of hypokalemia, according to the doctor monitoring him at hospital. Hypokalemia refers to low levels of potassium in the blood, and a severe or sudden drop can be life-threatening. Potassium can be replaced in a hospital through intravenous therapy. On Thursday, the Delhi High Court asked authorities to watch Wangchuk’s health closely and intervene if needed, in response to a petition asking authorities to force-feed him as his health weakened. Police also moved some CJP supporters who were staging a sit-in at the venue, asking them to vacate the area. But a few hundred returned later in the day as CJP founder Abhijeet Dipke began an indefinite hunger strike after Wangchuk was taken away. “They dragged Sonam Sir away … We have no idea where they have taken him,” Dipke told reporters. Protesters from the CJP said they would march to India’s parliament on July 20, when the monsoon session begins, to press their demand for Pradhan’s resignation and seek exam reforms. Protest follows earlier hunger strike Wangchuk had been at the centre of CJP’s protests, lying on a mattress in the middle of a stage, as supporters and visitors to the protest site milled about. Last year, Modi’s government accused Wangchuk of inciting people through what it said were provocative statements during violent protests in the federal Himalayan territory of Ladakh, to which he belongs. Wangchuk, who had staged another hunger strike at the time, spent about six months in jail before being released in March this year. He has denied the allegations against him, and said the violent protests were a reflection of frustration with the federal government. On the third day of his fast, Wangchuk told Reuters his fast would last six weeks unless he died first. “But hopefully, we don’t have to go that far,” he had said. “A sensitive government in a democracy listens to the pains of the people, and I hope they will take action.” The hunger strike generated widespread attention on social media. Users have posted more than 100,000 Instagram reels urging Wangchuk to abandon the protest.

Business Recorder · World ·

Kuwait says Iranian strikes hit power plant, oil facility

KUWAIT CITY: Kuwait said on Saturday that Iran struck a power and water plant as well as an oil facility, accusing it of targeting civilian infrastructure as the Middle East war escalates. It followed a seventh night of strikes by the United States on Iranian targets, which prompted attacks by Tehran on US-allied countries in the Gulf. “Another electricity and water distillation plant was targeted by a hostile attack that led to a fire erupting in one of the plant’s components,” Kuwait’s ministry of electricity and water said in a statement. It said several power generation units were deactivated due to the attack. The strike was the second on a Kuwaiti power and water plant in as many days, with the first on Friday also causing a fire and damage. Saturday’s attacks sparked two blazes at separate locations that left several firemen and a worker injured, Kuwait’s fire service added. “The repeated targeting of these vital facilities reveals a systematic hostile approach targeting civilian sites and vital infrastructure that endangers the lives and safety of civilians,” the foreign ministry said. Kuwait’s state oil firm reported injuries and “significant material losses” after the attack on the oil facility, according to the state news agency Kuna. It said the site had been evacuated. One Kuwaiti resident told AFP there were fears that basic goods might become unavailable if the escalation continues. “The demand for water and canned goods has increased since this morning amid fears that services or supply chains will be affected,” said Hassan Rayan, 61, a Lebanese man living in Kuwait who works in media. The country’s national carrier said air traffic at Kuwait International Airport had been temporarily suspended due to rocket and drone attacks, forcing most flights to be rescheduled. Iran has stepped up attacks on Kuwait and Bahrain in recent days, both of which host major US military installations. In Bahrain, the army said its air defences repelled a wave of “treacherous Iranian aerial assaults” on Saturday, as an AFP journalist in Manama reported hearing blasts after sirens sounded. The interior ministry said air-raid sirens had sounded five times since dawn, urging residents to take shelter. The Iranian army earlier said it had targeted an air base in Bahrain used by the United States in retaliation for American strikes, according to Iran’s state broadcaster. Drones targeted “aircraft shelters and parking areas, fuel storage tanks of the US military at Sheikh Isa Air Base, as well as several connecting bridges in Bahrain”, the Iranian army said.