Gulf war risks global economic shock

ISLAMABAD: The Middle East once again stands on the verge of a dangerous escalation. What began as a confrontation between Iran and Israel risks evolving into a broader regional conflict involving the Gulf states and major global powers. Such a development would carry profound implications for global energy security and economic stability. The big war clouds gathering over the Gulf are not merely a regional security concern. They represent a geopolitical confrontation with the potential to reshape global energy markets, international trade and economic stability. If the current escalation expands…

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Panic selling triggers PSX trading halt

KARACHI: Heavy selling marked trading at the Pakistan Stock Exchange (PSX) on Monday as the benchmark KSE-100 index plunged over 11,000 points, triggering panic among investors across the board. In the morning, the market opened with a steep decline of 7,322 points, or 6.21%, setting the tone for a highly volatile session amid growing geopolitical tensions and a sharp surge in global oil prices that fuelled risk-off sentiment among investors. According to market data released at 12:44 pm, the KSE-100 was standing at 146,620.56, a loss of 10,995 points, or…

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Oil prices up 8% on US-Israeli attacks on Iran

NEW YORK: Oil prices were up about 8% on Monday, paring gains after hitting their highest since 2022 earlier in the session, as Saudi Arabia and other OPEC members cut supplies due to disruptions from the expanding US-Israeli illegitimate war with Iran. Brent futures rose $7.21, or 7.8%, to $99.90 a barrel at 1643 GMT, while US WTI crude rose $4.50, or 5.0%, to $95.40. In early trade, Brent soared to a high of $119.50 a barrel, its biggest-ever absolute price jump in a single day. WTI hit a high…

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International traffic drives civil aviation growth

ISLAMABAD: The Competition Commission of Pakistan (CCP) has released the draft of the report titled “Competition in the Skies: Pakistan’s Civil Aviation Market Assessment,” an evidence-based, competition assessment study of the civil aviation sector, which covers nearly two decades of data (2006-2025) along with stakeholder consultation. Over the review period, Pakistan’s civil aviation sector served nearly 340 million passengers, with annual traffic rising from 12.8 million in 2006-07 to 24.3 million in 2024-25 – an 89% increase. This translates into a moderate overall compound annual growth rate (CAGR) of 3.42%…

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Oil industry seeks war risk insurance allowance

ISLAMABAD: The oil industry has approached the State Bank of Pakistan (SBP) requesting for temporary approval of imports on a cost, insurance and freight (CIF) basis along with a war risk premium allowance. In a letter to the SBP governor, the Oil Companies Advisory Council (OCAC) said that due to the rapidly evolving geopolitical situation in the Middle East, the international oil and shipping markets have become extremely volatile and freight rates, insurance costs and the availability of vessels have been severely impacted. It is also learnt that marine insurers…

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Secret recording of private talks illegal: SC

ISLAMABAD: The Supreme Court of Pakistan has ruled that secretly collecting information about a private conversation without the consent of the person involved, with the intention of using it for extortion or other illegal purposes, constitutes criminal conduct. In a five-page judgment authored by Justice Muhammad Hashim Khan Kakar, the court upheld the acquittal of the accused in a case where the petitioner relied primarily on a clandestine audio recording that allegedly contained a conversation between two accused persons regarding the payment of a bribe of Rs5,000. The judgment states…

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PM rolls out sweeping belt-tightening plan

ISLAMABAD: Prime Minister Shehbaz Sharif on Monday unveiled several energy conservation and austerity measures to preempt fuel shortages and declared that he would not further increase the prices of petroleum products, seeking to pacify an unnerved public while shouldering the cost of rising prices. The measures announced by the prime minister in a pre-recorded nationally televised speech are aimed at saving fuel and raising funds to partially offset any further increase in the prices of diesel and petrol. The remaining gap is expected to be filled by the Finance Ministry’s…

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Iran rules out diplomacy as Trump says war is ‘pretty much’ over

TEHRAN/ WASHINGTON: Iran signalled a defiant stance with a senior leader saying that he sees no room for diplomacy in the ongoing conflict triggered by joint United States and Israeli strikes, while President Donald Trump insisted that the war was pretty much over. Iranian officials said that ceasefire mediation efforts were irrelevant as long as military confrontations persisted, while the leadership insisted that the country had no intention of harming ordinary Americans even as they warned Washington against targeting civilians. Trump said in an interview with CBS that the US-Israeli…

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Economy stable despite war jitters, IMF told

ISLAMABAD: Pakistan has informed the International Monetary Fund (IMF) that the US-Israel war against Iran would not significantly impact its economy, projecting that the current account deficit may remain around $2 billion and fuel price hike impact on inflation could hardly be 0.3%. The government also does not see any impact on foreign remittances, which have been projected to grow to $43 billion even after war expansion to Gulf countries. Saudi Arabia and the United Arab Emirates (UAE) are the largest sources of remittances for Pakistan. The macroeconomic assumptions are…

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Govt urged not to take ‘sides’ in Iran conflict

ISLAMABAD: Leaders of the opposition alliance and Pakistan Tehreek-e-Insaf (PTI) on Monday urged the government to immediately withdraw from the Board of Peace, avoid becoming a party to the Iran war and reverse the steep increase in petroleum prices. PTI Secretary General Salman Akram Raja, senior party leader Babar Awan and Leader of the Opposition in the Senate Senator Allama Raja Nasir Abbas made the demand while addressing a press conference in Islamabad. Raja said the Gulf region was facing an extraordinary situation and warned that “barbarity” had been imposed…

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