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Governor KP, Punjab debate issue of availability of flour, Rawalpindi killings

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Chief Minister Khyber Pakhtunkhwa Muhammad Sohail Afridi has written a letter to the Prime Minister of Pakistan for the suspension of the gas supply to the CNG sector in the province and urged for urgent resolution of the situation.

In his letter, the chief minister demanded an end to the suspension of gas supply to the CNG sector in Khyber Pakhtunkhwa, stating that the province is a major producer of natural gas and should not be deprived of its constitutional rights.

The Khyber Pakhtunkhwa generates over 494 million cubic feet per day (MMCFD) of petrol but its own use is only around 120 MMCFD, he said.

The letter also said that the CNG industry in the province needed 36 to 40 MMCFD of gas which has purportedly been diverted to the fertiliser sector. The chief minister said the stoppage of gas delivery to CNG outlets would provoke unrest and law and order situation in the province.

He said that a gas-producing province has the first right to use its resources under Article 158 of the Constitution. He said that Peshawar High Court has already declared the closing of CNG stations as unjust.

The chief minister said the closure had put thousands of jobs at stake besides the transport sector significantly depended on CNG. “I think depending on expensive fuel would be an additional burden to the public,” he said.

Sohail Afridi asked the Prime Minister to immediately resume the provision of gas to the CNG industry and demanded that a meeting of the Council of Common Interests be summoned and the issue be placed in its agenda.

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Sindh High Court launches AI search engine, smartphone application

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The Sindh High Court has introduced an AI search engine and mobile app for the convenience of litigants.

Sindh High Court takes another stride towards digital delivery of justice; LRC will aid assistant judges, research officers

In this regard, a statement published said that the Sindh High Court had become the first high court to introduce AI search engine.

The new mobile app will provide fast access to case information and court services. The smartphone app has e-filing, e-notices and case search options.

The Chief Justice of the Sindh High Court launched the digital projects and thanked the IT Department for its efforts for the modernisation of the judicial system.

Case files and court records that have been scanned are available digitally.

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G7 finance leaders look to address inequities as trade tensions fray unity

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G7 finance ministers meeting in Paris on Monday will seek common ground on addressing global economic concerns and co-ordinating vital raw material supplies, even as geopolitical disagreements threaten to challenge the cohesion of the group.

The two-day conference followed a summit between US President Donald Trump and Chinese President Xi Jinping in Beijing that achieved few meaningful economic accomplishments as tensions over Taiwan and trade simmered behind a show of diplomatic cordiality.

The Paris agenda will focus on what French Finance Minister Roland Lescure said are “deep-rooted global economic imbalances that are creating trade friction and could result in a turbulent unwinding in financial markets.””The way the global economy has been developing for the past 10 years or so is clearly unsustainable,” he added, referring to a pattern where China under-consumes, the United States over-consumes and Europe under-invests.

UPDATE FROM THE SUMMIT US-CHINA

Lescure, who will chair the talks, said the G7 provided a chance for open discussion among allies at a time of growing disagreements with Washington.These are not easy topics. “I am not going to say that we agree on everything, including, of course, first and foremost with our American friends,” he told journalists before the meeting.

The Trump administration allowed a sanctions waiver on Russian seaborne oil to lapse on Saturday, and finance ministers will be seeking for an update on US-China ties after the Trump-Xi summit and on the latest US efforts to re-open the Strait of Hormuz.

The success would be if the sides just accept each has some responsibility for the trade and financial flow imbalances, French officials participating with preparations said, but the US side is expected to be reluctant.

FALLOUT FROM MIDEAST CONFLICT””I’d be shocked if they’re going to sign on to the idea this is the US’s fault in some way,” said Philip Luck, director of the economics program at Washington’s Center for Strategic and International Studies.

Ministers are also set to examine the economic effects from the Mideast conflict and volatility on global bond markets, which are of particular concern to Japan.

Rachel Reeves will “push for coordinated action to limit inflation and supply chain pressures and restore freedom of navigation through the Strait of Hormuz” at the meeting, and also reassert the government’s desire to reduce trade barriers between Britain and the European Union, Britain’s finance ministry said.

G7 divisions make it harder to show unity as ministers prepare for a June 15-17 leaders summit ​in the resort town of Evian.

CRITICAL MINERAL DEPENDENCE

A second target will be ⁠critical minerals and rare earths, where G7 governments are aiming to coordinate efforts to lessen reliance on China, which dominates supply chains important for technology from electric vehicles to renewable energy and security systems.

The G7 will call for tighter collaboration to monitor markets, anticipate disruptions and establish alternative sources, including through cooperative initiatives across allied economies, Lescure said. “The goal is to make sure that no country can ever again have a monopoly” of such materials, he said.

G7 countries are aiming to create a shared toolbox of measures to stabilise markets and boost domestic investment, possibly with price floors for manufacturers, pooled purchases and also tariffs.

Luck, who worked on the topic in the Biden administration, said the program is a long-term undertaking that would do little on the ⁠finance ministers’ ​meeting. “”This is very early innings of trying to figure this out,” he remarked. “I don’t think there is agreement on a strategy even within the U.S. government, let alone being able to articulate that in a convincing way to ​our partners in order to get them to sign on,” he said.

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Oil hits 2-week high following drone strike on UAE nuclear power facility

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 Oil prices extended gains on Monday as efforts to end the U.S.-Israeli war on Iran appeared to have stalled, after a nuclear power plant in the United Arab Emirates came under attack and as U.S. ​President Donald Trump is expected to discuss military options on Iran.

Brent crude futures climbed $2.03, or 1.86%, ​to $111.29 a barrel by 0220 GMT, after touching $112 earlier, the highest since May 5.

U.S. West ⁠Texas Intermediate crude was at $107.73 a barrel, up $2.31, or 2.19%, following a rise to $108.70, its highest level since April ​30. The front-month June contract expires on Tuesday.

Both contracts gained more than 7% last week as hopes ​of a peace deal that would end ship attacks and seizures around the Strait of Hormuz dimmed. Last week’s talks between Trump and Chinese President Xi Jinping ended without an indication from the world’s top oil importer that it ​would help resolve the conflict.

“The longer the conflict with Iran persists, the greater the risk of protracted ​oil price scarring, which could keep interest rates higher for longer,” Prestige Economics’ Jason Schenker said in a note.

“This ‌could ⁠also present persistent downside risks to growth.”

Drone attacks on the UAE and Saudi Arabia and rhetoric from the U.S. and Iran raised concerns of an escalation in the conflict.

Emirati officials said they were investigating the source of the strike on the Barakah nuclear power plant and that the UAE had the full right ​to respond to such “terrorist ​attacks.”

Saudi Arabia, which intercepted ⁠three drones that entered from Iraqi airspace, warned it would take the necessary operational measures to respond to any attempt to violate its sovereignty and security.

“These ​drone strikes are a pointed warning – renewed U.S. or Israeli strikes on ​Iran could trigger ⁠more proxy attacks on Gulf energy and critical infrastructure by Iran or its regional proxies,” IG market analyst Tony Sycamore said.

Trump is expected to meet top national security advisers on Tuesday to discuss options for ⁠military action ​regarding Iran, Axios reported.

Separately, in a move that could support oil ​prices, the Trump administration on Saturday allowed a sanctions waiver to lapse that had previously allowed countries including India to buy Russian seaborne ​oil after a month-long extension.

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