Connect with us

Business

Qatar: Iran tanker hit in waterway, crowds mourn Khamenei

Published

on

 Two tankers were hit in the Strait of Hormuz on Tuesday, including an LNG carrier at risk of explosion, as huge crowds mourning Iran’s slain Supreme Leader Ayatollah Ali Khamenei ​thronged the holy city of Qom.

Qatar blamed Iran for the attack on a huge Qatari liquefied natural gas tanker, the Al Rekayyat, which reported being struck overnight by a drone that caused ‌a fire in its engine room.

The crew were safe and being evacuated, but maritime security sources briefed on the incident told Reuters the fire on board could put the ship at risk of blowing up.

A Saudi-flagged crude oil tanker, believed to be the supertanker Wedyan, was also damaged off Oman’s coast, maritime security sources said. The cause was not immediately clear.

“Mayday mayday mayday. This is vessel Al Rekayyat, LNG vessel Al Rekayyat. We are being hit by drone on port side, top of engine room,” the Qatari tanker’s captain said ​in a recorded radio call reviewed by Reuters. “Status: engine room fire and full of smoke. Unable to assess further damage.”

Qatari foreign ministry spokesperson Majed Al Ansari called the incident an unacceptable attack on the ​security of international navigation and global energy supplies, and a clear violation of international law.

He called on Iran to immediately halt actions threatening regional security and maritime navigation, ⁠and said Tehran bore full legal responsibility for the attack and any resulting damage or consequences.

There was no immediate comment from Tehran, or any claim of responsibility. A U.S. official, speaking on condition of anonymity, said initial indications ​were that Iran had fired at two commercial vessels.

The incidents were the first reported attacks in the strait since mourning for Khamenei began last week, proof of the ongoing insecurity for Gulf shipping more than four months after the United ​States and Israel launched a war they said would stop Iran threatening its neighbours.

HUNDREDS OF THOUSANDS TAKE TO STREETS IN QOM

Iran’s clerical rulers have exerted newfound control over the world’s most important energy shipping route, where they aim to install a permanent system to collect fees in what would amount to a huge shift of the balance of power in a region where Washington has long acted as guarantor of security.

At home, the leadership has used the mourning period to demonstrate its control after Khamenei was killed alongside his ​daughter, granddaughter, son-in-law and daughter-in-law on the first day of the war.

The caskets of the slain leader and family were driven through the streets of the seminary city of Qom on Tuesday, where many hundreds of thousands of ​people carried flags and banners comparing Khamenei to martyrs whose deaths are foundational to the Shi’ite sect.

In chants they vowed to avenge Khamenei. Some bore placards and banners reading “KILL TRUMP”.

A similar huge funeral procession was held in the streets of Tehran on ‌Monday, following more ⁠solemn prayer events that began last Friday, attracting top figures in Iran’s leadership and dignitaries from abroad. Authorities say the leader’s body will be taken to Shi’ite holy cities in neighbouring Iraq, then brought back to Iran and laid to rest in a mediaeval shrine.

TRUMP: ‘MAKE A DEAL OR WE’RE GOING TO FINISH THE JOB’

The war has been paused under an interim peace deal reached last month, intended to provide a 60-day period for negotiations on a permanent deal. A round of indirect talks in Qatar concluded last week with no sign of headway towards a lasting peace.

Trump has repeatedly threatened to resume bombing, most recently on Monday when he told reporters in the Oval Office: “We’re either going to make ​a deal or we’re going to finish the job…. We ​can knock down their bridges in one hour, ⁠we can knock out their energy supply.”

Iran’s Foreign Minister Abbas Araqchi said that under the terms of the interim ceasefire memorandum, negotiations on the final deal would “not commence if threats continue”.

“Honor your signature,” he wrote on X.

Oil prices , which have returned to around the pre-war level since last month’s interim deal let ships resume sailing through the strait, ticked ​up around 1% on Tuesday following the incidents in the waterway.

In launching the war four months ago, Trump said his aims were to destroy Iran’s nuclear and ​missile programmes, end its ability to ⁠threaten its neighbours and create conditions for Iranians to topple their leaders.

None of those objectives has been met, although Washington says a permanent deal will halt what it says is an Iranian programme that could make a nuclear weapon, which Iran says it never sought.

Despite five days of mourning, there has still been no sign in public of Khamenei’s son and successor Mojtaba, believed to have been disfigured by wounds in the same attack and yet to be shown in any image ⁠since the war ​began. Three other sons of the slain leader prayed at the casket on Sunday.

Iran’s leaders have portrayed the mass funeral gatherings as proof ​of national unity following the U.S.-Israeli attacks, although it is difficult to assess how deep that loyalty runs in a country where media and communications are tightly controlled.

Just weeks before the war started, Iran’s authorities killed thousands of demonstrators to put down some of the biggest anti-government ​protests in the country’s history, but there has been no sign of organised opposition in Iran since the war began.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Pakistan’s cotton production plunges 60pc in a decade, says ginners’ chief

Published

on

By

Pakistan is the only major cotton-producing country to have had such a dramatic loss and its production has fallen by more than 60% in the past decade, said Ehsanul Haq, chairman of the Cotton Ginners Forum.

Haq added in a statement that lax enforcement of agricultural zoning laws, too much sugarcane planting in designated cotton-growing areas and setting up of new sugar mills were the main causes for the fall.

He urged on enforcement of crop zoning restrictions and preventing sugarcane cultivation in cotton belts to bring back local cotton production. He added after efficient execution of the zoning laws, enhancements should be made to cotton research stations and other supporting measures.

Haq further demanded to provide a legal structure to the planned Pakistan Cotton Board under the leadership of All Pakistan Textile Mills Association (APTMA. He advocated that the Pakistan Central Cotton Committee (PCCC) and its subordinate institutions should be placed under the proposed board.

The reduction in domestic cotton production and quality has created a crisis in the local cotton sector, making Pakistan more dependent on imported cotton and edible oil, putting more pressure on foreign exchange reserves, Haq said.

He claimed the government has failed to come up with a viable strategy to reverse the drop despite a high-level meeting chaired by the Deputy Prime Minister Ishaq Dar approximately a year ago, which decided to establish a cotton board under the direction of APTMA.

Signs have emerged that the decision has started to be implemented after a year of delay, he said.

The proposed board could include representatives of the Pakistan Cotton Ginners Association (PCGA), the Karachi Cotton Association (KCA), the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), the National Textile Education Council, private seed companies and concerned government institutions.

Haq also called upon the federal and provincial governments to focus the enforcement of crop zoning restrictions and improve the Pakistan Meteorological Department so that it could deliver prompt and accurate weather forecasts to farmers.

“Cotton prices came under pressure last week due to financial difficulties in the sector, limited buying by textile mills, imports of yarn and fabric under the Export Facilitation Scheme and government inspections of cotton ginning factories,” he said.

Cotton prices fell to Rs18,500 from Rs18,500 per maund, a drop of Rs200, Haq said.

He also expressed concern over the reports of financial scandals involving billions of rupees in the yarn market of Faisalabad and millions of rupees in several cotton ginning facilities in Sindh, saying these developments have added to the uncertainty across the sector.

Continue Reading

Business

Saudi investors to finance ‘first-of-its-kind’ theme park in Islamabad

Published

on

By

Saudi investors will fund a theme park in Islamabad, Pakistan’s interior ministry said on Sunday, in what it called a “first-of-its-kind” as Pakistan strives to attract foreign investment and construct new infrastructure.

The declaration came after Prince Mansour bin Mohammed Al-Saud, chairman of the Saudi-Pakistan Business Council (SPBC), and Sohail Ashraf, chairman of the Capital Development Authority (CDA), signed a memorandum of understanding (MoU) in Lahore, a city in the east of Pakistan.

The declaration comes as efforts to boost economic connections between Pakistan and Saudi Arabia are on the rise, with real estate, infrastructure and property development showing up as promising sectors for cross-border investments.

The deal for Pakistan’s first theme park project was signed in Lahore at Qaddafi Stadium in the presence of Interior Minister Mohsin Naqvi.

Under the deal Saudi Arabian investors will invest in the theme park project in Islamabad, the interior ministry stated. “The theme park is to be provided by CDA with land.

Mohsin welcomed signing of the MoU and said that the infrastructure of Islamabad was being constructed on the pattern of most contemporary cities of the globe.

He was cited as saying that “there are also plans to have a roadshow in Saudi Arabia in the coming months on real estate.”

“The theme park will be a game changing project,” Naqvi remarked. “All possible facilities will be provided to Saudi investors.

Earlier this week, three days of Saudi–Pakistan Real Estate Exhibition was held in Lahore, eastern city of Pakistan, showcasing real estate investment potential in the Kingdom.

Continue Reading

Business

PSX loses over 1,000 points amid interest rate hike concerns

Published

on

By

The Pakistan Stock Exchange (PSX) began down on Monday as investors feared a possible hike in interest rates.

The benchmark KSE-100 Index fell almost 1,000 points to 161,250 points in early trade.

This latest fall followed a dismal close in the previous trading session when the KSE-100 Index lost 1,549 points to settle at 162,374 points.

Selling pressure remains in the stock market as investors fret about a likely interest rate hike, adding to uncertainty over how the market will perform.

The State Bank of Pakistan (SBP) Monetary Policy Committee will convene today to evaluate the country’s economic status and inflation prospects before declaring its monetary policy for the forthcoming quarter.

Amid recent tensions in the Middle East and growing pressure on the Pakistani rupee, economists and market watchers expect the central bank to hike the key policy rate by as much as 50 basis points.

The policy rate will go up to as high as 12 per cent from the present level of 11.5 per cent if the expected hike is executed.

Continue Reading

Trending