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PM Shehbaz Sharif • PM defends ‘difficult decision’ on fuel prices, says global oil market ‘not in Pakistan’s hands’ • Public, private workplaces to shift half their staff to ‘work from home’; won’t apply to essential services such as banks, hospitals, agricultural or industrial sectors • All schools, colleges to stay closed for two weeks; higher education institutes to shift classes online • Special cabinet committee reviews fuel stocks, assesses national preparedness • Punjab, Khyber Pakhtunkhwa and Balochistan also announce measures; Sindh cabinet meets today ISLAMABAD / LAHORE / PESHAWAR: Prime Minister Shehbaz Sharif announced unprecedented austerity measures to cope with the situation that emerged due to the US-Israel war on Iran, which has led to a global oil crisis affecting various countries, including Pakistan, as three provinces with the exception of Sindh have taken their own set of steps to deal with the situation. In his address to the nation on Monday night, the premier unveiled the government’...
Members of the Lebanese Civil Defence extinguish a fire in a building after an Israeli strike on Beirut’s southern suburbs.—Reuters • Lebanese parliament postpones legislative elections for two years • Lebanese president says Hezbollah risks state collapse, suggests full truce, direct talks BEIRUT: The Israeli onslaught in Lebanon has displaced nearly 700,000 people, with reports of children among the casualties, as the conflict with the Lebanese resistance group Hezbollah enters its second week, a UN agency said on Monday. “Mass displacement across Lebanon has forced nearly 700,000 people including around 200,000 children from their homes, adding to the tens of thousands already uprooted from previous escalations,” UNICEF Regional Director Edouard Beigbeder said. “Children are being killed and injured at a horrifying rate, families are fleeing their homes in fear, and thousands of children are now sleeping in cold and overcrowded shelters.” Lebanon, a country of 6 million, has turned its largest sport...
The 10th day of the war began with a development that may shape the trajectory of the conflict more than any exchange on the battlefield. Early on Monday, Iran’s Assembly of Experts selected Ayatollah Mojtaba Khamenei as the country’s new supreme leader. The transition that happened without any disruption signalled both institutional continuity and a consolidation of authority at a time when Iran remains under sustained military pressure. Within Iran, the appointment was immediately endorsed by the revolutionary core and the political and military elite that publicly pledged allegiance, while state media framed the succession as a stabilising step that ensured the continuity of the political system despite the wartime environment, and there were no signs of unrest in cities, suggesting public acceptance as well. The acceptance of the new supreme leader extended beyond Iran’s borders as well, particularly among actors aligned with Tehran’s regional network of allies in Lebanon, Iraq and Yemen who moved quickly...
Pakistan’s benchmark KSE-100 index plummeted 11,015.96 points on Monday, closing deep in the red. The decline of 6.99 per cent from the previous close of 157,496.10 points dragged the index down to 146,480.14 points by the closing bell. At close, trading volume stood at 378,012,095 shares, with a total value of Rs33,004,278,586. The market’s heaviest movers were led by K-Electric Limited, which tumbled 7.81pc to Rs7.20 on 127,469,387 shares. First National Equities Limited saw a sharper drop, plunging 12.21pc to Rs1.15 on 33,608,420 shares, while The Bank of Punjab slumped 10.01pc to Rs25.45 on 33,386,862 shares. Trading was temporarily halted around 9:20am after the index dropped 9,780.15 points, prompting a market suspension. A notice from the Pakistan Stock Exchange said the halt was triggered when the KSE-30 index fell 5pc from the previous day’s close. In accordance with PSX regulations, all equity-based markets were suspended. When trading resumed, the index fell further, recording a decline of 13,157.6...10418 items