In a video statement, Netanyahu said he has instructed the military to continue reinforcing the security zone in southern Lebanon while at the same time negotiating a peace deal with Beirut.

“These negotiations have not taken place for over 40 years. They are happening now because we are very strong, and countries are coming to us - not only Lebanon,” he said.

He said that in talks with Lebanon, Israel has two main objectives - dismantling of Hezbollah and a sustainable peace that is “achieved through strength.”

Conflict between Israel and Hezbollah in Lebanon reignited after US-Israeli strikes on Iran on February 28 triggered a wider conflict in the Middle East.

Also read: Israel, Lebanon agree to direct negotiations after ‘productive’ talks: US

Netanyahu said Israeli forces were focused on Bint Jbeil, which he called the capital of Hezbollah in southern Lebanon.

“We are, in effect, about to eliminate this great stronghold of Hezbollah,” he said.

On Iran, Netanyahu said the US keeps Israel updated and the two countries are aligned on their goals to see enriched nuclear material removed from Iran, the cancellation of enrichment capabilities within Iran, and the opening of the Strait of Hormuz.

“It is too early to say how this matter will end, or even how it will progress,” he said. Should fighting resume, “we are prepared for any scenario.”

Speaking at a White House press briefing, Leavitt said any fresh talks would likely be in Pakistan again as it ⁠has emerged as the “only mediator” in the effort to end the U.S.-Israeli war on Iran.

“These conversations are productive and ongoing, and that’s where we are right now. I’ve also seen some reporting about the potentiality for in-person discussions. Again, those discussions are being had, but nothing is official until you hear it from us here at the White House, but we feel ‌good ⁠about the prospects of a deal,” Leavitt said.

The talks last weekend broke down without an agreement to end the war, which President Donald Trump began alongside Israel on February 28, triggering Iranian attacks ⁠on Iran’s Gulf neighbors and reigniting a conflict between Israel and Iran-backed Hezbollah in Lebanon.

Chairing a meeting on water resources management at Aiwan-e-Sadr, the president stressed that any power outages must follow prior public announcements so citizens remain informed and disruptions are minimized.

He instructed officials to make all possible efforts to reduce load shedding nationwide, while emphasising better coordination between water availability and power generation.

The meeting reviewed the broader water situation, including concerns over India’s suspension of the Indus Waters Treaty, which the president described as an attempt to use water as a political tool with serious consequences for regional stability.

Zardari also called for urgent steps to conserve water, directing authorities to accelerate rainwater harvesting, build small dams, and expand water storage infrastructure to address growing shortages.

Discussing regional dynamics, he underlined the importance of stability and expressed optimism that ongoing diplomatic efforts could help ease tensions involving Iran.

Key cabinet members and senior officials, including water, energy and planning ministers, attended the meeting.

The incident took place in the border village of Malik Shaheen in the Katkot area, where, according to PTV, “unprovoked aggression” targeted a residential house, resulting in the deaths of a woman and her two children from the same family.

The injured were shifted to a nearby hospital for treatment.

Security officials said Afghan Taliban elements had been attempting in recent days to facilitate the infiltration of militants, described as “Fitna al-Khawarij,” into Pakistani territory.

These attempts were thwarted due to timely action by Pakistani forces.

READ MORE: Four brothers martyred in Afghan Taliban cross-border shelling in Bajaur: Tarar

Following the failed infiltration, the sources alleged, Afghan Taliban forces resorted to targeting civilian populations across the border.

In response, the Pakistan Army carried out retaliatory strikes, destroying the firing position used for the attack.

The report said multiple Afghan Taliban posts along the Bajaur border were targeted, resulting in “heavy casualties” on the opposing side.

Residents of Bajaur condemned the attack, calling it a “cowardly act,” and expressed solidarity with Pakistan’s security forces.

“The armed forces remain vigilant and fully committed to protecting the lives and property of citizens and ensuring lasting peace in the region,” security sources were quoted as saying.

They added that targeting civilian populations reflects “desperation and malicious intent” on the part of the Afghan Taliban.

The EU is the world’s largest single market, a main source of global foreign direct investment and -by far - the largest export destination of Pakistan. The forum marks a significant step forward in the EU–Pakistan economic partnership, as both sides seek to translate strong trade ties into increased investment flows, technology partnerships, enhanced innovation and sustainable industrial growth.

Against the backdrop of evolving global supply chains and Pakistan’s renewed economic reform efforts, the forum aims to position Pakistan as a competitive destination for European economic activity.

Also read: EU Council chief backs Pakistan’s peace initiatives

Discussions will focus on priority sectors with high potential for bilateral collaboration, including agri-business; digital innovation and fintech; green logistics; textiles and apparel; and responsible mining. These sectors align closely with Pakistan’s economic transformation agenda and the EU’s strategic investment priorities under its Global Gateway initiative – the EU’s largest investment programme outside the EU which aims to leverage 400 billion EUR of investments between 2021-2027.

Over 300 European companies operate in Pakistan, contributing to employment, industrial development, innovation, and integration into global value chains.

The EU Ambassador to Pakistan, H.E. Raimundas Karobolis, reaffirmed the EU’s long-term commitment:

“The European Union and Pakistan have built a strong and trusted partnership in a broad range of areas. The Business Forum is designed to take that partnership further—by fostering deeper private sector engagement, unlocking new investment opportunities, and supporting Pakistan’s transition towards a more competitive and sustainable economy.”

The forum will offer a structured platform for high-level dialogue and deal-making, including targeted business-to-business (B2B) meetings – with over 600 B2B meetings scheduled to take place throughout the two days of the forum. To unleash the potential of Global Gateway in Pakistan dedicated meetings between investors and European Financial Institutions are equally taking place throughout the 2 days of the forum.

The broad-based S&P 500 has risen more than five percent since April 6, as the two sides have held to a ceasefire after US President Donald Trump had earlier threatened massive bombing of Iran.

The market also believes the Strait of Hormuz will be completely reopened soon, enabling the resumption of significant oil deliveries.

READ MORE: Wall St jumps on Mideast de-escalation hopes; earnings in focus

About 10 minutes into trading, the Dow Jones Industrial Average was up 0.3 percent at 48,656.41.

The S&P 500 also climbed 0.3 percent to 6,984.73, while the tech-rich Nasdaq Composite Index advanced 0.4 percent to 23,721.07.

“We’ve placed in some better sentiment around the potential for an end to this war,” said Art Hogan of B. Riley Wealth Management.

“But you run out of gas on that a bit when you move as high as we have over the course of the last 10 days.”

A senior US official told AFP that Trump’s administration had not formally agreed to extend the ceasefire, but that “there is continued engagement between the US and Iran to reach a deal.”

His comments came at the start of a meeting in Berlin of defence ministers from Ukraine’s key supporters, including Germany and Britain, with the conflict against Russia now in its fifth year.

“We have to ensure that we are capable of delivering uninterrupted support for Ukraine,” Rutte said. “We cannot lose sight of Ukraine.”

With the world’s attention focused on the US-Israeli war against Iran in recent weeks, fears are growing that support for Kyiv is waning.

US-led talks to end Europe’s deadliest conflict since World War II have stalled since the Iran war began, and the United States under President Donald Trump has been scaling back its support for Kyiv.

READ MORE: Zelensky due in Rome as he presses European allies on air defence

Ukrainian President Volodymyr Zelensky complained on Tuesday that US peace negotiators “have no time for Ukraine” because of the Middle East conflict.

Rutte emphasised Wednesday that “supporting Ukraine’s fight is as important as ever,” and said that “too few countries share too much of the burden”.

“All allies must invest more to achieve the target of $60 billion of security and defence support to Ukraine this year,” he said.

Boosting Ukraine’s air defences as well as supplies of drones, missiles and long-range artillery ammunition were priorities, he said.

Ukrainian Defence Minister Mykhailo Fedorov said that Ukraine had just endured “one of the most difficult” winters in its history.

Russia had launched hundreds of ballistic and cruise missiles and thousands of drones at Ukraine in a bid to “break our energy system and leave our people in darkness,” he said.

“But Ukraine endured,” he added, saying that greatly strengthened air defences had helped defend against the attacks.

Peace talks are “in the fundamental interests of the Iranian people and are also the shared hope of regional countries and the international community,” Wang Yi said, according to a Chinese foreign ministry statement.

READ MORE: Mideast ceasefire a ‘priority’, China tells Pakistan

He said China was willing to continue to play a “constructive role” towards peace in the Middle East after a first round of Iran-US talks in Islamabad at the weekend failed to reach an agreement.

“We must brace for tough times ahead” if the conflict persists, she told reporters at a press briefing during the International Monetary Fund and World Bank’s spring meetings in Washington.

The gathering brings government and financial leaders to the US capital this week, with policymakers looking to limit economic fallout from the war.

US-Israeli strikes launched against Iran on February 28 sparked Tehran’s retaliation, virtually closing the Strait of Hormuz, a key shipping route for oil and fertilizers.

READ MORE: Oil steady as Hormuz shipping constraints counter US-Iran peace hopes

Energy prices have since surged, squeezing countries – especially vulnerable economies and those dependent on oil exports from the region.

“We are concerned about risks for inflation, moving into food prices should the delivery of fertilizers at a reasonable price (not be) restarted soon,” Georgieva said.

But as countries move to limit price shocks on their citizens, Georgieva urged central banks to “wait and see” before adjusting interest rates if they can do so.

READ MORE: IMF cuts global growth outlook

She said this was particularly the case where the public has a “well-anchored” expectation of inflation being kept under control.

“If we are to move faster out of the war, it may not be necessary to take action,” she said.

But she conceded that countries where central banks lack such credibility might need to send stronger signals.

For now, “we are still at a time when a faster resolution of hostilities is possible,” she said.

She urged IMF member countries to come forward to the Washington-based lender if they need financial assistance during the conflict.

“Currently, we have 39 programs, and prospective demand for new programs from at least a dozen countries, a number of them in sub-Saharan Africa,” she said of the fund’s financial aid.

“If you need help financially, don’t hesitate. Move fast, because the sooner we act, the more we would protect the economy and the people,” Georgieva said.

She also stressed the need to protect fiscal sustainability as countries move to help their populations, cautioning that “untargeted measures, export controls or broad-based tax cuts” could serve to “prolong the pain of high prices.”

“Nine vessels have complied with direction from US forces to turn around and return toward an Iranian port or coastal area,” US Central Command (CENTCOM), which is responsible for American troops in the Middle East, said in a post on X.

“No vessels have made it past US forces,” CENTCOM said.

However, maritime tracking data appeared to contradict the US assertion.

Tracking data from Tuesday indicated at least three ships sailing from Iranian ports crossed the Strait of Hormuz, though some vessels taking the route later turned back.

READ MORE: US shuts down Iran’s maritime trade despite optimism for more talks

The three ships were among at least seven Iran-linked vessels that passed through the strait after Washington’s blockade came into effect at 1400 GMT on Monday, according to maritime data provider Kpler.

Tehran’s forces effectively closed the strait after the start of the US-Israeli air campaign against the Islamic republic on February 28, and the US on Sunday announced its blockade of Iranian ports after peace talks failed.

Eight students and one teacher died in the attack in the province of Kahramanmaras, Turkiye’s Interior Minister Mustafa Ciftci told reporters, adding that six of the wounded were in critical condition.

“This was solely a personal attack carried out by one of our students, it is not a terror incident,” Ciftci said.

Earlier, Kahramanmaras Governor Mukerrem Unluer had said the shooter had shot and killed himself in the commotion.

“An eighth-grade student came with 5 weapons and 7 magazines - which we believe belong to his former police officer father - in his bag, entered two classrooms with fifth grade students, causing deaths and injuries indiscriminately,” Unluer said.

Fifth-grade students are usually aged 10 and 11 in Turkiye.

School shootings are very rare in Turkiye. Asked by reporters if authorities would take any measures after the shootings this week, Ciftci said: “We will take necessary precautions”, without elaborating.

Broadcaster NTV said the shooter’s father had been detained.

Gun laws are generally strict in Turkiye, with only individuals aged over 21 and in possession of a license allowed to own weapons. However, guns are widespread in Turkiye, with many security officers allowed to carry and own arms.

Unverified footage showed several students jumping from a second-storey window at the school as gunshots echoed around the grounds. Unverified CCTV footage from the school showed the attacker shooting two students walking down a hallway.

Turkish media footage from the school grounds on Wednesday showed ambulances arriving at the school where police and crowds had gathered by the gate.

On Tuesday, a former student opened fire at a school in the southeastern province of Sanliurfa, wounding at least 16 people, including students and teachers, before killing himself.

The insurer’s profit after tax rose to 5.47 billion rupees ($58.55 million) for the three months ended March 31, from 5.10 billion rupees a year earlier.

Analysts expected Indian general insurers to post a strong March quarter, driven by growth in the health and motor segments, which have continued to benefit from the government’s tax cuts in September.

ICICI Lombard’s retail health insurance net premiums income surged 55.6% year-on-year.

Meanwhile, its motor insurance segment - its largest and accounting for nearly half of total premiums-posted a 15% rise in gross direct premiums. Net premiums earned rose 6.24% for the quarter on strong vehicle sales. Auto sales in March alone rose 25% from last year.

India’s ICICI Lombard posts lower quarterly profit as commissions, employee costs rise

The firm, which also offers crop, fire and marine insurance, reported a near 11% rise in total net premiums earned to 57.91 billion rupees, while total claims paid rose 16% year-on-year to 39.25 billion rupees.

The company’s combined ratio of expenses to premiums, a key profitability metric for insurance firms, improved to 101.2% from 102.5% a year ago and 104.5% in the previous quarter.

A lower ratio indicates the insurer is retaining more premium incomes relative toclaims paid and operating expenses incurred.

Steps taken by the Reserve Bank of India to steady the Indian rupee — including curbs aimed at limiting arbitrage trades — have eased pressure on the currency, but at the cost of higher hedging expenses for foreign bond investors in both the onshore over-the-counter and the offshore non-deliverable forward (NDF) markets.

One-year hedging costs in the onshore market have risen by about ​30 basis points since the measures were introduced. The increase has been steeper offshore, with NDF hedging costs climbing nearly 70 basis points.

In the immediate aftermath ​of the RBI’s move, NDF hedging costs hit their highest level in more than 12 years.

Liquidity in the NDF market, a key ⁠channel through which foreign investors manage rupee exposure, has thinned, making hedging both more expensive and harder to execute.

“Such high hedging costs wipe out almost all the carry and ​roll-down from Indian government bonds,” said Matthew Kok, a portfolio manager at Eastspring Investments.

“Investors are being paid much less for the risks they take.”

Eastspring, an Asia-focused asset manager with ​about $280 billion under management, is currently neutral on Indian bonds.

The RBI’s measures have further darkened sentiment toward India at a time when surging oil prices following the outbreak of the Iran war were already weighing on the economic outlook.

India imports roughly 90% of its oil needs and remains heavily dependent on supplies from the Middle East.

Foreign investors have sold about 211 billion rupees ($2.26 billion) of Indian government ​debt since the war began on February 28, with sales accelerating after the FX curbs were announced, according to data from the clearing house.

Some investors say that, after the ​RBI’s recent actions and their impact on currency hedging, oil prices may no longer be the sole trigger for a return of foreign inflows.

“I do not expect sentiment toward India to shift ‌quickly, even ⁠if oil prices ease from here,” said Nigel Foo, head of Asian fixed income at First Sentier Investors, which manages about $140 billion. He cited lingering concerns over currency stability.

Foreign investors tend to return more slowly once they exit, particularly when currency-related risks persist, he added.

“A meaningful rise in bond yields may be needed before sentiment improves,” Foo said.

EARNINGS UNDER PRESSURE

Higher oil prices are amplifying concerns among equity investors, who have sold about $38 billion of Indian shares since the start of 2025.

Foreign outflows from equities totalled a record $12.7 billion in ​March alone.

The Iran war has intensified concerns ​that were already building, said Angela Lan, ⁠senior strategist of investment strategy and research at State Street Investment Management.

“Even before the conflict, India was facing headwinds from elevated valuations, AI-led disruption risks and softening earnings momentum,” Lan said.

State Street Investment Management oversees more than $5.5 trillion in assets globally.

Brokerages have begun cutting ​earnings forecasts, with expectations that downgrades will broaden over coming quarters.

Goldman Sachs has lowered its earnings growth forecast for India ​by a cumulative 9 percentage ⁠points over the next two years.

Nomura has warned of a 10–15% downside risk to consensus earnings estimates for the current financial year if oil prices remain at current levels, and has cut its December 2026 target for the Nifty 50 index by 15% to 24,600. The index has fallen more than 7% so far this year.

“Even if the conflict is resolved within ⁠weeks, we ​would still expect foreign investors to remain largely in risk-off mode in the near term,” said Rita ​Tahilramani of Aberdeen Investments.

Aberdeen said that most of its Asia and EM equities portfolios are currently underweight Indian equities, while remaining constructive on long-term prospects.

The two officials, along with a delegation, were received by Iran’s foreign minister Abbas Araghchi.

Islamabad has positioned itself as a key diplomatic bridge between Washington and Tehran, hosting high-level negotiations in Islamabad. By brokering a ceasefire, offering its capital as neutral ground, and maintaining backchannel contacts with both sides as well as regional stakeholders, Pakistan has sought to reduce tensions and keep negotiations alive despite unresolved disputes over issues such as Iran’s nuclear programme and the Strait of Hormuz.

Earlier, Iran said on Wednesday that exchanges with the United States via Pakistan had continued following failed negotiations over the weekend.

“Since Sunday, when the Iranian delegation returned to Tehran, several messages have been exchanged through Pakistan,” said foreign ministry spokesman Esmaeil Baqaei in a weekly press briefing.

“Today, we are very likely to receive a Pakistani delegation as a continuation of the discussions in Islamabad,” he had said.

The US delegation, led by Vice President JD Vance, departed Pakistan on Sunday without securing a deal with Iran after 21 hours of negotiations.

“The bad news is that we have not reached an agreement, and I think that’s bad news for Iran much more than it’s bad news for the United States of America,” Vance said then. “So we go back to the United States having not come to an agreement. We’ve made very clear what our red lines are.”

Negotiating teams from the US and Iran could return to Islamabad later this week, five sources told Reuters on Tuesday. A source involved in the talks said a date was not yet decided, but both countries could return as early as the end of this week.

US President Donald Trump also said on Wednesday talks with Iran to end the war could soon resume ​and end in a deal, telling the world to watch out for an “amazing two days”, while US forces imposing a blockade turned back vessels leaving Iranian ports.

“I think you’re going to be watching an amazing two days ahead,” Trump told ABC News reporter Jonathan Karl, adding he did not think it would be necessary to extend a two-week ceasefire that ends on April 21.

According to a ministry’s spokesperson, hydropower generation dropped by 1,991 megawatts during the night, resulting in an estimated shortfall of around 4,500 megawatts during peak hours.

The spokesperson said electricity distribution companies carried out slightly higher-than-announced load management due to the reduced availability of hydropower.

He explained that the decline in hydropower output was linked to lower water releases from reservoirs, as demand from provinces remained reduced.

The Indus River System Authority (IRSA) is currently releasing water according to provincial demand, which is lower compared to last year due to rainfall patterns and the ongoing crop harvesting season.

READ MORE: Govt announces 2.25-hour loadshedding to ‘avert electricity price hike’

During peak hours, total electricity demand stood at around 18,000 megawatts.

The ministry expressed hope that water releases from dams would increase in the coming days, which would improve hydropower generation and ease the situation.

It added that load management was limited to night hours only, while no shortfall was observed during daytime.

The spokesperson also noted that improved availability of RLNG (re-gasified liquefied natural gas) is expected to further stabilize the power supply situation.

Acknowledging the inconvenience caused by reduced hydropower generation, the ministry apologized for additional load management and urged consumers to conserve electricity during peak night hours.

In a statement carried by Iranian state television, the head of the military’s central command centre said if the US continues with its blockade and “creates insecurity for Iran’s commercial vessels and oil tankers”, it will also constitute “a prelude” to violating the ceasefire.

“The powerful armed forces of the Islamic republic will not allow any exports or imports to continue in the Persian Gulf, the Sea of Oman, and the Red Sea,” said Ali Abdollahi.

He added that Iran will “act decisively to defend its national sovereignty and its interests”.

READ MORE: US Iran blockade involves over 10,000 military personnel, and ships, planes

The United States has imposed a naval blockade on Iranian ports since Monday after US-Iran talks over the weekend in Pakistan failed to produce a deal to end the war.

But maritime tracking data on Tuesday indicated that several ships sailing from Iranian ports had crossed the Strait of Hormuz despite the blockade.

On Wednesday, Iran’s Tasnim news agency quoted unnamed informed sources as saying that shipping from Iran’s southern ports had continued.

It added that Iranian “commercial vessels have set sail for various destinations around the world” during the past 24 hours.

But Trump, who has repeatedly slammed the policies of British Prime Minister Keir Starmer, said strains in the relationship with the US’s NATO ally would “not at all” negatively affect King Charles III’s state visit to the US later this month.

“We gave them a good trade deal, better than I had to, which can always be changed,” the US president was quoted as saying by Sky News on Wednesday.

The comments came in a phone interview with Sky News US reporter Mark Stone.

London and Washington concluded a trade agreement last year capping US tariffs at 10 percent on most British manufactured goods.

READ MORE: UK pledges £20bn to help firms amid US tariff turmoil

In return, the UK agreed to open its markets further to American ethanol and beef, sparking concerns in the country.

At the time, it was an advantageous agreement for London, which benefited from the lowest tariffs granted by the US.

This advantage has, however, been weakened since the Supreme Court struck down some of the US tariffs and Washington retaliated by imposing a temporary 10 percent tariff on almost all of its imports pending a new tariff regime by July.

While Trump praised his good relationship with Starmer at the time of the agreement, transatlantic ties have since deteriorated, particularly over the war in the Middle East.

Starmer angered Trump by refusing to allow British bases to be used for the US’s initial strikes on Iran last month.

He later agreed to a US request to use two British military bases for a “specific and limited defensive purpose”.

“It’s a relationship where when we asked them for help, they were not there,” Trump told Sky News.

“When we needed them, they were not there. When we didn’t need them, they were not there. They still aren’t there,” he insisted.

Starmer’s Labour government, which has sought to build bridges with Trump since his return to the White House in January 2025, has recently hardened its rhetoric toward its historic ally.

Finance Minister Rachel Reeves on Tuesday hit out at the “folly” of Trump launching a war with Iran “without a clear exit plan”.

Starmer told parliament on Monday that Donald Trump was wrong to threaten to destroy Iranian civilisation, while on Sunday Health Minister Wes Streeting criticised his language as “incendiary, provocative, outrageous”.

Against this backdrop, Reeves was scheduled to meet with US Treasury Secretary Scott Bessent on Wednesday as part of an International Monetary Fund meeting set to detail the economic impact of the conflict.

Zelensky will meet far-right Prime Minister Georgia Meloni – a strong supporter of Kyiv – a day after visiting Germany, where he and German Chancellor Friedrich Merz agreed to strengthen defence cooperation, especially in drone warfare.

“The top diplomatic priority for Ukraine right now is cooperation for the sake of air defence,” Zelensky wrote on X ahead of the meeting with Meloni.

“We need air defence missiles every single day – every day the Russians continue their strikes on our cities,” he said, the day after regional authorities said Russian strikes across Ukraine killed seven people, including a child.

Zelensky also visited Norway on Tuesday. Zelensky and Norwegian Prime Minister Jonas Gahr Store also agreed to boost defence and security cooperation.

The Ukrainian president told German television that deliveries of arms from the United States – which has scaled back support under President Donald Trump – has become “a big problem”.

Zelensky is pressing European countries to join the PURL programme, which was launched last year and allows Ukraine to receive US equipment financed by European countries.

READ MORE: Ukraine, Russia accuse each other of Easter truce violations

Italy has sent weapons – including the French-Italian SAMP/T air defence system – but has not signed up to PURL.

US-initiated talks between Russia and Ukraine have stalled, with Kyiv baulking at the idea it could cede territory to Russia.

Zelensky said Tuesday that US negotiators “have no time for Ukraine” because of the war in Iran.

Meloni has been one of Washington’s closest allies in Europe, and has pressed Kyiv’s case with Trump.

But her relationship with the US leader has soured over the Iran war, with Trump issuing a stinging rebuke of Meloni on Tuesday.

“I’m shocked at her. I thought she had courage, but I was wrong,” told Italian daily Corriere della Sera.

Italy has denied authorisation for some US aircraft involved in combat missions to land at Sigonella.

Meloni on Monday dismissed calls by the head of Italian energy company ENI, Claudio Descalzi, for the European Union to suspend a plan to ban all imports of Russian gas by the end of 2027.

International Business Company FZE, incorporated in the UAE in 2010, is engaged in trading, import-export, and consultancy in business, marketing, and management. Northern Technik, incorporated in Pakistan in 2018, provides line maintenance services for commercial aircraft operating in the country.

The seller, SPARS (Private) Limited, is a diversified local company with interests across aviation, telecom, real estate, pharmaceuticals, IT, construction, and engineering services.

The CCP conducted a phase-I competition assessment under Section 11 of the Competition Act, 2010, defining the relevant market as aircraft line maintenance services in Pakistan.

The market remains fragmented, with multiple service providers and airlines maintaining in-house capabilities.

The commission noted no horizontal overlap between the acquirer and target, and determined that the transaction will not alter market structure, create or strengthen a dominant position, or raise entry barriers.

Based on its review, the CCP concluded that the transaction poses no competition concerns and authorized it under Section 31(1)(d)(i) of the Competition Act, 2010.

The Commission emphasized its commitment to facilitating investment through efficient and transparent merger review processes while maintaining a fair and competitive market environment.

Trump administration threats against Powell, including an ongoing criminal investigation, could delay Senate confirmation of Kevin Warsh as Trump’s nominee to succeed Powell as Fed chief, but the president in a Fox Business interview doubled down on the probe as a way to prove Powell’s “incompetence” and said if he doesn’t leave altogether, “then I’ll have to fire him.”

“You want Jay Powell out of the way?” the president had been asked by Fox Business host Maria Bartiromo.

“If he’s not leaving on time - I’ve held back firing him, I’ve wanted to fire him, but I hate to be controversial, you know. I want to be uncontroversial, but he will be fired,” Trump responded. He gave no indication that U.S. Attorney for the District of Columbia Jeanine Pirro would back down from investigating a Fed building project the administration has criticized for cost overruns.

Powell says Fed can ‘wait and see’ how war affects inflation

Trump’s language underscored the stakes, and the potential complications the administration faces if Powell doesn’t leave the Fed board.

With greater control of seats on the seven-member board, Warsh would have a freer hand in setting monetary policy and making other changes at the central bank that the administration might seek. Trump has appointed only three of the current members, and one of them, Fed Governor Stephen Miran, is in a seat whose term has already expired and, as it stands, would have to be vacated for Warsh to join.

Indian buying at these levels was likely to increase global urea prices in spot markets and ​force smaller buyers in Asia and Africa to pay more for the crop nutrient needed to sustain ​crop productivity, industry officials said.

India, the world’s biggest importer of urea, issued the tender earlier ⁠this month to secure 2.5 million tons of the fertiliser, or nearly a quarter of its annual imports of about ​10 million tons in 2025.

The lowest offer to supply urea on the west coast was $935 per ton on a ​cost-and-freight basis, while the lowest offer for the east coast was $959 per ton, the sources said.

India seeks 2.5 million metric tons of urea amid Middle East supply disruptions

MOST BIDS ARE AROUND $1,000

Indian Potash Limited received offers to supply 5.6 million tons of urea in the tender, with only a small portion priced at $935 a ton, while most ​bids clustered around $1,000 and climbed as high as $1,136, the sources said.

In the previous urea tender issued by India’s Rashtriya ​Chemicals and Fertilizers, bids were $508 per ton for west coast delivery and $512 per ton for east coast delivery, the sources said.

IPL, in ‌the ⁠latest tender, sought 1.5 million tons via the country’s west coast, while the remaining 1 million tons will be shipped through the east coast. Shipments are expected to depart from load ports by June 14, it said.

One company official speaking on condition of anonymity because he was not authorised to speak to the press said IPL would ask all ​bidders to match the lowest ​price offered in the ⁠tender and would make a decision depending on the sellers’ response.

There is a need for urea, but that does not mean India will allow exporters to price the product ​at exorbitant levels, the official said.

India, where farming is a mainstay, imports urea as ​well as liquefied ⁠natural gas, a feedstock for making the fertiliser, from Oman, Qatar, the United Arab Emirates, Russia and China.

India’s urea production fell last month due to limited gas availability following the start of the Middle East conflict. Shipping disruptions delayed some shipments ⁠from earlier ​contracts.

A Mumbai-based industry official, who also asked not to be named, ​said that if purchases at these prices exceeded 1 million tons, that would be enough to inflate the global market.

It would also have implications ​for India’s subsidy bill as farmers’ urea supplies are subsidised.

The 6.48% 2035 bond yield ended at 6.8662% after closing at 6.9355% on Monday. Indian markets were closed on Tuesday for a local holiday.

“We think the risk/reward is moving in favour of receiving rates. As geopolitical risk premia fade, we expect a retracement in yields,” Barclays said in a note.

“Our base case is for the RBI to refrain from tightening policy this year and to maintain its approach to providing durable system liquidity.”

Last week, the Reserve Bank of India kept rates unchanged and retained its “neutral” monetary policy stance.

Oil prices eased on Wednesday as traders hoped that the U.S. and Iran may eventually release supply, trapped by the closure of the Strait of Hormuz, from the key Middle Eastern producing region.

Forty-five days after Iran’s Revolutionary Guards declared the strait closed, effectively shutting about 20% of global oil and liquefied natural gas shipments, transit through the waterway remains uncertain despite a two-week ceasefire.

Talks to end the war could resume in Pakistan over the next two days, U.S. President Donald Trump said on Tuesday, after the collapse of negotiations over the weekend.

Higher oil prices are detrimental to India, which largely depends on imports to meet its requirements, and have pushed up bond yields and dragged the local currency lower since the war started on February 28.

Rates

India’s overnight index swap rates witnessed continued receiving interest tracking bond yields and a fall in oil prices.

The one-year OIS rate ended at 5.76%, while the two-year swap rate closed at 5.98%. The liquid five-year rate settled at 6.3250%.

The swap rates have eased by around 60 basis points from their highs hit on April 2.

The hotel’s owner Jumeirah said in a statement on Tuesday the work would be carried out in phases over some 18 months and would be led by Paris-based interior architect Tristan Auer. It did not specify that the property would be closed during the renovation.

The staff member said the hotel is offering alternative accommodation in nearby hotels to guests with bookings during the work. The period of closure is subject to change, the person said.

Dubai building hit by debris from attack: media office

The sail-shaped hotel, one of Dubai’s best-known landmarks and the flagship property of the Jumeirah group, suffered some damage when debris from an interception of an Iranian drone attack hit its facade in early March.

The “long-awaited” work is not linked with the incident in March, the employee said. The United Arab Emirates-based Jumeirah did not link the project to the war in its statement.

The timing, however, is notable because the conflict has hurt travel to Dubai, with flight disruptions affecting the UAE and luxury groups warning of pressure on profits as visitor demand weakens.

The CSE All Share index settled up 0.6% at 22,261.48.

Hikkaduwa Beach Resort PLC and Hunter & Company PLC were the top percentage gainers on the CSE All Share index, rising 19.6% and 8.6%, respectively.

Trading volume on the CSE All Share index fell to 188 million shares from 261.7 million in the previous session.

The equity market’s turnover fell to 3.05 billion Sri Lankan rupees ($9.67 million) from 5.02 billion rupees in the previous session, according to exchange data.

Foreign investors were net sellers, offloading stocks worth 172.4 million rupees, while domestic investors were net buyers, purchasing shares worth 3 billion rupees, the data showed.

Net profit rose to 7.51 billion Indian rupees ($80.40 million) for the quarter ended March 31, from 5.31 billion Indian rupees a year earlier.

Indian lenders saw a pick-up in loan growth after October, aided by consumption tax cuts that boosted spending, particularly on vehicles and consumer durables. HDB Financial’s consumer finance loans grew around 16%, outpacing both enterprise lending, which grew nearly 8%, and asset finance, which grew close to 11% over the same period, according to a Reuters calculation.

HDB Financial, a unit of HDFC Bank, said its assets under management rose 10.7% year-on-year to 1.19 trillion rupees, while net interest income - the difference between interest earned and paid - increased 21.6% to 23.99 billion rupees.

India’s HDB Financial posts higher profit on strong credit demand

The lender’s net interest margin expanded to 8.23% from 8.09% in the previous quarter and 7.55% in the year ago period, as its cost of borrowing declined.

The company, which had grappled with elevated bad loans in the first half of the fiscal year, has started to see improvement following a more cautious approach to lending in stressed segments including unsecured business loans, commercial vehicles, and construction equipment.

Gross stage 3 loans - those overdue by more than 90 days -stood at 2.44% of total loans at the end of March, down from 2.81% at December-end.

Loan losses and provisions rose 8% year-on-year but fell 3.9% sequentially to 6.85 billion rupees, supporting overall profitability.

With the prospect of ‌U.S. and Iranian officials returning to Pakistan for more talks, Vice President JD Vance, who led negotiations that ended on Sunday with no breakthrough, said he felt positive about where things stood.

“I think you’re going to be watching an amazing two days ahead,” Trump told ABC News reporter Jonathan Karl, adding he did not think it would be necessary to extend a two-week ceasefire that ends on April 21.

“It could end either way, but I think a deal is preferable because then they can ​rebuild,” Trump said, according to a post by Karl on X. “They really do have a different regime now. No matter what, we took out the radicals.”

Officials from Pakistan, Iran and several Gulf states also said negotiating ​teams from the U.S. and Iran could return to Islamabad later this week.

Talks last weekend broke down without an agreement to end the war, which erupted on ⁠February 28 with U.S.-Israeli strikes on Iran, triggering Iranian attacks on its Gulf neighbours and re-igniting a parallel conflict between Israel and Hezbollah in Lebanon.

Trump’s optimism helped nudge global stocks higher with fresh record ​highs in view. Benchmark oil prices - having fallen on Tuesday and in early Wednesday trade - climbed to around $96 per barrel, after the U.S. military said its blockade had completely halted trade going into and out of Iran by ​sea.

More vessels were being turned back under the U.S. blockade, including a U.S.-sanctioned, Chinese-owned tanker Rich Starry that was making its way back to the Strait of Hormuz on Wednesday after exiting the Persian Gulf.

Earlier, the U.S. military said it had intercepted eight Iran-linked oil tankers since the start of the blockade on Monday, according to the Wall Street Journal. A U.S. destroyer stopped two oil tankers attempting to leave the Iranian port of Chabahar on the Gulf of Oman on Tuesday, a U.S. official said.

Iran’s semi-official ​Mehr news agency reported that Iran would use alternative ports to those on its southern coastline to bypass the U.S. blockade and expand import capacity across different regions of the country.

RETURN TO ISLAMABAD

Trump, speaking to the ​New York Post on Tuesday, said his negotiators were likely to be back, thanks largely to the “great job” Pakistan’s army chief, Field Marshal Asim Munir, was doing to moderate the talks.

Later on Tuesday, at an event in Georgia, Vice President ‌Vance said ⁠Trump wanted to make a “grand bargain” with Iran but there was a lot of mistrust between the two countries.

Iran’s nuclear ambitions were a key sticking point at last weekend’s talks. The U.S. had proposed a 20-year suspension of all nuclear activity by Iran, while Tehran had suggested a halt of 3-5 years, according to people familiar with the proposals.

Speaking in Seoul, the head of the International Atomic Energy Agency, Rafael Grossi, said the length of any moratorium on Iranian uranium enrichment was a political decision and it was possible Tehran might accept a compromise as a confidence-building measure.

The U.S. has also pressed for any enriched nuclear material to be removed from Iran, while ​Tehran has demanded that international sanctions against it be ​lifted.

One source involved in the negotiations in Pakistan ⁠said back-channel talks since the weekend had made progress in narrowing gaps, bringing the two sides closer to a deal that could be put forward at a new round of talks.

However, complicating peace efforts, Israel has continued to attack Lebanon as it targets Hezbollah. Israel and the U.S. say that campaign is ​not covered by the ceasefire, while Iran insists it is.

FALLOUT OF THE WAR

The war has prompted Iran to effectively shut the Strait of Hormuz - a vital artery ​for global crude and gas ⁠shipments - to ships other than its own, sharply reducing exports from the Gulf, particularly to Asia and Europe, and leaving energy importers scrambling for alternative supplies.

The International Monetary Fund cut its growth outlook on Tuesday due to energy price spikes driven by the conflict, warning that its worst‑case scenario could push the global economy to the brink of recession.

The oil market also faces further supply losses, as the U.S. does not plan to renew a 30-day waiver of sanctions on Iranian ⁠oil at sea ​that expires this week, according to two U.S. officials, and quietly let a similar waiver on Russian oil run out on ​the weekend.

An estimated 5,000 people have been killed in the fighting, including about 3,000 in Iran and 2,000 in Lebanon.

The governor of Iran’s Tehran province said many of those killed were students, women, teachers and university professors. About 40,000 homes in the province were damaged, he ​said, while schools, clinics and emergency services were also targeted in the attacks, state media on Wednesday reported him as saying.

The draw, originally scheduled for April 11, will be held at the historic At‑Turaif District in Diriyah. The AFC said the postponement was made to ensure the full participation of all key stakeholders and member associations.

A number of sporting events across the region were postponed or cancelled following heightened tensions triggered by U.S. and Israeli strikes on Iran last month.

Saudi Arabia is set to host the 24-team, quadrennial continental championship for the first time from January 7 to February 5. With 23 of the 24 teams already confirmed, the draw will divide the qualified nations into six groups of four.

Australia’s Kerr looks for positives in Asian Cup campaign despite final defeat

The final qualification place will be decided on June 4, when Lebanon face Yemen in a playoff. Defending champions Qatar have already secured their place at the finals, along with four‑time winners Japan and fellow World Cup qualifiers South Korea, Iran, Jordan, Australia and Uzbekistan.

“China is very happy that I am permanently opening the Strait of Hormuz. I am doing it for them, also - And the World. This situation will never happen again. They have agreed not to send weapons to Iran,” he wrote in a social post.

Meanwhile, in an interview to Fox Business Network, Donald Trump asked Chinese President Xi Jinping in a letter not to give Iran weapons, and Xi responded that China was not supplying Tehran.

Trump, in the interview taped on Tuesday and aired on Wednesday, did not say when the letters were exchanged. Last week, he threatened countries with an immediate 50% tariff if they supplied Iran with weapons.

“I wrote him a letter asking him not to do that, and he wrote me a letter saying that, essentially, he’s not doing that,” Trump told FBN’s “Mornings with Maria” programme.

He also said he did not expect shifts in the global oil market over the war on Iran and changes in Venezuela to impact the dynamics of his planned meeting with Xi next month. “He’s somebody that needs oil. We don’t,” Trump said.

The currency ended the session at 93.3725 per dollar, compared with its previous close of 93.3750.

During the day, the Indian rupee rose to 93.13, before giving up the gains as importers stepped in to lock in hedges, traders said. The price-action was echoed by dollar-Indian rupee far forward premiums which also nudged higher following an early retreat.

Global markets were boosted by the prospect of fresh peace talks between the U.S. and Iran this week. The dollar index hovered near six-week lows as signs that diplomatic engagement would continue in the Middle East helped calm markets.

“Markets have grown more confident that the Middle East crisis is moving toward a resolution … given how unsuccessful the first round of negotiations was last weekend, these dollar levels seem to embed a fair amount of premature optimism,” analysts at ING said in a note.

Indian assets, too, joined the optimistic chorus with the benchmark Nifty 50 up 1.6% while the yield on the country’s 10-year benchmark bond dipped to its lowest level in three weeks.

Meanwhile, data showed that India’s goods trade deficit contracted to $20.67 billion. Economists had expected the trade deficit to be $32.75 billion in March, according to a Reuters poll, compared with a deficit of $27.1 billion in the previous month.

The Middle East war has impeded the country’s exports while also raising the cost of energy and other imports, exerting two-sided pressure on the trade balance.

Benchmark copper on the London Metal Exchange touched $13,392.5 a metric ton, the highest since March 2. It was down 0.2% to $13,254 at 0956 GMT on profit-taking triggered by the firmer dollar which when it rises makes dollar-priced metals more expensive for holders of other currencies.

However, traders said sentiment and volumes overall in industrial metals markets was buoyant.

U.S. President Donald Trump said on Tuesday talks to end the Iran war could resume in Pakistan over the next two days after the collapse of weekend negotiations prompted Washington to impose a blockade on Iranian ports.

“Risk appetite returned after a temporary ceasefire was agreed last week and has been reinforced by reports Washington and Tehran are looking to arrange a second round of talks in the coming days, along with signs of Chinese demand,” Britannia Global Markets said in a note.

Expectations of stronger demand in top consumer China are highlighted by the Yangshan copper premium, a gauge of China’s appetite for importing copper. At $74 a ton, it has gained 270% since the end of January and is at its highest since June last year.

Industrial production and investment data due later this week will help traders gauge Chinese demand for industrial metals.

Copper and nickel are supported by worries about shortages of sulphur used to process both metals, due to disrupted supplies from the Middle East.

The Middle East accounts for 24% of global sulphur production, where it is a byproduct of oil and gas refining. Its aluminium production last year amounted to nearly seven million tons or 9% of global supplies.

Prices of aluminium are trading at four-year highs.

Aluminium was 0.2% firmer at $3,571 a ton, zinc rose 1.1% to $3,378, lead added 0.6% to $1,947, tin slipped 0.4% to $50,155 and nickel advanced 0.4%

to $18,285.