Unprecedented petroleum prices unbearable, warn business leaders



International Desk, Barta24.com
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Business leaders on Saturday said the massive hike in prices of petroleum products would further fuel the unprecedented inflation, intensify miseries for the common man and create serious issues for the industry due to the unbearably high cost of doing business.

They criticised the caretaker government that it should have kept the prices of petroleum unchanged due to the falling landing cost of imported crude on account of the persistent rise in the rupee strength against the dollar in the last eight interbank sessions despite rising crude oil prices in the world market.

The government had raised petrol and diesel rates by 8.5pc and 5.6pc, respectively, effective Sept 16.

Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Irfan Iqbal Sheikh, in a statement, explained that the rupee closed at 296.85 for a dollar in interbank on Friday, reflecting more than Rs10 to a dollar gain which touched Rs307.10 on Sept 5.

He chief recalled that the apex chamber had forewarned the authorities several times over the last few months to address the teething problems in the import of the Russian crude, i.e. handling of oil cargoes; adjustments required vis-à-vis refining processes and commercial transactional procedures to settle oil payments. Nevertheless, the authorities failed to listen to the FPCCI and currently the country would have more Russian crude by now, which is cheaper by a whopping 40pc as compared to international markets today.

While appreciating the status quo in the key policy rate by the State Bank, Mr Sheikh said the trade and industry was looking for a discounted and regionally competitive export finance scheme (EFS), long-term financing facility (LTFF) and temporary economic refinance facility (TERF) rates to cope up with the economic instability, cost of doing business and restoring competitive equilibrium in its exports.

Offering a different view, Pakistan Business Council (PBC) chief executive officer Ehsan Malik said that with an increase in the global cost of fuel and our high degree of reliance on imports, a price revision was inevitable. However, even after the latest increase, the price per litre of petrol at Rs331.38 and of diesel at Rs329.18 in Pakistan is lower than those across the border in India.

With the present pressure on both the current and fiscal accounts, he said “we can’t afford to lower taxes to buffer the impact of rising global cost of fuel. Besides, we have commitments to the IMF to deliver,” Mr Ehsan said.

Karachi Chamber of Commerce and Industry (KCCI) president Mohammad Tariq Yousuf, in a statement, said it has become almost impossible to run the industries at such a high cost. This was the fourth consecutive hike in petroleum prices whereas, during the tenure of the caretaker government alone, the petrol price has been raised by more than Rs58 per litre, which was going to create a lot of problems for the already ailing economy as the production has been curtailed by many industrial units to a great extent due to high cost.

The general public was already overburdened because of the recent increase in electricity tariffs which is aggravated by the extraordinary upsurge in petroleum prices, triggering severe anxiety not only amongst the masses but also the business and industrial community.

Given the economic crisis being faced by the country, the government has to take harsh steps to generate the required revenue for overcoming expenditures and fulfilling international commitments. However, instead of taking these steps back-to-back, the government should devise some kind of an effective strategy to ensure some sigh of relief to the masses and the industry who will not be able to bear the brunt caused by consecutive price hikes.

Tariq Yousuf stressed that the emerging situation has to be efficiently addressed and handled very carefully otherwise, the rising petroleum prices and electricity tariffs would continue to increase the cost of doing business, which would terribly affect the industrial performance, raise unemployment and open the floodgates of inflation, particularly for the middle and lower segments of the society, besides making the poor poorer due to unbearable inflation.

   

Israel launched a ground attack in Rafah amid ceasefire talks



International Desk, Barta24.com, Dhaka
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Israel launched a ground attack in Rafah in the midst of Israel-Hamas ceasefire talks in Gaza.

A delegation from the Palestinian group Hamas is in the Egyptian capital for ceasefire and prisoner-release talks. Sources said Ceasefire talks have progressed.

International media Al Jazeera reported in a report that despite the negotiations, Israel continued its ground attack on Rafah, the southernmost city of Gaza.

A Hamas delegation arrived in Cairo on Saturday to meet with mediators from Qatar, Egypt and the United States to negotiate a 40-day ceasefire, according to reports published by the United Kingdom.

The talks are at a critical stage, sources told Al Jazeera, as a Qatari technical team is working out the details of a potential deal with the Egyptians.

As technical teams indicate, we are moving into the operational side of a deal. They are monitoring the issues in detail in this agreement.

A senior Hamas spokesman, Osama Hamdan, told Al Jazeera, "It is clear that we are moving forward. There are some good points.

"So far we are still talking about the main issue, which is a complete ceasefire and a complete withdrawal from Gaza," he said. We hope to find some good and positive answers today.

Israel said it will continue to attack Rafah despite talk of a possible deal with Hamas. UN agencies and aid groups have long warned that the ground operation would spell disaster for the 15 lakh people taking refuge there.

Hamdan said, "Unfortunately, Netanyahu has made a clear statement that no matter what happens, if there is a ceasefire or not, he will continue to attack." That means there will be no ceasefire, and that means that the offensive will continue.

Al Jazeera's Ahlbara said the talks were focused on convincing Hamas that it should refrain from demanding a permanent ceasefire from Israel during the first phase of the deal because it is unlikely to happen.

On October 7, Hamas fighters attacked southern Israel, killing more than 1,100 people. During this time, more than 240 people were captured by Hamas.

Later, more than 34,600 Palestinians have died in Israel's attack on Gaza. More than 70 percent of Palestinian territory has been reduced to rubble, pushing the region toward famine.

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Attacks on environmental journalists are on the rise worldwide: UN



News Desk, Barta24.com
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According to a recently published report by the United Nations Educational, Scientific and Cultural Organization UNESCO, 44 environmental journalists from 15 countries around the world lost their lives in violent attacks from 2009 to 2023; And 24 people managed to return alive.

This information was reported in the report of the news agency Reuters on Friday (May 3).

According to the report, attacks on environmental journalists are increasing around the world. UNESCO representatives interviewed 905 environmental journalists from 129 countries to prepare the report.

In the interview, 749 out of 905 journalists (more than 70 percent) said that they had to face physical attacks or intimidation, threats, and pressure at some point in their lives to perform their professional duties. Many have also had to deal with the legal problems of detention and defamation cases.

Analyzing the cases of assault-harassment, it has been found that the cases of physical assault have occurred more among male journalists. On the other hand, women journalists are more victims of harassment.

Journalists have been attacked and harassed while reporting on various environmental issues. These issues include various mining irregularities, land tenure conflicts, deforestation, extreme weather related disasters, pollution and environmental damage, fossil fuel sector and its trade etc.

All of these attacks and harassment have come from individuals and groups associated with the power structure of the state. In this context, the UNESCO report said, 'Police, army, government officials and employees, people of local government authorities are responsible for these attacks and harassment. 

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Russia is using banned chemical weapons in Ukraine: US



International Desk, Barta24.com, Dhaka
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Dhaka: US accuses Russia of using 'Chloropicrin', a banned chemical used in World War I, in Ukraine.

On Thursday (May 2), the British media BBC reported that US State Department officials said that the attack on Ukraine with this weapon is not an "isolated" incident. Russia often uses it.

However, the Kremlin rejected the allegations, saying the US allegations were baseless. Kremlin spokesman Dmitry Peskov told reporters in Moscow that Russia maintains its obligations under the Chemical Weapons Convention (CWC).

According to the CWC, the use of ‘chloropicrin’ in any war is strictly prohibited. According to the US Centers for Disease Control and Prevention (CDC), the use of this chemical in oil can cause inflammation of the lungs, eyes and skin of people. It can also cause vomiting, nausea and diarrhea.

According to the US, Russia has used chloropicrin to force Ukrainian troops to retreat from fortified positions.

US President Joe Biden had earlier warned Russia about the use of chemical weapons in Ukraine. He warned in March 2022, weeks after the attack on Ukraine, that if Russian President Vladimir Putin authorized the use of chemical weapons, he would pay a "heavy price".

However, Moscow has been repeatedly accused of using chemical weapons in Ukraine. Mallory Stewart, US Assistant Secretary of State for Arms Control has accused Russia of using riot control chemicals. Ukrainian soldiers have also reported being subjected to chemical attacks in recent months.

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Turkey stopped trade with Israel over the Gaza issue



International Desk, Barta24.com, Dhaka
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Turkey has stopped all trade with the illegal occupier Israel due to the Gaza war.

The British media BBC reported on Thursday (May 2) about the Turkish Ministry of Commerce.

The trade embargo will remain in effect until Israel allows uninterrupted and adequate humanitarian aid to Gaza, the Turkish trade ministry said.

According to the BBC, the trade between Israel and Turkey is about 7 billion US dollars in 2023.

Israel's foreign minister accused Turkish President Recep Tayyip Erdogan of treating him like a dictator in announcing the trade freeze.

Israeli Foreign Minister Israel Katz wrote on social media that Erdogan is violating international trade agreements by ignoring the interests of the Turkish people and businessmen.

Israel's foreign minister has instructed government agencies to import goods from other countries and produce goods locally as an alternative to Turkey's trade freeze.

He wrote, I have directed the IMF Director General to immediately start working with the concerned parties to find trade options with Turkey. I also asked him for local production and import of products from other countries. Israel will emerge as a powerful and formidable economy. They lose we win.

In 1949, Turkey was the first Muslim-majority country to recognize Israel. But relations between the two countries have deteriorated in recent times.

In 2010, Turkey cut diplomatic ties with Israel after ten pro-Palestinian Turkish activists were killed in clashes with Israeli commandos.

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