Tue, 21-Oct-2025

Ranveer Singh case defined by Legal experts in India

Ranveer Singh

The FIR filed against Ranveer Singh for hurting the feelings of women by uploading “obscene” pictures on social media. Legal experts were contacted by a news agency to provide insight on a variety of legal topics. Including whether the case will hold up in court and how obscenity is defined by law. The FIR filed … Read more

Empty threats or danger awaits: China boils over Pelosi Taiwan visit

Pelosi

Pelosi’s planned trip has presented a quandary for the U.S. and China. Chinese spokesman warned Pelosi’s visit would send the incorrect message. Pelosi’s travel has not been confirmed by her office. Insiders in Beijing and Washington worry that China’s threats over  planned travel of Nancy Pelosi to Taiwan are not hollow. “It’s a tough call … Read more

IPRI holds conference on Blue Economy of Pakistan

ISLAMABAD: The Islamabad Policy Research Institute (IPRI) on Thursday organised a round table conference on ‘Blue Economy of Pakistan’, a statement said. The conference deliberated as to how the blue economy of Pakistan could be molded in national life and benefit from its vibrancy at home and abroad, it added. The discussion was part of … Read more

China lockdown, chip shortage hit Nissan profits

Nissan profits
  • Nissan said on Thursday that net profit sank nearly 60 percent in the three months.
  • Full-year net profit seen slumping 30.4 percent from 215.5 billion yen a year earlier.
  • Analysts blame over-expansion in North America, chip shortage and ex-chief Carlos Ghosn saga.

Japanese car giant Nissan said on Thursday that net profit sank nearly 60 percent in the three months to June as pressures including a lockdown in Shanghai and chip shortages weighed on business.

The firm, which in May reported a positive full-year net profit for the first time in three years, said it logged a net profit of 47.1 billion yen ($347 million), down 58.9 percent on-year.

The slump was also the result of a one-time boost in the first quarter of last financial year when Nissan unloaded Daimler sales.

But the firm said it was facing a range of headwinds.

“During the first quarter, the extremely challenging business environment put pressure on earnings,” Nissan said in a statement.

“Production was constrained by the Shanghai lockdown caused by spread of the new coronavirus, and semiconductor supply shortages, while external factors such as soaring raw material prices and logistics costs also intensified their impact.”

“The pandemic understandably remains a priority challenge,” chief operating officer Ashwani Gupta told reporters.

“At the same time, we experienced tailwinds with favourable foreign exchange rates,” he added, referring to the yen’s recent slump against the dollar, which helps inflate overseas profits for Japanese firms.

The firm left its full-year forecast unchanged, projecting a net profit of 150 billion yen.

That would be a 30.4 percent slump, however, from the previous year’s 215.5 billion yen.

Operating profit was down 14.2 percent to 64.9 billion yen, but that beat analyst estimates, according to Bloomberg.

Ghosn saga

The firm was on a rollercoaster even before the disruption caused by the pandemic and the conflict in Ukraine.

It had been struggling with increasing sales costs, and is currently implementing a plan involving slashing models, cutting costs and restructuring operations.

“Nissan is making progress after an excessive expansion policy in North America in the past that was a factor causing it to lose money,” said Satoru Takada, auto analyst at TIW, a Tokyo-based research and consulting firm.

“Profits declined year-on-year relative to the robust rebound in last year’s April-June quarter, when there was a recovery from the pandemic’s impact and cost-cutting efforts,” Takada told AFP ahead of the earnings report.

“Nissan’s challenge is how to minimise the impact of the chip shortage and sell attractive new cars, including those recently released,” he said.

Gupta said the firm was looking to “invest in building greater resilience” as it battles the effects of obstacles such as China’s lockdowns.

He said its suppliers and dealerships had reopened, and “showroom traffic is recovering”.

On chips, he said Nissan was looking to develop alternatives as well as to replace custom-made semiconductors with general-purpose versions.

And he added that the automaker was attempting to cut its use of precious metals in response to the rising cost of raw materials.

“As always, we move forward with cautious optimism while challenging ourselves to maintain (the) four million sales outlook for the fiscal year,” he said.

Nissan has also been buffeted by the saga surrounding its former chief Carlos Ghosn.

The one-time auto tycoon was detained in Japan in 2018, accused of financial misconduct charges that he denies, but jumped bail and fled to Lebanon the following year.

A Tokyo court in March handed a six-month suspended sentence to former Nissan executive Greg Kelly over allegations that he helped his boss attempt to conceal income.

The company had pleaded guilty in a separate case, and was ordered to pay a fine of 200 million yen.

In April, French authorities issued an international arrest warrant for Ghosn, who has lived in Lebanon since his daring getaway from Japan, on allegations including corruption, misuse of company assets and money laundering.

 

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Turkish drone strike killed Kurdish commander who ‘battled for America’: sources

Turkish drone strike

Salwa Yusuk was a deputy commander of the US-backed Syrian Democratic Forces. She was killed along with two other female SDF fighters in a Turkish drone strike last Friday. The attack comes as Pentagon officials are concerned about a Turkish invasion of northern Syria. A Turkish drone strike killed a renowned female commander of Kurdish … Read more

ArcelorMittal profits hit by Ukraine war, inflation

ArcelorMittal profits
  • ArcelorMittal’s profits fall 2 percent to $3.9 billion in the second quarter.
  • Steel output falls 18 percent to 14.6 million tons.
  • Sales increase by 14.5 percent to 22 billion euros.

ArcelorMittal, the world’s number-two steel maker, said on Thursday that profits fell in the second quarter, weighed down by inflation and the war in Ukraine.

The group said in a statement its performance was “overshadowed by the outbreak of war in Ukraine, where we have steel and mining operations”.

“Globally, the conflict is impacting growth and adding further inflationary pressure, which is spilling over into weakening of demand (for steel),” the group said.

In the second quarter, net profit eased by two percent to $3.9 billion.

But over the first half, ArcelorMittal’s bottom line increased by 27 percent to $8.0 billion, primarily due to a strong performance in the first three months of the year.

ArcelorMittal said steel output fell by 18 percent to 14.6 million tonnes in the period from April to June.

Second-quarter sales, on the other hand, grew by 14.5 percent to just over 22 billion euros, driven by an increase of some 30 percent in steel prices.

ArcelorMittal employs some 26,000 people in Ukraine and suspended its operation there when the war broke out.

But it said in May it would resume operations in Ukraine, even if only one of the three furnaces there has since restarted.

Looking ahead, chief executive Adity Mittal said that “despite the more uncertain global macro outlook”, the business was “well positioned to effectively manage through the cycle”.

“The long-term outlook for steel demand also remains positive, underpinned by the scale of opportunity related to the energy transition and the continuing growth of developing economies,” Mittal said.

 

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4 children dead in Alaska after boy fatally shoots siblings before turning gun on himself

  • A 15-year-old boy shot three of his siblings, ages 5, 8, and 17, before turning the gun on himself.
  • The children’s parents were not at home when the incident occurred.
  • Authorities are still looking into any potential motive behind the deadly incident.

According to state troopers, four children were killed in Alaska after a 15-year-old boy shot three of his siblings before killing himself.

Just before 4:20 p.m., Alaska State Troopers received a report of a shooting in the Skyridge Drive Subdivision, north of Fairbanks. KTUU, an NBC affiliate in Anchorage, Alaska, reported on Tuesday.

According to the affiliate, responding troopers discovered four children dead from apparent gunshot wounds in a residence.

According to KTUU and The Associated Press, the 15-year-old boy shot three of his siblings, ages 5, 8, and 17, before turning the gun on himself. They said three other siblings in the house, all under the age of seven, were not hurt.

According to both outlets, troopers stated that the children’s parents were not at home when the incident occurred.

According to Tim DeSpain, a spokesperson for the Alaska State Troopers, authorities are still looking into any potential motive behind the deadly incident.

According to DeSpain, the gun was a “family gun,” but “beyond that, everything is still part of the ongoing investigation.” He couldn’t say whether the 15-year-old had previously interacted with law enforcement, but he did say that would be part of the investigation.

According to the outlets, the state Office of Children’s Services has been notified of the shooting, and the bodies of the children have been sent to the State Medical Examiner’s Office.

Clinton Bennett, a spokesperson for the state Department of Family and Community Services, which oversees the Office of Children’s Services, told the Associated Press via email that the office “will not provide any information due to rules and regulations involving the confidentiality of all involved in specific cases.”

Bennett also stated that the office will “not provide any information involving a case with an open investigation.”

Alaska State Troopers and the Office of Children’s Services did not respond to NBC News’ overnight requests for comment.

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A city in Japan is under attack by monkeys

Japan

Monkeys have attacked 58 people since July 8 in Yamaguchi, Japan. City hall has hired a special unit to hunt the animals with tranquilizer guns. The monkeys aren’t interested in food, so traps haven’t worked. Attacking monkeys are attempting to kidnap people, kids, biting and tearing at flesh; and creeping into kindergartens in a city … Read more

Attorneys for Brittney Griner accept the idea of a prisoner swap with Russia

Brittney Griner

Brittney Griner’s lawyers say they hope the WNBA star can be brought home soon. Russia says talks between Moscow and Washington on exchanging prisoners are “ongoing”. Former US marine Paul Whelan is also being exchanged as part of a prisoner swap deal. As Russia reported that discussions between Moscow and Washington on swapping detainees; were “ongoing,” … Read more

Volkswagen ‘confident’ despite global headwinds

Volkswagen
  • VW says its net profit rose by 26 percent to 10.6 billion euros ($10.8 billion) in the first half of the year.
  • Revenues were nearly stable at 132.3 billion euros, but unit sales were down by 14 percent from a year ago.
  • Last week, Volkswagen unexpectedly announced the departure of CEO Ferdinand E. Diess after four years at the helm.

German auto giant Volkswagen said Thursday that it was able to overcome global economic headwinds and supply chain issues to put in a “robust” performance in the first six months of 2022.

A week after Volkswagen announced that it would part ways with its chief executive Herbert Diess, the carmaker said it was “confident” for the second half of the year.

“Despite unprecedented global challenges, Volkswagen has demonstrated remarkable financial robustness,” said chief financial officer Arno Antlitz.

“Despite all the caution in the face of the volatile market environment and geopolitical risks, we are confident that we can further accelerate the transformation of the group,” Antlitz said.

VW said its net profit rose by 26 percent to 10.6 billion euros ($10.8 billion) in the first six months, even if its bottom-line in the second quarter alone was hit by an accounting effect linked to hedging against fluctuations in raw material prices.

Underlying, or operating, profit rose by 16 percent to 13.2 billion euros in the period from January to June.

“This was driven by strong performances from the premium and sport brand group,” VW said.

First-half revenues were nearly stable at 132.3 billion euros, but unit sales were down by 14 percent at four million vehicles, not least because of the worldwide shortage of semiconductors plaguing the industry.

Easing supply constraints

Looking ahead, Volkswagen said it “confirms its outlook for 2022… as supply constraints ease.”

The carmaker expected “the product mix to normalise in the second-half as the semi-conductor situation improves in combination with a strong order book,” it said.

“A noticeable recovery of the monthly sales towards the end of second quarter additionally bodes well for second-half sales,” it said.

Nevertheless, it was “still not possible to conclusively assess the specific effects of the war in Ukraine or effects of the Covid-19 pandemic on the Volkswagen group’s business, on the global economy and growth in the industry in fiscal year 2022,” VW cautioned.

In Europe, in particular, there were uncertainties regarding energy supply.

Last week, Volkswagen unexpectedly announced the departure of CEO Diess after four years at the helm.

He will be replaced in September by Oliver Blume, the current head of the premium Porsche sports car brand.

There would be “continuity” in the group’s strategic shift towards electric vehicles despite the change of leadership, said Antlitz, who will remain on the board under Blume, in a call with journalists.

Blume will likely be tasked with guiding Porsche through a long-planned stock market entry.

A final decision on the listing should be taken in “late summer”, Antlitz told analysts on a conference call.

 

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PTCL, Ufone restore network disrupted by torrential rains, flooding in southern region

PTCL

KARACHI: The Pakistan Telecommunication Company Limited (PTCL) and Ufone have restored their network disrupted by heavy rains and flooding in parts of Balochistan and Sindh through mobilisation of their on-ground resources. The torrential rains also caused major damage to road and bridge infrastructure in the region, further intensifying the challenge of timely restoration of the … Read more

Biden, Xi hold talks on Taiwan, trade dispute

Taiwan, trade dispute.
  • China and the U.S. risk open conflict over Taiwan, with little sign of resolution on either front.
  • The latest flashpoint is a possible trip by Nancy Pelosi to Taiwan.
  • Beijing considers Pelosi’s trip a major provocation.

President Joe Biden and Chinese counterpart Xi Jinping spoke by phone Thursday on mounting tensions over Taiwan, a festering trade dispute and their bid to keep the superpower rivalry in check.

The White House said the phone call started at 8:33 am in Washington (1233 GMT). A statement would be issued after the call ended, a spokesman said.

While this was Biden’s fifth talk with Xi since becoming president a year and a half ago, it’s getting hard to mask deepening mistrust between the two countries.

Already stuck in a trade war, Beijing and Washington increasingly risk open conflict over Taiwan, with little sign of resolution on either front.

“Tensions over China’s aggressive, coercive behavior in the Indo-Pacific” will be high on the agenda, said White House National Security Council spokesman John Kirby.

The latest flashpoint is a possible trip by Biden ally and speaker of the House of Representatives, Nancy Pelosi, to the island, which Beijing claims is part of China but has its own distinct, democratic government.

Although US officials frequently visit Taiwan, separated by a narrow strip of water from the Chinese mainland, Beijing considers a Pelosi trip as a major provocation. She’s second in line to the US presidency and given her position may travel with military transport.

Washington will “bear the consequences” if the trip, which Pelosi has yet to confirm, goes ahead, China warned Wednesday.

General Mark Milley, chairman of the US joint chiefs of staff, told reporters that if Pelosi asks “for military support, we will do what is necessary to ensure a safe, safe conduct of their business.”

And the dispute around Pelosi is the tip of an iceberg, with US officials fearing that Xi is mulling use of force to impose control over democratic Taiwan.

Once considered unlikely, an invasion, or lesser form of military action, is increasingly seen by China watchers as possible — perhaps even timed to boost Xi’s prestige when he moves later this year into a third term.

Biden’s contradictory comments on whether the United States would defend Taiwan — he said in May that it would, before the White House insisted there was no change in the hands-off “strategic ambiguity” policy — have not helped the tension.

No face-to-face

Biden prides himself on a close relationship with Xi going back years but — in large part due to Covid travel restrictions — the two have yet to meet face-to-face since he took office.

According to the White House, Biden’s chief goal is to establish “guardrails” for the two superpowers.

This is meant to ensure that while they sharply disagree on democracy, and are increasingly rivals on the geopolitical stage, they can avoid open conflict.

“He wants to make sure that the lines of communication with President Xi on all the issues, whether they’re issues again that we agree on or issues where we have significant difficulty with — that they can still pick up the phone and talk to one another candidly,” Kirby said.

Where to place the guardrails, however, is challenging amid so many unresolved disputes, including a simmering trade war begun under Donald Trump’s presidency.

Asked whether Biden could lift some of the 25 percent import duties placed on billions of dollars of Chinese products by Trump, Kirby said there was still no decision.

“We do believe… that the tariffs that were put in place by his predecessor were poorly designed. We believe that they’ve increased costs for American families and small businesses, as well as ranchers. And that’s, you know, without actually addressing some of China’s harmful trade practices,” Kirby said.

But “I don’t have any decision to speak to with respect to tariffs by the president. He’s working this out.”

 

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Electric truck maker Rivian cuts 6% of its employees

Rivian cuts employees
  • Rivian to slash over 800 employees.
  • CEO RJ Scaringe cited concerns such as inflation, increasing interest rates, and rising commodity prices for the decision.
  • The company gave departing workers 14 weeks of normal pay.

According to an email issued by CEO RJ Scaringe to Rivian’s about 14,000 employees, the company, which is financed by Amazon, is cutting off about 6 percent of its workforce as it adapts to how the “world has significantly changed.”

On Wednesday, the business informed about 840 of those workers that they would be leaving.

Scaringe cited concerns such as inflation, increasing interest rates, and rising commodity prices for the startup automaker’s decision to reduce its staff.

Rivian’s three original models, the R1T truck, the R1S luxury SUV, and an electric delivery van for which Amazon, a significant Rivian investor, is the main customer, have only recently begun production.

The R1T pickup and R1S SUV have garnered favorable reviews from critics, and the truck was named Truck of the Year by MotorTrend.

The firm has seen some difficulties ramping up its manufacturing, with Scaringe citing supply chain concerns and the competitive labour market in particular as difficulties.

Although Rivian presently produces its electric vehicles in a former Mitsubishi facility in Normal, Illinois, the manufacturer is already preparing to build a second facility close to Atlanta.

Up to 7,500 workers could potentially be employed by the Georgia business.

Our purpose is more vital than ever, and we are in a strong financial position, but in order to reach our full potential, our strategy must support our steady growth as we move closer to profitability.

Scaringe announced the layoffs in an email to the staff.

The company, which is based in Irvine, California, gave departing workers 14 weeks of normal pay and continued healthcare coverage until the end of the year.

 

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107 die, 62 injured due to heavy rains in Balochistan: PDMA

heavy rains

QUETTA: At least 111 people, including 42 men, 34 children and 30 women, lost their lives in various rain-related incidents in different parts of Balochistan during the monsoon floods after heavy rains. According to a report issued by Balochistan Provincial Disaster Management Authority (PDMA), around 70 people were injured because of heavy rains in the … Read more

Pakistan equity market closes higher over political clarity

PSX closes lower over economic, political unrest

KARACHI: The Pakistan equity market closed in a green zone on Thursday as the investors’ confidence was boosted by political clarity and the ongoing results’ season. The Pakistan Stock Exchange KSE-100 shares Index gained 0.76 per cent, or 304 points, to close at 40,276.64 points. The KSE-30 shares Index gained 0.96 per cent, or 144.91 … Read more

Asia’s richest woman loses half fortune in China’s property crash

Asia’s richest woman
  • Yang Huiyan has seen her wealth decline to $11 billion from over $24 billion this year.
  • Yang is now only about $100 million shy of Fan Hongwei in terms of wealth.
  • The boycotts have also caused banks to be less willing to grant mortgages.

As China’s real estate crisis worsens, Yang Huiyan, the richest woman in Asia, has seen her wealth decline to $11 billion from over $24 billion this year, according to an international website’s billionaire Index.

The largest real estate developer in China by sales, Country Garden Holdings, is under the leadership of the 41-year-old. She acquired a sizable portion of the business from her father Yang Guoqiang, who launched it in 1992 in Foshan, Guangdong province.

The value of Country Garden’s stock has decreased by more than half this year as the nation’s real estate industry battles declining property prices, waning buyer demand, and a debt default problem that has enveloped some of its top developers since last year.

Yang is still the wealthiest woman in Asia, according to the website’s billionaire index, despite having lost more than half of her fortune.

Yang is now only about $100 million shy of Fan Hongwei in terms of wealth thanks to the decline in her net worth, which has also reduced the wealth disparity between her and other Chinese billionaires who are women. Fan is the chair of chemical fibre manufacturer Hengli Petrochemical.

Evergrande, the most indebted real estate company in China, missed payments on its US dollar bonds in December as a result of ongoing liquidity problems.

Since then, a number of other significant developers, including Kaisa and Shimao Group, have also applied for creditor protection.

The housing problem has gotten worse recently as a result of threats made by thousands of irate homebuyers who put down payments on incomplete houses and now fear they won’t be able to afford their mortgage payments.

Country Garden is likewise experiencing escalating financial problems. In order to raise HK$2.83 billion ($361 million), or around 13% less than its Tuesday closing price, the developer stated on Wednesday that it will sell shares.

According to the corporation, some of the revenues would be utilized to pay off its debt incurred abroad.

In a report released on Wednesday, analysts at Capital Economics stated that the mortgage boycotts pose a dual threat to developers and the housing market.

They have called attention to the issue that cash-strapped developers are unable to finish properties that they have already sold, which is “putting off new homebuyers.”

They said that the boycotts have also caused banks to be less willing to grant mortgages, which might further dampen real estate sales.

S&P Global Ratings said earlier this week that mortgage strikes might trigger a third decline in property sales in China this year, as customers fear that developers won’t be able to finish presold units in time, which is the most typical method of selling homes there.

Without sales, many more developers would fail, which poses a risk to both the banking system and the economy, according to analysts.

 

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White House eyes for new vaccines that protect against covid-19 Variants

White House

The Biden administration hosted a summit on the future of coronavirus vaccines. The goal is for a vaccine that can take on multiple variants while protecting against infection. Current vaccines are “terrific” and “life-saving,” but more is required, officials say. The White House hosted a summit on the future of coronavirus vaccines, outlining a lofty … Read more

Sprite is retiring its iconic green plastic bottle after more than 60 years

  • Sprite’s green plastic bottles will be replaced with more sustainable clear bottles.
  • The new design will go into effect on August 1. The move is part of an effort to “support a circular economy for plastic packaging,” according to
  • The Coca-Cola Company. Sprite debuted in the United States in 1961.

Sprite’s iconic green plastic bottle will be replaced with more sustainable clear bottles, according to The Coca-Cola Company.

It’s a big change for the bubbly lemon-lime drink, which debuted in the United States in 1961 and quickly became a household and grocery store staple thanks to its eye-catching green packaging.

The new design will go into effect on August 1 as part of an effort to “support a circular economy for plastic packaging,” according to a statement from The Coca-Cola Company.

Although the green polyethylene terephthalate (PET) packaging Sprite bottles are currently made of is recyclable, it is separated from other clear items due to its colour to avoid discolouring material used to make new PET bottles.

“Recycled material is more frequently converted into single-use items such as clothing and carpeting that cannot be recycled into new PET bottles,” according to the statement.

By changing from clear to green, you increase the chances that these bottles can be recycled into new ones.

R3Cycle, a reprocessing company that is collaborating with Coca-Cola Consolidated to expand bottle-to-bottle recycling across the United States, applauded the decision.

“Removing the colours from bottles improves the quality of the recycled material,” said CEO Julian Ochoa in a statement. “This transition will contribute to an increase in the availability of food-grade rPET.” Clear PET Sprite bottles can be recycled and remade into bottles, contributing to a circular economy for plastic.”

Along with the new packaging design, Sprite will redesign its logo and include a prominent “Recycle Me” message. However, its green legacy will live on through the bottle’s packaging graphics and the continued use of its recognisable green cap.

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Inside Maira Khan’s birthday bash in Dubai

Maira Khan’s birthday
  • Pakistani actress Maira Khan celebrated her birthday in Dubai.
  • She shared her birthday pictures on her official Instagram account.
  • Maira has established herself as one of Pakistan’s most gifted actresses.

Actress Maira Khan is a well-known and versatile Pakistani actress who has made a name for herself in the field with her fearless demeanour and excellent acting abilities. Despite playing a minor role in shows, Maira has established herself as one of Pakistan’s most gifted actresses.

Maira enjoys exploring new places all around the world and is quite the globetrotter. This time, the actress was seen in Dubai enjoying her birthday. Maira posted some stunning images from her private birthday celebration on her official Instagram account. In a black sleeveless dress, Maira looks incredibly stylish.

Check out her stunning photos!

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Ukraine campaigns to retake Kherson occupied region says sources

Ukraine

Ukraine’s campaign to retake Kherson region is “gathering pace,” according to Western military sources. Russian-installed officials confirmed that the Antonivskiy Bridge had been severely damaged. Antonivskiy Bridge will be replaced by ferries and pontoon bridges, deputy city leader Kirill Stremousov says. Ukraine’s campaign to retake the occupied Kherson region is “gathering pace” according to Western … Read more

JetBlue confirms on purchasing Spirit Airlines

JetBlue to buy Spirit Airlines.
  • JetBlue will acquire Spirit Airlines, creating the fifth-largest airline in the United States.
  • Spirit CEO made no indication that it had any reservations about a partnership with JetBlue.
  • Shares of Frontier changed little in premarket trading.

On Thursday, JetBlue Airways announced that it would acquire Spirit Airlines, creating the fifth-largest airline in the United States. A day after Spirit called off talks to merge with Frontier, the news was made.

Even as Spirit sought shareholder approval for a more affordable agreement with Frontier, JetBlue was pursuing a hostile takeover bid for the airline. Spirit had frequently voiced doubts about whether regulators would agree to a transaction with JetBlue. But with JetBlue’s all-cash bid on the table, stockholders had resisted accepting Frontier’s less desirable cash and stock offer.

According to JetBlue CEO Robin Hayes, both investors and customers will benefit from the agreement.

In a statement, he added, “We are thrilled to deliver this compelling combination that turbocharges our strategic expansion, enabling JetBlue to bring our distinctive blend of affordable fares and excellent service to more people, on more routes.

Greater fares

However, industry analysts have warned that the agreement may result in increased rates for all passengers. In contrast, a merger between Frontier and Spirit would have combined two airlines with extremely cheap base fares. There are no first- or business-class seats on either carrier.

Larger airlines like American (AAL), United (UAL), and Delta (DAL) often have to provide more seats at their comparable basic economy fare when Spirit or Frontier operate on a route. Although JetBlue may claim to price less than the more established network operators, Spirit and Frontier offer lower tickets. And if JetBlue buys Spirit Airlines, it intends to add first-class space by modifying the aircraft.

Even if you never fly either Spirit or Frontier, they have a significant impact on the fare you pay, according to Scott Keyes, the creator of Scott’s Cheap Flights, a website that aids travelers in finding lower airfare. “When Delta introduced the basic economy fare in 2012, they called it a “Spirit-matching fare” to investors because the world’s budget airlines were stealing their food. Neither merger appeals to me, but I like the JetBlue option much less.”

Because of this, it’s probable that the US Department of Justice will conduct a thorough antitrust investigation into the JetBlue acquisition of Spirit, especially if the department believes the acquisition will affect customers.

The proposed JetBlue Spirit merger is smaller than many airline alliances that have taken place in recent years, which have resulted in four mega-carriers controlling 80% of US air traffic, replacing the top ten US airlines. However, the Biden administration has adopted a much tougher stance on antitrust law issues and promised to encourage more competition within the aviation sector.

The Justice Department of Biden filed a lawsuit to stop American and JetBlue’s partnership, which permits each airline to accept reservations for the other’s flights. When Spirit argued that a JetBlue deal wouldn’t receive the required permission, it cited the legal action.

Competition rise

But in Spirit’s remarks on Thursday, there was no indication that it had any reservations about a partnership with JetBlue.

CEO Ted Christie remarked, “We are excited to join forces with JetBlue through our enhanced agreement to establish the most appealing national low-fare rival to the leading U.S. carriers.”

In a CNBC interview on Thursday, Christie was questioned about his earlier criticism of JetBlue’s offer and his skepticism over the deal’s regulatory approval.

Over the past few months, “we’ve learnt a lot,” he said. “They’re using an aggressive approach to close this sale. It’s beneficial to our group, therefore we’ll be right there by their side to see to it. According to some of the storylines, the Big Four will soon have a serious national rival.”

According to JetBlue’s Hayes, the greatest justification for regulators is that this transaction will add a significant national carrier and increase competition rather than decrease it.

He remarked on CNBC, “We’re focused on closing this deal. “We’re focused on bringing more airplanes in, giving more amazing products and inexpensive rates to passengers in more geographies than JetBlue or Spirit could do alone,” the statement reads.

Even though Spirit and Frontier provide affordable rates, most customers did not enjoy the quality of the service. According to the US Department of Transportation, Spirit had by far the most passenger complaints in 2021, with 11.45 complaints for every 100,000 passengers. On that basis, JetBlue had the second-highest number of complaints with 6.38, followed by Frontier with 5.78. When Frontier recorded 49.31 complaints for every 100,000 customers in 2020, it had by far the worst complaint rate.

The Deal

In the deal announced on Thursday, Spirit shareholders would receive $33.50 in cash per share, along with a prepayment of $2.50 per share in cash due upon the transaction’s acceptance from Spirit investors even before the deal closes.

In the event that the transaction is postponed past December of this year, JetBlue will compensate Spirit stockholders an additional 10 cents every month, bringing the price to $34.15 per share. Additionally, Spirit will receive $70 million from JetBlue, and its shareholders will receive an additional $400 million if authorities reject the transaction.

Spirit will be required to pay Frontier $25 million to compensate for expenses incurred by Frontier during the acquisition negotiations. Spirit will owe Frontier an extra $69 million if JetBlue is successful in completing its acquisition of Spirit within the next 12 months.

Frontier expressed disappointment Wednesday night when its agreement with Spirit was ended, but claimed it would still be able to expand even without a merger.

With JetBlue attempting to turn Spirit Airlines into a high-cost carrier, it was stated that Frontier would be the undisputed leader in the ultra-low-cost sector.

If JetBlue completes the transaction this year at $33.50, it will represent a $1 billion premium above Frontier’s offer and a 38 percent premium over Spirit’s closing price on Wednesday. As a result of the announcement, Spirit (SAVE) and JetBlue (JBLU) stock prices increased by 4% and 1%, respectively, in premarket trading. Shares of Frontier changed very little.

 

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Polish ambassador calls on Army Chief Qamar Javed Bajwa

General Bajwa

RAWALPINDI: His Excellency Mr Maciej Pisarski, Ambassador of Republic of Poland to Pakistan called on General Qamar Javed Bajwa, Chief of Army Staff (COAS) at the General Headquarters (GHQ) in Rawalpindi on Thursday. During the meeting, matters of mutual interests, regional security and enhanced bilateral and defence cooperation between both the countries came under discussion. … Read more

UK sea level rise speeding up

  • Since 1900, sea levels have risen by approximately 16.5cm (6.5 ins). Sea levels are now rising at a rate of 3-5.2mm per year, more than double the rate of increase seen in the early twentieth century.
  • According to scientists, flooding threatens approximately 500,000 homes. Climate change and sea level rise are affecting the UK coastline, according to a new report by the Met Office.
  • The UK climate in 2021 will be “unremarkable” by modern standards, but 30 years ago it will be exceptional. This is due to climate change, which is causing higher temperatures to become the norm.

The Met Office’s annual look at the UK’s climate and weather reveals that sea levels are rising much faster than a century ago.

According to the State of the Climate report, higher temperatures are the new normal for Britain.

Conservationists warn that spring is arriving earlier than usual, and that plant and animal life are not evolving quickly enough to adapt to climate change.

The report emphasises the ways in which climate change is affecting the United Kingdom once more.

It also stated that the UK is warming at a slightly faster rate than the global average.

The Met Office forecasted climate and weather events for 2021, including severe storms such as Storm Arwen, which caused widespread flooding.

Since 1900, sea levels have risen by approximately 16.5cm (6.5 ins), but the Met Office reports that the rate of rise is increasing. They are now rising at a rate of 3-5.2mm per year, which is more than double the rate of increase seen in the early twentieth century.

This exposes more of the coast to powerful storm surges and winds, causing damage to the environment and homes. According to scientists, flooding threatens approximately 500,000 homes.

Dr Svetlana Jevrejeva of the National Oceanographic Centre explains that extreme sea levels during Storm Arwen last November were only avoided because it hit during a lower-than-usual tide.

While the coastline is always changing, she believes that climate change and sea level rise are exacerbating those changes.

“The scale, rate, and impact will change dramatically very soon,” she explains.

According to the report, while the UK climate in 2021 will be “unremarkable” by modern standards, it will be exceptional 30 years ago. This is due to climate change, which is causing higher temperatures to become the norm.

Since the industrial revolution about 200 years ago, our planet has warmed by 1.1 degrees Celsius. According to the Intergovernmental Panel on Climate Change, this is caused by greenhouse gases emitted by human activity. The global temperature is expected to rise by 1.5 degrees Celsius over the next 20 years.

“Although 1 degree Celsius of warming may not seem like much, it has resulted in maximum temperatures like the 32.2 degrees Celsius we saw in 2021 becoming the norm rather than the exception. This is especially striking in light of the UK’s recent record-breaking heat “According to Mike Kendon of the Met Office’s National Climate Information Centre.

Climate change is also bringing spring earlier, affecting plants and animals as well as farmers.

Early-blooming species were even earlier last year, but late-blooming species were delayed due to unusually cold temperatures in April, according to the Met Office.

And, according to Professor Tim Sparks of the Woodland Trust, September and October were warmer than average, delaying autumn and causing trees to lose their leaves later than usual.

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Gold touches historic high of Rs160,500/tola

KARACHI: Gold witnessed the record single-day increase of Rs8,500 to reach an all-time high of Rs160,500/tola on Thursday as the rupee slumped to record low in the interbank foreign exchange market. Gold 24kt gained Rs8,500/tola and Rs7,288/10 grammes to hit Rs160,500/tola and Rs137,603/10 grammes, respectively. The record single-day increase in the prices of gold can … Read more

Actor Shaan Shahid mocked Shahid Afridi over politics

Shahid Afridi

Many celebrities and regular people have gone to social media to express their irrational love for the former prime minister Imran Khan and his political party Pakistan Tehreek-e-Insaf. Lollywood sensation Shaan Shahid is one among them.

This time, the Khuda Ke Liye actor made fun of Shahid Afridi, a famous sports figure who had previously been outspoken in his support for Shehbaz Sharif of the PMLN.

The 51-year-old actor mocked Afridi on Twitter without mentioning him, which pleased online users who noticed how little he was flinching.

“Some cricketers were congratulating S Shareef but now they are sooooooooo silent that you can hear them weep.. @AyeshaBhutta01 @2Kazmi”, captioned the Waar actor.

One of the few public figures who not only congratulated Shehbaz Sharif on becoming the 23rd Prime Minister of Pakistan but also shared their political preferences with the current PM was a former cricketer and star batter Shahid Afridi.

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IMF to help Bangladesh after loan request

IMF to help Bangladesh
  • Bangladesh’s $416 billion economy has long been among the fastest-growing in the world.
  • Rising energy and food costs have increased the country’s import bill and current account imbalance.
  • The International Monetary Fund (IMF) will speak with Bangladesh about its request for assistance.

After Sri Lanka and Pakistan both requested loans, Bangladesh became the third nation in South Asia to do so on Wednesday, prompting the International Monetary Fund (IMF) to say that it would speak with Bangladesh about its request.

Bangladesh’s $416 billion economy has long been among the fastest-growing in the world, but the Russia-Ukraine war’s rising energy and food costs have increased the country’s import bill and current account imbalance.

According to the IMF, Bangladesh had expressed interest in the organization’s new Resilience and Sustainability Facility, which aids nations in addressing climate change concerns, and had also asked for talks to begin on an “accompanying IMF program.”

A representative for the IMF stated, “The IMF stands ready to support Bangladesh, and the staff will engage with the authorities on program design in accordance with the established norms and procedures of the Fund.”

The program design talks will include conversations about the level of assistance.

Bangladesh’s finance minister earlier in the day told reporters that the country’s macroeconomic conditions were good and that the government would only accept an IMF loan if the circumstances were favorable.

“We will accept the IMF requirements if they are favorable to the nation and consistent with our development strategy,” Minister AHM Mustafa Kamal said.

“An IMF loan request does not indicate that Bangladesh’s economy is in dire straits.”

Funds can only be used for up to $1 billion, or up to 150 percent of Bangladesh’s quota, under the IMF’s resilience and sustainability trust.

According to a report in Bangladesh’s Daily Star newspaper on Tuesday, the country requested a total of $4.5 billion from the IMF, including assistance with its budget and balance of payments.

The export-oriented clothing industry, which is the backbone of the nation’s economy, is bracing for a slowdown as important clients like Walmart are burdened with backlogs as people prioritize essentials due to inflation.

Remittances are Bangladesh’s second-largest source of foreign money after clothing, and the nation has a population of around 170 million.

As of July 20, its foreign exchange reserves were down from $45.5 billion a year earlier to $39.67 billion, or slightly over five months’ worth of imports.

Its current account deficit from July to May was $17.2 billion, up from a deficit of $2.78 billion in the same period the previous year as both its trade deficit and remittances decreased.

 

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World was safer during Cold War – security adviser

The West risks nuclear war because it does not communicate with Russia and China enough, according to the UK’s national security adviser.

According to Sir Stephen Lovegrove, rival powers understood each other better during the Cold War, and a lack of dialogue today makes mistakes more likely.

“We want jaw-jaw, not war-war,” he said, quoting Winston Churchill.

He went on to say that we were living in a “new age of proliferation,” with dangerous weapons becoming more widely available.

It comes ahead of a phone call between US President Joe Biden and Chinese President Xi Jinping, their first since March.

They are expected to discuss ongoing tensions over Taiwan as well as tariffs imposed by Trump on Chinese imports.

China has threatened Pelosi with repercussions if she visits Taiwan.
The heads of MI5 and the FBI have warned of a ‘immense’ threat from China.
Sir Stephen was speaking at the Center for Strategic and International Studies in Washington, DC, about the implications of Russia’s invasion of Ukraine and a “much broader contest unfolding over the successor to the post-Cold War international order.”

Throughout the Cold War, he said, Western powers benefited from negotiations that “improved our understanding of Soviet doctrine and capabilities – and vice versa.”

“This gave us both more confidence that we wouldn’t miscalculate our way into nuclear war,” he explained.

“Today, we do not have the same foundations as others who may pose a future threat to us, particularly China.

“Because trust and transparency are built through dialogue, we should be able to be more active in calling out noncompliance and misbehaviour when we see it.”

During the Cold War, USSR President Mikhail Gorbachev and US President Ronald Reagan met at the Reykjavik Summit. Sir Stephen continued that the risk of a “uncontrolled conflict” was being heightened by Russia’s repeated violations of treaty commitments, as well as the pace of China’s nuclear arsenal expansion and apparent “disdain” for arms control agreements.

He also mentioned the dangers of rapid technological advancement and the growing number of states developing weapons such as land-attack cruise missiles.

He stated that there was “no immediate prospect of all of the major powers coming together to establish new agreements,” so Nato members could concentrate on “work of strategic risk reduction.”

“We must act quickly to renew and strengthen confidence-building measures in order to reduce, if not eliminate, the causes of mistrust, fear, tensions, and hostilities,” he said.

“[Such measures] assist one side in correctly interpreting the actions of the other in a pre-crisis situation by exchanging reliable and continuous information on each other’s intentions.

“When states are open about their military capabilities and plans, confidence and trust grow.”

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Scotland’s drug deaths total down for first time in eight years

  • The number of people who died as a result of drug abuse in Scotland fell slightly to 1,330 last year. Scotland’s drug misuse rate remains roughly 3.7 times that of the rest of the UK.
  • In one year, an addict was saved from overdose nine times. Benzodiazepines, such as diazepam and etizolam, were involved in 69% of drug overdose deaths.
  • Former chief inspector of prisons and ex-chief constable of Lothian and Borders Police has called for a “public health approach” to the crisis.

Last year, the number of people who died as a result of drug abuse in Scotland fell slightly to 1,330, the lowest figure in eight years.

According to National Records for Scotland (NRS) statistics, there were nine fewer deaths than the previous year’s total of 1,339 deaths.

However, Scotland continues to have the highest drug death rate of any European country.

Since 2013, the upward trend has been accelerating.

The most recent figure of 1,330 remains the second highest annual total on record, and Scotland’s drug misuse rate remains roughly 3.7 times that of the rest of the UK.

In one year, an addict was saved from overdose nine times.
Drugs chief says punishing addicts must end, calling a £250 million pledge to reduce drug deaths in Scotland a “disgrace.”
Angela Constance, Scotland’s drugs policy minister, said the number of deaths was “unacceptable” and that work to address the crisis would continue “at pace.”

“These latest statistics provide yet more heartbreaking reading,” she said. While there is still much work to be done, every life saved means one less family grieving, and I am determined that we can use the recent halt in the upward trend as a platform for real change.

“My priority now is to take action and deliver new investment to improve services and get more people into treatment that works for them.”

In comparison to other European countries, Scottish Conservative leader Douglas Ross described the drug death figures as “off-the-scale bad” and “so uniquely awful.”

“The enormity of this national emergency is laid bare in this heartbreaking toll of fatalities,” he added.

“These figures are a source of embarrassment for Nicola Sturgeon, who has presided over a massive increase in Scotland’s drug-deaths epidemic.”

According to the statistics, 65 percent of those who died were between the ages of 35 and 54, and more than two-thirds (70 percent) were men.

For the five-year period 2017-2021, Dundee city had the highest death rate of any local authority area (45.2 per 100,000 population), followed by Glasgow city (44.4) and Inverclyde (44.4). (35.7).

People in the most deprived areas were 15 times more likely than those in the least deprived areas to have died from drugs.

More than one drug was found in the body in 93 percent of all drug-related deaths.

In 2020, drug deaths in Scotland will reach an all-time high.
Opiates or opioids, such as heroin, morphine, and methadone, were responsible for 84 percent of the deaths.

Benzodiazepines, such as diazepam and etizolam, were involved in 69 percent of the cases.

It comes after the head of Scotland’s drug deaths taskforce called for a revamp of addiction services and drug law reform to prevent overdose deaths.

Former chief inspector of prisons and ex-chief constable of Lothian and Borders Police, David Strang, has echoed earlier calls for a “public health approach” to the crisis.

 

Julie Ramsay, vital events statistician at NRS, said: “Drug misuse deaths have increased substantially over the past few decades – there were more than five times as many deaths in 2021 compared with 1996.

“After adjusting for age, people in the most deprived areas were more than 15 times more likely to die from drug abuse in 2021 than those in the least deprived areas.” Over the last two decades, this ratio has widened.”

A Public Health Scotland report released last month revealed that, despite increased investment, addiction services are still falling short of key treatment targets.

It came after a watchdog called for more transparency in how extra funds were spent by services combating drug deaths.

Opposition parties claim that the Scottish government’s cuts to drug rehab and addiction programmes are a major cause of the recent increase in drug deaths.

‘A national disgrace’
“The SNP government must accept that their current approach isn’t working,” said Scottish Conservatives leader Douglas Ross.

Claire Baker, Scottish Labour’s drug policy spokesperson, said the “utterly shameful figures” demonstrated that the government was not making nearly enough progress.

“We cannot call something a public health emergency if we do not respond with emergency action,” she added.

“They [the SNP] can begin by investing in woefully underfunded drug and alcohol services, which they cut to the bone despite warnings, and by implementing the other Scottish Drug Death Taskforce recommendations.”

Scottish Lib Dem leader Alex Cole-Hamilton called for safe consumption spaces to be made available across the country, and for specialist drug and alcohol commissions to be set up.

He said: “Drug deaths remain almost four times worse than anywhere else in Europe.

“According to the first minister, her government lost sight of the ball. It is time for new measures to prevent people from dying.”

First Minister Nicola Sturgeon previously admitted that the number of deaths was “a national disgrace”, and that her government had not done enough to tackle the problem.

Last year, the Scottish government pledged to spend an extra £250m over five years in an attempt to reduce the number of deaths, including £20m a year on increasing the number of residential rehabilitation beds across the country.

The Scottish Drug Death Taskforce, which was set up in 2019, has also been working to increase the distribution of Naloxone, a medication that can reverse the effects of an opiate-related overdose.

In January, the previous head of the taskforce, Professor Catriona Matheson, told BBC Scotland she resigned as she was not prepared to do a “rush job” by publishing its final report six months early.

 

Her brother Tony Devine was found dead in his West Dunbartonshire home in June last year, aged 63. It was an overdose that took him after a 40-year battle with addiction, despite a spell in rehab and despite attending AA meetings.

Liz, who is two years older, believes Tony’s problems with drugs stemmed from their troubled childhood.

“Resilience plays a huge part in how you survive adverse childhood experiences,” she said. “You either go down with the ship or you start swimming.

“He was my little brother but he was always bigger than me. He actually was a very vulnerable child and a very vulnerable adult. I was very protective of him and I feel really bad that I couldn’t save him.”

 

She added: “We’re not helping them by throwing them in jail or even giving them community service, we need to get them into recovery and to be living a useful life, the same as everybody else – where they can make relationships and have access to their families.

“Let’s do something before it gets to the stage where you’re having to bury somebody.”

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