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US announces reward for info on Afghan-American taken by Taliban

US announces reward for info on Afghan-American taken by Taliban

WASHINGTON: The US on Monday announced a reward of up to $5 million for information leading to the location and release of Mahmoud Habibi, an Afghan-American businessman who was detained by the Taliban's intelligence service on August 10, 2022.
A former civil aviation chief under Afghanistan's ousted Western-backed government, Habibi and his driver were seized along with 29 other employees of the Kabul telecommunications firm for which he worked, said a State Department notice.

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Dollar slips in broad risk rally after Trump announces Israel-Iran ceasefire
Dollar slips in broad risk rally after Trump announces Israel-Iran ceasefire

Business Recorder

time4 hours ago

  • Business Recorder

Dollar slips in broad risk rally after Trump announces Israel-Iran ceasefire

SINGAPORE: The dollar fell on Tuesday while the Australian and New Zealand dollars rose after U.S. President Donald Trump announced a ceasefire between Israel and Iran, in news that sent investors cheering and sparked a risk rally across markets. Trump announced a complete ceasefire between Israel and Iran, potentially ending the 12-day conflict that saw millions flee Tehran and prompted fears of further escalation in the war-torn region. There was no immediate comment yet from Israel. While an Iranian official earlier confirmed that Tehran had agreed to a ceasefire, the country's foreign minister said there would be no cessation of hostilities unless Israel stopped its attacks. Dollar firms as markets brace for Iran response to US attacks The risk-sensitive Aussie got a lift and last traded 0.3% higher at $0.6480 as did the kiwi , which rose 0.3% to $0.5994. Israel's shekel rallied sharply too, as it jumped 1% against the dollar to its strongest level since February 2023. 'It's obviously positive news for risk sentiment,' said Rodrigo Catril, senior currency strategist at National Australia Bank. 'We need to obviously have a bit more detail in terms of exactly what all this means… I suppose it will be the conditions of the ceasefire, and what are the conditions for a more longer-lasting peace deal.' The dollar, which last week drew support from safe-haven demand, fell broadly in the wake of the news. Against the yen, the greenback was down 0.37% at 145.60. The euro rose 0.12% to $1.1592 and sterling advanced 0.11% to $1.3541. The yen and euro benefited from the slide in oil prices as both the EU and Japan rely heavily on imports of oil and liquefied natural gas, while the United States is a net exporter. Trump's comments on his Truth Social site came after Iran launched a missile attack on an American air base in Qatar on Monday that caused no injuries, in a move which he dismissed as a 'weak response' to U.S. attacks. Adding to headwinds for the dollar were dovish comments from Federal Reserve policymaker Michelle Bowman, who said the U.S. central bank should consider interest rate cuts soon. Bowman's openness to cutting rates soon is supported by Fed Governor Christopher Waller, who said in a television interview last week he'd also consider a rate cut at next month's meeting. Against a basket of currencies, the dollar was little changed at 98.23, having declined more than 0.5% in the previous session. 'There appears to be increasing division among the ranks of the Fed board ahead of Fed Chair Powell's testimony,' said Tony Sycamore, a market analyst at IG. 'The chance of a July rate cut… is still underpriced. I think it should be higher than that.' Markets are now pricing in more than a 20% chance the Fed could ease rates in July, up from 14.5% a day ago, according to the CME FedWatch tool. Fed Chair Jerome Powell is due to testify before the U.S. Congress on Tuesday and Wednesday, where focus will be on the outlook for U.S. rates. In cryptocurrencies, bitcoin rose more than 1% to $104,939.26, while ether jumped 2.1% to $2,397.65, in a reflection of the positive risk sentiment.

Towards a climate-informed NFC Award
Towards a climate-informed NFC Award

Business Recorder

time5 hours ago

  • Business Recorder

Towards a climate-informed NFC Award

EDITORIAL: Planning Minister Ahsan Iqbal's recent announcement that the federal government is contemplating a revision to the criteria for the National Finance Commission (NFC) Award to better reflect the country's ecological and environmental realities deserves careful consideration. It signals a growing recognition of the need for climate-aware fiscal frameworks that ensure more equitable resource distribution. Terming the current population-based formula — where 82 percent weightage is given to population and the rest to factors like poverty, revenue generation and inverse population density — as 'regressive', he indicated that the government will push for including climate adaptation and other social sector indicators as key criteria when the NFC convenes for a crucial meeting in August. This marks the latest signal of the Centre's intent to reduce the dominant role population plays in shaping the inter-provincial fiscal compact. In recent months, Finance Minister Muhammad Aurangzeb has also called for a 'fundamental rethink' of the population-heavy NFC formula. And given the trajectory of the economy since the 7th NFC Award came into effect in 2009, the case for revisiting the fiscal distribution framework looks increasingly compelling. By disproportionately prioritising population, the NFC formula has long overlooked structural inequities among the provinces in terms of development indicators, infrastructure and security needs. Worse still, it has created a perverse incentive for unchecked population growth, placing unsustainable pressure on economic, environmental and social resources, while also deepening the climate crisis. A runaway annual population growth rate of 2.55 percent rapidly depleting the country's already strained resources, and a worsening climate crisis battering the economy and upending millions of lives, in fact, together form the twin existential threats confronting us. Given this, it is encouraging that the government is not just reconsidering the NFC framework, it has also directed a sizeable share of the upcoming fiscal year's budget towards climate-resilient development. However, the budget document is marred by policy contradictions and a lack of clarity on how it intends to prioritise climate-related goals. A notable feature of the budget is the rollout of the IMF-backed Climate Budget Tagging tool, aimed at identifying and categorising Public Sector Development Programme expenditures according to their relevance to climate objectives. Under this framework, projects are categorised under either adaptation, mitigation, or supporting activities. To this end, the government has allocated Rs85.43 billion for adaptation — measures aimed at preparing for climate change impacts, like floods — Rs603 billion for mitigation, which focuses on reducing emissions, and Rs28.33 billion for supporting functions, including research and institutional development. While the largest share of the funding has gone to mitigation, the finance minister has repeatedly stressed that our most pressing challenge remains adaptation – an entirely valid assertion, given that this category encompasses a wide range of critical initiatives like flood protection, water resource management and climate-resilient agriculture. Yet, the funds set aside for adaptation remain disproportionately small. There seems to be little focus on developing new drought-resistant crop varieties, retrofitting aging infrastructure to protect against extreme weather, or establishing robust early warning systems. Furthermore, contradictions within the mitigation framework are also evident: a 2.5 percent carbon levy has been imposed on the fossil fuel industry, but any benefit accrued here will just be undermined by the simultaneous duties introduced on solar imports. Crucially, funding for the climate change ministry has been slashed from Rs3.5 billion to Rs2.7 billion, hindering climate research and capacity building. Given this, policymakers must recognise that a climate-informed revision of the NFC Award, while welcome, must be matched by greater coherence in the national climate agenda. The budget reflects troubling contradictions and lack of clear direction, particularly in its neglect of urgently needed adaptation efforts. Unless these gaps are addressed, any shift in fiscal thinking will struggle to deliver meaningful results. Copyright Business Recorder, 2025

US announces reward for info on Afghan-American taken by Taliban
US announces reward for info on Afghan-American taken by Taliban

Business Recorder

time5 hours ago

  • Business Recorder

US announces reward for info on Afghan-American taken by Taliban

WASHINGTON: The US on Monday announced a reward of up to $5 million for information leading to the location and release of Mahmoud Habibi, an Afghan-American businessman who was detained by the Taliban's intelligence service on August 10, 2022. A former civil aviation chief under Afghanistan's ousted Western-backed government, Habibi and his driver were seized along with 29 other employees of the Kabul telecommunications firm for which he worked, said a State Department notice.

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