Air India says its flight which suffered APU fire at New Delhi, grounded for further probe
The aircraft was flying from Hong Kong and the aircraft suffered some damage, a spokesperson for Air India said in a statement.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arab News
2 hours ago
- Arab News
Saudi Aramco lifts crude prices for Asian buyers
RIYADH: Saudi Aramco has increased the official selling price of its flagship Arab Light crude for Asian buyers in September. The state-owned energy giant raised the Arab Light price by $1 per barrel from August to a premium of $3.20 over the average of Oman and Dubai crude benchmarks, according to an official statement issued on Wednesday. Prices for Arab Extra Light rose by $1.20 per barrel, while Arab Heavy gained $0.70. In North America, Aramco set the September OSP for Arab Light at $4.20 per barrel above the Argus Sour Crude Index. The company prices its crude across five density-based grades: Super Light (above 40), Arab Extra Light (36-40), Arab Light (32-36), Arab Medium (29-32), and Arab Heavy (below 29). Aramco's monthly pricing decisions influence around 9 million barrels per day of crude exports to Asia and act as a benchmark for other major producers, including Iran, Kuwait, and Iraq. The adjustments are based on feedback from refiners and an assessment of crude value changes, product prices, and yields. The price revisions come as the OPEC+ alliance agreed earlier this week to increase collective oil production by 547,000 barrels per day in September, citing improved global economic prospects and stable market fundamentals. This move concludes the phased reversal of 2.2 million bpd in voluntary cuts introduced by eight members in 2023 to stabilize prices amid economic uncertainty. The group reaffirmed its commitment to full compliance with the Declaration of Cooperation, with the Joint Ministerial Monitoring Committee continuing oversight. The September hike will raise Saudi Arabia's output to 9.97 million bpd. Russia is set to produce 9.44 million bpd, Iraq 4.22 million, and the UAE 3.37 million. Output targets for Kuwait, Kazakhstan, Algeria, and Oman are projected at 2.54 million, 1.55 million, 959,000, and 801,000 bpd, respectively.
Arab News
2 hours ago
- Arab News
Pakistan says evidence of money laundering by top real estate firm, founder found by FIA
ISLAMABAD: Pakistan's Information Minister Attaullah Tarar announced on Wednesday that the Federal Investigation Agency (FIA) has collected evidence of money laundering, amounting to billions of rupees, by the country's top real estate firm Bahria Town and its founder Malik Riaz Hussain. The development takes place amid a high-profile crackdown against Bahria Town. The National Accountability Bureau (NAB), Pakistan's anti-graft body, had earlier announced auctioning six Bahria Town properties in August. NAB said the sale aims to recover unpaid amounts from a settlement deal linked to the £190 million case involving Hussain. Hussain has spoken publicly for months about being pressured due to 'political motives' and facing financial losses. In a televised message on Wednesday, Tarar said the FIA had conducted a raid on Tuesday at the Begum Akhter Rukhsana Memorial Trust Safari Hospital, during which it recovered evidence of Bahria Town's money laundering involving Rs1.12 billion [$3.9 million]. He said Bahria Town staff members at the hospital attempted to destroy the documents when the raid was conducted, and that though some records were lost, the majority of the evidence was successfully recovered. 'The action that has been taken, this setup that they [Bahria Town] were running in the hospital, is clear proof that billions of rupees were being transferred out of the country through illegal means to damage its economy,' Tarar said. He said this amount was not sent abroad via official or banking channels, rather through hundi-hawala networks. The minister alleged that the Safari Hospital was being used as a 'front' to conceal cash and official records from authorities. Tarar alleged that a man named Khalil, who oversaw Bahria Town's operations, is currently in custody. Similarly, the minister said individuals named Imran and Qaiser were found to be operating a hundi-hawala network, with connections to Bahria Town's chief financial officer and director of finance. The information minister said the hospital's ambulance was employed to transport documents and money. He said the FIA is investigating the case, saying that the locations of several individuals who have absconded have already been identified. He urged those suspects to present themselves before the law, noting that comprehensive evidence has been collected against them. Tarar assured the residents of Bahria Town that their rights will remain protected during the course of the investigation. 'This action over money laundering is against Malik Riaz and his officials and his family members who are involved in this,' he said. Riaz or Bahria Town has so far not responded to the allegations. HUSSAIN, AL-QADIR TRUST CASE While Hussain has not explicitly named who was pressuring him or why, media and analysts widely speculate the crackdown relates to the Al-Qadir Trust case, which involves accusations former prime minister Imran Khan and his wife, during his premiership from 2018-2022, were given land by Hussain as a bribe in exchange for illegal favors. In January, a court sentenced Khan to 14 years imprisonment in the Al-Qadir Trust case. In 2019, Britain's National Crime Agency (NCA) said Hussain had agreed to hand over £190 million held in Britain to settle a UK investigation into whether the money was from the proceeds of crime. The agency said the assets would be passed to the government of Pakistan and the settlement with Hussain was 'a civil matter, and does not represent a finding of guilt.' The case made against Hussain and ex-PM Khan was that instead of putting the tycoon's settlement money in Pakistan's treasury, Khan's government used the money to pay fines levied by a court against Hussain for illegal acquisition of government lands at below-market value for development in Karachi. Hussain, who hasn't appeared before an anti-graft agency to submit his reply to summons issued to him, has denied any wrongdoing. Khan and his wife have also pleaded innocence. The latest development marks another escalation in the legal troubles facing Hussain, widely regarded for years as Pakistan's most influential businessman, known for close ties with political, media and military elites. On Tuesday, Hussain said in a statement on social media platform X his property empire was on the brink of collapse due to what he termed a politically motivated crackdown. He claimed Bahria Town's bank accounts had been frozen, vehicles seized and dozens of employees arrested, forcing a near shutdown of operations. 'The situation has reached a point where we are being forced to completely shut down all Bahria Town activities across Pakistan,' Hussain said. 'We apologize to the residents and stakeholders of Bahria Town.' Earlier this year in January, NAB put out a public notice cautioning people against investing in Hussain's new real estate venture to build luxury apartments in Dubai.
Arab News
3 hours ago
- Arab News
Trump imposes additional 25 percent tariff on Indian goods, relations hit new low
US President Donald Trump on Wednesday issued an executive order imposing an additional 25 percent tariff on Indian goods citing New Delhi's continued imports of Russian oil, sharply escalating tensions between the two countries after trade talks collapsed. The new measure raises tariffs on some Indian goods to as high as 50 percent — among the steepest faced by any US trading partner. The move is expected to hit key Indian export sectors including textiles, footwear, and gems and jewelery and marks the most serious downturn in US-India relations since Trump returned to office in January. It also comes as Indian Prime Minister Narendra Modi prepares for his first visit to China in over seven years, suggesting a potential realignment in alliances as ties with Washington fray. 'India will take all actions necessary to protect its national interests,' India's external affairs ministry said in a statement, saying it was 'extremely unfortunate that the US should choose to impose additional tariffs on India for actions that several other countries are also taking in their own national interest.' It said India's imports were based on market factors and aimed at energy security for its population of 1.4 billion. Trade analysts warned the tariffs could severely disrupt Indian exports. The additional 25 percent tariff comes into effect 21 days after August 7, the order said. 'With such obnoxious tariff rates, trade between the two nations would be practically dead,' said Madhavi Arora, economist at Emkay Global. Indian officials have privately acknowledged growing pressure to return to the negotiating table. A potential compromise could involve a phased reduction in Russian oil imports and diversification of energy sources. A senior Indian official said New Delhi was blindsided by the sudden imposition of the new levy and the steep rate, as both countries continue to discuss trade issues. Trump's decision follows five rounds of inconclusive trade negotiations, which stalled over US demands for greater access to Indian agriculture and dairy markets. India's refusal to curb Russian oil purchases — which surged to a record $52 billion last year — ultimately triggered the tariff escalation. 'Exports to the US become unviable at this rate. Clearly, risks to growth and exports are rising, and the rupee may face renewed pressure,' said Garima Kapoor, economist at Elara Securities. 'Calls for fiscal support are likely to intensify.' Trump's executive order does not mention China, which also buys Russian oil. A White House official had no immediate comment on whether an additional order covering those purchases would be forthcoming. US Treasury Secretary Scott Bessent last week said he warned Chinese officials that continued purchases of sanctioned Russian oil would lead to big tariffs due to legislation in Congress, but was told that Beijing would protect its energy sovereignty. The US and China have been engaged in discussions about trade and tariffs, with an eye to extending a 90-day tariff truce that is due to expire on August 12, when their bilateral tariffs shoot back up to triple-digit figures.
