Conflict may trigger dry fruit price rise
The Israel-Iran military conflict may lead to a further increase in prices of imported nuts and
dry fruits
in India by exacerbating supply issues, said traders.
The commodities, sourced from Afghanistan and Iran, have already seen a 15-100% surge in prices as imports through Pakistan have been completely blocked in the aftermath of the April 22 Pahalgam terrorist attack, they said.
Industry representatives had a meeting with the central government authorities this week, seeking clarity on the duty structure for the Afghan-origin dry fruits imported through Iran.
However, the Israel-Iran conflict comes as a double-whammy for the industry, said people familiar with the matter.
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India Today
25 minutes ago
- India Today
'Just like I got India and Pak...': Trump says Israel, Iran will make deal
As Iran fired a barrage of ballistic missiles on Israel, US President Donald Trump on Sunday claimed that the long-time Middle East foes will have peace "soon". Repeating his claim that he brokered a ceasefire between India and Pakistan following their four-day military conflict, Trump said Israel and Iran should make a remarks came after Israel launched Operation Rising Lion early Friday, targeting Iran's nuclear, missile and military infrastructure. Iran later launched retaliatory strikes on Israel, which has threatened even greater force, after some Iranian missiles struck buildings in the heart of the ISRAEL-IRAN CONFLICT LIVE UPDATES Trump, who, just a few hours ago, warned that US forces "would come down" heavily on Iran if American assets were attacked, asserted that "many calls and meetings" were taking place and that peace will be achieved "soon" between Israel and Iran. He cited a few instances where countries were involved in military conflicts during his first term and blamed his predecessor Joe Biden for his policies."Iran and Israel should make a deal, and will make a deal, just like I got India and Pakistan to make, in that case, by using trade with the United States to bring reason, cohesion, and sanity into the talks with two excellent leaders who were able to quickly make a decision and stop! Also, during my first term, Serbia and Kosovo were going at it hot and heavy, as they have for many decades, and this long-time conflict was ready to break out into war. I stopped it (Biden has hurt the longer-term prospects with some very stupid decisions, but I will fix it, again!)," he wrote on Truth case is Egypt and Ethiopia, and their fight over a massive dam that is having an effect on the magnificent Nile River. There is peace, at least for now, because of my intervention, and it will stay that way! Likewise, we will have peace, soon, between Israel and Iran! Many calls and meetings are now taking place. I do a lot, and never get credit for anything, but that's okay, the people understand. Make the Middle East Great Again," he CONFLICT INTENSIFIES ON 3RD DAYMeanwhile, Israel and Iran launched fresh attacks overnight, killing scores and intensifying fears of a wider regional of the deadliest strikes occurred in Tehran, where an Israeli missile hit a residential high-rise, killing at least 60 people, including 29 children, according to Iranian authorities. In a separate earlier strike near a home in northern Israel, three women were reported dead and ten others response, Tehran unleashed a fresh barrage of missiles on Israel. Iranian missiles entered Israel's skies in an attack that Israeli emergency officials said killed four people in an apartment building in the Galilee targeted Iran's defence ministry headquarters in Tehran and struck the world's largest natural gas processing unit linked to South Pars gas field along the Persian Gulf in Iran's Bushehr province on Saturday. The strikes marked a massive expansion of Israel's military offensive, which has increasingly targeted Iranian strategic Friday, Israeli Prime Minister Benjamin Netanyahu ordered a large-scale aerial assault on Iran, targeting nuclear facilities, military infrastructure and key leadership figures. Strikes reportedly hit over 150 sites, including Natanz and Isfahan, killing several top military commanders and nine nuclear declared that Iran's nuclear efforts were "in the 90th minute" and vowed more strikes to come, saying, "What they have felt so far is nothing compared with what they will be handed in the coming days."In retaliation, Iran fired roughly 200 ballistic missiles and drones at Israeli targets in four waves. Israel claimed most were intercepted, with help from US defence the Shanghai Cooperation Organisation (SCO) summit, India called for "dialogue and diplomacy" to de-escalate tensions in the region. This came after the China-led group issued a strong condemnation of Israeli strikes on Iran. India refrained from backing the statement, instead emphasising the need for restraint.(with inputs from agencies)Trending Reel IN THIS STORY#Donald Trump#Israel#Iran#Middle East
Mint
34 minutes ago
- Mint
Egypt Leads Mideast Stock Losses Amid Strikes; Israel Rebounds
Most Middle Eastern markets dropped on Sunday as investors signaled growing concerns of a wider conflict amid tit-for-tat attacks by Israel and Iran. Egypt's main stock index was the worst performer among markets that opened for the first time since the attack began on Friday, posting the biggest losses in more than a year on concerns that a halt in Israeli gas production will lead to fuel shortages in the import-dependent country. Its currency weakened past the 50-per-dollar mark at local bank trades. Israel's equity benchmark ended higher, erasing intraday losses, as defense supplier Elbit Systems Ltd. rallied. In Saudi Arabia, the Tadawul gauge's declines were limited by Aramco, which gained on the back of higher oil prices. The escalation comes at a challenging time for Middle Eastern equities after they underperformed global markets so far this year, dragged by oil-price volatility, geopolitical uncertainty and fiscal strains in some countries including Saudi Arabia. The weekend's events have already dented hopes for a quick end to the hostilities and boosted demand for haven assets such as gold and the dollar. 'It is no surprise that with an open-ended Israel-Iran shooting war under way, that regional markets have been pounded too, as far as Egypt, which has seen gas supplies from Israel cut off,' said Hasnain Malik, a strategist at Tellimer in Dubai. 'The spike in oil price reflects the risk of Iranian exports going offline but not serious disruption to the Strait of Hormuz, through which 20% of global oil falls.' Israel and Iran continued to bombard each other for a third day, their long-standing enmity erupting into open conflict on the heels of hostilities in Gaza and Lebanon. It has already led to the cancellation of nuclear talks between Iran and the US and undermined cross-asset bets in the region predicated on a return of peace. Egypt's EGX 30 Index fell as much as 7.7%, before paring losses to 4.6%. All its 31 stocks posted declines, while the pound traded as weak as 50.6 units per dollar, according to local-bank quotes. Israel shut down production at its biggest natural gas field over the weekend, stopping supplies to Egypt. Israel's stock index rose 0.5% as of 4:05 p.m in Tel Aviv thanks to a 6% jump in defense supplier Elbit. The maker of rockets, drones and aerial defense systems for Israel's army said last month it's betting on growing business in Europe as well. The Saudi market mostly joined the selloff as 222 of the benchmark index's 253 stocks posted losses. However, the impact was offset by gains for Saudi Aramco, which rose 1.8% on the back of Friday's surge in crude prices. Other markets across the region including Kuwait and Qatar retreated. Investors' key concern remains oil supply chains and prices. West Texas Intermediate crude futures advanced more than 7% to settle near $73 a barrel on Friday, for the biggest one-day jump since March 2022. 'In the most negative scenario of a complete disruption to Iranian oil supply and a closure of the strait of Hormuz, oil could rise to above $120 per barrel,' said George Saravelos, global head of FX strategy at Deutsche Bank AG. With assistance from Galit Altstein, Omar Tamo and Tarek El-Tablawy. This article was generated from an automated news agency feed without modifications to text.
The Hindu
36 minutes ago
- The Hindu
G7 leaders gather in Canada for summit overshadowed by Israel-Iran crisis, trade wars
Leaders of some of the world's biggest economic powers arrive in the Canadian Rockies on Sunday (June 15, 2025) for a Group of Seven summit, overshadowed by an escalating conflict between Israel and Iran and U.S. President Donald Trump's unresolved trade war with allies and rivals alike. Israel-Iran conflict LIVE Israel's strikes on Iran and Tehran's retaliation, which appeared to catch many world leaders unawares, are the latest sign of a more volatile world as Mr. Trump seeks to withdraw the U.S. from its role as world policeman. Speaking on a flight to Canada to attend the summit, British Prime Minister Keir Starmer said he had discussed efforts to de-escalate the crisis with Mr. Trump and Israeli Prime Minister Benjamin Netanyahu, as well as other world leaders. Britain is sending fighter jets and other military reinforcements to the Middle East. 'We do have longstanding concerns about the nuclear programme Iran has. We do recognise Israel's right to self-defence, but I'm absolutely clear that this needs to de-escalate. There is a huge risk of escalation for the region and more widely," Mr. Starmer said, adding he expected 'intense discussions' would continue at the summit. Trump is summit's wild card As summit host, Canadian Prime Minister Mark Carney has decided to abandon the annual practice of issuing a joint statement, or communique, at the end of the meeting. With other leaders wanting to talk to Mr. Trump in an effort to talk him out of imposing tariffs, the summit risks being a series of bilateral conversations rather than a show of unity. Mr. Trump is the summit wild card. Looming over the meeting are his inflammatory threats to make Canada the 51st state and take over Greenland. French President Emmanuel Macron arrived in Greenland on Sunday (June 15, 2025) for a highly symbolic stop on his way to Canada, meeting the Arctic territory's leader and Denmark's prime minister aboard a Danish helicopter carrier. Mr. Macron's office said the trip to Greenland is a reminder that Paris supports principles of sovereignty, territorial integrity and the inviolability of borders as enshrined in the UN charter. Mr. Macron, who is one of the very few leaders to have known Mr. Trump during his first term, was the first European leader to visit the White House after Mr. Trump took office, emerging unscathed from the Oval Office encounter. But despite the two leaders' sporadic bromance, Mr. Macron's approach to Mr. Trump has failed to bear major results, with France caught up in the president's planned tariffs on the European Union. Nor did it bring any U.S. security guarantees for Ukraine despite Mr. Macron's efforts, together with Mr. Starmer, to build a coalition of nations that could deploy forces after any ceasefire with Russia, with the hope it would convince the Trump administration to provide backup. Mr. Trump is scheduled to arrive late Sunday (June 15, 2025) in Kananaskis, Alberta. Bilateral meetings between other leaders are possible on Sunday (June 15, 2025), but the summit programme does not get underway until Monday (June 16, 2025). Peter Boehm, Canada's sherpa of the 2018 G7 summit in Quebec and veteran of six G7 summits, expects the heads of state to pivot discussion to devote more time to the war. 'Leaders can accommodate a discussion, perhaps even a statement,' Mr. Boehm said. 'The foreign policy agenda has become much larger with this.' He tends to be a 'bully' Leaders who are not part of the G7 but have been invited to the summit by Mr. Carney include the heads of state of India, Ukraine, Brazil, South Africa, South Korea, Australia, Mexico and the UAE. Avoiding tariffs will continue to be top of mind. 'Leaders, and there are some new ones coming, will want to meet Donald Trump,' Mr. Boehm said. 'Trump doesn't like the big round table as much he likes the one-on-one.' Bilateral meetings with the American president can be fraught, as Mr. Trump has used them to try to intimidate the leaders of Ukraine and South Africa. Former Canadian Prime Minister Jean Chrétien told a panel this week that if Mr. Trump does act out, leaders should ignore him and remain calm like Carney did in his recent Oval Office meeting. 'He tends to be a bully,' Mr. Chrétien said. 'If Trump has decided to make a show to be in the news, he will do something crazy. Let him do it and keep talking normally.' Mr. Starmer had a warm Oval Office meeting with the president in February, wooing Mr. Trump with an invitation for a state visit from King Charles III. Mr. Trump has praised the British prime minister, despite their political differences. Zelenskyy expected to meet Trump Last month, Britain and the U.S. announced they had struck a trade deal that will slash American tariffs on U.K. autos, steel and aluminium. It has yet to take effect, however, though British officials say they are not concerned that the Trump administration might go back on its word. Mr. Starmer's attempts to woo Mr. Trump have left him in an awkward position with Canada, the UK's former colony, close ally and fellow Commonwealth member. Mr. Starmer has also drawn criticism — especially from Canadians — for failing to address Mr. Trump's stated desire to make Canada the 51st state. Asked if he has told Mr. Trump to stop the 51st state threats, Mr. Starmer told The Associated Press: 'I'm not going to get into the precise conversations I've had, but let me be absolutely clear: Canada is an independent, sovereign country and a much-valued member of the Commonwealth.' The war in Ukraine will be on the agenda. President Volodymyr Zelenskyy is due to attend the summit and is expected to meet with Mr. Trump, a reunion coming just months after their bruising Oval Office encounter, which laid bare the risks of having a meeting with the U.S. president. Mr. Starmer met with Mr. Carney in Ottawa before the summit for talks focused on security and trade, in the first visit to Canada by a British prime minister for eight years. German officials were keen to counter the suggestion that the summit would be a 'six against one' event, noting that the G7 countries have plenty of differences of emphasis among themselves on various issues. 'The only the problem you cannot forecast is what the President of the United States will do depending on the mood, the need to be in the news," said Chrétien.
