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China Allows State Oil Firms to Tap Their Reserves as War Drags

The Chinese government has given state refiners the green light to tap commercial reserves of oil, according to people familiar with the matter, as a six-week war in the Middle East creates a global energy crunch.

India’s Glassmakers Face Gas Crunch

Gas shortages linked to the Iran conflict have reached India’s factories. Glassmakers are cutting output, with ripple effects from liquor companies to global retailers like Walmart. (Source: Bloomberg)

Emerging-Market Stocks Set for Best Weekly Gain Since 2020 Before Iran Talks

Emerging-market stocks are on track for their biggest weekly gain in close to six years ahead of US-Iran talks this weekend, with investors hopeful of further easing in Middle East tensions amid a shaky ceasefire.

Sindh announces early closure of markets, malls under austerity measures

The Sindh government on Friday announced new operating hours for markets, restaurants, and wedding halls under federal austerity measures, according to a notification issued by the home department. Earlier this week, the federal government decided to close markets and shopping malls across Punjab, Khyber Pakhtunkhwa (K-P), Balochistan, Islamabad Capital Territory, Gilgit-Baltistan (G-B), and Azad Jammu and Kashmir by 8 PM. The decision was made during a key review meeting chaired by Prime...

Hormuz traffic plummets as Iran asserts control

• Global oil supply cut by 20pc; backlog of hundreds of ships grows• Truce brings little relief as security firms warn of persistent risks LONDON: Ship traffic through the Strait of Hormuz stood at well below 10 per cent of normal volumes on Thursday despite a US-Iran ceasefire as Tehran asserted its control by warning ships to keep to its territorial waters. Hundreds of tankers and other ships have been stuck inside the Gulf since a war with Iran began on Feb 28, cutting global oil supply by 20...

Shipping in Strait of Hormuz still at a trickle despite US-Iran ceasefire

Trump accuses Tehran of failing to live up to agreement to reopen critical waterway.

Moscow lifts ban on Pakistani potatoes

ISLAMABAD: Russia has lifted its ban on importing potatoes from Pakistan, allowing shipments from Punjab to enter the Russian Federation, effective April 8. The government raised the issue of the ban with the Federal Service for Veterinary and Phytosanitary Surveillance (Rosselkhoznadzor) in February, submitting pest status records and laboratory diagnostic reports confirming the absence of the identified pests and pathogens in the potato crop. An official announcement stated that the decision t...

Pakistan growth seen at 4.5% in FY2027: ADB

Pakistan’s economy is expected to grow by 3.5% in fiscal year 2026 and 4.5% in FY2027, as a recovery in manufacturing and rising investment sustain momentum following stabilisation in FY2025, the Asian Development Bank said on Friday. In its Asian Development Outlook, April 2026, the bank said economic growth had already strengthened to 3.1% in FY2025, supported by tight macroeconomic policies and progress on reforms. “Pakistan’s economy has stabilised and begun to show...

Lawmakers’ schemes outpace sluggish uplift spending

• Govt spends only 41.5pc of development budget in first nine months• PSDP already cut by Rs90bn to fund fuel subsidies• Parliamentarians’ schemes see 70pc utilisation in just four months ISLAMABAD: Barring about 70 per cent utilisation of public funds for ruling parliamentarians’ schemes, the government and its agencies struggled with the development programme, spending less than half of the budget allocations for public welfare projects under the Public Sector Development Programme (PSDP) in t...

Asian stocks set for best week since 2022 ahead of US-Iran talks

Asian stocks advanced on Friday, putting them on track for their best week in more than three years, as Israel sought talks with Lebanon, raising hopes for a break in Middle East hostilities and an opening of the crucial Strait of Hormuz. Iran cited Israel's ongoing attacks on Lebanon as a key sticking point in its ceasefire agreement with the United States, which requires Iran to reopen the strait, through which a fifth of global energy supplies typically pass. Delegations from Tehran...

Paying rent monthly in UAE instead of cheques: How it works, costs explained

Paying rent in smaller monthly instalments instead of large upfront cheques is becoming an increasingly popular option for tenants across the UAE. “I believe I was paying around Dh384 more per month, which to me was a totally acceptable amount of money for the flexibility,” said tenant Hasan Dada, who has been using a rent payment platform for over two years. “It is simply easier for me.”Like many residents, Dada said he preferred the predictability of monthly payments over the traditional cheq...

Uniqlo’s Owner Shares Hit Record After Boosting Profit Outlook

Fast Retailing Co. shares rose to a record after the Japanese retailer raised its full-year operating profit outlook, thanks to strong margins and gains driven by strong Uniqlo demand in the US and Europe.

Asian Development Bank warns Mideast conflict may hit regional growth

The conflict in the Middle East has amplified global geopolitical risks and intensified downside risks for the economic growth of developing Asia and the Pacific, according to a new report released by the Asian Development Bank (ADB) on Friday.The Asian Development Outlook April 2026 projected that under an early stabilization scenario, regional growth of developing Asia and the Pacific is expected to moderate to 5.1% in both 2026 and 2027, from 5.4% in 2025.However, if disruptions in the Middle...

Petroleum analyst expects "some form of release at the gas pump"

Gas prices remain above $4 amid lingering questions about the status of the Strait of Hormuz. Patrick De Haan, the head of petroleum analysis at GasBuddy, joins

Ecuador hikes tariffs to 100-percent in feud with neighbour Colombia

Daniel Noboa has accused Colombia's Gustavo Petro of failing to take 'effective measures' against drug trafficking.

How Middle East tensions impact prices in U.S.

Kelly O'Grady breaks down why the prices Americans pay in the U.S. often depend on what is happening in the Middle East.

Japan plans to release extra 20 days' oil reserves from May

Mercer Bonds Sink as Pulp Firm Seeks to Strip Lender Protections

Mercer International Inc.’s bonds slumped after it sought to ditch rules requiring equal treatment for all creditors — a move that would give the struggling pulp producer the power to pick and choose which lenders to favor in a restructuring.

Hot in the city: Energy crisis tests Singapore's air-con addiction

Hot in the city: Energy crisis tests Singapore's air-con addiction28 minutes agoShareSaveAdd as preferred on GoogleOsmond ChiaBusiness reporterGetty ImagesSingapore is infamous in Asia for its widespread use of air-conditioningSingapore - infamous for its widespread use of air-conditioning - has told government employees to bring up the temperature in offices to at least 25C (77F) as it grapples with rising energy prices caused by the Iran war.The city-state's public offices will also...

California files felony charges against 21 people in alleged $267m hospice fraud scheme

Suspects allegedly bought 14 hospice companies and used stolen identities to fraudulently bill state health planSign up for the Breaking News US email to get newsletter alerts in your inboxCalifornia authorities have filed felony charges against 21 people, who they say orchestrated a hospice fraud scheme that cost the state $267m, the state’s attorney general, Rob Bonta, announced on Thursday.The suspects allegedly bought personal identifying information for non-California residents from the dar...