New Zealand: Suspected explosive device found in Christchurch

Mumbai, Mar 9: The mayhem in domestic stock markets deepened with the BSE Sensex falling over 2,400 points and the Nifty50 trading below 10,400 points.

The plunge in the domestic indices was in line with the global markets on persistent fears of economic impact of the coronavirus epidemic.

Stocks of Reliance Industries registered the biggest fall in over 10 years as it fell to Rs 1,094.95 per share. At 1.34 p.m., it was trading at Rs 1,100, lower by Rs 170.05 or 13.39 per cent from its previous close. The stock fell most since October 2008.

The benchmark index of BSE Sensex was trading at 35,232.67 points, lower by 2,343.95 points or 6.24% from the previous close of 37,576.62 points. 

It had opened at the intra-day high of 36,950.20 and has so far touched a low of 35,109.18.

The Nifty50 on the National Stock Exchange was trading at 10,314.25 points, lower by 675.20 points or 6.14% from the previous close. 

It was a sell-off across sectors, led by financial, metal, energy and IT stocks - which weighed on the markets.

Further, crude oil prices also slumped around 30% on Monday as Organization of Petroleum Exporting Countries (OEPC) failed to agree on an output cut deal, eventually causing Saudi Arabia to cut its prices as it is likely to increase its production. Saudi Arabia's stance has already raised concerns of an all-out price war.

Brent crude futures are currently trading around $34 per barrel.

On Saturday, Saudi Arabia announced massive discounts to its official selling prices for April, and the nation is reportedly preparing to increase its production above the 10 million barrel per day mark, according to reports.

As per analysts, the oil market witnessed the worst price fall on Monday since the 1991 Gulf War.

Islamabad, Jan 3: The United Arab Emirates has extended USD 200 million aid to Pakistan for the development of the small and medium-sized enterprises in the country, Finance Adviser to Prime Minister Imran Khan said.

The announcement came after Abu Dhabi Crown Prince Sheikh Mohamed Bin Zayed Al Nahyan concluded his one-day visit to the country on Thursday.

"The money will be spent on small business promotion and jobs. This support is testimony to the expanding economic relations and friendship between our countries," the adviser, Abdul Hafeez Shaikh, on Thursday said.

The Crown Prince directed the Khalifa Fund for Enterprise Development to allocate USD 200 million in order to assist the Pakistani government's efforts to create a stable and balanced national economy that will help achieve the country's sustainable development, Dawn News reported on Friday.

During the visit, the prince met Prime Minister Khan and held talks on bilateral, regional and international issues.

The UAE is Pakistan's largest trading partner in the Middle East and a major source of investments. The UAE is also among Pakistan's prime development partners in education, health and energy sectors.

It hosts more than 1.6 million expatriate Pakistani community, which contributes remittances of around USD 4.5 billion annually to the GDP.

This is the Crown Prince's second visit to Pakistan since Khan took office in August 2018. He had last visited Pakistan on January 6 last year, just weeks after his country offered USD 3 billion financial assistance to Pakistan to deal with its balance of payment crisis.

The Crown Prince's visit was considered by experts as an attempt to woo Pakistan against the backdrop of recent developments when Saudi Arabia and UAE apparently used pressure to stop Pakistan from attending the Kuala Lumpur summit held last month.

The summit from December 19-21 was seen by Saudis as an attempt to create a new bloc in the Muslim world that could become an alternative to the dysfunctional Organisation of Islamic Cooperation led by the Gulf Kingdom.

The Seattle City Council, one of the most powerful city councils in the U.S., on Monday unanimously passed a resolution condemning India’s recently-enacted Citizenship Amendment Act (CAA) and the National Register of Citizens (NRC).

Reaffirming Seattle as a welcoming city and expressing solidarity with the city’s South Asian community regardless of religion and caste, the resolution “resolves that the Seattle City Council opposes the National Register of Citizens and the Citizenship Amendment Act in India, and finds these policies to be discriminatory to Muslims, oppressed castes, women, indigenous, and LGBT people“.

Introduced by Indian American City Council member Kshama Sawant, the resolution urges the Parliament of India to uphold the Indian Constitution by repealing the CAA, and to stop the National Register of Citizens, and take steps towards helping refugees by ratifying various UN treaties on refugees.

“Seattle City’s decision to condemn CAA should be a message to all who wish to undermine pluralism and religious freedom. They cannot peddle in hate and bigotry, and expect to have international acceptability at the same time,” said Ahsan Khan, president of Indian American Muslim Council.

Thenmozhi Soundararajan of Equality Labs, which organised the community in support of the resolution, welcomed its passage. “We are proud of the Seattle City Council for standing on the right side of history today. Seattle is leading the moral consensus in the global outcry against the CAA, she said.

Soundararajan said that thousands of organizers across the country have called, e-mailed, and visited Seattle City Council members to amplify this resolution, and it sets an example to cities across the United States.

“At a time when members of the Indian ruling party sided Trump, the Muslim ban, and his war on immigrants as justification for targeting hundreds of millions of Indian minorities, Americans have a unique responsibility to stand up and speak about this human rights crisis. We are glad that Seattle is leading the way on this,” she said.