NEW DELHI: India’s antitrust watchdog has ordered Dubai’s DP World and Denmark’s A.P. Moller-Maersk and to withdraw certain customer adviseries which it said could hamper growth of the country’s largest container port in Mumbai, a document seen by Reuters showed.
The Competition Commission of India (CCI) last year ordered a probe into suspected antitrust violations by DP World and Maersk units at the terminals they operate at state-owned Jawaharlal Nehru Port Trust (JNPT).
Handling 66 million tons of cargo in the last fiscal year to March, JNPT is critical to India’s international trade. The port handles more than half of India’s traffic in shipping containers each year.
The probe was ordered as the CCI found merit in a complaint filed by Singapore’s PSA International, which alleged the rival duo had created barriers to hinder the growth of PSA’s terminal by colluding on certain charges they levy at the port.
Though the terminal operators handle each other’s containers to help boost the port’s efficiency, PSA had alleged that DP World and Maersk last year issued adviseries aimed at discouraging port users from sending PSA’s containers to their terminals.
In an order issued by the CCI on Jan. 15, the watchdog ordered Maersk and DP World units to withdraw those adviseries, saying it “smacks of anti-competitive” conduct.
The adviseries, if not withdrawn, would cause “irretrievable damage or losses” not only to PSA, and would not augur well for the port’s development, according to the order. It has not been made public.
“This is likely to generate unwarranted uncertainty, chaos, discontent and anxiety among shipping lines and customers,” the CCI said.
The order is only an interim measure, and the wider probe continues.
A DP World spokesperson said the company had not received any such order from the Indian watchdog, but it was “committed to ensuring” it complies with all laws.
A.P. Moller-Maersk, the world’s biggest container shipping group, did not respond to queries. PSA, which is owned by Singapore government-owned investment fund Temasek Holdings, declined to comment.
The antitrust dispute at the JNPT is based on so-called inter-terminal transfers.
Under the system, freight trains arriving at JNPT typically carry containers destined for several terminals, but stop at just one that handles all the cargo on a given day. Other operators then collect their containers by truck for loading at their own terminals. A similar procedure is followed, in reverse, when imported containers are unloaded.
DP World’s advisory had said the inter-terminal operations with PSA were “inefficient and unviable.” Maersk had said its terminal “shall not be responsible” for handling containers to and from PSA-terminal bound trains.
Both the companies denied PSA’s allegations while arguing to the CCI that the adviseries were based on “commercial justifications,” the order said.
Units of Maersk, DP World and PSA operate four of the JNPT port’s five terminals, with the fifth owned by the government. The PSA terminal, inaugurated in February, is planned to be the largest, expected to nearly double JNPT’s capacity.
India watchdog orders DP World unit to withdraw some notices to clients at Mumbai port
India watchdog orders DP World unit to withdraw some notices to clients at Mumbai port
- India has been investigating antitrust violations at Mumbai port
- DP World, Maersk unit asked to withdraw some customer adviseries
Saudi Arabia a ‘pivotal force’ in reshaping world football and sport, says US expert
- Kristian Coates Ulrichsen speaking to SPA following release of his new book “Kingdom of Football: Saudi Arabia and the Remaking of World Soccer”
LONDON: Saudi Arabia is playing a central role in transforming global football and wider sport, according to Middle East expert Kristian Coates Ulrichsen of the Baker Institute for Public Policy at Rice University.
Speaking to the Saudi Press Agency following the release of his new book “Kingdom of Football: Saudi Arabia and the Remaking of World Soccer,” Ulrichsen said the Kingdom’s rise in global sport is “not a temporary shift but a broad transformation with political, economic, social, and cultural dimensions.”
He continued: “The Kingdom has undergone profound changes and has quickly and decisively entered the global sports arena through club acquisitions, sponsorship of major tournaments, and hosting high-profile events, notably the upcoming FIFA World Cup 2034.”
Ulrichsen noted the country’s long footballing heritage, with top-tier clubs approaching their centenary milestones and the national team having reached five consecutive AFC Asian Cup finals.
He also highlighted Saudi clubs’ strong record in continental competitions since the early 2000s.
In the book, he stresses that sport, entertainment, and tourism form “integral pillars of Vision 2030 and (are) essential to positioning Saudi Arabia as a global destination” in the coming years.
“Saudi Arabia’s engagement with sports has generated global impact across football, boxing, Formula 1, and even cricket, tennis, and e-sports,” he added.
“These sectors are expected to dominate international discussions throughout the next decade leading up to 2034.”
Pakistan’s top revenue-generating Sindh province unveils $12.4 billion budget with major tax cuts
- Sindh, home to commercial hub Karachi, wants to abolish five taxes to ease pressure on individuals, businesses
- Khyber Pakhtunkhwa, governed by jailed ex-PM Khan’s PTI, presents $7.63 billion budget for FY2025-26
KARACHI: Pakistan’s southern Sindh province on Friday proposed abolishing five taxes as it presented a Rs3.45 trillion ($12.41 billion) new budget for fiscal year 2025-26 to simplify taxation and alleviate financial pressure on people and small businesses.
Friday also saw Pakistan’s northwestern Khyber Pakhtunkhwa (KP) province announcing a surplus budget of Rs2,119 billion ($7.63 billion) for next year, without proposing any new taxes. The province allocated significant financial resources for the militancy-hit tribal districts and social welfare programs, according to the budget document.
SINDH
Sindh’s budget, which carries a deficit of Rs38.46 billion ($138.35 million), includes plans to eliminate professional tax, cotton fee and entertainment duty among other levies as part of broader reforms to support salaried individuals, small businesses, and cultural industries.
“I would like to share some important changes being planned to make our tax system simpler and to reduce the financial burden on both individuals and businesses,” Chief Minister Murad Ali Shah said while presenting the budget in the provincial assembly.
Sindh generates most of Pakistan’s revenues, more than 60 percent, and is the second most populous province ruled by Pakistan People’s Party of President Asif Ali Zardari, a coalition partner of Pakistan Muslim League-Nawaz party which leads the federal government.
Pakistan remains under a $7 billion International Monetary Fund (IMF) loan program approved last year and the Washington-based lender wants Islamabad to broaden its tax base by taxing incomes from agriculture, retail and real estate sectors at the provincial level.
The two provinces announced their new fiscal plans days after Pakistan’s federal government announced its FY26 budget targeting 4.2 percent economic growth, while aiming to arrest fiscal deficit at 3.9 percent of the GDP.
In Sindh, the province’s total revenue receipts are projected at Rs3.41 trillion ($12.27 billion) for FY2025-26, up 11.6 percent from the current fiscal year ending June. Transfers from the federal divisible pool, which account for 75 percent of revenue, are expected to rise 10.2 percent to Rs1.93 trillion ($6.94 billion). With additional grants and straight transfers, total federal receipts are estimated at Rs2.10 trillion ($7.55 billion).
Current Revenue Expenditure (CRE) has been set at Rs2.15 trillion ($7.73 billion), a 12.4 percent increase from the prior year, driven by higher salaries, pensions, and grants to non-financial institutions.
Allocations for key sectors have seen marked increases. The education budget has risen to Rs523.73 billion ($1.88 billion) – a 12.4 percent hike – with major investments in primary and secondary education. New initiatives include hiring 4,400 staff, opening four community colleges, and funding for 34,100 primary schools through cost centers.
The health sector will receive Rs326.5 billion ($1.17 billion), up 8 percent, including Rs19 billion ($68.35 million) for the Sindh Institute of Urology & Transplantation (SIUT) and Rs10 billion ($35.97 million) for a new hospital in Larkana.
Enhanced ambulance and mobile diagnostic services are also planned.
Grants-in-aid total Rs702 billion ($2.53 billion), reflecting allocations for hospitals, universities, and development bodies. A Rs520 billion ($1.87 billion) Annual Development Program (ADP) focuses on 475 new schemes targeting flood recovery, renewable energy, and underserved regions.
Karachi, the provincial capital of Sindh, will see major upgrades in transport and infrastructure. Fifty electric buses will launch this year, with 100 more expected by August. Bus Rapid Transit (BRT) Yellow Line is nearing completion, and the Red Line has passed the halfway mark.
The Karachi Safe City initiative will expand CCTV coverage using artificial intelligence, while blockchain-based land records, a KPI monitoring dashboard, and digital birth registration aim to enhance governance.
In rural areas, Rs20 billion ($71.95 million) has been allocated for pro-poor initiatives, while the new Benazir Hari Card will support 200,000 farmers. The Sindh Cooperative Bank is being explored to provide interest-free loans to progressive farmers.
KHYBER PAKHTUNKHWA
Presenting the new budget, Khyber Pakhtunkhwa’s Finance Minister Aftab Alam said the province achieved a Rs100 billion ($359.71 million) surplus in the outgoing fiscal year despite receiving Rs90 billion ($323.74 million) less in funds from the federal government.
The province is ruled by jailed former Prime Minister Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) party, which is in opposition at the federal level.
“Against all odds and skepticism, we not only met our budget targets but also ensured timely debt repayments of Rs49 billion [$176.26 million],” Alam said.
He added that KP’s own non-tax revenues rose by 74 percent this year, while the KP Revenue Authority collected Rs41.37 billion ($148.79 million) in the first 10 months of the outgoing fiscal year.
The province has set a tax revenue target of Rs83.5 billion ($300 million) and a non-tax revenue target of Rs45.5 billion ($163.71 million) for the next fiscal year, aiming to widen the tax net rather than impose new levies.
Federal transfers, including Rs1,147.91 billion ($4.13 billion) from tax revenues and Rs58.15 billion ($209.17 million) in oil windfall levy, are expected to form the bulk of receipts.
The tribal districts are set to receive Rs292.34 billion ($1.05 billion), including Rs50 billion ($179.85 million) under an accelerated implementation program and Rs39 billion ($140.28 million) for development.
Key initiatives include the expansion of the Sehat Card Plus with life insurance coverage, recruitment of 16,000 teachers, and establishment of new degree colleges.
The province’s police force will receive Rs693.7 million ($2.49 million) for modern arms and Rs1.22 billion ($4.39 million) for vehicles.
IFC to provide $400 million loan for Pakistan’s copper-gold Reko Diq mine
- The loan adds to a $300 million commitment announced in April, bringing the total to $700 million
- Reko Diq, one of the largest undeveloped copper-gold deposits, is being developed by Barrick Gold
ISLAMABAD: The International Finance Corporation will provide a $400 million subordinated loan for Pakistan’s Reko Diq copper-gold mine, according to an IFC disclosure on Friday.
The loan adds to a $300 million commitment announced in April, bringing IFC’s total financing for the project to $700 million. The estimated cost of the mine is $6.6 billion, to be funded through a mix of debt and equity from a consortium of lenders.
“The estimated total Project cost is $6.6bn, and it will be financed using a combination of debt and equity,” the disclosure said, adding that other parallel lenders will provide the remaining debt financing.
This type of loan, known as subordinated debt, is typically repaid after other senior loans and helps absorb more risk, making it easier for other lenders to invest.
Other financiers, including the US EXIM Bank, Asian Development Bank, Export Development Canada, and Japan’s JBIC, are also expected to join the financing package, project director Tim Cribb told Reuters in April.
Term sheets are expected to close by early in the third quarter. IFC chief Makhtar Diop said earlier this year that the institution was “doubling down” on Pakistan, with a focus on infrastructure, energy and natural resources.
Reko Diq, located in Balochistan, is one of the world’s largest undeveloped copper-gold deposits. It is being developed by Barrick Gold, which holds 50 percent, with the remainder split between Pakistan’s federal and provincial governments.
Production is expected to begin in 2028. Barrick has projected the mine will generate up to $74 billion in free cash flow over its estimated 37-year life.
Saudi Arabia takes leading role in Helsinki ICRC donor summit
- The Kingdom’s delegation took part in various discussions, led by its deputy ambassador to Finland, Faisal Al-Shehri
RIYADH: Saudi Arabia has joined the International Committee of the Red Cross donor support group during a high-level summit in Helsinki, while simultaneously taking charge of a global peace-building initiative.
The Kingdom’s delegation took part in various discussions, led by its deputy ambassador to Finland, Faisal Al-Shehri, and Geneva-based humanitarian affairs chief at Saudi Arabia’s Permanent Mission to the United Nations, Shatha Al-Ahmadi.
ICRC president Mirjana Spoljaric highlighted Saudi Arabia’s status within the humanitarian community, describing the Kingdom as “not only a donor state, but a trusted and vital political partner for the International Committee of the Red Cross.”
Spoljaric specifically commended Saudi Arabia’s significant contributions to the global initiative designed to strengthen political commitment to international humanitarian law, positioning the Kingdom as a key driver of humanitarian policy development.
The Saudi delegation expressed appreciation to both the ICRC and Finnish government for organizing the summit, saying the Kingdom’s membership reflected its commitment to humanitarian work: “Our participation reflects an unwavering dedication to humanitarian action, rooted in our firm belief in the international community’s collective duty to assist conflict victims and deliver humanitarian aid.”
The delegation emphasized its full recognition of the ICRC’s unique mandate and exceptional position among humanitarian organizations, reaffirming Saudi support for maintaining its independence and neutrality.
The Kingdom has assumed leadership of the global initiative’s third operational track, which addresses the intersection of international humanitarian law and peace-building efforts.
Saudi delegates stressed the need for peaceful conflict resolution, political dialogue enhancement and diplomatic engagement between nations to foster mutual respect and create pathways toward lasting reconciliation and sustainable peace building.
The summit concluded with a ceremonial leadership transfer from Finland to the UK within the donor group structure.
Saudi representatives congratulated their British counterparts, expressing their enthusiasm for enhanced collaboration with the incoming leadership and all international partners to advance multilateral humanitarian system development.
Pakistan stocks drop over 1,900 points amid Israel-Iran tensions
- Analysts cite fears of broader regional escalation following Israeli strikes on Iran
- Israel struck Iran, claiming Tehran was “close” to developing a nuclear weapon
KARACHI: The Pakistan Stock Exchange (PSX) plunged more than 1,900 points on Friday, as investor sentiment soured following Israel’s strikes on Iran, triggering fears of wider regional escalation.
The benchmark KSE-100 index fell 1,949.56 points, or 1.57 percent, closing at 122,143.56, down from the previous close of 124,093.12.
Shares traded largely in the red, mirroring losses across regional and global markets after the Israeli attacks shook investor confidence, according to a market review by Pakistani brokerage Topline Securities.
“Geopolitical tensions after Israel’s attack in Iran weighed down on world equities, including the KSE100,” Raza Jafri, Head of Intermarket Securities, told Arab News. “In particular, if a geopolitical risk premium gets added to international oil prices on a prolonged basis, it could negatively affect the outlook for the current account deficit and inflation, given more than 25 percent of Pakistan’s import bill comprises of petroleum products.”
He noted that Pakistan was now “much more disciplined” economically, having avoided fuel subsidies and refrained from using foreign exchange reserves to support the currency. This, he said, would help the country better withstand a potential oil price shock than in the past.
Ahsan Mehanti, Chief Executive of Arif Habib Commodities Ltd, said stocks declined across the board in response to the strikes.
“Slump in global equities on geopolitical risks and weakening rupee played catalyst role in panic selling at PSX,” he said.
Israel launched strikes on Iran earlier on Friday, claiming Tehran was “very close” to developing a nuclear weapon. The attacks reportedly targeted nuclear facilities, scientists, and senior military commanders.
