logo
Trade resumes as Pakistan and Afghanistan reopen key Torkham border crossing after nearly a month

Trade resumes as Pakistan and Afghanistan reopen key Torkham border crossing after nearly a month

Yahoo19-03-2025
PESHAWAR, Pakistan (AP) — Trade between Pakistan and neighboring Afghanistan resumed on Wednesday at a key border post following a dispute that turned into exchanges of gunfire, officials and local elders said.
The northwestern Torkham border crossing — just one of two main trade routes between the neighbors — had been shut for nearly a month because of the dispute over Afghanistan's construction of a border post.
The Torkham crossing is in Pakistan's Khyber Pakhtunkhwa province, where Pakistani Taliban militants frequently target security forces. It has been closed a number of times in recent years, mainly following clashes between security forces for reasons including Pakistan's repairs of the border fence.
Ziaul Haq Sarhadi, a director of the Pakistan-Afghanistan Joint Chamber of Commerce and Industry, welcomed the resumption of bilateral trade.
He said he hoped the movement of people would resume this week.
Ghulam Ali, another Pakistani businessman, said the closure of the Torkham border had caused losses of millions of dollars for importers and exporters as some items perished. He thanked local tribal elders for facilitating the reopening.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

The Trump administration dismisses most on a federal board overseeing Puerto Rico's finances
The Trump administration dismisses most on a federal board overseeing Puerto Rico's finances

San Francisco Chronicle​

timean hour ago

  • San Francisco Chronicle​

The Trump administration dismisses most on a federal board overseeing Puerto Rico's finances

SAN JUAN, Puerto Rico (AP) — The Trump administration has dismissed five out of seven members on Puerto Rico's federal control board that oversees the U.S. territory's finances, sparking concern about the future of the island's fragile economy. The five fired are all Democrats. A White House official told The Associated Press on Tuesday that the board 'has been run inefficiently and ineffectively by its governing members for far too long and it's time to restore common sense leadership.' Those fired are board chairman Arthur Gonzalez, along with Cameron McKenzie, Betty Rosa, Juan Sabater and Luis Ubiñas. The board's two remaining members — Andrew G. Biggs and John E. Nixon — are Republicans. Sylvette Santiago, a spokesperson for the board, said they are in touch with the White House. The board was created in 2016 under the Obama administration, a year after Puerto Rico's government declared it was unable to pay its more than $70 billion public debt load and later filed for the biggest municipal bankruptcy in U.S. history. In remarks to the AP, the White House official claimed the board had operated ineffectively and in secret and said it 'shelled out huge sums to law, consulting and lobbying firms.' The official, who spoke on condition of anonymity to discuss the subject, also accused the board's staff of receiving 'exorbitant salaries.' Puerto Rico is struggling to restructure more than $9 billion in debt held by the state's Electric Power Authority, with officials holding bitter mediations with creditors demanding full payment. It's the only Puerto Rico government debt pending a restructuring, with the White House official accusing the board of preferring to 'extend the bankruptcy.' In February, the board's executive director, Robert Mujica Jr., said it was 'impossible' for Puerto Rico to pay the $8.5 billion that bondholders are demanding. He instead unveiled a new fiscal plan that proposed a $2.6 billion payment for creditors. The plan does not call for any rate increases for an island that has one of the highest power bills in any U.S. jurisdiction as chronic power outages persist, given the grid's weak infrastructure. Alvin Velázquez, a bankruptcy law professor at Indiana University, said he worries the dismissal of the board members could spark another crisis in Puerto Rico. 'This is really about getting a deal out of (the power company) that is not sustainable for the rate payers of Puerto Rico,' he said. Velázquez, former chair for the unsecured creditors committee during the bankruptcy proceedings, also questioned if the dismissals are legal, since board members can only be removed for just cause. 'What's the cause?' he said. 'What you're going to see is another instance in which the Trump administration is taking on and testing the courts.'

Coast Guard report: OceanGate Titan implosion was 'preventable'
Coast Guard report: OceanGate Titan implosion was 'preventable'

UPI

time3 hours ago

  • UPI

Coast Guard report: OceanGate Titan implosion was 'preventable'

Rear Admiral John W. Mauger of the Coast Guard briefs the media on the search for the Titan submersible in 2023. The Coast Guard released its findings Tuesday, saying the implosion that killed five people was preventable. File photo by C.J. Gunther/EPA Aug. 5 (UPI) -- The implosion of the OceanGate submersible Titan in 2023 was "preventable," because of its inadequate design and "toxic" workplace culture, according to a report released by the U.S. Coast Guard Tuesday. The Titan imploded on June 18, 2023, killing five people. The 335-page report documented the causes of the implosion and listed 17 safety recommendations to strengthen oversight of submersible operations, improve coordination among federal agencies and close gaps in international maritime policy. All five on the submersible were killed in the implosion. They were OceanGate's founder and CEO, Stockton Rush; British billionaire Hamish Harding; French maritime expert Paul-Henri Nargeolet; Pakistani businessman Shahzada Dawood and his 19-year-old son, Suleman Dawood. "The two-year investigation has identified multiple contributing factors that led to this tragedy, providing valuable lessons learned to prevent a future occurrence," said Jason Neubauer, chair of the U.S. Coast Guard Marine Board of Investigation for the Titan. "There is a need for stronger oversight and clear options for operators who are exploring new concepts outside of the existing regulatory framework. I am optimistic the [Report of Investigation's] findings and recommendations will help improve awareness of the risks and the importance of proper oversight while still providing a pathway for innovation." Titan's imploded wreckage was found on the ocean floor about 1,640 feet off the bow of the Titanic. The Coast Guard conducted hearings last year to hear testimony from OceanGate employees and others involved in the dive. OceanGate operations director David Lochridge testified about the business climate at the company and about what he said was Rush's penchant for playing fast and loose with the rules. Lochridge told the panel that the company's goal was to turn a profit, that OceanGate ignored obvious safety issues, and that "very little" science was involved in carrying out the sub's dives. OceanGate's former engineering director, Tony Nissen, testified that he was fired because he refused to approve a planned expedition after the submersible was struck by lightning, which compromised its experimental carbon fiber hull. "Stockton [Rush] would fight for what he wanted and, even if it changed from day to day, he wouldn't give an inch. Most people would eventually back down to Stockton. It was death by a thousand cuts," he testified. The 21-foot Titan submersible lost contact with the crew of the Polar Prince about 1 hour and 45 minutes into its dive on June 18, 2023. Responders scoured the North Atlantic Ocean, near the wreckage of the Titanic passenger liner that sank in 1912, to find the missing vessel before its oxygen ran out. The Coast Guard said in September 2024 that the Titan crew sent a message during the fateful dive that "all is well" just before the deadly implosion. It was the final communication from the Titan before the implosion. Neubauer's listed extensive causes of the disaster and recommendations for future vessels. "The board determined the primary contributing factors were OceanGate's inadequate design, certification, maintenance and inspection process for the Titan," Neubauer said in the press release announcing the report. "Other factors cited in the report include a toxic workplace culture at OceanGate, an inadequate domestic and international regulatory framework for submersible operations and vessels of novel design, and an ineffective whistleblower process under the Seaman's Protection Act. "The board also found OceanGate failed to properly investigate and address known hull anomalies following its 2022 Titanic expedition. Investigators determined the Titan's real-time monitoring system generated data that should have been analyzed and acted on during the 2022 Titanic expedition. However, OceanGate did not take any action related to the data, conduct any preventative maintenance or properly store the Titan during the extended off season before its 2023 Titanic expedition." He went on to list recommendations for further dives, including restrictions on oceanographic research vessels, expanding requirements to all submersibles and requiring Coast Guard documentation for all U.S. submersibles. Neubauer also recommended "adding Coast Guard personnel capacity at Coast Guard Headquarters to support new construction oversight and field inspections involving submersibles and vessels of novel design." Other recommendations include submitting Coast Guard search and rescue plans, safety requirements, whistleblower agreements and investigative protocols. In August 2024, Paul Henry Nargeolet's family filed suit demanding OceanGate to pay $50 million for the explorer's wrongful death. The family's lawsuit filed in a court in Seattle accuses OceanGate CEO Stockton Rush and others of gross negligence and wrongful death.

Wall Street workers poised for bonuses to spike as much as 30% — bucking dire warnings
Wall Street workers poised for bonuses to spike as much as 30% — bucking dire warnings

New York Post

time5 hours ago

  • New York Post

Wall Street workers poised for bonuses to spike as much as 30% — bucking dire warnings

Wall Street workers are poised to start popping the champagne at the end of the year. Bonus checks are expected to soar by up to 30% in some financial sectors — despite earlier warnings that President Donald Trump's trade war would lead to a decrease by as much as 20% in extra pay, according to the latest report by Johnson Associates on Tuesday. With the markets chugging along at or near record highs after briefly convulsing following Trump's 'Liberation Day' rollout in April, the compensation consultant now predicts across-the-board increases for most finance workers. Advertisement 3 Wall Street commuters arrive amid a brighter bonus outlook for financial workers in 2025. AP 'The year will end up broadly positive, which is a big change from what we were thinking three or four months ago,' said Alan Johnson, who runs Johnson Associates. 'Financial services have fared pretty well, and benefited in some cases from the volatility, and the up markets.' Leading the charge are equity traders, who could see their bonuses jump by between 20% and 30% because of market volatility, according to the report. Advertisement Those who trade bonds and other fixed-income products are in line for padded paychecks of 10% to 20%, while debt underwriters are expected to get a bonus bump of between 5% and 15%. Workers in other sectors including retail and commercial banking, asset or wealth management, investment banking advisory and hedge funds could get up to a 7.5% increase, Johnson said. The positive outlook comes after Johnson Associates predicted that bonuses would fall by as much as 20% due to Trump's ongoing trade war — and the projections can fizzle if markets swoon in the second half of the year. Advertisement 3 Equity traders on the floor stand to gain the most, with bonuses expected to jump as much as 30%. AP The broad-based S&P 500 has gained roughly 7.9% year to date, while the tech-heavy Nasdaq has surged more than 9% — with both indexes repeatedly breaking their all-time highs in the past month. The blue-chip Dow Jones Industrial Average has ticked up by around 4% since the start of the year. Meanwhile, the nation's GDP rebounded from a 0.5% annualized contraction in the first quarter to 3% growth in the subsequent three-month period, and inflation has edged down from 3.0% in January to 2.7% in June. Advertisement Last year, the average annual bonus climbed by nearly 33% to $244,700, marking the first significant increase since the coronavirus pandemic. In total, the amount paid out in bonuses reached a record $47.5 billion, according to estimates from New York State Comptroller Thomas DiNapoli. 3 A bustling subway station near Wall Street reflects rising optimism in the finance sector. REUTERS Wall Street accounted for 19% of the entire state of New York's tax collection, and a total of 7% of the city's revenue year, underlining the industry's importance to the Big Apple, according to DiNapoli. There were 201,500 working in the New York finance industry, up from 198,400 the year prior and exceeding the previous peak seen in 2000. The staffing levels may begin to plunge as finance companies lean into artificial intelligence technology to cut costs. 'In the short term, it's going to reduce headcount: 'We're not going to need 10 analysts, we're going to need five,'' Johnson said. 'It will lead to efficiencies. And the people who remain will be paid even more.'

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store