Saturday, 7 June 2025

Saudi Arabia urges end to Israeli atrocities

Saudi Crown Prince and Prime Minister Mohammed bin Salman reaffirmed the role of the international community in ending the disastrous repercussions of the Israeli aggression on Gaza. He made the remarks while addressing the annual reception for heads of state, leaders of countries and distinguished dignitaries performing Hajj this year at the Royal Court of Mina Palace on Saturday.

The Crown Prince delivered the speech on behalf of Custodian of the Two Holy Mosques King Salman. "This blessed Eid Al-Adha comes while our brothers in Palestine continue to suffer as a result of the ongoing Israeli aggression. We emphasize the role of the international community in ending the disastrous repercussions of this aggression, as well as in protecting innocent civilians, and working toward a new reality where Palestine can enjoy peace in accordance with international legitimacy resolutions," he said.

At the outset of the speech, the Crown Prince said, "It is our pleasure, from the vicinity of the Sacred House of God, to congratulate you and all Muslims around the world on the blessed Eid Al-Adha. We ask God Almighty to accept the pilgrims' Hajj and good deeds," he said.

The Crown Prince highlighted Saudi Arabia's lofty position in serving Islam and Muslims, especially the Hajj pilgrims. "God Almighty has honored this country with the service of the Two Holy Mosques and their visitors, including Hajj and Umrah pilgrims and visitors. Saudi Arabia has placed this at the forefront of its priorities, devoting all its capabilities to serving the guests of God and facilitating performance of their rituals in ease and comfort," he said while reaffirming that Saudi Arabia, with God's help and guidance, will continue this endeavor, recognizing the great responsibility and honor of service.

"We ask God Almighty to perpetuate security and stability in our country, and in all Muslim countries and across the world, and to accept the Hajj of the pilgrims to the Sacred House of God, and enable them return safely to their families," the Crown Prince added.

The reception was attended by several eminent Islamic figures, guests of the King, guests of government agencies, heads of delegations, and pilgrim affairs offices. The dignitaries included President of Mauritania Mohamed Ould Cheikh El Ghazouani, President of Maldives Dr. Mohamed Muizzu, Vice President of Benin Mariam Chabi Talata Zimi Berima; and former Somali President Sharif Sheikh Ahmed.

Minister of Hajj and Umrah and Chairman of the Hajj Guests Service Program Committee Dr. Tawfiq Al-Rabiah, Secretary General of the Muslim World League for Jerusalem and Palestine and Grand Mufti of Jerusalem Sheikh Mohammed bin Ahmed Hussein, and Syrian Minister of Endowments Sheikh Mohammed Abu al-Khair Shukri also spoke on the occasion.

In his speech Al-Rabiah highlighted the most notable achievements of this year's Hajj season, including the implementation of 46 new energy projects with a total cost of over SR3 billion, as well as several projects in the transport and health sectors. This is in addition to several infrastructure projects with more than 300,000 square meters of shaded areas and updating of the Nusuk app to provide more than 130 digital services and streamlining of the Nusuk Masar digital platform.

Friday, 6 June 2025

Elon Musk floats a new political party

Elon Musk floated a new political party on Friday after falling out with President Trump over the big, beautiful bill. He launched a Thursday poll on the social platform X, which he owns, asking about whether or not the country needed a new faction for political nominees.

“The people have spoken. A new political party is needed in America to represent the 80% in the middle! And exactly 80% of people agree. This is fate,” Musk wrote, citing numbers from his survey. 

He followed up with a potential name for the group, “The America Party.”

In recent days, Musk has railed against Trump for suggesting the United States increase its national debt by US$4 trillion as proposed in the bill. 

The tech giant said it “undermines” all the work he did at the Department of Government Efficiency, geared towards reducing government spending. 

However, Trump said the Tesla CEO was mad over slashes to electric vehicle incentives instead of other clauses in the legislation. 

 “Elon knew the inner workings of this bill better than almost anybody sitting here. … He had no problem with it,” Trump told reporters in the Oval Office.

“All of a sudden he had a problem, and he only developed the problem when he found out that we’re going to have to cut the EV mandate, because that’s billions and billions of dollars,” he added.

Musk, who served as a White House adviser for over 100 days in the Trump administration, backed a call for Trump to be impeached and replaced by his own vice president. The president has publicly questioned Musk’s motives for slamming his leadership right after leaving his role in the administration. 

“I don’t mind Elon turning against me, but he should have done so months ago. This is one of the Greatest Bills ever presented to Congress. It’s a Record Cut in Expenses, US$1.6 Trillion Dollars, and the Biggest Tax Cut ever given. If this Bill doesn’t pass, there will be a 68% Tax Increase, and things far worse than that. I didn’t create this mess, I’m just here to fix it. This puts our Country on a Path of Greatness. MAKE AMERICA GREAT AGAIN!” 

Musk also credited himself for Republicans’ successful trifecta in November capturing the White House, in addition to majorities in the House and Senate.

“Without me, Trump would have lost the election, Dems would control the House and the Republicans would be 51-49 in the Senate,” Musk said in a post on his social platform X.

“Such ingratitude,” he added.

Florida Republican Rep. Jimmy Patronis cast doubt on Musk’s claim of creating “The America Party” in Friday comments, suggesting the two will be “hanging around again” shortly.

“Elon Musk is not gonna create a new political party,” Patronis told NewsNation’s Blake Burman during an appearance on “The Hill.”

“Trump knows that sometimes you’re going to have falling out with those that you trust, you like, that you’re friends with. It happens with us in DC all the time. So again. Mark my words. About a month from now, these guys will be hanging around again.

 


Demand for US light sweet crude drops

Rising OPEC Plus supplies and new streams of oil coming online globally are increasing options for European and Asian refiners and weighing on export demand for light sweet US crude, contributing to lower prices in the country's main oil-producing regions, reports Reuters.

The United States, the world's largest crude producer, is facing increasing competition as the Organization of the Petroleum Exporting Countries and its allies pump more oil in a bid to regain market share and punish members that over-produce.

Since April, OPEC Plus countries including Saudi Arabia and Russia have made or announced increases totaling 1.37 million barrels per day, or 62% of the 2.2 million bpd they aim to add back to the market.

The additional supplies come at a time of broad uncertainty for global oil producers as they assess how volatile trade policies are impacting the world's economic outlook and prepare for a longer-term future in which greener fuels could displace their barrels.

For the US, lower demand for a significant portion of its crude will likely add to a complicated outlook for producers already digesting on-again, off-again tariffs from President Donald Trump's administration. Companies are considering cutting output and jobs even as Trump urges higher domestic production.

US exports fell to an average of 3.8 million bpd in May from an average of 4 million bpd in April, according to an analysis of weekly Energy Information Administration data.

Prices have declined for crudes such as WTI-Midland, a key sweet grade from the US shale region. Since early March, its price is off by 45% to a 60-cent premium to US crude futures.

Light Louisiana Sweet from the US Gulf Coast has fallen by about 30% to a US$2.70 per barrel premium over the same period.

"That's a part of OPEC accelerating. Light sweets are weak, broadly speaking," said Jeremy Irwin, global crude lead at Energy Aspects, adding that demand is expected to fall further as European refiners favor medium crudes in the summer months.

The US sent 1.4 million bpd of light, sweet crude to Europe in May, versus 1.6 million bpd in April, data from Kpler showed.

In May 2024, the US had exported 1.7 million bpd of light, sweet crude to Europe, which is lighter in density and lower in sulfur content.

 

Thursday, 5 June 2025

Political legacy of Khomeini

On the 36th anniversary of the passing of Imam Ruhollah Khomeini, the central figure of the 1979 Islamic Revolution in Iran, his thought continues to influence not only the political trajectory of the Islamic Republic but also broader debates about the relationship between Islam and politics in the Muslim world.

Far from being a mere regime change, the Islamic Revolution represented, for many of its supporters, a profound rupture with the dominant modern political paradigm. At the heart of this movement was a key idea: Islam should not be reduced to a purely spiritual or ritual practice but could offer an alternative model of political, cultural, and social organization, articulated from its own tradition.

Islamism, understood as the political formulation developed by Ayatollah Khomeini, according to which Islam must occupy a central place in the public sphere and in the configuration of power, displays several defining traits. Among them is the conviction that the West has lost its normative hegemony; the overcoming of the nation-state as the sole legitimate political framework; and the need for an Islamic power capable of representing and defending the umma—the global community of believers—on the international stage.

In this context, the Islamic Republic of Iran presents itself as a political actor with autonomous representational capacity, independent from the dictates of Western powers and articulated through its own political grammar.

Imam Khomeini understood that the orientalist gaze remained the dominant prism through which Muslim societies outside the Eurocentric narrative were interpreted. This outlook assumes that Western ideology—with its categories, methods, and values—is universal, valid for analyzing and explaining any reality, even those foreign to its historical and cultural origins.

Islamism, however, challenges this premise. From this perspective, the West is not defined as a concrete geographic space but as an ideology: a thought system that presents itself as neutral while actually imposing its own epistemic limits when interpreting the non-Western. The Islamist critique is therefore not only political but also epistemological: it questions the legitimacy of the conceptual framework used to understand the Islamic world.

According to Islamists, the Western normative view starts from the assumption that Islam cannot serve as a valid political tool. From this standpoint, presenting Islam as a political identity alternative to the Pahlavi regime would be dismissed as a distraction from the real, deeper causes of the revolution. Islam, in this narrative, is reduced to a mere epiphenomenon—a smokescreen without power to transform the political order.

Imam Khomeini’s thought emerged in opposition to Eurocentrism. The revolution was not only the overthrow of the Pahlavi dynasty (1925–1979) but also a break with the orientalist framework that portrayed Muslims as lacking political agency. This opposition manifested in a cultural transformation aimed at the “de-Westernization” of Iranian society.

The 1979 Islamic Revolution in Iran has been subject to many interpretations, ranging from sociological and theological to geopolitical and cultural analyses. However, it has rarely been approached as an epistemic event in the fullest sense, not merely as a regime change or a historical anomaly, but as a rupture that destabilizes the very frameworks through which politics has been conceived in modernity.

From this theoretical vantage point, the Islamic Revolution is neither a theocratic regression nor an exception within the secularization process but an epistemic break: a radical questioning of the modern political order founded on theological-Christian sovereignty. What is at stake is not only the ideological content of a new state but the very configuration of the political field as constituted by Western thought. In this sense, the revolution can be interpreted as an attempt to reconfigure the political from a different place, outside the Western paradigm that reduced the Islamic to the premodern or irrational.

Islamist historiography views this revolution as the first that did not follow Western political grammar, making it unpredictable for scholars and experts. A recurring example is the book Iran: Dictatorship and Development, written by Fred Halliday just months before the 1979 revolution. In this work, Halliday attempts to foresee possible scenarios after the fall of the Pahlavi dynasty, which was already evident. However, among his many predictions, he never considered the possibility of an Islamic revolution, instead proposing options such as a nationalist government, socialism, or even a new monarchy.

The absence of the Islamic revolution from such predictions allowed Islamists to criticize Western political perspectives, which, they argue, were incapable of conceiving Islam as a political tool. In other words, the possibility of using Islamic language to achieve political emancipation was, and remains, unimaginable within the Western narrative.

Imam Khomeini constructed an autonomous identity with Islam as its nodal point. According to this interpretation, the founder denied the universality of Western epistemology while simultaneously challenging the historical sequence known as “from Plato to NATO.”

The revolution materialized as an Islamic identity embedded in an alternative genealogy of anti-colonial resistance, with its own grammar that cannot be expressed in the Western language of national liberation or Marxism.

Thus, Imam Khomeini, through his political thought, answered one of the most pressing questions for Islamism: how can Muslims live politically, as Muslims, in the contemporary world?

Imam Khomeini’s importance lies in his political project, which aimed—and succeeded, in displacing the West as the normative discourse. This process was carried out using exclusively the language of the Islamic tradition, without any reference to political doctrines considered Western, unlike other Islamic reformists.

Imam Khomeini wrote as if Western grammar did not exist. For his followers, this irrelevance was fundamental, as it meant the materialization of an autonomous Muslim political identity. That Imam Khomeini wrote as if the West did not exist also implies that Islam cannot be reduced to the category of “religion.”

From this perspective, the idea of “religion” is a product of the European Enlightenment, a model that has been globally exported. Accepting the universalization of the category “religion” ignores that it is a project attempting to present European local history as a universal narrative. Islamism denounces this imposition of Western epistemic norms over Islamic traditions.

Religion as a colonial category

The idea that there exists something universal under the name of “religion” assumes a transhistorical essence that overlooks the differences among the various projects invoking the figure of God. From the perspective of the Islamic Republic, speaking of “religion” implies accepting its character as a private belief, separate from politics, as understood in the West. For this reason, discourse on religion can only be fully understood in relation to the narrative of secularism.

Secularism should not be understood simply as the absence or exclusion of religion from the public sphere, but as a normative project that establishes its own boundaries. For the Islamic Republic, secularism is neither natural nor the culmination of a historical process; rather, it is a disciplinary discourse, a political modality that validates certain political sensitivities while excluding others by deeming them threats.

The use of religious language is not merely a descriptive exercise but carries a clear prescriptive intention: the ultimate goal is to regulate the space of Islam.

Imam Khomeini captures this idea that Islam cannot be reduced to the colonial category of “religion” when he states:

“If we Muslims did nothing but pray, beg God, and invoke His name, imperialists and oppressive governments would leave us alone. If we had said: let us focus all our energies on the call to prayer for 24 hours and simply pray, or: let them steal everything we have, for God will take care of it, since there is no power greater than God and we will be rewarded in the hereafter—then they would not have bothered us.”

Imam Khomeini’s point is that Islam cannot be reduced to a ritualistic or moralistic matter devoid of political essence. It is precisely Islam’s political articulation that prevents its dissolution.

The Islamism of the Islamic Republic

One of the fundamental differences expressed by Iranian Islamism, in contrast to other regional Islamization projects, is that Islam cannot be reduced to a fixed and limited set of characteristics. This idea is reflected in several letters that Imam Khomeini addressed to the then-president and current Leader of Iran, Ayatollah Seyyed Ali Khamenei. In these writings, Imam Khomeini asserts that the Islamic Republic can modify or even repeal any concrete manifestation of Islam if necessary to ensure its survival. While some experts interpret this stance as an expression of Imam Khomeini’s nationalist thinking, others see it as the affirmation of an Islam that transcends its historical manifestations and is always projected beyond them.

Another characteristic of Khomeinism is that, although Imam Khomeini considered himself a follower of Shia Islam, his political practice is understood as an attempt to bring Sunni and Shia closer together under what experts call a “post-mazhabi” vision—mazhab or madhhab meaning “legal school” in Arabic. This search for Islamic unity is key to understanding the Islamic Republic’s self-definition as a political home for all Muslims, positioning itself as a power capable of defending the entire Islamic community against Western aggression.

A final fundamental pillar of Khomeinism is the doctrine of Wilayat al-faqih, translated as “government of the jurist,” which represents the most important political vision of this current. Imam Khomeini understood that the solution to the problems of Iran and the Islamic community in general is not merely theological but a political challenge requiring concrete responses in that sphere.

In fact, Imam Khomeini succeeded in creating an Islamic political identity capable of transcending national and sectarian divisions. His proposal conceives political agency as the capacity of Muslims to decolonize themselves and reweave their societies within an Islamic historical tradition. This decolonization aims at dismantling the global colonial order.

Therefore, for his followers, Imam Khomeini’s importance lies in his ability to break the identification between “universal” and “the West.” In other words, thanks to Khomeinism, the West is revealed as just another particularism within the global political world.

The experiment of the Islamic Revolution offered a unique opportunity for a mobilized Muslim subjectivity to construct a political order virtually ex nihilo. This revolution marked a profound rupture with modern hegemony, the paradigm of Westernesse, and the nation-state and ethnonational identity-based politics. The idea of the Islamic Republic was grounded in the mobilization of political subjects not around ethnic, linguistic, or national categories, but around a shared identity as Muslims. This politicization of Islam was precisely the discourse that Westernesse—with its strong drive toward secularization and cultural homogenization—sought to suppress and confine to the private sphere.

Imam Khomeini, however, was not merely the symbol of the revolution, but also the most powerful advocate of a political vision of Islam that rejected the role assigned to it by the machinery of modernity. His figure represents a deep and radical critique of that machinery. This critique was not limited to a literal or occasional refutation of Westernesse’s assumptions, but embodied the projection of a radically different future—one that overflowed the categories imposed by the hegemonic center of modern power.

Courtesy: Tehran Times

US imposes sanctions on ICC judges

President Donald Trump's administration on Thursday imposed sanctions on four judges at the International Criminal Court, an unprecedented retaliation over the war tribunal's issuance of an arrest warrant for Israeli Prime Minister Benjamin Netanyahu and a past decision to open a case into alleged war crimes by US troops in Afghanistan.

Washington designated Solomy Balungi Bossa of Uganda, Luz del Carmen Ibanez Carranza of Peru, Reine Adelaide Sophie Alapini Gansou of Benin and Beti Hohler of Slovenia, according to a statement from US Secretary of State Marco Rubio.

"As ICC judges, these four individuals have actively engaged in the ICC’s illegitimate and baseless actions targeting America or our close ally, Israel. The ICC is politicized and falsely claims unfettered discretion to investigate, charge, and prosecute nationals of the United States and our allies," Rubio said.

The ICC slammed the move, saying it was an attempt to undermine the independence of an international judicial institution that provides hope and justice to millions of victims of "unimaginable atrocities."

Both judges Bossa and Ibanez Carranza have been on the ICC bench since 2018. In 2020 they were involved in an appeals chamber decision that allowed the ICC prosecutor to open a formal investigation into alleged war crimes by American troops in Afghanistan.

Since 2021, the court had deprioritized the investigation into American troops in Afghanistan and focused on alleged crimes committed by the Afghan government and the Taliban forces.

ICC judges also issued arrest warrants for Netanyahu, former Israeli defense chief Yoav Gallant and Hamas leader Ibrahim Al-Masri last November for alleged war crimes and crimes against humanity during the Gaza conflict. Alapini Gansou and Hohler ruled to authorize the arrest warrant against Netanyahu and Gallant, Rubio said.

The move deepens the administration's animosity toward the court. During the first Trump administration in 2020, Washington imposed sanctions on then-prosecutor Fatou Bensouda and one of her top aides over the court's work on Afghanistan.

The measures also follow a January vote at the US House of Representatives to punish the ICC in protest over its Netanyahu arrest warrant. The move underscored strong support among Trump's fellow Republicans for Israel's government.

The measures triggered uproar among human-rights advocates. Liz Evenson, international justice director at Human Rights Watch, said the punitive measures were a "flagrant attack on the rule of law at the same time as President Trump is working to undercut it at home."

Sanctions severely hamper individuals' abilities to carry out even routine financial transactions as any banks with ties to the United States, or that conduct transactions in dollars, are expected to have to comply with the restrictions.

But the Treasury Department also issued general licenses, including one allowing the wind-down of any existing transactions involving those targeted on Thursday until July 08, as long as any payment to them is made to a blocked, interest-bearing account located in the US.

The new sanctions come at a difficult time for the ICC, which is already reeling from earlier US sanctions against its chief prosecutor, Karim Khan, who last month stepped aside temporarily amid a United Nations investigation into his alleged sexual misconduct.

The ICC, which was established in 2002, has international jurisdiction to prosecute genocide, crimes against humanity and war crimes in member states or if a situation is referred by the UN Security Council. The United States, China, Russia and Israel are not members.

 

Nuclear enrichment is none of US business

Leader of the Islamic Revolution on Wednesday resoundingly dismissed US proposals that Iran should stop all uranium enrichment activities, saying enrichment is the key to Iran’s nuclear industry.

“The core demand of the US. is that Iran should not have a nuclear industry and should remain dependent on them. Our response to America’s nonsense is clear, they can’t do a damn thing about it.”

Ayatollah Ali Khamenei made the remarks as Iran is marking the 36th anniversary of the passing of Imam Khomeini, the founder of the Islamic Republic.

“The first word of the US is that Iran should not have a nuclear industry and should rely on the United States,” Ayatollah Khamenei said in the mausoleum of Imam Khomeini.

“Our response to America’s nonsense is clear, they cannot do a damn thing in this matter,” the Leader said, asking, “Why do you interfere that Iran have enrichment or not. It is not your business.”

The Leader’s remarks came in response to President Donald Trump administration’s proposals that Iran should not be allowed "any enrichment of uranium."

Highlighting the importance of nuclear industry, the Leader said, thanks to considerable efforts, Iran has achieved a “complete nuclear fuel cycle”.

Noting that the nuclear industry is not limited to energy production, he said it is a “foundational industry” that various scientific fields are influenced by it.

The Leader said the foes wish to deprive Iran of this significant industry.

“Uranium enrichment is the key issue in the nuclear matter, and that’s exactly what our adversaries have focused on.”

The United States has been claiming that Iran can import nuclear fuel for its reactors. However, the Leader said the United States is not trustworthy, saying the US refused to sell 20-percent enriched uranium to Iran to power its medical reactor in the 2000s.

“In the 2000s, we experienced firsthand how unreliable the US was when it came to supplying 20% enriched fuel,” Ayatollah Khamenei pointed out, indirectly referring to Iran's need to nuclear fuel to power its Tehran medical reactor.

 

PSX benchmark index up 1.6%WoW

Pakistan Stock Exchange (PSX) continued its bullish momentum throughout the week, driven primarily by investor confidence ahead of the upcoming budget.

This optimism was reflected by the benchmark Index surging by 1,950 points or 1.6%WoW to close the week at 121,641 points on Thursday, the last trading day before commencement of Eid-ul Adha holidays.

Market participation was lean as average daily trading declined to 660 million, down from 662 million shares a week ago.

Overall, opinion on the street remains that a stable fiscal environment to continue, with no significant shift in existing tax structures for individuals and businesses alike in the forthcoming Federal Budget (FY26).

On the macroeconomic front, trade deficit was reported at US$2.6 billion for May 2025.

Cement saless for May 2025 were reported at 4.65 million tons, up 9%YoY, driven by higher domestic offtakes. Analysts project domestic cement sales to grow by 6%YoY in FY26, mainly due to the revival in construction activity supported by a declining interest rate and lower inflationary environment.

OMC industry sales remained on upward trajectory, rising to 1.53 million tons, up 10%YoY.

PKR remained under pressure, depreciated by 0.05%WoW against the greenback.

Other major news flow during the week included: 1) Pakistani officials scheduled to meet US authorities next week for the trade talks, 2) IMF and Pakistan arrived near consensus on cut in tax rates for salaried class, 3) suggestion to hike interest rate by 2% on income from bank deposits, 4) GoP eyes 4.2%YoY growth in FY26 and 5) ADB approves US$800 million to boost Pakistan’s public finance.

Power Generation & Distribution, Textile Weaving, Modarbas, Leasing Companies and Inv.Banks/ Inv.cos/ Securities.cos were amongst the top performing sectors, while Vanaspati & Allied Industries, Synthetic Rayon, Transport, Cable & Electrical Goods and Paper & Board were amongst the laggards.

Major selling was recorded by Foreigners and Mutual funds with a net sell of US$26.01 million, Companies absorbed most of the selling with a net buy of US$8.6 million.

Top performing scrips of the week were: PKGP, FABL, NATF, NBP and KEL, while top laggards included: POML, IBFL, SYS, APL and KTML.

According to AKD Securities, budget-related developments are expected to drive short-term market sentiment, with the possibility of single-digit interest rates contributing to a positive outlook over time, as its forecast for FY26 inflation stands at 7.0%.

The benchmark index is anticipated to sustain its upward trajectory, primarily driven by strong earnings in Fertilizers, sustained ROEs in Banks, and improving cash flows of E&Ps and OMCs, benefiting from falling interest rates and economic stability.

Top picks of the brokerage house include: OGDC, PPL, PSO, FFC, ENGROH, MEBL, MCB, HBL, LUCK, FCCL, INDU, and SYS.