Israel kills Al Jazeera journalists in Gaza

According to Reuters, a prominent Al Jazeera journalist, who had previously been threatened by Israel, was killed along with four colleagues in an Israeli airstrike on Sunday in an attack condemned by journalists and rights groups.

Israeli military said it targeted and killed Anas Al Sharif, alleging he had headed a Hamas militant cell and was involved in rocket attacks on Israel.

Al Jazeera, which is funded by the Qatari government, rejected the assertion, and before his death, Al Sharif had also rejected such claims by Israel.

"Anas Al Sharif and his colleagues were among the last remaining voices in Gaza conveying the tragic reality to the world," Al Jazeera said.

Al Sharif, 28, was among a group of four Al Jazeera journalists and an assistant who died in an airstrike on a tent near Al Shifa Hospital in eastern Gaza City, Gaza officials and Al Jazeera said. An official at the hospital said two other people were killed in the strike.

A sixth journalist, Mohammad Al-Khaldi, a local freelance reporter, was also killed in the strike, medics at Al Shifa Hospital said on Monday.

Calling Al Sharif "one of Gaza's bravest journalists," Al Jazeera said the attack was a "desperate attempt to silence voices in anticipation of the occupation of Gaza."

The other journalists killed were Mohammed Qreiqeh, Ibrahim Zaher and Mohammed Noufal, Al Jazeera said.

"The deliberate targeting of journalists by Israel in the Gaza Strip reveals how these crimes are beyond imagination," Qatari Prime Minister, Sheikh Mohammed bin Abdulrahman Al-Thani, said on X.

The UN human rights office condemned the killing of the journalists, saying the actions by Israel's military represented a "grave breach of international humanitarian law" as Palestinians reported the heaviest bombardments in weeks.

Its post on social media platform X was accompanied by a photograph of flattened blue tents next to a bullet-ridden wall in Gaza City.

British Prime Minister Keir Starmer is "gravely concerned" about the repeated targeting of journalists in Gaza, his spokesperson said.

Israel denies deliberately targeting journalists. It says many of those killed in Israeli airstrikes were members of Islamist militant groups, working under the guise of the press.

 

Trump threats to India may prove hoax calls

The crude oil market's rather sanguine reaction to the US threats to India over its continued purchases of Russian oil is effectively a bet that very little will actually happen, reports Reuters.

President Donald Trump cited India's imports of Russian crude when imposing an additional 25% tariff on imports from India on August 06, which is due to take effect on August 28.

If the new tariff rate does come into place, it will take the rate for some Indian goods to as much as 50%, a level high enough to effectively end US imports from India, which totalled nearly US$87 billion in 2024.

As with everything related to Trump, it pays to be cautious given his track record of backflips and pivots.

It's also not exactly clear what Trump is ultimately seeking, although it does seem that in the short term he wants to increase his leverage with Russian President Vladimir Putin ahead of their planned meeting in Alaska this week, and he's using India to achieve this.

Whether Trump follows through on his additional tariffs on India remains uncertain, although the chances of a peace deal in Ukraine seem remote, which means the best path for India to avoid the tariffs would be to acquiesce and stop buying Russian oil.

But this is an outcome that simply isn't being reflected in current crude oil prices.

Global benchmark Brent futures have weakened since Trump's announcement of higher tariffs on India, dropping as low as US$65.81 a barrel in early Asian trade on Monday, the lowest level in two months.

This is a price that entirely discounts any threat to global supplies, and assumes that India will either continue buying Russian crude at current volumes, or be able to easily source suitable replacements without tightening the global market.

The track record of the crude oil market is somewhat remarkable in that it quickly adapts to new geopolitical realities and any price spikes tend to be short-lived.

The Russian invasion of Ukraine in February 2022 sent crude prices hurtling toward US$150 a barrel as European and other Western countries pulled back from buying Russian crude.

But what Trump is proposing now is somewhat different. It appears he wants to cut Russian barrels out of the market in order to put financial pressure on Moscow to cut a deal over Ukraine.

There are effectively only two major buyers for Russian crude, India and China.

China, the world's biggest crude importer, has more leverage with Trump given US and Western reliance on its refined critical and other minerals, and therefore is less able to be coerced into ending its imports of Russian oil.

India is in a less strong position, especially private refiners like Reliance Industries which will want to keep business relationships and access to Western economies.

India imported about 1.8 million barrels per day of Russian crude in the first half of the year, or about 37% of its total, according to data compiled by commodity analysts Kpler.

About 90% of its Russian imports came from Russia's European ports and was mainly Urals grade.

This is a medium sour crude and it would raise challenges for Indian refiners if they sought to replace all their Urals imports with similar grades from other suppliers.

There are some Middle Eastern grades of similar quality, such as Saudi Arabia's Arab Light and Iraq's Basrah Light, but it would likely boost prices if India were to seek more of these crudes.

If Chinese refiners were able to take the bulk of Russian crude given up by India, it may allow for a re-shuffling of flows, but that would not appear to be what Trump wants.

Trump and his advisers may believe there is enough spare crude production capacity in the United States and elsewhere to handle the loss of up to 2 million bpd of Russian supplies.

But testing that theory may well lead to higher prices, especially for certain types of medium crudes which would be in short supply.

It's simplistic to say that higher US output can supply India's refiners, as this would mean those refiners would have to be willing to accept a different mix of refined products, including producing less diesel, as US light crudes tend to make more products such as gasoline.

For now the crude oil market is assuming that the Trump/ India/ Russia situation will end as another TACO, the acronym for Trump Always Chickens Out.

But the reality is likely to be slightly messier, as some Indian refiners pull back from importing from Russia, some Chinese refiners may buy more and once again the oil market goes on a geopolitical merry-go-round.

  

Rally against Netanyahu's new Gaza plan

According to Reuters thousands of protesters took to the streets of Tel Aviv on Saturday night to oppose Prime Minister Benjamin Netanyahu's plan to escalate the nearly two-year Gaza war, demanding an immediate end to the campaign and for the release of the hostages.

A day earlier, the prime minister’s office said the security cabinet, a small group of senior ministers, had decided to seize Gaza City, expanding military operations in the devastated Palestinian territory despite widespread public opposition and warnings from the military the move could endanger the hostages.

"This isn't just a military decision. It could be a death sentence for the people we love most," Lishay Miran Lavi, the wife of hostage Omri Miran told the rally, pleading to US President Donald Trump to intervene to immediately end the war.

Public opinion polls show an overwhelming majority of Israelis favour an immediate end to the war to secure the release of the remaining 50 hostages held by militants in Gaza. Israeli officials believe about 20 hostages are still alive.

The Israeli government has faced sharp criticism at home and abroad, including from some of its closest European allies, over the announcement that the military would expand the war. The full cabinet is expected to give its approval as soon as Sunday.

Most of the hostages who have been freed so far emerged as a result of diplomatic negotiations. Talks toward a ceasefire that could have seen more hostages released collapsed in July.

"They (the government) are fanatic. They are doing things against the interests of the country," said Rami Dar, 69-year-old retiree, who traveled from a nearby suburb outside of Tel Aviv, echoing calls for Trump to force a deal for the hostages.

Tel Aviv has seen frequent rallies urging the government to reach a ceasefire and hostage deal with Hamas, who ignited the war with their October 2023 attack. Saturday's demonstration attracted over 100,000 protesters, according to organizers.

"Frankly, I'm not an expert or anything, but I feel that after two years of fighting there has been no success," said Yana, 45, who attended the rally with her husband and two children. "I wonder whether additional lives for both sides, not just the Israelis but also Gazans, will make any difference."

India faces US sanction in disguise

The United States has increased its tariff on certain Indian imports from 25% to 50%. President Donald Trump has called this new measure a “secondary” tariff, a term that is not formally used in trade policy but is similar to what is known in sanctions law.

Secondary sanctions are penalties placed on third parties that are seen as supporting actions the sanctioning country opposes. For example, if a US bank, port, shipping company, or other business is prohibited from dealing with the Russian financial system, a secondary sanction could make it illegal for non-US entities to engage in similar transactions as well, reports Bloomberg.

India is affected because the tariff is linked to its purchases of Russian oil. The stated goal of the measure is to pressure Russia to end the war in Ukraine. If that goal is not achieved, it is uncertain what additional steps the US might take toward India, which is currently the largest buyer of Russian seaborne crude oil.

The idea of calling the tariff “secondary” is unusual, but the US also has more conventional tools for sanctions, such as the Specially Designated Nationals list managed by the Office of Foreign Assets Control in the Treasury Department.

State-owned Indian refiners are already pulling back from the Russian trade. If they start showing up on the SDN list, it would become difficult for others to do business with them. No amount of nationalistic bluster can mitigate the seriousness of that threat. To lose access to the US currency or the Western-controlled banking system would be a far bigger setback than a 50% tariff. Even large Indian tycoons will not want to needle Trump. Russian crude has been the biggest source of oil for Mukesh Ambani’s refinery this year. His rival billionaire Gautam Adani doesn’t have any exposure to oil, but he has existing legal trouble with the US government. He also has a vast port network to protect, reports Bloomberg.

What’s the way out then? In an interview with Reuters, Brazilian President Luiz Inacio Lula da Silva, who’s also been handed penal tariffs of 50%, floated a trial balloon: a joint response by BRICS. Modi, who spoke on the phone with Lula for nearly an hour Thursday, is expected to head to China this month — for the first time in seven years. Marshaling a unified front to challenge Trump’s overreach might make sense to Lula, but ratcheting up the confrontation with Washington should hold no appeal for Modi.

Brazil’s biggest export market is China, with whom it has a US$49 billion trade surplus. India, on the other hand, sells just about $32 billion annually to Brazil, Russia and China — combined. The US buys nearly three times as much from it, in addition to providing tens of thousands of work visas each year to Indian techies. Washington also controls the student-visa pipeline for — amongst others — children of local politicians, bureaucrats, tycoons and bankers. Even if Modi wants to go on a collision course with Trump, the elite wouldn’t let him, reports Bloomberg.

Team Modi must switch its focus. What started off as a US-China trade and technology war has turned into a much bigger play for absolute American dominance. There is no point now in negotiating a discount on the 25% reciprocal tariff. Let that be handled as part of a broader trade deal. Getting the secondary tax cancelled in Trump’s three-week grace period has to be the more immediate goal.

Even if Modi succeeds in that limited objective, his political opponents won’t let him run a victory lap. “India, please understand: The reason Modi cannot stand up to President Trump despite his repeated threats is the ongoing US investigation into Adani,” Rahul Gandhi, leader of the opposition in parliament, wrote in a post on X. He went on to say that Modi’s hands are tied by AA. Gandhi, who often questions the outsize economic dominance of Ambani and Adani, refers to them in shorthand as AA — or A1 and A2.

Adani, the infrastructure czar, is facing criminal charges in the US for his alleged role in what the Department of Justice has described as a US$250 million bribery scheme involving a solar-energy contract. The Adani Group has refuted the allegations as baseless and said it’s fully compliant with all laws. It also denied a Wall Street Journal article in June that said that US prosecutors are investigating whether Adani’s companies imported Iranian liquefied petroleum gas, or LPG, into India through his flagship Mundra port, violating sanctions.

The businessman from Modi’s home state of Gujarat also denies receiving any favors from the government because of his long association with the prime minister. During his visit to the White House in February, Modi, who doesn’t comment on Adani at home, described the tycoon’s legal troubles as a “personal matter” that doesn’t belong to discussions between national leaders. This week, Adani stepped back from his role as executive chairman of the port business, which controls Israel’s Haifa terminal and is looking to expand in Europe. The company said the transition to a non-executive role, in which Adani will no longer count among key management personnel, was to ensure compliance with corporate governance norms. It “was long planned.”

The secondary tariff is just Trump-speak for a display of America’s power over non-Americans. Ambani’s oil-refining business is trying to diversify away from Russia, One of his units has paid a US$10 million “development fee” to the president’s real-estate firm, licensing the Trump name in Mumbai, according to the WSJ.

There is no other option. Trade disputes can still be taken to the World Trade Organization. In the realm of sanctions, might is the only rule — and the dollar the only currency. The likes of Lula and Modi can protest the former as much as they want, but no savvy businessman in their countries can do without the latter.

 

Iran completes overhaul of South Pars refinery

Overhaul of the fifth refinery of Iran’s South Pars gas field has been successfully completed, said Kambiz Sefati, manager of the refinery. The work was successfully completed without any incidents, thanks to the round the clock efforts of the staff and strict adherence to safety standards.

He added, "This remarkable achievement reflects the deep commitment of the refinery’s personnel to upholding the highest safety and operational standards."

The manager of the fifth refinery at the South Pars Gas Complex stated that "the issuance of over 5,700 work permits during the maintenance period reflects the extensive scope of activities and our strict adherence to safety procedures in authorizing necessary operations." 

He added, "Thanks to the round-the-clock efforts of all colleagues, particularly the HSE (Health, Safety, and Environment) team, we successfully navigated this critical period without a single incident."

Emphasizing the key factors behind this achievement, the manager said, "Conducting high-quality safety training for specialized maintenance personnel, holding briefing sessions to learn from past incidents in the oil industry, enforcing 24/7 monitoring at the site entrance to prevent unauthorized items, and continuous verification of all issued permits—especially hot work permits by the HSE team—were among our key measures."

Safati noted, "This major maintenance overhaul was meticulously planned and executed to ensure the refinery's full readiness for safe and stable production during the winter season." 

He emphasized, "In this regard, we leveraged the expertise of specialized maintenance teams and utilized the products and technical knowledge of Iranian knowledge-based companies."

Expressing gratitude for the relentless efforts of operational and support teams in maintaining maximum safety and efficiency, he described this achievement as "the result of solidarity and synergy among all personnel, reflecting the paramount importance of safety at this refinery."

South Pars gas field, which Iran shares with Qatar in the Persian Gulf water, is divided into 24 standard phases of development in the first stage. Most of the phases are fully operational at the moment.

The huge offshore field covers an area of 9,700 square kilometers, 3,700 square kilometers of which are in Iran’s territorial waters in the Persian Gulf. The remaining 6,000 square kilometers, called North Dome, are situated in Qatar’s territorial waters.

The field is estimated to contain a significant amount of natural gas, accounting for about eight percent of the world’s reserves, and approximately 18 billion barrels of condensate.

 

World leaders criticize Gaza takeover by Israel

World leaders have criticized Israel’s decision to seize control of Gaza City, warning the move risks exacerbating the already catastrophic humanitarian crisis in the Gaza Strip.

The Israeli security cabinet approved the controversial plan early Friday, marking a new escalation in the country’s nearly two-year-long war against Hamas.

The announcement from Israeli Prime Minister Benjamin Netanyahu’s office came after hours of debate among senior security officials.

The decision to move into Gaza City was made in light of Netanyahu’s earlier suggestions that the military would "take control of all Gaza," but also his claim that Israel had no intention of occupying the Strip permanently.

Saudi Arabia has strongly condemned, in the strongest terms, the Israeli occupation of the Gaza Strip, denouncing what it described as deliberate acts of starvation, brutality, and ethnic cleansing against the Palestinian people. In a statement on Friday, the Ministry of Foreign Affairs said, “The inhumane ideas and decisions adopted by the Israeli occupation authorities without deterrence once again confirm their disregard for the deep emotional, historical, and legal connection of the Palestinian people to this land, and for their rightful claim to it in accordance with international laws and humanitarian principles.”

British Prime Minister Keir Starmer condemned the move in strong terms, stating, “Israel’s decision to further escalate its offensive in Gaza is wrong and we urge it to reconsider immediately.”

“This action will do nothing to bring an end to this conflict or to help secure the release of the hostages. It will only bring more bloodshed,” Starmer said in a statement.

“What we need is a ceasefire, a surge in humanitarian aid, the release of all hostages by Hamas and a negotiated solution.”

Starmer added that Hamas can play no part in the future of Gaza and must leave as well as disarm. The Britain, he said, is working with allies on a long-term strategy to establish peace in the region as part of a two-state solution.

Finland’s Foreign Minister Elina Valtonen echoed those concerns, stating she was extremely worried about the worsening humanitarian conditions in Gaza. “We hope for an immediate Gaza ceasefire and the immediate release of Israeli hostages,” she said.

Australian Foreign Minister Penny Wong called on Israel to back down, warning that permanent forced displacement is a violation of international law.

US President Donald Trump commented earlier this week that the decision was really up to Israel and blamed Hamas for stalling negotiations.

"They didn’t really want to make a deal," he said.

UN High Commissioner for Human Rights Volker Türk slammed the move saying, “The Israeli government’s plan for a complete military takeover of the occupied Gaza Strip must be immediately halted.”

“It runs contrary to the ruling of the International Court of Justice that Israel must bring its occupation to an end as soon as possible, to the realization of the agreed two-state solution and to the right of Palestinians to self-determination,” he added.

Reactions within Israel were divided. Opposition leader Yair Lapid denounced the government’s plan, saying it went against the advice of military leadership.

"The plan is completely contrary to the position of the military and the defence establishment, without taking into consideration the burnout and the exhaustion of the combat troops," he said.

Chief of the General Staff Lieutenant General Eyal Zamir warned earlier on Thursday that the plan would endanger the lives of the hostages and further stretch the military.

Zamir has repeatedly clashed with the security cabinet in recent days, notably over the Gaza proposal.

Prior to the security cabinet session on Thursday, Netanyahu denied Israel had any intentions of permanently controlling Gaza in its entirety.

"We don't want to keep it. We want to have a security perimeter," the Israeli leader told Fox News. "We don't want to govern it. We don't want to be there as a governing body."

He said that Israel intends to hand over the Strip to a coalition of Arab forces that would govern it.

The announcement comes as humanitarian organizations continue to warn of severe conditions in Gaza, where widespread hunger and displacement are mounting daily.

The ongoing Israel-Hamas war in Gaza has displaced nearly the entire population of Gaza, destroyed over 60% of the enclave’s buildings and infrastructure, and brought most of its 2 million residents to the brink of famine.

PSX benchmark index up 3.08%WoW

Pakistan Stock Exchange (PSX) sustained its bullish momentum throughout the week on anticipation of strong earnings during the ongoing results season. The benchmark index touched its all-time high closing at 145,647 points on Thursday, but closed the week at 145,383 points, up 4,348 points, up 3.08%WoW, with meager decline in the last trading session.

Market participation improved with average daily traded volume increasing by 16.3%WoW to 653 million shares, up from 561 million shares a week ago.

Trade deficit for the month of July 2025 rose to US$2.8 billion, up 44%YoY.

Workers’ remittances for July 2025 also rose to US$3.2 billion, up 7%YoY.

Foreign exchange reserves held by State Bank of Pakistan (SBP) decreased by US$72 million to US$14.2 billion as of August 01, 2025.

Key sectoral developments included robust 30%YoY growth in cement dispatches for July 2025, while OMC offtakes reached 1.2 million tons, up 2% YoY.

On the international front, the Trump administration imposed an additional 25% tariff on India, raising reciprocal tariffs to 50%.

Other major news flow during the week included: 1) Pakistan gets 19% tariff after US drives a hard bargain, 2) SBP enhances housing finance limit for microfinance borrowers to PKR5 million, 3) ExxonMobil likely to come back for offshore venture, 4) Pakistan set to initiate dialogue with Qatar on LNG supplies, and 5) Budget deficit drops to 5.4% in FY25 from 6.8% for the same period last year.

Woollen, Jute, insurance, Tobacco, and Food & Personal Care were amongst the top performing sectors, while Synthetic & Rayon, Close-end Mutual Funds, Chemical, Sugar & Allied Industries, and Textile Weaving were amongst the laggards.

Major selling was recorded by Banks/ DFI with a net sell of US$18.8 million. On the other hand, Mutual Funds absorbed most of the selling with a net buy of US$22.9 million.

Top performing scrips the week were: AGL, NESTLE, UNITY, HBL, and BNWM, while the laggards included: GADT, PKGP, FABL, LCI, and IBFL.

According to AKD Securities, the market is expected to remain positive in the coming weeks, with further developments over circular debt expected to drive the market along with upcoming corporate results remaining in the limelight.

The benchmark index is anticipated to sustain its upward trajectory, with a target of 165,215 points by end December 2025, 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.

The top picks of the brokerage house include OGDC, PPL, PSO, FFC, ENGROH, MCB, FCCL, KOHC, INDU, and SYS.