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Israeli military failed to protect civilians on Oct. 7: report

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The Israeli militANN(Asian News Network) published on Thursday the findings of a first probe into its own security failings during the devastating Oct. 7 Hamas attack, acknowledging it hadn’t protected the citizens of one of the worst hit communities, Kibbutz Be’eri.

More than 100 people were killed in the attack on Be’eri, a community of about 1,000 people, and 32 taken hostage to Gaza, 11 of whom are still there.

The probe examined the day’s chain of events, fighting and security forces’ conduct, the militANN(Asian News Network) said. Some of the details have already been revealed by Reuters and other media in the weeks after the attack.

While acknowledging its own failure in protecting the kibbutz civilians, the militANN(Asian News Network) hailed the bravery of Be’eri residents, including its rapid response team, who despite being vastly outnumbered, tried to repel the militants who invaded.

Israel’s militANN(Asian News Network) was unprepared for the scenario of a massive infiltration into Israel, had inadequate forces in the area, did not have a clear picture of the events until noon, a few hours after the attack began, did not properly alert Be’eri’s residents and its fighting was uncoordinated, the investigation found.

Read more: Israel presses operation in Gaza’s north

The probe, however, did not find fault in tank fire toward a house where ‘attackers’ were holding some 15 people hostage, an incident that has drawn criticism in Israel for having put civilians in harms way.

“After shooting was heard from the house and the ‘attackers’ announced their intent to kill themselves and the hostages, the forces decided to storm it in order to save the hostages,” the militANN(Asian News Network)’s summANN(Asian News Network) said.

“The team found that the civilians inside the house were not hurt by the tank shells,” the summANN(Asian News Network) said, however, further investigation is needed to determine how hostages inside died, with signs pointing to them having been killed by the gunmen.

Israeli Defence Minister Yoav Gallant On Thursday called for a state inquiry into the security failings of the Oct. 7 attack, which was Israel’s deadliest day and the worst attack on Jews since the Holocaust.

‘Time to end the war’: Biden sees progress on Gaza deal

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President Joe Biden said Thursday that US mediators were making progress in reaching a Gaza ceasefire deal as he called for an end to the Israel-Hamas war.

Biden, in a high-stakes, nearly hour-long news conference aimed at repudiating doubters of his reelection bid, acknowledged concerns about Israeli actions despite his overall support for the US ally.

“There’s a lot of things in retrospect I wish I had been able to convince the Israelis to do, but the bottom line is we have a chance now. It’s time to end this war,” he said after a NATO summit in Washington.

Biden acknowledged there remained “difficult, complex issues” between Israel and Hamas.

“There are still gaps to close. We’re making progress,” Biden said.

“The trend is positive, and I’m determined to get this deal done and bring an end to this war, which should end now,” he said.

Biden more than a month ago laid out a plan in which Israel would temporarily halt its offensive in Gaza and Hamas would release hostages, setting the stage for talks for a permanent end to the devastating nine-month war.

Hamas came back with counterproposals and Israeli Prime Minister Benjamin Netanyahu has faced pushback from some of his hard-right government allies.

But diplomats have spoken of progress in the latest round of talks that closed Thursday in Qatar, the key mediator.

Pushing Israel ‘really hard’

Biden threw his support behind Israel after the October 7 attack by Hamas which resulted in the deaths of 1,195 people, mostly civilians, according to an AFP tally based on Israeli figures.

Israel responded with a militANN(Asian News Network) offensive that has killed at least 38,345 people in Gaza, also mostly civilians, according to figures from Hamas-run Gaza health ministry.

Biden, 81, recalled his meeting a half-century ago as a young senator with Israeli prime minister Golda Meir — and acknowledged that times have changed.

“We pushed it really hard, and Israel occasionally was less than cooperative,” Biden said of Netanyahu’s government.

“This war cabinet is one of the most conservative war cabinets in the history of Israel, and there’s no ultimate answer other than a two-state solution here,” he said.

Biden also stood firm on his decision to hold up delivery of massive 2,000-pound bombs, even as his administration moves forward on other munitions.

“I’m not providing the 2,000-pound bombs. They cannot be used in Gaza or any populated area without causing great human tragedy and damage,” Biden said.

He again pressed Israel for a “day-after” plan for the war’s end and spoke of his diplomacy to persuade Arab states to help with security.

“At the end of the day, there has to be no occupation by Israel in the Gaza Strip,” Biden said.

He also acknowledged he was “disappointed” by a pier to deliver aid into Gaza, which Biden announced in March and the US militANN(Asian News Network) built at a cost of $230 million as Israel impeded land routes for aid trucks.

The United States plans soon to end the use of the pier permanently after it was plagued by problems, including the weather.

“I was hopeful that would be more successful,” Biden said.

Car stolen in Karachi recovered from Jamshoro

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KARACHI: Anti-Vehicle Lifting Cell (AVLC) during an action recovered a car stolen in Karachi from Jamshoro, ANN(Asian News Network) News reported.

The AVLC is carrying out crackdown on the vehicle snatching incidents across Sindh and in recent action it recovered a vehicle snatched from Karachi’s Gulistan-e-Jauhar area from Jamshoro.

SSP Arif Aslam Rao said the vehicle was handed over to its owner named Maaz. He said the snatchers have been identified and raids were being conducted to arrest them.

The citizen paid gratitude to the AVLC for recovering his stolen vehicle.

Maaz said his vehicle was stolen from outside a restaurant in Gulistan-e-Jauhar Block, 1 and after that he lodged FIR of the incident.

Read more: CPLC report shows surge in Karachi street crimes

According to the Citizens-Police Liaison Committee (CPLC) report, street crimes in Karachi witnessed surge in June 2024.

The report revealed that 40 people lost their lives while resisting robberies in Karachi street crimes.

24 cars were snatched and 135 were stolen from various parts of Karachi in June 2024. 564 motorbikes were snatched at gunpoint, while 2,792 were stolen in June, the CPLC report said.

As many as 196 motorbikes and 80 cars were recovered by police and other law enforcement agencies in June.

Pakistan, Azerbaijan sign 15 agreements in various fields

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Pakistan and Azerbaijan on Thursday signed 15 Memorandum of Understandings (MoUs) and agreements to promote bilateral cooperation in a range of fields including trade, commerce, tourism, mines & minerals, science technology, law & justice and cultural exchange programs.

Prime Minister Muhammad Shehbaz Sharif and Azerbaijan President Ilham Aliyev witnessed the signing ceremony held here at the PM House.

Deputy PM and Foreign Minister Ishaq Dar and Azerbaijan Deputy Minister of Foreign Affairs Samir Sharifov signed a Memorandum of Understanding (MoU) between the Ministry of Foreign Affairs of Azerbaijan and the Ministry of Foreign Affairs of Pakistan on Consular Affairs.

Preferential Trade Agreement between the government of Azerbaijan and the government of Pakistan was signed by Commerce Minister Jam Kamal Khan and Deputy Minister of Economy Azerbaijan Sahib Mammadov.

Pakistan, Azerbaijan sign 15 agreements, MoUs to enhance bilateral cooperation in diverse fields

Similarly, an MoU on the cooperation between the Ministry of Economy of Azerbaijan and the Ministry of Privatization of Pakistan in the field of privatization of state property was signed by Minister for Privatization Abdul Aleem Khan and Deputy Minister of Economy Azerbaijan Sahib Mammadov.

Another agreement on Transit Trade between the governments of Azerbaijan and Pakistan was also signed between the two countries.

The two sides also agreed on a Memorandum of Cooperation (MoC) between the Ministry of Justice of Azerbaijan and Minister of Law and Justice of Pakistan. The MoC was signed by Minister for Law Azam Nazeer Tarar and Azerbaijan Minister for Defence Industry Vugar Mustafayev.

An Memorandum of Understanding (MoU) between the government of Pakistan and Azerbaijan on cooperation in the field of mineral resources and geology was signed by Petroleum Minister Dr Musadik Malik and Azerbaijan Minister of Energy.

Cultural Exchange Program between Pakistan and Azerbaijan for the year 2024-2029 was signed by Minister for Heritage and Culture Attaullah Tarar and Azerbaijan Minister of Foreign Affairs Samir Sharifov.

Pakistan, Azerbaijan sign 15 agreements, MoUs to enhance bilateral cooperation in diverse fields

Likewise the two sides also signed an MoU between the Ministry of Digital Development and Transport of Azerbaijan and the Ministry of Information Technology and Telecommunication of Pakistan on cooperation in the fields of information and communication technologies.

An MoU on cooperation between Azerbaijan Television and Radio Broadcasting (CJSC) and Pakistan Television Corporation (PTVC) was signed by SecretANN(Asian News Network) Information Shahera Shahid and Ambassador of Azerbaijan Khazar Farhadov.

The two sides also signed an MoU on establishing of twinning links between the city of Baku and Islamabad, and another MoU between Small and Medium Business Development Agency of Azerbaijan and SMEDA Pakistan.

An agreement between Government of Pakistan and Government of Azerbaijan for scientific and technological cooperation was also signed between the two sides.

An agreement on cooperation in the field of tourism between government of Azerbaijan and Government of Pakistan was signed by SecretANN(Asian News Network) IPC Nadeem Irshad Kayani and Azerbaijan Minister of Defence Industry.

An MoU on cooperation in the field of literature between the institute of literature named after Nizami Ganjavi of Azerbaijan National Academy of Sciences (ANAS) and Pakistan Academy of Literature (PAL) was signed by Chairman Pakistan Academy of Letters Prof Dr Najeeba Arif and Ambassador of Azerbaijan Khazar Farhadov.

Air Services Agreement was also signed between the governments of Pakistan and Azerbaijan.

No plans to enter into any talks with TTP: FO

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ISLAMABAD: Pakistan Foreign Office (FO) on Thursday said that it has no plans to enter into any talks with the banned Tehreek-e-Taliban Pakistan (TTP).

At her weekly news briefing in Islamabad, Foreign Office Spokesperson Mumtaz Zahra Baloch said the terrorist entity is involved in the killing of Pakistani and foreign citizens inside the country.

She said that Pakistan respects Afghanistan’s sovereignty and territorial integrity. “We expect the Afghan authorities to uphold their sovereignty and take action against terrorist groups which have found sanctuaries inside Afghanistan and using their territory for terrorist attacks against Pakistan,” Mumtaz Zahra Baloch added.

Responding to a question, the foreign office spokesperson said Pakistan is committed to implement the illegal foreigners repatriation plan.

Mumtaz Zahra Baloch said the first phase of the plan is near completion and alluded to the illegal foreigners including Afghans repatriated to their home countries.

Read More: Pakistan rejects reports of holding any talks with TTP

The foreign office spokesperson also clarified that Pakistan has not given any understanding to the UNHCR for the suspension of the plan. She pointed out that the government has approved one-year extension of the validity of Proof of Registration cards of the Afghan refugees.

To a question, Mumtaz Zahra Baloch said Pakistan and the United States have a multifaceted and a robust partnership. She said Pakistan believes that this relationship should move forward on mutual respect, sovereign equality, and non-interference in each other’s internal affairs.

Earlier in December 2023,  Pakistan  vehemently rejected reports and speculations of talks with TTP.

Foreign Office Spokesperson Mumtaz Zahra Baloch had said: “There is absolutely no dialogue taking place with TTP.”

“We have noted the statement of the interim Afghan government that it will investigate Tuesday’s terror attack that took place in Dera Ismail Khan,” she said, adding that Afghanistan should take strong action against perpetrators of this heinous attack and hand them over to Pakistan along with the TTP leadership in Afghanistan.

iPhone 16 Pro models likely to get THIS big upgrade

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While Apple remain tight-lipped about the features it plans to introduce in the upcoming iPhone 16 series, a latest rumour suggests the tech giant might introduce a big upgrade in design.

According to leaked images of the upcoming iPhone 16 Pro Max and the iPhone 15 Pro Max, Apple might bring a design change after four long years.

The leaks suggest that iPhone 16 series devices might see a bigger display as iPhone 16 Pro Max is expected to pack a 6.9-inch display from the earlier 6.7-inch display on the iPhone 15 Pro Max.

Additionally, iPhone 16 Pro could come with a 6.3-inch display, as against the 6.1-inch display on iPhone 15 Pro.

The rumours of bigger display intensified after tipster Majin Bu shared an image that showed both the iPhone 16 Pro Max and the iPhone 15 Pro Max.

Several pointed out that iPhone 16 Pro Max looked bigger than iPhone 15 Max in size.

Meanwhile, iPhone 16 and iPhone 16 Plus are believed to come in the old size which is 6.1-inch and 6.7-inch respectively.

Read more: Apple watch series 10: Bigger screen, thin design other details leaked

While Apple has not officially announced a release date, several insiders suggest that the tech giant is gearing up for the new iPhone as Apple usually launches its iPhones in September.

Insiders, privy to the matter, suggested that iPhone 16 series could be unveiled in the first or second week of September.

Likewise, the price tag of the highly-anticipated iPhone series has also been kept under wraps by the tech giant .

Meanwhile, the company is also rumoured to introduce the latest Apple Watch Series 10 with major upgrades in its upcoming release.

According to Bloomberg’s Mark Gurman, the upcoming Apple Watch will feature a larger display and a new chip.

Gurman revealed that the Apple Watch Series 10 will look similar to the previous model but will be thinner. However, the Apple Watch Ultra 3 won’t have a new design this year.

NEPRA approves massive hike in power tariff

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KARACHI: The National Electric Power Regulatory Authority (NEPRA) has approved the government’s request to increase the basic electricity tariff by up to Rs 7.12 per unit, ANN(Asian News Network) News reported on Thursday.

This tariff hike will apply uniformly across the country, including Karachi, while the Households and consumers with up to 200 units monthly are exempted from the hike for three months.

As per the notification, the domestic consumers will see a new tariff structure with the consumers between 201 and 300 units per month, the tariff will increase by Rs 7.12 to Rs 34.26 per unit.

Those consuming units between 301 and 400 will experience an Rs 7.02 increase, bringing rate to Rs 39.15 per unit.

Consumers using between 401 and 500 units will see their rates go up by Rs 6.12 to Rs 41.36 per unit.

READ: JI demands end of slab system in power bills, cancel IPP agreements

The tariff for those consuming between 501 and 600 units will rise by Rs 6.12 to Rs 42.78 per unit, and for those using between 601 and 700 units, the rate will increase by Rs 6.12 to Rs 43.92 per unit.

Additionally, the consumers exceeding 700 units per month, the tariff will increase by Rs 6.12 to Rs 48.84 per unit.

Meanwhile, the lifeline consumers, who use up to 50 units per month, will continue to pay Rs 3.95 per unit. Those consuming between 51 and 100 units will maintain a rate of Rs 7.74 per unit.

NEPRA has sent the notification for this tariff increase to the federal government, which is expected to issue an official notification soon. The tariff hike will apply uniformly across the country, ensuring a standardized rate for all regions, including Karachi.

Danuglipron: Pfizer moves forward with once-daily weight-loss pill

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Pfizer has selected a preferred once-daily modified-release formulation for its weight loss candidate danuglipron, as the company looks to get ahead in the oral weight loss market.

The company reached the preferred choice after an analysis of its ongoing Phase II pharmacokinetic study. Whilst several candidates showed encouraging data, one showed “the most favourable profile”, according to the company.

The company plans to conduct dose optimisation studies in the second half of 2024 where it will test multiple doses of its preferred modified-release formulation.

Taken as a tablet, Danuglipron is a glucagon-like peptide 1 (GLP-1) receptor agonist. Like other GLP-1 agonists, it works by increasing insulin release and suppressing glucagon release. These drugs can help patients lose weight by slowing down the digestion of food and increasing the feeling of fullness after eating.

Pfizer redirected resources to danuglipron after terminating its other GLP-1 programme for lotiglipron in June 2023. The decision to scrap the latter was due to elevated levels of transaminases, a type of liver enzyme.

Pfizer is confident in its once-daily dosing regimen, highlighting that results to date have demonstrated a pharmacokinetic profile supporting this. The company added that the drug’s safety profile in the ongoing study was consistent with earlier danuglipron studies, with no elevated levels of liver enzymes.

Pfizer research and development chief scientific officer Mikael Dolsten said: “We believe that with the preferred modified release formulation and future trial design optimisation, we can advance a competitive oral GLP-1 molecule into registration enabling studies, with the goal of addressing the present and persistent medical needs of people living with obesity.”

The weight loss market in pharma is in the midst of a boom. Novo Nordisk currently dominates the space with its GLP-1 agonist drug Wegovy (semaglutide) which reeled in sales of around $4.5bn in 2023, helping the company achieve its highest profit in decades.

Eli Lilly is a key player in the space with Mounjaro (tirzepatide). A study published in JAMA Internal Medicine study published earlier this week caused ripples in the investor sector, after it found that Eli Lilly’s active ingredient led to greater weight loss than Novo Nordisk’s semaglutide. Eli Lilly’s stock rose as a result while Novo Nordisk’s dropped. A weight loss pill, however, would provide even greater market opportunity over injections, providing efficacy data holds up.

“Pfizer moves forward with once-daily weight loss pill” was originally created and published by Clinical Trials Arena, a GlobalData owned brand.

Samsung’s South Korean workers strike: five things to know

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Thousands of South Korean workers at the world’s largest chipmaker, Samsung Electronics, have gone on an “indefinite” strike their union says will hit production of crucial high-tech semiconductors.

Here’s what we know:

– What’s going on? –

Workers, including some from Samsung Electronics’ foundry where the world’s most advanced computer chips are produced, walked off the job Monday after months of negotiations with management stalled.

The National Samsung Electronics Union wants pay raises, a more transparent performance-based bonus system and an extra day off every year to mark the union’s founding in 2019.

It is the first indefinite strike in the history of Samsung — the largest of the chaebols, or family-run firms, that dominate the South Korean economy.

The company was actively anti-union for decades, with founder Lee Byung-chul declaring he would never allow them “until I have dirt over my eyes”. He died in 1987.

“Samsung is the hardest imaginable place to unionise and strike,” Vladimir Tikhonov, professor of Korean studies at the University of Oslo, told AFP.

“If Samsung workers succeed in this undertaking, it will empower the rest of South Korea’s labour.”

– What is Samsung’s response? –

Samsung has said the strike will not affect production, but experts say its staunch anti-union history means it is ill-equipped to defuse the standoff.

“Samsung has had no experience in resolving labour issues with its workers,” said activist and former lawmaker Chun Soon-ok, whose brother died by self-immolation in 1970 protesting brutal working conditions in the textile industry.

Due to this “lack of understanding”, the company “needs to bring in someone with expertise in labour relations to find a way out of the current gridlock”, she added.

– Will it hit production? –

With the world’s lowest birthrate and tightly controlled immigration, many South Korean companies including Samsung have long embraced factory automation, in part as a hedge against the looming demographic crisis.

The country has the highest robot density in the world, with one for every 10 employees — nearly 40 percent more than runner-up Singapore, according to the International Federation of Robotics.

Even so, “Samsung must recognise that it can’t make chips without a labour force”, Chun said, adding that ever-intensifying competition in the sector made skilled workers essential.

– What are Korean factories like? –

South Korea’s factories may be high-tech, but its “industrial accident fatality rate is significantly higher than the OECD average”, said Kim Sung-hee, a professor at Korea University’s Graduate School of Labor Studies.

This is due to a “failure to adequately address worker safety issues” because it is not the top priority for companies or the government, Kim told AFP.

There were more than 8,000 work-related deaths from 2020 to 2023, labour ministry data showed. Last month, 23 people were killed in a major fire at a South Korean lithium battery factory.

In Samsung’s semiconductor plants, workers have alleged that inadequate protection resulted in employees contracting cancer — something the company formally apologised for in 2014.

– What do Koreans think? –

Labour organisation rates are low in South Korea, with only 13.1 percent of wage earners belonging to unions, Seoul says.

In the 1970s and 1980s, labour groups were involved in the country’s pro-democracy movement, opposing the militANN(Asian News Network)-backed dictatorship.

The unionised workers — who were often framed as North Korean sympathisers by the authoritarian government — sometimes employed militant tactics, a legacy that still colours South Koreans’ perceptions, experts say.

According to a 2022 study by Hankook Research, 45 percent of South Koreans still viewed union activities “negatively”.

“In cases like the Samsung strike, the public often perceives these union members as ‘greedy’ people demanding more benefits” despite already being well paid, professor Kim said.

– Does S. Korea have a lot of strikes? –

An ongoing strike by junior doctors against government training reforms is currently causing healthcare disruptions, and a huge strike last July briefly hit export-focused auto production.

Some strikes have seen violence: one at Ssangyong Motor in 2009 ended with a major police crackdown.

But the Samsung union’s action shows strike culture is evolving, said Lee Sang-min, professor at Hanyang University.

“They are non-political compared to other unions, and are more open to trying new things,” Lee told AFP.

“If you look at general strike culture compared to the past, violent and illegal strikes have been greatly reduced, and legal and peaceful protests have taken place.”

WATCH: Irfan Pathan shouts at brother Yusuf during WCL 2024 match

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Former Indian all-rounder Irfan Pathan lashed out his brother Yusuf after a horrible mix-up led to his runout in India Champions’ game against South Africa in the World Championship of Legends (WCL) 2024.

With India Champions needing 79 of last 12 balls, Irfan and Yusuf were on the crease after building a steady partnership.

However, both brothers were involved in a horrible mix-up that led to the runout of Irfan Pathan on the non-striker’s end.

The incident occurred on the first ball of the 19th over when Irfan attempted a long shot towards the covers on Dale Steyn’s delivery.

The South Africa Champions fielder threw the ball back to the bowler’s end where Steyn dislodged the bails leading to the left-handed batter’s runout.

Replay of the runout showed that Irfan Pathan was looking to come back for the second run after playing the shot, however, Yusuf Pathan failed to communicate with his brother and stayed in the crease after finishing one run.

Seeing his brother staying in the crease, Irfan made an attempt to return to the crease at the non-striker’s end, however, Steyn had dislodged the bails and run him out.

Read more: Pakistan thrash India in World Championship of Legends

Irfan Pathan was visibly annoyed and angry with his brother and the two were seen yelling at each other, some of which were caught on the stump mic.

However, both brothers seemed to have cooled off after Irfan went out kissed Yusuf on the forehead following the conclusion of the game.

While India Champions lost the game by 54 runs, they ensured that play the semi-final of World Championship of Legends (WCL) 2024 against Australia Champions on July 12.

Good news for applicants waiting for their passports

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ISLAMABAD: In a move to address new passport crisis, the federal government decided to procure more machines for printing passports, ANN(Asian News Network) News reported on Thursday.

The Deputy General (DG) Passports and Immigration has prepared a requisition and sent it to the Ministry of Interior.

The authorities stated that a total of six desktops, two e-passport machines will be procured, adding that the new machines have the capacity to print 1000 passports in 1 hour.

It is pertinent to mention here that the printing of passports has been delayed for the past one year across the country.

The reasons for the delay in passports were shortage of paper and low efficiency machines.

‘Water companies must improve without big bill rises’

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Britain’s regulator told water companies they needed to fix leaks and cut sewage spills without raising bills as much as they had wanted, prompting industry criticism it was failing to get to grips with the mounting crisis.

The trade-off between price hikes, private investment and cleaner rivers amid a funding crisis and public anger over pollution is a test for the new Labour government, as the biggest supplier Thames Water teeters on the brink of financial collapse and could need to be nationalised.

Over the next five years, regulator Ofwat said it would allow companies to increase average bills by 21%, or 94 pounds ($121), to fund an 88 billion pounds infrastructure upgrade.

The water companies said that was not enough to tackle sewage spills, fix leaking pipes and increase capacity for a growing population. They had wanted to raise bills by an average of 33%, to invest 105 billion pounds.

Britain’s water industry has been in the firing line over the amount of sewage dumped in its waterways, with critics saying the companies have under-invested for decades while taking out billions of pounds in dividends and paying large bonuses to executives.

‘MINIMUM ASK ON CUSTOMERS’

Ofwat boss David Black told Times Radio the system needs sustained improvements “but it does need to be done in a way that puts the minimum ask on customers that’s possible.”

He said the plan would cut sewage spills by 44% by 2030.

Industry body Water UK slammed Ofwat’s proposals, accusing it of failing to tackle crumbling pipes and sewage spills.

“For far too long, Ofwat has failed to be realistic about the levels of investment needed and what it will take to deliver and maintain necessANN(Asian News Network) infrastructure,” a spokesperson said.

Thames Water, at the centre of the debate about a water industry which was privatised in 1989, wanted to hike bills by a total of 191 pounds over five years, but Ofwat said it would allow a rise of 99 pounds.

The company said its original plan had been “ambitious, deliverable, financeable and investible”. It will now provide more evidence before the regulator’s final decision in December.

Struggling under 15 billion pounds of debt, Thames said on Tuesday it would run out of money next year if it did not raise 3.25 billion pounds of equity.

GOVERNMENT REFORM

Environment minister Steve Reed, appointed after Britain’s July 4 election, ordered Ofwat to ensure new funding was ringfenced and not spent on bonuses or dividends.

Reed, who will meet water bosses later on Thursday, said he would outline steps in the next months to reform the sector and restore British “rivers, lakes and seas to good health.”

The crisis poses a challenge for new Prime Minister Keir Starmer who wants to boost private investment in Britain, with investors looking at water as a test case.

Ofwat set the allowed rate of return paid to investors of water companies at 3.72%, indexed to inflation, saying that would be adequate to attract investment.

It imposed a new “turnaround oversight regime” on Thames, requiring it to provide regular updates on progress.

Ofwat’s Black told reporters that in time, Thames Water could consider breaking itself up or floating on public markets, but said neither was an immediate solution.

Hours before Ofwat’s announcement, credit rating firm S&P Global warned it could downgrade Thames’ Class A and B debt to ‘junk’ ratings, making them uninvestible for big pension funds.

Ofwat will publish its final decision on bills and investment on Dec. 19. The companies can refer their case to the competition regulator if they cannot reach agreement with Ofwat.

($1 = 0.7777 pounds)

Shaheen Afridi posts cryptic message amid misconduct allegations

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Pakistan’s pace bowler Shaheen Afridi on Thursday shared a cryptic message on social media amid reports that he misbehaved with coaching staff and team management.

Taking to X, the pacer shared a video of him bowling in the nets with a caption, “Rise Above” with an eagle emoji.

Earlier today, sources claimed that Afridi exchanged heated words with batting coach Mohammad Yousuf during the team’s tour to Ireland and England before the T20 World Cup 2024.

According to sources, Shaheen Afridi later apologised to the batting coach while the team management also reprimanded him for his misconduct.shaheen afridi

However, the incident was termed heat of the moment and the chapter was closed after Afridi’s apology to Mohammad Yousuf.

Reports also said that the pacer misbehaved with coaching staff and team management on several occasions during Pakistan’s recent tours.

He was reportedly reprimanded by the team management for his behaviour with the staff and management.

The reports came weeks after Pakistan’s early exit from the recently concluded T20 World Cup 2024 following their defeats to the United States of America (USA) and India in their first two games.

Following Pakistan’s defeat to India on June 9, legendANN(Asian News Network) pacer Wasim Akram claimed that white-ball skipper Babar Azam and Shaheen Afridi were not on talking terms since the pacer was sacked as captain and was replaced by Azam.

While he did not mention the two player, Akram was apparently taking a jibe at the two players.

“There are players who don’t want to talk to each other. This is international cricket, and you play for your country. Make these players sit at home,” Wasim Akram said.

It is pertinent to mention that Wahab Riaz was sacked from the post of senior team manager and Pakistan Cricket Board (PCB) selection committee a day earlier.

Sources said that PCB removed him from the position after he was found of giving undue support to Afridi.

Pepsi quarterly revenue disappoints on slowing sales

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Pepsi missed expectations for second-quarter revenue on Thursday as a series of price hikes and competition from private-label brands slowed sales of its snacks and soda mainly in the United States, its largest market.

Analysts have said that product prices, which are starting to normalize after nearly two years of multiple hikes, are still higher than pre-pandemic levels, giving packaged-food companies such as Pepsi little room to raise prices as volumes shrink.

Pepsi raised average product prices by 5% for the quarter ended June 15, in line with the first quarter. However, overall organic volumes slipped 3% in the reported period.

Company executives said year-to-date performance across many food categories, including snacks, was subdued as consumers had become more value-conscious while spending.

“Throughout we are seeing much more price sensitivity and consumers looking for more value across all income groups. Now that is something that we have to take into consideration,” Pepsico CEO Ramon Laguarta told Reuters.

He also said the company had been stepping up productivity and cannot continue to price up.

PepsiCo is adding new flavors to its brands such as Lay’s, Doritos and Cheetos to suit various consumer preferences, while also offering products across different price tiers.

“We have to put much more focus on our efficiency,” Laguarta said.

Frito-Lay North America, the company’s snacking business which is also its second largest, saw volumes drop 4% while the North America beverages division, its largest, saw a 3.5% decline.

Shares of the company fell as much as 3.4% to a nine-month low of $158.03 after PepsiCo also said it expected fiscal 2024 organic revenue to be about 4%, compared with prior expectations of at least 4%.

“They are on the lower side of projections here, they’re seeing the weakness here and we’ve been talking about that for several quarters now and that seems to be ongoing,” said Don Nesbitt, senior portfolio manager at F/m Investments.

Still, easing production and other expenses from pandemic peak, along with the impact of price hikes, helped Pepsi post an adjusted profit of $2.28 per share, beating LSEG estimates of $2.16.

The company’s revenue rose 0.8% to $22.50 billion in the quarter, while analysts had estimated $22.57 billion.

“It’s not a business to sit on its hands and there is a clear focus on profitable growth, so PepsiCo is going to have to pull various levers depending on products to try and stay on top,” said Dan Coatsworth, investment analyst at AJ Bell.