Author: EchoAsiaNews

United States: US President Donald Trump has sought to downplay growing speculation of tensions with Israeli Prime Minister Benjamin Netanyahu, insisting that relations between the two leaders remain “very good” despite Israel’s rejection of a US-backed Gaza peace initiative. Speaking at the White House, Trump dismissed concerns over the diplomatic disagreement after Netanyahu publicly opposed the proposal, which called for a phased Israeli military withdrawal from Gaza alongside the disarmament of Hamas. The rejection marks the clearest divergence between Washington and Jerusalem since the United States unveiled its latest ceasefire framework. Netanyahu’s stance comes as he faces mounting political pressure…

Global oil markets remained under pressure as Brent crude held above $87 per barrel after posting a more than 5% surge on Monday, its strongest gain since July 31. The rally followed growing skepticism over a potential US-Iran peace agreement, with negotiations appearing to stall after US President Donald Trump demanded compensation from Iran for losses suffered by the United States in past conflicts and attacks. The tougher US position has reduced expectations for a near-term reopening of the Strait of Hormuz, one of the world’s most critical energy transit routes. Trump also stated that the US Navy had secured…

WASHINGTON: Former US President Joe Biden’s prostate cancer has progressed beyond his bones and is causing severe pain, his son Hunter Biden said in an interview, offering an update on the former president’s health. Speaking to the BBC’s Newsnight, Hunter Biden said the disease had advanced further and described his father’s condition as physically debilitating. “The cancer has spread, metastasised into his bones and further,” Hunter Biden said. “It’s very painful, and it’s very debilitating in many respects.” A spokesperson for the 83-year-old former president declined to comment on the interview. Biden Continues Treatment for Aggressive Prostate Cancer Joe Biden…

NEW YORK: J.P. Morgan has raised its 2026 year-end target for the S&P 500 to 8,000, citing robust corporate earnings, accelerating artificial intelligence (AI) investments and improving revenue prospects for major technology companies. The brokerage increased its target from 7,800 to 8,000, implying approximately 3.1% upside from the index’s previous close of 7,757.64. The revised forecast places J.P. Morgan among a growing number of Wall Street firms expecting the benchmark U.S. stock index to reach the 8,000-point milestone by the end of 2026. AI Investment and Strong Earnings Drive Forecast Upgrade J.P. Morgan analysts said rising AI-related capital spending by…

BRUSSELS: Extreme heat and prolonged drought across Europe could erase much of the European Union’s projected economic growth in 2026, with losses estimated at around €180 billion ($208 billion), according to a report by Dutch lender Triodos Bank. The report estimates that heat-related disruption could reduce EU gross domestic product (GDP) by about 1%, primarily due to lower labour productivity, declining agricultural output and disruptions to energy and transport infrastructure. The warning comes as Europe experiences another summer of record temperatures, drought conditions and wildfires across several countries. Heat Expected to Hit Productivity and Agriculture According to Triodos Bank, losses…

MUZAFFARABAD: Polling for the third phase of the Azad Jammu and Kashmir (AJK) Legislative Assembly elections began on Monday in four constituencies across Bagh and Haveli districts of Poonch Division, with approximately 460,000 registered voters expected to cast their ballots. According to the AJK Election Commission, polling started at 8:00am and will continue until 5:00pm. Election authorities said security arrangements had been completed to ensure the smooth conduct of voting across all constituencies. The chief election commissioner said polling was proceeding under the commission’s supervision, while elections in five constituencies of Poonch district and two constituencies in Sudhnoti district remain…

ISLAMABAD: Pakistan is preparing to open its petroleum storage sector to foreign oil suppliers under a proposed customs-bonded framework designed to strengthen energy security, improve fuel availability and position the country as a regional energy trading hub. The Petroleum Division has submitted the Policy Guideline on Import on Foreign Suppliers’ Account through Customs Bonded Storage Facilities–2026 to the Economic Coordination Committee (ECC) for approval. Under the proposed framework, international oil suppliers would be allowed to import petroleum products into customs-bonded storage facilities in Pakistan without immediately paying duties and taxes. Suppliers would have the option to sell fuel in the…

NEW YORK: Don Nelson, the Hall of Fame coach who ranks among the winningest coaches in NBA history and is widely credited with introducing the fast-paced “Nellie Ball” style of basketball, has died at the age of 86, his family announced. In a statement released on Sunday, Nelson’s family said he died peacefully surrounded by relatives. “On Sunday morning our beloved husband, dad, grandfather, and great-grandfather Don Nelson peacefully went to be with the Lord, surrounded by his family,” the statement said. Nelson is remembered as one of the NBA’s most influential coaches, finishing his career with a 1,335-1,063 regular-season…

NEW DELHI: India’s civil aviation authorities have launched an investigation into an Air India flight that experienced a sudden mid-air plunge, while the pilot-in-command undergoes a confirmatory psychoactive substance test following an initial screening. According to the Ministry of Civil Aviation, the Airbus A320, carrying 137 passengers and eight crew members, lost approximately 300 feet (91 metres) during a flight from Phuket, Thailand, to New Delhi on August 4 before stabilising and landing safely. Eight passengers and four cabin crew members were admitted to hospital after the aircraft landed. Authorities said their conditions were stable. Following the incident, both pilots…

LONDON: The United Kingdom is heading towards its fifth heatwave of 2026, with temperatures forecast to reach 36°C in parts of eastern and southeastern England next week after the country recorded a historic number of days above 30°C. According to the BBC, Frittenden in Kent recorded 30.6°C on Sunday, marking the 35th day this year that temperatures have exceeded 30°C somewhere in the UK, surpassing the previous record of 34 days set in 1995. Forecasters expect temperatures to rise steadily after a cooler Monday, with East Anglia and parts of southeast England likely to experience the hottest conditions by Thursday.…