Dubai’s DP World named a new chairman and chief executive officer on Friday, replacing its former leader Sultan Ahmed bin Sulayem, after the Epstein files revealed frequent correspondence between him and the convicted sex offender.

“DP World announced the appointment of His Excellency Essa Kazim as chairman of its Board of Directors and the appointment of Yuvraj Narayan as Group Chief Executive Officer,” the group said in a statement published by the Dubai media office.

The statement did not mention Sulayem.

Described by Jeffrey Epstein as one of his “most trusted friends”, Sulayem was group chairman and chief executive officer of DP World, one of the largest port operators on the globe.

He is cited more than 9,400 times in the documents recently released by the US Department of Justice, which revealed close ties between the two men.

They maintained regular correspondence from 2009 to 2018, exchanging messages on intimate matters, meetings, introductions and business opportunities.

The correspondence suggests he visited the US sex offender in his home several times, including on his island.

Source link

Pakistan’s benchmark stock exchange, KSE-100, closed in the red on Friday, down 908.91 points (0.5 per cent) from its previous close of 180,512.64 points.

The top active stocks were led by K-Electric Limited, rising 4.02pc to Rs8.55 at a volume of 131,137,671, followed by Pakistan International Bulk Terminal, which rose 0.72pc to Rs19.53 at a volume of 34,704,501, and Worldcall Telecom Limited, which fell 1.21pc to Rs1.63 at a volume of 33,828,798.

The top advancers were led by LSE Capital Limited, which rose to Rs2.30, a 25.68pc increase, followed by 786 Investments Limited, which rose to Rs16.25, a 10.02pc increase, and Apna Microfinance Bank Limited, which advanced to Rs21.74, a 10.02pc increase.

The top decliners were led by Grays Leasing Limited, falling 9.65pc to Rs20.78, followed by Saritow Spinning Mills Limited, falling 9.57pc to Rs28.17, and Shahtaj Sugar Mills Limited, falling 9.10pc to Rs152.71.

In company news, according to Topline Securities, Pakistan Petroleum Limited (PPL) reported its 2QFY26 results, posting earnings of Rs20.3bn, down 26pc year-on-year while remaining largely flat on a quarter-on-quarter basis (up 1pc). The brokerage house noted that the year-on-year decline is primarily driven by lower hydrocarbon production and weaker oil prices. Pakistan Petroleum Limited stock fell 0.38pc to Rs236.27.

Source link

Oil prices slipped on Friday and were on track for a second weekly decline on receding concerns of a US-Iran conflict that could affect supply.

Brent crude oil futures were down 6 cents, or 0.1 per cent, at $67.46 a barrel at 04:48 GMT after falling 2.7pc in the previous session. US West Texas Intermediate (WTI) crude fell 12 cents, or 0.2pc, to $62.72 after falling 2.8pc.

Brent prices are set to drop 0.8pc this week, while WTI is set to fall 1.1pc.

Prices gained earlier this week on concerns that the US could attack key Middle Eastern producer Iran over its nuclear programme, but comments on Thursday from US President Donald Trump that the US could make a deal with Iran over the next month drove prices lower in the previous session.

Oil prices are lower “amid signs the US is seeking more time to reach a nuclear deal with Iran, reducing the near-term geopolitical risk premium,” IG analyst Tony Sycamore said in a note.

In addition to the receding concerns about a conflict with Iran, the International Energy Agency on Thursday projected in its monthly report that this year global oil demand growth will be weaker than previously expected, with overall supply set to exceed demand.

“The fact that prices did not extend significantly lower in the face of bearish headlines is noteworthy, suggesting that downside momentum is slowing in the near term,” Linh Tran, Market Analyst at XS.com.

Thursday’s decline was amplified by earlier data showing a massive build in US crude stockpiles and growing anticipation that increased Venezuelan supply could soon hit the market, IG’s Sycamore said.

“There is an expectation that Venezuelan oil supply will return to pre-blockade levels in the months ahead,” he said, rising from 880,000 barrels per day to about 1.2 million bpd.

The US Treasury will issue more allowances easing sanctions on Venezuelan energy this week, a White House energy official said on Thursday.

US Secretary of Energy Chris Wright said on Thursday that oil sales from Venezuela controlled by the US have totalled over $1 billion since the capture of President Nicolas Maduro in January and in the next few months will bring in another $5bn.

Source link