The Economic Times

A Hindu student and temple priest in Bangladesh was allegedly abducted and assaulted for ransom. Subhash Deuri, a law student, was found unconscious after his family received calls demanding money. He was reportedly stripped and blackmailed by unidentified assailants. While his mobile and wallet are missing, police are investigating the incident, with authorities yet to confirm if his faith was a motive.

The European Commission has implemented new quotas to curb duty-free steel imports, aiming to bolster the EU's steel sector and boost capacity utilization. Annual tariff-free imports will be cut by 47% to 18.3 million tonnes, with a hefty 50% duty on out-of-quota steel. Half of these quotas are reserved for free trade partners, with country-specific allocations designed to minimize impact on most allies.

The Supreme Court has taken a significant stand for the Federal Reserve's independence, rejecting President Trump's unusual effort to remove Governor Lisa Cook. The ruling highlights that Fed officials are appointed for set terms and can only be dismissed under specific circumstances, ensuring the central bank remains free from political influence, a critical aspect of its economic responsibilities.

An adviser to Iran's supreme leader has warned Bahrain of severe military action following retaliatory Iranian strikes on a local US base. Concurrently, the US and Iran have agreed to halt counter-strikes and resume critical diplomatic talks in Doha this Tuesday to resolve their maritime dispute over the Strait of Hormuz.

The exchanges underscored the fragility of a Pakistan-brokered agreement aimed at ending the war launched by the United States and Israel in February, which disrupted shipping through the strait and rattled global energy markets.

The World Health Organization said Sunday that over 1,300 excess deaths had been recorded in Europe since June 21 in connection with the record-breaking heatwave roasting much of the continent. And across Europe, more than 1,300 excess deaths have been recorded since 21 June linked to high temperatures in Europe, WHO chief Tedros Adhanom Ghebreyesus said on X. Heat stress is often called the 'silent killer' - and European homes, workplaces and schools were not built for these temperatures, he sa

Ukraine intensified its drone attacks on Russia, hitting a major oil refinery in the Krasnodar region and causing at least one fatality. President Zelenskyy stated these strikes target Russia's war resources. Another refinery in Yaroslavl was reportedly targeted, with local authorities closing roads due to drone activity. These actions come as Ukraine aims to cripple Russia's war funding and inflict consequences on its populace.

Pakistan's government has increased the petroleum levy on petrol and diesel, keeping retail prices steady despite falling international oil rates. Consumers will continue paying the same for petrol and diesel, while kerosene prices have been reduced. This move boosts government revenue as global oil prices hit pre-war lows following a US-Iran accord and the reopening of the Strait of Hormuz.

Ukraine reported Russian strikes killed two and injured over 20, with significant damage to civilian infrastructure. In retaliation, Ukrainian strikes on Russian-occupied territories and inside Russia resulted in three deaths and dozens injured. President Zelensky highlighted a successful strike on a Volgograd facility producing military equipment, underscoring the escalating conflict.

Iran asserted its authority over the Strait of Hormuz, warning Gulf states against aligning with the U.S. This comes after an attack on a ship near Oman, highlighting the precarious nature of a tentative Iran war ceasefire. Tehran rejected a joint U.S.-Gulf statement challenging its control and toll demands. Meanwhile, oil prices dipped, and Saudi Aramco resumed loadings at its major terminal.

Bangladesh's Prime Minister Tarique Rahman urged China to reduce the trade gap and diversify exports during his Beijing visit. He sought support for major projects and industrial upgrades. China expressed willingness to import more Bangladeshi products and invest in emerging sectors.

Afghanistan's Taliban government has banned civil servants from using smartphones in government institutions, effective June 16. Violators face cellphone confiscation and legal punishment. This move has already disrupted official work, with many administrative processes halted. Rights activists warn the ban could further limit access to vital information and communication for Afghans, marking another step in the Taliban's control over public life.

India and South Korea must deepen cooperation in shipbuilding, health, infrastructure, and defence, External Affairs Minister S Jaishankar stated. He also advocated for enhanced capacity and opportunities for the Global South to foster new growth avenues, criticizing the prioritization of a few nations' interests. Jaishankar emphasized the necessity of global cooperation to tackle shared challenges like pandemics and climate change.

Britain, France, and Germany have voiced serious concerns over China's recent maritime activities near Taiwan's east coast. These actions, including coast guard patrols and survey ships, are seen as a threat to regional stability and freedom of navigation. The European nations reiterated their opposition to any forceful changes to the status quo, emphasizing the importance of guaranteed navigational rights and safety for all vessels.

Colombia has elected nationalist lawyer Abelardo De La Espriella as its new president, signaling a significant political shift. Known as The Tiger, he campaigned on a platform of restoring order, reviving the economy with market-friendly policies, and adopting a hardline security approach. De La Espriella, who plans to reduce state size and boost oil production, defeated leftist senator Ivan Cepeda in a close runoff election.

Taiwan's military is commencing a five-day combat readiness drill this week, a significant shift towards realistic war simulations. This move comes as China intensifies its military presence around the island. The exercise aims to enhance rapid transition from peacetime to wartime operations, focusing on joint command, logistics, and battlefield preparation. This announcement follows China's recent deployment of 21 aircraft near Taiwan.