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Business Recorder
2 hours ago
- Business
- Business Recorder
European shares edge up as US stalls its Middle East moves
European stocks snapped a three-day losing streak and closed higher on Friday, as investors' nerves eased following a stall in U.S. involvement in Middle East tensions. The pan-European STOXX 600 closed 0.1% higher. As Israel and Iran's air conflict entered its second week, European officials worked to bring Tehran back to diplomatic negotiations as Iranian Foreign Minister Abbas Araqchi arrived in Geneva for talks. The White House signalled President Donald Trump will decide within two weeks whether to throw U.S. support behind Israel in the ongoing conflict, a move that buoyed market sentiment and reignited some appetite for risk assets, which had been battered earlier in the week amid uncertainty over the conflict's duration. Despite Friday's modest gains, European stocks logged a second consecutive week of losses, as investors continued to fret over the potential global fallout from unrest in the Middle East. 'The uncertainty around the conflict means the risk of energy prices being higher,' said Franziska Palmas, senior Europe economist at Capital Economics. She added that higher energy prices could prompt the European Central Bank 'to keep rates at their current level rather than cutting them further.' European shares dive as Mideast tensions, US involvement fears weigh With the July 8 U.S. tariff-pause deadline looming, movement on trade deals with Washington has shown little progress, save for a formal agreement reached with London. European Commission President Ursula von der Leyen remains hopeful for a broader deal by July 9. Meanwhile, BofA Global Research raised its year-end target for the STOXX 600 to 530 from 500 on resilience in global growth following a U.S.-China trade deal. Travel and leisure stocks were up nearly 1%, led by a 6.5% gain in Europe's largest travel operator TUI after Barclays upgraded the stock to 'overweight'from 'underweight'. Energy shares lagged 0.6% as oil prices retreated, though the sector was the week's second-biggest gainer due to Middle East tensions that had boosted crude prices earlier. On the day, the insurance sector emerged as the top sectoral gainer, up 1.3%. Among other stocks, London's Berkeley was the biggest percentage decliner, down 8.1%. The homebuilder named current finance chief Richard Stearn as its new CEO, but reported an annual pre-tax profit slightly ahead of market expectations. Stora Enso jumped 14.7% to the top of the STOXX 600 after the Finnish forestry group announced a strategic review of its Swedish forest assets worth EUR 5.8 billion, including potential separation and public listing. Markets in Sweden and Finland were closed for a public holiday.
![Cops cripple Sepang drug ring run by married couple [WATCH]](/_next/image?url=https%3A%2F%2Fassets.nst.com.my%2Fassets%2FNST-Logo%402x.png%3Fid%3Db37a17055cb1ffea01f5&w=48&q=75){kind=small}
New Straits Times
11 hours ago
- New Straits Times
Cops cripple Sepang drug ring run by married couple [WATCH]
SEPANG: A small-scale drug trafficking group, run by a married couple and two accomplices, was dismantled by police after operating in Sepang for nine years. The group had been using rented cars and hotels to traffic drugs since 2016. Their operation came to a halt after police arrested the four in separate raids on Wednesday. District police chief Assistant Commissioner Norhizam Bahaman said that in the first raid, police seized various types of drugs with an estimated street value of RM16,500. This included 84.32g of syabu, 65g of heroin, 14g of ketamine, and 97g of Erimin 5 pills, totalling 300 tablets. "A rented Perodua Myvi, believed to be used in drug distribution activities, was also confiscated," he told a press conference, adding the couple was arrested first. "Initial investigations revealed that the syndicate regularly changed cars and used hotels to conceal their movements. Police believe they were paid about RM1,600 per delivery trip," he said. Norhizam said one of the suspects, the husband, has six prior criminal and drug-related offences. He was also wanted in connection with a robbery. "Urine tests found the husband was positive for amphetamine and methamphetamine, while the wife tested negative." Norhizam said a follow-up raid, based on information from the interrogation, led to the arrest of two more local men, aged between 35 and 39 years old. "In the second operation, police seized 515g of syabu, estimated to be worth RM20,000, along with another rented vehicle, a Perodua Viva. "Both suspects tested positive for amphetamine and methamphetamine." One of the accomplices has a record of eight criminal and drug-related offences and is also wanted in two active cases under the Dangerous Drugs Act for possession and use. Norhizam added that the suspects were childhood friends from the same village and had used the money from drug trafficking for a living. He also said all four suspects were remanded yesterday to assist investigations under Section 39B of the Dangerous Drugs Act for drug trafficking, which carries the death penalty or life imprisonment with at least 15 strokes of the rotan. "The woman was remanded for five days while the other three suspects were remanded for seven days each." Norhizam added that investigations are ongoing to identify and apprehend other members of the network still at large.
The Age
13 hours ago
- Business
- The Age
ASX lower as Middle East tensions linger; Banks slump
The Australian sharemarket has extended its losses by lunchtime on Friday after global markets skidded overnight as the ongoing conflict in the Middle East and fears over potential US involvement rattled investors. The ASX200 fell 53.6 points, or 0.6 per cent, to 8470.1 at 12.10pm AEST, with nine of 11 industry sectors in negative territory, and only energy and tech in the green. The Australian dollar has added to overnight losses this morning to be 0.1 per cent lower at 64.79 US cents just after midday. Energy stocks strengthened as oil prices continued to rise. Woodside Energy added 0.5 per cent and Santos jumped 0.3 per cent. Financial stocks have slumped. ANZ Bank shed 2.3 per cent, Westpac dropped 2 per cent, National Australia Bank retreated 1.3 per cent and Commonwealth Bank lost 1.1 per cent. Mining stocks are mixed. Fortescue added 0.2 per cent, BHP lost 0.4 per cent and Rio Tinto slipped 0.4 per cent. Loading Overnight, trading volumes were thin as Wall Street shut for a public holiday. The pan-European STOXX 600 closed down for the third consecutive day with a 0.8 per cent drop to its lowest level since May 9. The week-old Iran-Israel conflict showed no signs of deescalation.
The Star
14 hours ago
- The Star
Four best friends nabbed in raids on drug trafficking gangs
SEPANG: Four suspected drug traffickers, who were best friends, were busted following raids in the district. Sepang OCPD Asst Comm Norhizam Bahaman said the suspects - three men and a woman - aged between 27 and 39, were detained on Wednesday (June 18). "We seized various drugs worth RM36,500. "All suspects were from the same village, and they have been friends since they were little," he told a press conference at the district police headquarters on Friday (June 20). The drug trafficking outfit has been active since 2016, he added. "We believe these suspects were transporters for the syndicate. They are paid RM1,600 for each successful transport of drugs," he said. ACP Norhizam said the group managed to evade the police previously as they used rented cars to deliver the contraband and stayed in different budget hotels while en route to their destinations. "The male suspects tested positive for amphetamine and methamphetamine, while the female suspect tested negative. "Two of the suspects had criminal records," he said.
The Star
15 hours ago
- The Star
Drug syndicate using rented cars, married couple among four nabbed, say cops
SEPANG: Police have uncovered a tactic using rented cars by a drug trafficking syndicate that has been operating for the past nine years, following the arrest of four individuals in the district last Wednesday (June 18). Sepang police chief ACP Norhizam Bahaman said a married couple and two men, aged between 27 and 39, were arrested in the operation that began at 6pm. He said in the operation, police seized various types of drugs, comprising 515 grams of syabu, 14 grams of ketamine, 65 grams of heroin and 300 Eramin 5 pills, valued at RM36,500, as well as two rented cars, believed to be used by the syndicate to carry out drug trafficking activities. "All the suspects are believed to have been active in drug trafficking activities since 2016, and they are believed to be using rented cars to distribute the drugs. "They are also believed to be renting hotels as accommodation to avoid their activities being detected by the authorities," he told a press conference here today. Meanwhile, Norhizam said all the suspects are believed to have received payments of about RM1,600 for each drug delivery to customers. "Initial checks found that of the four suspects, two have records, including for drug-related cases, and all three men tested positive for amphetamine and methamphetamine drugs, while the woman tested negative for drugs," he said. All the suspects are on remand for between five and seven days, starting on Thursday (June 19), and the case is being investigated under Section 39B of the Dangerous Drugs Act 1952. - Bernama
