International News
Russia, Iran set to ink massive energy deal to offset Western sanctions
Iran expects to sign a $40 billion agreement with Russian energy major Gazprom in December, Iranian Deputy Foreign Minister Mahdi Safari said, according to a media report.
“We have closed a $6.5 billion deal with Gazprom. We hope that the remaining agreements totaling $40 billion will be signed next month,” Safari told ISNA news agency, adding that negotiations are underway, RT reported.
The National Iranian Oil Company and Gazprom had agreed in July to cooperate in the development of two gas deposits and six oilfields in Iran. The document also includes swaps in natural gas and oil products, the implementation of LNG projects, and construction of gas pipelines.
In early October, Russia’s Deputy Prime Minister Aleksandr Novak had announced that Moscow and Tehran may agree to a swap of 5 million tonnes of oil and 10 billion cubic metres of gas, to be completed by the end of the year, RT reported.
Novak said that Russia and Iran have already started swap deliveries of energy resources, in particular petroleum products, and agreed to expand the list of traded goods. He also noted that “the amount of Russian investment in Iran’s oil fields will increase”.
The development comes as Russia and Iran rapidly expand their energy and trade ties amid the Western sanctions imposed on both nations. Barter deals help the countries avoid settlement issues presented by the Western financial system. They also enjoy direct trade links via the Caspian Sea, RT reported.
Iranian Petroleum Minister Javad Owji said at the bilateral forum that public and private sectors in both countries are looking to “neutralise the sanctions.”
International News
Flash flood hits Nepal-China border; four Nepali police personnel missing

Kathmandu, Aug 26: A sudden flash flood swept through the Bhote Koshi River on Wednesday morning, causing widespread damage in the Nepal-China border region.
Four personnel of Nepal’s Armed Police Force (APF) deployed at a border outpost in northern Rasuwa have gone missing due to the sudden flooding.
APF spokesperson Deputy Inspector General Netra Bahadur Karki said the four personnel have been out of contact since the flood struck the area near the Nepal-China border.
“The border post itself has not been damaged,” Karki said, adding that authorities have yet to determine whether the missing personnel were affected by the flood.
Additionally, unconfirmed reports in local media say 14 Rasuwa customs office staff are also out of contact.
The sudden rise in the Bhote Koshi River, believed to have originated in the Tibet region, began at around 9 a.m. and caused significant damage to infrastructure in Rasuwa. Roads, hydropower facilities, electricity transmission lines and substations have reportedly been affected, officials said.
The Timure market area, Timure Customs Office and parts of Syabrubesi near the Nepal-China border are among the areas reported to have suffered major damage.
The Nepal Electricity Authority said that the floods have damaged various power infrastructure, including the Rasuwagadhi, Chilime, Trishuli-3A and Trishuli-3B power projects, the 220 kV Trishuli-3B Hub substation, as well as the Trishuli and Devighat hydropower plants and several distribution structures.
Following the damage to the electricity infrastructure, power supply has been disrupted in the affected areas. The authority said that all necessary efforts are underway to restore electricity supply as soon as possible.
The officials have urged consumers to remain patient until power supply is restored and requested all concerned parties to help disseminate information related to the electricity supply.
According to Nepal’s Independent Power Producers’ Association, preliminary details indicate that 15 hydropower projects, both operational and under construction, have been affected by the flood. Of these, 10 are operational, and five are under construction.
Officials have warned that the floodwaters could pose a serious threat to downstream communities as the Bhote Koshi flows into the Trishuli River and moves toward Nuwakot and other central Nepal districts.
Hydrological experts have raised the possibility that the flooding occurred due to a Glacial Lake Outburst Flood (GLOF) in Tibet rather than heavy rainfall in Nepal.
The Department of Hydrology and Meteorology and local authorities, in coordination with Chinese counterparts, are studying satellite information to establish the exact source of the sudden surge.
High-alert warnings have been issued for settlements along riverbanks in Rasuwa, Nuwakot, Dhading, Gorkha and Chitwan districts that face flood risks.
Residents living in low-lying areas and along riverbanks have been advised to move to safer, elevated locations immediately. Authorities have also urged people to avoid unnecessary travel along the Prithvi Highway and other riverside routes as rescue and emergency teams remain on standby.
District-level disaster management authorities are coordinating rescue operations and mobilising emergency resources in the affected areas.
Business
Piyush Goyal pitches for India growth opportunities to Japanese firms, financial majors

Tokyo, Aug 26: Union Commerce and Industry Minister Piyush Goyal on Wednesday said that he highlighted India’s growing investment and business opportunities across trade, mobility, industrial, banking and insurance sectors during discussions with top Japanese business and financial leaders.
On the third day of his Japan visit, Goyal met senior executives from Toyota Tsusho Corporation, Sumitomo Mitsui Banking Corporation (SMBC) Group, Mitsubishi UFJ Financial Group (MUFG) and Nippon Life Insurance, according to posts by the minister on X.
In his meeting with Toshimitsu Imai, President and CEO of Toyota Tsusho Corporation, Goyal discussed opportunities for the company to deepen its engagement in India across trade, mobility and industrial sectors.
The discussions focused on leveraging India’s cost competitiveness and strengthening the country’s role as a global export hub, particularly for emerging markets, Goyal said.
In addition, the minister met with Yoshihiro Hyakutome, Deputy President Executive Officer at SMBC Group and discussed opportunities to deepen India-Japan financial ties, including greater investment and cooperation in the banking sector.
Goyal also discussed with Yasushi Itagaki, Deputy Chairman of MUFG, along with other senior officials, strengthening India-Japan cooperation in banking, commercial finance and investment.
“India’s dynamic financial sector continues to offer significant scope for deeper partnerships with Japan’s leading financial institutions,” the minister said on X.
Additionally, in his meeting with Minoru Kimura, Managing Executive Officer and Head of Global Business at Nippon Life Insurance, the minister discussed opportunities for greater India-Japan cooperation in insurance and financial services.
Goyal said India’s expanding insurance market presents significant potential for greater collaboration.
The discussions with the Japanese companies come as India seeks to deepen economic and investment ties with Japan and attract greater participation from the firms and financial institutions across key sectors for Indian economy.
International News
15 newborns killed in massive fire at Islamabad hospital

Islamabad, Aug 26: In a major tragedy, at least 15 newborn babies died after a massive fire broke out in the gynaecology ward of the Pakistan Institute of Medical Sciences (PIMS) in Islamabad, local media reported on Wednesday, quoting officials familiar with the tragic incident.
According to officials of the Pakistan Institute of Medical Sciences, the nursery had 16 newborns at the time the fire broke out. Of the 16 infants, only one could be rescued from the affected area in time, while the remaining babies died in the blaze.
Rescue sources said the fire erupted at around 6:45 a.m. inside the nursery after an air-conditioner compressor reportedly exploded, according to leading Pakistani media outlet Geo TV.
Rescue officials said that the fire was brought under control after firefighting teams reached the hospital and began operations. Teams continued cooling operations at the site after extinguishing the blaze to prevent any possibility of the fire reigniting.
According to the district administration, 14 babies were completely burnt in the fire that broke out on the third floor of the Mother and Child Health (MCH) ward. The administration said rescue personnel responded immediately after receiving information about the incident.
Six fire brigade vehicles and four ambulances were deployed as part of the emergency response, the district administration said.
The incident has raised serious questions about safety arrangements at the hospital, particularly in a ward housing vulnerable newborn children.
The district administration has constituted an enquiry committee headed by the additional deputy commissioner to investigate the circumstances surrounding the fire.
Officials said the enquiry will establish the circumstances that led to the deaths of the newborns and examine the response to the emergency. Further details regarding the incident and the findings of the enquiry committee are awaited.
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