August 28, 2020 - KARACHI, Pakistan - Pakistan's flooded financial capital of Karachi was plunged into chaos on Friday with power cuts, streets under water and cellphone outages caused by heavy rain as authorities said at least 23 people had been killed in downpours the previous day.
Record torrential rainfall flooded major city streets and damaged homes and other buildings on Thursday, with more rain expected on Friday.
"At least 23 people, including women and children, died in different accidents like wall and roof collapses and drownings,” Ghulam Nabi Memon, Karachi's police chief, said.
The provincial government declared a public holiday to avoid residents having to commute on Friday with Chundrigar Road, home to the central bank, stock exchange and head offices of several banks, flooded.
The Chief Minister of Sindh province, Murad Ali Shah, ordered schools be used to accommodate displaced families, whose homes had been damaged or were unreachable.
Among the victims, nine people, including four children, were killed when a wall collapsed on them, a spokesman for Shah said. A 56-year-old disabled woman drowned at home, according to a hospital official.
Cellphone services were disrupted and much of the city was plunged in darkness overnight with the main power utility company K-Electric saying the "unprecedented situation" was hampering efforts to restore electricity.
Oil refinery Pakistan Refinery Ltd said in a notice to the stock exchange that it was suspending operations due to hazards created by floods.
Pakistan's Meteorological Department recorded 230.5 mm of rain in Karachi on Thursday, the highest ever recorded in a single day. Rainfall in August is the highest since records began 89 years ago.
August 28, 2020 - LAHORE, Pakistan - A court in Pakistan has sentenced to prison three leaders of Jamat-ud-Dawa, an organisation accused by India and the United States of masterminding the 2008 attacks in Mumbai.
The sentencing comes ahead of a September deadline for Pakistan to avoid being blacklisted for failing to curb terror financing by global financial watchdog the Financial Action Task Force (FATF).
Inclusion on the blacklist, alongside Iran and North Korea, would mean being shunned by international financial institutions. The watchdog has called for Pakistan to prosecute those funding terrorism, as well as to enact laws to help track and stop terror financing.
Malik Zafar Iqbal and Abdul Salam were each handed 16-1/2 year total sentences on four charges, to be served concurrently, while a third man, Hafiz Abdul Rehman Makki, got 1-1/2 years on one charge, according to a court judgment.
The men were associates of Hafiz Saeed, who was sentenced to a total of 11 years in prison in February. All the sentences are concurrent so Saeed, Iqbal and Salam will serve five years.
Saeed founded and led Lashkar-e-Taiba (LeT), or the Army of the Pure, a group blamed by India and the United States for the 2008 Mumbai attacks, which killed 160 people, including Americans and other foreigners.
Saeed and his associates also face a further slew of cases for allegedly financing militant activities, while Iqbal and Makki have already been convicted in several cases.
Saeed says his network, which spans 300 seminaries and schools, hospitals, a publishing house and ambulance services, has no ties to militant groups. Jamat-ud-Dawa funds the militant wing LeT.
A 2011 U.S. sanctions designation describes Iqbal as a co-founder of LeT and in charge of its financing activities. Salam is described as the interim leader of the group during the brief periods when Saeed was arrested in the aftermath of the Mumbai attacks, and running its network of seminaries.
August 25, 2020 - Bengaluru, India, Asia - India's ICICI Bank Ltd has begun using satellite images of farmland to help assess farmers' credit-worthiness, a move the bank says is helping cut travel costs and make faster lending decisions in a world hit by the COVID-19 pandemic.
August 25, 2020 - Tokyo, Japan, Asia - Japan's fast-food proxy fight comes to a head, with a deadline for shareholders in popular dining chain Ootoya to decide whether to accept a takeover by bigger rival Colowide. The generous premium that Colowide is offering is likely to sway many investors, who are anxious about the industry's future amid a prolonged pandemic.
August 25, 2020 - China (PRC), Hong Kong, Asia - Ant Group, Alibaba's fintech arm and China's dominant mobile payments firm, filed for a dual listing in Hong Kong and on Shanghai's Nasdaq-style STAR Market on Tuesday and could raise as much as $30 billion in what would be the world's largest IPO.
August 25, 2020 - Myanmar, Asia - Aspiring politician Abdul Rasheed was born in Myanmar and is one of the very few members of the Rohingya Muslim minority to have Myanmar citizenship. His father was a civil servant. But when the country goes to the polls in November, the businessman will not be able to stand as a candidate because officials accuse him of having foreign roots.
August 25, 2020 - Tokyo, Japan, Asia - The coronavirus shock is boosting the amount of money flowing into Japan's economy and may fire up inflation, achieving what years of ultra-loose monetary policy failed to do, the central bank's former top economist, Hideo Hayakawa, said on Tuesday.
August 25, 2020 - Tokyo, Japan, Asia - Japanese Prime Minister Shinzo Abe is likely to fulfill his tenure as head of the ruling party, and thus premier, that ends in September next year, Akira Amari, one of his closest aides, told VSBCnews sources.
August 24, 2020 - China (PRC), Hong Kong, Asia - Hong Kong residents’ interest in the UK property market surged after the country extended visa rights to British National Overseas passport holders in response to China’s imposition of a new national security law in the former British colony, realtors said.
August 24, 2020 - Mumbai, India, Asia - At least 90 people were feared trapped in the debris of a five-storey building which collapsed south of India's financial capital of Mumbai on Monday, according to police in Maharashtra state.