Live: Mojtaba’s first statement: Hormuz closure Iran’s leverage, Gulf attacks to continue

The Indian paper industry is facing various challenges, such as a rise in energy costs and a potential disruption in export markets due to the ongoing crisis in West Asia.

West Asia is one of the most important export destinations, as in 2024-25, India exported paper and paperboard worth about USD 980 million, of which nearly USD 290 million (close to 30 per cent) was shipped to the region, said the paper industry body IPMA.

The key product categories include uncoated writing and printing paper, coated paper and paperboard, and kraft paper, the Indian Paper Manufacture Association (IPMA) said in a statement.

"The paper industry, which is energy-intensive and closely linked to global trade flows, is likely to feel the ripple effects of escalating geopolitical tensions in the region. Higher energy prices and supply disruptions triggered by the crisis will directly impact production costs for Indian paper mills," it added.

Paper Mills are facing difficulties in obtaining chemical supplies used in the manufacturing process, like hydrogen peroxide and binders, and downstream industries are likewise finding it difficult to manage their operations, it noted.

IPMA also fears trade diversion by export-oriented paper-producing countries, such as China and Indonesia, which also rely heavily on West Asian markets.

They "may redirect surplus inventories to India as their exports to the region will also be affected. This could lead to an increase in imports in India at predatory prices, intensifying pressure on domestic manufacturers," it said.

The Enforcement Directorate on Thursday said it has attached fresh assets worth more than Rs 581 crore of RHFL and RCFL, companies of Reliance Group Chairman Anil Ambani.

An order was issued on March 11 to attach land parcels in Goa, Kerala, Karnataka, Punjab, Tamil Nadu, Uttar Pradesh, Haryana, Jharkhand, Maharashtra, Delhi, West Bengal, Andhra Pradesh and Rajasthan, the Enforcement Directorate (ED) said in a statement.

The properties worth Rs 581.65 crore belong to Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL), the agency said.

“The attachment follows search operations conducted on March 6 in the case against Reliance Power Limited under the Foreign Exchange Management Act (FEMA)," it said.

The ED had attached assets of Anil Ambani’s Reliance Group earlier as well.

"The cumulative Reliance Anil Ambani Group attachment has reached Rs 16,310 crore," the ED said.

Iran's Supreme Leader Ayatollah Mojtaba Khamenei says the leverage of closing the Strait of Hormuz should be used and that Iran’s attacks on Gulf Arab neighbours will continue.

His first statement since his appointment was read on state television by a news anchor on Thursday.

Khamenei did not appear on camera, and an Israeli assessment indicates he was wounded in the war's opening salvo.

Some commercial ships near or in the Strait of Hormuz and Persian Gulf have declared themselves as China-linked since the Iran war began, marine traffic data show, as their operators apparently try to reduce risks of being targeted in attacks.

At least eight vessels in or near the Persian Gulf and the Gulf of Oman changed their declared destination signals to short messages such as “CHINA OWNER” or “CHINA OWNER & CREW,” according to data on the ship tracking platform MarineTraffic analysed by AP.

“The main goal of vessels publicly identifying themselves as Chinese while transiting the Gulf or the Strait of Hormuz is primarily to reduce the risk of being attacked rather than to facilitate passage through the strait itself,” said Ana Subasic, a trade risk analyst at data and analytics firm Kpler, which owns MarineTraffic.

Some of the vessels passed through the strait and headed for their destinations. Others were still in the area.

An airstrike on a base of an Iran-aligned Iraqi militia known as the Popular Mobilization Forces killed at least 14 fighters in western Iraq early Thursday.

According to two officials from the PMF, 36 other fighters were injured in the Akashat area. It was the biggest loss suffered by the force since the start of the US-Israel war on Iran.

The officials said the airstrike targeted a site belonging to the 19th Brigade of Ansar Allah al-Awfiya in the desert area near Iraq's western border. They spoke on condition of anonymity because they were not authorised to discuss the attack, which was also reported by the Iraqi military. The officials accused the United States and Israel of being behind the strike.

The Israeli military said Thursday it struck a nuclear facility in Iran in recent days.

Israel had destroyed the “Taleghan 2” site in an airstrike in October 2024. Earlier this year satellite photos raised concerns that Iran was working to restore the facility.

In a statement, the Israeli military said it hit the facility again in recent days.

Amid the ongoing crisis in West Asia, the government on Thursday said that 40,000 kilolitre of additional kerosene has been allocated to states as an alternative fuel to LPG.

Some more commercial LPG cylinders will be released to beneficiaries identified by state governments, said Sujata Sharma, Joint Secretary in the Ministry of Petroleum and Natural Gas.

She, however, added that the crude oil supply situation in the country is comfortable and there has been no dry out at any of 1 lakh petrol pumps.

Russia has earned nearly USD 7 billion in fossil fuel exports during the Iran war.

The Centre for Research on Energy and Clean Air found Russia's daily revenues have averaged 14 per cent higher than in February.

The Europe-based think tank tracks Russian fossil fuel export revenues in real time.

The analysis was published Thursday by Urgewald, a German nonprofit that campaigns against fossil fuel financing.