Pakistan Shuts Key Crossing into Afghanistan to Truck Drivers

On Saturday, dozens of trucks carrying perishable items, including vegetables and fruits, waited on each side of the border for the reopening of the crossing. EPA
On Saturday, dozens of trucks carrying perishable items, including vegetables and fruits, waited on each side of the border for the reopening of the crossing. EPA
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Pakistan Shuts Key Crossing into Afghanistan to Truck Drivers

On Saturday, dozens of trucks carrying perishable items, including vegetables and fruits, waited on each side of the border for the reopening of the crossing. EPA
On Saturday, dozens of trucks carrying perishable items, including vegetables and fruits, waited on each side of the border for the reopening of the crossing. EPA

Pakistan effectively closed a key northwestern border crossing with Afghanistan to truck drivers on Saturday, Afghanistan's ruling Taliban said.
Noor Mohammad Hanif, director of Information and Culture department in Afghanistan's eastern Nangarhar province said that officials at the Torkham began asking for passports and visas from Afghan drivers.
Truckers have for years been able to pass the border without documents so they generally do not have them.
Hanif said that, in response, Afghanistan is now asking Pakistani drivers for passports and visas.
In a separate statement, the Nangarhar governor’s office said that officials from both sides are in talks to solve the problem, and a “decision will be made soon,” it added.
The Torkham border crossing has been closed a number of times in recent months, including in September when it was shut for nine days due to clashes between border forces.
On Saturday, dozens of trucks carrying perishable items, including vegetables and fruits, waited on each side of the border for the reopening of the crossing, which is a vital commercial artery and a trade route to Central Asian countries for Pakistan.
Pakistan is concerned about the presence in Afghanistan of the Pakistani Taliban, which is a close ally of the Afghan Taliban. Pakistan has said many Pakistani Taliban leaders and fighters have found sanctuary in Afghanistan and have been emboldened to carry out more attacks on security forces in Pakistan.
The Afghan Taliban government insists it does not allow the Pakistani Taliban to use its soil to launch attacks in Pakistan.
This comes just days after one of Pakistan’s most senior politicians, Fazlur Rehman, whose Jamiat Ulema Islam party is known for backing the Afghan Taliban, visited Kabul in an attempt to reduce lingering tensions between the two countries.
Rehman was the first senior Pakistani politician to visit Kabul since the Taliban seized power in neighboring Afghanistan in August 2021 as U.S. and NATO troops withdrew from the country after 20 years of war.
Tensions also exist around Pakistan’s ongoing expulsion of Afghans.



McDonald's Sales Fall Globally for First Time in More Than Three Years 

The logo of McDonald's is seen in Los Angeles, California, United States, April 22, 2016. (Reuters)
The logo of McDonald's is seen in Los Angeles, California, United States, April 22, 2016. (Reuters)
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McDonald's Sales Fall Globally for First Time in More Than Three Years 

The logo of McDonald's is seen in Los Angeles, California, United States, April 22, 2016. (Reuters)
The logo of McDonald's is seen in Los Angeles, California, United States, April 22, 2016. (Reuters)

McDonald's reported a surprise drop in sales worldwide on Monday, its first decline in 13 quarters, as deal-seeking consumers shy away from higher priced menu items, including Big Macs.

Persistent inflation has forced lower-income consumers to shift to more affordable food options at home. That has led fast food chains such as McDonald's, Burger King, Wendy's and Taco Bell to lean on value meals to spark customer traffic.

McDonald's shares, which are down 15% this year, rose nearly 4% after company executives said the $5 meal deal launched late in June sold above expectations. They said the company was working with franchisees in a bid to extend it beyond August.

The company, which stuck to its 2024 forecast for operating margin of mid-to-high 40% range, said it would be more selective with price increases to protect profitability.

"Even though things (traffic) are soft now, they should be getting better in the back half of the year ... with better value on the menu," said Brian Mulberry, client portfolio manager at Zacks Investment Management.

Global comparable sales fell 1% in the second quarter, compared with expectations of a 0.5% increase. Overall revenue rose 1%.

CEO Chris Kempczinski said there is a lot more deal-thinking from consumers who have become "very discriminating". "Consumer sentiment in most of our major markets remains low," he said.

McDonald's results dovetail with comments last week from Coca-Cola CEO James Quincey, who said there had been "some softness in away-from-home channels" in North America, an indication of fewer people eating out.

"The biggest hit for McDonald's is the low-income consumer has really cut back on visits and that is more than offsetting the typical trade down McD normally sees in tougher economic times," said Edward Jones analyst Brian Yarbrough.

US comparable sales fell 0.7% in the quarter ended June 30, compared with a 10.3% jump a year ago. Sales in international markets, which made up nearly half its 2023 revenue, dropped 1.1%, driven by weakness in France.

A slower-than-expected recovery in China and the Middle East conflict hurt the performance of McDonald's business segment where restaurants are operated by its local partners, as sales declined 1.3% compared with a 14% jump a year earlier.

Companies like McDonald's and Starbucks have also suffered from consumer boycotts linked to the Gaza war, which hit their sales in the Middle East markets.

McDonald's, however, stuck to its capital expenditure budget of up to $2.7 billion, with more than half of that earmarked for new restaurants in the US and international markets.

It earned $2.97 per share on an adjusted basis in the second quarter, missing expectations of $3.07.