Iran hits back at India, inks gas field deal with Russian firm

June 7, 2017

New Delhi, Jun 7: Iran has signed a basic agreement with Russian energy giant Gazprom for development of Farzad B gas field, discovered by a consortium of Indian state-run companies, in an apparent retaliation against India's bid to pressure Tehran for a formal deal by cutting purchase of Iranian oil.Iran

This is likely to strain ties between the two countries as it can potentially hit India's ongoing participation and investment in development of oil and gas sector in Iran. The agreement with Russia comes on the back of India's failure to finalize a commercial contract for Farzad B with Iran despite the optimism expressed by PM Narendra Modi and President Hassan Rouhani for the same when they met in Tehran last year.

Iran's oil minister Bijan Zanganeh recently told Argus, the top global energy market information provider, that Farzad-B field was among three such agreements signed with Gazprom. The other two fields are North Pars and Kish gas fields. Zanganeh's announcement, made in an interview to Argus publication, follows his threat to replace the Indian consortium led by ONGC Videsh, the overseas acquisition arm of flagship explorer ONGC, in Farzad-B.

TOI had on May 30 reported that Iran was considering the option of inducting companies from other countries to replace the Indian consortium or relegate it to developing a small part of the offshore field. Government officials here downplayed Iran's preliminary deal with Gazprom and said they were positive about a formal deal. But there are others who see the Gazprom deal as Tehran's willingness to play hardball and let commercial considerations guide relations with India. Farzad-B negotiations have been in a stalemate since the field's discovery in 2008.

The two sides have missed several deadlines even after oil minister Dharmendra Pradhan's visit to the country last year. India has blamed Iran's flip-flop over the terms of the delay, while Tehran holds the Indian consortium's offer as "unsatisfactory".

As reported, miffed with the delay, New Delhi asked its refiners to reduce oil imports from Iran by a fifth. India is Iran's key oil buyer. Iran hit back by reducing the payment window from 90 days to 60 days for Indian refiners. National Iranian Oil Company also cut the discount on ocean freight it offered to Indian buyers from 80% to nearly 60%. India had stood by Iran through the sanctions and continued to buy Iranian crude after seeking a US waiver.

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News Network
May 15,2020

May 15: Global tensions simmered over the race for a coronavirus vaccine Thursday, as the United States and China traded jabs, and France slammed pharmaceuticals giant Sanofi for suggesting the US would get any eventual vaccine first.

Scientists are working at breakneck speed to develop a vaccine for COVID-19, the disease caused by the virus, which has killed more than 300,000 people worldwide and pummelled economies.

From the US to Europe to Asia, national and local governments are easing lockdown orders to get people back to work -- while fretting over a possible second wave of infections.

Increased freedom of movement means an increased risk of contracting the virus, and so national labs and private firms are labouring to find the right formula for a vaccine.

The European Union's medicines agency offered some hope when it said one could be ready in a year, based on data from clinical trials already underway.

But Marco Cavaleri, the EMA's head of vaccines strategy, acknowledged that timeline was a "best-case scenario," and cautioned that "there may be delays."

The race for a vaccine has exposed a raw nerve in relations between the United States and China, where the virus was first detected late last year in the central city of Wuhan.

Two US agencies warned Wednesday that Chinese hackers were trying to steal COVID-19 vaccine research -- a claim Beijing rejected as "smearing" its reputation.

US President Donald Trump, who has ratcheted up the rhetoric against China, said he doesn't even want to engage with Chinese leader Xi Jinping -- potentially imperilling a trade deal between the world's top two economies.

"I'm very disappointed in China. I will tell you that right now," he said in an interview with Fox Business.

"There are many things we could do. We could do things. We could cut off the whole relationship."

On Capitol Hill, an ousted US health official told Congress that the Trump government had no strategy in place to find and distribute a vaccine to millions of Americans, warning of the "darkest winter" ahead.

"We don't have a single point of leadership right now for this response, and we don't have a master plan," said Rick Bright, who was removed last month as head of the US agency charged with developing a coronavirus vaccine.

The United States has registered nearly 86,000 deaths linked to COVID-19 -- the highest toll of any nation.

World leaders were among 140 signatories to a letter published Thursday saying any vaccine should not be patented and that the science should be shared among nations.

"Governments and international partners must unite around a global guarantee which ensures that, when a safe and effective vaccine is developed, it is produced rapidly at scale and made available for all people, in all countries, free of charge," it said.

But a row erupted in France after drugmaker Sanofi said it would reserve first shipments of any vaccine it discovered to the United States.

The comments prompted a swift rebuke from the French government -- President Emmanuel Macron's office said any vaccine should be treated as "a global public good, which is not submitted to market forces."

Sanofi chief executive Paul Hudson said the US had a risk-sharing model that allowed for manufacturing to start before a vaccine had been finally approved -- while Europe did not.

"The US government has the right to the largest pre-order because it's invested in taking the risk," Hudson told Bloomberg News.

Macron's top officials are scheduled to meet with Sanofi executives about the issue next week.

The search for a vaccine became even more urgent after the World Health Organization said the disease may never go away and the world would have to learn to live with it for good.

"This virus may become just another endemic virus in our communities and this virus may never go away," said Michael Ryan, the UN body's emergencies director.

The prospect of the disease lingering leaves governments facing a delicate balancing act between suppressing the pathogen and getting their economies up and running.

In the US, more grim economic data emerged Thursday, with nearly three million more Americans applying for unemployment benefits.

That takes the overall total to 36.5 million -- more than 10 percent of the US population.

Further signs of the damage to businesses emerged when Lloyd's of London forecast the pandemic will cost the global insurance industry about $203 billion.

European markets closed down, but Wall Street rallied despite the new jobless claims. In a sign of progress, the New York Stock Exchange trading floor was due to reopen on May 26.

The reopening of economies continued in earnest across Europe, where the EU has set out proposals for a phased restart of travel and the eventual lifting of border controls.

"Maybe it's a mistake, but we have no choice. Without tourists, we won't get by!" Enrico Facchetti, a 61-year-old former goldsmith, said of Venice's reopening.

Japan -- the world's third largest economy -- lifted a state of emergency across most of the country except for Tokyo and Osaka.

And Canadian Prime Minister Justin Trudeau said national parks would partially reopen on June 1.

But in Latin America, the virus continued to surge, with a 60 percent leap in cases in the Chilean capital of Santiago.

Authorities said 2,000 new graves were being dug at the main cemetery.

South Sudan reported its first COVID-19 death on Thursday.

And in Bangladesh, the first case was confirmed in the teeming Rohingya refugee camps in Bangladesh, which are home to nearly one million people.

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Agencies
June 12,2020

Kabul, Jun 12: A blast in a mosque during Friday prayers in the western part of capital Kabul has killed at least four people and wounded many more, Afghanistan's interior ministry said.

"Explosives placed inside the Sher Shah Suri Mosque exploded during Friday prayers," said a statement issued by the ministry, which added that the mosque's prayer leader Mofleh Frotan was among those killed.

Interior ministry spokesman Tariq Arian said police have cordoned off the area and helped move the wounded to ambulances and nearby hospitals.

No group immediately claimed responsibility for the attack but a mosque attack earlier this month was claimed by an ISIL (or ISIS) group affiliate, headquartered in eastern Afghanistan's Nangarhar province.

"Interestingly, every time you have the peace process gaining some momentum and pace, you have these kinds of attacks in the country," Habib Wardak, a national security analyst based in Kabul, told Al Jazeera.

"The Islamic State group claimed responsibility for the attack that happened last week on a mosque in Kabul, so despite the fact that you have these news and press conference from the government that they have eliminated ISIL, how can they conduct such sophisticated operations?"

Friday's blast had parallels to one earlier this month, when an explosion tore apart a famous Kabul mosque and led to the death of renowned Afghan cleric Maulvi Ayaz Niazi.

"In this attack, the imam seems to be the target, not the rest of the crowd. These are the imams who have supported the peace process with the Taliban movement," Wardak said.

"The other political aspect for these kinds of attacks is that there are peace spoilers trying to convey a message that peace with the Taliban will not eradicate violence in the country because you have ISIL."

Violence has spiked in recent weeks in Afghanistan with most of the attacks claimed by the ISIL affiliate.

The United States blamed the armed group for a horrific attack last month on a maternity hospital in the capital that killed 24 people, including two infants and several new mothers.

The ISIL affiliate also took responsibility for an attack on a bus carrying journalists in Kabul on May 30, killing two.

It also claimed credit for an attack on the funeral of a strongman loyal to the government last month that killed 35 people.

Meanwhile, the US is attempting to broker peace talks between the Afghan government and the Taliban to end 18 years of war.

Washington's peace envoy Zalmay Khalilzad was in the region earlier this week trying to resuscitate a US peace deal with the Taliban.

The peace deal signed in February calls for the withdrawal of the US and NATO troops from Afghanistan in return for a commitment by the Taliban to not launch attacks on the US or its allies.

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News Network
March 2,2020

Paris, Mar 2: A global agency says the spreading new virus could make the world economy shrink this quarter, for the first time since the international financial crisis more than a decade ago.

The Organization for Economic Cooperation and Development says Monday in a special report on the impact of the virus that the world economy is still expected to grow overall this year and rebound next year.

But it lowered its forecasts for global growth in 2020 by half a percentage point, to 2.4 per cent, and said the figure could go as low as 1.5 per cent if the virus lasts long and spreads widely.

The last time world GDP shrank on a quarter-on-quarter basis was at the end of 2008, during the depths of the financial crisis. On a full-year basis, it last shrank in 2009.

The OECD said China's reduced production is hitting Asia particularly hard but also companies around the world that depend on its goods.

It urged governments to act fast to prevent contagion and restore consumer confidence.

The Paris-based OECD, which advises developed economies on policy, said the impact of this virus is much higher than past outbreaks because "the global economy has become substantially more interconnected, and China plays a far greater role in global output, trade, tourism and commodity markets."

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