Iranian deal offers no relief to India on oil imports

November 24, 2013

Nuclear_dealWashington, Nov 24: Countries like India would have to continue reducing oil imports from Iran despite a deal with the world powers over its controversial nuclear programme, according to a US fact sheet which also said Tehran would get a relief of USD 7 billion under the agreement.

Under the agreement reached in Geneva, Iran has committed to halt enrichment above five per cent, neutralise its stockpile of near-20 per cent uranium and halt progress on its enrichment capacity, to halt progress on the growth of its 3.5 per cent stockpile and committed to no further advances of its activities at Arak and to halt progress on its plutonium track.

In response, the US and five other major world powers have agreed to provide limited, temporary, targeted, and reversible relief while maintaining the vast bulk of the sanctions, including the oil, finance, and banking sanctions architecture. "If Iran fails to meet its commitments, we will revoke the relief," the US fact sheet said.

"Sanctions affecting crude oil sales will continue to impose pressure on Iran's government. Working with our international partners, we have cut Iran's oil sales from 2.5 million barrels per day (bpd) in early 2012 to 1 million bpd today, denying Iran the ability to sell almost 1.5 million bpd," the fact sheet said.

"That's a loss of more than USD 80 billion since the beginning of 2012 that Iran will never be able to recoup. Under this first step, the EU crude oil ban will remain in effect and Iran will be held to approximately 1 million bpd in sales, resulting in continuing lost sales worth an additional USD 4 billion per month, every month, going forward," it said.

India has slashed import of crude oil from Iran by over 26.5 per cent in the financial year ended March 31 as US and European sanctions made it difficult to ship oil from the Persian Gulf nation.

India imported about 13.3 million tonnes of crude oil from Iran in 2012-13 fiscal, down from 18.1 million tonnes shipped in the previous financial year.

Oil sanctions alone will result in approximately USD 30 billion in lost revenues to Iran – or roughly USD 5 billion per month – compared to what Iran earned in a six month period in 2011, before these sanctions took effect.

Iran used to be India's second-largest supplier, but is now fifth or sixth. The US said the approximately USD 7 billion in relief is a fraction of the costs that Iran will continue to incur during this first phase under the sanctions that will remain in place.

The vast majority of Iran's approximately USD 100 billion in foreign exchange holdings are inaccessible or restricted by sanctions.

In the next six months, Iran's crude oil sales cannot increase.

While Iran will be allowed access to USD 4.2 billion of its oil sales, nearly USD 15 billion of its revenues during this period will go into restricted overseas accounts.

"In summary, we expect the balance of Iran's money in restricted accounts overseas will actually increase, not decrease, under the terms of this deal," the US said.

Further sanctions affecting petroleum product exports to Iran, which result in billions of dollars of lost revenue, will remain in effect.

The vast majority of Iran's approximately USD 100 billion in foreign exchange holdings remain inaccessible or restricted by the sanctions.

The P5+1 countries have committed not impose new nuclear-related sanctions for six months, if Iran abides by its commitments under this deal, to the extent permissible within their political systems; and suspend certain sanctions on gold and precious metals, Iran's auto sector, and Iran's petrochemical exports, potentially providing Iran approximately USD 1.5 billion in revenue.

It also agreed to license safety-related repairs and inspections inside Iran for certain Iranian airlines and allow purchases of Iranian oil to remain at their currently significantly reduced levels – levels that are 60 per cent less than two years ago. USD 4.2 billion from these sales will be allowed to be transferred in installments if, and as, Iran fulfills its commitments.

"The concessions Iran has committed to make as part of this first step will also provide us with increased transparency and intrusive monitoring of its nuclear programme. In the past, the concern has been expressed that Iran will use negotiations to buy time to advance their program," the US said.

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April 9,2020

Washington, Apr 9: At least 11 Indians have died of COVID-19 in the United States with another 16 testing positive for the infection which has claimed more than 14,000 lives and afflicted more than four lakh people in the US.

All Indian citizens who have succumbed to the deadly infection in the US are male, with ten of them from New York and New Jersey area. Four of the victims are said to be taxi drivers in New York City.

New York City has emerged as the US epicentre for COVID-19 spurt, accounting for more than 6,000 deaths and over 1,38,000 cases of infections. New Jersey accounts for 1,500 fatalities and nearly 48,000 infections.

One Indian national reportedly died in Florida because of coronavirus. Authorities are also ascertaining the nationality of some other Indian origin people in the States of California and Texas.

All 16 Indians, including four females, who have tested positive for coronavirus are in self-quarantine. Coming from diverse background, eight of them are from New York, three from New Jersey and rest from other states like Texas and California. They hail from Indian states like Uttarakhand, Maharashtra, Karnataka and Uttar Pradesh.

Indian Embassy and consulates across the United States are working closely with local authorities and Indian-American organizations to provide necessary assistance to Indian nationals and students affected with COVID-19.

Because of the strict travel restrictions and regulations to prevent the spread of the deadly virus, local city officials have been performing the last rites of the deceased and in many cases are not allowing even their immediate family members to attend their cremations, officials said.

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News Network
February 24,2020

Beijing, Feb 24: The lockdown of Guo Jing's neighbourhood in Wuhan -- the city at the heart of China's new coronavirus epidemic -- came suddenly and without warning.

Unable to go out, the 29-year-old is now sealed inside her compound where she has to depend on online group-buying services to get food.

"Living for at least another month isn't an issue," Guo told news agency, explaining that she had her own stash of pickled vegetables and salted eggs.

But what scares her most is the lack of control -- first, the entire city was sealed off, and then residents were limited to exiting their compound once every three days.

Now even that has been taken away.

Guo is among some 11 million residents in Wuhan, a city in central Hubei province that has been under effective quarantine since January 23 as Chinese authorities race to contain the epidemic.

Since then, its people have faced a number of tightening controls over daily life as the death toll from the virus swelled to over 2,500 in China alone.

But the new rules this month barring residents from leaving their neighbourhoods are the most restrictive yet -- and for some, threaten their livelihoods.

"I still don't know where to buy things once we've finished eating what we have at home," said Pan Hongsheng, who lives with his wife and two children.

Some neighbourhoods have organised group-buying services, where supermarkets deliver orders in bulk.

But in Pan's community, "no one cares".

"The three-year-old doesn't even have any milk powder left," Pan told news agency, adding that he has been unable to send medicine to his in-laws -- both in their eighties -- as they live in a different area.

"I feel like a refugee."

The "closed management of neighbourhoods is bound to bring some inconvenience to the lives of the people", Qian Yuankun, vice secretary of Hubei's Communist Party committee, said at a press briefing last week.

Authorities on Monday allowed healthy non-residents of the city to leave if they never had contact with patients, but restrictions remained on those who live in Wuhan.

Demand for group-buying food delivery services has rocketed with the new restrictions, with supermarkets and neighbourhood committees scrambling to fill orders.

Most group-buying services operate through Chinese messaging app WeChat, which has ad-hoc chat groups for meat, vegetables, milk -- even "hot dry noodles", a famous Wuhan dish.

More sophisticated shops and compounds have their own mini-app inside WeChat, where residents can choose packages priced by weight before orders are sent in bulk to grocery stores.

In Guo's neighbourhood, for instance, a 6.5-kilogramme (14.3-pound) set of five vegetables, including potatoes and baby cabbage, costs 50 yuan ($7.11).

"You have no way to choose what you like to eat," Guo said. "You cannot have personal preferences anymore."

The group-buying model is also more difficult for smaller communities to adopt, as supermarkets have minimum order requirements for delivery.

"To be honest, there's nothing we can do," said Yang Nan, manager of Lao Cun Zhang supermarket, which requires a minimum of 30 orders.

"We only have four cars," she said, explaining that the store did not have the staff to handle smaller orders.

Another supermarket told AFP it capped its daily delivery load to 1,000 orders per day.

"Hiring staff is difficult," said Wang Xiuwen, who works at the store's logistics division, adding that they are wary about hiring too many outsiders for fear of infection.

Closing off communities has split the city into silos, with different neighbourhoods rolling out controls of varying intensity.

In some compounds, residents have easier access to food -- albeit a smaller selection than normal -- and one woman said her family pays delivery drivers to run grocery errands.

Her compound has not been sealed off either, the 24-year-old told AFP under condition of anonymity, though they are limited to one person leaving at a time.

Some districts have implemented their own rules, such as prohibiting supermarkets from selling to individuals, forcing neighbourhoods to buy in bulk or not at all.

"In the neighbourhood where I live, the reality is really terrible," said David Dai, who is based on the outskirts of Wuhan.

Though his apartment complex has organised group-buying, Dai said residents were unhappy with price and quality.

"A lot of tomatoes, a lot of onions -- they were already rotten," he told , estimating over a third of the food had to be thrown away.

His family must "totally depend" on themselves, added the 49-year-old, who has resorted to saving and drying turnip skins to add nutrients to future meals.

The uncertainty of not knowing when the controls will be lifted is also frustrating, said Ma Chen, a man in his 30s who lives alone.

"I have no way of knowing how much (food) I should buy."

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News Network
May 28,2020

May 28: Boeing is cutting more than 12,000 jobs through layoffs and buyouts as the coronavirus pandemic seizes the travel industry, and more cuts are coming.

One of the nation's biggest manufacturers will lay off 6,770 U.S. employees this week, and another 5,520 workers are taking buyout offers to leave voluntarily in the coming wee

Air travel within the U.S. tumbled 96% by mid-April, to fewer than 100,000 people on some days. It has recovered slightly. The Transportation Security Administration said it screened 264,843 people at airports on Tuesday, a drop of 89% compared with the same Tuesday a year ago.

Boeing had said it would cut 10% of a work force that numbered about 160,000. A Boeing spokesperson said Wednesday's actions represent the largest number of job cuts, but several thousand additional jobs will be eliminated in the next few months.

The layoffs are expected to be concentrated in the Seattle area, home to Boeing's commercial-airplanes business. The defense and space division is stable and will help blunt the impact of the decline in air travel and demand for passenger jets, the company said.

Boeing said additional job cuts will be made in international locations, but it did not specify numbers.

"The COVID-19 pandemic's devastating impact on the airline industry means a deep cut in the number of commercial jets and services our customers will need over the next few years, which in turn means fewer jobs on our lines and in our offices," CEO David Calhoun said Wednesday in a memo to employees.

Calhoun said the company faces the challenges of keeping employees safe and working with suppliers and airlines "to assure the traveling public that it can fly safe from infection."

Calhoun warned that Boeing will have to adjust business plans constantly because the pandemic makes it hard to predict the impact on the company's business.

Boeing's crisis began with two crashes of its 737 Max, which led regulators around the world to ground the jetliner last year. The company's problems have deepened with the coronavirus, which has cut global air traffic by up to 90% and caused airlines to postpone or cancel orders and deliveries for new planes.

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