Donald Trump says China ‘caught red handed’ allowing oil into North Korea

Agencies
December 29, 2017

Washington, Dec 29: US President Donald Trump on Thursday said China has been “caught” allowing oil into North Korea and said such moves would prevent “a friendly solution” to the crisis over Pyongyang’s nuclear program.

“Caught RED HANDED – very disappointed that China is allowing oil to go into North Korea. There will never be a friendly solution to the North Korea problem if this continues to happen!” Trump wrote in a post on Twitter.

China earlier on Thursday said there had been no U.N. sanction-breaking oil sales by Chinese ships to North Korea after a South Korean newspaper said Chinese and North Korean vessels had been illicitly linking up at sea to get oil to North Korea.

An official of the U.S. State Department said the U.S. government was aware of vessels engaged in such activity involving refined petroleum and coal. “We have evidence that some of the vessels engaged in these activities are owned by companies in several countries, including China,” the official said, speaking on condition of anonymity.

South Korea’s Chosun Ilbo newspaper this week quoted South Korean government sources as saying that U.S. spy satellites had detected Chinese ships transferring oil to North Korean vessels around 30 times since October. US officials have not confirmed details of this report.

The Trump administration has led a drive to step up global sanctions on North Korea in response to Pyongyang’s efforts to develop nuclear-tipped missiles capable of hitting the United States. Washington says the full cooperation of China, North Korea’s neighbor and main trading partner, is vital to the success of this effort, while warning that all options are on the table, including military ones, in dealing with North Korea.

The UN Security Council last week unanimously imposed new sanctions on North Korea for a recent intercontinental ballistic missile (ICBM) test, seeking to further limit its access to refined petroleum products and crude oil.

The US-drafted U.N. resolution seeks to ban nearly 90 percent of refined petroleum exports to North Korea by capping them at 500,000 barrels a year. It also caps crude oil supplies to North Korea at 4 million barrels a year and commits the Security Council to further reductions if Pyongyang conducts another nuclear or ICBM test. Documents seen by Reuters this month showed Washington called on the Security Council to blacklist 10 ships for circumventing sanctions by conducting ship-to-ship transfers of refined petroleum products to North Korean vessels or transporting North Korean coal. China and Russia subsequently asked for more time to consider the proposal.

The ships targeted for blacklisting were the Xin Sheng Hai (flag unknown); the Hong-Kong-flagged Lighthouse Winmore; the Togo-flagged Yu Yuan; Panama-flagged Glory Hope 1 (also known as Orient Shenyu), Kai Xiang and Billions No. 18; and the North Korean-flagged Ul Ji Bong 6, Rung Ra 2, Rye Song Gang 1, and Sam Jong 2. In September, the Security Council put a cap of 2 million barrels a year on refined petroleum products exports to North Korea.

China has repeatedly said it is fully enforcing all resolutions against North Korea, despite suspicion in Washington, Seoul and Tokyo that loopholes still exist. Asked at a regular briefing whether Chinese ships were illegally providing oil to North Korean ships, Chinese Defence Ministry spokesman Ren Guoqiang reiterated that China, including the military, strictly enforced U.N. resolutions. “The situation you have mentioned absolutely does not exist,” he said.

A State Department spokesman, Michael Cavey, reiterated on Wednesday that the United States had called on all countries to cut economic ties with North Korea. “We urge China to end all economic ties with the DPRK, including tourism, and the provision of any oil or petroleum products, and expel all DPRK workers,” he said, using the acronym for North Korea’s official name, the Democratic People’s Republic of Korea.

Harry Kazianis, director of defense studies at the conservative Center for the National Interest, said China would “never, ever enforce the sanctions to the satisfaction of President Trump,” in spite of the effort the U.S. president had invested in developing a personal relationship with China’s president, Xi Jinping. “With President Trump’s latest Tweet it seems the ‘Bromance’ between him and President Xi is finally over,” he said.

“This was always bound to happen. China is actually more afraid of North Korea than America,” Kazianis said, citing Chinese concerns about instability or collapse in North Korea if sanctions were fully applied.

US Democratic Senator Ed Markey, a member of the Senate Foreign Relations Committee, said on Twitter the North Korean threat had only increased since Trump took office and he had to find a way to get China to cut off crude oil supplies. “The solution is a coherent strategy, not bluster,” he said.

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Agencies
July 3,2020

The dollar's dominance will slowly melt away over the coming year on weakening global demand and a sombre U.S. economic outlook, according to a Reuters poll of currency forecasters whose views depend on there being no second coronavirus shock.

Despite fears a surge in new Covid-19 cases would delay economies reopening and stymie a tentative recovery, world stocks have rallied - with the S&P 500 finishing higher in June, marking its biggest quarterly percentage gain since the height of the technology boom in 1998.

Caught between bets in favour of riskier investments, weak U.S. economic prospects as well as an easing in the thirst for dollars after the Federal Reserve flooded markets with liquidity, the greenback fell nearly 1.0 per cent last month. It was its worst monthly performance since December.

While there was a dire prognosis from the top U.S. medical expert on the coronavirus' spread, the June 25-July 1 poll of over 70 analysts showed weak dollar projections as Fed Chair Jerome Powell on Monday reiterated the economic outlook for the world's largest economy was uncertain.

"The dollar rises in two instances: when you see risk off or when there is a situation where the U.S. is leading the global recovery, and we don't think that's going to be the case anytime soon," said Gavin Friend, senior FX strategist at NAB Group in London.

"The U.S. is playing fast and loose with the virus, and chronologically they're behind the rest of the world."

Currency speculators, who had built up trades against the dollar to the highest in two years during May, increased their out-of-favour dollar bets further last week, the latest positioning data showed.

About 80 per cent of analysts, 53 of 66, said the likely path for the dollar over the next six months was to trade around current levels, alternating between slight gains and losses in a range. That suggests the greenback may be at a crucial crossroad as more currency strategists have turned bearish.

But more than 90 per cent, or 63 of 68, said a second shock from the pandemic would push the dollar higher. Five said it would push the U.S. currency lower.

Much will also depend on debt servicing and repayments by Asian, European and other international borrowers in U.S. dollars.

While an early shortage of dollars in March from the pandemic's first shock pushed the Fed to open currency swap lines with major central banks, international funding strains have eased significantly since. In recent weeks, usage of the facility has reduced dramatically.

That trend is expected to continue over the next six months with major central banks' usage of swap lines to "stay around current levels", according to 32 of 46 analysts. While 13 predicted a sharp drop, only one respondent said use of them would "rise sharply".

The dollar index, which measures the greenback's strength against six other major currencies, has slipped over 5 per cent since touching a more than three-year high in March.

When asked which currencies would perform better against the dollar by end-December, a touch over half of 49 respondents said major developed market ones, with the remaining almost split between commodity-linked and emerging market currencies.

"The dollar is so overvalued, and has been overvalued for a long time, it's time now for it to come back down again, as we head towards the (U.S.) election," added NAB's Friend.

Over the last quarter, the euro has staged a 1.8 per cent comeback after falling by a similar margin during the first three months of the year. For the month of June, the euro was up 1.2 per cent against the dollar.

The single currency was now expected to gain about 2.5 per cent to trade at $1.15 in a year from around $1.12 on Wednesday, slightly stronger than $1.14 predicted last month. While those findings are similar to what analysts have been predicting for nearly two years, there was a clear shift in their outlook for the euro, with the range of forecasts showing higher highs and higher lows from last month.

"In comparison to even a month or two ago, the outlook in Europe has improved significantly," said Lee Hardman, currency strategist at MUFG.

"I think that makes the euro look relatively more attractive and cheap against the likes of the dollar. We're not arguing strongly for the euro to surge higher, we're just saying, after the weakness we have seen in recent years, there is the potential for that weakness to start to reverse."

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Agencies
June 26,2020

Scientists predict the world may have a COVID-19 vaccine within one year or even a few months earlier, said the Director-General of the World Health Organisation even as he underlined the importance of global cooperation to develop, manufacture and distribute vaccines.

However, making the vaccine available and distributing it to all will be a challenge and requires political will, Tedros Adhanom Ghebreyesus said on Thursday during a meeting with the European Parliament's Committee for Environment, Public Health and Food Safety.

One option would be to give the vaccine only to those that are most vulnerable to the virus.

There are currently over 100 COVID-19 vaccine candidates in various stages of development.

Adhanom Ghebreyesus said the pandemic has highlighted the importance of global solidarity and that health should not be seen as a cost but an investment.

He added that all countries in the world must strengthen primary health care and crisis preparedness and stressed the need for EU leadership globally.

While the Director-General said the situation in the EU has improved significantly, he underlined that COVID-19 is very much still circulating globally, with more than four million new cases in the last month.

Many Members of European Parliament said that the global community must cooperate including in developing, manufacturing and distributing vaccines against COVID-19 and asked when a safe vaccine could be available.

Several Members of European Parliament underlined the importance of the WHO but also said it has made mistakes in its response to the pandemic.

The Director-General admitted everyone makes mistakes and informed the members that an independent panel will evaluate the WHO response to the pandemic to learn from any mistakes made.

It will start its work soon, he said.

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News Network
January 8,2020

New Delhi, Jan 8: Iran will welcome any peace initiative by India for de-escalating its tensions with the US after the killing of Iranian military commander Qasem Soleimani, the Iranian envoy here said on Wednesday.

His comments come hours after Iran launched missile strikes against two US military bases in Iraq in retaliation to the killing of its top commander General Qassem Soleimani.

"India usually plays a very good role in (maintaining) peace in the world. At the same time, India belongs to this region. We welcome all initiatives from all countries, especially India as a good friend for us, to not allow escalation (of tensions)," Iranian Ambassador to India Ali Chegeni told reporters after a condolence meeting for Solemani at the country's embassy here.

"We are not for war, we are looking for peace and prosperity for everybody in this region. We welcome any Indian initiative or any project that can help peace and prosperity in this world," he said.

On the Iranian attack on US targets in Iraq, Chegeni said his country retaliated under its right to defend.

Amid spiralling US-Iran tensions over the killing of Soleimani, External Affairs Minister S Jaishankar on Sunday had a conversation with his Iranian counterpart Javad Zarif and US Secretary of State Mike Pompeo, voicing India's concerns over the escalation of tensions.

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