Author: Steven Sahiounie

Iran says the United States’ move to veto a UN resolution calling for an urgent humanitarian ceasefire in Gaza was in fact a vote for the continuation of the Israeli regime’s brutality against the Palestinian people. Nasser Kan’ani made the remarks in his weekly press conference in Tehran on Monday after the US used its veto in the United Nations Security Council on Friday to block a draft resolution demanding an immediate humanitarian ceasefire in Gaza. “The US government showed that it stands alone in the face of the international community and does not shy away from being alone in supporting the…

European Union foreign policy chief Josep Borrell has warned that the southern part of the besieged Gaza Strip faces a “dark prospect” as Israel’s relentless bombing campaign has left growing civilian fatalities and displaced many people in the south. Borrell made the remarks on Monday in the Belgian capital Brussels, where EU foreign ministers will meet to consider possible next steps in response to the crisis gripping West Asia. He said that Israel’s tactics in southern Gaza “are the same or even worse” than those the regime used in the north despite calls from the EU not to do so. “The bombings continue with…

Consumer prices fell 0.5% year-on-year in November, the steepest decline since 2020 The pace of consumer price drops in China accelerated last month, indicating that the country’s post-pandemic economic recovery may take longer than previously expected, according to data from China’s National Bureau of Statistics published on Saturday. The consumer price index (CPI) fell 0.5% in November from a year earlier, the biggest drop since November 2020. Consumer prices have partly been affected by a decline in pork prices, a significant component in China’s CPI basket due to its popularity among the population. Overall food prices in the country plunged…

Sanctions have pushed Moscow towards expanding cooperation with Asia and the Middle East Russia’s trade with ‘unfriendly’ countries has dropped threefold since 2021 and is on course for a further decline, according to a report from the Russian Center for Strategic Research (CSR) published on Saturday. The term ‘unfriendly’ refers to Western countries and their allies that placed sanctions on Moscow in connection with the Ukraine conflict. While at the end of 2021, Russian exports to these countries amounted to 55% and imports made up some 26% of its total trade, by the end of this year both indicators are…

Christmas presents may not arrive on time this year due to drought in Panama and shipping attacks near the Suez canal Disruptions to the Panama and Suez canals, two of the world’s key trade waterways, are threatening global supply chains, Financial Times reported on Friday, citing ship owners and operators. The Panama canal, a 50-mile-long (80.5km) waterway linking the Pacific and the Atlantic oceans, has been suffering from drought, which has diminished the water level and led to a reduction in the canal’s throughput capacity. Compared with 238 vessels that transversed the waterway during the first week of December 2022,…

Diesel and gasoil supplies have increased after Moscow lifted restrictions Russian fuel exports rebounded in November following the easing of export restrictions and the end of the refinery maintenance season, Bloomberg reported this week, citing ship-tracking data from Vortexa. Shipments of refined fuel surged to 2.2 million barrels per day (bpd) last month, rising by about 164,000 bpd compared to October, when supplies dropped to a three-year low, data showed. Diesel and gasoil exports rose by 12% month-on-month in November, reaching a three-month high of 894,000 bpd after Moscow eased fuel export restrictions. The bulk of cargos headed…

The cryptocurrency has rallied by more than 150% since the start of this year Top cryptocurrency Bitcoin is expected to continue its surge into 2024, and could hit fresh all-time highs of over $100,000 per token, CNBC reported this week, citing industry analysts. The digital asset has rallied more than 160% this year, trading above $44,200 on Saturday, compared to $16,500 at the start of the year. “It feels that [2023] was a year to get ready for the bull run that is yet to come. But the sentiment is very hopeful for [2024] and 25,” CEO of Ledger, Pascal Gauthier,…

Prices could go on a strong run amid growing global demand and tight supply, a dealer forecasts Silver still has significant upside and is a bargain at current prices even as it has joined in the recent gold price rally, according to a report by precious metals dealer SchiffGold this week. Silver was trading at over $23 per ounce on Friday, having finished November 11% higher than the previous month. The price of gold was at around $2,020 per ounce. According to the report, silver looks significantly underpriced based on its historical relationship with gold and given supply-demand dynamics. The…

The Netherlands reportedly purchased over 200 million cubic meters of Russian LNG in September, RIA Novosti has reported The Netherlands continues to import Russian gas despite earlier pledges to stop buying the commodity, the news outlet RIA Novosti reported on Saturday, citing Dutch trade data. According to the report, in September, the EU country imported some 211.5 million cubic meters of liquefied natural gas (LNG) from Moscow worth €109 million ($117 million). This followed a three-month break in Dutch imports of Russian LNG, which came after the country’s climate and energy minister, Rob Jetten, announced that the government was working…

Hundreds of projects are expected to be implemented in the region The launch of a special economic zone with a wide range of tax breaks and other business incentives in the Russian Arctic has helped to attract significant investment, First Deputy Minister for the Development of the Far East and the Arctic, Gadzhimagomed Guseynov, has said. According to the official, who was addressing a conference dedicated to development of the region last week, over 760 projects with total investments of 1.75 trillion rubles ($18.4 billion) could be realized due to the mechanisms of state support approved in 2020. This would…