Iran’s leader suddenly takes ill

Though Iran has been broadcasting pictures and videos of top state officials and noted foreign dignitaries visiting Supreme Leader Ayatollah Ali Khamenei in the hospital, the health of the man who has held the most powerful post in the Islamic Republic remains unclear.

The unusual public relations management of what has been described as a prostate surgery suggests Tehran may be preparing the nation and the world for a transition to a third supreme leader. Iranian efforts to project an atmosphere of normalcy conceal concerns among players in the Iranian political system that a power vacuum will emerge just as the Islamic republic has reached a geopolitical crossroads.

Any transition comes at the most crucial time in the 35-year history of the Islamic Republic due to unprecedented domestic political shifts underway and, more importantly, due to international events.

Pragmatic conservative President Hassan Rouhani’s election in June 2013 elections led to a social, political and economic reform program facing considerable resistance from within the hard-right factions within the clerical and security establishments. The biggest issue between the presidential camp and its opponents is the ongoing process of negotiations with the United States over the Iranian nuclear program.

Source: Stratfor

Lavrov: Syria and Iran are natural allies in fight against ISIS

Russian Foreign Minister Sergei Lavrov said that Iraq and Syria are natural allies in the fight against ISIS.

Lavrov spoke at the International Conference on Peace and Security in Iraq, in Paris on 15 September 2014.

The foreign minister warned that “aggressive actions by the terrorist organization” threaten the future of Iraq as well as neighboring Syria.

“The achievements of the “Islamic State” and many other terrorist groups in Iraq, Syria and elsewhere would have been impossible without financial and material support from outside, including supply of weapons and purchase of oil from fields controlled by terrorists. Shutting down all the channels of such support must become a matter of priority.”

Earlier, President Obama declared that he would bomb the forces of ISIS in Syria without Syrian participation, but Vladimir Putin has warned that any such unilateral action in Syria would be clearly seen as “an act of aggression”.

Meanwhile Syria has asked Washington to engage in military and intelligence collaboration to defeat their mutual enemy, inviting US congressmen and senators to visit Damascus to discuss joint action against the jihadis.

Lavrov urged countries in the counterterrorist coalition to “demonstrate genuine unity, not allowing disputes between them on other issues to hamper the efficiency of joint counter-terrorist efforts”.

“The extremists will try to make use of any differences in our positions to undermine the united front against them. A truly collective approach should be developed through putting our minds and potentials together. No one can pretend that he knows better than others what kind of strategy we’ll need to help the region. And of course, we must build our common action on a solid foundation of United Nations Charter and UN counter-terrorist instruments and mechanisms. We face the same enemies in Iraq, Syria and elsewhere, and there is no room for double standards,” Lavrov told the conference.

He said it made no sense to try and distinguish between “bad” and “good” terrorists and that such reckless policies had lead to terrible consequences in Libya and Mali.

Iranian commander says Islamic State is US creation

The commander of Iran’s Basij (volunteer) force Brigadier General Mohammad Reza Naqdi lashed out at the US and Israel for sponsoring the Islamic State of Iraq and the Levant (ISIL).

He said the US created, equipped and armed the ISIL terrorist group with the help of Britain, Israel and oil-rich countries.

Western countries ordered ISIL to carry out “crimes and large-scale massacre of Shiites and Sunnis on the pretext of a sectarian Sunni war on Shiites” General Naqdi said, addressing a gathering of thousands of Basijis in Lorestan province.

He noted that Western countries wanted to introduce a tainted image of Islam to the world by displaying horrible crimes and savage wickedness against children, women and innocent people with extreme brutality and savagery.

General Naqdi said every now and then the Western powers attack the terrorists to pretend that they are fighting terrorism while American, British and Israeli military advisors are supporting them in the battlefield.

“The outcome of the actions of this terrorist current in Syria was unprecedented as it caused people’s high turnout in that country’s presidential election, which set as yet another example of the inefficiency of weapons and the victory of the resistance movement against the global arrogance,” he added.

Also, in similar remarks in August General Naqdi held the US and certain European states responsible for providing logistics for the terrorist ISIL to find an alibi to boost its buildup in the region.

“American’s intangible presence in the region has been a major cause for the creation of the terrorist ISIL group,” Naqdi said, addressing people in a city near Tehran last month.

He also condemned the US Congress for approving an aid budget for the ISIL, and said, “The European countries, including France, arm the ISIL and the US and the West’s attempts are not aimed at any goal but getting closer to Iran” borders.

On Monday, Deputy Chief of Staff of the Iranian Armed Forces Brigadier General Massoud Jazayeri warned of the malicious spread of Islamophobia.

“The world public opinion is aware that the phenomena such as the al-Nusrah Front, the ISIL, al-Qaeda and other terrorist groups in the region, have been created by the intelligence services of the US and the White House’s allies and have a mission to defame Islam to prevent the people’s conversion to the real Islam and to spread Islamophobia and weaken the regional resistance front,” General Massoud Jazayeri said.

Source: farsnews.com

Iran could join NPT, Seoul urges North to abandon nuclear for investment

The Russian Foreign Ministry said Thursday that Iran could possibly become a full member of the Nuclear Non-Proliferation Treaty.

“The agreements reached on November 24, 2013, in Geneva on Iran’s nuclear program opens the actual perspective that by November of this year an exit [from the issue] and a long-term and reliable settlement of this issue will be found. Regardless of the difficult approach during the negotiation process, there is a possibility that Iran [could receive] its full capacity of rights as an NPT member state, including the right to enrich uranium and canceling the sanction regime [against the country],” the ministry said on its website.

“We hope that all the parties taking part in the consultations will show the political will in order to proceed with the final, mutually acceptable agreements, which will enable to re-establish trust of the international society for the peaceful nature of the Nuclear program of Iran. This could have a positive impact on the situation in the Middle East and lead to a creation of a zone, free of mass destruction weapons,” the statement said.

The fifth round of talks on Iran’s nuclear program was held in Vienna in July.

Meanwhile South Korea is ready to help its northern neighbor attract international investment, if it gives up its nuclear ambitions, South Korea’s Yonhap News Agency reported Thursday citing the country’s finance minister, Choi Kyung-hwan.

“If North Korea decides to abandon its nuclear weapons, we will cooperate with Northeast Asian countries to actively support North Korea’s accession to international financial organizations and its attraction of international investment,” the agency reported Choi as saying during a speech at a forum on Asian economic cooperation.

The official also promised to facilitate the establishment of a development bank for Northeast Asian countries, which would help North Korea build infrastructure to help its poor citizens.

Russia signs oil deal with Iran

Russia signed a historic $20 billion oil deal with Iran to bypass both western sanctions and the dollar based western monetary system yesterday.

Currency wars are set to escalate as the petro dollar’s decline continues.

Russian Energy Minister Alexander Novak and his Iranian counterpart Bijan Zanganeh signed a five-year memorandum of understanding in Moscow, which included cooperation in the oil sector.

“Based on Iran’s proposal, we will participate in arranging shipments of crude oil, including to the Russian market,” Novak was quoted as saying.

The five year accord will see Russia help Iran “organise oil sales” as well as “cooperate in the oil-gas industry, construction of power plants, grids, supply of machinery, consumer goods and agriculture products”, according to a statement by the Energy Ministry in Moscow.

The deal could see Russia buying 500,000 barrels of Iranian oil a day, the Moscow-based Kommersant newspaper has previously reported. Under the proposed deal Russia would buy up to 500,000 barrels a day or a third of Iranian oil exports in exchange for Russian equipment and goods.

The Russian government withdrew the statement regarding the deal last night, but said it would issue a new statement today.

In January, Russia said that they were negotiating an oil-for-goods swap worth $1.5 billion a month that would enable Iran to lift oil exports substantially to Russia, undermining Western sanctions.

Yesterday, the Russian President told regional leaders that “the political tools of economic pressure are unacceptable and run counter to all norms and rules.” He said in response to western sanctions he had given orders to boost domestic manufacturers at the expense of non-Russian ones.

The White House has previously said that reports of talks between Russia and Iran were a matter of “serious concern.

“If the reports are true, such a deal would raise serious concerns as it would be inconsistent with the terms of the agreement with Iran,” Caitlin Hayden, spokeswoman for the White House National Security Council, said in January.

U.S. and European Union sanctions against Russia threaten to hasten a move away from the petro dollar that’s been slowly occurring since the global financial crisis.

Source: GoldCore

US bullies French bank BNP Paribas

bnpfranceFrance would defend the interests of bank BNP Paribas after the information appeared that it faced the prospect of over a $10 billion fine from the United States on charges of violating sanctions on Iran and Sudan, the country’s foreign ministry said, calling such sanctions “unreasonable.”

“If there is a an error or a violation then it’s normal that there is a fine, but the fine has to be proportionate and reasonable,” French foreign minister Laurent Fabius said on France 2 television. “These figures are not reasonable,” he said.

Currently, little is known about BNP Paribas’ negotiations with US authorities’ investigation whether it evaded sanctions related primarily to countries Iran, Syria, Sudan between 2002 and 2009.

US authorities declared that the BNP Paribas, which is the France’s biggest lender, stripped out identifying information from wire transfers so they could pass through the US financial system, Reuters reports.

Sources familiar with the negotiations said a settlement could include a fine of over $10 billion and other penalties, such as a possible temporary suspension of the bank’s authority to clear US dollar transactions.
Foreign minister Fabius said that US decision would raise questions over European Union-US trade negotiations given the agreement should be based on reciprocity.

“But here you would have an example of unfair and unilateral decision. It would be an extremely serious problem.”

Fabius’ comments come just two days before US President Barack Obama’s visit to France where he is going hold bilateral talks with his French counterpart Francois Hollande.

“These figures could have a negative impact and BNP could see its funds hit and that means less loans especially for French firms,” Fabius stated.

“It’s an extremely serious question that the Americans must handle in a spirit of partnership and not unilaterally,” he said.

Source: Voice of Russia

Russia to build 8 nuclear reactors in Iran

bushehrRussia plans to sign a contract with Iran this year to build two more nuclear reactors at its Bushehr power plant as part of a broader deal for up to eight reactors in the Islamic state, a source close to the negotiations told Reuters on Thursday.

Western powers want any lasting agreement with Iran to put to rest suspicions that it could develop nuclear weapons-making ability through enrichment. Iran denies any such intent.

The talks ended last week with little progress; they are to resume in Vienna in June.

Russia, one of the six powers, built Iran’s only operating nuclear power reactor, at Bushehr.

“Russia and Iran may sign an intergovernmental agreement this year on building from four to eight nuclear reactors, and, under the deal, the contract for the construction of the first two reactors as additions to Bushehr,” the source said.

Source: Reuters

Obama comes out against self-determination

pcrBy Paul Craig Roberts.

The White House Fool has repeatedly declared erroneously and foolishly that it is “against international law” for Crimea to exercise self-determination. Self-determination, as used by Washington, is a propaganda term that serves Washington’s empire but is not permissible for real people to exercise.

On March 6 Obama telephoned Putin to tell the Russian President again that only Washington has the right to interfere in Ukraine and to insist against all logic that only the “government” in Kiev installed by the Washington-organized coup is “legitimate” and “democratic.”

In other words, the elected government in Crimea pushed by the people in Crimea to give them a vote on their future is “undemocratic” and “illegitimate,” but a non-elected government in Kiev imposed by Washington is the voice of self-determination and legitimacy.

Washington is so arrogant that it never occurs to the hubris-infected fools what the world thinks of Washington’s blatant hypocrisy.

Since the Clinton regime, Washington has done nothing but violate international law–Serbia, Kosovo, Afghanistan, Iraq, Libya, Syria, Iran, Pakistan, Yemen, Somalia, Honduras, Venezuela, Ecuador, Bolivia.

Does Russia have an Africa Command? No, but Washington does.

Is Russia surrounding the US with military bases? No, but Washington has used the NATO organization, whose purpose disappeared 23 years ago, to organize western, eastern, and southern Europe into an empire army with forward bases on Russia’s borders. Washington is determined to extend the boundaries of a North Atlantic Treaty Organization to Georgia in central Asia and to Ukraine on the Black Sea. Both Georgia and Ukraine are former constituent parts of both Russia and the Soviet Union.

Washington is doing the same thing to China and Iran. Washington is working to establish new air and naval bases in Philippines, South Korea, Vietnam, Thailand, Australia, with which to block the flow of oil and other resources into China. Iran is surrounded by some 40 US military bases and has US fleets standing off its coastline.

In Washington’s propaganda, this rank militarism is presented as “defending democracy.”

The Russian government continues to act as though Washington’s thrusts at Russia’s independence and strategic interests can be defused with good sense and good will. But Washington has neither.

Since the Clinton regime, Washington has been in the hands of a collection of ideologues who are convinced that the US is “the exceptional indispensable country” with the right to world hegemony. Everything that Washington has done in the 21st century is in pursuit of this goal.

Washington intends to break up the Russian Federation itself. Washington funnels huge sums of money into NGOs inside Russia that serve as Washington Fifth Columns and work hand-in-hand with Washington to discredit Russian free elections, to demonize Putin and the Russian government, to spread anti-Russian propaganda and agitation. It is amazing how many Russians actually believe the Western propaganda.

Washington is also working to isolate China with the Trans-Pacific-Partnership, but at this time is primarily focused on destabilizing and isolating Russia. Washington is desperate to break up the BRICS, the emerging organization of Brazil, Russia, India, China, and South Africa. With the largest countries and half of the world’s population, the BRICS organization is emerging as a political and economic power, especially with the organization’s plan to cease using the US dollar as reserve currency. Ringing Russia with US missile bases on Russia’s borders impairs Russian sovereignty and independence and, thus, weakens the BRICS as a countervailing power to Washington.

Many have been deceived by Washington’s propaganda. The world is slowly waking up, but is it in time?

The US media and much of Europe’s speak with one voice parroting Washington’s propaganda, demonizing Washington’s targets, and preparing insouciant Western populations for more war. The Western media, like Western governments, is devoid of integrity. Liars and whores rule.

Paul Craig Roberts is an economist and a nationally syndicated columnist for Creators Syndicate. He served as an Assistant Secretary of the Treasury in the Reagan Administration earning fame as the “Father of Reaganomics”. He is a former editor and columnist for the Wall Street Journal, among others. He has recently published How the Economy Was Lost: The War of the Worlds and is coauthor with Lawrence Stratton of The New Color Line and The Tyranny of Good Intentions.

Israelis tried to send arms to Iran via Greece

F-4 Phantom
F-4 Phantom

Israeli arms dealers tried to send spare parts for F-4 Phantom aircraft via Greece to Iran in violation of an arms embargo, according to a secret probe by the US government agency Homeland Security Investigations (HSI) carried out in cooperation with the drugs and weapons unit of Greece’s Financial Crimes Squad (SDOE).

According to the probe, which Kathimerini has had access to, the operation was carried out in two phases – one in December 2012 and the second in April 2013. In both cases, officials traced containers packed with the F-4 parts on Greek territory. The cargo had been sent by courier from the Israeli town of Binyamina-Giv’at Ada and had been destined for Iran, which has a large fleet of F-4 aircraft, via a Greek company registered under the name Tassos Karras SA in Votanikos, near central Athens. SDOE officials established that the firm was a ghost company, while the company’s contact number was found to belong to a British national residing in Thessaloniki who could not be located.

According to HSI memos, the cargo appears to have been sent by arms dealers based in Israel, seeking to supply Iran in contravention of an arms embargo, and using Greece as a transit nation.

Source: Ekathimerini

Misread telexes on Iran’s nuclear led to fundamental error

iaeaWhen Western intelligence agencies began in the early 1990s to intercept telexes from an Iranian university to foreign high technology firms, intelligence analysts believed they saw the first signs of military involvement in Iran’s nuclear programme. That suspicion led to U.S. intelligence assessments over the next decade that Iran was secretly pursuing nuclear weapons.

The supposed evidence of military efforts to procure uranium enrichment equipment shown in the telexes was also the main premise of the International Atomic Energy Agency’s investigation of Iran’s nuclear programme from 2003 through 2007.

But the interpretation of the intercepted telexes on which later assessments were based turned out to have been a fundamental error. The analysts, eager to find evidence of an Iranian nuclear weapons programme, had wrongly assumed that the combination of interest in technologies that could be used in a nuclear programme and the apparent role of a military-related institution meant that the military was behind the procurement requests.

The intercepted telexes that set in train the series of U.S. intelligence assessments that Iran was working on nuclear weapons were sent from Sharif University of Technology in Tehran. Credit: public domain
The intercepted telexes that set in train the series of U.S. intelligence assessments that Iran was working on nuclear weapons were sent from Sharif University of Technology in Tehran. Credit: public domain
In 2007-08, Iran provided hard evidence that the technologies had actually been sought by university teachers and researchers.

The intercepted telexes that set in train the series of U.S. intelligence assessments that Iran was working on nuclear weapons were sent from Sharif University of Technology in Tehran beginning in late 1990 and continued through 1992. The dates of the telexes, their specific procurement requests and the telex number of PHRC were all revealed in a February 2012 paper by David Albright, the executive director of the Institute for Science and International Security, and two co-authors.

The telexes that interested intelligence agencies following them all pertained to dual-use technologies, meaning that they were consistent with work on uranium conversion and enrichment but could also be used for non-nuclear applications.

But what raised acute suspicions on the part of intelligence analysts was the fact that those procurement requests bore the telex number of the Physics Research Center (PHRC), which was known to have contracts with the Iranian military.

U.S., British, German and Israeli foreign intelligence agencies were sharing raw intelligence on Iranian efforts to procure technology for its nuclear programme, according to published sources.
The telexes included requests for “high-vacuum” equipment, “ring” magnets, a balancing machine and cylinders of fluorine gas, all of which were viewed as useful for a programme of uranium conversion and enrichment.

The Schenck balancing machine ordered in late 1990 or early 1991 provoked interest among proliferation analysts, because it could be used to balance the rotor assembly parts on the P1 centrifuge for uranium enrichment. The “ring” magnets sought by the university were believed to be appropriate for centrifuge production.

The request for 45 cylinders of fluorine gas was considered suspicious, because fluorine is combined with uranium to produce uranium hexafluoride, the form of uranium that used for enrichment.

The first indirect allusion to evidence from the telexes in the news came in late 1992, when an official of the George H. W. Bush administration told The Washington Post that the administration had pushed for a complete cutoff of all nuclear-related technology to Iran, because of what was called “a suspicious procurement pattern”.[related_articles]

Then the Iranian efforts to obtain those specific technologies from major foreign suppliers were reported, without mentioning the intercepted telexes, in a Public Broadcasting System “Frontline” documentary called “Iran and the Bomb” broadcast in April 1993, which portrayed them as clear indications of an Iranian nuclear weapons programme.

The producer of the documentary, Herbert Krosney, described the Iranian procurement efforts in similar terms in his book “Deadly Business” published the same year.

In 1996, President Bill Clinton’s CIA Director John Deutch declared, “A wide variety of data indicate that Tehran has assigned civilian and military organisations to support the production of fissile material for nuclear weapons.”

For the next decade, the CIA’s non-proliferation specialists continued to rely on their analysis of the telexes to buttress their assessment that Iran was developing nuclear weapons. The top-secret 2001 National Intelligence Estimate bore the title “Iran Nuclear Weapons Program: Multifaceted and Poised to Succeed, but When?”

Former IAEA Deputy Director General for Safeguards Olli Heinonen recalled in a May 2012 article that the IAEA had obtained a “set of procurement information about the PHRC” – an obvious reference to the collection of telexes – which led him to launch an investigation in 2004 of what the IAEA later called the “Procurement activities by the former Head of PHRC”.

But after an August 2007 agreement between Iran and IAEA Director-General Mohamed ElBaradei on a timetable for the resolution of “all remaining issues”, Iran provided full information on all the procurement issues the IAEA had raised.

That information revealed that the former PHRC head, Sayyed Abbas Shahmoradi-Zavareh, who had been a professor at Sharif University at the time, had been asked by several faculty departments to help procure equipment or material for teaching and research.

Iran produced voluminous evidence to support its explanation for each of the procurement efforts the IAEA had questioned. It showed that the high vacuum equipment had been requested by the Physics Department for student experiments in evaporation and vacuum techniques for producing thin coatings by providing instruction manuals on the experiments, internal communications and even the shipping documents on the procurement.

The Physics Department had also requested the magnets for students to carry out “Lenz-Faraday experiments”, according to the evidence provided, including the instruction manuals, the original requests for funding and the invoice for cash sales from the supplier. The balancing machine was for the Mechanical Engineering Department, as was supported by similar documentation turned over to the IAEA. IAEA inspectors had also found that the machine was indeed located at the department.

The 45 cylinders of fluorine that Shahmoradi-Zavareh had tried to procure had been requested by the Office of Industrial Relations for research on the chemical stability of polymeric vessels, as shown by the original request letter and communications between the former PHRC head and the president of the university.

The IAEA report on February 2008 recorded the detailed documentation provided by Iran on each of the issues, none of which was challenged by the IAEA. The report declared the issue “no longer outstanding at this stage”, despite U.S. pressure on ElBaradei to avoid closing that or any other issue in the work programme, as reported in diplomatic cables released by WikiLeaks.

The IAEA report showed that the primary intelligence basis for the U.S. charge of an Iranian nuclear weapons programme for more than a decade had been erroneous.

That dramatic development in the Iran nuclear story went unnoticed in news media reporting on the IAEA report, however. By then the U.S. government, the IAEA and the news media had raised other evidence that was more dramatic – a set of documents supposedly purloined from an Iran laptop computer associated with an alleged covert Iranian nuclear weapons programme from 2001 to 2003. And the November 2007 NIE had concluded that Iran had been running such a programme but had halted it in 2003.

Despite the clear acceptance of the Iranian explanation by the IAEA, David Albright of ISIS has continued to argue that the telexes support suspicions that Iran’s Defence Ministry was involved in the nuclear programme.

In his February 2012 paper, Albright discusses the procurement requests documented in the telexes as though the IAEA investigation had been left without any resolution. Albright makes no reference to the detailed documentation provided by Iran in each case or to the IAEA’s determination that the issue was “no longer outstanding”.

Ten days later, the Washington Post published a news article reflecting Albright’s claim that the telexes proved that the PHRC had been guiding Iran’s secret uranium enrichment programme during the 1990s. The writer was evidently unaware that the February 2008 IAEA report had provided convincing evidence that the intelligence analyst’s interpretations had been fundamentally wrong.

Source: IPS

Gareth Porter, an investigative historian and journalist specialising in U.S. national security policy, received the UK-based Gellhorn Prize for journalism for 2011 for articles on the U.S. war in Afghanistan. His new book “Manufactured Crisis: the Untold Story of the Iran Nuclear Scare”, will be published in February 2014.

Iraq, Iran to challenge Saudi oil dominance

saudioilIraq is poised to flood the oil market by tripling its capacity to pump crude by 2020 and is collaborating with Iran on strategy in a move that will challenge Saudi Arabia’s grip on the Organisation of Petroleum Exporting Countries.

Iraq’s intention to challenge Saudi Arabia’s status as the “swing producer” in the OPEC cartel could see a dramatic fall in oil prices if Baghdad decides to break the group’s quotas and sell more of its crude on the open market.

“We feel the world needs to be assured of fuel for economic growth,” Hussain al-Shahristani, Deputy Prime Minister for Energy in Iraq told oil industry delegates attending a Chatham House Middle East energy conference.

Al Shahristani said on Tuesday that Iraq plans to boost its capacity to produce oil to 9m barrels a day (bpd) by the end of the decade as Baghdad rushes to bolster its economy, which is still shattered by war and internal conflict. Iraq was producing 3m bpd in December, according to the International Energy Agency.

“It’s very difficult to predict actual world (oil) demand by 2020 because the world economy is unpredictable,” said Mr al-Shahristani.

British oil giants BP and Royal Dutch Shell are also poised to benefit from Iraq’s ambitious production plans.

Both companies are already managing two huge oil fields in southern Iraq which are vital if Baghdad is to achieve its goal.

However, even if Iraq is able to achieve its target of boost production capacity it is unlikely to be able to put in place sufficient pipeline and port infrastructure to export the additional crude.

Iraq’s main export terminal for loading oil tankers at Al Faw near Basra will require billions of pounds worth of improvements in addition to the refurbishment of its pipeline network.

Iraq’s ambitious plan could see it clash increasingly with the regime in Saudi Arabia, which has used its influence in OPEC over the last decade to keep oil prices above $100 a barrel. Saudi itself is now under pressure to boost output to maintain market share. The kingdom pumped 9.8m bpd in December up by about 100,000 barrels from the previous month.

Experts say that attention within OPEC, which pumps 30pc of the world’s crude, could increasingly focus on compliance with more of the group’s members tempted to pump more barrels to protect their share of the market as the cartel grapples with the rise of US shale oil production.

Combined, Iran and Iraq hold greater reserves of oil than Saudi Arabia and the potential with the help of international investment to match its capacity to produce oil, which currently stands at around 12.5m b/d of crude.

Source: The Telegraph

Zurich air traffic controllers bring Iran, Israel together

zurichjetsZurich air traffic controllers may have inadvertently succeeded where diplomats have failed for decades: to bring Israelis and Iranians together.

As the jets of Iranian President Hassan Rouhani and Israeli Prime Minister Benjamin Netanyahu arrived in Switzerland today to take their leaders to the World Economic Forum, their planes were parked side-by-side under cloudy skies.

Rouhani, the first Iranian leader in a decade to visit Davos for the World Economic Forum, will be looking for deals to boost an economy that shrank more than 5 percent in the last fiscal year through March under the weight of international sanctions. He’s due to address the forum in the ski resort tomorrow during a session called “Iran in the World.”

Netanyahu, among the most outspoken critics of the Iranian government, is seeking to keep the sanctions in place. He has called Rouhani a “wolf in sheep’s clothing” and urged the world to be wary of his “charm offensive.”

Source: Bloomberg

Coming ‘oil glut’ may push global economy into deflation

oilglutOne piece of the jigsaw puzzle is missing to complete the deflation landscape across the West: a slide in oil prices. This is becoming more likely each month.

Turmoil across the Middle East and parts of Africa has choked supply over the past two years, keeping Brent crude near $110 a barrel despite a broader commodity slump. Cotton and corn prices have halved, as has the UBS index of industrial metals. Such anomalies rarely last.

“We estimate that crude oil is now the mostly richly priced commodity in the world,” says Deutsche Bank in a fresh report.

Michael Lewis, the bank’s commodity strategist, said markets face an “new oil supply glut” as three forces combine. US shale will add 1m barrels a day (b/d) to global supply for the third year running; Libya will crank up shipments after a near collapse in 2013; and Iran will come out of hibernation. “This will push OPEC spare capacity to levels last seen in the depths of the financial crisis in 2009,” he said.

Source: The Telegraph

Turkcell seeking billions from MTN for Iran

mtniranTurkish cellphone company Turkcell has opened a lawsuit in South Africa against rival telecoms company MTN Group seeking damages for losses it says it incurred in Iran.

Turkcell filed a $4.2-billion lawsuit in Washington last year alleging the Johannesburg-based cellphone giant used bribery to win a mobile licence in Iran that was first awarded to Turkcell.

It dropped the suit in May after a US Supreme Court ruling in a separate case made clear that US courts would not have jurisdiction in a matter involving two foreign firms in a dispute outside the United States.

“In a continuation of this process, Turkcell today [Wednesday] opened a lawsuit against MTN in the South Gauteng high court in Johannesburg seeking damages for losses incurred as a result of MTN’s actions,” the Turkish company said.

In its US filing, Turkcell claimed MTN won the Iranian contract in 2005 by offering to use its influence in Pretoria to help Tehran obtain military hardware and sway South Africa’s votes at the International Atomic Energy Agency.

‘Brazen orchestra of corruption’
Backed by a collection of alleged MTN internal documents including emails, invoices, memos and presentations, Turkcell’s lawsuit accused the South African company of a “staggeringly brazen orchestra of corruption”.

MTN rejected the Turkcell allegations and appointed a retired British judge to lead an external investigation into them. That probe dismissed the accusations as “a fabric of lies, distortions and inventions”.

An MTN spokesperson declined immediate comment. – Reuters