Latest News
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Iran's Parliament ousts Economy Minister over Economic Mismanagement
State media reported that Iran's Parliament voted to remove Economy Minister Abdolnaser Hemmati due to mismanagement and a plummeting national currency. Hemmati was ousted by the parliament in a vote of no confidence, almost eight months after Masoud Pezeshkian had appointed his cabinet. According to unofficial websites such as alanchand.com, the Iranian currency has lost nearly half its value against U.S. dollars over the past eight months. The Iranian Rial is now trading at 927,000 per dollar, compared to 595,500 last August. State media reported that Hemmati's opponents argued he failed to stop price increases on basic goods like medicine, food, and housing, while also being unable control the foreign exchange markets. Hemmati's top priority was to end U.S. Sanctions on Iran, and remove the country from the Financial Action Task Force blacklist. State media reported. The opposition was from MPs, who believed that Iran should concentrate on "neutralizing" sanctions. According to state media, Hemmati’s supporters claimed that it was not the time to remove him as Iran remained subject to U.S. Sanctions and his replacement would lead to further instability. Iran's ruling clerics are most concerned about the economy. They fear that protests from lower- and middle-income groups, angry over poverty, which have been raging since 2017, will erupt again. Donald Trump, the U.S. president, has re-instituted his "maximum press" campaign to reduce Iran's oil imports to zero. According to state media, 182 members of parliament voted in favor of the motion, and 89 against it.
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Officials say that Russian attacks in Ukraine overnight killed one and injured three, according to officials
Ukraine's authorities reported on Sunday that Russian drones attacked Ukraine and launched 79 attacks against Ukraine, including a shelling which killed a person overnight and injured another two in Kramatorsk, based in eastern Ukraine. Oleksandr Goncharenko, the city mayor, wrote in Telegram: "Kramatorsk has been subjected hostile shelling--residential district." "A boy who was born in 2006 has been killed." Goncharenko also said that two other people, a woman and a man, were injured. Ukraine's air defense units destroyed 63 out of the 79 Russian Drones that attacked several Ukrainian regions overnight, the country’s air force announced on Telegram. Telegram reported that a Russian drone attack in southwest Ukraine's Zaporizhzhia city injured one civilian. The governor of Zaporizhzhia, which includes the city as its administrative centre, confirmed the incident. Ivan Fedorov, the governor of the region, said that the attack caused a massive fire to spread over 300 square metres (3230 square feet) and destroyed the roof. Ukraine's emergency services announced on Telegram that two people had been rescued from beneath the collapsed portions of the building. The service said the blast wave also damaged houses in nearby areas, leaving tens people homeless. No immediate comment was made by Russia. Both sides deny that they have targeted civilians during the war, which Russia started with its invasion of Ukraine. The vast majority of the civilians killed in the conflict are Ukrainian. (Reporting and editing by Christian Schmollinger in Melbourne, Lidia Kelly from Melbourne)
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Trump orders new tariff investigation into US lumber imports
The U.S. president Donald Trump ordered on Saturday a new investigation into trade that could add more tariffs to imported lumber. This would be in addition to the existing duties on Canadian softwood timber and 25% tariffs due next week on all Canadian and Mexican products. In his third new investigation in a single week, Trump has signed a memorandum ordering Commerce Secretary Howard Lutnick that he initiate a national-security investigation into U.S. Lumber Imports under Section 223 of the 1962 Trade Expansion Act. Trump used the same trade law to impose tariffs against global imports of steel and aluminum. The investigation covers derivative products such as furniture, kitchen cabinets and other items made of U.S. wood that has been exported. The order stated that the Commerce Department's investigation must be concluded within 270 calendar days. Trump ordered that new measures be taken within 90 days in order to increase the supply of domestic lumber. This included streamlining the permits process for harvesting timber from public lands, and improving the salvaging of fallen trees and forest and waterways. The order requires new or updated guidance from the agency to increase timber production. This includes faster approvals of forestry projects in accordance with the Endangered Species Act. Peter Navarro, White House Trade Advisor, said that the lumber import investigation would counteract actions by big lumber exporters, including Canada, Germany, and Brazil. He said they were "dumping lumber on our markets, at the expense of our economic prosperity and our national security." He told reporters in a conference call before the signing that "that stops today" with two Trumpian measures designed to boost both supply and demand of American lumber and timber. White House officials said that an increasing reliance on lumber imports could pose a national security threat, partly because the U.S. Military consumes large quantities of lumber in its construction activities. They also stated that a growing dependence on lumber imports is dangerous to the U.S. Economy because there are ample supplies domestically. The official didn't provide any details about a proposed tariff under the Section 232 investigation, but Trump told reporters earlier this month that he thought of imposing a 25 percent tariff on lumber and other forest products. Officials said that any tariffs resulting in the investigation would be added to existing anti-dumping duties and anti-subsidy duty on Canadian softwood timber. The low Canadian stumpage fees on public land, which Washington claims is an unfair subsidy, led to these trade disputes. The majority of U.S. wood is harvested on private land, at rates determined by the market. Home builders have long complained about the tariffs, claiming that they raise lumber prices and contribute to inflation in home prices. Officials said that the new lumber tariffs would also be added to Trump's 25% general U.S. Tariffs on all Canadians and Mexicans goods, which are due to go into effect on Tuesday. This is unless Trump has been persuaded to change his mind by both countries' efforts at securing their borders and stopping fentanyl traficking. The new tariff investigation follows Trump's Tuesday order for a new Section 232 on copper imports. This is aimed at rebuilding U.S. manufacturing of a critical metal used in electric vehicles, military equipment and the power grid. Trump directed U.S. trade representative Jamieson Greer on February 21 to resume investigations in order to impose tariffs on imported goods from countries that tax digital services on U.S. tech companies. Canada, France, Britain Italy, Spain Austria, India, and Turkey would be the next targets for these penalties. (Reporting and editing by Chizu Nomiyama, Daniel Wallis and Chizu Nomiyama; Additional reporting and editing by Trevor Hunnicutt, David Shepardson and Andrea Shalal)
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Russia claims IAEA mission arrived at Ukrainian nuclear plant through Russia
The U.N. nuclear monitors arrived in Ukraine on Saturday for the first ever time via Russian territory at the Zaporizhzhia Nuclear Power Plant, which is owned by Russia. The IAEA's rotation was delayed for weeks by military activity on the site. Each side blamed the other, claiming that the rules were not followed to ensure the safety of the team. In a video posted on Telegram, Yuri Chernichuk said that it was important for the route to pass through Russian territory. He added that the arrival of three inspectors was guaranteed by Russia's Defence Ministry and National Guard and came after "intense consultations" between Rosatom's Rosatom's heads and IAEA's IAEA. Could not independently verify the Russian report. Outside of business hours, the IAEA was not available to comment on this Russian statement. Ukraine has not yet commented. In the first week of the full-scale Russian invasion of Ukraine in February 2022, Russian troops captured the Zaporizhzhia nuclear plant, Europe's biggest with six reactors. The plant currently produces no electricity. Since then, Russia and Ukraine accuse each other routinely of shooting at or near nuclear power plants and causing a nuclear disaster. Since September 2022, the IAEA has sent staff to the plant and also at Ukraine's other nucleonic plants. Rafael Grossi has repeatedly asked both sides not to take any action that could pose a threat to the nuclear plant. (Reporting and Writing by Ron Popeski, Lidia Kelly and Daniel Wallis; Editing and Margueritachoy and Daniel Wallis).
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Trump orders new tariff investigation into US lumber imports
The U.S. president Donald Trump ordered on Saturday a new investigation into trade that could add more tariffs to imported lumber. This would be in addition to the existing duties on Canadian softwood timber and 25% tariffs due next week on all Canadian and Mexican products. In his third new investigation in a single week, Trump has signed a memorandum ordering Commerce Secretary Howard Lutnick that he initiate a national-security investigation into U.S. Lumber Imports under Section 223 of the 1962 Trade Expansion Act. Trump used the same trade law to impose tariffs against global imports of steel and aluminum. A White House official confirmed that the probe is focused on derivative products made with lumber, including furniture like kitchen cabinets. In some cases, these are made using U.S. wood that has been exported. Officials at the Commerce Department said that the investigation will be expedited, but did not give a specific timeframe. The official stated that Trump had also ordered new measures to increase the supply of domestic lumber. These included streamlining the permits process for harvesting timber from public lands, and improving the salvaging of fallen trees in forests and waterways. According to a White House fact sheet, the order requires new or updated guidance for agencies in order to increase timber production. This includes faster approvals of forestry projects that fall under the Endangered Species Act. Peter Navarro, White House Trade Advisor, said that the lumber import investigation would counteract actions by big lumber exporters, including Canada, Germany, and Brazil. He said they were "dumping lumber on our markets, at the expense of our economic prosperity and our national security." He told reporters in a conference call before the signing that "that stops today" with two Trumpian measures designed to boost both supply and demand of American lumber and timber. White House official stated that increased reliance on imported wood could pose a national security threat, partly because of the U.S. Military's consumption of significant quantities for construction purposes and because an increase in dependence on imports is dangerous to the U.S. Economy. The official didn't provide any details about a proposed tariff under the Section 232 investigation, but Trump told reporters earlier this month that he thought of imposing a 25 percent tariff on lumber and other forest products. Officials said that any tariffs that may result from the investigation would be added to existing anti-dumping duties and anti-subsidy duty on Canadian softwood timber. The low Canadian stumpage fees on public land, which Washington claims is an unfair subsidy, led to these trade disputes. The majority of U.S. wood is harvested on private land, at rates determined by the market. Home builders have long complained about the tariffs, claiming that they raise lumber prices and contribute to inflation in home prices. Officials said that the new lumber tariffs would also be added to Trump's 25% tariffs on all Canadians and Mexicans goods, which are due to go into effect on Tuesday. This is unless Trump was persuaded to change his mind by their efforts to secure the border and stop fentanyl. The new tariff investigation follows Trump's Tuesday order for a new Section 232 on copper imports. This is aimed at rebuilding U.S. manufacturing of a critical metal used in electric vehicles, military equipment and the power grid. Trump directed U.S. trade representative Jamieson Greer on February 21 to restart investigations in order to impose tariffs on imports of products from countries that tax digital services on U.S. tech companies. Canada, France, Britain, Italy Spain, Austria India and Turkey would be the targets of such penalties. (Reporting and editing by Chizu Nomiyama; Trevor Hunnicutt, David Shepardson and Andrea Shalal. Additional reporting by Trevor Hunnicutt).
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David Johansen, influential singer for proto-punk New York Dolls, dead at 75
David Johansen was the former lead vocalist for the New York Dolls. His unvarnished style and unvarnished voice helped to inspire punk rock and glam in the 1970s. She said that Johansen died Friday afternoon. "He was a remarkable man." Leah Hennessey, Johansen's daughter, revealed in a recent interview that he had been diagnosed with stage 4 cancer, and a brain tumour. She wrote that he had cancer for over a decade in a plea for donations online to help pay for his medical expenses. She said that his condition had gotten worse about five years prior. Johansen, a native New Yorker, formed the Dolls with Arthur Kane on bass, Billy Murcia on drums, Johnny Thunders, Rick Rivets and Rick Rivets as guitarists. Rick Rivets was replaced in 1972 by Sylvain Sylvain. Johansen is the only survivor of the classic Dolls lineup. The band's first two albums were "New York Dolls", produced by Todd Rundgren in 1973, and "Too Much Too Soon", with Johansen & Thunders composing the majority of the songs. The albums didn't sell well despite good reviews. The Dolls' buzzsaw style, heavy makeup, teased out hair, high heels, and spandex attracted the attention of music tastemakers. They had a huge influence on rock in the 1970s. Critics claim that the band was a precursor to punk and inspired bands like the Ramones and the Damned, as well as glam metal and heavy rock. Johansen "oozed" style and had "guts," according to Todd Abramson. He is a DJ and music historian who hosts WFMU's Todd-O Phonic Todd radio show in Jersey City, New Jersey. "As ridiculous (or as most of his clothing was), he managed to make it work!" Abramson stated that you and I would have looked like idiots, but he was cool. "He was able sound tougher in a dress with his New York accent, and with an attitude that most people couldn't have done wearing jeans and a motorcycle jacket." Morrissey posted a tribute on his Morrissey Central site to Johansen, who was the frontman of the Smiths, and once the president of the New York Dolls Fan Club. The captions were "RIP" (Rest in Peace) and "NOSOTROS TAMAMOS!" or "We love you." Johansen, after the Dolls' demise, performed an eclectic mix, including jump blues and swing, under the name Buster Poindexter. He appeared frequently on "Saturday Night Live." He later focused on blues music with his band, the Harry Smiths. He also acted in films and television, most notably in "Scrooged", (1988), as the Ghost from Christmas Past. A 2023 documentary, co-directed with David Tedeschi and Martin Scorcese, was based on Johansen’s life. The film, which is centered on a New York cabaret by Johansen and interspersed with archive footage of the Dolls, highlights his wide range of musical tastes. Abramson stated that "at his core, he was a music fan and wanted to share this passion with as many people in the world as possible." (Reporting by Frank McGurty, New York; editing by Nia William)
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Russia reports that a new IAEA mission has arrived at the Zaporizhzhia Nuclear Plant, which is owned by Russia.
Rosatom, a Russian company, announced that a new U.N. nuclear monitoring mission arrived at the Russian-held Zaporizhzhia Nuclear Power Plant in southeast Ukraine on Saturday, following weeks of delays caused by military activities around the site. Rosatom, Russia's state-owned nuclear power company, was quoted by Russian media as saying that the team of the International Atomic Energy Agency reached the station for the first time solely through Russian territory. The agencies cited a Rosatom press release as saying "The rotation of IAEA observer has taken place." The 27th IAEA team is composed of three inspectors. Each side blamed the other for breaking rules in order to ensure that the team was able to reach the plant safely. In the first week of the full-scale Russian invasion of Ukraine in February 2022, Russian troops captured the Zaporizhzhia nuclear plant, Europe's biggest with six reactors. The plant currently produces no electricity. Since then, Russia and Ukraine accuse each other routinely of shooting at or near nuclear power stations and causing a nuclear disaster. Since September 2022, the IAEA has sent staff to the plant and also at Ukraine's other nucleonic plants. Rafael Grossi has repeatedly asked both sides not to take any action that could pose a threat to the nuclear plant. (Reporting and Editing by Marguerita CHOY)
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Guyana: Venezuelan vessel enters oil block in Guyanese water
Irfaan Ali, the Guyanese president, said that earlier in Saturday a Venezuelan Coast Guard patrol had entered Guyanese water and approached a vessel delivering oil in an offshore block. A long-running dispute between the neighboring countries has been raging over which country is in control of the Esequibo region, which covers 160,000 square kilometers (62,000 square miles). This case is currently being heard by the International Court of Justice. Exxon has not been able to finish exploration in the northwest part of the block near Venezuela. Ali stated in a press release that "During this incursion the Venezuelan vessel approached several assets in our exclusive water, including FPSO prosperity". The Venezuelan communications ministry didn't immediately respond to an inquiry for comment. Ali said that Guyana had summoned Venezuela's ambassador to meet its foreign minister to discuss Guyana’s strong objections. Its embassy in Caracas was also advised to file a formal complaint to Venezuela. The statement also said that Guyana would formally report the incident to the ICJ, and will engage with international partners such as CARICOM. Ali said that the Guyanese Government has also deployed aircraft assets of unknown nature. The Organization of American States condemned Venezuela's incursion into "Guyana’s internationally recognized maritime territories". According to the United States Bureau of Western Hemisphere Affairs, this incident violated Guyana's territorial integrity. The Maduro government will face consequences if it continues to provoke.
White House moves to secure US solar producers from Chinese competition
The White Home on Thursday stated it would secure domestic solar factories from Chinese competitors by scrapping a tariff exemption for imported doublesided panels and making it much easier for jobs to declare a subsidy for utilizing Americanmade products.
The relocations come as President Joe Biden touts his economic policies ahead of a November election versus his predecessor, former President Donald Trump. As part of the battle against environment change, Biden has actually looked for to broaden financial investment in the production of clean energy products, intending to lower the country's reliance on Chinese-made goods.
The White House stated it would quickly remove a two-year-old trade exemption that has actually permitted imports of so-called bifacial panels to prevent tasks. Those panels were a small part of the market at the time of the exemption but are now the main innovation utilized in utility-scale solar projects.
initially reported the administration's plans to do so last month.
Biden will also end a waiver on tariffs imposed on solar panels made by Chinese business in Malaysia, Cambodia, Thailand and Vietnam. He imposed the short-lived waiver 2 years earlier at the request of U.S. project designers who count on inexpensive imports to make their facilities cost-competitive. Ever since, however, the White Home said U.S. production has actually expanded and those producers deal with competitors from a rise in Chinese solar factory capacity that has depressed prices.
These actions will supply an increase to domestic solar manufacturers, but the effect of Chinese oversupply on U.S. investments in the solar market remains a difficult concern, John Podesta, Biden's senior adviser for global environment policy, stated on a call with reporters.
Biden's Treasury Department also issued new rules on how clean energy project developers can get approved for a tax credit implied to incentivize using U.S. devices.
The 10% domestic content bonus offer remains in addition to a 30%. credit for renewable energy centers included in Biden's. landmark environment modification law, the Inflation Reduction Act.
Treasury first unveiled standards for declaring the bonus offer. credit a year earlier, but task designers complained that the. complex rules made it challenging to use.
To certify, the IRA specifies that 40% of the cost of a. project's so-called manufactured items must be made in the. United States. Those items might include photovoltaic panels,. inverters, or battery packs. However identifying the cost of labor. and materials for items built with elements from numerous. suppliers - typically in different parts of the world - shown. challenging.
Under the new guidelines, Treasury will permit project developers. to utilize default expense percentages identified by the Department of. Energy to receive the credit.
Treasury stated it was still considering additional guidelines that. would help offshore wind developers receive the domestic. content benefit. It is likewise evaluating methods to incentivize. production of solar wafers, the building blocks for solar. cells.
Qcells, a department of Korea's Hanwha Corp that. is investing $2.5 billion in U.S. solar factories, said the. Biden administration's measures were vital to creating 10s. of countless tasks in America..
(source: Reuters)