Connect with us

Business

Elon Musk tweets Starlink will seek exemption from Iranian sanctions

Amid growing protests in Iran over the death of a woman at the hands of the morality police, officially known as the “Guidance Patrol,” Elon Musk wants his satellite-based internet service provider will to be exempt from U.S. economic sanctions placed on the rogue regime. 

In 2018, former president Donald Trump pulled the U.S. out of the European-brokered nuclear deal with Iran, designated by the U.S. government as a state sponsor of terrorism, and imposed more punishing sanctions against companies conducting business across more than 80% of Iran’s economy.

“Starlink will ask for an exemption to Iranian sanctions,” the SpaceX CEO wrote on Twitter early on Tuesday.

It was a response to his post that Starlink, which operates using a blanket of thousands of satellites in low Earth orbit, was now operational on all continents. It could potentially skirt efforts to shut down access to social media and the free press in Iran, where fresh protests threaten to undermine the regime’s authority.

This follows this month’s death of 22-year-old Mahsa ‘Zhina’ Amini, arrested in Tehran for not properly wearing the headscarf, which unlike the body-length chador is compulsory for women outside of their home. 

Protests have erupted after images emerged that suggested she had been beaten, although the police claims she died of a sudden heart attack. 

The protests could become dangerous for the Mullah regime, as it comes amid reports of poor health of its aging Supreme Leader, Ayatollah Ali Khamenei. On Twitter, video circulated of crowds denouncing his son, Mojtaba, rumored to replace the 83-year old. 

Iran’s Netizens have reported “the disconnection or severe slowing of internet service in multiple citiies” since Friday, according to watchdog NetBlocks

‘Murder patrol’

Maslih Alinejad, an Iranian dissident living in exile in the West, mourned Amino’s death and posted videos of the protests.

“The Handmaid’s Tale by Margaret Atwood is not a fiction for us Iranian women. It’s a reality,” wrote Alinejad, who launched a campaign called White Wednesdays to encourage her fellow women to defy the compulsory hijab once a week.

The conduct of the morality police, known formally as the Gasht-e Ershad or “Guidance Patrol”, has now come under the broader spotlight. Some Iranians are referring to it on social media as under the hashtag “Murder Patrol” and the parliamentary speaker of the Majlis, Mohammad Bagher Ghalibaf, called on Tuesday for an investigation into the unit.

There’s another reason why the protests are problematic for Khamenei and his increasingly unpopular hardline president, Ebrahim Raisi, a “seyyed” that traces his bloodline back to the prophet Muhammad.

Amini was not another Persian, but a Kurd from Saqqez. This ethnic minority also tends to be predominantly Sunni rather than Shia, Iran’s main denomination of Islam.

NetBlocks said there was “a near total disruption” to internet services in parts of Amini’s native Kurdistan province. 

Iran once ranked among the most progressive and open societies in the Middle East until exiled cleric Ruhollah Khomeini overthrew Mohammed Reza Pahlavi, the Shah who ruled with U.S. backing, following a CIA coup against the country’s democratically elected prime minister in 1953.

Sign up for the Fortune Features email list so you don’t miss our biggest features, exclusive interviews, and investigations.



Source link

Continue Reading
Advertisement

Business

Santos gets $1.4B offer for PNG LNG stake from Papua’s state oil company (OTCMKTS:STOSF)

posteriori

Santos (OTCPK:STOSF) said it received a binding conditional offer from Kumul Petroleum Holdings, Papua New Guinea’s national oil and gas company, to buy a 5% interest in the PNG LNG liquefied natural gas project for US$1.4B plus ~$300M in project finance debt.

Santos (OTCPK:STOSF) said Kumul paid $55M to be held in escrow to secure the offer, which will remain open for acceptance until December 31 and is conditional on Kumul obtaining waivers on some pre-emptive rights by other PNG LNG project partners.

With the sale of a 5% stake, Santos (OTCPK:STOSF) would own 37.5% of the project, still ahead of operator Exxon Mobil (NYSE:XOM) with 33.2%, while Kumul Petroleum would own 21.8%, with the remaining shared between Japan’s JX Holdings and Papua New Guinea’s state-owned Mineral Resources Development Co.

Santos (OTCPK:STOSF) became the largest shareholder in PNG LNG, Papua New Guinea’s largest resource project, with its takeover of Oil Search Ltd. last year.

Source link

Continue Reading

Business

U.S. steel industry activity rate slides to lowest since January 2021 (NYSE:NUE)

lyash01/iStock via Getty Images

U.S. raw steel production fell 0.6% to 1.683M net tons in the week ended September 24 while the capability utilization rate slipped to 76.4%, its lowest rate in 20 months, according to the latest weekly report from the American Iron and Steel Institute.

Adjusted YTD raw steel production through September 24 totaled 66.418M net tons at a capability utilization 79.6%, down from the same period last year when 69.208M net tons were produced at a capability utilization of 81.0%.

Potentially relevant tickers include (NYSE:X), (NYSE:CLF), (NYSE:NUE), (STLD), (SLX)

The AISI also reported the U.S. imported 2.51M net tons of steel in August, including 2.084M net tons of finished steel, down 6.2% and 8.4% Y/Y, respectively, from July.

YTD total and finished steel imports are up 8.8% and 28.7%, respectively, compared with the same period in 2021.

Nucor (NUE) recently warned it expects Q3 earnings of $6.30-$6.40/share, well below Wall Street estimates.

Source link

Continue Reading

Business

Falling home prices shouldn’t collapse the financial system, says hedge funder who made $4 billion betting on the 2008 housing crash

The U.S. housing market is experiencing one of the most rapid and dramatic shifts in its history.

The reason is pretty simple: Spiked mortgage rates are sidelining buyers across the country. 

And it’s far from over. Last week, Fed Chair Jerome Powell even went as far as to call it a “difficult correction.”

While the speed and breadth of the slowdown have some Americans worried about a repeat of the 2008 housing bust and subsequent global financial crisis, others aren’t as concerned. John Paulson, the hedge funder who famously pocketed $4 billion betting against the U.S. housing market in 2008, is among those who believe history isn’t repeating itself.

“We’re not at risk of a collapse today in the financial system like we were before,” Paulson told Bloomberg on Sunday. “Yeah, it’s true, housing may be a little frothy. So housing prices may come down or they may plateau, but not to the extent it happened [in 2008].”

A tale of two Wall Street oracles

Paulson, who started his hedge fund (which has since been converted to a family office), Paulson & Co., in 1994 and boasts a net worth of $3 billion, believes that the housing market is on stronger footing than it was at the start of the Great Financial Crisis.

“The underlying quality of the mortgages today is far superior. You don’t even have any subprime mortgages in the market,” he said. “In that period [2008], there was no down payments, no credit checks, very high leverage. And it’s just the opposite of what’s happening today. So you don’t have the degree of poor credit quality in mortgages that you did at that time.”

After the blow-up of the 2008 housing bubble and subsequent global financial crisis, senators passed the Dodd-Frank Wall Street Reform and Consumer Protection Act in order to ensure the stability of the U.S. financial system and improve the quality of U.S. mortgages.

The act created the Consumer Financial Protection Bureau (CFPB), which is tasked with preventing predatory mortgage lending. In the years since the CFPB’s creation, the average credit rating of homebuyers has improved dramatically. Leading up to the 2008 housing bust, U.S. homebuyers’ average credit rating was 707. In the first quarter of this year, it was 776, according to data from Bankrate.

Bank of America Research analysts led by Thomas Thornton also found that the portion of buyers with so-called “superprime” FICO scores of 720 or above hit 75% this summer. During the years preceding the 2008 housing bust, just 25% of buyers boasted similarly strong credit.

The Dodd-Frank Act also established the Financial Stability Oversight Council which monitors the health of major U.S. financial firms and sets reserve requirements for banks, and the Securities and Exchange Commission (SEC) Office of Credit Ratings which verifies the credit ratings of major firms after critics argued private agencies gave misleading ratings during the financial crisis. Both of these regulatory bodies have helped to improve the resiliency of the U.S. financial system and banks during times of economic stress.

Paulson noted on Sunday that banks were highly leveraged during the financial crisis and took risks that would be seen as unacceptable in today’s markets after the Dodd-Frank act established the Volcker Rule, which prevents banks from making some specific types of risky investments.

“The problem, in that period of time, was the banks were very speculative about what they were investing in. They had a lot of risky subprime, high-yield, levered loans. And when the market started to fall, the equity quickly came under pressure,” he said, noting that the average bank now has three to four times as much equity as they did during the Great Financial Crisis of 2008, which makes them less susceptible to default.

While Paulson isn’t worried about a repeat of 2008, hedge funder Michael Burry, who also rose to fame predicting and profiting from the Great Financial Crisis, as depicted in the book and movie “The Big Short,” has warned for years that he believes the global economy is in the “greatest speculative bubble of all time in all things.”

Burry argues that central banks created a bubble in everything from stocks to real estate with loose monetary policies after the Great Financial Crisis, and pandemic-era spending meant to boost the economy only made things worse.

Now, as central bank officials around the world shift stances to fight inflation and continue raising interest rates in unison, the hedge fund chief argues asset prices will fall dramatically.

“There is risk growing in many sectors. The unfettered narrative feeding itself until the absurdity explodes, revealing the folly to all and easily starting a revolution,” Burry said in a cryptic, since-deleted Sept. 21 tweet.

Sign up for the Fortune Features email list so you don’t miss our biggest features, exclusive interviews, and investigations.



Source link

Continue Reading

Facebook

Latest

Modi urges environment ministers to give maximum boost to circular economy Modi urges environment ministers to give maximum boost to circular economy
National4 days ago

Modi urges environment ministers to give maximum boost to circular economy

It was inaugurated when I became the Prime Minister. A huge amount of money was wasted due to this delay....

BJP MP Janardan Mishra cleans the school toilet with his hands, shared the video on Twitter BJP MP Janardan Mishra cleans the school toilet with his hands, shared the video on Twitter
National4 days ago

BJP MP Janardan Mishra cleans the school toilet with his hands, shared the video on Twitter

When the MP saw that the toilet of the center was very dirty, it was not cleaned, he decided to...

Pilot started lobbying for the post of CM, indicating new responsibility from high command Pilot started lobbying for the post of CM, indicating new responsibility from high command
National4 days ago

Pilot started lobbying for the post of CM, indicating new responsibility from high command

Pilot will now meet Congress interim president Sonia Gandhi. Pilot said that Sonia's decision has to be accepted by everyone....

Indian e-commerce platform Meesho is paying attention to the mental state of its employees Indian e-commerce platform Meesho is paying attention to the mental state of its employees
Business4 days ago

Indian e-commerce platform Meesho is paying attention to the mental state of its employees

The e-commerce platform has announced an 11-day companywide break from October 22 to November 1. Well, this is not the...

IPhone 14 can detect car crash, you also know what is the news IPhone 14 can detect car crash, you also know what is the news
National4 days ago

IPhone 14 can detect car crash, you also know what is the news

During the experiment, the crash detection feature was activated within 10 seconds of the accident. After detecting a crash, the...

Tata Consultancy Services (TCS) has ended the practice of work from home, you also know Tata Consultancy Services (TCS) has ended the practice of work from home, you also know
Business4 days ago

Tata Consultancy Services (TCS) has ended the practice of work from home, you also know

“Senior TCS leaders are working from TCS offices for some time and our clients are also visiting TCS offices Your...

NIA raided 93 locations of PFI, arrested 106 members, know the whole matter NIA raided 93 locations of PFI, arrested 106 members, know the whole matter
National4 days ago

NIA raided 93 locations of PFI, arrested 106 members, know the whole matter

This action of NIA and ED is going on in Uttar Pradesh, Kerala, Karnataka, Andhra Pradesh, Telangana, Tamil Nadu, Assam,...

TMC leader takes a jibe at Shubhendu Adhikari, I am a man, CBI-ED can't even touch me, know the whole matter TMC leader takes a jibe at Shubhendu Adhikari, I am a man, CBI-ED can't even touch me, know the whole matter
National4 days ago

TMC leader takes a jibe at Shubhendu Adhikari, I am a man, CBI-ED can’t even touch me, know the whole matter

TMC wrote on its Twitter account, BJP's 56 inch chest model has been busted today. After this, party MP Locket...

If Gehlot becomes the president, he will have to leave the CM's chair, know what Rahul said If Gehlot becomes the president, he will have to leave the CM's chair, know what Rahul said
National5 days ago

If Gehlot becomes the president, he will have to leave the CM’s chair, know what Rahul said

On the question of objection to the name of the pilot, Gehlot said, 'I do not discuss anyone's name and...

India will now find other options for weapons and oil, will reduce its dependence on Russia India will now find other options for weapons and oil, will reduce its dependence on Russia
Business5 days ago

India will now find other options for weapons and oil, will reduce its dependence on Russia

Let us tell you that the relations between Russia and India are old. Although, Relations between India and America have...

Trending

Copyright © 2017 Zox News Theme. Theme by MVP Themes, powered by WordPress.