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New Diplomacy Seen on U.S.-Russian Efforts to End Syrian Civil War

Photo The Saudi foreign minister, Adel al-Jubeir, met with the Russian foreign minister, Sergey V. Lavrov on Tuesday in Moscow. Credit Maxim Shemetov/Reuters BEIRUT, Lebanon — With President Bashar al-Assad of Syria facing battlefield setbacks, diplomats from Russia , the United States and several Middle Eastern powers are engaged in a burst of diplomatic activity, trying to head off a deeper collapse of the country that could further strengthen the militant group Islamic State. Russia, Mr. Assad’s most powerful backer, has built new ties with Saudi Arabia, a fervent opponent, and even brokered a meeting between high-ranking Saudi and Syrian intelligence officials. On Tuesday, the Saudi foreign minister, Adel al-Jubeir, met with the Russian foreign minister, Sergey V. Lavrov, in Moscow, wrangling over the fate of Mr. Assad. Unusual meetings have come in quick succession. Last week, the top Russian, American and Saudi envoys held their first three-way meeting […]

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Rebel rockets hit Damascus ahead of visit by Iranian minister

Rebel fighters ride a motorcycle near Al-Shaar bridge, which according to activists has been closed off by rebels as it is a target for snipers from the forces of Syria’s President Bashar al-Assad, near Hanano barracks in Aleppo, August 1, 2015. Rebels fired dozens of rockets at central Damascus on Wednesday, a monitor and state media said, ahead of an expected visit to the Syrian capital by Iran’s foreign minister. The bombardment killed at least one person and injured more than 20 others, the Syrian Observatory for Human Rights, a British-based monitor, said. Foreign Minister Mohammad Javad Zarif was expected to head for Damascus from Beirut later in the day, according to Iranian state media. An Iranian Foreign Ministry spokeswoman said he would be discussing a new plan to resolve the war. Iran has been a crucial ally for President Bashar al-Assad during the four-year war. (Reporting by John […]

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To avoid losses, Syrian army retreats in key region: army source

A damaged military vehicle is seen along a road in Freikeh village after fighters from an alliance of insurgents known as the ”Army of Fatah” (Islamic Conquest) took control of the village from forces loyal to Syria’s President Bashar al-Assad in Idlib, Syria July 30,… A Syrian military source said on Tuesday the army had retreated to new defensive lines in a region of vital strategic importance to President Bashar al-Assad, seeking to avoid losses at the hands of advancing rebels. The insurgent advance into the Sahl al-Ghab plain in northwestern Syria has brought rebels including the al Qaeda-linked Nusra Front to the eastern edge of mountains that form the historical heartland of Assad’s Alawite people. The rapid advance so close to an area of such importance to Assad underscores the difficulties facing the army and the manner in which Syria is splintering: Assad said last month the army […]

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Iran reports highest crude oil production since 2013

The Organization of Petroleum Exporting Countries finds Iranian crude oil production increased from June levels. File photo by Maryam Rahmanian/UPI VIENNA, Aug. 11 (UPI) — Iran reported crude oil production for July was the highest level it’s been in at least two years, the Organization of Petroleum Exporting Countries said. OPEC reports in its latest monthly market report Iran was among the 12 members contributing to overall gains in production in July, which saw crude oil prices shed at least $10 per barrel. "Financial concerns in Greece and China, as well as the outcome of the P5+1 talks on Iran’s nuclear program, have all contributed to the current bearish market conditions," the production group said. Iran under the terms of a November 2013 agreement is allowed some oil exports in exchange for commitments to curb some of its nuclear research activity. In mid-January, Mohsen Rezaei , secretary of the […]

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Analysts expect Congress to fall short of votes needed to defeat Iran deal

President Barack Obama appears to be nearing a veto-proof margin in Congress that would preserve the Iran nuclear deal, even with a key Democratic senator last week announcing his opposition. According to a "whip count" by the Washington Post, 29 senators have indicated that they support the Iran deal, leaving Obama five shy of the 34 needed to uphold a presumptive veto against a resolution of disapproval, assuming all senators are present for the vote. Thirteen are still undecided, the newspaper reported, with many analysts and Congress watchers surveyed by Platts citing similar figures. The experts agree that the resolution likely will pass but not have enough support to defeat a veto. "We don’t think opponents have supermajorities to override a veto, but it’s looking more like they’ll get to 60 votes [in the Senate] to send a disapproval motion to the White House," a Republican lobbyist, who asked […]

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Venezuela says pushing for OPEC, Russia action to stem oil fall

Venezuela’s President Nicolas Maduro speaks during a meeting with representatives of the countries from the Bolivarian Alliance for the Americas (ALBA) in Caracas, in this handout picture provided by Miraflores Palace on August 10, 2015. Cash-strapped Venezuela is pushing for an emergency OPEC meeting and joint coordination with Russia to stem a tumble in oil prices, President Nicolas Maduro said on Tuesday night. "We’re working towards a special OPEC meeting, in coming days we’ll announce …. We’re making contacts with OPEC governments," Maduro said during an hours-long televised broadcast. "We’re evaluating the possibility that a very high ranking OPEC meeting be called, and that in coordination with the Russian Federation, President Vladimir Putin, we can advance in taking a series of actions to defend the oil market in the face of this latest fall," he added. Further details were not immediately available. While members including Venezuela and Algeria are […]

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China’s yuan currency falls for a second day

China’s Central Bank has again cut the guiding rate for the national currency, the yuan, a day after Tuesday’s record 1.9% devaluation. The move sent fresh shockwaves through Asian markets, but the bank has sought to calm fears, saying it was not the start of a sustained depreciation. This is now the biggest two-day lowering of the yuan’s rate against the dollar in more than two decades. The commerce ministry said the lower rate would boost struggling exports. Chinese exports fell more than 8% in July, adding to concerns the world’s second largest economy is heading for a slowdown. But the action on the yuan sparked fears of a global and destabilising "currency war". There has been criticism from the US , where markets fell sharply overnight. One-off? On Wednesday, China’s central bank fixed the "official midpoint" for the yuan down 1.6% to 6.3306 against the dollar. The midpoint […]

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Cheaper Chinese Currency Has Global Impact

Beijing signaled with its currency devaluation that the domestic economic slowdown it has failed to reverse is no longer a problem confined within China’s borders. It is now the world’s problem, too. Chinese officials have cut interest rates four times in the past 12 months, increased the amount of money banks can lend out and pumped funds into the stock market—measures meant to boost domestic demand in the world’s second-largest economy. By devaluing the yuan, Chinese authorities are turning to a controversial growth-boosting tactic whose effects by their nature reverberate far and wide. A cheaper yuan could help boost Chinese exports . It also might complicate the Federal Reserve’s decision about when to start raising U.S. interest rates. It will pressure China’s direct trade rivals, such as South Korea and Japan, to follow suit and let their own currencies fall. It raises risks of market volatility in other emerging […]

Posted On : Published By : Tom Whipple