North America
US put pressure on Iranian oil exports and nuclear programme
The US has put further pressure on Iran to end its nuclear ambitions, by granting China a six-month reprieve from financial sanctions for buying Iranian oil. China, along with Singapore, will receive the tax exception by cutting imports from Iran. China is Iran’s largest importer of oil. The official line from Tehran is that their nuclear programme is for peaceful ends. The announcement comes from Hilary Clinton, the US Secretary of State, who gave countries until yesterday to reduce oil imports from Iran or be given the prospect of exclusion from the US financial system. Analysts claim that the reduction in imports could instead be due to low seasonal demand.
Europe
A new deal for the Euro-zone?
Leaders of the single currency have settled on a deal that will allow the use of the Euro-zone’s bailout fund to help banks directly. The CEO of France’s Societe Generale, said raising capital was now “fundamentally impossible” for banks on their own. This bailout differs to previous ones, mostly because the injection will go straight to the financial sector rather than adding to sovereign debts. EU president Herman Van Rompuy said that it was “imperative to break the vicious circle between banks and sovereigns”. The money will help to bring borrow costs down for troubles nations. He hopes that this bailout fund, to be finalised in July, will reassure the markets. They have already reacted positively this morning.
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UK: Controversial NHS plans to go ahead
In a letter to the Chair of the NHS Staff Council, The Health Secretary, Andrew Lansley, has said that he intends to impliment NHS pension changes “in their entirety”. This comes despite strong criticism from the British Medical Association who yesterday decided to continue industrial action over their implementation. The policy entails an increase in retirement age until 68. It has been reported that the implementation would be made over the coming week or so.
Asia
Indian officials kill 17 Maoist Rebels
Indian officials have confirmed that during an overnight clash in the Chhattisgarh region, they have killed 17 Maoist rebels. Six members of the police force were wounded in the clash. A local protest has been held by locals of the region, claiming that it was mostly locals, not rebels, who were killed. The rebels are active in approximately 200 of India’s 600 regions and according to Prime Minister Manmohan Singh, they are the country’s biggest internal security threat.
Latin America
Hugo Chavez gags the media
The Venezualan Supreme Court has frozen the assets ($5.6m) of a news channel, Globovision, which has criticized President Hugo Chavez. It comes before the October Presidential campaign, for which the Globovision accused Chavez of intimidation. Opposition candidates have used this as a tool against the Chavez campaign, claiming that it is trying to silence the last remaining anti-Chavez channel still on air in Venezuela. Globovision have said they cannot afford the fine.
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